0000899689-22-000006 | 10-K | XBRL Viewer

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220 Central Park South	12 Months Ended
220 Central Park South	Dec. 31, 2021
Real Estate [Abstract]
220 Central Park South	220 Central Park South During the year ended December 31, 2021, we closed on the sale of six condominium units at 220 CPS for net proceeds of $137,404,000 resulting in a financial statement net gain of $50,318,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. In connection with these sales, $5,711,000 of income tax expense was recognized on our consolidated statements of income. In addition, during 2021 our taxable REIT subsidiaries recognized a $27,910,000 income tax benefit on our consolidated statements of income. From inception to December 31, 2021, we have closed on the sale of 106 units for net proceeds of $3,006,896,000 resulting in financial statement net gains of $1,117,255,000. As of December 31, 2021, 95% of the condominium units have been sold.

Acquisitions and Dispositions (Narrative) (Details) ft² in Thousands, $ in Thousands					3 Months Ended	12 Months Ended
	Jan. 13, 2022 USD ($) property	Sep. 24, 2021 USD ($) property	Aug. 05, 2021 USD ($) ft²	Feb. 26, 2021 USD ($) extension	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Acquisitions and Dispositions [Line Items]
Proceeds from borrowings						$ 3,248,007	$ 1,056,315	$ 1,108,156
Real estate held-for-sale						57,142	128,215
Net gains on sale of real estate						0	$ 0	$ 2,571,099
One Park Avenue
Acquisitions and Dispositions [Line Items]
Business combination, step acquisition, equity interest in acquiree, including subsequent acquisition, percentage			100.00%
Business combination, step acquisition, additional equity interest acquired, percentage			45.00%
Business combination, step acquisition, equity interest in acquiree, fair value			$ 875,000
Payments to acquire businesses			$ 158,000
677-679, 759-771 and 828-850 Madison Avenue
Acquisitions and Dispositions [Line Items]
Number of properties sold \| property		3
Proceeds from sale of land held-for-investment		$ 100,000
Proceeds from sale of land held-for-investment, net		96,503
Impairment losses, transaction related costs and other		$ 7,880
SoHo Properties
Acquisitions and Dispositions [Line Items]
Disposal group, including discontinued operation, assets						$ 80,005
SoHo Properties \| Subsequent Event
Acquisitions and Dispositions [Line Items]
Number of properties sold \| property	2
Proceeds from sale of land held-for-investment	$ 84,500
Proceeds from sale of land held-for-investment, net	$ 81,399
SoHo Properties \| Forecast
Acquisitions and Dispositions [Line Items]
Net gains on sale of real estate					$ 850
Office Building \| One Park Avenue
Acquisitions and Dispositions [Line Items]
Square footage of real estate property (in sqft) \| ft²			944
Office Building \| Maturing in March 2023 \| One Park Avenue
Acquisitions and Dispositions [Line Items]
Debt instrument, amount			$ 525,000
Office Building \| One Park Avenue \| Maturing in March 2023
Acquisitions and Dispositions [Line Items]
Debt instrument, amount				$ 525,000
Debt instrument, interest rate, stated percentage						1.22%
Number of extensions (extension) \| extension				3
Length of extension available (years)				1 year
Proceeds from borrowings				$ 105,000
Office Building \| One Park Avenue \| Maturing in March 2023 \| LIBOR
Acquisitions and Dispositions [Line Items]
Spread Over LIBOR (in percentage)				1.11%
Office Building \| One Park Avenue \| Matures in March 2021
Acquisitions and Dispositions [Line Items]
Debt instrument, amount				$ 300,000
Office Building \| One Park Avenue \| Matures in March 2021 \| LIBOR
Acquisitions and Dispositions [Line Items]
Spread Over LIBOR (in percentage)				1.75%

Redeemable Noncontrolling Interests (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Redeemable Noncontrolling Interest
Fair value of Series G convertible preferred units and Series D-13 cumulative redeemable preferred units	$ 49,659	$ 50,002
Farley Office and Retail Building \| Joint Venture
Redeemable Noncontrolling Interest
Equity method ownership percentage	95.00%
Capital contributions		$ 92,400

Organization and Business	12 Months Ended
Organization and Business	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business 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 are 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 92.6% of the common limited partnership interest in the Operating Partnership as of December 31, 2021. All references to the “Company,” “we,” “us” and “our” mean, collectively, Vornado, the Operating Partnership and those subsidiaries consolidated by Vornado. We currently own all or portions of: New York: •67 Manhattan operating properties consisting of: •20.6 million square feet of office space in 32 of the properties; •2.7 million square feet of street retail space in 60 of the properties; •1,674 units in eight Manhattan residential properties; •Multiple development sites, including Hotel Pennsylvania; •A 32.4% interest in Alexander’s, Inc. (“Alexander’s”) (NYSE: ALX), which owns six properties in the greater New York metropolitan area, including 731 Lexington Avenue, the 1.1 million square foot Bloomberg, L.P. headquarters building, and The Alexander, a 312-unit apartment tower in Queens; •Signage throughout the Penn District and Times Square; and •Building Maintenance Services LLC ("BMS"), a wholly owned subsidiary, which provides cleaning and security services for our buildings and third parties. Other Real Estate and Investments: •The 3.7 million square foot theMART in Chicago; •A 70% controlling interest in 555 California Street, a three-building office complex in San Francisco’s financial district aggregating 1.8 million square feet; •A 25% interest in Vornado Capital Partners, our real estate fund (the "Fund"). We are the general partner and investment manager of the fund. The fund is in wind-down; and •Other real estate and investments.

Subsequent Events (Details) - Subsequent Event - property	Jan. 12, 2022	Jan. 13, 2022
SoHo Properties
Subsequent Event [Line Items]
Number of properties sold		2
Operational \| Long-Term Performance Award 2022
Subsequent Event [Line Items]
Percentage breakdown of awards	50.00%
Operational \| Long-Term Performance Award 2022 \| Comparable FFO per Share
Subsequent Event [Line Items]
Percentage breakdown of awards	75.00%
Operational \| Long-Term Performance Award 2022 \| ESG Performance Metrics
Subsequent Event [Line Items]
Percentage breakdown of awards	25.00%
Relative \| Long-Term Performance Award 2022
Subsequent Event [Line Items]
Percentage breakdown of awards	50.00%
Percentage reduction threshold	30.00%
Relative \| Long-Term Performance Award 2022 \| SNL US Office REIT Index
Subsequent Event [Line Items]
Percentage of benchmark	50.00%
Relative \| Long-Term Performance Award 2022 \| Northeast Peer Group Custom Index
Subsequent Event [Line Items]
Percentage of benchmark	50.00%
Absolute \| Long-Term Performance Award 2022
Subsequent Event [Line Items]
Percentage reduction threshold	30.00%
Absolute \| Maximum \| Long-Term Performance Award 2022
Subsequent Event [Line Items]
Percent vested, year four	50.00%
Percent vested, year five	50.00%

Segment Information (Summary of NOI by Segment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total revenues	$ 1,589,210	$ 1,527,951	$ 1,924,700
Operating expenses	(797,315)	(789,066)	(917,981)
NOI - consolidated	791,895	738,885	1,006,719
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(69,385)	(72,801)	(69,332)
Add: NOI from partially owned entities	310,858	306,495	322,390
NOI at share	1,033,368	972,579	1,259,777
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	1,318	46,246	(6,060)
NOI at share - cash basis	1,034,686	1,018,825	1,253,717
Balance Sheet Data:
Real estate, at cost	13,217,845	12,087,943	13,074,012	$ 16,237,883
Investments in partially owned entities	3,297,389	3,491,107
Assets	17,266,588	16,221,822
New York
Segment Reporting Information [Line Items]
Total revenues	1,257,599	1,221,748	1,577,860
Operating expenses	(626,386)	(640,531)	(758,304)
NOI - consolidated	631,213	581,217	819,556
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(38,980)	(43,773)	(40,896)
Add: NOI from partially owned entities	300,721	296,447	294,168
NOI at share	892,954	833,891	1,072,828
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(1,188)	36,715	(12,318)
NOI at share - cash basis	891,766	870,606	1,060,510
Balance Sheet Data:
Real estate, at cost	10,702,008	9,581,830
Investments in partially owned entities	3,265,933	3,459,142
Assets	15,969,498	15,046,469
Other
Segment Reporting Information [Line Items]
Total revenues	331,611	306,203	346,840
Operating expenses	(170,929)	(148,535)	(159,677)
NOI - consolidated	160,682	157,668	187,163
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(30,405)	(29,028)	(28,436)
Add: NOI from partially owned entities	10,137	10,048	28,222
NOI at share	140,414	138,688	186,949
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	2,506	9,531	6,258
NOI at share - cash basis	142,920	148,219	$ 193,207
Balance Sheet Data:
Real estate, at cost	2,515,837	2,506,113
Investments in partially owned entities	31,456	31,965
Assets	$ 1,297,090	$ 1,175,353

Leases - Schedule of Amounts Included in the Measurement of Lease Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Weighted average remaining lease term (in years)	44 years 4 months 24 days	44 years 9 months 18 days	40 years 2 months 12 days
Weighted average discount rate (percent)	4.85%	4.91%	4.84%
Cash paid for operating leases	$ 22,382	$ 23,932	$ 27,817

Stock-based Compensation (Performance Conditioned AO LTIP Units & Vornado Stock Options Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds received from exercise of employee share options and other	$ 899	$ 5,862	$ 6,903
Vornado stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (years)	4 years
Stock options expiration term	10 years
Grants in period, weighted average grant date fair value (usd per share)		$ 12.28	$ 16.64
Proceeds received from exercise of employee share options and other	$ 22	$ 3,516	$ 5,495
Exercises in period, intrinsic value	$ 5,500	859	$ 18,954
Performance Conditioned AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period, weighted average grant date fair value (usd per share)			$ 64.48
Threshold percentage to satisfy performance based condition	110.00%
Threshold period to satisfy performance based condition	20 days
Grant-date fair value			$ 8,983
AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options expiration term	10 years
Grant-date fair value		$ 4,319	$ 3,429
Threshold level, percent	100.00%
Special allocation	10.00%
Special distribution, percent	10.00%

Real Estate Fund Investments (Income from the Fund and the Co-Investment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Details Of Income From Real Estate Funds
Income (loss) from real estate fund investments	$ 11,066	$ (226,327)	$ (104,082)
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries	(24,014)	139,894	24,547
Real estate fund investments
Details Of Income From Real Estate Funds
Net investment income (loss)	6,445	(220)	2,027
Net unrealized income (loss) on held investments	3,257	(226,107)	(106,109)
Net realized income on exited investments	1,364	0	0
Income (loss) from real estate fund investments	11,066	(226,327)	(104,082)
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries	(7,309)	163,213	55,274
Income (loss) from real estate fund investments net of noncontrolling interests in consolidated subsidiaries	$ 3,757	$ (63,114)	$ (48,808)

Commitments and Contingencies (Narrative) (Details) ft² in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) ft²	Jul. 31, 2018 USD ($) ft²
Other Commitments
Guarantees and master leases	$ 1,648,000,000
Outstanding letters of credit	15,273,000
Clawback payment	27,100,000
Commitment to fund additional capital to partially owned entities	10,300,000
Other commitment	494,000,000
General Liability
Insurance
Insurance limit per property	300,000,000
Insurance limit per occurrence	300,000,000
Disease Coverage
Insurance
Insurance limit per property	250,000,000
All Risk And Rental Value
Insurance
Insurance limit per occurrence	2,000,000,000
Earthquake California Properties
Insurance
Insurance limit per occurrence	350,000,000
Insurance maximum coverage limit in aggregate	$ 350,000,000
Vornado deductible, percentage of property value	5.00%
Terrorism Acts
Insurance
Insurance limit per occurrence	$ 6,000,000,000
Insurance maximum coverage limit in aggregate	6,000,000,000
Non-Certified Acts of Terrorism
Insurance
Insurance maximum coverage limit in aggregate	1,200,000,000
NBCR
Insurance
Insurance limit per occurrence	5,000,000,000
Insurance maximum coverage limit in aggregate	5,000,000,000
Insurance deductible	$ 1,785,910
Insurance deductible percentage of balance of covered loss	20.00%
Farley Office and Retail Building
Other Commitments
Square footage of real estate property (in sqft) \| ft²	845
Equity method ownership percentage	95.00%
Joint Venture \| Farley Office and Retail Building
Other Commitments
Equity method ownership percentage	95.00%
Tax credit advisor capital contributions	$ 92,400,000
Affiliated Entity \| Farley Office and Retail Building
Other Commitments
Equity method ownership percentage	5.00%
345 Montgomery Street
Other Commitments
Contractual obligation (up to)		$ 90,000,000
Subsidiary of Regus PLC \| 345 Montgomery Street
Other Commitments
Square footage of real estate property (in sqft) \| ft²		78
Lessor, lease not yet commenced, term of contract (years)		15 years

Interest and Debt Expense

12 Months Ended

Dec. 31, 2021

Interest and Debt Expense [Abstract]

Interest And Debt Expense

Interest and Debt Expense

The following table sets forth the details of interest and debt expense:


(Amounts in thousands)	For the Year Ended December 31,
	2021		2020		2019
Interest expense(1)	$	249,169	$	251,847	$	335,016
Capitalized interest and debt expense	(38,320)		(41,056)		(72,200)
Amortization of deferred financing costs	20,247		18,460		23,807
	$	231,096	$	229,251	$	286,623

________________________________________

(1)2021 includes $23,729 of defeasance costs, of which $7,119 is attributable to noncontrolling interest, in connection with the refinancing of 1290 Avenue of the Americas, a property in which we own a 70% controlling interest. See Note 9 - Debt for additional information. 2019 includes $22,540 of debt prepayment costs in connection with the redemption of $400,000 5.00% senior unsecured notes which were scheduled to mature in January 2022.

Interest and Other Investment Income (Loss), Net

12 Months Ended

Dec. 31, 2021

Interest and Other Income [Abstract]

Interest and Other Investment Income (Loss), Net

The following table sets forth the details of interest and other investment income (loss), net:


(Amounts in thousands)	For the Year Ended December 31,
	2021		2020		2019





Interest on loans receivable	$	2,517	$	3,384	$	6,326
Interest on cash and cash equivalents and restricted cash	284		5,793		13,380
Credit losses on loans receivable	—		(13,369)		—
Market-to-market decrease in the fair value of marketable security (sold on January 23, 2020)	—		(4,938)		(5,533)
Dividends on marketable securities	—		—		3,938
Other, net	1,811		3,631		3,708
	$	4,612	$	(5,499)	$	21,819

Shareholders' Equity/Partners' Capital (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Oct. 13, 2021	Sep. 22, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Common Stock Number Of Shares Par Value And Other Disclosures
Common shares / Class A units of beneficial interest: outstanding shares			191,723,608	191,354,679
Dividends / Distributions paid on common shares / Class A units			$ 406,109	$ 827,319	$ 503,785
Dividends per common share (usd per share)			$ 0.53
Preferred Stock, Number of Shares, Par Value and Other Disclosures
Preferred stock redemption premium			$ 9,033	0	0
Dividends on preferred shares / Distributions to preferred unitholders (see Note 12 for dividends per share amounts)			65,880	$ 51,739	$ 50,131
Series K Preferred Stock
Preferred Stock, Number of Shares, Par Value and Other Disclosures
Stock redeemed during period, value			$ 300,000
Series O Preferred Units
Preferred Stock, Number of Shares, Par Value and Other Disclosures
Sale of stock, number of shares issued in transaction		12,000,000
Preferred stock dividend rate		4.45%
Redeemable Preferred Stock \| 4.45% Series O
Preferred Stock, Number of Shares, Par Value and Other Disclosures
Sale of stock, number of shares issued in transaction		12,000,000
Preferred stock dividend rate		4.45%	4.45%
Preferred stock, redemption price per share (in usd per share)		$ 25.00
Sale of stock, consideration received on transaction		$ 291,153
Preferred stock, redemption period lockup		5 years
Redeemable Preferred Stock \| Series K Preferred Stock
Preferred Stock, Number of Shares, Par Value and Other Disclosures
Preferred stock dividend rate	5.70%	5.70%	5.70%
Preferred stock, redemption price per share (in usd per share)	$ 25.00
Preferred stock redemption premium	$ 9,033
Stock redeemed during period, value	$ 300,000
Class A
Common Stock Number Of Shares Par Value And Other Disclosures
Common shares / Class A units of beneficial interest: outstanding shares			191,723,608
Dividends / Distributions paid on common shares / Class A units			$ 406,109
Dividends per common share (usd per share)			$ 0.53
Units outstanding			14,033,438	13,583,607

Debt (Principal repayments required in the next five years) (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Mortgages Payable
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract]
2022	$ 1,046,600
2023	3,198,400
2024	773,215
2025	331,000
2026	0
Thereafter	750,000
Unsecured Debt
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract]
2022	0
2023	575,000
2024	800,000
2025	450,000
2026	400,000
Thereafter	$ 350,000

Consolidated Statements of Income (VNO) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
REVENUES:
Total revenues	$ 1,589,210	$ 1,527,951	$ 1,924,700
EXPENSES:
Operating	(797,315)	(789,066)	(917,981)
Depreciation and amortization	(412,347)	(399,695)	(419,107)
General and administrative	(134,545)	(181,509)	(169,920)
Expense from deferred compensation plan liability	(9,847)	(6,443)	(11,609)
Impairment losses, transaction related costs and other	(13,815)	(174,027)	(106,538)
Total expenses	(1,367,869)	(1,550,740)	(1,625,155)
Income (loss) from partially owned entities	130,517	(329,112)	78,865
Income (loss) from real estate fund investments	11,066	(226,327)	(104,082)
Interest and other investment income (loss), net	4,612	(5,499)	21,819
Income from deferred compensation plan assets	9,847	6,443	11,609
Interest and debt expense	(231,096)	(229,251)	(286,623)
Net gain on transfer to Fifth Avenue and Times Square JV	0	0	2,571,099
Net gains on disposition of wholly owned and partially owned assets	50,770	381,320	845,499
Income (loss) before income taxes	197,057	(425,215)	3,437,731
Income tax benefit (expense)	10,496	(36,630)	(103,439)
Income (loss) from continuing operations	207,553	(461,845)	3,334,292
Loss from discontinued operations	0	0	(30)
Net income (loss)	207,553	(461,845)	3,334,262
Less net (income) loss attributable to noncontrolling interests in:
Consolidated subsidiaries	(24,014)	139,894	24,547
Operating Partnership	(7,540)	24,946	(210,872)
Net income (loss) attributable to Vornado / Vornado Realty L.P.	183,539	(321,951)	3,358,809
Preferred share dividends / unit distributions	(66,035)	(51,904)	(50,296)
Series K preferred share / unit issuance costs	(9,033)	0	0
NET INCOME (LOSS) attributable to common shareholders / Class A unitholders	$ 108,471	$ (373,855)	$ 3,308,513
INCOME (LOSS) PER COMMON SHARE - BASIC:
Net income (loss) per common share (in dollars per share)	$ 0.53	$ (1.83)	$ 16.23
Weighted average shares outstanding	191,551	191,146	190,801
INCOME (LOSS) PER COMMON SHARE - DILUTED:
Net income (loss) per common share (in dollars per share)	$ 0.53	$ (1.83)	$ 16.21
Weighted average shares outstanding	192,122	191,146	191,053
Rental revenues
REVENUES:
Total revenues	$ 1,424,531	$ 1,377,635	$ 1,767,222
Fee and other income
REVENUES:
Total revenues	$ 164,679	$ 150,316	$ 157,478

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Alexander’s, Inc. We own 32.4% of Alexander’s. Steven Roth, the Chairman of Vornado’s Board of Trustee’s and its Chief Executive Officer, is also the Chairman of the Board of Directors and Chief Executive Officer of Alexander’s. We provide various services to Alexander’s in accordance with management, development and leasing agreements. These agreements are described in Note 5 - Investments in Partially Owned Entities. Interstate Properties (“Interstate”) Interstate is a general partnership in which Mr. Roth is the managing general partner. David Mandelbaum and Russell B. Wight, Jr., Trustees of Vornado and Directors of Alexander’s, respectively, are Interstate’s two other general partners. As of December 31, 2021, Interstate and its partners beneficially owned an aggregate of approximately 6.9% of the common shares of beneficial interest of Vornado and 26.1% of Alexander’s common stock. We manage and lease the real estate assets of Interstate pursuant to a management agreement for which we receive an annual fee equal to 4% of annual base rent and percentage rent. The management agreement has a term of one year and is automatically renewable unless terminated by either of the parties on 60 days’ notice at the end of the term. We believe, based upon comparable fees charged by other real estate companies, that the management agreement terms are consistent with the market. We earned $203,000, $203,000, and $300,000 of management fees under the agreement for the years ended December 31, 2021, 2020 and 2019, respectively. Fifth Avenue and Times Square JV We provide various services to Fifth Avenue and Times Square JV in accordance with management, development, leasing and other agreements. These agreements are described in Note 5 - Investments in Partially Owned Entities. Haim Chera, Executive Vice President - Head of Retail, has an investment in Crown Acquisitions Inc. and Crown Retail Services LLC (collectively, "Crown"), companies controlled by Mr. Chera's family. Crown has a nominal minority interest in Fifth Avenue and Times Square JV. Additionally, we have other investments with Crown.

Debt (Summary of Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument
Deferred financing costs, net and other	$ (58,268)	$ (34,462)
Unsecured debt	797,812	796,762
Revolving credit facilities	575,000	575,000
Long-term debt	2,562,604	1,818,447
Collateral property, net carrying value	5,600,000
Mortgages Payable
Debt Instrument
Mortgages payable, gross	6,099,215	5,608,458
Deferred financing costs, net and other	(45,872)	(27,909)
Total, net	$ 6,053,343	5,580,549
Interest rate, end of period (in percentage)	2.08%
Mortgages Payable \| Fixed Rate
Debt Instrument
Mortgages payable, gross	$ 2,190,000	3,012,643
Interest rate, end of period (in percentage)	2.80%
Mortgages Payable \| Variable Rate
Debt Instrument
Mortgages payable, gross	$ 3,909,215	2,595,815
Interest rate, end of period (in percentage)	1.68%
Senior unsecured notes
Debt Instrument
Deferred financing costs, net and other	$ (10,208)	(3,315)
Unsecured debt, gross	1,200,000	450,000
Unsecured debt	$ 1,189,792	446,685
Interest rate, end of period (in percentage)	3.02%
Unsecured Debt
Debt Instrument
Deferred financing costs, net and other	$ (2,188)	(3,238)
Unsecured debt, gross	800,000	800,000
Unsecured term loan, net	$ 797,812	796,762
Interest rate, end of period (in percentage)	3.70%
Unsecured revolving credit facilities
Debt Instrument
Revolving credit facilities	$ 575,000	$ 575,000
Interest rate, end of period (in percentage)	1.00%

Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt

Secured Debt

On March 7, 2021, we entered into an interest rate swap agreement for our $500,000,000 PENN 11 mortgage loan to swap the interest rate on the mortgage loan from LIBOR plus 2.75% to a fixed rate of 3.03% through March 2024. On December 1, 2021, we completed a loan modification which reduced the interest rate on the mortgage loan to LIBOR plus 1.95% (2.05% as of December 31, 2021) from LIBOR plus 2.75%, resulting in a fixed rate of 2.23% pursuant to the interest rate swap agreement.

On March 26, 2021, we completed a $350,000,000 refinancing of 909 Third Avenue, a 1.4 million square foot Manhattan office building. The interest-only loan bears a fixed rate of 3.23% and matures in April 2031. The loan replaced the previous $350,000,000 loan that bore interest at a fixed rate of 3.91% and was scheduled to mature in May 2021.

On May 10, 2021, we completed a $1.2 billion refinancing of 555 California Street, a three-building 1.8 million square foot office campus in San Francisco, in which we own a 70.0% controlling interest. The interest-only loan bears a rate of LIBOR plus 1.93% in years one through five (2.04% as of December 31, 2021), LIBOR plus 2.18% in year six and LIBOR plus 2.43% in year seven. The loan matures in May 2023, with five one-year extension options (May 2028 as fully extended). We swapped the interest rate on our $840,000,000 share of the loan to a fixed rate of 2.26% through May 2024. The loan replaced the previous $533,000,000 loan that bore interest at a fixed rate of 5.10% and was scheduled to mature in September 2021.

On May 28, 2021, we repaid the $675,000,000 mortgage loan on theMART, a 3.7 million square foot commercial building in Chicago, with proceeds from our senior unsecured notes offering discussed below. The loan bore interest at 2.70% and was scheduled to mature in September 2021.

On November 16, 2021, we completed a $950,000,000 refinancing of 1290 Avenue of the Americas, a 2.1 million square foot Class A Manhattan office building, in which we own a 70.0% controlling interest. The interest-only loan bears a rate of LIBOR plus 1.51% (1.62% as of December 31, 2021) in years one to five, increasing 0.25% in both years six and seven. The loan matures in November 2023 with five one-year extension options (November 2028 as fully extended). We defeased the existing $950,000,000 loan that bore interest at a fixed rate of 3.34% and was scheduled to mature in November 2022. As a result, we incurred $23,729,000 of defeasance costs, which are included in "interest and debt expense" on our consolidated statements of income, of which $7,119,000 is attributable to noncontrolling interest.

Unsecured Revolving Credit Facility

On April 15, 2021, we extended our $1.25 billion unsecured revolving credit facility from January 2023 (as fully extended) to April 2026 (as fully extended). The interest rate on the extended facility was lowered to LIBOR plus 0.90% from LIBOR plus 1.00%. We subsequently qualified for a sustainability margin adjustment by achieving certain key performance indicator (KPI) metrics, which reduced our interest rate by 0.01% to LIBOR plus 0.89%. The facility fee remains at 20 basis points. Our separate $1.50 billion unsecured revolving credit facility matures in March 2024 (as fully extended) and has an interest rate of LIBOR plus 0.90% and a facility fee of 20 basis points.

Senior Unsecured Notes

On May 24, 2021, we completed a green bond public offering of $400,000,000 2.15% senior unsecured notes due June 1, 2026 ("2026 Notes") and $350,000,000 3.40% senior unsecured notes due June 1, 2031 ("2031 Notes"). Interest on the senior unsecured notes is payable semi-annually on June 1 and December 1, commencing December 1, 2021. The 2026 Notes were sold at 99.86% of their face amount to yield 2.18% and the 2031 Notes were sold at 99.59% of their face amount to yield 3.45%.

9. Debt - continued

The following is a summary of our debt:


(Amounts in thousands)	Weighted Average Interest Rate at December 31, 2021	Balance as of December 31,
		2021		2020
Mortgages Payable:
Fixed rate	2.80%	$	2,190,000	$	3,012,643
Variable rate	1.68%	3,909,215		2,595,815
Total	2.08%	6,099,215		5,608,458
Deferred financing costs, net and other		(45,872)		(27,909)
Total, net		$	6,053,343	$	5,580,549
Unsecured Debt:
Senior unsecured notes	3.02%	$	1,200,000	$	450,000
Deferred financing costs, net and other		(10,208)		(3,315)
Senior unsecured notes, net		1,189,792		446,685

Unsecured term loan	3.70%	800,000		800,000
Deferred financing costs, net and other		(2,188)		(3,238)
Unsecured term loan, net		797,812		796,762

Unsecured revolving credit facilities	1.00%	575,000		575,000

Total, net		$	2,562,604	$	1,818,447

The net carrying amount of properties collateralizing the above indebtedness amounted to $5.6 billion as of December 31, 2021.

As of December 31, 2021, the principal repayments required for the next five years and thereafter are as follows:


(Amounts in thousands)	Mortgages Payable		Unsecured Debt
Year Ended December 31,
2022	$	1,046,600	$	—
2023	3,198,400		575,000
2024	773,215		800,000
2025	331,000		450,000
2026	—		400,000
Thereafter	750,000		350,000

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Redeemable Noncontrolling Interests

12 Months Ended

Dec. 31, 2021

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interests

Redeemable Noncontrolling Partnership Units

Redeemable noncontrolling partnership units are primarily comprised of Class A Operating Partnership units held by third parties and are recorded at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’ capital” on the consolidated balance sheets of the Operating Partnership. Class A units may be tendered for redemption to the Operating Partnership for cash; Vornado, at its option, may assume that obligation and pay the holder either cash or Vornado common shares on a one-for-one basis. Because the number of Vornado common shares outstanding at all times equals the number of Class A units owned by Vornado, the redemption value of each Class A unit is equivalent to the market value of one Vornado common share, and the quarterly distribution to a Class A unitholder is equal to the quarterly dividend paid to a Vornado common shareholder.

10. Redeemable Noncontrolling Interests - continued

Redeemable Noncontrolling Partnership Units - continued

Below are the details of redeemable noncontrolling partnership units.


(Amounts in thousands, except units and per unit amounts)	Balance as of December 31,						Units Outstanding as of December 31,		Per Unit Liquidation Preference		Preferred or Annual Distribution Rate
Unit Series	2021			2020			2021	2020
Common:
Class A units held by third parties	$	587,440	(1)	$	507,212	(1)	14,033,438	13,583,607	n/a		$	2.12

Perpetual Preferred/Redeemable Preferred:
5.00% D-16 Cumulative Redeemable(2)	$	—		$	1,000		—	1	n/a		n/a
3.25% D-17 Cumulative Redeemable(3)	$	3,535		$	3,535		141,400	141,400	$	25.00	$	0.8125

________________________________________

(1)Aggregate redemption value was based on Vornado's year-end closing common share price.

(2)Redeemed on October 18, 2021.

(3)Holders may tender units for redemption to the Operating Partnership for cash at their stated redemption amount; Vornado, at its option, may assume that obligation and pay the holders either cash or Vornado preferred shares on a one-for-one basis. These units are redeemable at Vornado's option at any time.

Below is a table summarizing the activity of redeemable noncontrolling partnership units.


(Amounts in thousands)	For the Year Ended December 31,
	2021		2020
Beginning balance	$	511,747	$	888,915
Net income (loss)	7,540		(24,946)
Other comprehensive income (loss)	4,048		(2,914)
Distributions	(29,901)		(32,595)
Redemption of Class A units for Vornado common shares, at redemption value	(14,576)		(9,266)
Redeemable Class A unit measurement adjustment	76,073		(344,043)
Other, net	36,044		36,596
Ending balance	$	590,975	$	511,747

Redeemable noncontrolling partnership units exclude our Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units, as they are accounted for as liabilities in accordance with ASC Topic 480, Distinguishing Liabilities and Equity, because of their possible settlement by issuing a variable number of Vornado common shares. Accordingly, the fair value of these units is included as a component of “other liabilities” on our consolidated balance sheets and aggregated $49,659,000 and $50,002,000 as of December 31, 2021 and 2020, respectively. Changes in the value from period to period, if any, are charged to “interest and debt expense” on our consolidated statements of income.

Redeemable Noncontrolling Interest in a Consolidated Subsidiary

A consolidated joint venture in which we own a 95% interest is developing Farley Office and Retail (the "Project"). During 2020, a historic tax credit investor (the "Tax Credit Investor") funded $92,400,000 of capital contributions and is expected to make additional capital contributions in future periods.

The arrangement includes a put option whereby the joint venture may be obligated to purchase the Tax Credit Investor’s ownership interest in the Project at a future date. The put price is calculated based on a pre-determined formula. As exercise of the put option is outside of the joint venture’s control, the Tax Credit Investor’s interest, together with the put option, have been recorded to “redeemable noncontrolling interest in a consolidated subsidiary” on our consolidated balance sheets as of December 31, 2021 and 2020. The redeemable noncontrolling interest is recorded at the greater of the carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’ capital” on the consolidated balance sheets of the Operating Partnership. There was no adjustment required for the years ended December 31, 2021 and 2020.

10. Redeemable Noncontrolling Interests - continued

Redeemable Noncontrolling Interest in a Consolidated Subsidiary - continued

Below is a table summarizing the activity of the redeemable noncontrolling interest in a consolidated subsidiary.


	For the Year Ended December 31,
(Amounts in thousands)	2021		2020
Beginning balance	$	94,520	$	—
Net income	3,188		544
Contributions	—		92,400
Other, net	—		1,576
Ending balance	$	97,708	$	94,520

Consolidated Statements of Changes in Equity (VNO) - USD ($) shares in Thousands, $ in Thousands	Total	Real estate fund investments	Other	Preferred Shares / Units	Common Shares	Additional Capital	Earnings Less Than Distributions	Accumulated Other Comprehensive (Loss) Income	Non- controlling Interests in Consolidated Subsidiaries	Non- controlling Interests in Consolidated Subsidiaries Real estate fund investments	Non- controlling Interests in Consolidated Subsidiaries Other	Series N	Series N Preferred Shares / Units	Series K Preferred Stock	Series K Preferred Stock Preferred Shares / Units	Series K Preferred Stock Earnings Less Than Distributions	4.45% Series O	4.45% Series O Preferred Shares / Units	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, Adjustment Earnings Less Than Distributions
Beginning balance, shares at Dec. 31, 2018				36,800	190,535
Beginning balance, value at Dec. 31, 2018	$ 5,107,883			$ 891,294	$ 7,600	$ 7,725,857	$ (4,167,184)	$ 7,664	$ 642,652
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to the entities	3,358,809						3,358,809
Net loss attributable to noncontrolling interests in consolidated subsidiaries	(24,547)								(24,547)
Distributions to Vornado	(503,785)						(503,785)
Special dividend ($1.95 per share)	(372,380)						(372,380)
Dividends on preferred shares / Distributions to preferred unitholders (see Note 11 for dividends per share amounts)	(50,131)						(50,131)
Common shares issued:
Upon redemption of redeemable Class A units, at redemption value, shares					171
Upon redemption of redeemable Class A units, at redemption value	11,250				$ 7	11,243
Under Vornado's employees' share option plan, shares					245
Under Vornado's employees' share option plan	(3,098)				$ 10	5,479	(8,587)
Under Vornado's dividend reinvestment plan, shares					22
Under Vornado's dividend reinvestment plan	1,414				$ 1	1,413
Contributions
Contributions:		$ 9,023	$ 8,848							$ 9,023	$ 8,848
Distributions:
Distributions	(45,587)		(45,587)						(45,587)		(45,587)
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, shares				(2)	6
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, value	0			$ (80)		80
Deferred compensation shares / units and options, Shares					7
Deferred compensation shares / units and options, Value	990					1,095	(105)
Amounts reclassified related to a nonconsolidated subsidiary	(2,311)							(2,311)
Other comprehensive income (loss) of nonconsolidated subsidiaries	(938)							(938)
Increase (reduction) in interest rate swaps	(47,885)							(47,885)
Unearned Out-Performance Plan awards acceleration	11,720					11,720
Redeemable Class A unit measurement adjustment	70,810					70,810
Redeemable noncontrolling interests' share of above adjustments	3,235							3,235
Deconsolidation of partially owned entity	$ (11,441)								(11,441)
Other, shares	(2)			(2)
Other, value	$ (29)					0	(31)	2	0
Ending balance, shares at Dec. 31, 2019				36,796	190,986
Ending balance, value at Dec. 31, 2019	$ 7,310,978			$ 891,214	$ 7,618	7,827,697	(1,954,266)	(40,233)	578,948										$ (16,064)	$ (16,064)
Distributions:
Accounting Standards Update [Extensible List]	Accounting Standards Update 2016-13 [Member]
Net income (loss) attributable to the entities	$ (321,951)						(321,951)
Net loss attributable to noncontrolling interests in consolidated subsidiaries	(140,438)								(140,438)
Dividends on common shares	(454,939)						(454,939)
Distributions to Vornado	(454,939)						(454,939)
Special dividend ($1.95 per share)	(51,739)						(51,739)
Dividends on preferred shares / Distributions to preferred unitholders (see Note 11 for dividends per share amounts)	(51,739)						(51,739)
Cumulative redeemable preferred units issuance, shares													12,000
Cumulative redeemable preferred shares issuance												$ 291,182	$ 291,182
Upon redemption of redeemable Class A units, at redemption value, shares					236
Upon redemption of redeemable Class A units, at redemption value	9,266				$ 9	9,257
Under Vornado's employees' share option plan, shares					69
Under Vornado's employees' share option plan	3,517				$ 3	3,514	0
Under Vornado's dividend reinvestment plan, shares					47
Under Vornado's dividend reinvestment plan	2,345				$ 2	2,343
Contributions:		$ 3,389	$ 4,305							$ 3,389	$ 4,305
Distributions	(33,007)								(33,007)
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, shares				(3)	4
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, value	0			$ (57)		57
Deferred compensation shares / units and options, Shares					13
Deferred compensation shares / units and options, Value	1,169				$ 1	1,305	(137)
Amounts reclassified related to a nonconsolidated subsidiary	0
Other comprehensive income (loss) of nonconsolidated subsidiaries	(14,342)							(14,342)
Increase (reduction) in interest rate swaps	(29,972)							(29,972)
Unearned Out-Performance Plan awards acceleration	10,824					10,824
Redeemable Class A unit measurement adjustment	344,043					344,043
Redeemable noncontrolling interests' share of above adjustments	2,914							2,914
Other, shares				0
Other, value	1,729					(6,533)	(32)	6,534	1,760
Ending balance, shares at Dec. 31, 2020				48,793	191,355
Ending balance, value at Dec. 31, 2020	6,948,155			$ 1,182,339	$ 7,633	8,192,507	(2,774,182)	(75,099)	414,957
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to the entities	183,539						183,539
Net loss attributable to noncontrolling interests in consolidated subsidiaries	20,826								20,826
Dividends on common shares	(406,109)						(406,109)
Distributions to Vornado	(406,109)						(406,109)
Dividends on preferred shares / Distributions to preferred unitholders (see Note 11 for dividends per share amounts)	(65,880)						(65,880)
Cumulative redeemable preferred units issuance, shares																		12,000
Cumulative redeemable preferred shares issuance																	$ 291,153	$ 291,153
Common shares issued:
Upon redemption of redeemable Class A units, at redemption value, shares					350
Upon redemption of redeemable Class A units, at redemption value	14,576				$ 14	14,562
Under Vornado's employees' share option plan, shares					1
Under Vornado's employees' share option plan	22				$ 0	22
Under Vornado's dividend reinvestment plan, shares					21
Under Vornado's dividend reinvestment plan	877				$ 1	876
Contributions
Contributions:	4,052								4,052
Distributions:
Distributions	(160,975)								(160,975)
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, shares				0	1
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, value	0			$ (13)	$ 0	13
Deferred compensation shares / units and options, Shares					(4)
Deferred compensation shares / units and options, Value	792				$ 0	906	(114)
Amounts reclassified related to a nonconsolidated subsidiary	0
Other comprehensive income (loss) of nonconsolidated subsidiaries	10,275							10,275
Increase (reduction) in interest rate swaps	51,337							51,337
Unearned Out-Performance Plan awards acceleration	10,283					10,283
Redeemable Class A unit measurement adjustment	(76,073)					(76,073)
Series K cumulative redeemable preferred shares called for redemption, shares															(12,000)
Series K cumulative redeemable preferred shares called for redemption														$ (300,000)	$ (290,967)	$ (9,033)
Redeemable noncontrolling interests' share of above adjustments	(4,048)							(4,048)
Other, value	(24)			$ (53)		(3)	(1)	1	32
Ending balance, shares at Dec. 31, 2021				48,793	191,724
Ending balance, value at Dec. 31, 2021	$ 6,515,238			$ 1,182,459	$ 7,648	$ 8,143,093	$ (3,079,320)	$ (17,534)	$ 278,892

Shareholders' Equity/Partners' Capital (Preferred shares of beneficial interest) (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Oct. 13, 2021	Sep. 22, 2021	Dec. 31, 2021	Dec. 31, 2020
Details Of Preferred Shares Of Beneficial Interest
Preferred shares/units of beneficial interest: authorized shares			110,000,000	110,000,000
Preferred stock, value			$ 1,182,459	$ 1,182,339
Preferred shares/units of beneficial interest: outstanding shares			48,792,902	48,793,402
6.5% Series A \| Convertible Preferred Stock
Details Of Preferred Shares Of Beneficial Interest
Preferred stock dividend rate			6.50%
Preferred shares/units of beneficial interest: authorized shares			12,902	13,402
Preferred stock, value			$ 920	$ 934
Preferred shares/units of beneficial interest: outstanding shares			12,902	13,402
Preferred stock, liquidation preference per share			$ 50.00
Preferred stock, dividend rate, per-dollar-amount			3.25
Preferred stock, redemption price per share (in usd per share)			1.9531
6.5% Series A \| Convertible Preferred Stock \| Class A
Details Of Preferred Shares Of Beneficial Interest
Preferred stock, redemption price per share (in usd per share)			$ 1.9531
Series K Preferred Stock \| Redeemable Preferred Stock
Details Of Preferred Shares Of Beneficial Interest
Preferred stock dividend rate	5.70%	5.70%	5.70%
Preferred shares/units of beneficial interest: authorized shares			12,000,000
Preferred stock, value			$ 0	$ 290,971
Preferred shares/units of beneficial interest: outstanding shares			0	12,000,000
Preferred stock, redemption price per share (in usd per share)	$ 25.00
5.40% Series L \| Redeemable Preferred Stock
Details Of Preferred Shares Of Beneficial Interest
Preferred stock dividend rate			5.40%
Preferred shares/units of beneficial interest: authorized shares			13,800,000,000
Preferred stock, value			$ 290,306	$ 290,306
Preferred shares/units of beneficial interest: outstanding shares			12,000,000	12,000,000
Preferred stock, liquidation preference per share			$ 25.00
Preferred stock, dividend rate, per-dollar-amount			$ 1.35
5.25% Series M \| Redeemable Preferred Stock
Details Of Preferred Shares Of Beneficial Interest
Preferred stock dividend rate			5.25%
Preferred shares/units of beneficial interest: authorized shares			13,800,000
Preferred stock, value			$ 308,946	$ 308,946
Preferred shares/units of beneficial interest: outstanding shares			12,780,000	12,780,000
Preferred stock, liquidation preference per share			$ 25.00
Preferred stock, dividend rate, per-dollar-amount			$ 1.3125
5.25% Series N \| Redeemable Preferred Stock
Details Of Preferred Shares Of Beneficial Interest
Preferred stock dividend rate			5.25%
Preferred shares/units of beneficial interest: authorized shares			12,000,000
Preferred stock, value			$ 291,134	$ 291,182
Preferred shares/units of beneficial interest: outstanding shares			12,000,000	12,000,000
Preferred stock, liquidation preference per share			$ 25.00
Preferred stock, dividend rate, per-dollar-amount			$ 1.3125
4.45% Series O \| Redeemable Preferred Stock
Details Of Preferred Shares Of Beneficial Interest
Preferred stock dividend rate		4.45%	4.45%
Preferred shares/units of beneficial interest: authorized shares			12,000,000
Preferred stock, value			$ 291,153
Preferred shares/units of beneficial interest: outstanding shares			12,000,000
Preferred stock, liquidation preference per share			$ 25.00
Preferred stock, dividend rate, per-dollar-amount			$ 1.1125
Preferred stock, redemption price per share (in usd per share)		$ 25.00

Multiemployer Benefit Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Multiemployer Benefit Plans
Multiemployer plans contributions represent more than 5% of total employer contributions	true	false	false
Multiemployer Pension Plans
Multiemployer Benefit Plans
Multiemployer plan, period contributions	$ 19,851	$ 7,049	$ 10,793
Multiemployer Health Plans
Multiemployer Benefit Plans
Multiemployer plan, period contributions	$ 23,431	$ 26,938	$ 32,407

Identified Intangible Assets and Liabilities - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Below Market Leases Net Of Above Market Leases
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 9,249	$ 16,878	$ 19,830
Other Identified Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 7,330	$ 6,507	$ 8,666

Consolidated Statements of Changes in Equity (LP) - USD ($) shares in Thousands, $ in Thousands	Total	Real estate fund investments	Other	Preferred Shares / Units	Common Shares	Class A Units Owned by Vornado	Earnings Less Than Distributions	Accumulated Other Comprehensive (Loss) Income	Non- controlling Interests in Consolidated Subsidiaries	Non- controlling Interests in Consolidated Subsidiaries Real estate fund investments	Non- controlling Interests in Consolidated Subsidiaries Other	Series N	Series N Preferred Shares / Units	Series K Preferred Stock	Series K Preferred Stock Preferred Shares / Units	Series K Preferred Stock Earnings Less Than Distributions	4.45% Series O	4.45% Series O Preferred Shares / Units	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, Adjustment Earnings Less Than Distributions
Beginning balance, shares at Dec. 31, 2018				36,800	190,535	190,535
Beginning balance, value at Dec. 31, 2018	$ 5,107,883			$ 891,294	$ 7,600	$ 7,733,457	$ (4,167,184)	$ 7,664	$ 642,652
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to the entities	3,358,809						3,358,809
Net loss attributable to redeemable partnership units	(210,872)						(210,872)
Net loss attributable to noncontrolling interests in consolidated subsidiaries	(24,547)								(24,547)
Special dividend ($1.95 per share)	(372,380)						(372,380)
Distributions to Vornado	(503,785)						(503,785)
Dividends on preferred shares / Distributions to preferred unitholders (see Note 11 for dividends per share amounts)	(50,131)						(50,131)
Common shares issued:
Upon redemption of redeemable Class A units, at redemption value, shares					171	171
Upon redemption of redeemable Class A units, at redemption value	11,250				$ 7	$ 11,250
Under Vornado's employees' share option plan, shares					245	245
Under Vornado's employees' share option plan	(3,098)				$ 10	$ 5,489	(8,587)
Under Vornado's dividend reinvestment plan, shares					22	22
Under Vornado's dividend reinvestment plan	1,414				$ 1	$ 1,414
Contributions
Contributions:		$ 9,023	$ 8,848							$ 9,023	$ 8,848
Distributions:
Distributions	(45,587)		(45,587)						(45,587)		(45,587)
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, shares				(2)	6	6
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, value	0			$ (80)		$ 80
Deferred compensation shares / units and options, Shares					7	7
Deferred compensation shares / units and options, Value	990					$ 1,095	(105)
Amounts reclassified related to a nonconsolidated subsidiary	(2,311)							(2,311)
Other comprehensive income (loss) of nonconsolidated subsidiaries	(938)							(938)
Increase (reduction) in interest rate swaps	(47,885)							(47,885)
Unearned Out-Performance Plan awards acceleration	11,720					11,720
Redeemable Class A unit measurement adjustment	70,810					70,810
Redeemable noncontrolling interests' share of above adjustments	3,235							3,235
Deconsolidation of partially owned entity	$ (11,441)								(11,441)
Other, shares	(2)			(2)
Other, value	$ (29)					$ 0	(31)	2	0
Ending balance, shares at Dec. 31, 2019				36,796	190,986	190,986
Ending balance, value at Dec. 31, 2019	$ 7,310,978			$ 891,214	$ 7,618	$ 7,835,315	(1,954,266)	(40,233)	578,948										$ (16,064)	$ (16,064)
Distributions:
Accounting Standards Update [Extensible List]	Accounting Standards Update 2016-13 [Member]
Net income (loss) attributable to the entities	$ (321,951)						(321,951)
Net loss attributable to redeemable partnership units	24,946						24,946
Net loss attributable to noncontrolling interests in consolidated subsidiaries	(140,438)								(140,438)
Special dividend ($1.95 per share)	(51,739)						(51,739)
Distributions to Vornado	(454,939)						(454,939)
Dividends on preferred shares / Distributions to preferred unitholders (see Note 11 for dividends per share amounts)	(51,739)						(51,739)
Cumulative redeemable preferred units issuance, shares													12,000
Cumulative redeemable preferred shares issuance												$ 291,182	$ 291,182
Upon redemption of redeemable Class A units, at redemption value, shares					236	236
Upon redemption of redeemable Class A units, at redemption value	9,266				$ 9	$ 9,266
Under Vornado's employees' share option plan, shares					69	69
Under Vornado's employees' share option plan	3,517				$ 3	$ 3,517	0
Under Vornado's dividend reinvestment plan, shares					47	47
Under Vornado's dividend reinvestment plan	2,345				$ 2	$ 2,345
Contributions:		$ 3,389	$ 4,305							$ 3,389	$ 4,305
Distributions	(33,007)								(33,007)
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, shares				(3)	4	4
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, value	0			$ (57)		$ 57
Deferred compensation shares / units and options, Shares					13	13
Deferred compensation shares / units and options, Value	1,169				$ 1	$ 1,306	(137)
Amounts reclassified related to a nonconsolidated subsidiary	0
Other comprehensive income (loss) of nonconsolidated subsidiaries	(14,342)							(14,342)
Increase (reduction) in interest rate swaps	(29,972)							(29,972)
Unearned Out-Performance Plan awards acceleration	10,824					10,824
Redeemable Class A unit measurement adjustment	344,043					344,043
Redeemable noncontrolling interests' share of above adjustments	2,914							2,914
Other, shares				0
Other, value	1,729					$ (6,533)	(32)	6,534	1,760
Ending balance, shares at Dec. 31, 2020				48,793	191,355	191,355
Ending balance, value at Dec. 31, 2020	6,948,155			$ 1,182,339	$ 7,633	$ 8,200,140	(2,774,182)	(75,099)	414,957
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to the entities	183,539						183,539
Net loss attributable to redeemable partnership units	(7,540)						(7,540)
Net loss attributable to noncontrolling interests in consolidated subsidiaries	20,826								20,826
Distributions to Vornado	(406,109)						(406,109)
Dividends on preferred shares / Distributions to preferred unitholders (see Note 11 for dividends per share amounts)	(65,880)						(65,880)
Cumulative redeemable preferred units issuance, shares																		12,000
Cumulative redeemable preferred shares issuance																	$ 291,153	$ 291,153
Common shares issued:
Upon redemption of redeemable Class A units, at redemption value, shares					350	350
Upon redemption of redeemable Class A units, at redemption value	14,576				$ 14	$ 14,576
Under Vornado's employees' share option plan, shares					1	1
Under Vornado's employees' share option plan	22				$ 0	$ 22
Under Vornado's dividend reinvestment plan, shares					21	21
Under Vornado's dividend reinvestment plan	877				$ 1	$ 877
Contributions
Contributions:	4,052								4,052
Distributions:
Distributions	(160,975)								(160,975)
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, shares				0	1	1
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, value	0			$ (13)	$ 0	$ 13
Deferred compensation shares / units and options, Shares					(4)	(4)
Deferred compensation shares / units and options, Value	792				$ 0	$ 906	(114)
Amounts reclassified related to a nonconsolidated subsidiary	0
Other comprehensive income (loss) of nonconsolidated subsidiaries	10,275							10,275
Increase (reduction) in interest rate swaps	51,337							51,337
Unearned Out-Performance Plan awards acceleration	10,283					10,283
Redeemable Class A unit measurement adjustment	(76,073)					(76,073)
Series K cumulative redeemable preferred shares called for redemption, shares															(12,000)
Series K cumulative redeemable preferred shares called for redemption														$ (300,000)	$ (290,967)	$ (9,033)
Redeemable noncontrolling interests' share of above adjustments	(4,048)							(4,048)
Other, value	(24)			$ (53)		$ (3)	(1)	1	32
Ending balance, shares at Dec. 31, 2021				48,793	191,724	191,724
Ending balance, value at Dec. 31, 2021	$ 6,515,238			$ 1,182,459	$ 7,648	$ 8,150,741	$ (3,079,320)	$ (17,534)	$ 278,892

SEC Schedule III Rollforward of Real Estate Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Real estate, balance at beginning of period	$ 12,087,943	$ 13,074,012	$ 16,237,883
Additions during the period	13,571,474	14,202,977	17,675,741
Less: Assets sold, written-off and deconsolidated	353,629	2,115,034	4,601,729
Real estate, balance at end of period	13,217,845	12,087,943	13,074,012
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Accumulated depreciation, balance at beginning of period	3,169,446	3,015,958	3,180,175
Additions charged to operating expenses	362,311	344,301	360,194
Real estate accumulated depreciation	3,531,757	3,360,259	3,540,369
Less: Accumulated depreciation on assets sold, written-off and deconsolidated	155,410	190,813	524,411
Accumulated depreciation, balance at end of period	3,376,347	3,169,446	3,015,958
Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Additions during the period	197,057	1,372	46,074
Buildings & improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Additions during the period	$ 1,286,474	$ 1,127,593	$ 1,391,784

SEC Schedule III Rollforward of Real Estate Assets and Accumulated Depreciation

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III Real Estate and Accumulated Depreciation


COLUMN A	COLUMN B			COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
	Encumbrances (1)			Initial cost to company				Costs capitalized subsequent to acquisition		Gross amount at which carried at close of period						Accumulated depreciation and amortization		Date of construction (3)	Date acquired	Life on which depreciation in latest income statement is computed
				Land		Buildings and improvements				Land		Buildings and improvements		Total (2)
New York
Manhattan
1290 Avenue of the Americas	$	950,000		$	518,244	$	926,992	$	268,355	$	518,244	$	1,195,347	$	1,713,591	$	440,097	1963	2007	(4)
One Park Avenue	525,000			197,057		369,016		1,525		197,057		370,541		567,598		4,538		1926	2021	(4)
350 Park Avenue	400,000			265,889		363,381		49,025		265,889		412,406		678,295		157,691		1960	2006	(4)
PENN 1	—			—		412,169		675,839		—		1,088,008		1,088,008		364,744		1972	1998	(4)
100 West 33rd Street	398,402			242,776		247,970		44,038		242,776		292,008		534,784		115,295		1911	2007	(4)
150 West 34th Street	205,000			119,657		268,509		—		119,657		268,509		388,166		44,192		1900	2015	(4)
PENN 2	575,000		(5)	53,615		164,903		261,859		52,689		427,688		480,377		106,149		1968	1997	(4)
90 Park Avenue	—			8,000		175,890		198,970		8,000		374,860		382,860		177,978		1964	1997	(4)
Manhattan Mall	181,598			88,595		113,473		31,237		88,595		144,710		233,305		52,851		2009	2007	(4)
770 Broadway	700,000			52,898		95,686		188,436		52,898		284,122		337,020		127,420		1907	1998	(4)
888 Seventh Avenue	299,400			—		117,269		164,940		—		282,209		282,209		153,517		1980	1998	(4)
PENN 11	500,000			40,333		85,259		118,666		40,333		203,925		244,258		93,045		1923	1997	(4)
909 Third Avenue	350,000			—		120,723		121,136		—		241,859		241,859		122,466		1969	1999	(4)
150 East 58th Street	—			39,303		80,216		57,661		39,303		137,877		177,180		71,938		1969	1998	(4)
595 Madison Avenue	—			62,731		62,888		68,956		62,731		131,844		194,575		53,220		1968	1999	(4)
330 West 34th Street	—			—		8,599		154,213		—		162,812		162,812		49,803		1925	1998	(4)
715 Lexington Avenue	—			—		26,903		20,217		30,085		17,035		47,120		965		1923	2001	(4)
484-486 Broadway	—			10,000		6,688		7,358		10,000		14,046		24,046		4,235		2009	2007	(4)
4 Union Square South	120,000			24,079		55,220		11,398		24,079		66,618		90,697		25,826		1965/2004	1993	(4)
Farley Office and Retail	—			—		476,235		911,408		—		1,387,643		1,387,643		4,189		1912	2018	(4)
260 Eleventh Avenue	—			—		80,482		5,530		—		86,012		86,012		14,146		1911	2015	(4)
510 Fifth Avenue	—			34,602		18,728		36,745		48,403		41,672		90,075		12,270			2010	(4)
606 Broadway	74,119			45,406		8,993		51,709		45,298		60,810		106,108		4,213			2016	(4)
40 Fulton Street	—			15,732		26,388		41,597		15,732		67,985		83,717		25,521		1987	1998	(4)
443 Broadway	—			11,187		41,186		(36,197)		3,457		12,719		16,176		391			2013	(4)
435 Seventh Avenue	95,696			19,893		19,091		2,166		19,893		21,257		41,150		10,732		2002	1997	(4)
692 Broadway	—			6,053		22,908		3,901		6,053		26,809		32,862		11,503			2005	(4)
131-135 West 33rd Street	—			8,315		21,312		477		8,315		21,789		30,104		3,161			2016	(4)


COLUMN A	COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
	Encumbrances (1)		Initial cost to company				Costs capitalized subsequent to acquisition		Gross amount at which carried at close of period						Accumulated depreciation and amortization		Date of construction (3)	Date acquired	Life on which depreciation in latest income statement is computed
			Land		Buildings and improvements				Land		Buildings and improvements		Total (2)
New York - continued
Manhattan - continued
304 Canal Street	$	—	$	3,511	$	12,905	$	(8,456)	$	1,771	$	6,189	$	7,960	$	169	1910	2014	(4)
1131 Third Avenue	—		7,844		7,844		5,683		7,844		13,527		21,371		3,093			1997	(4)
431 Seventh Avenue	—		16,700		2,751		—		16,700		2,751		19,451		1,014			2007	(4)
138-142 West 32nd Street	—		9,252		9,936		2,002		9,252		11,938		21,190		1,844		1920	2015	(4)
334 Canal Street	—		1,693		6,507		(1,170)		752		6,278		7,030		205			2011	(4)
966 Third Avenue	—		8,869		3,631		—		8,869		3,631		12,500		756			2013	(4)
148 Spring Street	—		3,200		8,112		398		3,200		8,510		11,710		2,941			2008	(4)
150 Spring Street	—		3,200		5,822		312		3,200		6,134		9,334		2,109			2008	(4)
137 West 33rd Street	—		6,398		1,550		—		6,398		1,550		7,948		262		1932	2015	(4)
825 Seventh Avenue	—		1,483		697		3,940		1,483		4,637		6,120		829			1997	(4)
537 West 26th Street	—		10,370		17,632		19,925		26,631		21,296		47,927		2,062			2018	(4)
339 Greenwich Street	—		2,622		12,333		(10,019)		865		4,071		4,936		123			2017	(4)
PENN 15 (Hotel Pennsylvania site)	—		29,903		121,712		266,365		29,903		388,077		417,980		145,938		1919	1997	(4)
Other (Including Signage)	—		140,477		31,892		3,477		94,788		81,058		175,846		23,571
Total Manhattan	5,374,215		2,109,887		4,660,401		3,743,622		2,111,143		8,402,767		10,513,910		2,437,012


Other Properties
33-00 Northern Boulevard, Queens, New York	100,000		46,505		86,226		14,493		46,505		100,719		147,224		17,829		1915	2015	(4)
Paramus, New Jersey	—		—		—		23,348		1,036		22,312		23,348		19,393		1967	1987	(4)
Total Other Properties	100,000		46,505		86,226		37,841		47,541		123,031		170,572		37,222

Total New York	5,474,215		2,156,392		4,746,627		3,781,463		2,158,684		8,525,798		10,684,482		2,474,234


COLUMN A	COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
	Encumbrances (1)		Initial cost to company				Costs capitalized subsequent to acquisition		Gross amount at which carried at close of period						Accumulated depreciation and amortization		Date of construction (3)	Date acquired	Life on which depreciation in latest income statement is computed
			Land		Buildings and improvements				Land		Buildings and improvements		Total (2)
Other
theMART
theMART, Illinois	$	—	$	64,528	$	319,146	$	413,854	$	64,535	$	732,993	$	797,528	$	369,439	1930	1998	(4)
527 West Kinzie, Illinois	—		5,166		—		197		5,166		197		5,363		—			1998
Piers 92 and 94, New York	—		—		—		19,144		—		19,144		19,144		3,905			2008	(4)
Total theMART	—		69,694		319,146		433,195		69,701		752,334		822,035		373,344

555 California Street, California	1,200,000		223,446		895,379		256,718		223,446		1,152,097		1,375,543		395,120		1922,1969 -1970	2007	(4)
220 Central Park South, New York	—		115,720		16,445		(106,014)		—		26,151		26,151		—			2005	(4)
Borgata Land, Atlantic City, NJ	—		83,089		—		—		83,089		—		83,089		—			2010
759-771 Madison Avenue (40 East 66th) Residential, New York	—		8,454		13,321		(8,193)		5,273		8,309		13,582		3,101			2005	(4)
Annapolis, Maryland	—		—		9,652		—		—		9,652		9,652		4,713			2005	(4)
Wayne Towne Center, New Jersey	—		—		26,137		47,347		—		73,484		73,484		34,112			2010	(4)
Other	—		—		—		10,035		—		10,035		10,035		1,942				(4)
Total Other	1,200,000		500,403		1,280,080		633,088		381,509		2,032,062		2,413,571		812,332

Leasehold improvements equipment and other	—		—		—		119,792		—		119,792		119,792		89,781

Total December 31, 2021	$	6,674,215	$	2,656,795	$	6,026,707	$	4,534,343	$	2,540,193	$	10,677,652	$	13,217,845	$	3,376,347

________________________________________

(1)Represents contractual debt obligations.

(2)The net basis of Vornado's assets and liabilities for tax reporting purposes is approximately $2.6 billion lower than the amounts reported for financial statement purposes.

(3)Date of original construction –– many properties have had substantial renovation or additional construction –– see Column D.

(4)Depreciation of the buildings and improvements are calculated over lives ranging from the life of the lease to forty years.

(5)Secured amount outstanding on revolving credit facilities.

The following is a reconciliation of real estate assets and accumulated depreciation:


	Year Ended December 31,
	2021		2020		2019
Real Estate
Balance at beginning of period	$	12,087,943	$	13,074,012	$	16,237,883
Additions during the period:
Land	197,057		1,372		46,074
Buildings & improvements and other	1,286,474		1,127,593		1,391,784
	13,571,474		14,202,977		17,675,741
Less: Assets sold, written-off, reclassified to ready for sale and deconsolidated	353,629		2,115,034		4,601,729
Balance at end of period	$	13,217,845	$	12,087,943	$	13,074,012

Accumulated Depreciation
Balance at beginning of period	$	3,169,446	$	3,015,958	$	3,180,175
Additions charged to operating expenses	362,311		344,301		360,194
	3,531,757		3,360,259		3,540,369
Less: Accumulated depreciation on assets sold, written-off and deconsolidated	155,410		190,813		524,411
Balance at end of period	$	3,376,347	$	3,169,446	$	3,015,958

Consolidated Statements of Cash Flows (Parentheticals) (VNO) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Transaction related costs	$ 5,935	$ 8,001	$ 4,613
Capitalized interest	$ 38,320	$ 40,855	67,980
One Park Avenue
Equity method ownership percentage	45.00%
Working capital, net	$ 5,806
Cash and restricted cash	$ 39,370
Fifth Avenue and Times Square JV
Equity method ownership percentage	51.50%
Transaction related costs			35,562
Deconsolidated restricted cash			$ 10,899

Segment Information (Reconciliation of Net Income to NOI) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting [Abstract]
Net (loss) income	$ 207,553	$ (461,845)	$ 3,334,262
Depreciation and amortization expense	412,347	399,695	419,107
General and administrative expense	134,545	181,509	169,920
Impairment losses, transaction related costs and other	13,815	174,027	106,538
(Income) loss from partially owned entities	(130,517)	329,112	(78,865)
(Income) loss from real estate fund investments	(11,066)	226,327	104,082
Interest and other investment (income) loss, net	(4,612)	5,499	(21,819)
Interest and debt expense	231,096	229,251	286,623
Net gain on transfer to Fifth Avenue and Times Square JV	0	0	(2,571,099)
Net gains on disposition of wholly owned and partially owned assets	(50,770)	(381,320)	(845,499)
Income tax (benefit) expense	(10,496)	36,630	103,439
Loss from discontinued operations	0	0	30
NOI from partially owned entities	310,858	306,495	322,390
NOI attributable to noncontrolling interests in consolidated subsidiaries	(69,385)	(72,801)	(69,332)
NOI at share	1,033,368	972,579	1,259,777
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	1,318	46,246	(6,060)
NOI at share - cash basis	$ 1,034,686	$ 1,018,825	$ 1,253,717

Consolidated Statements of Cash Flows (LP) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash Flows from Operating Activities:
Net income (loss)	$ 207,553	$ (461,845)	$ 3,334,262
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs)	432,594	417,942	438,933
Distributions of income from partially owned entities	214,521	175,246	116,826
Equity in net (income) loss of partially owned entities	(130,517)	329,112	(78,865)
Net gains on disposition of wholly owned and partially owned assets	(50,770)	(381,320)	(845,499)
Stock-based compensation expense	38,329	48,677	53,908
Defeasance cost in connection with refinancing of mortgage payable	23,729	0	0
Amortization of below-market leases, net	(9,249)	(16,878)	(19,830)
Straight-lining of rents	8,644	24,404	9,679
Real estate impairment losses	7,880	236,286	26,705
Write-off of lease receivables deemed uncollectible	7,695	63,204	17,237
Return of capital from real estate fund investments	5,104	0	0
Net realized and unrealized (income) loss on real estate fund investments	(4,621)	226,107	106,109
Non-cash (gain on extinguishment of 608 Fifth Avenue lease liability) impairment loss on 608 Fifth Avenue right-of-use asset	0	(70,260)	75,220
Credit losses on loans receivable	0	13,369	0
Decrease in fair value of marketable securities	0	4,938	5,533
Net gain on transfer to Fifth Avenue and Times Square JV	0	0	(2,571,099)
Prepayment penalty on redemption of senior unsecured notes due 2022	0	0	22,058
Other non-cash adjustments	7,368	6,739	(3,472)
Changes in operating assets and liabilities:
Real estate fund investments	(4,474)	(7,197)	(10,000)
Tenant and other receivables	(187)	(5,330)	(25,988)
Prepaid assets	30,466	(137,452)	7,558
Other assets	(54,716)	(52,832)	(4,302)
Accounts payable and accrued expenses	35,856	14,868	5,940
Other liabilities	(3,399)	(3,538)	1,626
Net cash provided by operating activities	761,806	424,240	662,539
Cash Flows from Investing Activities:
Development costs and construction in progress	(585,940)	(601,920)	(649,056)
Additions to real estate	(149,461)	(155,738)	(233,666)
Proceeds from sale of condominium units at 220 Central Park South	137,404	1,044,260	1,605,356
Acquisition of additional 45.0% ownership interest in One Park Avenue (inclusive of $5,806 of prorations and net working capital and net of $39,370 of cash and restricted cash balances consolidated upon acquisition)	(123,936)	0	0
Distributions of capital from partially owned entities	106,005	2,389	24,880
Proceeds from sales of real estate	100,024	0	324,201
Investments in partially owned entities	(14,997)	(8,959)	(18,257)
Acquisitions of real estate and other	(3,000)	(1,156)	(69,699)
Proceeds from repayments of loans receivable	1,554	0	1,395
Moynihan Train Hall expenditures	0	(395,051)	(438,935)
Proceeds from sales of marketable securities	0	28,375	168,314
Proceeds from transfer of interest in Fifth Avenue and Times Square JV (net of $35,562 of transaction costs and $10,899 of deconsolidated cash and restricted cash)	0	0	1,248,743
Proceeds from redemption of 640 Fifth Avenue preferred equity	0	0	500,000
Net cash (used in) provided by investing activities	(532,347)	(87,800)	2,463,276
Cash Flows from Financing Activities:
Proceeds from borrowings	3,248,007	1,056,315	1,108,156
Repayments of borrowings	(1,584,243)	(1,067,564)	(2,718,987)
Purchase of marketable securities in connection with defeasance of mortgage payable	(973,729)	0	(407,126)
Dividends paid on common shares / Distributions to Vornado	(406,109)	(827,319)	(503,785)
Redemption of preferred shares / units	(300,000)	0	(893)
Proceeds from the issuance of preferred shares	291,153	291,182	0
Distribution to noncontrolling interests / redeemable security holders and noncontrolling interests in consolidated subsidiaries	(190,876)	(91,514)	(80,194)
Dividends paid on preferred shares/ Distributions to preferred unitholders	(65,880)	(64,271)	(50,131)
Debt issuance costs	(51,184)	(10,901)	(15,588)
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries	4,052	100,094	17,871
Repurchase of shares (Class A units) related to stock compensation agreements and related tax withholdings and other	(1,567)	(137)	(8,692)
Proceeds received from exercise of employee share options (Vornado stock options) and other	899	5,862	6,903
Moynihan Train Hall reimbursement from Empire State Development	0	395,051	438,935
Prepayment penalty on redemption of senior unsecured notes due 2022	0	0	(22,058)
Net cash provided by (used in) financing activities	(29,477)	(213,202)	(2,235,589)
Net increase (decrease) in cash and cash equivalents and restricted cash	199,982	123,238	890,226
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	1,624,482	1,515,012	570,916
Restricted cash at beginning of period	105,887	92,119	145,989
Cash and cash equivalents and restricted cash at beginning of period	1,730,369	1,607,131	716,905
Cash and cash equivalents at end of period	1,760,225	1,624,482	1,515,012
Restricted cash at end of period	170,126	105,887	92,119
Cash and cash equivalents and restricted cash at end of period	1,930,351	1,730,369	1,607,131
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest, excluding capitalized interest of $38,320, $40,855 and $67,980	188,587	210,052	283,613
Cash payments for income taxes	9,155	15,105	59,834
Non-Cash Investing and Financing Activities:
Marketable securities transferred in connection with the defeasance of mortgage payable	(973,729)	0	(407,126)
Defeasance of mortgage payable	950,000	0	390,000
Increase in assets and liabilities resulting from the consolidation of One Park Avenue:
Mortgages payable	525,000	0	0
Deferred revenue	18,884	0	0
Accrued capital expenditures included in accounts payable and accrued expenses	291,690	117,641	109,975
Write-off of fully depreciated assets	(123,537)	(189,250)	(122,813)
Reclassification of assets held for sale (included in "other assets")	80,005	0	0
Redeemable Class A unit measurement adjustment	(76,073)	344,043	70,810
Decrease (increase) in accumulated other comprehensive loss due to change in fair value of consolidated interest rate swaps	51,337	(29,972)	(47,885)
Decrease in assets and liabilities resulting from the deconsolidation of Moynihan Train Hall: [Abstract]
Real estate, net	0	(1,291,804)	0
Moynihan Train Hall Obligation	0	1,291,804	0
Investments received in exchange for transfer to Fifth Avenue and Times Square JV: [Abstract]
Preferred equity	0	0	2,327,750
Common equity	0	0	1,449,495
Lease liabilities arising from the recognition of right-of-use assets	0	0	526,866
Special dividend/distribution declared and payable on January 15, 2020	0	0	398,292
Recognition of negative basis related to the sale of our investment in 330 Madison Avenue	0	0	60,052
Amounts related to our investment in Pennsylvania Real Estate Investment Trust reclassified from "investments in partially owned entities" and "accumulated other comprehensive loss" to "marketable securities" upon conversion of operating partnership units to common shares	0	0	54,962
One Park Avenue
Increase in assets and liabilities resulting from the consolidation of One Park Avenue:
Real estate	566,013	0	0
Identified intangible assets	139,545	0	0
Moynihan Train Hall
Increase in assets and liabilities resulting from the consolidation of One Park Avenue:
Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale"	$ 16,014	$ 388,280	$ 1,311,468

Identified Intangible Assets and Liabilities - Schedule of Identified Intangible Assets and Intangible Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross amount	$ 252,081	$ 116,969
Accumulated amortization	(97,186)	(93,113)
Net	154,895	23,856
Identified intangible liabilities (included in deferred revenue):
Gross amount	256,065	273,902
Accumulated amortization	(212,245)	(238,541)
Net	$ 43,820	$ 35,361

Fair Value Measurements (Fair Value Measurements on a Nonrecurring Basis) (Details) - Real Estate - Nonrecurring $ in Thousands	Dec. 31, 2021 USD ($)
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Real estate assets	$ 191,116
Level 1
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Real estate assets	0
Level 2
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Real estate assets	0
Level 3
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Real estate assets	$ 191,116

Revenue Recognition (Revenue by Segment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Lease revenues	$ 1,373,691	$ 1,343,391	$ 1,719,710
Total revenues	1,589,210	1,527,951	1,924,700
Write-off of lease receivables deemed uncollectible	7,695	63,204	17,237
Rental revenues
Disaggregation of Revenue [Line Items]
Total revenues	1,424,531	1,377,635	1,767,222
Lease Revenues
Disaggregation of Revenue [Line Items]
Lease revenues	1,373,691	1,343,391	1,719,710
Property rentals
Disaggregation of Revenue [Line Items]
Lease revenues	1,354,209	1,323,347	1,589,539
Write-off of lease receivables deemed uncollectible		63,204	17,237
Hotel Pennsylvania
Disaggregation of Revenue [Line Items]
Lease revenues		8,741	89,594
Parking Revenue
Disaggregation of Revenue [Line Items]
Revenues	13,391
Trade shows
Disaggregation of Revenue [Line Items]
Lease revenues	19,482	11,303	40,577
Tenant services
Disaggregation of Revenue [Line Items]
Revenues	37,449	34,244	47,512
Fee and other income
Disaggregation of Revenue [Line Items]
Revenues	164,679	150,316	157,478
Total revenues	164,679	150,316	157,478
BMS cleaning fees
Disaggregation of Revenue [Line Items]
Revenues	119,780	105,536	124,674
Management and leasing fees
Disaggregation of Revenue [Line Items]
Revenues	11,725	19,416	13,542
Other income
Disaggregation of Revenue [Line Items]
Revenues	33,174	25,364	19,262
New York
Disaggregation of Revenue [Line Items]
Total revenues	1,257,599	1,221,748	1,577,860
New York \| Rental revenues
Disaggregation of Revenue [Line Items]
Total revenues	1,109,234	1,083,500	1,424,990
New York \| Lease Revenues
Disaggregation of Revenue [Line Items]
Lease revenues	1,071,816	1,059,750	1,389,979
New York \| Property rentals
Disaggregation of Revenue [Line Items]
Lease revenues	1,071,816	1,051,009	1,300,385
New York \| Hotel Pennsylvania
Disaggregation of Revenue [Line Items]
Lease revenues		8,741	89,594
New York \| Parking Revenue
Disaggregation of Revenue [Line Items]
Revenues	11,370
New York \| Trade shows
Disaggregation of Revenue [Line Items]
Lease revenues	0	0	0
New York \| Tenant services
Disaggregation of Revenue [Line Items]
Revenues	26,048	23,750	35,011
New York \| Fee and other income
Disaggregation of Revenue [Line Items]
Revenues	148,365	138,248	152,870
New York \| BMS cleaning fees
Disaggregation of Revenue [Line Items]
Revenues	126,891	112,112	133,358
New York \| Management and leasing fees
Disaggregation of Revenue [Line Items]
Revenues	12,177	19,508	13,694
New York \| Other income
Disaggregation of Revenue [Line Items]
Revenues	9,297	6,628	5,818
Other
Disaggregation of Revenue [Line Items]
Total revenues	331,611	306,203	346,840
Other \| Rental revenues
Disaggregation of Revenue [Line Items]
Total revenues	315,297	294,135	342,232
Other \| Lease Revenues
Disaggregation of Revenue [Line Items]
Lease revenues	301,875	283,641	329,731
Other \| Property rentals
Disaggregation of Revenue [Line Items]
Lease revenues	282,393	272,338	289,154
Other \| Hotel Pennsylvania
Disaggregation of Revenue [Line Items]
Lease revenues		0	0
Other \| Parking Revenue
Disaggregation of Revenue [Line Items]
Revenues	2,021
Other \| Trade shows
Disaggregation of Revenue [Line Items]
Lease revenues	19,482	11,303	40,577
Other \| Tenant services
Disaggregation of Revenue [Line Items]
Revenues	11,401	10,494	12,501
Other \| Fee and other income
Disaggregation of Revenue [Line Items]
Revenues	16,314	12,068	4,608
Other \| BMS cleaning fees
Disaggregation of Revenue [Line Items]
Revenues	(7,111)	(6,576)	(8,684)
Other \| Management and leasing fees
Disaggregation of Revenue [Line Items]
Revenues	(452)	(92)	(152)
Other \| Other income
Disaggregation of Revenue [Line Items]
Revenues	$ 23,877	$ 18,736	$ 13,444

Interest and Other Investment Income (Loss), Net (Tables)

12 Months Ended

Dec. 31, 2021

Interest and Other Income [Abstract]

Schedule of interest and other investment income (loss), net

The following table sets forth the details of interest and other investment income (loss), net:


(Amounts in thousands)	For the Year Ended December 31,
	2021		2020		2019





Interest on loans receivable	$	2,517	$	3,384	$	6,326
Interest on cash and cash equivalents and restricted cash	284		5,793		13,380
Credit losses on loans receivable	—		(13,369)		—
Market-to-market decrease in the fair value of marketable security (sold on January 23, 2020)	—		(4,938)		(5,533)
Dividends on marketable securities	—		—		3,938
Other, net	1,811		3,631		3,708
	$	4,612	$	(5,499)	$	21,819

Identified Intangible Assets and Liabilities - Schedule of Future Amortization Expense of Intangible Assets (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Below Market Leases Net Of Above Market Leases
Finite-Lived Intangible Assets [Line Items]
2022	$ 5,531
2023	5,151
2024	2,056
2025	843
2026	201
Other Identified Intangible Assets
Finite-Lived Intangible Assets [Line Items]
2022	9,805
2023	8,743
2024	7,906
2025	6,330
2026	$ 6,136

Leases - Narrative (Details) ft² in Thousands, $ in Thousands	Dec. 31, 2021 USD ($) ft²	Dec. 31, 2020 USD ($)
Leases [Line Items]
Right-of-use assets \| $	$ 337,197	$ 367,365
Lease liabilities \| $	$ 370,206	$ 401,008
Farley Office and Retail Building
Leases [Line Items]
Equity method ownership percentage	95.00%
Lessee, operating lease, lease not yet commenced, term (years)	99 years
Square footage of real estate property (in sqft) \| ft²	845
PILOT payments \| $	$ 542,631
Farley Office and Retail Building \| Office Building
Leases [Line Items]
Square footage of real estate property (in sqft) \| ft²	730
Farley Office and Retail Building \| Retail
Leases [Line Items]
Square footage of real estate property (in sqft) \| ft²	115

Basis of Presentation and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe accompanying consolidated financial statements include the accounts of Vornado and the Operating Partnership and their consolidated subsidiaries. All inter-company amounts have been eliminated. Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), which require us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
Recently Issued Accounting Literature	Recently Issued Accounting Literature In March 2020, the Financial Accounting Standards Board ("FASB") issued an update ("ASU 2020-04") establishing Accounting Standards Codification ("ASC") Topic 848, Reference Rate Reform. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. We have elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In August 2020, the FASB issued an update ("ASU 2020-06") Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40). ASU 2020-06 simplifies the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock, removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and also simplifies the diluted earnings per share calculation in certain areas. ASU 2020-06 is effective for reporting periods beginning after December 15, 2021, with early adoption permitted. We are currently evaluating the impact of the adoption of ASU 2020-06 on our consolidated financial statements, but do not believe the adoption of this standard will have a material impact on our consolidated financial statements. 2. Basis of Presentation and Significant Accounting Policies - continued Recently Issued Accounting Literature - continued In July 2021, the FASB issued an update ("ASU 2021-05") Lessors - Certain Leases with Variable Lease Payments to ASC Topic 842, Leases ("ASC 842"). ASU 2021-05 provides additional ASC 842 classification guidance as it relates to a lessor's accounting for certain leases with variable lease payments. ASU 2021-05 requires a lessor to classify a lease with variable payments that do not depend on an index or rate as an operating lease if either a sales-type lease or direct financing lease classification would trigger a day-one loss. ASU 2021-05 is effective for reporting periods beginning after December 15, 2021, with early adoption permitted. We are currently evaluating the impact of the adoption of ASU 2021-05 on our consolidated financial statements, but do not believe the adoption of this standard will have a material impact on our consolidated financial statements.
Real Estate	Real Estate: Real estate is carried at cost, net of accumulated depreciation and amortization. Betterments, major renewals and certain costs directly related to the improvement and leasing of real estate are capitalized. Maintenance and repairs are expensed as incurred. For redevelopment of existing operating properties, the net book value of the existing property under redevelopment plus the cost for the construction and improvements incurred in connection with the redevelopment, including interest and debt expense, are capitalized to the extent the capitalized costs of the property do not exceed the estimated fair value of the redeveloped property when complete. If the cost of the redeveloped property, including the net book value of the existing property, exceeds the estimated fair value of the redeveloped property, the excess is charged to expense. Depreciation is recognized on a straight-line basis over the estimated useful lives of these assets which range from 7 to 40 years. Tenant allowances are amortized on a straight-line basis over the lives of the related leases, which approximate the useful lives of the assets. Upon the acquisition of real estate, we assess whether the transaction should be accounted for as an asset acquisition or as a business combination. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. Our acquisitions of real estate generally will not meet the definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related identified intangible assets). We assess the fair value of acquired assets (including land, buildings and improvements, identified intangibles, such as acquired above and below-market leases, acquired in-place leases and tenant relationships) and acquired liabilities and we allocate the purchase price based on these assessments which are on a relative fair value basis. We assess fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known trends, and market/economic conditions. We amortize identified intangibles that have finite lives over the period they are expected to contribute directly or indirectly to the future cash flows of the property or business acquired. Our properties, including any related right-of-use ("ROU") assets and intangible assets, are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis. An impairment loss is measured based on the excess of the property’s carrying amount over its estimated fair value. Impairment analyses are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. If our estimates of the future cash flows, anticipated holding periods, or market conditions change, our evaluation of impairment losses may be different and such differences could be material to our consolidated financial statements. Estimates of future cash flows are subjective and are based, in part, on assumptions regarding future occupancy, rental rates, capital requirements, capitalization rates and discount rates that could differ materially from actual results. The Fund is accounted for under ASC Topic 946, Financial Services – Investment Companies (“ASC 946”) and its investments are reported on its balance sheet at fair value, with changes in value each period recognized in earnings. We consolidate the accounts of the Fund into our consolidated financial statements, retaining the fair value basis of accounting.The Crowne Plaza Joint Venture is also accounted for under ASC 946 and we consolidate the accounts of the joint venture into our consolidated financial statements, retaining the fair value basis of accounting.
Partially Owned Entities	Partially Owned Entities: We consolidate entities in which we have a controlling financial interest. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider (i) whether the entity is a variable interest entity (“VIE”) in which we are the primary beneficiary or (ii) whether the entity is a voting interest entity in which we have a majority of the voting interests of the entity. We are deemed to be the primary beneficiary of a VIE when we have (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. We generally do not control a partially owned entity if the approval of all of the partners/members is contractually required with respect to decisions that most significantly impact the performance of the partially owned entity. This includes decisions regarding operating/capital budgets, and the placement of new or additional financing secured by the assets of the venture, among others. We account for investments under the equity method when the requirements for consolidation are not met, and we have significant influence over the operations of the investee. Equity method investments are initially recorded at cost and subsequently adjusted for our share of net income or loss and cash contributions and distributions each period. Investments that do not qualify for consolidation or equity method accounting are accounted for under the cost method. Investments in unconsolidated partially owned entities are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recorded when there is a decline in the fair value below the carrying value and we conclude such decline is other-than-temporary. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment analyses are based on current plans, intended holding periods, ability to hold, and available information at the time the analyses are prepared.
220 Central Park South Condominium Units Ready For Sale	220 Central Park South Condominium Units Ready For Sale: Our 220 Central Park South ("220 CPS") residential condominium units are reclassified from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" upon receipt of the unit's temporary certificate of occupancy. These units are substantially complete and ready for sale. Each unit is carried at the lower of its carrying amount or fair value less costs to sell. We have used the relative sales value method to allocate costs to individual condominium units. GAAP income is recognized when legal title transfers upon closing of the condominium unit sales and is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. As of December 31, 2021 and 2020, none of the 220 CPS condominium units ready for sale had a carrying value that exceeded fair value.
Cash And Cash Equivalents	Cash and Cash Equivalents: Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less and are carried at cost, which approximates fair value due to their short-term maturities. The majority of our cash and cash equivalents consists of (i) deposits at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit, (ii) United States Treasury Bills, and (iii) Certificate of Deposits placed through an Account Registry Service.
Restricted Cash	Restricted Cash: Restricted cash consists of security deposits, cash restricted for the purposes of facilitating a Section 1031 Like-Kind exchange, cash restricted in connection with our deferred compensation plan and cash escrowed under loan agreements, including for debt service, real estate taxes, property insurance and capital improvements.
Deferred Charges	Deferred Charges: Direct financing costs are deferred and amortized over the terms of the related agreements as a component of interest expense. Direct and incremental costs related to successful leasing activities are capitalized and amortized on a straight-line basis over the lives of the related leases. All other deferred charges are amortized on a straight-line basis, which approximates the effective interest rate method, in accordance with the terms of the agreements to which they relate.
Revenue Recognition	Revenue Recognition: •Rental revenues include revenues from the leasing of space at our properties to tenants, revenues from the Hotel Pennsylvania (permanently closed on April 5, 2021), trade shows, tenant services and parking garage revenues. •Revenues from the leasing of space at our properties to tenants includes (i) lease components, including fixed and variable lease payments, and nonlease components which include reimbursement of common area maintenance expenses, and (ii) reimbursement of real estate taxes and insurance expenses. As lessor, we have elected to combine the lease and nonlease components of our operating lease agreements and account for the components as a single lease component in accordance with ASC 842. •Revenues from fixed lease payments for operating leases in our portfolio are recognized on a straight-line basis over the non-cancelable term of the lease, together with renewal options that are reasonably certain of being exercised. We commence revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. •Revenue derived from the reimbursement of real estate taxes, insurance expenses and common area maintenance expenses are generally recognized in the same period as the related expenses are incurred. •We recognize amortization of acquired below-market leases as an increase to rental revenues and amortization of acquired above-market leases as a decrease to rental revenues over the term of the lease (see Note 8 - Identified Intangible Assets and Liabilities). •Hotel revenues arising from the operation of Hotel Pennsylvania, which we permanently closed on April 5, 2021, consists of room revenue, food and beverage revenue, and banquet revenue. Room revenues are recognized when the rooms are made available for the guest, in accordance with ASC 842. •Trade shows revenues arising from the operation of trade shows is primarily booth rentals. These revenues are recognized upon the occurrence of the trade shows when the trade show booths are made available for use by the exhibitors, in accordance with ASC 842. •Tenant services revenues arises from sub-metered electric, elevator, trash removal and other services provided to tenants at their request. These revenues are recognized as the services are transferred in accordance with ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"). •Parking garage revenues arise from the operations of our parking facilities which charge a hourly or monthly fee to provide parking services. These revenues are recognized as the services are transferred in accordance with ASC 606. •Fee and other income includes management, leasing and other revenue arising from contractual agreements with third parties or with partially owned entities and includes BMS cleaning, engineering and security services. This revenue is recognized as the services are transferred in accordance with ASC 606. We evaluate on an individual lease basis whether it is probable that we will collect substantially all amounts due from our tenants and recognize changes in the collectability assessment of our operating leases as adjustments to rental revenue. Management exercises judgment in assessing collectability of tenant receivables and considers payment history, current credit status and publicly available information about the financial condition of the tenant, the impact of COVID-19 on tenants' businesses, and other factors. Tenant receivables, including receivables arising from the straight-lining of rents, are written off when management deems that the collectability of substantially all future lease payments from a specific lease is not probable of collection, at which point, the Company will limit future rental revenues to cash received. We have made a policy election in accordance with the FASB Staff Q&A which provides relief in accounting for leases during the COVID-19 pandemic, allowing us to continue recognizing rental revenue on a straight-line basis for rent deferrals, with no impact to revenue recognition, and to recognize rent abatements as a reduction to rental revenue in the period granted.
Income Taxes	Income Taxes: Vornado operates in a manner intended to enable it to continue to qualify as a REIT under Sections 856‑860 of the Internal Revenue Code of 1986, as amended. Under those sections, a REIT which distributes at least 90% of its REIT taxable income as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders. Vornado distributes to its shareholders 100% of its REIT taxable income and therefore, no provision for Federal income taxes is required. Dividends distributed for the year ended December 31, 2021, were characterized, for federal income tax purposes, as 84.2% ordinary income under Section 199A of the Internal Revenue Code and 15.8% qualified dividend income (taxed as long-term capital gain). Dividends distributed for the year ended December 31, 2020, were characterized, for federal income tax purposes, as ordinary income. Dividends distributed for the year ended December 31, 2019, were characterized, for federal income tax purposes, as 62.1% ordinary income and 37.9% long-term capital gain. We have elected to treat certain consolidated subsidiaries, and may in the future elect to treat newly formed subsidiaries, as taxable REIT subsidiaries pursuant to an amendment to the Internal Revenue Code that became effective January 1, 2001. Taxable REIT subsidiaries may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to Federal and State income tax at regular corporate tax rates. Farley Office and Retail, our 220 CPS condominium project and the operations of Hotel Pennsylvania, prior to its closure, are held through taxable REIT subsidiaries. As of December 31, 2021 and 2020, our taxable REIT subsidiaries had deferred tax assets, net of valuation allowances, of $8,582,000 and $15,017,000, respectively, and are included in “other assets” on our consolidated balance sheets. As of December 31, 2021 and 2020, our taxable REIT subsidiaries had deferred tax liabilities of $40,591,000 and $29,348,000, respectively, which are included in "other liabilities" on our consolidated balance sheets. The deferred tax assets and liabilities relate to net operating loss carry forwards and temporary differences between the book and tax basis of assets and liabilities.
Redeemable Noncontrolling Interests	Redeemable noncontrolling partnership units are primarily comprised of Class A Operating Partnership units held by third parties and are recorded at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’ capital” on the consolidated balance sheets of the Operating Partnership. Class A units may be tendered for redemption to the Operating Partnership for cash; Vornado, at its option, may assume that obligation and pay the holder either cash or Vornado common shares on a one-for-one basis. Because the number of Vornado common shares outstanding at all times equals the number of Class A units owned by Vornado, the redemption value of each Class A unit is equivalent to the market value of one Vornado common share, and the quarterly distribution to a Class A unitholder is equal to the quarterly dividend paid to a Vornado common shareholder. Redeemable noncontrolling partnership units exclude our Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units, as they are accounted for as liabilities in accordance with ASC Topic 480, Distinguishing Liabilities and Equity, because of their possible settlement by issuing a variable number of Vornado common shares. Accordingly, the fair value of these units is included as a component of “other liabilities” on our consolidated balance sheets and aggregated $49,659,000 and $50,002,000 as of December 31, 2021 and 2020, respectively. Changes in the value from period to period, if any, are charged to “interest and debt expense” on our consolidated statements of income. Redeemable Noncontrolling Interest in a Consolidated Subsidiary A consolidated joint venture in which we own a 95% interest is developing Farley Office and Retail (the "Project"). During 2020, a historic tax credit investor (the "Tax Credit Investor") funded $92,400,000 of capital contributions and is expected to make additional capital contributions in future periods. The arrangement includes a put option whereby the joint venture may be obligated to purchase the Tax Credit Investor’s ownership interest in the Project at a future date. The put price is calculated based on a pre-determined formula. As exercise of the put option is outside of the joint venture’s control, the Tax Credit Investor’s interest, together with the put option, have been recorded to “redeemable noncontrolling interest in a consolidated subsidiary” on our consolidated balance sheets as of December 31, 2021 and 2020. The redeemable noncontrolling interest is recorded at the greater of the carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’ capital” on the consolidated balance sheets of the Operating Partnership. There was no adjustment required for the years ended December 31, 2021 and 2020.
Variable Interest Entities	Unconsolidated VIEsAs of December 31, 2021 and 2020, we have several unconsolidated VIEs. We do not consolidate these entities because we are not the primary beneficiary and the nature of our involvement in the activities of these entities does not give us power over decisions that significantly affect these entities’ economic performance. We account for our investment in these entities under the equity method Consolidated VIEs Our most significant consolidated VIEs are the Operating Partnership (for Vornado), the Farley joint venture and certain properties that have non-controlling interests. These entities are VIEs because the non-controlling interests do not have substantive kick-out or participating rights. We consolidate these entities because we control all significant business activities.
Fair Value Measurement	ASC 820 defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment is necessary to interpret Level 2 and 3 inputs in determining the fair value of our financial and non-financial assets and liabilities. Accordingly, our fair value estimates, which are made at the end of each reporting period, may be different than the amounts that may ultimately be realized upon sale or disposition of these assets.

Impairment Losses, Transaction Related Costs and Other (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Transaction Related Costs, Impairment Losses and Other [Line Items]
Real estate impairment losses	$ (7,880)	$ (236,286)	$ (8,065)
Transaction related costs	(5,935)	(8,001)	(4,613)
Impairment losses and transaction related costs, net	(13,815)	(174,027)	(106,538)
608 Fifth Avenue
Transaction Related Costs, Impairment Losses and Other [Line Items]
608 Fifth Avenue lease liability extinguishment gain in 2020 and impairment loss and related write-offs in 2019	$ 0	$ 70,260	$ (93,860)

Shareholders' Equity/Partners' Capital

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Shareholders' Equity/Partners' Capital

Common Shares (Vornado Realty Trust)

As of December 31, 2021, there were 191,723,608 common shares outstanding. During 2021, we paid an aggregate of $406,109,000 of common dividends comprised of quarterly common dividends of $0.53 per share.

Class A Units (Vornado Realty L.P.)

As of December 31, 2021, there were 191,723,608 Class A units outstanding that were held by Vornado. These units are classified as “partners’ capital” on the consolidated balance sheets of the Operating Partnership. As of December 31, 2021, there were 14,033,438 Class A units outstanding, that were held by third parties. These units are classified outside of “partners’ capital” as “redeemable partnership units” on the consolidated balance sheets of the Operating Partnership (See Note 10 – Redeemable Noncontrolling Interests). During 2021, the Operating Partnership paid an aggregate of $406,109,000 of distributions to Vornado comprised of quarterly common distributions of $0.53 per unit.

Preferred Shares/Units

On September 22, 2021, Vornado sold 12,000,000 4.45% Series O cumulative redeemable preferred shares at a price of $25.00 per share, pursuant to an effective registration statement. Vornado received aggregate net proceeds of $291,153,000, after underwriters' discount and issuance costs, and contributed the net proceeds to the Operating Partnership in exchange for 12,000,000 4.45% Series O preferred units (with economic terms that mirror those of the Series O preferred shares). Dividends on the Series O preferred shares/units are cumulative and payable quarterly in arrears. The Series O preferred shares/units are not convertible into, or exchangeable for, any of our properties or securities. On or after five years from the date of issuance (or sooner under limited circumstances), Vornado may redeem the Series O preferred shares/units at a redemption price of $25.00 per share/unit, plus accrued and unpaid dividends/distributions through the date of redemption. The Series O preferred shares/units have no maturity date and will remain outstanding indefinitely unless redeemed by Vornado. Vornado used the net proceeds for the redemption of its 5.70% Series K cumulative redeemable preferred shares/units.

On October 13, 2021, we redeemed all of the outstanding 5.70% Series K preferred shares/units at their redemption price of $25.00 per share/unit, or $300,000,000 in the aggregate, plus accrued and unpaid dividends/distributions through the date of redemption. We recognized $9,033,000 of previously capitalized issuance costs in "Series K preferred share/unit issuance costs" on our consolidated statements of income during the third quarter of 2021, when the preferred shares/units were called for redemption.

11. Shareholders' Equity/Partners' Capital - continued

Preferred Shares/Units - continued

The following table sets forth the details of our preferred shares of beneficial interest and the preferred units of the Operating Partnership as of December 31, 2021 and 2020. During 2021, preferred dividends were $65,880,000.


(Amounts in thousands, except share/unit and per share/per unit amounts)
							Per Share/Unit
	Balance as of December 31,				Shares/Units Outstanding as of December 31,		Liquidation Preference		Annual Dividend/ Distribution(1)
Preferred Shares/Units	2021		2020		2021	2020
Convertible Preferred:
6.5% Series A: authorized 12,902 and 13,402 shares/units(2)	$	920	$	934	12,902	13,402	$	50.00	$	3.25
Cumulative Redeemable Preferred(3):
5.70% Series K: authorized 12,000,000 shares/units(4)	—		290,971		—	12,000,000	n/a		n/a
5.40% Series L: authorized 13,800,000 shares/units	290,306		290,306		12,000,000	12,000,000	25.00		1.35
5.25% Series M: authorized 13,800,000 shares/units	308,946		308,946		12,780,000	12,780,000	25.00		1.3125
5.25% Series N: authorized 12,000,000 shares/units	291,134		291,182		12,000,000	12,000,000	25.00		1.3125
4.45% Series O: authorized 12,000,000 shares/units(5)	291,153		—		12,000,000	—	25.00		1.1125
	$	1,182,459	$	1,182,339	48,792,902	48,793,402

________________________________________

(1)Dividends on preferred shares and distributions on preferred units are cumulative and are payable quarterly in arrears.

(2)Redeemable at the option of Vornado under certain circumstances, at a redemption price of 1.9531 common shares/Class A units per Series A Preferred Share/Unit plus accrued and unpaid dividends/distributions through the date of redemption, or convertible at any time at the option of the holder for 1.9531 common shares/Class A units per Series A Preferred Share/Unit.

(3)Series L preferred shares/units are redeemable at Vornado's option at a redemption price of $25.00 per share/unit, plus accrued and unpaid dividends/distributions through the date of redemption. Series M preferred shares/units are redeemable commencing December 2022, Series N preferred shares/units are redeemable commencing November 2025 and Series O preferred shares/units are redeemable commencing September 2026. Series K preferred shares/units were redeemed on October 13, 2021.

(4)Redeemed on October 13, 2021.

(5)Issued in September 2021.

Accumulated Other Comprehensive Loss

The following table sets forth the changes in accumulated other comprehensive loss by component for the year ended December 31, 2021.


(Amounts in thousands)	Total		Accumulated other comprehensive (loss) income of nonconsolidated subsidiaries		Interest rate swaps		Other
Balance as of December 31, 2020	$	(75,099)	$	(14,338)	$	(66,098)	$	5,337
Other comprehensive income (loss)	57,565		10,275		51,337		(4,047)

Balance as of December 31, 2021	$	(17,534)	$	(4,063)	$	(14,761)	$	1,290

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
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-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Income (Loss) Per Share/Income (Loss) Per Class A Unit (Tables)

12 Months Ended

Dec. 31, 2021

Earnings per share

Schedule of Earnings Per Share Basic and Diluted

Vornado Realty L.P.

The following table presents the calculations of (i) basic income (loss) per Class A unit which includes the weighted average number of Class A units outstanding without regard to dilutive potential Class A units and (ii) diluted income (loss) per Class A unit which includes the weighted average Class A units and dilutive Class A unit equivalents. Unvested share-based payment awards that contain non-forfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. Earnings are allocated to participating securities, which include Vornado restricted stock awards, OP Units and OPPs, based on the two-class method. Other potential dilutive unit equivalents such as Vornado stock options, AO LTIP Units and Performance Conditioned AO LTIP Units are included in the computation of diluted income per unit ("EPU") using the treasury stock method, while the dilutive effect of our Series A convertible preferred units is reflected in diluted EPU by application of the if-converted method.


(Amounts in thousands, except per unit amounts)	For the Year Ended December 31,
	2021		2020		2019
Numerator:
Income (loss) from continuing operations, net of (income) loss attributable to noncontrolling interests in consolidated subsidiaries	$	183,539	$	(321,951)	$	3,358,839
Loss from discontinued operations	—		—		(30)
Net income (loss) attributable to Vornado Realty L.P.	183,539		(321,951)		3,358,809
Preferred unit distributions	(66,035)		(51,904)		(50,296)
Series K preferred unit issuance costs	(9,033)		—		—
Net income (loss) attributable to Class A unitholders	108,471		(373,855)		3,308,513
Earnings allocated to unvested participating securities	(2,668)		(5,417)		(17,296)
Numerator for basic income (loss) per Class A unit	105,803		(379,272)		3,291,217
Impact of assumed conversions:
Convertible preferred unit distributions	—		—		57
Numerator for basic and diluted income (loss) per Class A unit	$	105,803	$	(379,272)	$	3,291,274

Denominator:
Denominator for basic income (loss) per Class A unit – weighted average units	204,728		203,503		202,947
Effect of dilutive securities(1):
Vornado stock options, Vornado restricted stock awards, OP Units, AO LTIP Units and OPPs	916		—		267
Convertible preferred units	—		—		34
Denominator for diluted income (loss) per Class A unit – weighted average units and assumed conversions	205,644		203,503		203,248

INCOME (LOSS) PER CLASS A UNIT - BASIC:


Net income (loss) per Class A unit	$	0.52	$	(1.86)	$	16.22

INCOME (LOSS) PER CLASS A UNIT - DILUTED:


Net income (loss) per Class A unit	$	0.51	$	(1.86)	$	16.19

________________________________________

(1)The effect of dilutive securities excluded an aggregate of 313, 1,650 and 825 weighted average Class A unit equivalents in the years ended December 31, 2021, 2020 and 2019 respectively, as their effect was anti-dilutive.

Real Estate Fund Investments (Tables)

12 Months Ended

Dec. 31, 2021

Real Estate Fund Investments [Abstract]

Schedule Of Income And Loss From The Fund

Below is a summary of income (loss) from the Fund and the Crowne Plaza Joint Venture.


(Amounts in thousands)	For the Year Ended December 31,
	2021		2020		2019
Net investment income (loss)	$	6,445	$	(220)	$	2,027
Net unrealized income (loss) on held investments	3,257		(226,107)		(106,109)
Net realized income on exited investments	1,364		—		—

Income (loss) from real estate fund investments	11,066		(226,327)		(104,082)
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries	(7,309)		163,213		55,274
Income (loss) from real estate fund investments net of noncontrolling interests in consolidated subsidiaries	$	3,757	$	(63,114)	$	(48,808)

Stock-based Compensation (Schedule of AO LTIP Units & Share Based Payment Award Stock Options Valuation Assumptions) (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Vornado stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum	35.00%
Expected volatility, maximum	36.00%
Expected volatility		35.00%
Expected life (years)	5 years	5 years
Risk free interest rate		2.50%
Risk free interest rate, minimum	0.57%
Risk free interest rate, maximum	1.76%
Expected dividend yield (percentage)		2.90%
Performance Conditioned AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility		35.00%
Expected life (years)		8 years
Risk free interest rate		2.76%
Expected dividend yield (percentage)		3.10%
AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum	35.00%
Expected volatility, maximum	36.00%
Expected volatility		35.00%
Expected life (years)	5 years	5 years
Risk free interest rate		2.50%
Risk free interest rate, minimum	0.57%
Risk free interest rate, maximum	1.76%
Expected dividend yield (percentage)		2.90%
Minimum \| Vornado stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield (percentage)	3.20%
Minimum \| AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield (percentage)	3.20%
Maximum \| Vornado stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield (percentage)	3.40%
Maximum \| AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield (percentage)	3.40%

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Below is a summary of our revenues by segment. Additional financial information related to these reportable segments for the years ended December 31, 2021, 2020 and 2019 is set forth in Note 23 - Segment Information.


(Amounts in thousands)	For the Year Ended December 31, 2021
	Total		New York		Other
Property rentals	$	1,354,209	$	1,071,816	$	282,393

Trade shows(1)	19,482		—		19,482
Lease revenues(2)	1,373,691		1,071,816		301,875
Tenant services	37,449		26,048		11,401
Parking revenues	13,391		11,370		2,021
Rental revenues	1,424,531		1,109,234		315,297
BMS cleaning fees	119,780		126,891		(7,111)		(3)
Management and leasing fees	11,725		12,177		(452)
Other income	33,174		9,297		23,877
Fee and other income	164,679		148,365		16,314
Total revenues	1,589,210		1,257,599		331,611

____________________

See notes on following page.


(Amounts in thousands)	For the Year Ended December 31, 2020
	Total		New York		Other
Property rentals(4)	$	1,323,347	$	1,051,009	$	272,338
Hotel Pennsylvania(5)	8,741		8,741		—
Trade shows(1)	11,303		—		11,303
Lease revenues(2)	1,343,391		1,059,750		283,641
Tenant services	34,244		23,750		10,494
Rental revenues	1,377,635		1,083,500		294,135
BMS cleaning fees	105,536		112,112		(6,576)		(3)
Management and leasing fees	19,416		19,508		(92)
Other income	25,364		6,628		18,736
Fee and other income	150,316		138,248		12,068
Total revenues	$	1,527,951	$	1,221,748	$	306,203

____________________

See notes on following page.

3. Revenue Recognition - continued


(Amounts in thousands)	For the Year Ended December 31, 2019
	Total		New York		Other
Property rentals(4)	$	1,589,539	$	1,300,385	$	289,154
Hotel Pennsylvania	89,594		89,594		—
Trade shows	40,577		—		40,577
Lease revenues(2)	1,719,710		1,389,979		329,731
Tenant services	47,512		35,011		12,501
Rental revenues	1,767,222		1,424,990		342,232
BMS cleaning fees	124,674		133,358		(8,684)		(3)
Management and leasing fees	13,542		13,694		(152)
Other income	19,262		5,818		13,444
Fee and other income	157,478		152,870		4,608
Total revenues	$	1,924,700	$	1,577,860	$	346,840

____________________

(1)We cancelled trade shows at theMART beginning late March of 2020 due to the COVID-19 pandemic and resumed in the third quarter of 2021.

(2)The components of lease revenues were as follows:


(Amounts in thousands)	For the Year Ended December 31,
	2021		2020		2019
Fixed billings	$	1,277,645	$	1,292,174	$	1,531,917
Variable billings	108,850		126,907		199,291
Total contractual operating lease billings	1,386,495		1,419,081		1,731,208
Adjustment for straight-line rents and amortization of acquired below-market leases and other, net	(5,109)		(12,486)		5,739
Less: write-off of straight-line rent and tenant receivables deemed uncollectible	(7,695)		(63,204)		(17,237)
Lease revenues	$	1,373,691	$	1,343,391	$	1,719,710

(3)Represents the elimination of theMART and 555 California Street BMS cleaning fees which are included as income in the New York segment.

(4)Reduced by $63,204 and $17,237 for the years ended December 31, 2020 and 2019, respectively, for the write-off of lease receivables deemed uncollectible (primarily write-offs of receivables arising from the straight-lining of rents).

(5)We temporarily closed the Hotel Pennsylvania on April 1, 2020 and on April 5, 2021, we permanently closed the hotel and plan to develop an office tower on the site.

Operating Lease, Lease Income

The components of lease revenues were as follows:


(Amounts in thousands)	For the Year Ended December 31,
	2021		2020		2019
Fixed billings	$	1,277,645	$	1,292,174	$	1,531,917
Variable billings	108,850		126,907		199,291
Total contractual operating lease billings	1,386,495		1,419,081		1,731,208
Adjustment for straight-line rents and amortization of acquired below-market leases and other, net	(5,109)		(12,486)		5,739
Less: write-off of straight-line rent and tenant receivables deemed uncollectible	(7,695)		(63,204)		(17,237)
Lease revenues	$	1,373,691	$	1,343,391	$	1,719,710

Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Schedule of Segment Information

Below is a summary of NOI at share, NOI at share - cash basis and selected balance sheet data by segment for the years ended December 31, 2021, 2020 and 2019.


(Amounts in thousands)	For the Year Ended December 31, 2021
	Total		New York		Other
Total revenues	$	1,589,210	$	1,257,599	$	331,611
Operating expenses	(797,315)		(626,386)		(170,929)
NOI - consolidated	791,895		631,213		160,682
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(69,385)		(38,980)		(30,405)
Add: NOI from partially owned entities	310,858		300,721		10,137
NOI at share	1,033,368		892,954		140,414
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	1,318		(1,188)		2,506
NOI at share - cash basis	$	1,034,686	$	891,766	$	142,920

Balance Sheet Data:
Real estate, at cost	$	13,217,845	$	10,702,008	$	2,515,837
Investments in partially owned entities	3,297,389		3,265,933		31,456
Total assets	17,266,588		15,969,498		1,297,090


(Amounts in thousands)	For the Year Ended December 31, 2020
	Total		New York		Other
Total revenues	$	1,527,951	$	1,221,748	$	306,203
Operating expenses	(789,066)		(640,531)		(148,535)
NOI - consolidated	738,885		581,217		157,668
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(72,801)		(43,773)		(29,028)
Add: NOI from partially owned entities	306,495		296,447		10,048
NOI at share	972,579		833,891		138,688
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	46,246		36,715		9,531
NOI at share - cash basis	$	1,018,825	$	870,606	$	148,219

Balance Sheet Data:
Real estate, at cost	$	12,087,943	$	9,581,830	$	2,506,113
Investments in partially owned entities	3,491,107		3,459,142		31,965
Total assets	16,221,822		15,046,469		1,175,353

23. Segment Information - continued


(Amounts in thousands)	For the Year Ended December 31, 2019
	Total		New York		Other
Total revenues	$	1,924,700	$	1,577,860	$	346,840
Operating expenses	(917,981)		(758,304)		(159,677)
NOI - consolidated	1,006,719		819,556		187,163
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(69,332)		(40,896)		(28,436)
Add: NOI from partially owned entities	322,390		294,168		28,222
NOI at share	1,259,777		1,072,828		186,949
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(6,060)		(12,318)		6,258
NOI at share - cash basis	$	1,253,717	$	1,060,510	$	193,207

Below is a reconciliation of net income (loss) to NOI at share and NOI at share - cash basis for the years ended December 31, 2021, 2020 and 2019.


(Amounts in thousands)	For the Year Ended December 31,
	2021		2020		2019
Net income (loss)	$	207,553	$	(461,845)	$	3,334,262
Depreciation and amortization expense	412,347		399,695		419,107
General and administrative expense	134,545		181,509		169,920
Impairment losses, transaction related costs and other	13,815		174,027		106,538
(Income) loss from partially owned entities	(130,517)		329,112		(78,865)
(Income) loss from real estate fund investments	(11,066)		226,327		104,082
Interest and other investment (income) loss, net	(4,612)		5,499		(21,819)
Interest and debt expense	231,096		229,251		286,623
Net gain on transfer to Fifth Avenue and Times Square JV	—		—		(2,571,099)
Net gains on disposition of wholly owned and partially owned assets	(50,770)		(381,320)		(845,499)
Income tax (benefit) expense	(10,496)		36,630		103,439
Loss from discontinued operations	—		—		30
NOI from partially owned entities	310,858		306,495		322,390
NOI attributable to noncontrolling interests in consolidated subsidiaries	(69,385)		(72,801)		(69,332)
NOI at share	1,033,368		972,579		1,259,777
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	1,318		46,246		(6,060)
NOI at share - cash basis	$	1,034,686	$	1,018,825	$	1,253,717

Investments in Partially Owned Entities (Management, Development, Leasing and Other Agreements for Alexander's) (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) $ / ft²	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
BMS cleaning fees
Schedule of Equity Method Investments [Line Items]
Fee income recognized by equity method investees for building maintenance services	$ 4,234,000	$ 3,613,000	$ 3,613,000
Alexanders Inc
Schedule of Equity Method Investments [Line Items]
Management fee income	$ 2,800,000
Development fee percent	6.00%
Lease fee percentage of rent one to ten years	3.00%
Lease fee percentage of rent eleven to twenty years	2.00%
Lease fee percentage of rent twenty first to thirty years	1.00%
Percentage increase lease fee if broker used	1.00%
Percentage commissions on sale of assets under fifty million	3.00%
Asset sale commission threshold	$ 50,000,000
Percentage commissions on sale of assets over fifty million	1.00%
Alexanders Inc \| Rego Park 2 Property
Schedule of Equity Method Investments [Line Items]
Property management fee agreement percentage of income	2.00%
Alexanders Inc \| Lexington Avenue 731
Schedule of Equity Method Investments [Line Items]
Property management fee agreement price per square foot \| $ / ft²	0.50
Alexanders Inc \| Common Area 731 Lexington Avenue
Schedule of Equity Method Investments [Line Items]
Management fee income	$ 344,000
Property management fee agreement escalation percentage of income	3.00%

Investments in Partially Owned Entities (Summary of Income (Loss) ) (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 04, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Non-cash impairment loss		$ (7,880)	$ (236,286)	$ (26,705)
Net gains on sale of real estate		0	0	2,571,099
Our share of net income (loss)		$ 130,517	(329,112)	78,865
Fifth Avenue and Times Square JV
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage		51.50%
Equity in net income (loss)		$ 47,144	21,063	31,130
Return on preferred equity, net of our share of the expense		37,416	37,357	27,586
Non-cash impairment loss		0	(413,349)	0
Our share of net income (loss)		84,560	(354,929)	58,716
Decrease in depreciation and amortization expense		17,448
Fifth Avenue and Times Square JV \| 1540 Broadway
Schedule of Equity Method Investments [Line Items]
Rent reduction		$ 13,971	13,971
Write off of rent receivable			3,125
Alexanders Inc
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage		32.40%
Equity in net income (loss)		$ 20,116	13,326	19,204
Net gains on sale of real estate	$ 2,956	14,576	0	0
Management, leasing and development fees		5,429	5,309	4,575
Our share of net income (loss)		40,121	18,635	23,779
Write off of rent receivable			4,846
Partially Owned Office Buildings
Schedule of Equity Method Investments [Line Items]
Our share of net income (loss)		12,057	12,742	(3,443)
Other investments
Schedule of Equity Method Investments [Line Items]
Our share of net income (loss)		$ (6,221)	$ (5,560)	$ (187)

Leases - Lessor, Operating Lease, Payments to be Received (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]
2022	$ 1,313,854
2023	1,266,425
2024	1,132,125
2025	1,021,434
2026	977,834
Thereafter	$ 7,068,874

Income (Loss) Per Share/Income (Loss) Per Class A Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Income (loss) from continuing operations, net of (income) loss attributable to noncontrolling interests		$ 183,539	$ (321,951)	$ 3,358,839
Loss from discontinued operations		0	0	(30)
Net income (loss) attributable to Vornado / Vornado Realty L.P.		183,539	(321,951)	3,358,809
Preferred share dividends / unit distributions		(66,035)	(51,904)	(50,296)
Preferred share / unit issuance costs		(9,033)	0	0
NET INCOME (LOSS) attributable to common shareholders / Class A unitholders		108,471	(373,855)	3,308,513
Earnings allocated to unvested participating securities		(2,668)	(5,417)	(17,296)
Numerator for basic income (loss) per share / per Class A unit		105,803	(379,272)	3,291,217
Convertible preferred share dividends / unit distributions		0	0	57
Earnings allocated to Out-Performance Plan units		0	0	9
Numerator for diluted income (loss) per share / per Class A unit		$ 105,803	$ (379,272)	$ 3,291,274
Denominator:
Denominator for basic income (loss) per share - weighted average shares (in shares)		191,551	191,146	190,801
Denominator for basic income (loss) per Class A unit - weighted average units and assumed conversions		204,728	203,503	202,947
Employee stock options, restricted stock awards, AO LTIP Units and OPPs (in shares)	571	916	0	267
Convertible preferred shares / units		0	0	34
Denominator for diluted income (loss) per share - weighted average shares and assumed conversions (in shares)		192,122	191,146	191,053
Denominator for diluted income per Class A unit - weighted average units		205,644	203,503	203,248
INCOME (LOSS) PER COMMON SHARE - BASIC:
Net income (loss) per common share - Basic (in dollars per share)		$ 0.53	$ (1.83)	$ 16.23
INCOME (LOSS) PER CLASS A UNIT - BASIC:
Net income (loss) per Class A unit (in dollars per share)		0.52	(1.86)	16.22
INCOME (LOSS) PER COMMON SHARE - DILUTED:
Net income (loss) per common share - Diluted (in dollars per share)		0.53	(1.83)	16.21
INCOME (LOSS) PER CLASS A UNIT - DILUTED:
Net income (loss) per Class A unit (in dollars per share)		$ 0.51	$ (1.86)	$ 16.19

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Lessor, Operating Lease, Payments to be Received, Maturity

As of December 31, 2021, future undiscounted cash flows under non-cancelable operating leases were as follows:


(Amounts in thousands)	As of December 31, 2021
For the year ended December 31,
2022	$	1,313,854
2023	1,266,425
2024	1,132,125
2025	1,021,434
2026	977,834
Thereafter	7,068,874

Schedule of Amounts Included in Measurement of Lease Liability

The following table sets forth information related to the measurement of our lease liabilities as of December 31, 2021, 2020 and 2019:


(Amounts in thousands)	For the Year Ended December 31,
	2021			2020			2019
Weighted average remaining lease term (in years)	44.4			44.8			40.2
Weighted average discount rate	4.85		%	4.91		%	4.84		%
Cash paid for operating leases	$	22,382		$	23,932		$	27,817

Lessor, Operating Rent Expense

The following table sets forth the details of rent expense for the years ended December 31, 2021, 2020 and 2019:


(Amounts in thousands)	For the Year Ended December 31,
	2021		2020		2019
Fixed rent expense	$	24,901	$	28,503	$	33,738
Variable rent expense	13,078		1,178		1,978
Rent expense	$	37,979	$	29,681	$	35,716

Lessee, Operating Lease, Liability, Maturity

As of December 31, 2021, future lease payments under operating ground leases were as follows:


(Amounts in thousands)	As of December 31, 2021
For the year ended December 31,
2022	$	21,080
2023	22,802
2024	23,154
2025	23,522
2026	23,911
Thereafter	833,728
Total undiscounted cash flows	948,197
Present value discount	(577,991)
Lease liabilities	$	370,206

Stock-based Compensation (Summary of Share Based Compensation Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 38,329	$ 48,677	$ 53,908
OP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	27,698	33,431	39,969
OPPs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	8,629	9,579	1,944
AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	877	3,955	2,636
Vornado stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	456	656	547
Vornado restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	450	649	549
Performance Conditioned AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 219	$ 407	$ 8,263

Investments in Partially Owned Entities (Fifth Avenue and Times Square JV) (Details) - Fifth Avenue and Times Square JV $ in Thousands	Dec. 31, 2021 USD ($)
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage	51.50%
Equity method investment, effective ownership percentage	51.00%
Basis difference in carrying amount	$ 387,402
Joint Venture
Schedule of Equity Method Investments [Line Items]
Aggregate of preferred equity interests	$ 1,828,000
Joint Venture \| Investors
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage	48.50%
Equity method investment, effective ownership percentage	47.20%
Joint Venture \| Percentage For First Five Years
Schedule of Equity Method Investments [Line Items]
Debt instrument, interest rate, stated percentage	4.25%
Joint Venture \| Increase in Percentage After Fifth Anniversary
Schedule of Equity Method Investments [Line Items]
Debt instrument, interest rate, stated percentage	4.75%

SEC Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate And Accumulated Depreciation
Encumbrances	$ 6,674,215
Initial cost to company
Land	2,656,795
Buildings and improvements	6,026,707
Costs capitalized subsequent to acquisition	4,534,343
Gross amount at which carried at close of period
Land	2,540,193
Buildings and improvements	10,677,652
Total	13,217,845
Accumulated depreciation and amortization	3,376,347	$ 3,169,446	$ 3,015,958	$ 3,180,175
Net basis difference of assets and liabilities between tax basis and GAAP basis	$ 2,600,000
Real estate and accumulated depreciation life used for depreciation	40 years
Leasehold Improvements Equipment and Other
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	0
Costs capitalized subsequent to acquisition	119,792
Gross amount at which carried at close of period
Land	0
Buildings and improvements	119,792
Total	119,792
Accumulated depreciation and amortization	89,781
New York
Real Estate And Accumulated Depreciation
Encumbrances	5,474,215
Initial cost to company
Land	2,156,392
Buildings and improvements	4,746,627
Costs capitalized subsequent to acquisition	3,781,463
Gross amount at which carried at close of period
Land	2,158,684
Buildings and improvements	8,525,798
Total	10,684,482
Accumulated depreciation and amortization	2,474,234
New York \| Manhattan
Real Estate And Accumulated Depreciation
Encumbrances	5,374,215
Initial cost to company
Land	2,109,887
Buildings and improvements	4,660,401
Costs capitalized subsequent to acquisition	3,743,622
Gross amount at which carried at close of period
Land	2,111,143
Buildings and improvements	8,402,767
Total	10,513,910
Accumulated depreciation and amortization	2,437,012
New York \| Manhattan \| 1290 Avenue of the Americas
Real Estate And Accumulated Depreciation
Encumbrances	950,000
Initial cost to company
Land	518,244
Buildings and improvements	926,992
Costs capitalized subsequent to acquisition	268,355
Gross amount at which carried at close of period
Land	518,244
Buildings and improvements	1,195,347
Total	1,713,591
Accumulated depreciation and amortization	$ 440,097
Date of construction	1963
Date acquired	2007
New York \| Manhattan \| One Park Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 525,000
Initial cost to company
Land	197,057
Buildings and improvements	369,016
Costs capitalized subsequent to acquisition	1,525
Gross amount at which carried at close of period
Land	197,057
Buildings and improvements	370,541
Total	567,598
Accumulated depreciation and amortization	$ 4,538
Date of construction	1926
Date acquired	2021
New York \| Manhattan \| 350 Park Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 400,000
Initial cost to company
Land	265,889
Buildings and improvements	363,381
Costs capitalized subsequent to acquisition	49,025
Gross amount at which carried at close of period
Land	265,889
Buildings and improvements	412,406
Total	678,295
Accumulated depreciation and amortization	$ 157,691
Date of construction	1960
Date acquired	2006
New York \| Manhattan \| PENN1
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	412,169
Costs capitalized subsequent to acquisition	675,839
Gross amount at which carried at close of period
Land	0
Buildings and improvements	1,088,008
Total	1,088,008
Accumulated depreciation and amortization	$ 364,744
Date of construction	1972
Date acquired	1998
New York \| Manhattan \| 100 West 33rd Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 398,402
Initial cost to company
Land	242,776
Buildings and improvements	247,970
Costs capitalized subsequent to acquisition	44,038
Gross amount at which carried at close of period
Land	242,776
Buildings and improvements	292,008
Total	534,784
Accumulated depreciation and amortization	$ 115,295
Date of construction	1911
Date acquired	2007
New York \| Manhattan \| 150 West 34th Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 205,000
Initial cost to company
Land	119,657
Buildings and improvements	268,509
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	119,657
Buildings and improvements	268,509
Total	388,166
Accumulated depreciation and amortization	$ 44,192
Date of construction	1900
Date acquired	2015
New York \| Manhattan \| PENN2
Real Estate And Accumulated Depreciation
Encumbrances	$ 575,000
Initial cost to company
Land	53,615
Buildings and improvements	164,903
Costs capitalized subsequent to acquisition	261,859
Gross amount at which carried at close of period
Land	52,689
Buildings and improvements	427,688
Total	480,377
Accumulated depreciation and amortization	$ 106,149
Date of construction	1968
Date acquired	1997
New York \| Manhattan \| 90 Park Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	8,000
Buildings and improvements	175,890
Costs capitalized subsequent to acquisition	198,970
Gross amount at which carried at close of period
Land	8,000
Buildings and improvements	374,860
Total	382,860
Accumulated depreciation and amortization	$ 177,978
Date of construction	1964
Date acquired	1997
New York \| Manhattan \| Manhattan Mall
Real Estate And Accumulated Depreciation
Encumbrances	$ 181,598
Initial cost to company
Land	88,595
Buildings and improvements	113,473
Costs capitalized subsequent to acquisition	31,237
Gross amount at which carried at close of period
Land	88,595
Buildings and improvements	144,710
Total	233,305
Accumulated depreciation and amortization	$ 52,851
Date of construction	2009
Date acquired	2007
New York \| Manhattan \| 770 Broadway
Real Estate And Accumulated Depreciation
Encumbrances	$ 700,000
Initial cost to company
Land	52,898
Buildings and improvements	95,686
Costs capitalized subsequent to acquisition	188,436
Gross amount at which carried at close of period
Land	52,898
Buildings and improvements	284,122
Total	337,020
Accumulated depreciation and amortization	$ 127,420
Date of construction	1907
Date acquired	1998
New York \| Manhattan \| 888 Seventh Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 299,400
Initial cost to company
Land	0
Buildings and improvements	117,269
Costs capitalized subsequent to acquisition	164,940
Gross amount at which carried at close of period
Land	0
Buildings and improvements	282,209
Total	282,209
Accumulated depreciation and amortization	$ 153,517
Date of construction	1980
Date acquired	1998
New York \| Manhattan \| PENN11
Real Estate And Accumulated Depreciation
Encumbrances	$ 500,000
Initial cost to company
Land	40,333
Buildings and improvements	85,259
Costs capitalized subsequent to acquisition	118,666
Gross amount at which carried at close of period
Land	40,333
Buildings and improvements	203,925
Total	244,258
Accumulated depreciation and amortization	$ 93,045
Date of construction	1923
Date acquired	1997
New York \| Manhattan \| 909 Third Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 350,000
Initial cost to company
Land	0
Buildings and improvements	120,723
Costs capitalized subsequent to acquisition	121,136
Gross amount at which carried at close of period
Land	0
Buildings and improvements	241,859
Total	241,859
Accumulated depreciation and amortization	$ 122,466
Date of construction	1969
Date acquired	1999
New York \| Manhattan \| 150 East 58th Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	39,303
Buildings and improvements	80,216
Costs capitalized subsequent to acquisition	57,661
Gross amount at which carried at close of period
Land	39,303
Buildings and improvements	137,877
Total	177,180
Accumulated depreciation and amortization	$ 71,938
Date of construction	1969
Date acquired	1998
New York \| Manhattan \| 595 Madison Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	62,731
Buildings and improvements	62,888
Costs capitalized subsequent to acquisition	68,956
Gross amount at which carried at close of period
Land	62,731
Buildings and improvements	131,844
Total	194,575
Accumulated depreciation and amortization	$ 53,220
Date of construction	1968
Date acquired	1999
New York \| Manhattan \| 330 West 34th Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	8,599
Costs capitalized subsequent to acquisition	154,213
Gross amount at which carried at close of period
Land	0
Buildings and improvements	162,812
Total	162,812
Accumulated depreciation and amortization	$ 49,803
Date of construction	1925
Date acquired	1998
New York \| Manhattan \| 715 Lexington Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	26,903
Costs capitalized subsequent to acquisition	20,217
Gross amount at which carried at close of period
Land	30,085
Buildings and improvements	17,035
Total	47,120
Accumulated depreciation and amortization	$ 965
Date of construction	1923
Date acquired	2001
New York \| Manhattan \| 484 To 486 Broadway
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	10,000
Buildings and improvements	6,688
Costs capitalized subsequent to acquisition	7,358
Gross amount at which carried at close of period
Land	10,000
Buildings and improvements	14,046
Total	24,046
Accumulated depreciation and amortization	$ 4,235
Date of construction	2009
Date acquired	2007
New York \| Manhattan \| 4 Union Square South
Real Estate And Accumulated Depreciation
Encumbrances	$ 120,000
Initial cost to company
Land	24,079
Buildings and improvements	55,220
Costs capitalized subsequent to acquisition	11,398
Gross amount at which carried at close of period
Land	24,079
Buildings and improvements	66,618
Total	90,697
Accumulated depreciation and amortization	$ 25,826
Date of construction	1965/2004
Date acquired	1993
New York \| Manhattan \| Farley Office and Retail Building
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	476,235
Costs capitalized subsequent to acquisition	911,408
Gross amount at which carried at close of period
Land	0
Buildings and improvements	1,387,643
Total	1,387,643
Accumulated depreciation and amortization	$ 4,189
Date of construction	1912
Date acquired	2018
New York \| Manhattan \| 260 11th Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	80,482
Costs capitalized subsequent to acquisition	5,530
Gross amount at which carried at close of period
Land	0
Buildings and improvements	86,012
Total	86,012
Accumulated depreciation and amortization	$ 14,146
Date of construction	1911
Date acquired	2015
New York \| Manhattan \| 510 5th Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	34,602
Buildings and improvements	18,728
Costs capitalized subsequent to acquisition	36,745
Gross amount at which carried at close of period
Land	48,403
Buildings and improvements	41,672
Total	90,075
Accumulated depreciation and amortization	$ 12,270
Date acquired	2010
New York \| Manhattan \| 606 Broadway
Real Estate And Accumulated Depreciation
Encumbrances	$ 74,119
Initial cost to company
Land	45,406
Buildings and improvements	8,993
Costs capitalized subsequent to acquisition	51,709
Gross amount at which carried at close of period
Land	45,298
Buildings and improvements	60,810
Total	106,108
Accumulated depreciation and amortization	$ 4,213
Date acquired	2016
New York \| Manhattan \| 40 Fulton Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	15,732
Buildings and improvements	26,388
Costs capitalized subsequent to acquisition	41,597
Gross amount at which carried at close of period
Land	15,732
Buildings and improvements	67,985
Total	83,717
Accumulated depreciation and amortization	$ 25,521
Date of construction	1987
Date acquired	1998
New York \| Manhattan \| 443 Broadway
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	11,187
Buildings and improvements	41,186
Costs capitalized subsequent to acquisition	(36,197)
Gross amount at which carried at close of period
Land	3,457
Buildings and improvements	12,719
Total	16,176
Accumulated depreciation and amortization	$ 391
Date acquired	2013
New York \| Manhattan \| 435 7th Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 95,696
Initial cost to company
Land	19,893
Buildings and improvements	19,091
Costs capitalized subsequent to acquisition	2,166
Gross amount at which carried at close of period
Land	19,893
Buildings and improvements	21,257
Total	41,150
Accumulated depreciation and amortization	$ 10,732
Date of construction	2002
Date acquired	1997
New York \| Manhattan \| 692 Broadway
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	6,053
Buildings and improvements	22,908
Costs capitalized subsequent to acquisition	3,901
Gross amount at which carried at close of period
Land	6,053
Buildings and improvements	26,809
Total	32,862
Accumulated depreciation and amortization	$ 11,503
Date acquired	2005
New York \| Manhattan \| 131-135 West 33rd Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	8,315
Buildings and improvements	21,312
Costs capitalized subsequent to acquisition	477
Gross amount at which carried at close of period
Land	8,315
Buildings and improvements	21,789
Total	30,104
Accumulated depreciation and amortization	$ 3,161
Date acquired	2016
New York \| Manhattan \| 304 Canal Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	3,511
Buildings and improvements	12,905
Costs capitalized subsequent to acquisition	(8,456)
Gross amount at which carried at close of period
Land	1,771
Buildings and improvements	6,189
Total	7,960
Accumulated depreciation and amortization	$ 169
Date of construction	1910
Date acquired	2014
New York \| Manhattan \| 1131 Third Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	7,844
Buildings and improvements	7,844
Costs capitalized subsequent to acquisition	5,683
Gross amount at which carried at close of period
Land	7,844
Buildings and improvements	13,527
Total	21,371
Accumulated depreciation and amortization	$ 3,093
Date acquired	1997
New York \| Manhattan \| 431 Seventh Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	16,700
Buildings and improvements	2,751
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	16,700
Buildings and improvements	2,751
Total	19,451
Accumulated depreciation and amortization	$ 1,014
Date acquired	2007
New York \| Manhattan \| 138-142 West 32nd Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	9,252
Buildings and improvements	9,936
Costs capitalized subsequent to acquisition	2,002
Gross amount at which carried at close of period
Land	9,252
Buildings and improvements	11,938
Total	21,190
Accumulated depreciation and amortization	$ 1,844
Date of construction	1920
Date acquired	2015
New York \| Manhattan \| 334 Canal Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	1,693
Buildings and improvements	6,507
Costs capitalized subsequent to acquisition	(1,170)
Gross amount at which carried at close of period
Land	752
Buildings and improvements	6,278
Total	7,030
Accumulated depreciation and amortization	$ 205
Date acquired	2011
New York \| Manhattan \| 966 Third Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	8,869
Buildings and improvements	3,631
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	8,869
Buildings and improvements	3,631
Total	12,500
Accumulated depreciation and amortization	$ 756
Date acquired	2013
New York \| Manhattan \| 148 Spring Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	3,200
Buildings and improvements	8,112
Costs capitalized subsequent to acquisition	398
Gross amount at which carried at close of period
Land	3,200
Buildings and improvements	8,510
Total	11,710
Accumulated depreciation and amortization	$ 2,941
Date acquired	2008
New York \| Manhattan \| 150 Spring Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	3,200
Buildings and improvements	5,822
Costs capitalized subsequent to acquisition	312
Gross amount at which carried at close of period
Land	3,200
Buildings and improvements	6,134
Total	9,334
Accumulated depreciation and amortization	$ 2,109
Date acquired	2008
New York \| Manhattan \| 137 West 33rd Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	6,398
Buildings and improvements	1,550
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	6,398
Buildings and improvements	1,550
Total	7,948
Accumulated depreciation and amortization	$ 262
Date of construction	1932
Date acquired	2015
New York \| Manhattan \| 825 7th Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	1,483
Buildings and improvements	697
Costs capitalized subsequent to acquisition	3,940
Gross amount at which carried at close of period
Land	1,483
Buildings and improvements	4,637
Total	6,120
Accumulated depreciation and amortization	$ 829
Date acquired	1997
New York \| Manhattan \| 537 West 26th Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	10,370
Buildings and improvements	17,632
Costs capitalized subsequent to acquisition	19,925
Gross amount at which carried at close of period
Land	26,631
Buildings and improvements	21,296
Total	47,927
Accumulated depreciation and amortization	$ 2,062
Date acquired	2018
New York \| Manhattan \| 339 Greenwich
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	2,622
Buildings and improvements	12,333
Costs capitalized subsequent to acquisition	(10,019)
Gross amount at which carried at close of period
Land	865
Buildings and improvements	4,071
Total	4,936
Accumulated depreciation and amortization	$ 123
Date acquired	2017
New York \| Manhattan \| Other (Including Signage)
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	140,477
Buildings and improvements	31,892
Costs capitalized subsequent to acquisition	3,477
Gross amount at which carried at close of period
Land	94,788
Buildings and improvements	81,058
Total	175,846
Accumulated depreciation and amortization	23,571
Other \| Paramus
Real Estate And Accumulated Depreciation
Encumbrances	100,000
Initial cost to company
Land	46,505
Buildings and improvements	86,226
Costs capitalized subsequent to acquisition	37,841
Gross amount at which carried at close of period
Land	47,541
Buildings and improvements	123,031
Total	170,572
Accumulated depreciation and amortization	37,222
Other \| Illinois \| the Mart, Chicago
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	64,528
Buildings and improvements	319,146
Costs capitalized subsequent to acquisition	413,854
Gross amount at which carried at close of period
Land	64,535
Buildings and improvements	732,993
Total	797,528
Accumulated depreciation and amortization	$ 369,439
Date of construction	1930
Date acquired	1998
Other \| Illinois \| 527 West Kinzie, Chicago
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	5,166
Buildings and improvements	0
Costs capitalized subsequent to acquisition	197
Gross amount at which carried at close of period
Land	5,166
Buildings and improvements	197
Total	5,363
Accumulated depreciation and amortization	$ 0
Date acquired	1998
Other \| Illinois \| Total The Mart
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	69,694
Buildings and improvements	319,146
Costs capitalized subsequent to acquisition	433,195
Gross amount at which carried at close of period
Land	69,701
Buildings and improvements	752,334
Total	822,035
Accumulated depreciation and amortization	373,344
Other \| New York \| Hotel Pennsylvania
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	29,903
Buildings and improvements	121,712
Costs capitalized subsequent to acquisition	266,365
Gross amount at which carried at close of period
Land	29,903
Buildings and improvements	388,077
Total	417,980
Accumulated depreciation and amortization	$ 145,938
Date of construction	1919
Date acquired	1997
Other \| New York \| 33-00 Northern Boulevard
Real Estate And Accumulated Depreciation
Encumbrances	$ 100,000
Initial cost to company
Land	46,505
Buildings and improvements	86,226
Costs capitalized subsequent to acquisition	14,493
Gross amount at which carried at close of period
Land	46,505
Buildings and improvements	100,719
Total	147,224
Accumulated depreciation and amortization	$ 17,829
Date of construction	1915
Date acquired	2015
Other \| New York \| Piers 92 and 94
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	0
Costs capitalized subsequent to acquisition	19,144
Gross amount at which carried at close of period
Land	0
Buildings and improvements	19,144
Total	19,144
Accumulated depreciation and amortization	$ 3,905
Date acquired	2008
Other \| New York \| 220 Central Park South
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	115,720
Buildings and improvements	16,445
Costs capitalized subsequent to acquisition	(106,014)
Gross amount at which carried at close of period
Land	0
Buildings and improvements	26,151
Total	26,151
Accumulated depreciation and amortization	$ 0
Date acquired	2005
Other \| New York \| Borgata Land, Atlantic City, NJ
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	83,089
Buildings and improvements	0
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	83,089
Buildings and improvements	0
Total	83,089
Accumulated depreciation and amortization	$ 0
Date acquired	2010
Other \| New York \| 759-771 Madison Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	8,454
Buildings and improvements	13,321
Costs capitalized subsequent to acquisition	(8,193)
Gross amount at which carried at close of period
Land	5,273
Buildings and improvements	8,309
Total	13,582
Accumulated depreciation and amortization	$ 3,101
Date acquired	2005
Other \| New York \| Annapolis
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	9,652
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	0
Buildings and improvements	9,652
Total	9,652
Accumulated depreciation and amortization	$ 4,713
Date acquired	2005
Other \| New York \| Other Property
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	0
Costs capitalized subsequent to acquisition	10,035
Gross amount at which carried at close of period
Land	0
Buildings and improvements	10,035
Total	10,035
Accumulated depreciation and amortization	1,942
Other \| Maryland \| Wayne Towne Center
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	0
Buildings and improvements	26,137
Costs capitalized subsequent to acquisition	47,347
Gross amount at which carried at close of period
Land	0
Buildings and improvements	73,484
Total	73,484
Accumulated depreciation and amortization	$ 34,112
Date acquired	2010
Other \| New Jersey \| Paramus
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	0
Costs capitalized subsequent to acquisition	23,348
Gross amount at which carried at close of period
Land	1,036
Buildings and improvements	22,312
Total	23,348
Accumulated depreciation and amortization	$ 19,393
Date of construction	1967
Date acquired	1987
Other \| New Jersey \| Other Property
Real Estate And Accumulated Depreciation
Encumbrances	$ 1,200,000
Initial cost to company
Land	500,403
Buildings and improvements	1,280,080
Costs capitalized subsequent to acquisition	633,088
Gross amount at which carried at close of period
Land	381,509
Buildings and improvements	2,032,062
Total	2,413,571
Accumulated depreciation and amortization	812,332
Other \| California \| 555 California Street
Real Estate And Accumulated Depreciation
Encumbrances	1,200,000
Initial cost to company
Land	223,446
Buildings and improvements	895,379
Costs capitalized subsequent to acquisition	256,718
Gross amount at which carried at close of period
Land	223,446
Buildings and improvements	1,152,097
Total	1,375,543
Accumulated depreciation and amortization	$ 395,120
Date of construction	1922,1969 -1970
Date acquired	2007

Acquisitions and Dispositions (Schedule of Business Acquisition) (Details) - One Park Avenue $ in Thousands	Aug. 05, 2021 USD ($)
Assets:
Land	$ 197,057
Building and improvements	368,956
Identified intangible assets	139,545
Assets consolidated	705,558
Liabilities:
Mortgages payable	525,000
Deferred revenue	18,884
Liabilities consolidated	543,884
Net assets consolidated (excluding working capital)	$ 161,674

Consolidated Balance Sheets (VNO) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real estate, at cost:
Land	$ 2,540,193	$ 2,420,054
Buildings and improvements	9,839,166	7,933,030
Development costs and construction in progress	718,694	1,604,637
Leasehold improvements and equipment	119,792	130,222
Total	13,217,845	12,087,943
Less accumulated depreciation and amortization	(3,376,347)	(3,169,446)
Real estate, net	9,841,498	8,918,497
Right-of-use assets	337,197	367,365
Cash and cash equivalents	1,760,225	1,624,482
Restricted cash	170,126	105,887
Tenant and other receivables	79,661	77,658
Investments in partially owned entities	3,297,389	3,491,107
Real estate fund investments	7,730	3,739
220 Central Park South condominium units ready for sale	57,142	128,215
Receivable arising from the straight-lining of rents	656,318	674,075
Deferred leasing costs, net of accumulated amortization of $211,775 and $196,972	391,693	372,919
Identified intangible assets, net of accumulated amortization of $97,186 and $93,113	154,895	23,856
Other assets	512,714	434,022
Assets	17,266,588	16,221,822
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net	6,053,343	5,580,549
Senior unsecured notes, net	1,189,792	446,685
Unsecured term loan, net	797,812	796,762
Unsecured revolving credit facilities	575,000	575,000
Lease liabilities	370,206	401,008
Accounts payable and accrued expenses	613,497	427,202
Deferred revenue	48,118	40,110
Deferred compensation plan	110,174	105,564
Other liabilities	304,725	294,520
Total liabilities	10,062,667	8,667,400
Commitments and contingencies
Redeemable noncontrolling interests:
Total redeemable noncontrolling interests / partnership units	688,683	606,267
Shareholders' / Partners' equity:
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 48,792,902 and 48,793,402 shares	1,182,459	1,182,339
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 191,723,608 and 191,354,679 shares	7,648	7,633
Additional capital	8,143,093	8,192,507
Earnings less than distributions	(3,079,320)	(2,774,182)
Accumulated other comprehensive loss	(17,534)	(75,099)
Total Vornado and Vornado Realty L.P. shareholders' equity	6,236,346	6,533,198
Noncontrolling interests in consolidated subsidiaries	278,892	414,957
Total equity	6,515,238	6,948,155
Total liabilities, redeemable noncontrolling interests / partnership units and equity	17,266,588	16,221,822
Partnership Interest
Redeemable noncontrolling interests:
Class A units - 14,033,438 and 13,583,607 units outstanding	587,440	507,212
Series D cumulative redeemable preferred units - 141,400 and 141,401 units outstanding	3,535	4,535
Total redeemable noncontrolling interests / partnership units	590,975	511,747
Subsidiaries
Redeemable noncontrolling interests:
Total redeemable noncontrolling interests / partnership units	$ 97,708	$ 94,520

SEC Schedule III Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III Real Estate and Accumulated Depreciation


COLUMN A	COLUMN B			COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
	Encumbrances (1)			Initial cost to company				Costs capitalized subsequent to acquisition		Gross amount at which carried at close of period						Accumulated depreciation and amortization		Date of construction (3)	Date acquired	Life on which depreciation in latest income statement is computed
				Land		Buildings and improvements				Land		Buildings and improvements		Total (2)
New York
Manhattan
1290 Avenue of the Americas	$	950,000		$	518,244	$	926,992	$	268,355	$	518,244	$	1,195,347	$	1,713,591	$	440,097	1963	2007	(4)
One Park Avenue	525,000			197,057		369,016		1,525		197,057		370,541		567,598		4,538		1926	2021	(4)
350 Park Avenue	400,000			265,889		363,381		49,025		265,889		412,406		678,295		157,691		1960	2006	(4)
PENN 1	—			—		412,169		675,839		—		1,088,008		1,088,008		364,744		1972	1998	(4)
100 West 33rd Street	398,402			242,776		247,970		44,038		242,776		292,008		534,784		115,295		1911	2007	(4)
150 West 34th Street	205,000			119,657		268,509		—		119,657		268,509		388,166		44,192		1900	2015	(4)
PENN 2	575,000		(5)	53,615		164,903		261,859		52,689		427,688		480,377		106,149		1968	1997	(4)
90 Park Avenue	—			8,000		175,890		198,970		8,000		374,860		382,860		177,978		1964	1997	(4)
Manhattan Mall	181,598			88,595		113,473		31,237		88,595		144,710		233,305		52,851		2009	2007	(4)
770 Broadway	700,000			52,898		95,686		188,436		52,898		284,122		337,020		127,420		1907	1998	(4)
888 Seventh Avenue	299,400			—		117,269		164,940		—		282,209		282,209		153,517		1980	1998	(4)
PENN 11	500,000			40,333		85,259		118,666		40,333		203,925		244,258		93,045		1923	1997	(4)
909 Third Avenue	350,000			—		120,723		121,136		—		241,859		241,859		122,466		1969	1999	(4)
150 East 58th Street	—			39,303		80,216		57,661		39,303		137,877		177,180		71,938		1969	1998	(4)
595 Madison Avenue	—			62,731		62,888		68,956		62,731		131,844		194,575		53,220		1968	1999	(4)
330 West 34th Street	—			—		8,599		154,213		—		162,812		162,812		49,803		1925	1998	(4)
715 Lexington Avenue	—			—		26,903		20,217		30,085		17,035		47,120		965		1923	2001	(4)
484-486 Broadway	—			10,000		6,688		7,358		10,000		14,046		24,046		4,235		2009	2007	(4)
4 Union Square South	120,000			24,079		55,220		11,398		24,079		66,618		90,697		25,826		1965/2004	1993	(4)
Farley Office and Retail	—			—		476,235		911,408		—		1,387,643		1,387,643		4,189		1912	2018	(4)
260 Eleventh Avenue	—			—		80,482		5,530		—		86,012		86,012		14,146		1911	2015	(4)
510 Fifth Avenue	—			34,602		18,728		36,745		48,403		41,672		90,075		12,270			2010	(4)
606 Broadway	74,119			45,406		8,993		51,709		45,298		60,810		106,108		4,213			2016	(4)
40 Fulton Street	—			15,732		26,388		41,597		15,732		67,985		83,717		25,521		1987	1998	(4)
443 Broadway	—			11,187		41,186		(36,197)		3,457		12,719		16,176		391			2013	(4)
435 Seventh Avenue	95,696			19,893		19,091		2,166		19,893		21,257		41,150		10,732		2002	1997	(4)
692 Broadway	—			6,053		22,908		3,901		6,053		26,809		32,862		11,503			2005	(4)
131-135 West 33rd Street	—			8,315		21,312		477		8,315		21,789		30,104		3,161			2016	(4)


COLUMN A	COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
	Encumbrances (1)		Initial cost to company				Costs capitalized subsequent to acquisition		Gross amount at which carried at close of period						Accumulated depreciation and amortization		Date of construction (3)	Date acquired	Life on which depreciation in latest income statement is computed
			Land		Buildings and improvements				Land		Buildings and improvements		Total (2)
New York - continued
Manhattan - continued
304 Canal Street	$	—	$	3,511	$	12,905	$	(8,456)	$	1,771	$	6,189	$	7,960	$	169	1910	2014	(4)
1131 Third Avenue	—		7,844		7,844		5,683		7,844		13,527		21,371		3,093			1997	(4)
431 Seventh Avenue	—		16,700		2,751		—		16,700		2,751		19,451		1,014			2007	(4)
138-142 West 32nd Street	—		9,252		9,936		2,002		9,252		11,938		21,190		1,844		1920	2015	(4)
334 Canal Street	—		1,693		6,507		(1,170)		752		6,278		7,030		205			2011	(4)
966 Third Avenue	—		8,869		3,631		—		8,869		3,631		12,500		756			2013	(4)
148 Spring Street	—		3,200		8,112		398		3,200		8,510		11,710		2,941			2008	(4)
150 Spring Street	—		3,200		5,822		312		3,200		6,134		9,334		2,109			2008	(4)
137 West 33rd Street	—		6,398		1,550		—		6,398		1,550		7,948		262		1932	2015	(4)
825 Seventh Avenue	—		1,483		697		3,940		1,483		4,637		6,120		829			1997	(4)
537 West 26th Street	—		10,370		17,632		19,925		26,631		21,296		47,927		2,062			2018	(4)
339 Greenwich Street	—		2,622		12,333		(10,019)		865		4,071		4,936		123			2017	(4)
PENN 15 (Hotel Pennsylvania site)	—		29,903		121,712		266,365		29,903		388,077		417,980		145,938		1919	1997	(4)
Other (Including Signage)	—		140,477		31,892		3,477		94,788		81,058		175,846		23,571
Total Manhattan	5,374,215		2,109,887		4,660,401		3,743,622		2,111,143		8,402,767		10,513,910		2,437,012


Other Properties
33-00 Northern Boulevard, Queens, New York	100,000		46,505		86,226		14,493		46,505		100,719		147,224		17,829		1915	2015	(4)
Paramus, New Jersey	—		—		—		23,348		1,036		22,312		23,348		19,393		1967	1987	(4)
Total Other Properties	100,000		46,505		86,226		37,841		47,541		123,031		170,572		37,222

Total New York	5,474,215		2,156,392		4,746,627		3,781,463		2,158,684		8,525,798		10,684,482		2,474,234


COLUMN A	COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
	Encumbrances (1)		Initial cost to company				Costs capitalized subsequent to acquisition		Gross amount at which carried at close of period						Accumulated depreciation and amortization		Date of construction (3)	Date acquired	Life on which depreciation in latest income statement is computed
			Land		Buildings and improvements				Land		Buildings and improvements		Total (2)
Other
theMART
theMART, Illinois	$	—	$	64,528	$	319,146	$	413,854	$	64,535	$	732,993	$	797,528	$	369,439	1930	1998	(4)
527 West Kinzie, Illinois	—		5,166		—		197		5,166		197		5,363		—			1998
Piers 92 and 94, New York	—		—		—		19,144		—		19,144		19,144		3,905			2008	(4)
Total theMART	—		69,694		319,146		433,195		69,701		752,334		822,035		373,344

555 California Street, California	1,200,000		223,446		895,379		256,718		223,446		1,152,097		1,375,543		395,120		1922,1969 -1970	2007	(4)
220 Central Park South, New York	—		115,720		16,445		(106,014)		—		26,151		26,151		—			2005	(4)
Borgata Land, Atlantic City, NJ	—		83,089		—		—		83,089		—		83,089		—			2010
759-771 Madison Avenue (40 East 66th) Residential, New York	—		8,454		13,321		(8,193)		5,273		8,309		13,582		3,101			2005	(4)
Annapolis, Maryland	—		—		9,652		—		—		9,652		9,652		4,713			2005	(4)
Wayne Towne Center, New Jersey	—		—		26,137		47,347		—		73,484		73,484		34,112			2010	(4)
Other	—		—		—		10,035		—		10,035		10,035		1,942				(4)
Total Other	1,200,000		500,403		1,280,080		633,088		381,509		2,032,062		2,413,571		812,332

Leasehold improvements equipment and other	—		—		—		119,792		—		119,792		119,792		89,781

Total December 31, 2021	$	6,674,215	$	2,656,795	$	6,026,707	$	4,534,343	$	2,540,193	$	10,677,652	$	13,217,845	$	3,376,347

________________________________________

(1)Represents contractual debt obligations.

(2)The net basis of Vornado's assets and liabilities for tax reporting purposes is approximately $2.6 billion lower than the amounts reported for financial statement purposes.

(3)Date of original construction –– many properties have had substantial renovation or additional construction –– see Column D.

(4)Depreciation of the buildings and improvements are calculated over lives ranging from the life of the lease to forty years.

(5)Secured amount outstanding on revolving credit facilities.

The following is a reconciliation of real estate assets and accumulated depreciation:


	Year Ended December 31,
	2021		2020		2019
Real Estate
Balance at beginning of period	$	12,087,943	$	13,074,012	$	16,237,883
Additions during the period:
Land	197,057		1,372		46,074
Buildings & improvements and other	1,286,474		1,127,593		1,391,784
	13,571,474		14,202,977		17,675,741
Less: Assets sold, written-off, reclassified to ready for sale and deconsolidated	353,629		2,115,034		4,601,729
Balance at end of period	$	13,217,845	$	12,087,943	$	13,074,012

Accumulated Depreciation
Balance at beginning of period	$	3,169,446	$	3,015,958	$	3,180,175
Additions charged to operating expenses	362,311		344,301		360,194
	3,531,757		3,360,259		3,540,369
Less: Accumulated depreciation on assets sold, written-off and deconsolidated	155,410		190,813		524,411
Balance at end of period	$	3,376,347	$	3,169,446	$	3,015,958

220 Central Park South - Narrative (Details) $ in Thousands	12 Months Ended			39 Months Ended
220 Central Park South - Narrative (Details) $ in Thousands	Dec. 31, 2021 USD ($) unit	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2021 USD ($) unit
Real Estate [Line Items]
Net gains on sale of real estate	$ 0	$ 0	$ 2,571,099
Income tax (benefit) expense	$ (10,496)	36,630	103,439
220 Central Park South
Real Estate [Line Items]
Number of units sold \| unit	6			106
Cash proceeds from sale of real estate	$ 137,404			$ 3,006,896
Net gains on sale of real estate	50,318			$ 1,117,255
Income tax (benefit) expense	$ 5,711	$ 49,221	$ 101,828
Condominium units sold, percentage	95.00%			95.00%
Taxable Reit Subsidiaries
Real Estate [Line Items]
Income tax (benefit) expense	$ (27,910)

- Definition

The net gain (loss) resulting from sales and other disposals of real estate owned for investment purposes.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123570139&loc=d3e3602-108585

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(b)(9)(a))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 360
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=123605587&loc=d3e23528-158515

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(b)(7)(c))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(14)(d))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 360
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=123605564&loc=d3e23439-158514

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(3)(a))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 360
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123605564&loc=d3e23415-158514

+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

As lessor

We lease space to tenants under operating leases. Most of the leases provide for the payment of fixed base rent payable monthly in advance. Leases typically provide for periodic step‑ups in rent over the term of the lease and pass through to tenants their share of increases in real estate taxes and operating expenses over a base year. Certain leases also require additional variable rent payments based on a percentage of the tenants’ sales. Electricity is provided to tenants on a sub-metered basis or included in rent based on surveys and adjusted for subsequent utility rate increases. Leases also typically provide for free rent and tenant improvement allowances for all or a portion of the tenant’s initial construction costs of its premises.

As of December 31, 2021, future undiscounted cash flows under non-cancelable operating leases were as follows:


(Amounts in thousands)	As of December 31, 2021
For the year ended December 31,
2022	$	1,313,854
2023	1,266,425
2024	1,132,125
2025	1,021,434
2026	977,834
Thereafter	7,068,874

As lessee

We have a number of ground leases which are classified as operating leases. As of December 31, 2021, our ROU assets and lease liabilities were $337,197,000 and $370,206,000, respectively. As of December 31, 2020, our ROU assets and lease liabilities were $367,365,000 and $401,008,000, respectively.

The discount rate applied to measure each ROU asset and lease liability is based on our incremental borrowing rate ("IBR"). We consider the general economic environment and our credit rating and factor in various financing and asset specific adjustments to ensure the IBR is appropriate to the intended use of the underlying lease. Certain of our ground leases offer renewal options which we assess against relevant economic factors to determine whether we are reasonably certain of exercising or not exercising the option. Lease payments associated with renewal periods that we are reasonably certain will be exercised are included in the measurement of the lease liability and corresponding ROU asset.

Certain of our ground leases are subject to fair market rent resets based on a percentage of the appraised value of the underlying assets at specified future dates. Fair market rent resets occurring during the lease term do not give rise to remeasurement of the related ROU assets and lease liabilities. Fair market rent resets occurring during the lease term, which may be material, will be recognized in the periods in which they are incurred as variable rent expense.

The following table sets forth information related to the measurement of our lease liabilities as of December 31, 2021, 2020 and 2019:


(Amounts in thousands)	For the Year Ended December 31,
	2021			2020			2019
Weighted average remaining lease term (in years)	44.4			44.8			40.2
Weighted average discount rate	4.85		%	4.91		%	4.84		%
Cash paid for operating leases	$	22,382		$	23,932		$	27,817

We recognize rent expense as a component of "operating" expenses on our consolidated statements of income. Rent expense is comprised of fixed and variable lease payments. The following table sets forth the details of rent expense for the years ended December 31, 2021, 2020 and 2019:


(Amounts in thousands)	For the Year Ended December 31,
	2021		2020		2019
Fixed rent expense	$	24,901	$	28,503	$	33,738
Variable rent expense	13,078		1,178		1,978
Rent expense	$	37,979	$	29,681	$	35,716

19. Leases - continued

As lessee - continued

As of December 31, 2021, future lease payments under operating ground leases were as follows:


(Amounts in thousands)	As of December 31, 2021
For the year ended December 31,
2022	$	21,080
2023	22,802
2024	23,154
2025	23,522
2026	23,911
Thereafter	833,728
Total undiscounted cash flows	948,197
Present value discount	(577,991)
Lease liabilities	$	370,206

Farley Office and Retail

The future lease payments detailed above exclude the ground and building lease at Farley Office and Retail. Our 95% consolidated joint venture has a 99-year triple-net lease with Empire State Development ("ESD") for 845,000 rentable square feet of commercial space at the property, comprised of approximately 730,000 square feet of office space and approximately 115,000 square feet of restaurant and retail space. Our lease of the commercial space at the property is accounted for as a “failed sale-leaseback” as a result of us being deemed the "accounting owner" during development of the property in accordance with ASC 842-40-55 and the lease subsequently meeting "finance lease" classification pursuant to ASC 842-40-25 upon substantial completion. The lease calls for annual rent payments and fixed payments in lieu of real estate taxes ("PILOT") through June 2030. Following the fixed PILOT payment period, the PILOT is calculated in a manner consistent with buildings subject to New York City real estate taxes and assessments. As of December 31, 2021, future rent and fixed PILOT payments are $542,631,000.

Leases

As lessor

As of December 31, 2021, future undiscounted cash flows under non-cancelable operating leases were as follows:


(Amounts in thousands)	As of December 31, 2021
For the year ended December 31,
2022	$	1,313,854
2023	1,266,425
2024	1,132,125
2025	1,021,434
2026	977,834
Thereafter	7,068,874

As lessee

The following table sets forth information related to the measurement of our lease liabilities as of December 31, 2021, 2020 and 2019:


(Amounts in thousands)	For the Year Ended December 31,
	2021			2020			2019
Weighted average remaining lease term (in years)	44.4			44.8			40.2
Weighted average discount rate	4.85		%	4.91		%	4.84		%
Cash paid for operating leases	$	22,382		$	23,932		$	27,817


(Amounts in thousands)	For the Year Ended December 31,
	2021		2020		2019
Fixed rent expense	$	24,901	$	28,503	$	33,738
Variable rent expense	13,078		1,178		1,978
Rent expense	$	37,979	$	29,681	$	35,716

19. Leases - continued

As lessee - continued

As of December 31, 2021, future lease payments under operating ground leases were as follows:


(Amounts in thousands)	As of December 31, 2021
For the year ended December 31,
2022	$	21,080
2023	22,802
2024	23,154
2025	23,522
2026	23,911
Thereafter	833,728
Total undiscounted cash flows	948,197
Present value discount	(577,991)
Lease liabilities	$	370,206

Farley Office and Retail

Acquisitions and Dispositions

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Acquisitions and Dispositions

One Park Avenue

On August 5, 2021, pursuant to a right of first offer, we increased our ownership interest in One Park Avenue, a 944,000 square foot Manhattan office building, to 100.0% by acquiring our joint venture partner's 45.0% ownership interest in the property. The purchase price values the property at $875,000,000. We paid approximately $158,000,000 in cash and assumed our joint venture partner's share of the $525,000,000 mortgage loan (discussed below). We previously accounted for our investment under the equity method and have consolidated the accounts of the property from the date of acquisition of the additional 45.0% ownership interest. The aggregate purchase price and our existing basis in the property have been allocated between the assets acquired and the liabilities assumed (excluding working capital accounts) as follows:


(Amounts in thousands)
Assets:
Land	$	197,057
Building and improvements	368,956
Identified intangible assets	139,545
Assets consolidated	705,558
Liabilities:
Mortgages payable	525,000
Deferred revenue	18,884
Liabilities consolidated	543,884
Net assets consolidated (excluding working capital)	$	161,674

On February 26, 2021, the joint venture completed a $525,000,000 refinancing of One Park Avenue. The interest-only loan bears a rate of LIBOR plus 1.11% (1.22% as of December 31, 2021) and matures in March 2023, with three one-year extension options (March 2026, as fully extended). We realized our $105,000,000 share of net proceeds. The loan replaced the previous $300,000,000 loan that bore interest at LIBOR plus 1.75% and was scheduled to mature in March 2021.

Madison Avenue

On September 24, 2021, we sold three Manhattan retail properties located at 677-679, 759-771 and 828-850 Madison Avenue in two separate sale transactions for an aggregate sales price of $100,000,000. Net proceeds from the sales were $96,503,000. In connection with the sales, we recorded $7,880,000 of non-cash impairment losses which are included in "impairment losses, transaction related costs and other" on our consolidated statements of income.

SoHo Properties

On May 10, 2021, we entered into an agreement to sell two Manhattan retail properties located at 478-482 Broadway and 155 Spring Street for a sales price of $84,500,000. On January 13, 2022, we completed the sale transaction and realized net proceeds of $81,399,000. In connection with the sale, we will recognize a net gain of approximately $850,000 in the first quarter of 2022. As of December 31, 2021, $80,005,000 of assets associated with these properties were classified as held-for-sale and are included in "other assets" on our consolidated balance sheets.

Shareholders' Equity/Partners' Capital (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule Of Preferred Units


(Amounts in thousands, except share/unit and per share/per unit amounts)
							Per Share/Unit
	Balance as of December 31,				Shares/Units Outstanding as of December 31,		Liquidation Preference		Annual Dividend/ Distribution(1)
Preferred Shares/Units	2021		2020		2021	2020
Convertible Preferred:
6.5% Series A: authorized 12,902 and 13,402 shares/units(2)	$	920	$	934	12,902	13,402	$	50.00	$	3.25
Cumulative Redeemable Preferred(3):
5.70% Series K: authorized 12,000,000 shares/units(4)	—		290,971		—	12,000,000	n/a		n/a
5.40% Series L: authorized 13,800,000 shares/units	290,306		290,306		12,000,000	12,000,000	25.00		1.35
5.25% Series M: authorized 13,800,000 shares/units	308,946		308,946		12,780,000	12,780,000	25.00		1.3125
5.25% Series N: authorized 12,000,000 shares/units	291,134		291,182		12,000,000	12,000,000	25.00		1.3125
4.45% Series O: authorized 12,000,000 shares/units(5)	291,153		—		12,000,000	—	25.00		1.1125
	$	1,182,459	$	1,182,339	48,792,902	48,793,402

________________________________________

(1)Dividends on preferred shares and distributions on preferred units are cumulative and are payable quarterly in arrears.

(4)Redeemed on October 13, 2021.

(5)Issued in September 2021.

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table sets forth the changes in accumulated other comprehensive loss by component for the year ended December 31, 2021.


(Amounts in thousands)	Total		Accumulated other comprehensive (loss) income of nonconsolidated subsidiaries		Interest rate swaps		Other
Balance as of December 31, 2020	$	(75,099)	$	(14,338)	$	(66,098)	$	5,337
Other comprehensive income (loss)	57,565		10,275		51,337		(4,047)

Balance as of December 31, 2021	$	(17,534)	$	(4,063)	$	(14,761)	$	1,290

Redeemable Noncontrolling Interests (Activity of Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Redeemable Noncontrolling Interests Rollforward
Beginning balance	$ 606,267
Net income (loss)	7,540	$ (24,946)	$ 210,872
Other comprehensive income (loss)	4,048	(2,914)	(3,235)
Ending balance	688,683	606,267
Partnership Interest
Redeemable Noncontrolling Interests Rollforward
Beginning balance	511,747	888,915
Net income (loss)	7,540	(24,946)
Other comprehensive income (loss)	4,048	(2,914)
Distributions	(29,901)	(32,595)
Other, net	36,044	36,596
Ending balance	590,975	511,747	888,915
Subsidiaries
Redeemable Noncontrolling Interests Rollforward
Beginning balance	94,520	0
Net income (loss)	3,188	544
Contributions	0	92,400
Other, net	0	1,576
Ending balance	97,708	94,520	$ 0
Class A \| Partnership Interest
Redeemable Noncontrolling Interests Rollforward
Redemption of Class A units for Vornado common shares, at redemption value	(14,576)	(9,266)
Redeemable Class A unit measurement adjustment	$ 76,073	$ (344,043)

Variable Interest Entities	12 Months Ended
Variable Interest Entities	Dec. 31, 2021
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities Unconsolidated VIEs As of December 31, 2021 and 2020, we have several unconsolidated VIEs. We do not consolidate these entities because we are not the primary beneficiary and the nature of our involvement in the activities of these entities does not give us power over decisions that significantly affect these entities’ economic performance. We account for our investment in these entities under the equity method (see Note 5 – Investments in Partially Owned Entities). As of December 31, 2021 and 2020, the net carrying amount of our investments in these entities was $69,435,000 and $224,754,000, respectively, and our maximum exposure to loss in these entities is limited to the carrying amount of our investments. Consolidated VIEs Our most significant consolidated VIEs are the Operating Partnership (for Vornado), the Farley joint venture and certain properties that have non-controlling interests. These entities are VIEs because the non-controlling interests do not have substantive kick-out or participating rights. We consolidate these entities because we control all significant business activities. As of December 31, 2021, the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $4,564,621,000 and $2,517,652,000 respectively. As of December 31, 2020, the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $4,053,841,000 and $1,722,719,000, respectively.

Revenue Recognition (Components of Lease Revenue) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Fixed billings	$ 1,277,645	$ 1,292,174	$ 1,531,917
Variable billings	108,850	126,907	199,291
Total contractual operating lease billings	1,386,495	1,419,081	1,731,208
Adjustment for straight-line rents and amortization of acquired below-market leases and other, net	(5,109)	(12,486)	5,739
Less: write-off of straight-line rent and tenant receivables deemed uncollectible	(7,695)	(63,204)	(17,237)
Lease revenues	1,373,691	1,343,391	1,719,710
Disaggregation of Revenue [Line Items]
Write-off of lease receivables deemed uncollectible	7,695	63,204	17,237
Property rentals
Revenue from Contract with Customer [Abstract]
Less: write-off of straight-line rent and tenant receivables deemed uncollectible		(63,204)	(17,237)
Lease revenues	$ 1,354,209	1,323,347	1,589,539
Disaggregation of Revenue [Line Items]
Write-off of lease receivables deemed uncollectible		$ 63,204	$ 17,237

Stock-based Compensation (Vornado Restricted Stock or Operating Partnership Units Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted Operating Partnership Units Plan
Share Based Compensation Equity Instruments Other Than Stock Options And Restricted Stock Units Summary
Award vesting period (years)	4 years
Distributions, share-based compensation	$ 2,634	$ 5,316	$ 4,070
Grant-date fair value	26,194	18,013	58,732
Vested in period, fair value	$ 36,541	24,373	27,821
Restricted Stock Units RSU
Share Based Compensation Equity Instruments Other Than Stock Options And Restricted Stock Units Summary
Award vesting period (years)	4 years
Distributions, share-based compensation	$ 35	98	51
Grant-date fair value		853	568
Vested in period, fair value	$ 567	$ 602	$ 477

Variable Interest Entities (VIEs) (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Variable Interest Entity
Assets	$ 17,266,588	$ 16,221,822
Liabilities	10,062,667	8,667,400
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity
Assets	69,435	224,754
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity
Assets	4,564,621	4,053,841
Liabilities	$ 2,517,652	$ 1,722,719

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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+ Details

Investments in Partially Owned Entities (Tables)

12 Months Ended

Dec. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

Below is a schedule of our investments in partially owned entities.


(Amounts in thousands)	Percentage Ownership at December 31, 2021	Balance as of December 31,
		2021		2020
Investments:
Fifth Avenue and Times Square JV (see page 90 for details)	51.5%	$	2,770,633	$	2,798,413
Partially owned office buildings/land(1)	Various	306,989		473,285
Alexander’s (see page 91 for details)	32.4%	91,405		82,902
Other investments(2)	Various	128,362		136,507
		$	3,297,389	$	3,491,107
Investments in partially owned entities included in other liabilities(3):
7 West 34th Street	53.0%	$	(60,918)	$	(55,340)
85 Tenth Avenue	49.9%	(18,067)		(13,080)
		$	(78,985)	$	(68,420)

____________________

(1)Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue (consolidated from August 5, 2021, see Note 7 - Acquisitions and Dispositions for details), 512 West 22nd Street, 61 Ninth Avenue and others.

(2)Includes interests in Independence Plaza, Rosslyn Plaza and others.

(3)Our negative basis results from distributions in excess of our investment.

Below is a schedule of income (loss) from partially owned entities.


(Amounts in thousands)	Percentage Ownership at December 31, 2021	For the Year Ended December 31,
		2021		2020			2019
Our share of net income (loss):
Fifth Avenue and Times Square JV (see page 90 for details):
Equity in net income(1)	51.5%	$	47,144	$	21,063		$	31,130
Return on preferred equity, net of our share of the expense		37,416		37,357			27,586
Non-cash impairment loss		—		(413,349)			—
		84,560		(354,929)			58,716

Alexander's (see page 91 for details):
Equity in net income	32.4%	20,116		13,326		(2)	19,204
Net gain on sale of land		14,576		—			—
Management, leasing and development fees		5,429		5,309			4,575
		40,121		18,635			23,779

Partially owned office buildings(3)	Various	12,057		12,742			(3,443)

Other investments(4)	Various	(6,221)		(5,560)			(187)

		$	130,517	$	(329,112)		$	78,865

____________________

(1)2021 includes decreases in our share of depreciation and amortization expense compared to the prior year of $17,448, primarily resulting from non-cash impairment losses recognized during 2020 (see page 90 for details). 2021 and 2020 include a $13,971 reduction in income related to a Forever 21 lease modification at 1540 Broadway. 2020 also includes $3,125 of write-offs of lease receivables deemed uncollectible.

(2)Includes our $4,846 share of write-offs of lease receivables deemed uncollectible.

(3)Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue (consolidated from August 5, 2021, see Note 7 - Acquisitions and Dispositions for details), 7 West 34th Street, 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others.

(4)Includes interests in Independence Plaza, Rosslyn Plaza, Urban Edge Properties (sold on March 4, 2019), Pennsylvania Real Estate Investment Trust (accounted for as a marketable security from March 12, 2019 and sold on January 23, 2020) and others.

5. Investments in Partially Owned Entities – continued

Below is a summary of the debt of our partially owned entities.


(Amounts in thousands)	Percentage Ownership at December 31, 2021	Maturity	Weighted Average Interest Rate at December 31, 2021	100% Partially Owned Entities’ Debt at December 31,(1)
				2021		2020
Mortgages Payable:
Partially owned office buildings(2)	Various	2022-2029	2.95%	$	3,348,149	$	3,622,572
Alexander's	32.4%	2024-2027	1.43%	1,096,544		1,164,544
Fifth Avenue and Times Square JV	51.5%	2022-2024	2.61%	950,000		950,000
Other(3)	Various	2022-2026	3.67%	1,292,012		1,288,265

________________________________________

(1)All amounts are non-recourse to us except (i) the $500,000 mortgage loan on 640 Fifth Avenue, included in the Fifth Avenue and Times Square JV, and (ii) the $300,000 mortgage loan on 7 West 34th Street.

(2)Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue (consolidated from August 5, 2021), 7 West 34th Street, 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others.

(3)Includes interests in Independence Plaza, Rosslyn Plaza and others.

Based on our ownership interest in the partially owned entities above, our pro rata share of the debt of these partially owned entities was $2,699,405,000 and $2,873,174,000 as of December 31, 2021 and 2020, respectively

Summary of Condensed Combined Financial Information

The following is a summary of condensed combined financial information for all of our partially owned entities.


(Amounts in thousands)	As of December 31,
	2021		2020
Balance Sheet:
Assets	$	12,689,000	$	13,344,000
Liabilities	7,553,000		7,747,000
Noncontrolling interests	2,069,000		2,075,000
Equity	3,067,000		3,522,000


(Amounts in thousands)	For the Year Ended December 31,
	2021		2020		2019
Income Statement:
Total revenue	$	1,184,000	$	1,163,000	$	1,504,000
Net income	190,000		45,000		39,000
Net income (loss) attributable to the entities	114,000		(33,000)		(32,000)

Investments in Partially Owned Entities (Summary of Investments) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Carrying amount of investments in partially owned entities	$ 3,297,389	$ 3,491,107
Fifth Avenue and Times Square JV
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage	51.50%
Carrying amount of investments in partially owned entities	$ 2,770,633	2,798,413
Partially Owned Office Buildings
Schedule of Equity Method Investments [Line Items]
Carrying amount of investments in partially owned entities	$ 306,989	473,285
Alexanders Inc
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage	32.40%
Carrying amount of investments in partially owned entities	$ 91,405	82,902
Other investments
Schedule of Equity Method Investments [Line Items]
Carrying amount of investments in partially owned entities	$ 128,362	136,507
7 West 34th Street
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage	53.00%
85 Tenth Avenue
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage	49.90%
Other Liabilities
Schedule of Equity Method Investments [Line Items]
Carrying amount of investments in partially owned entities	$ (78,985)	(68,420)
Other Liabilities \| 7 West 34th Street
Schedule of Equity Method Investments [Line Items]
Carrying amount of investments in partially owned entities	(60,918)	(55,340)
Other Liabilities \| 85 Tenth Avenue
Schedule of Equity Method Investments [Line Items]
Carrying amount of investments in partially owned entities	$ (18,067)	$ (13,080)

Fair Value Measurements (Carrying Amounts and Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Unsecured revolving credit facilities - Carrying Amount	$ 575,000	$ 575,000
Deferred financing costs, net and other	58,268	34,462
Senior unsecured notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Unsecured debt, gross	1,200,000	450,000
Deferred financing costs, net and other	10,208	3,315
Unsecured Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Unsecured debt, gross	800,000	800,000
Deferred financing costs, net and other	2,188	3,238
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Cash equivalents - Carrying Amount	1,346,684	1,476,427
Mortgages payable, gross	6,099,215	5,608,458
Unsecured revolving credit facilities - Carrying Amount	575,000	575,000
Long-term debt - Carrying Amount	8,674,215	7,433,458
Carrying Amount \| Senior unsecured notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Unsecured debt, gross	1,200,000	450,000
Carrying Amount \| Unsecured Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Unsecured debt, gross	800,000	800,000
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Long-term debt - Fair Value	8,657,000	7,463,000
Fair Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Cash Equivalents - Fair Value	1,347,000	1,476,000
Unsecured revolving credit facilities - Fair Value	575,000	575,000
Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Mortgages payable, gross	6,052,000	5,612,000
Fair Value \| Senior unsecured notes \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Unsecured debt, gross	1,230,000	476,000
Fair Value \| Unsecured Debt \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Unsecured debt, gross	$ 800,000	$ 800,000

Organization and Business - (Narrative) (Details) ft² in Millions	12 Months Ended
	Dec. 31, 2021 ft² property unit building
Alexanders Inc
Real Estate Properties
Equity method ownership percentage	32.40%
New York \| Manhattan
Real Estate Properties
Number of real estate properties \| property	67
New York \| Manhattan \| Office Building
Real Estate Properties
Number of real estate properties \| property	32
Square footage of real estate property (in sqft) \| ft²	20.6
New York \| Manhattan \| Retail
Real Estate Properties
Number of real estate properties \| property	60
Square footage of real estate property (in sqft) \| ft²	2.7
New York \| Manhattan \| Residential Properties
Real Estate Properties
Number of real estate properties \| property	8
Number of units in real estate property (in number of residential units) \| unit	1,674
New York \| Alexanders Inc \| New York City Metropolitan Area
Real Estate Properties
Number of real estate properties \| property	6
Equity method ownership percentage	32.40%
New York \| Alexanders Inc \| New York City Metropolitan Area \| Residential Properties
Real Estate Properties
Number of units in real estate property (in number of residential units) \| unit	312
New York \| Alexanders Inc \| New York City Metropolitan Area \| Lexington Avenue 731
Real Estate Properties
Square footage of real estate property (in sqft) \| ft²	1.1
Other \| Real estate fund investments
Real Estate Properties
Equity method ownership percentage	25.00%
Other \| Chicago \| the Mart, Chicago
Real Estate Properties
Square footage of real estate property (in sqft) \| ft²	3.7
Other \| San Francisco \| 555 California Street \| Office Building
Real Estate Properties
Square footage of real estate property (in sqft) \| ft²	1.8
Equity method ownership percentage	70.00%
Number of buildings \| building	3
Operating Partnership
Real Estate Properties
Common limited partnership interest in the Operating Partnership	92.60%

Impairment Losses, Transaction Related Costs and Other (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Impairment Losses and Transaction Related Costs, Net

The following table sets forth the details of impairment losses, transaction related costs and other:


(Amounts in thousands)	For the Year Ended December 31,
	2021			2020		2019
Real estate impairment losses	$	(7,880)	(1)	$	(236,286)	$	(8,065)
Transaction related costs	(5,935)			(8,001)		(4,613)
608 Fifth Avenue lease liability extinguishment gain in 2020 and impairment loss and related write-offs in 2019	—			70,260		(93,860)
	$	(13,815)		$	(174,027)	$	(106,538)

________________________________________

(1)See Note 7 - Acquisitions and Dispositions for additional information.

Shareholders' Equity/Partners' Capital (AOCI by component) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Increase (Decrease) in Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance, value	$ 6,948,155
Ending balance, value	6,515,238
Total
Increase (Decrease) in Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance, value	(75,099)
Other comprehensive income (loss)	57,565
Ending balance, value	(17,534)
Accumulated other comprehensive (loss) income of nonconsolidated subsidiaries
Increase (Decrease) in Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance, value	(14,338)
Other comprehensive income (loss)	10,275
Ending balance, value	(4,063)
Interest rate swaps
Increase (Decrease) in Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance, value	(66,098)
Other comprehensive income (loss)	51,337
Ending balance, value	(14,761)
Other
Increase (Decrease) in Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance, value	5,337
Other comprehensive income (loss)	(4,047)
Ending balance, value	$ 1,290

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

Debt (Narrative) (Details) $ in Thousands, ft² in Millions											12 Months Ended
Debt (Narrative) (Details) $ in Thousands, ft² in Millions	Dec. 31, 2021 USD ($)	Dec. 01, 2021	Nov. 30, 2021	Nov. 16, 2021 USD ($) ft² extension	May 28, 2021 USD ($) ft²	May 10, 2021 USD ($) ft² building extension	Apr. 16, 2021	Apr. 15, 2021 USD ($)	Apr. 14, 2021	Mar. 06, 2021	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Nov. 15, 2021 USD ($)	May 24, 2021 USD ($)	May 09, 2021 USD ($)	Mar. 26, 2021 USD ($) ft²	Mar. 25, 2021 USD ($)	Mar. 07, 2021 USD ($)
Debt Instrument
Defeasance cost, noncash expense											$ 23,729	$ 0	$ 0
Unsecured revolving credit facilities	$ 575,000										$ 575,000	$ 575,000
Unsecured Debt
Debt Instrument
Debt instrument, interest rate, effective percentage	3.70%										3.70%
Matures in March 2024 \| Revolving Credit Facility
Debt Instrument
Unsecured revolving credit facilities								$ 1,500,000
Facility fee, percentage								0.20%
Matures in March 2024 \| LIBOR \| Revolving Credit Facility
Debt Instrument
Debt instrument, interest rate, stated percentage								0.90%
Matures in March 2024 \| PENN11
Debt Instrument
Debt instrument, amount																			$ 500,000
Debt instrument, interest rate, stated percentage	2.05%	2.23%									2.05%								3.03%
Matures in March 2024 \| PENN11 \| LIBOR
Debt Instrument
Spread Over LIBOR (in percentage)		1.95%	2.75%							2.75%
Matures in April 2031 \| 909 Third Avenue
Debt Instrument
Debt instrument, amount																	$ 350,000
Matures in April 2031 \| Office Building \| 909 Third Avenue
Debt Instrument
Debt instrument, interest rate, stated percentage																	3.23%
Square footage of real estate property (in sqft) \| ft²																	1.4
Matures in May 2021 \| Office Building \| 909 Third Avenue
Debt Instrument
Debt instrument, amount																		$ 350,000
Debt instrument, interest rate, stated percentage																		3.91%
Matures in May 2028 \| Office Building \| 555 California Street
Debt Instrument
Debt instrument, amount	$ 1,200,000					$ 840,000					$ 1,200,000
Debt instrument, interest rate, stated percentage						2.26%
Square footage of real estate property (in sqft) \| ft²						1.8
Number of buildings \| building						3
Number of extensions (extension) \| extension						5
Length of extension available (years)						1 year
Equity method ownership percentage	70.00%					70.00%					70.00%
Matures in May 2028 \| Office Building \| 555 California Street \| LIBOR
Debt Instrument
Spread Over LIBOR (in percentage)	2.04%
Matures in May 2028 \| Office Building \| 555 California Street \| London Interbank Offered Rate (LIBOR) Years 1-5
Debt Instrument
Spread Over LIBOR (in percentage)						1.93%
Matures in May 2028 \| Office Building \| 555 California Street \| London Interbank Offered Rate (LIBOR) Year 6
Debt Instrument
Spread Over LIBOR (in percentage)						2.18%
Matures in May 2028 \| Office Building \| 555 California Street \| London Interbank Offered Rate (LIBOR) Year 7
Debt Instrument
Spread Over LIBOR (in percentage)						2.43%
Matures in September 2021 \| Office Building \| 555 California Street
Debt Instrument
Debt instrument, amount																$ 533,000
Debt instrument, interest rate, stated percentage																5.10%
Matures in September 2021 \| Retail \| theMART
Debt Instrument
Debt instrument, interest rate, stated percentage					2.70%
Square footage of real estate property (in sqft) \| ft²					3.7
Repayment of debt					$ 675,000
Matures in November 2028 \| Office Building \| One Two Nine Zero Avenue of the Americas
Debt Instrument
Debt instrument, amount				$ 950,000
Square footage of real estate property (in sqft) \| ft²				2.1
Number of extensions (extension) \| extension				5
Length of extension available (years)				1 year
Equity method ownership percentage				70.00%
Matures in November 2028 \| Office Building \| One Two Nine Zero Avenue of the Americas \| LIBOR
Debt Instrument
Debt instrument, interest rate, stated percentage	1.62%										1.62%
Matures in November 2028 \| Office Building \| One Two Nine Zero Avenue of the Americas \| London Interbank Offered Rate (LIBOR) Years 1-5
Debt Instrument
Spread Over LIBOR (in percentage)				1.51%
Matures in November 2028 \| Office Building \| One Two Nine Zero Avenue of the Americas \| London Interbank Offered Rate (LIBOR) Year 6 & 7
Debt Instrument
Spread Over LIBOR (in percentage)				0.25%
Matures in November 2022 \| Office Building \| One Two Nine Zero Avenue of the Americas
Debt Instrument
Debt instrument, amount														$ 950,000
Debt instrument, interest rate, stated percentage														3.34%
Defeasance cost, noncash expense											$ 23,729
Defeasance cost, noncash expense attributable to noncontrolling interest											$ 7,119
Matures in April 2026 \| Revolving Credit Facility
Debt Instrument
Unsecured revolving credit facilities								$ 1,250,000
Facility fee, percentage								0.20%
Matures in April 2026 \| LIBOR \| Revolving Credit Facility
Debt Instrument
Spread Over LIBOR (in percentage)							0.89%	0.90%	1.00%
Debt instrument, basis spread on variable rate, adjustment							(0.01%)
Matures in June 2026 \| Unsecured Debt
Debt Instrument
Debt instrument, amount															$ 400,000
Debt instrument, interest rate, stated percentage															2.15%
Debt instrument, face amount, percent															99.86%
Debt instrument, interest rate, effective percentage															2.18%
Matures in June 2031 \| Unsecured Debt
Debt Instrument
Debt instrument, amount															$ 350,000
Debt instrument, interest rate, stated percentage															3.40%
Debt instrument, face amount, percent															99.59%
Debt instrument, interest rate, effective percentage															3.45%

Income (Loss) Per Share/Income (Loss) Per Class A Unit

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Income (Loss) Per Share/Income (Loss) Per Class A Unit

Vornado Realty Trust

The following table presents the calculations of (i) basic income (loss) per common share which includes the weighted average number of common shares outstanding without regard to dilutive potential common shares and (ii) diluted income (loss) per common share which includes the weighted average common shares and dilutive share equivalents. Unvested share-based payment awards that contain nonforfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. Earnings are allocated to participating securities, which include restricted stock awards, based on the two-class method. Other potential dilutive share equivalents such as our employee stock options, OP Units, OPPs, AO LTIP Units and Performance Conditioned AO LTIP Units are included in the computation of diluted earnings per share ("EPS") using the treasury stock method, while the dilutive effect of our Series A convertible preferred shares is reflected in diluted EPS by application of the if-converted method.


(Amounts in thousands, except per share amounts)	For the Year Ended December 31,
	2021		2020		2019
Numerator:
Income (loss) from continuing operations, net of (income) loss attributable to noncontrolling interests	$	175,999	$	(297,005)	$	3,147,965
Loss from discontinued operations	—		—		(28)
Net income (loss) attributable to Vornado	175,999		(297,005)		3,147,937
Preferred share dividends	(65,880)		(51,739)		(50,131)
Series K preferred share issuance costs	(9,033)		—		—
Net income (loss) attributable to common shareholders	101,086		(348,744)		3,097,806
Earnings allocated to unvested participating securities	(34)		(99)		(309)
Numerator for basic income (loss) per share	101,052		(348,843)		3,097,497
Impact of assumed conversions:
Convertible preferred share dividends	—		—		57
Earnings allocated to Out-Performance Plan units	—		—		9
Numerator for basic and diluted income (loss) per share	$	101,052	$	(348,843)	$	3,097,563

Denominator:
Denominator for basic income (loss) per share – weighted average shares	191,551		191,146		190,801
Effect of dilutive securities(1):
Employee stock options, restricted stock awards, AO LTIP Units and OPPs	571		—		218
Convertible preferred shares	—		—		34
Denominator for diluted income (loss) per share – weighted average shares and assumed conversions	192,122		191,146		191,053

INCOME (LOSS) PER COMMON SHARE - BASIC:


Net income (loss) per common share	$	0.53	$	(1.83)	$	16.23

INCOME (LOSS) PER COMMON SHARE - DILUTED:


Net income (loss) per common share	$	0.53	$	(1.83)	$	16.21

________________________________________

(1)The effect of dilutive securities excluded an aggregate of 13,835, 14,007 and 13,020 weighted average common share equivalents in the years ended December 31, 2021, 2020 and 2019, respectively, as their effect was anti-dilutive.

18. Income (Loss) Per Share/Income (Loss) Per Class A Unit – continued

Vornado Realty L.P.


(Amounts in thousands, except per unit amounts)	For the Year Ended December 31,
	2021		2020		2019
Numerator:
Income (loss) from continuing operations, net of (income) loss attributable to noncontrolling interests in consolidated subsidiaries	$	183,539	$	(321,951)	$	3,358,839
Loss from discontinued operations	—		—		(30)
Net income (loss) attributable to Vornado Realty L.P.	183,539		(321,951)		3,358,809
Preferred unit distributions	(66,035)		(51,904)		(50,296)
Series K preferred unit issuance costs	(9,033)		—		—
Net income (loss) attributable to Class A unitholders	108,471		(373,855)		3,308,513
Earnings allocated to unvested participating securities	(2,668)		(5,417)		(17,296)
Numerator for basic income (loss) per Class A unit	105,803		(379,272)		3,291,217
Impact of assumed conversions:
Convertible preferred unit distributions	—		—		57
Numerator for basic and diluted income (loss) per Class A unit	$	105,803	$	(379,272)	$	3,291,274

Denominator:
Denominator for basic income (loss) per Class A unit – weighted average units	204,728		203,503		202,947
Effect of dilutive securities(1):
Vornado stock options, Vornado restricted stock awards, OP Units, AO LTIP Units and OPPs	916		—		267
Convertible preferred units	—		—		34
Denominator for diluted income (loss) per Class A unit – weighted average units and assumed conversions	205,644		203,503		203,248

INCOME (LOSS) PER CLASS A UNIT - BASIC:


Net income (loss) per Class A unit	$	0.52	$	(1.86)	$	16.22

INCOME (LOSS) PER CLASS A UNIT - DILUTED:


Net income (loss) per Class A unit	$	0.51	$	(1.86)	$	16.19

________________________________________

Consolidated Statements of Cash Flows (VNO) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash Flows from Operating Activities:
Net income (loss)	$ 207,553	$ (461,845)	$ 3,334,262
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs)	432,594	417,942	438,933
Distributions of income from partially owned entities	214,521	175,246	116,826
Equity in net (income) loss of partially owned entities	(130,517)	329,112	(78,865)
Net gains on disposition of wholly owned and partially owned assets	(50,770)	(381,320)	(845,499)
Stock-based compensation expense	38,329	48,677	53,908
Defeasance cost in connection with refinancing of mortgage payable	23,729	0	0
Amortization of below-market leases, net	(9,249)	(16,878)	(19,830)
Straight-lining of rents	8,644	24,404	9,679
Real estate impairment losses	7,880	236,286	26,705
Write-off of lease receivables deemed uncollectible	7,695	63,204	17,237
Return of capital from real estate fund investments	5,104	0	0
Net realized and unrealized (income) loss on real estate fund investments	(4,621)	226,107	106,109
Non-cash (gain on extinguishment of 608 Fifth Avenue lease liability) impairment loss on 608 Fifth Avenue right-of-use asset	0	(70,260)	75,220
Credit losses on loans receivable	0	13,369	0
Decrease in fair value of marketable securities	0	4,938	5,533
Net gain on transfer to Fifth Avenue and Times Square JV	0	0	(2,571,099)
Prepayment penalty on redemption of senior unsecured notes due 2022	0	0	22,058
Other non-cash adjustments	7,368	6,739	(3,472)
Changes in operating assets and liabilities:
Real estate fund investments	(4,474)	(7,197)	(10,000)
Tenant and other receivables	(187)	(5,330)	(25,988)
Prepaid assets	30,466	(137,452)	7,558
Other assets	(54,716)	(52,832)	(4,302)
Accounts payable and accrued expenses	35,856	14,868	5,940
Other liabilities	(3,399)	(3,538)	1,626
Net cash provided by operating activities	761,806	424,240	662,539
Cash Flows from Investing Activities:
Development costs and construction in progress	(585,940)	(601,920)	(649,056)
Additions to real estate	(149,461)	(155,738)	(233,666)
Proceeds from sale of condominium units at 220 Central Park South	137,404	1,044,260	1,605,356
Acquisition of additional 45.0% ownership interest in One Park Avenue (inclusive of $5,806 of prorations and net working capital and net of $39,370 of cash and restricted cash balances consolidated upon acquisition)	(123,936)	0	0
Distributions of capital from partially owned entities	106,005	2,389	24,880
Proceeds from sales of real estate	100,024	0	324,201
Investments in partially owned entities	(14,997)	(8,959)	(18,257)
Acquisitions of real estate and other	(3,000)	(1,156)	(69,699)
Proceeds from repayments of loans receivable	1,554	0	1,395
Moynihan Train Hall expenditures	0	(395,051)	(438,935)
Proceeds from sales of marketable securities	0	28,375	168,314
Proceeds from transfer of interest in Fifth Avenue and Times Square JV (net of $35,562 of transaction costs and $10,899 of deconsolidated cash and restricted cash)	0	0	1,248,743
Proceeds from redemption of 640 Fifth Avenue preferred equity	0	0	500,000
Net cash (used in) provided by investing activities	(532,347)	(87,800)	2,463,276
Cash Flows from Financing Activities:
Proceeds from borrowings	3,248,007	1,056,315	1,108,156
Repayments of borrowings	(1,584,243)	(1,067,564)	(2,718,987)
Purchase of marketable securities in connection with defeasance of mortgage payable	(973,729)	0	(407,126)
Dividends paid on common shares / Distributions to Vornado	(406,109)	(827,319)	(503,785)
Redemption of preferred shares / units	(300,000)	0	(893)
Proceeds from the issuance of preferred shares	291,153	291,182	0
Distribution to noncontrolling interests / redeemable security holders and noncontrolling interests in consolidated subsidiaries	(190,876)	(91,514)	(80,194)
Dividends paid on preferred shares/ Distributions to preferred unitholders	(65,880)	(64,271)	(50,131)
Debt issuance costs	(51,184)	(10,901)	(15,588)
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries	4,052	100,094	17,871
Repurchase of shares (Class A units) related to stock compensation agreements and related tax withholdings and other	(1,567)	(137)	(8,692)
Proceeds received from exercise of employee share options (Vornado stock options) and other	899	5,862	6,903
Moynihan Train Hall reimbursement from Empire State Development	0	395,051	438,935
Prepayment penalty on redemption of senior unsecured notes due 2022	0	0	(22,058)
Net cash provided by (used in) financing activities	(29,477)	(213,202)	(2,235,589)
Net increase (decrease) in cash and cash equivalents and restricted cash	199,982	123,238	890,226
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	1,624,482	1,515,012	570,916
Restricted cash at beginning of period	105,887	92,119	145,989
Cash and cash equivalents and restricted cash at beginning of period	1,730,369	1,607,131	716,905
Cash and cash equivalents at end of period	1,760,225	1,624,482	1,515,012
Restricted cash at end of period	170,126	105,887	92,119
Cash and cash equivalents and restricted cash at end of period	1,930,351	1,730,369	1,607,131
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest, excluding capitalized interest of $38,320, $40,855 and $67,980	188,587	210,052	283,613
Cash payments for income taxes	9,155	15,105	59,834
Non-Cash Investing and Financing Activities:
Marketable securities transferred in connection with the defeasance of mortgage payable	(973,729)	0	(407,126)
Defeasance of mortgage payable	950,000	0	390,000
Increase in assets and liabilities resulting from the consolidation of One Park Avenue:
Mortgages payable	525,000	0	0
Deferred revenue	18,884	0	0
Accrued capital expenditures included in accounts payable and accrued expenses	291,690	117,641	109,975
Write-off of fully depreciated assets	(123,537)	(189,250)	(122,813)
Reclassification of assets held for sale (included in "other assets")	80,005	0	0
Redeemable Class A unit measurement adjustment	(76,073)	344,043	70,810
Decrease (increase) in accumulated other comprehensive loss due to change in fair value of consolidated interest rate swaps	51,337	(29,972)	(47,885)
Decrease in assets and liabilities resulting from the deconsolidation of Moynihan Train Hall: [Abstract]
Real estate, net	0	(1,291,804)	0
Moynihan Train Hall Obligation	0	1,291,804	0
Investments received in exchange for transfer to Fifth Avenue and Times Square JV: [Abstract]
Preferred equity	0	0	2,327,750
Common equity	0	0	1,449,495
Lease liabilities arising from the recognition of right-of-use assets	0	0	526,866
Special dividend/distribution declared and payable on January 15, 2020	0	0	398,292
Recognition of negative basis related to the sale of our investment in 330 Madison Avenue	0	0	60,052
Amounts related to our investment in Pennsylvania Real Estate Investment Trust reclassified from "investments in partially owned entities" and "accumulated other comprehensive loss" to "marketable securities" upon conversion of operating partnership units to common shares	$ 0	$ 0	$ 54,962

Revenue Recognition

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue Recognition


(Amounts in thousands)	For the Year Ended December 31, 2021
	Total		New York		Other
Property rentals	$	1,354,209	$	1,071,816	$	282,393

Trade shows(1)	19,482		—		19,482
Lease revenues(2)	1,373,691		1,071,816		301,875
Tenant services	37,449		26,048		11,401
Parking revenues	13,391		11,370		2,021
Rental revenues	1,424,531		1,109,234		315,297
BMS cleaning fees	119,780		126,891		(7,111)		(3)
Management and leasing fees	11,725		12,177		(452)
Other income	33,174		9,297		23,877
Fee and other income	164,679		148,365		16,314
Total revenues	1,589,210		1,257,599		331,611

____________________

See notes on following page.


(Amounts in thousands)	For the Year Ended December 31, 2020
	Total		New York		Other
Property rentals(4)	$	1,323,347	$	1,051,009	$	272,338
Hotel Pennsylvania(5)	8,741		8,741		—
Trade shows(1)	11,303		—		11,303
Lease revenues(2)	1,343,391		1,059,750		283,641
Tenant services	34,244		23,750		10,494
Rental revenues	1,377,635		1,083,500		294,135
BMS cleaning fees	105,536		112,112		(6,576)		(3)
Management and leasing fees	19,416		19,508		(92)
Other income	25,364		6,628		18,736
Fee and other income	150,316		138,248		12,068
Total revenues	$	1,527,951	$	1,221,748	$	306,203

____________________

See notes on following page.

3. Revenue Recognition - continued


(Amounts in thousands)	For the Year Ended December 31, 2019
	Total		New York		Other
Property rentals(4)	$	1,589,539	$	1,300,385	$	289,154
Hotel Pennsylvania	89,594		89,594		—
Trade shows	40,577		—		40,577
Lease revenues(2)	1,719,710		1,389,979		329,731
Tenant services	47,512		35,011		12,501
Rental revenues	1,767,222		1,424,990		342,232
BMS cleaning fees	124,674		133,358		(8,684)		(3)
Management and leasing fees	13,542		13,694		(152)
Other income	19,262		5,818		13,444
Fee and other income	157,478		152,870		4,608
Total revenues	$	1,924,700	$	1,577,860	$	346,840

____________________

(1)We cancelled trade shows at theMART beginning late March of 2020 due to the COVID-19 pandemic and resumed in the third quarter of 2021.

(2)The components of lease revenues were as follows:


(Amounts in thousands)	For the Year Ended December 31,
	2021		2020		2019
Fixed billings	$	1,277,645	$	1,292,174	$	1,531,917
Variable billings	108,850		126,907		199,291
Total contractual operating lease billings	1,386,495		1,419,081		1,731,208
Adjustment for straight-line rents and amortization of acquired below-market leases and other, net	(5,109)		(12,486)		5,739
Less: write-off of straight-line rent and tenant receivables deemed uncollectible	(7,695)		(63,204)		(17,237)
Lease revenues	$	1,373,691	$	1,343,391	$	1,719,710

(3)Represents the elimination of theMART and 555 California Street BMS cleaning fees which are included as income in the New York segment.

(5)We temporarily closed the Hotel Pennsylvania on April 1, 2020 and on April 5, 2021, we permanently closed the hotel and plan to develop an office tower on the site.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

ASC 820 defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment is necessary to interpret Level 2 and 3 inputs in determining the fair value of our financial and non-financial assets and liabilities. Accordingly, our fair value estimates, which are made at the end of each reporting period, may be different than the amounts that may ultimately be realized upon sale or disposition of these assets.

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

Financial assets and liabilities that are measured at fair value on our consolidated balance sheets consist of (i) real estate fund investments, (ii) the assets in our deferred compensation plan (for which there is a corresponding liability on our consolidated balance sheets), (iii) loans receivable for which we have elected the fair value option under ASC Subtopic 825-10, Financial Instruments ("ASC 825-10"), (iv) interest rate swaps and (v) mandatorily redeemable instruments (Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units). The tables below aggregate the fair values of these financial assets and liabilities by their levels in the fair value hierarchy.


(Amounts in thousands)	As of December 31, 2021
	Total		Level 1		Level 2		Level 3
Real estate fund investments	$	7,730	$	—	$	—	$	7,730
Deferred compensation plan assets ($9,104 included in restricted cash and $101,070 in other assets)	110,174		65,158		—		45,016
Loans receivable ($46,444 included in investments in partially owned entities and $3,738 in other assets)	50,182		—		—		50,182
Interest rate swaps and caps (included in other assets)	18,929		—		18,929		—
Total assets	$	187,015	$	65,158	$	18,929	$	102,928

Mandatorily redeemable instruments (included in other liabilities)	$	49,659	$	49,659	$	—	$	—
Interest rate swaps (included in other liabilities)	32,837		—		32,837		—
Total liabilities	$	82,496	$	49,659	$	32,837	$	—


(Amounts in thousands)	As of December 31, 2020
	Total		Level 1		Level 2		Level 3
Real estate fund investments	$	3,739	$	—	$	—	$	3,739
Deferred compensation plan assets ($10,813 included in restricted cash and $94,751 in other assets)	105,564		65,636		—		39,928
Loans receivable ($43,008 included in investments in partially owned entities and $4,735 in other assets)	47,743		—		—		47,743
Interest rate swaps (included in other assets)	17		—		17		—
Total assets	$	157,063	$	65,636	$	17	$	91,410

Mandatorily redeemable instruments (included in other liabilities)	$	50,002	$	50,002	$	—	$	—
Interest rate swaps (included in other liabilities)	66,033		—		66,033		—
Total liabilities	$	116,035	$	50,002	$	66,033	$	—

13. Fair Value Measurements - continued

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued

Real Estate Fund Investments

As of December 31, 2021, we had three real estate fund investments with an aggregate fair value of $7,730,000, or $328,055,000 below cost. These investments are classified as Level 3.

Significant unobservable quantitative inputs used in determining the fair value of each investment include capitalization rates and discount rates. These rates are based on the location, type and nature of each property, current and anticipated market conditions, industry publications and from the experience of our Acquisitions and Capital Markets departments. Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of these real estate fund investments.

Range

Weighted Average
(based on fair value of assets)

Unobservable Quantitative Input

December 31, 2021

December 31, 2020

December 31, 2021

December 31, 2020

Discount rates

12.0% to 15.0%

7.6% to 15.0%

13.2%

12.7%

Terminal capitalization rates

5.5% to 8.8%

5.5% to 10.3%

7.4%

7.9%

The inputs above are subject to change based on changes in economic and market conditions and/or changes in use or timing of exit. Changes in discount rates and terminal capitalization rates result in increases or decreases in the fair values of these investments. The discount rates encompass, among other things, uncertainties in the valuation models with respect to terminal capitalization rates and the amount and timing of cash flows. Therefore, a change in the fair value of these investments resulting from a change in the terminal capitalization rate may be partially offset by a change in the discount rate. It is not possible for us to predict the effect of future economic or market conditions on our estimated fair values.

The table below summarizes the changes in the fair value of real estate fund investments that are classified as Level 3.


(Amounts in thousands)	For the Year Ended December 31,
	2021		2020
Beginning balance	$	3,739	$	222,649
Dispositions	(5,104)		—
Purchases/additional fundings	4,474		7,197
Net unrealized income (loss) on held investments	3,257		(226,107)
Net realized income on exited investments	1,364		—


Ending balance	$	7,730	$	3,739

Deferred Compensation Plan Assets

Deferred compensation plan assets that are classified as Level 3 consist of investments in limited partnerships and investment funds, which are managed by third parties. We receive quarterly financial reports that provide net asset values on a fair value basis from a third-party administrator, which are compiled from the quarterly reports provided to them from each limited partnership and investment fund. The period of time over which these underlying assets are expected to be liquidated is unknown. The third-party administrator does not adjust these values in determining our share of the net assets and we do not adjust these values when reported in our consolidated financial statements.

The table below summarizes the changes in the fair value of deferred compensation plan assets that are classified as Level 3.


(Amounts in thousands)	For the Year Ended December 31,
	2021		2020
Beginning balance	$	39,928	$	32,435
Purchases	5,705		8,766
Sales	(4,766)		(5,467)
Realized and unrealized gains	2,250		808
Other, net	1,899		3,386
Ending balance	$	45,016	$	39,928

Loans Receivable

Loans receivable consist of loan investments in real estate related assets for which we have elected the fair value option under ASC 825-10. These investments are classified as Level 3.

Significant unobservable quantitative inputs used in determining the fair value of each investment include capitalization rates and discount rates. These rates are based on the location, type and nature of each property, current and anticipated market conditions, industry publications and from the experience of our Acquisitions and Capital Markets departments. Significant unobservable quantitative inputs in the table on the following page were utilized in determining the fair value of these loans receivable.

13. Fair Value Measurements - continued

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued

Loans Receivable - continued


	Range		Weighted Average (based on fair value of investments)
Unobservable Quantitative Input	December 31, 2021	December 31, 2020	December 31, 2021		December 31, 2020
Discount rates	6.5%	6.5%	6.5	%	6.5	%
Terminal capitalization rates	5.0%	5.0%	5.0	%	5.0	%

The table below summarizes the changes in fair value of loans receivable that are classified as Level 3.


	For the Year Ended December 31,
(Amounts in thousands)	2021		2020
Beginning balance	$	47,743	$	59,251
Credit losses	—		(13,369)
Interest accrual	3,714		2,461
Paydowns	(1,275)		(600)
Ending balance	$	50,182	$	47,743

Derivatives and Hedging

We utilize various financial instruments to mitigate the impact of interest rate fluctuations on our cash flows and earnings, including hedging strategies, depending on our analysis of the interest rate environment and the costs and risks of such strategies. We recognize the fair values of all derivatives in "other assets" or "other liabilities" on our consolidated balance sheets. Derivatives that are not hedges are adjusted to fair value through earnings. If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative will either be offset against the change in fair value of the hedge asset, liability, or firm commitment through earnings, or recognized in other comprehensive income until the hedged item is recognized in earnings. Reported net income and equity may increase or decrease prospectively, depending on future levels of interest rates and other variables affecting the fair values of derivative instruments and hedged items, but will have no effect on cash flows.

The following tables summarize our consolidated derivative instruments, all of which hedge variable rate debt, as of December 31, 2021 and 2020, respectively.


(Amounts in thousands)	As of December 31, 2021
						Variable Rate
Hedged Item	Fair Value		Notional Amount			Spread over LIBOR	Interest Rate	Swapped Rate	Expiration Date
Included in other assets:
555 California Street mortgage loan interest rate swap(1)	$	11,814	$	840,000	(2)	L+193	2.04%	2.26%	5/24
PENN 11 mortgage loan interest rate swap(3)	6,565		500,000			L+195	2.05%	2.23%	3/24
Various interest rate caps	550		1,650,000
	$	18,929	$	2,990,000

Included in other liabilities:
Unsecured term loan interest rate swap	$	28,976	$	750,000	(4)	L+100	1.10%	3.87%	10/23
33-00 Northern Boulevard mortgage loan interest rate swap	3,861		100,000			L+180	1.91%	4.14%	1/25
	$	32,837	$	850,000

______________________________________________

(1) Entered into on May 15, 2021.

(2) Represents our 70.0% share of the $1.2 billion mortgage loan.

(3) Entered into on March 7, 2021.

(4) Remaining $50,000 balance of our unsecured term loan bears interest at a floating rate of LIBOR plus 1.00%.


(Amounts in thousands)	As of December 31, 2020
						Variable Rate
Hedged Item	Fair Value		Notional Amount			Spread over LIBOR	Interest Rate	Swapped Rate	Expiration Date
Included in other assets:
Various interest rate caps	$	17	$	175,000

Included in other liabilities:
Unsecured term loan interest rate swap	$	57,723	$	750,000	(1)	L+100	1.15%	3.87%	10/23
33-00 Northern Boulevard mortgage loan interest rate swap	8,310		100,000			L+180	1.95%	4.14%	1/25
	$	66,033	$	850,000

______________________________________

(1) Remaining $50,000 balance of our unsecured term loan bears interest at a floating rate of LIBOR plus 1.00%.

13. Fair Value Measurements - continued

Fair Value Measurements on a Nonrecurring Basis

There were no assets measured at fair value on a nonrecurring basis on our consolidated balance sheet as of December 31, 2021. As of December 31, 2020, assets measured at fair value on a nonrecurring basis on our consolidated balance sheet consisted of real estate assets that have been written down to estimated fair value for impairment purposes. The impairment losses primarily relate to wholly owned street retail assets.

Our estimate of the fair value of these assets was measured using widely accepted valuation techniques including (i) discounted cash flow analyses based upon market conditions and expectations of growth and utilized unobservable quantitative inputs, including a capitalization rate of 5.0% and discount rate of 7.0%, and (ii) comparable sales activity.


(Amounts in thousands)	As of December 31, 2020
	Total		Level 1		Level 2		Level 3
Real estate assets	$	191,116	$	—	$	—	$	191,116

Financial Assets and Liabilities not Measured at Fair Value

Financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash equivalents (primarily money market funds, which invest in obligations of the United States government), and our secured and unsecured debt. Estimates of the fair value of these instruments are determined by the standard practice of modeling the contractual cash flows required under the instrument and discounting them back to their present value at the appropriate current risk adjusted interest rate, which is provided by a third-party specialist. For floating rate debt, we use forward rates derived from observable market yield curves to project the expected cash flows we would be required to make under the instrument. The fair value of cash equivalents and borrowings under our unsecured revolving credit facilities and unsecured term loan are classified as Level 1. The fair value of our secured debt and unsecured debt are classified as Level 2. The table below summarizes the carrying amounts and fair value of these financial instruments.


(Amounts in thousands)	As of December 31, 2021					As of December 31, 2020
	Carrying Amount			Fair Value		Carrying Amount			Fair Value
Cash equivalents	$	1,346,684		$	1,347,000	$	1,476,427		$	1,476,000
Debt:
Mortgages payable	$	6,099,215		$	6,052,000	$	5,608,458		$	5,612,000
Senior unsecured notes	1,200,000			1,230,000		450,000			476,000
Unsecured term loan	800,000			800,000		800,000			800,000
Unsecured revolving credit facilities	575,000			575,000		575,000			575,000
Total	$	8,674,215	(1)	$	8,657,000	$	7,433,458	(1)	$	7,463,000

____________________

(1)Excludes $58,268 and $34,462 of deferred financing costs, net and other as of December 31, 2021 and 2020, respectively.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Alexanders Inc
Related Party Transaction
Percentage of affiliated entity owned by company	32.40%
Percentage of affiliated entity owned by related parties	26.10%
Interstate Properties
Related Party Transaction
Percentage of company owned by related party	6.90%
Related party transaction annual fee percentage	4.00%
Term of management agreement	1 year
Period allowed for termination of automatic renewal of management agreement	60 days
Fee and other income from related parties (in US dollars)	$ 203	$ 203	$ 300

Consolidated Statements of Changes in Equity - Parenthetical (LP) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Special dividend (in dollars per share)			$ 1.95
Common shares/units, dividends (in dollars per share)	$ 2.12	$ 2.38	$ 2.64

SEC Schedule III Rollforward of Real Estate Assets and Accumulated Depreciation (Tables)

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule of Real Estate Properties


COLUMN A	COLUMN B			COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
	Encumbrances (1)			Initial cost to company				Costs capitalized subsequent to acquisition		Gross amount at which carried at close of period						Accumulated depreciation and amortization		Date of construction (3)	Date acquired	Life on which depreciation in latest income statement is computed
				Land		Buildings and improvements				Land		Buildings and improvements		Total (2)
New York
Manhattan
1290 Avenue of the Americas	$	950,000		$	518,244	$	926,992	$	268,355	$	518,244	$	1,195,347	$	1,713,591	$	440,097	1963	2007	(4)
One Park Avenue	525,000			197,057		369,016		1,525		197,057		370,541		567,598		4,538		1926	2021	(4)
350 Park Avenue	400,000			265,889		363,381		49,025		265,889		412,406		678,295		157,691		1960	2006	(4)
PENN 1	—			—		412,169		675,839		—		1,088,008		1,088,008		364,744		1972	1998	(4)
100 West 33rd Street	398,402			242,776		247,970		44,038		242,776		292,008		534,784		115,295		1911	2007	(4)
150 West 34th Street	205,000			119,657		268,509		—		119,657		268,509		388,166		44,192		1900	2015	(4)
PENN 2	575,000		(5)	53,615		164,903		261,859		52,689		427,688		480,377		106,149		1968	1997	(4)
90 Park Avenue	—			8,000		175,890		198,970		8,000		374,860		382,860		177,978		1964	1997	(4)
Manhattan Mall	181,598			88,595		113,473		31,237		88,595		144,710		233,305		52,851		2009	2007	(4)
770 Broadway	700,000			52,898		95,686		188,436		52,898		284,122		337,020		127,420		1907	1998	(4)
888 Seventh Avenue	299,400			—		117,269		164,940		—		282,209		282,209		153,517		1980	1998	(4)
PENN 11	500,000			40,333		85,259		118,666		40,333		203,925		244,258		93,045		1923	1997	(4)
909 Third Avenue	350,000			—		120,723		121,136		—		241,859		241,859		122,466		1969	1999	(4)
150 East 58th Street	—			39,303		80,216		57,661		39,303		137,877		177,180		71,938		1969	1998	(4)
595 Madison Avenue	—			62,731		62,888		68,956		62,731		131,844		194,575		53,220		1968	1999	(4)
330 West 34th Street	—			—		8,599		154,213		—		162,812		162,812		49,803		1925	1998	(4)
715 Lexington Avenue	—			—		26,903		20,217		30,085		17,035		47,120		965		1923	2001	(4)
484-486 Broadway	—			10,000		6,688		7,358		10,000		14,046		24,046		4,235		2009	2007	(4)
4 Union Square South	120,000			24,079		55,220		11,398		24,079		66,618		90,697		25,826		1965/2004	1993	(4)
Farley Office and Retail	—			—		476,235		911,408		—		1,387,643		1,387,643		4,189		1912	2018	(4)
260 Eleventh Avenue	—			—		80,482		5,530		—		86,012		86,012		14,146		1911	2015	(4)
510 Fifth Avenue	—			34,602		18,728		36,745		48,403		41,672		90,075		12,270			2010	(4)
606 Broadway	74,119			45,406		8,993		51,709		45,298		60,810		106,108		4,213			2016	(4)
40 Fulton Street	—			15,732		26,388		41,597		15,732		67,985		83,717		25,521		1987	1998	(4)
443 Broadway	—			11,187		41,186		(36,197)		3,457		12,719		16,176		391			2013	(4)
435 Seventh Avenue	95,696			19,893		19,091		2,166		19,893		21,257		41,150		10,732		2002	1997	(4)
692 Broadway	—			6,053		22,908		3,901		6,053		26,809		32,862		11,503			2005	(4)
131-135 West 33rd Street	—			8,315		21,312		477		8,315		21,789		30,104		3,161			2016	(4)


COLUMN A	COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
	Encumbrances (1)		Initial cost to company				Costs capitalized subsequent to acquisition		Gross amount at which carried at close of period						Accumulated depreciation and amortization		Date of construction (3)	Date acquired	Life on which depreciation in latest income statement is computed
			Land		Buildings and improvements				Land		Buildings and improvements		Total (2)
New York - continued
Manhattan - continued
304 Canal Street	$	—	$	3,511	$	12,905	$	(8,456)	$	1,771	$	6,189	$	7,960	$	169	1910	2014	(4)
1131 Third Avenue	—		7,844		7,844		5,683		7,844		13,527		21,371		3,093			1997	(4)
431 Seventh Avenue	—		16,700		2,751		—		16,700		2,751		19,451		1,014			2007	(4)
138-142 West 32nd Street	—		9,252		9,936		2,002		9,252		11,938		21,190		1,844		1920	2015	(4)
334 Canal Street	—		1,693		6,507		(1,170)		752		6,278		7,030		205			2011	(4)
966 Third Avenue	—		8,869		3,631		—		8,869		3,631		12,500		756			2013	(4)
148 Spring Street	—		3,200		8,112		398		3,200		8,510		11,710		2,941			2008	(4)
150 Spring Street	—		3,200		5,822		312		3,200		6,134		9,334		2,109			2008	(4)
137 West 33rd Street	—		6,398		1,550		—		6,398		1,550		7,948		262		1932	2015	(4)
825 Seventh Avenue	—		1,483		697		3,940		1,483		4,637		6,120		829			1997	(4)
537 West 26th Street	—		10,370		17,632		19,925		26,631		21,296		47,927		2,062			2018	(4)
339 Greenwich Street	—		2,622		12,333		(10,019)		865		4,071		4,936		123			2017	(4)
PENN 15 (Hotel Pennsylvania site)	—		29,903		121,712		266,365		29,903		388,077		417,980		145,938		1919	1997	(4)
Other (Including Signage)	—		140,477		31,892		3,477		94,788		81,058		175,846		23,571
Total Manhattan	5,374,215		2,109,887		4,660,401		3,743,622		2,111,143		8,402,767		10,513,910		2,437,012


Other Properties
33-00 Northern Boulevard, Queens, New York	100,000		46,505		86,226		14,493		46,505		100,719		147,224		17,829		1915	2015	(4)
Paramus, New Jersey	—		—		—		23,348		1,036		22,312		23,348		19,393		1967	1987	(4)
Total Other Properties	100,000		46,505		86,226		37,841		47,541		123,031		170,572		37,222

Total New York	5,474,215		2,156,392		4,746,627		3,781,463		2,158,684		8,525,798		10,684,482		2,474,234


COLUMN A	COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
	Encumbrances (1)		Initial cost to company				Costs capitalized subsequent to acquisition		Gross amount at which carried at close of period						Accumulated depreciation and amortization		Date of construction (3)	Date acquired	Life on which depreciation in latest income statement is computed
			Land		Buildings and improvements				Land		Buildings and improvements		Total (2)
Other
theMART
theMART, Illinois	$	—	$	64,528	$	319,146	$	413,854	$	64,535	$	732,993	$	797,528	$	369,439	1930	1998	(4)
527 West Kinzie, Illinois	—		5,166		—		197		5,166		197		5,363		—			1998
Piers 92 and 94, New York	—		—		—		19,144		—		19,144		19,144		3,905			2008	(4)
Total theMART	—		69,694		319,146		433,195		69,701		752,334		822,035		373,344

555 California Street, California	1,200,000		223,446		895,379		256,718		223,446		1,152,097		1,375,543		395,120		1922,1969 -1970	2007	(4)
220 Central Park South, New York	—		115,720		16,445		(106,014)		—		26,151		26,151		—			2005	(4)
Borgata Land, Atlantic City, NJ	—		83,089		—		—		83,089		—		83,089		—			2010
759-771 Madison Avenue (40 East 66th) Residential, New York	—		8,454		13,321		(8,193)		5,273		8,309		13,582		3,101			2005	(4)
Annapolis, Maryland	—		—		9,652		—		—		9,652		9,652		4,713			2005	(4)
Wayne Towne Center, New Jersey	—		—		26,137		47,347		—		73,484		73,484		34,112			2010	(4)
Other	—		—		—		10,035		—		10,035		10,035		1,942				(4)
Total Other	1,200,000		500,403		1,280,080		633,088		381,509		2,032,062		2,413,571		812,332

Leasehold improvements equipment and other	—		—		—		119,792		—		119,792		119,792		89,781

Total December 31, 2021	$	6,674,215	$	2,656,795	$	6,026,707	$	4,534,343	$	2,540,193	$	10,677,652	$	13,217,845	$	3,376,347

________________________________________

(1)Represents contractual debt obligations.

(2)The net basis of Vornado's assets and liabilities for tax reporting purposes is approximately $2.6 billion lower than the amounts reported for financial statement purposes.

(3)Date of original construction –– many properties have had substantial renovation or additional construction –– see Column D.

(4)Depreciation of the buildings and improvements are calculated over lives ranging from the life of the lease to forty years.

(5)Secured amount outstanding on revolving credit facilities.

The following is a reconciliation of real estate assets and accumulated depreciation:


	Year Ended December 31,
	2021		2020		2019
Real Estate
Balance at beginning of period	$	12,087,943	$	13,074,012	$	16,237,883
Additions during the period:
Land	197,057		1,372		46,074
Buildings & improvements and other	1,286,474		1,127,593		1,391,784
	13,571,474		14,202,977		17,675,741
Less: Assets sold, written-off, reclassified to ready for sale and deconsolidated	353,629		2,115,034		4,601,729
Balance at end of period	$	13,217,845	$	12,087,943	$	13,074,012

Accumulated Depreciation
Balance at beginning of period	$	3,169,446	$	3,015,958	$	3,180,175
Additions charged to operating expenses	362,311		344,301		360,194
	3,531,757		3,360,259		3,540,369
Less: Accumulated depreciation on assets sold, written-off and deconsolidated	155,410		190,813		524,411
Balance at end of period	$	3,376,347	$	3,169,446	$	3,015,958

Consolidated Statements of Income (LP) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
REVENUES:
Total revenues	$ 1,589,210	$ 1,527,951	$ 1,924,700
EXPENSES:
Operating	(797,315)	(789,066)	(917,981)
Depreciation and amortization	(412,347)	(399,695)	(419,107)
General and administrative	(134,545)	(181,509)	(169,920)
Expense from deferred compensation plan liability	(9,847)	(6,443)	(11,609)
Impairment losses, transaction related costs and other	(13,815)	(174,027)	(106,538)
Total expenses	(1,367,869)	(1,550,740)	(1,625,155)
Income (loss) from partially owned entities	130,517	(329,112)	78,865
Income (loss) from real estate fund investments	11,066	(226,327)	(104,082)
Interest and other investment income (loss), net	4,612	(5,499)	21,819
Income from deferred compensation plan assets	9,847	6,443	11,609
Interest and debt expense	(231,096)	(229,251)	(286,623)
Net gain on transfer to Fifth Avenue and Times Square JV	0	0	2,571,099
Net gains on disposition of wholly owned and partially owned assets	50,770	381,320	845,499
Income (loss) before income taxes	197,057	(425,215)	3,437,731
Income tax benefit (expense)	10,496	(36,630)	(103,439)
Income (loss) from continuing operations	207,553	(461,845)	3,334,292
Loss from discontinued operations	0	0	(30)
Net income (loss)	207,553	(461,845)	3,334,262
Less net (income) loss attributable to noncontrolling interests in:
Consolidated subsidiaries	(24,014)	139,894	24,547
Operating Partnership	(7,540)	24,946	(210,872)
Net income (loss) attributable to the entities	183,539	(321,951)	3,358,809
Preferred share dividends / unit distributions	(66,035)	(51,904)	(50,296)
Series K preferred share / unit issuance costs	(9,033)	0	0
NET INCOME (LOSS) attributable to common shareholders / Class A unitholders	$ 108,471	$ (373,855)	$ 3,308,513
INCOME (LOSS) PER CLASS A UNIT - BASIC:
Net income (loss) per Class A unit (in dollars per share)	$ 0.52	$ (1.86)	$ 16.22
Weighted average units outstanding	204,728	203,503	202,947
INCOME (LOSS) PER CLASS A UNIT - DILUTED:
Net income (loss) per Class A unit (in dollars per share)	$ 0.51	$ (1.86)	$ 16.19
Weighted average units outstanding	205,644	203,503	203,248
Rental revenues
REVENUES:
Total revenues	$ 1,424,531	$ 1,377,635	$ 1,767,222
Fee and other income
REVENUES:
Total revenues	$ 164,679	$ 150,316	$ 157,478

Interest and Debt Expense (Tables)

12 Months Ended

Dec. 31, 2021

Interest and Debt Expense [Abstract]

Interest And Debt Expense

The following table sets forth the details of interest and debt expense:


(Amounts in thousands)	For the Year Ended December 31,
	2021		2020		2019
Interest expense(1)	$	249,169	$	251,847	$	335,016
Capitalized interest and debt expense	(38,320)		(41,056)		(72,200)
Amortization of deferred financing costs	20,247		18,460		23,807
	$	231,096	$	229,251	$	286,623

________________________________________

Identified Intangible Assets and Liabilities

12 Months Ended

Dec. 31, 2021

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Identified Intangible Assets and Liabilities

The following summarizes our identified intangible assets (primarily above-market leases) and liabilities (primarily below-market leases).


(Amounts in thousands)	Balance as of December 31,
	2021		2020
Identified intangible assets:
Gross amount	$	252,081	$	116,969
Accumulated amortization	(97,186)		(93,113)
Total, net	$	154,895	$	23,856
Identified intangible liabilities (included in deferred revenue):
Gross amount	$	256,065	$	273,902
Accumulated amortization	(212,245)		(238,541)
Total, net	$	43,820	$	35,361

Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental revenues of $9,249,000, $16,878,000 and $19,830,000 for the years ended December 31, 2021, 2020 and 2019, respectively. Estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding years commencing January 1, 2022 is as follows:


(Amounts in thousands)
2022	$	5,531
2023	5,151
2024	2,056
2025	843
2026	201

Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $7,330,000, $6,507,000 and $8,666,000 for the years ended December 31, 2021, 2020 and 2019, respectively. Estimated annual amortization of all other identified intangible assets including acquired in-place leases for each of the five succeeding years commencing January 1, 2022 is as follows:


(Amounts in thousands)
2022	$	9,805
2023	8,743
2024	7,906
2025	6,330
2026	6,136

Consolidated Statements of Changes in Equity - Parenthetical (VNO) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Special dividend (in dollars per share)			$ 1.95
Common shares/units, dividends (in dollars per share)	$ 2.12	$ 2.38	$ 2.64

Income (Loss) Per Share/Income (Loss) Per Class A Unit (Narrative) (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded From Computation Of Earnings Per Share
Weighted average common share equivalents of excluded dilutive securities due to anti-dilutive effect	313	1,650	825

Stock-based Compensation (Performance Conditioned AO LTIP Units Vornado Stock Options) (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares
Vornado stock options
Shares
Options outstanding at beginning of period (shares) \| shares	765,637
Exercised (shares) \| shares	(598)
Forfeited (shares) \| shares	(3,008)
Expired (shares) \| shares	(570,098)
Options outstanding at end of period (shares) \| shares	191,933
Option exercisable at end of period (shares) \| shares	124,805
Weighted- Average Exercise Price
Options outstanding at beginning of period (in usd per share) \| $ / shares	$ 64.79
Exercised (in usd per share) \| $ / shares	36.72
Forfeited (in usd per share) \| $ / shares	56.92
Expired (in usd per share) \| $ / shares	64.70
Options outstanding at end of period (in usd per share) \| $ / shares	65.27
Options exercisable at end of period (in usd per share) \| $ / shares	$ 70.13
Weighted- Average Remaining Contractual Term
Options outstanding, Weighted Average Remaining Contractual Term	5 years 9 months
Options exercisable, Weighted Average Remaining Contractual Term	4 years 8 months 15 days
Aggregate Intrinsic Value
Options outstanding, Aggregate Intrinsic Value \| $	$ 152,920
Options exercisable, Aggregate Intrinsic Value \| $	$ 37,820
Performance Conditioned AO LTIP Units
Shares
Options outstanding at beginning of period (shares) \| shares	496,792
Options outstanding at end of period (shares) \| shares	496,792
Option exercisable at end of period (shares) \| shares	322,313
Weighted- Average Exercise Price
Options outstanding at beginning of period (in usd per share) \| $ / shares	$ 62.62
Options outstanding at end of period (in usd per share) \| $ / shares	62.62
Options exercisable at end of period (in usd per share) \| $ / shares	$ 62.62
Weighted- Average Remaining Contractual Term
Options outstanding, Weighted Average Remaining Contractual Term	7 years 14 days
Options exercisable, Weighted Average Remaining Contractual Term	7 years 14 days
Aggregate Intrinsic Value
Options outstanding, Aggregate Intrinsic Value \| $	$ 0
Options exercisable, Aggregate Intrinsic Value \| $	$ 0
AO LTIP Units
Shares
Options outstanding at beginning of period (shares) \| shares	717,581
Exercised (shares) \| shares	(16,669)
Forfeited (shares) \| shares	(60,927)
Expired (shares) \| shares	(72,246)
Options outstanding at end of period (shares) \| shares	567,739
Option exercisable at end of period (shares) \| shares	327,535
Weighted- Average Exercise Price
Options outstanding at beginning of period (in usd per share) \| $ / shares	$ 59.71
Exercised (in usd per share) \| $ / shares	36.72
Forfeited (in usd per share) \| $ / shares	56.30
Expired (in usd per share) \| $ / shares	66.32
Options outstanding at end of period (in usd per share) \| $ / shares	59.91
Options exercisable at end of period (in usd per share) \| $ / shares	$ 61.83
Weighted- Average Remaining Contractual Term
Options outstanding, Weighted Average Remaining Contractual Term	7 years 3 months 14 days
Options exercisable, Weighted Average Remaining Contractual Term	7 years 21 days
Aggregate Intrinsic Value
Options outstanding, Aggregate Intrinsic Value \| $	$ 640,711
Options exercisable, Aggregate Intrinsic Value \| $	$ 279,164

Consolidated Statements of Cash Flows (Parentheticals) (LP) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Transaction related costs	$ 5,935	$ 8,001	$ 4,613
Capitalized interest	$ 38,320	$ 40,855	67,980
One Park Avenue
Equity method ownership percentage	45.00%
Working capital, net	$ 5,806
Cash and restricted cash	$ 39,370
Fifth Avenue and Times Square JV
Equity method ownership percentage	51.50%
Deconsolidated restricted cash			10,899
Transaction related costs			$ 35,562

Segment Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Information

We operate in two reportable segments, New York and Other, which is based on how we manage our business.

Net operating income ("NOI") at share represents total revenues less operating expenses including our share of partially owned entities. NOI at share - cash basis represents NOI at share adjusted to exclude straight-line rental income and expense, amortization of acquired below and above market leases, net and other non-cash adjustments. We consider NOI at share - cash basis to be the primary non-GAAP financial measure for making decisions and assessing the unlevered performance of our segments as it relates to the total return on assets as opposed to the levered return on equity. As properties are bought and sold based on NOI at share - cash basis, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. NOI at share and NOI at share - cash basis should not be considered alternatives to net income or cash flow from operations and may not be comparable to similarly titled measures employed by other companies. NOI at share - cash basis includes rent that has been deferred as a result of the COVID-19 pandemic.

Below is a summary of NOI at share, NOI at share - cash basis and selected balance sheet data by segment for the years ended December 31, 2021, 2020 and 2019.


(Amounts in thousands)	For the Year Ended December 31, 2021
	Total		New York		Other
Total revenues	$	1,589,210	$	1,257,599	$	331,611
Operating expenses	(797,315)		(626,386)		(170,929)
NOI - consolidated	791,895		631,213		160,682
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(69,385)		(38,980)		(30,405)
Add: NOI from partially owned entities	310,858		300,721		10,137
NOI at share	1,033,368		892,954		140,414
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	1,318		(1,188)		2,506
NOI at share - cash basis	$	1,034,686	$	891,766	$	142,920

Balance Sheet Data:
Real estate, at cost	$	13,217,845	$	10,702,008	$	2,515,837
Investments in partially owned entities	3,297,389		3,265,933		31,456
Total assets	17,266,588		15,969,498		1,297,090


(Amounts in thousands)	For the Year Ended December 31, 2020
	Total		New York		Other
Total revenues	$	1,527,951	$	1,221,748	$	306,203
Operating expenses	(789,066)		(640,531)		(148,535)
NOI - consolidated	738,885		581,217		157,668
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(72,801)		(43,773)		(29,028)
Add: NOI from partially owned entities	306,495		296,447		10,048
NOI at share	972,579		833,891		138,688
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	46,246		36,715		9,531
NOI at share - cash basis	$	1,018,825	$	870,606	$	148,219

Balance Sheet Data:
Real estate, at cost	$	12,087,943	$	9,581,830	$	2,506,113
Investments in partially owned entities	3,491,107		3,459,142		31,965
Total assets	16,221,822		15,046,469		1,175,353

23. Segment Information - continued


(Amounts in thousands)	For the Year Ended December 31, 2019
	Total		New York		Other
Total revenues	$	1,924,700	$	1,577,860	$	346,840
Operating expenses	(917,981)		(758,304)		(159,677)
NOI - consolidated	1,006,719		819,556		187,163
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(69,332)		(40,896)		(28,436)
Add: NOI from partially owned entities	322,390		294,168		28,222
NOI at share	1,259,777		1,072,828		186,949
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(6,060)		(12,318)		6,258
NOI at share - cash basis	$	1,253,717	$	1,060,510	$	193,207

Below is a reconciliation of net income (loss) to NOI at share and NOI at share - cash basis for the years ended December 31, 2021, 2020 and 2019.


(Amounts in thousands)	For the Year Ended December 31,
	2021		2020		2019
Net income (loss)	$	207,553	$	(461,845)	$	3,334,262
Depreciation and amortization expense	412,347		399,695		419,107
General and administrative expense	134,545		181,509		169,920
Impairment losses, transaction related costs and other	13,815		174,027		106,538
(Income) loss from partially owned entities	(130,517)		329,112		(78,865)
(Income) loss from real estate fund investments	(11,066)		226,327		104,082
Interest and other investment (income) loss, net	(4,612)		5,499		(21,819)
Interest and debt expense	231,096		229,251		286,623
Net gain on transfer to Fifth Avenue and Times Square JV	—		—		(2,571,099)
Net gains on disposition of wholly owned and partially owned assets	(50,770)		(381,320)		(845,499)
Income tax (benefit) expense	(10,496)		36,630		103,439
Loss from discontinued operations	—		—		30
NOI from partially owned entities	310,858		306,495		322,390
NOI attributable to noncontrolling interests in consolidated subsidiaries	(69,385)		(72,801)		(69,332)
NOI at share	1,033,368		972,579		1,259,777
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	1,318		46,246		(6,060)
NOI at share - cash basis	$	1,034,686	$	1,018,825	$	1,253,717

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Fair Value Measurements (Narrative) (Details) $ in Thousands		12 Months Ended
	Dec. 31, 2020 USD ($) investment	Dec. 31, 2021 USD ($) investment	Dec. 31, 2020 USD ($) investment
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Real estate fund investments	$ 3,739	$ 7,730	$ 3,739
Real estate fund investments
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Number of investments held by fund \| investment	3		4
Real estate fund investments	$ 3,739	7,730	$ 3,739
Excess of fair value below cost		328,055
Recurring
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Real estate fund investments	3,739	7,730	3,739
Recurring \| Level 3
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Real estate fund investments	$ 3,739	$ 7,730	$ 3,739
Recurring \| Level 3 \| Real estate fund investments
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Number of investments held by fund \| investment		3
Real estate fund investments		$ 7,730
Excess of fair value below cost		$ 328,055
Measurement Input, Cap Rate
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Real estate, measurement input		0.050
Discount rates
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Real estate, measurement input		0.070

Real Estate Fund Investments

12 Months Ended

Dec. 31, 2021

Real Estate Fund Investments [Abstract]

Real Estate Fund Investments

We are the general partner and investment manager of Vornado Capital Partners Real Estate Fund (the “Fund”) and own a 25.0% interest in the Fund, which had an initial eight-year term ending February 2019. On January 29, 2018, the Fund's term was extended to February 2023. The Fund's three-year investment period ended in July 2013. The Fund is accounted for under ASC Topic 946, Financial Services – Investment Companies (“ASC 946”) and its investments are reported on its balance sheet at fair value, with changes in value each period recognized in earnings. We consolidate the accounts of the Fund into our consolidated financial statements, retaining the fair value basis of accounting.

We are the general partner and investment manager of the Crowne Plaza Times Square Hotel Joint Venture (the “Crowne Plaza Joint Venture”) and own a 57.1% interest in the joint venture which owns the 24.3% interest in the Crowne Plaza Times Square Hotel not owned by the Fund. The Crowne Plaza Joint Venture is also accounted for under ASC 946 and we consolidate the accounts of the joint venture into our consolidated financial statements, retaining the fair value basis of accounting. On June 9, 2020, the joint venture between the Fund and the Crowne Plaza Joint Venture defaulted on the $274,355,000 non-recourse loan on the Crowne Plaza Times Square Hotel. The interest-only loan, which bears interest at a floating rate of LIBOR plus 3.69% (3.79% as of December 31, 2021) and provides for additional default interest of 3.00%, was scheduled to mature on July 9, 2020.

On April 12, 2021, the Fund defaulted on the $82,750,000 non-recourse loan on 1100 Lincoln Road. The interest-only loan currently bears interest at a floating rate of prime plus 1.40% (4.65% as of December 31, 2021) and provides for additional default interest of 3.00%. The loan was scheduled to mature on July 27, 2021.

On December 7, 2021, the Fund completed the sale of the retail condominium located at 501 Broadway for $27,500,000. From the inception of this investment through its disposition, the Fund realized a $6,346,000 net loss.

As of December 31, 2021, we had three real estate fund investments through the Fund and the Crowne Plaza Joint Venture with an aggregate fair value of $7,730,000, $328,055,000 below cost, and had remaining unfunded commitments of $28,465,000, of which our share was $8,849,000. As of December 31, 2020, we had four real estate fund investments with an aggregate fair value of $3,739,000.

Below is a summary of income (loss) from the Fund and the Crowne Plaza Joint Venture.


(Amounts in thousands)	For the Year Ended December 31,
	2021		2020		2019
Net investment income (loss)	$	6,445	$	(220)	$	2,027
Net unrealized income (loss) on held investments	3,257		(226,107)		(106,109)
Net realized income on exited investments	1,364		—		—

Income (loss) from real estate fund investments	11,066		(226,327)		(104,082)
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries	(7,309)		163,213		55,274
Income (loss) from real estate fund investments net of noncontrolling interests in consolidated subsidiaries	$	3,757	$	(63,114)	$	(48,808)

Consolidated Statements of Comprehensive Income (LP) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net income (loss)	$ 207,553	$ (461,845)	$ 3,334,262
Other comprehensive income (loss):
Increase (reduction) in value of interest rate swaps and other	51,338	(29,971)	(47,883)
Other comprehensive income (loss) of nonconsolidated subsidiaries	10,275	(14,342)	(938)
Amounts reclassified from accumulated other comprehensive loss relating to nonconsolidated subsidiary	0	0	(2,311)
Comprehensive income (loss)	269,166	(506,158)	3,283,130
Less comprehensive (income) loss attributable to noncontrolling interests in consolidated subsidiaries	(24,014)	139,894	24,547
Comprehensive (loss) income attributable to Vornado / Vornado Realty L.P.	$ 245,152	$ (366,264)	$ 3,307,677

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Real estate fund investments	$ 7,730	$ 3,739
Real estate fund investments
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Real estate fund investments	7,730	3,739
Recurring
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Real estate fund investments	7,730	3,739
Deferred compensation plan assets (included in restricted cash and other assets)	110,174	105,564
Loans receivable (included in investments in partially owned entities and in other assets)	50,182	47,743
Interest rate swaps and caps (included in other assets)	18,929	17
Total assets	187,015	157,063
Mandatorily redeemable instruments (included in other liabilities)	49,659	50,002
Interest rate swaps (included in other liabilities)	32,837	66,033
Total liabilities	82,496	116,035
Recurring \| Level 1
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Real estate fund investments	0	0
Deferred compensation plan assets (included in restricted cash and other assets)	65,158	65,636
Loans receivable (included in investments in partially owned entities and in other assets)	0	0
Interest rate swaps and caps (included in other assets)	0	0
Total assets	65,158	65,636
Mandatorily redeemable instruments (included in other liabilities)	49,659	50,002
Interest rate swaps (included in other liabilities)	0	0
Total liabilities	49,659	50,002
Recurring \| Level 2
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Real estate fund investments	0	0
Deferred compensation plan assets (included in restricted cash and other assets)	0	0
Loans receivable (included in investments in partially owned entities and in other assets)	0	0
Interest rate swaps and caps (included in other assets)	18,929	17
Total assets	18,929	17
Mandatorily redeemable instruments (included in other liabilities)	0	0
Interest rate swaps (included in other liabilities)	32,837	66,033
Total liabilities	32,837	66,033
Recurring \| Level 3
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Real estate fund investments	7,730	3,739
Deferred compensation plan assets (included in restricted cash and other assets)	45,016	39,928
Loans receivable (included in investments in partially owned entities and in other assets)	50,182	47,743
Interest rate swaps and caps (included in other assets)	0	0
Total assets	102,928	91,410
Mandatorily redeemable instruments (included in other liabilities)	0	0
Interest rate swaps (included in other liabilities)	0	0
Total liabilities	0	0
Recurring \| Level 3 \| Real estate fund investments
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Real estate fund investments	7,730
Restricted Cash \| Recurring
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Deferred compensation plan assets (included in restricted cash and other assets)	9,104	10,813
Other Assets \| Recurring
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Deferred compensation plan assets (included in restricted cash and other assets)	101,070	94,751
Loans receivable (included in investments in partially owned entities and in other assets)	3,738	4,735
Partially Owned Properties \| Recurring
Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Loans receivable (included in investments in partially owned entities and in other assets)	$ 46,444	$ 43,008

Leases - Lessee, Operating Lease, Liability, Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
2022	$ 21,080
2023	22,802
2024	23,154
2025	23,522
2026	23,911
Thereafter	833,728
Total undiscounted cash flows	948,197
Present value discount	(577,991)
Lease liabilities	$ 370,206	$ 401,008

Stock-based Compensation (Summary of Unrecognized Compensation Expense) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 20,195
Weighted-Average Remaining Contractual Term	1 year 6 months
OP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 13,460
Weighted-Average Remaining Contractual Term	1 year 3 months 18 days
OPPs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 5,104
Weighted-Average Remaining Contractual Term	2 years
AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 565
Weighted-Average Remaining Contractual Term	1 year 2 months 12 days
Vornado stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 489
Weighted-Average Remaining Contractual Term	1 year 4 months 24 days
Vornado restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 483
Weighted-Average Remaining Contractual Term	1 year 4 months 24 days
Performance Conditioned AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 94
Weighted-Average Remaining Contractual Term	1 year

Subsequent Event	12 Months Ended
Subsequent Event	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event 2022 Long-Term Performance Award On January 12, 2022, the Compensation Committee approved the 2022 Long-Term Performance Plan (“LTPP”), a multi-year, LTIP units-based performance equity compensation plan. Awards under the 2022 LTPP are bifurcated between operational performance (50%) and relative performance (50%) measurements and may be earned at specified threshold, target and maximum levels. The operational component awards may be earned based on Vornado’s 2022 operational performance in the following categories: •Comparable FFO per share (75% weighting); and •ESG performance metrics consisting of greenhouse emissions reductions, GRESB score and Green Building Certification (LEED) achievements (aggregate 25% weighting). Any LTPP award units tentatively earned based on Vornado’s 2022 operational performance are subject to an absolute return modifier pursuant to which such award units are subject to a potential reduction (but not increase) of up to 30% if Vornado’s aggregate total 3-year TSR for 2022-2025 is below specified levels. Awards under relative components may be earned based on Vornado’s 3-year TSR, measured against the Dow Jones U.S. Real Estate Office Index (50% weighting) and a Northeast peer group custom index (50% weighting). Awards earned under the relative component of the LTPP are subject to reductions of up to 30% if Vornado’s 3-year TSR is below specified levels. If the designated performance objectives are achieved, awards earned under 2022 LTPP will vest 50% in January 2025 and 50% in January 2026. In addition, the Chief Executive Officer is required to hold any earned and vested awards for three years following each such vesting date and all other award recipients are required to hold such awards for one year following each such vesting date. Dividends on awards granted under the 2022 LTPP accrue during the applicable performance period and are paid to participants if awards are ultimately earned based on the achievement of the designated performance objectives. Sale of SoHo Properties On January 13, 2022, we sold two Manhattan retail properties located at 478-482 Broadway and 155 Spring Street. See Note 7 - Acquisitions and Dispositions for additional information.

Consolidated Balance Sheets (Parentheticals) (LP) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Deferred leasing costs, accumulated amortization (in US dollars)	$ 211,775	$ 196,972
Identified intangible assets, accumulated amortization (in US dollars)	$ 97,186	$ 93,113
Class A
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding Partnership Units held by Third Parties	14,033,438	13,583,607
Series D Cumulative Redeemable Preferred Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding Partnership Units held by Third Parties	141,400	141,401

Identified Intangible Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Finite-Lived Intangible Assets [Line Items]

Schedule of Identified Intangible Assets and Intangible Liabilities

The following summarizes our identified intangible assets (primarily above-market leases) and liabilities (primarily below-market leases).


(Amounts in thousands)	Balance as of December 31,
	2021		2020
Identified intangible assets:
Gross amount	$	252,081	$	116,969
Accumulated amortization	(97,186)		(93,113)
Total, net	$	154,895	$	23,856
Identified intangible liabilities (included in deferred revenue):
Gross amount	$	256,065	$	273,902
Accumulated amortization	(212,245)		(238,541)
Total, net	$	43,820	$	35,361

Below Market Leases Net Of Above Market Leases

Finite-Lived Intangible Assets [Line Items]

Schedule of future amortization expense of intangible assets

Estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding years commencing January 1, 2022 is as follows:


(Amounts in thousands)
2022	$	5,531
2023	5,151
2024	2,056
2025	843
2026	201

Other Identified Intangible Assets

Finite-Lived Intangible Assets [Line Items]

Schedule of future amortization expense of intangible assets

Estimated annual amortization of all other identified intangible assets including acquired in-place leases for each of the five succeeding years commencing January 1, 2022 is as follows:


(Amounts in thousands)
2022	$	9,805
2023	8,743
2024	7,906
2025	6,330
2026	6,136

Stock-based Compensation (Summary of Restricted Stock or Restricted Operating Partnership Units) (Details)	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Restricted Operating Partnership Units Plan
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested at beginning of period (shares) \| shares	1,152,418
Granted (shares) \| shares	816,019
Vested (shares) \| shares	(867,747)
Forfeited (in shares) \| shares	(17,603)
Unvested at end of period (shares) \| shares	1,083,087
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested at beginning of period (in usd per share) \| $ / shares	$ 53.17
Granted (in usd per share) \| $ / shares	32.10
Vested (in usd per share) \| $ / shares	42.11
Expired or cancelled (in usd per share) \| $ / shares	52.73
Unvested at end of period (in usd per share) \| $ / shares	$ 53.99
Restricted Stock Units RSU
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested at beginning of period (shares) \| shares	25,315
Vested (shares) \| shares	(8,833)
Forfeited (in shares) \| shares	(708)
Unvested at end of period (shares) \| shares	15,774
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested at beginning of period (in usd per share) \| $ / shares	$ 60.06
Vested (in usd per share) \| $ / shares	64.17
Expired or cancelled (in usd per share) \| $ / shares	58.56
Unvested at end of period (in usd per share) \| $ / shares	$ 57.82

Fair Value Measurements (Changes in the Fair Value of Real Estate Fund Investments and Deferred Compensation Plan Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Real estate fund investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 3,739	$ 222,649
Sales/Dispositions	(5,104)	0
Purchases/additional fundings	4,474	7,197
Net unrealized income (loss) on held investments	3,257	(226,107)
Net realized income on exited investments	1,364	0
Ending balance	7,730	3,739
Deferred Compensation Plan Assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	39,928	32,435
Sales/Dispositions	(4,766)	(5,467)
Purchases/additional fundings	5,705	8,766
Realized and unrealized gains	2,250	808
Other, net	1,899	3,386
Ending balance	$ 45,016	$ 39,928

Consolidated Balance Sheets (LP) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real estate, at cost:
Land	$ 2,540,193	$ 2,420,054
Buildings and improvements	9,839,166	7,933,030
Development costs and construction in progress	718,694	1,604,637
Leasehold improvements and equipment	119,792	130,222
Total	13,217,845	12,087,943
Less accumulated depreciation and amortization	(3,376,347)	(3,169,446)
Real estate, net	9,841,498	8,918,497
Right-of-use assets	337,197	367,365
Cash and cash equivalents	1,760,225	1,624,482
Restricted cash	170,126	105,887
Tenant and other receivables	79,661	77,658
Investments in partially owned entities	3,297,389	3,491,107
Real estate fund investments	7,730	3,739
220 Central Park South condominium units ready for sale	57,142	128,215
Receivable arising from the straight-lining of rents	656,318	674,075
Deferred leasing costs, net of accumulated amortization of $211,775 and $196,972	391,693	372,919
Identified intangible assets, net of accumulated amortization of $97,186 and $93,113	154,895	23,856
Other assets	512,714	434,022
Assets	17,266,588	16,221,822
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net	6,053,343	5,580,549
Senior unsecured notes, net	1,189,792	446,685
Unsecured term loan, net	797,812	796,762
Unsecured revolving credit facilities	575,000	575,000
Lease liabilities	370,206	401,008
Accounts payable and accrued expenses	613,497	427,202
Deferred revenue	48,118	40,110
Deferred compensation plan	110,174	105,564
Other liabilities	304,725	294,520
Total liabilities	10,062,667	8,667,400
Commitments and contingencies
Redeemable noncontrolling interests:
Total redeemable noncontrolling interests / partnership units	688,683	606,267
Shareholders' / Partners' equity:
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 48,792,902 and 48,793,402 shares	1,182,459	1,182,339
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 191,723,608 and 191,354,679 shares	7,648	7,633
Partners' capital	9,333,200	9,382,479
Earnings less than distributions	(3,079,320)	(2,774,182)
Accumulated other comprehensive loss	(17,534)	(75,099)
Total Vornado and Vornado Realty L.P. shareholders' equity	6,236,346	6,533,198
Noncontrolling interests in consolidated subsidiaries	278,892	414,957
Stockholders' equity	6,515,238	6,948,155
Total liabilities, redeemable noncontrolling interests / partnership units and equity	17,266,588	16,221,822
Partnership Interest
Redeemable noncontrolling interests:
Class A units - 14,033,438 and 13,583,607 units outstanding	587,440	507,212
Series D cumulative redeemable preferred units - 141,400 and 141,401 units outstanding	3,535	4,535
Total redeemable noncontrolling interests / partnership units	590,975	511,747
Subsidiaries
Redeemable noncontrolling interests:
Total redeemable noncontrolling interests / partnership units	$ 97,708	$ 94,520

Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule Of Other Share Based Compensation, Activity

Below is a summary of our stock-based compensation expense, a component of "general and administrative" expense on our consolidated statements of income.


(Amounts in thousands)	For the Year Ended December 31,
	2021		2020		2019
OP Units	$	27,698	$	33,431	$	39,969
OPPs	8,629		9,579		1,944
AO LTIP Units	877		3,955		2,636
Vornado stock options	456		656		547
Vornado restricted stock	450		649		549
Performance Conditioned AO LTIP Units	219		407		8,263
	$	38,329	$	48,677	$	53,908

Schedule of Unrecognized Compensation Expense

Below is a summary of unrecognized compensation expense for the year ended December 31, 2021.


(Amounts in thousands)	As of December 31, 2021		Weighted-Average Remaining Contractual Term
OP Units	$	13,460	1.3
OPPs	5,104		2.0
AO LTIP Units	565		1.2
Vornado stock options	489		1.4
Vornado restricted stock	483		1.4
Performance Conditioned AO LTIP Units	94		1.0
	$	20,195	1.5

Schedule Of Share Based Compensation Restricted Operating Partnership Units Earned

Below is the summary of the OPP units granted during the years December 31, 2021, 2020 and 2018.


Plan Year	Total Plan Notional Amount		Percentage of Notional Amount Granted		Grant Date Fair Value(1)		OPP Units Earned
2021	$	30,000,000	99.1	%	$	9,950,000	To be determined in 2025
2020	35,000,000		94.0	%	11,700,000		To be determined in 2023
2018	35,000,000		78.2	%	10,300,000		Not earned

________________________________________

(1) During the years ended December 31, 2021, 2020 and 2018, $6,140,000, $7,583,000 and $8,040,000, respectively, was immediately expensed on the respective grant date due to acceleration of vesting for employees who are retirement eligible (have reached age 65 or age 60 with at least 20 years of service).

Schedule Of Share Based Compensation Stock Options Activity

Below is a summary of Vornado’s stock option activity for the year ended December 31, 2021.


	Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding as of December 31, 2020	765,637	$	64.79

Exercised	(598)	36.72
Forfeited	(3,008)	56.92
Expired	(570,098)	64.70
Outstanding as of December 31, 2021	191,933	$	65.27	5.75	$	152,920
Options exercisable as of December 31, 2021	124,805	$	70.13	4.71	$	37,820

Below is a summary of Performance Conditioned AO LTIP Units activity for the year ended December 31, 2021.


	Units		Weighted-Average Grant-Date Fair Value		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding as of December 31, 2020	496,792	(1)	$	62.62
Outstanding as of December 31, 2021	496,792	(1)	$	62.62	7.04	$	—
Options exercisable at December 31, 2021	322,313		$	62.62	7.04	$	—

________________________________________

(1) Granted in 2019 at a grant price of $64.48 and a fair value of $8,983,000 at the date of grant.

Below is a summary of AO LTIP Units activity for the year ended December 31, 2021.


	Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding as of December 31, 2020	717,581	$	59.71

Exercised	(16,669)	36.72
Forfeited	(60,927)	56.30
Expired	(72,246)	66.32
Outstanding as of December 31, 2021	567,739	$	59.91	7.29	$	640,711
Options exercisable as of December 31, 2021	327,535	$	61.83	7.06	$	279,164

Schedule Of Share Based Payment Award Stock Options Valuation Assumptions

The fair value of each option grant is estimated on the date of grant using an option-pricing model with the following weighted-average assumptions for grants in the years ended December 31, 2020 and 2019.


	As of December 31,
	2020	2019
Expected volatility	35% - 36%	35%
Expected life	5.0 years	5.0 years
Risk free interest rate	0.57% - 1.76%	2.50%
Expected dividend yield	3.2% - 3.4%	2.9%


Expected volatility			35%
Expected life			8.0 years
Risk free interest rate			2.76%
Expected dividend yield			3.1%

The fair value of each AO LTIP Unit granted is estimated on the date of grant using an option-pricing model with the following weighted-average assumptions for grants in the years ended December 31, 2020 and 2019.


	As of December 31,
	2020	2019
Expected volatility	35% - 36%	35%
Expected life	5.0 years	5.0 years
Risk free interest rate	0.57% - 1.76%	2.50%
Expected dividend yield	3.2% - 3.4%	2.90%

Schedule Of Share Based Compensation Restricted Operating Partnership Units Activity

Below is a summary of restricted OP unit activity for the year ended December 31, 2021.


Unvested Units	Units	Weighted-Average Grant-Date Fair Value
Unvested as of December 31, 2020	1,152,418	$	53.17
Granted	816,019	32.10
Vested	(867,747)	42.11
Forfeited	(17,603)	52.73

Unvested as of December 31, 2021	1,083,087	53.99

Schedule Of Share Based Compensation Restricted Stock And Restricted Stock Units Activity

Below is a summary of Vornado’s restricted stock activity for the year ended December 31, 2021.


Unvested Shares	Shares	Weighted-Average Grant-Date Fair Value
Unvested as of December 31, 2020	25,315	$	60.06

Vested	(8,833)	64.17
Forfeited	(708)	58.56
Unvested as of December 31, 2021	15,774	57.82

Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

aggregate purchase price and our existing basis in the property have been allocated between the assets acquired and the liabilities assumed (excluding working capital accounts) as follows:


(Amounts in thousands)
Assets:
Land	$	197,057
Building and improvements	368,956
Identified intangible assets	139,545
Assets consolidated	705,558
Liabilities:
Mortgages payable	525,000
Deferred revenue	18,884
Liabilities consolidated	543,884
Net assets consolidated (excluding working capital)	$	161,674

Redeemable Noncontrolling Interests (Details of Redeemable Noncontrolling Interest Units) (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Class A
Redeemable Noncontrolling Interest
Class A common units, carrying amount	$ 587,440	$ 507,212
Outstanding Partnership Units held by Third Parties	14,033,438	13,583,607
Preferred or annual distribution rate (in dollars per share)	$ 2.12
D16 Cumulative Redeemable
Redeemable Noncontrolling Interest
Debt instrument, interest rate, stated percentage	5.00%
Series D cumulative redeemable preferred, carrying amount	$ 0	$ 1,000
Outstanding Partnership Units held by Third Parties	0	1
D17 Cumulative Redeemable
Redeemable Noncontrolling Interest
Debt instrument, interest rate, stated percentage	3.25%
Series D cumulative redeemable preferred, carrying amount	$ 3,535	$ 3,535
Outstanding Partnership Units held by Third Parties	141,400	141,400
Par or stated value per share	$ 25.00
Preferred or annual distribution rate (in dollars per share)	$ 0.8125

Investments in Partially Owned Entities (Summary of Condensed Combined Financial Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets	$ 17,266,588	$ 16,221,822
Liabilities	10,062,667	8,667,400
Noncontrolling interests	688,683	606,267
Equity	6,236,346	6,533,198
Total revenues	1,589,210	1,527,951	$ 1,924,700
Net income (loss)	207,553	(461,845)	3,334,262
Net income (loss) attributable to the entities	183,539	(321,951)	3,358,809
Partially Owned Properties
Assets	12,689,000	13,344,000
Liabilities	7,553,000	7,747,000
Noncontrolling interests	2,069,000	2,075,000
Equity	3,067,000	3,522,000
Total revenues	1,184,000	1,163,000	1,504,000
Net income (loss)	190,000	45,000	39,000
Net income (loss) attributable to the entities	$ 114,000	$ (33,000)	$ (32,000)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Fair Value Measurements (Summary of Derivative Instruments) (Details) - USD ($)	Dec. 31, 2021	May 10, 2021	Dec. 31, 2020
Matures in May 2028 \| Office Building \| 555 California Street
Derivative [Line Items]
Equity method ownership percentage	70.00%	70.00%
Debt instrument, amount	$ 1,200,000,000	$ 840,000,000
Interest Rate Cap \| Various interest rate caps \| Other Assets \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative Asset, Fair Value	550,000		$ 17,000
Derivative Asset, Notional Amount	1,650,000,000		175,000,000
Interest Rate Swap \| Other Assets \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative Asset, Fair Value	18,929,000
Derivative Asset, Notional Amount	2,990,000,000
Interest Rate Swap \| Other Liabilities \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative Liability, Fair Value	32,837,000		66,033,000
Derivative Liability, Notional Amount	850,000,000		850,000,000
Interest Rate Swap \| 555 California Mortgage Loan Interest Rate Swap \| Other Assets \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative Asset, Fair Value	11,814,000
Derivative Asset, Notional Amount	$ 840,000,000
Derivative, Interest Rate	2.04%
Derivative, Swap Rate	2.26%
Interest Rate Swap \| PENN 11 Interest Rate Swap \| Other Assets \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative Asset, Fair Value	$ 6,565,000
Derivative Asset, Notional Amount	$ 500,000,000
Derivative, Interest Rate	2.05%
Derivative, Swap Rate	2.23%
Interest Rate Swap \| Senior unsecured term loan \| Other Liabilities \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative Liability, Fair Value	$ 28,976,000		57,723,000
Derivative Liability, Notional Amount	$ 750,000,000		$ 750,000,000
Derivative, Interest Rate	1.10%		1.15%
Derivative, Swap Rate	3.87%		3.87%
Interest Rate Swap \| 33-00 Northern Boulevard mortgage loan interest rate swap \| Other Liabilities \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative Liability, Fair Value	$ 3,861,000		$ 8,310,000
Derivative Liability, Notional Amount	$ 100,000,000		$ 100,000,000
Derivative, Interest Rate	1.91%		1.95%
Derivative, Swap Rate	4.14%		4.14%
Interest Rate Swap \| LIBOR \| 555 California Mortgage Loan Interest Rate Swap \| Other Assets \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative, Average Basis Spread on Variable Rate	0.0193%
Interest Rate Swap \| LIBOR \| PENN 11 Interest Rate Swap \| Other Assets \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative, Average Basis Spread on Variable Rate	0.0195%
Interest Rate Swap \| LIBOR \| Senior unsecured term loan \| Other Liabilities \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative, Average Basis Spread on Variable Rate	0.01%		0.01%
Interest Rate Swap \| LIBOR \| 33-00 Northern Boulevard mortgage loan interest rate swap \| Other Liabilities \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative, Average Basis Spread on Variable Rate	0.018%		0.018%
Floating \| Interest Rate Swap \| Senior unsecured term loan \| Other Liabilities \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative Liability, Notional Amount			$ 50,000
Floating \| Interest Rate Swap \| LIBOR \| Senior unsecured term loan \| Other Liabilities \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative, Average Basis Spread on Variable Rate			1.00%

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

Fair value, schedule of assets and liabilities measures on recurring basis

The tables below aggregate the fair values of these financial assets and liabilities by their levels in the fair value hierarchy.


(Amounts in thousands)	As of December 31, 2021
	Total		Level 1		Level 2		Level 3
Real estate fund investments	$	7,730	$	—	$	—	$	7,730
Deferred compensation plan assets ($9,104 included in restricted cash and $101,070 in other assets)	110,174		65,158		—		45,016
Loans receivable ($46,444 included in investments in partially owned entities and $3,738 in other assets)	50,182		—		—		50,182
Interest rate swaps and caps (included in other assets)	18,929		—		18,929		—
Total assets	$	187,015	$	65,158	$	18,929	$	102,928

Mandatorily redeemable instruments (included in other liabilities)	$	49,659	$	49,659	$	—	$	—
Interest rate swaps (included in other liabilities)	32,837		—		32,837		—
Total liabilities	$	82,496	$	49,659	$	32,837	$	—


(Amounts in thousands)	As of December 31, 2020
	Total		Level 1		Level 2		Level 3
Real estate fund investments	$	3,739	$	—	$	—	$	3,739
Deferred compensation plan assets ($10,813 included in restricted cash and $94,751 in other assets)	105,564		65,636		—		39,928
Loans receivable ($43,008 included in investments in partially owned entities and $4,735 in other assets)	47,743		—		—		47,743
Interest rate swaps (included in other assets)	17		—		17		—
Total assets	$	157,063	$	65,636	$	17	$	91,410

Mandatorily redeemable instruments (included in other liabilities)	$	50,002	$	50,002	$	—	$	—
Interest rate swaps (included in other liabilities)	66,033		—		66,033		—
Total liabilities	$	116,035	$	50,002	$	66,033	$	—

Schedule of derivative assets at fair value

The following tables summarize our consolidated derivative instruments, all of which hedge variable rate debt, as of December 31, 2021 and 2020, respectively.


(Amounts in thousands)	As of December 31, 2021
						Variable Rate
Hedged Item	Fair Value		Notional Amount			Spread over LIBOR	Interest Rate	Swapped Rate	Expiration Date
Included in other assets:
555 California Street mortgage loan interest rate swap(1)	$	11,814	$	840,000	(2)	L+193	2.04%	2.26%	5/24
PENN 11 mortgage loan interest rate swap(3)	6,565		500,000			L+195	2.05%	2.23%	3/24
Various interest rate caps	550		1,650,000
	$	18,929	$	2,990,000

Included in other liabilities:
Unsecured term loan interest rate swap	$	28,976	$	750,000	(4)	L+100	1.10%	3.87%	10/23
33-00 Northern Boulevard mortgage loan interest rate swap	3,861		100,000			L+180	1.91%	4.14%	1/25
	$	32,837	$	850,000

______________________________________________

(1) Entered into on May 15, 2021.

(2) Represents our 70.0% share of the $1.2 billion mortgage loan.

(3) Entered into on March 7, 2021.

(4) Remaining $50,000 balance of our unsecured term loan bears interest at a floating rate of LIBOR plus 1.00%.


(Amounts in thousands)	As of December 31, 2020
						Variable Rate
Hedged Item	Fair Value		Notional Amount			Spread over LIBOR	Interest Rate	Swapped Rate	Expiration Date
Included in other assets:
Various interest rate caps	$	17	$	175,000

Included in other liabilities:
Unsecured term loan interest rate swap	$	57,723	$	750,000	(1)	L+100	1.15%	3.87%	10/23
33-00 Northern Boulevard mortgage loan interest rate swap	8,310		100,000			L+180	1.95%	4.14%	1/25
	$	66,033	$	850,000

______________________________________

(1) Remaining $50,000 balance of our unsecured term loan bears interest at a floating rate of LIBOR plus 1.00%.

Schedule of derivative liabilities at fair value

The following tables summarize our consolidated derivative instruments, all of which hedge variable rate debt, as of December 31, 2021 and 2020, respectively.


(Amounts in thousands)	As of December 31, 2021
						Variable Rate
Hedged Item	Fair Value		Notional Amount			Spread over LIBOR	Interest Rate	Swapped Rate	Expiration Date
Included in other assets:
555 California Street mortgage loan interest rate swap(1)	$	11,814	$	840,000	(2)	L+193	2.04%	2.26%	5/24
PENN 11 mortgage loan interest rate swap(3)	6,565		500,000			L+195	2.05%	2.23%	3/24
Various interest rate caps	550		1,650,000
	$	18,929	$	2,990,000

Included in other liabilities:
Unsecured term loan interest rate swap	$	28,976	$	750,000	(4)	L+100	1.10%	3.87%	10/23
33-00 Northern Boulevard mortgage loan interest rate swap	3,861		100,000			L+180	1.91%	4.14%	1/25
	$	32,837	$	850,000

______________________________________________

(1) Entered into on May 15, 2021.

(2) Represents our 70.0% share of the $1.2 billion mortgage loan.

(3) Entered into on March 7, 2021.

(4) Remaining $50,000 balance of our unsecured term loan bears interest at a floating rate of LIBOR plus 1.00%.


(Amounts in thousands)	As of December 31, 2020
						Variable Rate
Hedged Item	Fair Value		Notional Amount			Spread over LIBOR	Interest Rate	Swapped Rate	Expiration Date
Included in other assets:
Various interest rate caps	$	17	$	175,000

Included in other liabilities:
Unsecured term loan interest rate swap	$	57,723	$	750,000	(1)	L+100	1.15%	3.87%	10/23
33-00 Northern Boulevard mortgage loan interest rate swap	8,310		100,000			L+180	1.95%	4.14%	1/25
	$	66,033	$	850,000

______________________________________

(1) Remaining $50,000 balance of our unsecured term loan bears interest at a floating rate of LIBOR plus 1.00%.

Fair value measurements, nonrecurring


(Amounts in thousands)	As of December 31, 2020
	Total		Level 1		Level 2		Level 3
Real estate assets	$	191,116	$	—	$	—	$	191,116

Schedule of carrying amounts and fair values of financial instruments

The table below summarizes the carrying amounts and fair value of these financial instruments.


(Amounts in thousands)	As of December 31, 2021					As of December 31, 2020
	Carrying Amount			Fair Value		Carrying Amount			Fair Value
Cash equivalents	$	1,346,684		$	1,347,000	$	1,476,427		$	1,476,000
Debt:
Mortgages payable	$	6,099,215		$	6,052,000	$	5,608,458		$	5,612,000
Senior unsecured notes	1,200,000			1,230,000		450,000			476,000
Unsecured term loan	800,000			800,000		800,000			800,000
Unsecured revolving credit facilities	575,000			575,000		575,000			575,000
Total	$	8,674,215	(1)	$	8,657,000	$	7,433,458	(1)	$	7,463,000

____________________

(1)Excludes $58,268 and $34,462 of deferred financing costs, net and other as of December 31, 2021 and 2020, respectively.

Real estate fund investments

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

Fair value inputs quantitative information

Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of these real estate fund investments.

Range

Weighted Average
(based on fair value of assets)

Unobservable Quantitative Input

December 31, 2021

December 31, 2020

December 31, 2021

December 31, 2020

Discount rates

12.0% to 15.0%

7.6% to 15.0%

13.2%

12.7%

Terminal capitalization rates

5.5% to 8.8%

5.5% to 10.3%

7.4%

7.9%

Summary of changes in level 3 plan assets

The table below summarizes the changes in the fair value of real estate fund investments that are classified as Level 3.


(Amounts in thousands)	For the Year Ended December 31,
	2021		2020
Beginning balance	$	3,739	$	222,649
Dispositions	(5,104)		—
Purchases/additional fundings	4,474		7,197
Net unrealized income (loss) on held investments	3,257		(226,107)
Net realized income on exited investments	1,364		—


Ending balance	$	7,730	$	3,739

Deferred Compensation Plan Assets

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

Schedule of carrying amounts and fair values of financial instruments

The table below summarizes the changes in the fair value of deferred compensation plan assets that are classified as Level 3.


(Amounts in thousands)	For the Year Ended December 31,
	2021		2020
Beginning balance	$	39,928	$	32,435
Purchases	5,705		8,766
Sales	(4,766)		(5,467)
Realized and unrealized gains	2,250		808
Other, net	1,899		3,386
Ending balance	$	45,016	$	39,928

Loans Receivable

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

Fair value inputs quantitative information

Significant unobservable quantitative inputs in the table on the following page were utilized in determining the fair value of these loans receivable.

13. Fair Value Measurements - continued

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued

Loans Receivable - continued


	Range		Weighted Average (based on fair value of investments)
Unobservable Quantitative Input	December 31, 2021	December 31, 2020	December 31, 2021		December 31, 2020
Discount rates	6.5%	6.5%	6.5	%	6.5	%
Terminal capitalization rates	5.0%	5.0%	5.0	%	5.0	%

Summary of changes in level 3 plan assets

The table below summarizes the changes in fair value of loans receivable that are classified as Level 3.


	For the Year Ended December 31,
(Amounts in thousands)	2021		2020
Beginning balance	$	47,743	$	59,251
Credit losses	—		(13,369)
Interest accrual	3,714		2,461
Paydowns	(1,275)		(600)
Ending balance	$	50,182	$	47,743

Interest and Other Investment Income (Loss), Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Interest and Other Income [Abstract]
Interest on loans receivable	$ 2,517	$ 3,384	$ 6,326
Interest on cash and cash equivalents and restricted cash	284	5,793	13,380
Credit losses on loans receivable	0	(13,369)	0
Market-to-market decrease in the fair value of marketable security (sold on January 23, 2020)	0	(4,938)	(5,533)
Dividends on marketable securities	0	0	3,938
Other, net	1,811	3,631	3,708
Interest and other investment income, net	$ 4,612	$ (5,499)	$ 21,819

Basis of Presentation and Significant Accounting Policies (Real Estate) (Details)	12 Months Ended
	Dec. 31, 2021
Real Estate [Line Items]
Real estate and accumulated depreciation life used for depreciation	40 years
Minimum
Real Estate [Line Items]
Real estate and accumulated depreciation life used for depreciation	7 years
Maximum
Real Estate [Line Items]
Real estate and accumulated depreciation life used for depreciation	40 years

Impairment Losses, Transaction Related Costs and Other

12 Months Ended

Dec. 31, 2021

Impairment Losses, Transaction Related Costs and Other

The following table sets forth the details of impairment losses, transaction related costs and other:


(Amounts in thousands)	For the Year Ended December 31,
	2021			2020		2019
Real estate impairment losses	$	(7,880)	(1)	$	(236,286)	$	(8,065)
Transaction related costs	(5,935)			(8,001)		(4,613)
608 Fifth Avenue lease liability extinguishment gain in 2020 and impairment loss and related write-offs in 2019	—			70,260		(93,860)
	$	(13,815)		$	(174,027)	$	(106,538)

________________________________________

(1)See Note 7 - Acquisitions and Dispositions for additional information.

Fair Value Measurements (Unobservable Quantitative Input Ratios) (Details)	Dec. 31, 2021	Dec. 31, 2020
Discount rates
Unobservable Quantitative Input
Real estate, measurement input	0.070
Discount rates \| Level 3 \| Recurring \| Loans Receivable
Unobservable Quantitative Input
Loans receivable, measurement input		0.065
Discount rates \| Level 3 \| Recurring \| Weighted Average \| Loans Receivable
Unobservable Quantitative Input
Loans receivable, measurement input	0.065	0.065
Discount rates \| Level 3 \| Recurring \| Real estate fund investments \| Minimum
Unobservable Quantitative Input
Real estate, measurement input	0.120	0.076
Discount rates \| Level 3 \| Recurring \| Real estate fund investments \| Maximum
Unobservable Quantitative Input
Real estate, measurement input	0.150	0.150
Discount rates \| Level 3 \| Recurring \| Real estate fund investments \| Weighted Average
Unobservable Quantitative Input
Real estate, measurement input	0.132	0.127
Terminal capitalization rates \| Level 3 \| Recurring \| Loans Receivable
Unobservable Quantitative Input
Loans receivable, measurement input	0.050	0.050
Terminal capitalization rates \| Level 3 \| Recurring \| Weighted Average \| Loans Receivable
Unobservable Quantitative Input
Loans receivable, measurement input	0.050	0.050
Terminal capitalization rates \| Level 3 \| Recurring \| Real estate fund investments \| Minimum
Unobservable Quantitative Input
Real estate, measurement input	0.055	0.055
Terminal capitalization rates \| Level 3 \| Recurring \| Real estate fund investments \| Maximum
Unobservable Quantitative Input
Real estate, measurement input	0.088	0.103
Terminal capitalization rates \| Level 3 \| Recurring \| Real estate fund investments \| Weighted Average
Unobservable Quantitative Input
Real estate, measurement input	0.074	0.079

Basis of Presentation and Significant Accounting Policies (Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Contingency [Line Items]
Minimum percentage of taxable income distributed as dividends	90.00%
Percentage of taxable income distributed	100.00%
Deferred tax assets, net	$ 8,582	$ 15,017
Deferred tax liabilities	40,591	29,348
Income tax (benefit) expense	$ (10,496)	$ 36,630	$ 103,439
Effective income tax reconciliation, percent	(5.30%)	(8.60%)	3.00%
Net basis difference of assets and liabilities between tax basis and GAAP basis	$ 2,600,000
Estimated taxable income net	$ 413,026	$ 419,812	$ 917,162
Ordinary Income
Income Tax Contingency [Line Items]
Percentage of taxable income distributed	84.20%		62.10%
Long Term Capital Gain
Income Tax Contingency [Line Items]
Percentage of taxable income distributed			37.90%
Qualified Dividend
Income Tax Contingency [Line Items]
Percentage of taxable income distributed	15.80%
Taxable Reit Subsidiaries
Income Tax Contingency [Line Items]
Income tax (benefit) expense	$ (27,910)
Farley Office and Retail Building
Income Tax Contingency [Line Items]
Income tax (benefit) expense	10,868
220 Central Park South
Income Tax Contingency [Line Items]
Income tax (benefit) expense	$ 5,711	$ 49,221	$ 101,828

Redeemable Noncontrolling Interests (Tables)

12 Months Ended

Dec. 31, 2021

Noncontrolling Interest [Abstract]

Operating Partnership Units Held By Third Parties

Below are the details of redeemable noncontrolling partnership units.


(Amounts in thousands, except units and per unit amounts)	Balance as of December 31,						Units Outstanding as of December 31,		Per Unit Liquidation Preference		Preferred or Annual Distribution Rate
Unit Series	2021			2020			2021	2020
Common:
Class A units held by third parties	$	587,440	(1)	$	507,212	(1)	14,033,438	13,583,607	n/a		$	2.12

Perpetual Preferred/Redeemable Preferred:
5.00% D-16 Cumulative Redeemable(2)	$	—		$	1,000		—	1	n/a		n/a
3.25% D-17 Cumulative Redeemable(3)	$	3,535		$	3,535		141,400	141,400	$	25.00	$	0.8125

________________________________________

(1)Aggregate redemption value was based on Vornado's year-end closing common share price.

(2)Redeemed on October 18, 2021.

Summary Of Activity Of Redeemable Noncontrolling Interests

Below is a table summarizing the activity of redeemable noncontrolling partnership units.


(Amounts in thousands)	For the Year Ended December 31,
	2021		2020
Beginning balance	$	511,747	$	888,915
Net income (loss)	7,540		(24,946)
Other comprehensive income (loss)	4,048		(2,914)
Distributions	(29,901)		(32,595)
Redemption of Class A units for Vornado common shares, at redemption value	(14,576)		(9,266)
Redeemable Class A unit measurement adjustment	76,073		(344,043)
Other, net	36,044		36,596
Ending balance	$	590,975	$	511,747

Below is a table summarizing the activity of the redeemable noncontrolling interest in a consolidated subsidiary.


	For the Year Ended December 31,
(Amounts in thousands)	2021		2020
Beginning balance	$	94,520	$	—
Net income	3,188		544
Contributions	—		92,400
Other, net	—		1,576
Ending balance	$	97,708	$	94,520

Leases - Schedule of Components of Rent Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Fixed rent expense	$ 24,901	$ 28,503	$ 33,738
Variable rent expense	13,078	1,178	1,978
Annual rent payments	$ 37,979	$ 29,681	$ 35,716

Real Estate Fund Investments (Narrative) (Details) $ in Thousands					12 Months Ended
	Dec. 07, 2021 USD ($)	Apr. 12, 2021 USD ($)	Dec. 31, 2020 USD ($) investment	Jun. 09, 2020 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) investment	Dec. 31, 2019 USD ($)
Investment Holdings
Net loss on sale of real estate					$ 0	$ 0	$ 2,571,099
Real estate fund investments			$ 3,739		$ 7,730	$ 3,739
Vornado Capital Partners Real Estate Fund
Investment Holdings
Equity method ownership percentage					25.00%
Term of the Fund, years					8 years
Investment period for commitments of the Fund, years					3 years
Crowne Plaza Times Square Hotel Joint Venture
Investment Holdings
Debt default, amount				$ 274,355
Debt instrument, interest rate, effective percentage					3.79%
Debt instrument, default interest, percentage				3.00%
1100 Lincoln Road
Investment Holdings
Debt default, amount		$ 82,750
Debt instrument, default interest, percentage		3.00%
Debt instrument, interest rate, stated percentage					4.65%
Retail Condominium
Investment Holdings
Cash proceeds from sale of real estate	$ 27,500
Net loss on sale of real estate	$ (6,346)
Real estate fund investments
Investment Holdings
Number of investments held by fund \| investment			3			4
Real estate fund investments			$ 3,739		$ 7,730	$ 3,739
Excess of fair value below cost					328,055
Unfunded commitments of Fund					28,465
Real estate fund investments \| Vornado Realty Trust
Investment Holdings
Unfunded commitments of Fund					$ 8,849
Joint Venture \| Crowne Plaza Times Square Hotel Joint Venture
Investment Holdings
Equity method ownership percentage					57.10%
Joint Venture \| Crowne Plaza Times Square Hotel Joint Venture \| Crowne Plaza Time Square Hotel
Investment Holdings
Ownership percentage by noncontrolling owners					24.30%
LIBOR \| Crowne Plaza Times Square Hotel Joint Venture
Investment Holdings
Spread Over LIBOR (in percentage)				3.69%
Prime Rate \| 1100 Lincoln Road
Investment Holdings
Spread Over LIBOR (in percentage)		1.40%

Investments in Partially Owned Entities (Alexander's Inc.) (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Oct. 04, 2021	Jun. 04, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity Method Investments And Income From Equity Method Investments
Net gains on sale of real estate			$ 0	$ 0	$ 2,571,099
Proceeds from sales of real estate			100,024	0	324,201
Repayments of long-term debt			$ 1,584,243	1,067,564	2,718,987
Alexanders Inc
Equity Method Investments And Income From Equity Method Investments
Investment owned, balance, shares			1,654,068
Equity method ownership percentage			32.40%
Accounts receivable, related parties			$ 879	1,516
Proceeds from sale of land held-for-investment		$ 10,000
Net gains on sale of real estate		2,956	$ 14,576	$ 0	$ 0
Proceeds from commissions received	$ 750	$ 300
Closing share price (in dollars per share)			$ 260.30
Equity method investment fair value			$ 430,554
Excess of investee's fair value over carrying amount			339,149
Excess of investee's carrying amount over equity in net assets			$ 30,081
Paramus Property \| Tenant Occupant \| Alexanders Inc \| IKEA
Equity Method Investments And Income From Equity Method Investments
Net gains on sale of real estate	11,620
Proceeds from sales of real estate	75,000
Repayments of long-term debt	$ 68,000

Consolidated Balance Sheets (Parentheticals) (VNO) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Deferred leasing costs, accumulated amortization (in US dollars)	$ 211,775	$ 196,972
Identified intangible assets, accumulated amortization (in US dollars)	$ 97,186	$ 93,113
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Preferred stock, par value per share (in dollars per share)	$ 0	$ 0
Preferred shares of beneficial interest: authorized shares	110,000,000	110,000,000
Preferred shares of beneficial interest: issued shares	48,792,902	48,793,402
Preferred shares of beneficial interest: outstanding shares	48,792,902	48,793,402
Common shares of beneficial interest: par value per share (in dollars per share)	$ 0.04	$ 0.04
Common shares of beneficial interest: authorized shares	250,000,000	250,000,000
Common shares of beneficial interest: issued shares	191,723,608	191,354,679
Common shares of beneficial interest: outstanding shares	191,723,608	191,354,679
Class A
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding Partnership Units held by Third Parties	14,033,438	13,583,607
Common shares of beneficial interest: outstanding shares	191,723,608
Series D Cumulative Redeemable Preferred Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding Partnership Units held by Third Parties	141,400	141,401

SEC Schedule III Real Estate and Accumulated Depreciation (Tables)

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule of Real Estate Properties


COLUMN A	COLUMN B			COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
	Encumbrances (1)			Initial cost to company				Costs capitalized subsequent to acquisition		Gross amount at which carried at close of period						Accumulated depreciation and amortization		Date of construction (3)	Date acquired	Life on which depreciation in latest income statement is computed
				Land		Buildings and improvements				Land		Buildings and improvements		Total (2)
New York
Manhattan
1290 Avenue of the Americas	$	950,000		$	518,244	$	926,992	$	268,355	$	518,244	$	1,195,347	$	1,713,591	$	440,097	1963	2007	(4)
One Park Avenue	525,000			197,057		369,016		1,525		197,057		370,541		567,598		4,538		1926	2021	(4)
350 Park Avenue	400,000			265,889		363,381		49,025		265,889		412,406		678,295		157,691		1960	2006	(4)
PENN 1	—			—		412,169		675,839		—		1,088,008		1,088,008		364,744		1972	1998	(4)
100 West 33rd Street	398,402			242,776		247,970		44,038		242,776		292,008		534,784		115,295		1911	2007	(4)
150 West 34th Street	205,000			119,657		268,509		—		119,657		268,509		388,166		44,192		1900	2015	(4)
PENN 2	575,000		(5)	53,615		164,903		261,859		52,689		427,688		480,377		106,149		1968	1997	(4)
90 Park Avenue	—			8,000		175,890		198,970		8,000		374,860		382,860		177,978		1964	1997	(4)
Manhattan Mall	181,598			88,595		113,473		31,237		88,595		144,710		233,305		52,851		2009	2007	(4)
770 Broadway	700,000			52,898		95,686		188,436		52,898		284,122		337,020		127,420		1907	1998	(4)
888 Seventh Avenue	299,400			—		117,269		164,940		—		282,209		282,209		153,517		1980	1998	(4)
PENN 11	500,000			40,333		85,259		118,666		40,333		203,925		244,258		93,045		1923	1997	(4)
909 Third Avenue	350,000			—		120,723		121,136		—		241,859		241,859		122,466		1969	1999	(4)
150 East 58th Street	—			39,303		80,216		57,661		39,303		137,877		177,180		71,938		1969	1998	(4)
595 Madison Avenue	—			62,731		62,888		68,956		62,731		131,844		194,575		53,220		1968	1999	(4)
330 West 34th Street	—			—		8,599		154,213		—		162,812		162,812		49,803		1925	1998	(4)
715 Lexington Avenue	—			—		26,903		20,217		30,085		17,035		47,120		965		1923	2001	(4)
484-486 Broadway	—			10,000		6,688		7,358		10,000		14,046		24,046		4,235		2009	2007	(4)
4 Union Square South	120,000			24,079		55,220		11,398		24,079		66,618		90,697		25,826		1965/2004	1993	(4)
Farley Office and Retail	—			—		476,235		911,408		—		1,387,643		1,387,643		4,189		1912	2018	(4)
260 Eleventh Avenue	—			—		80,482		5,530		—		86,012		86,012		14,146		1911	2015	(4)
510 Fifth Avenue	—			34,602		18,728		36,745		48,403		41,672		90,075		12,270			2010	(4)
606 Broadway	74,119			45,406		8,993		51,709		45,298		60,810		106,108		4,213			2016	(4)
40 Fulton Street	—			15,732		26,388		41,597		15,732		67,985		83,717		25,521		1987	1998	(4)
443 Broadway	—			11,187		41,186		(36,197)		3,457		12,719		16,176		391			2013	(4)
435 Seventh Avenue	95,696			19,893		19,091		2,166		19,893		21,257		41,150		10,732		2002	1997	(4)
692 Broadway	—			6,053		22,908		3,901		6,053		26,809		32,862		11,503			2005	(4)
131-135 West 33rd Street	—			8,315		21,312		477		8,315		21,789		30,104		3,161			2016	(4)


COLUMN A	COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
	Encumbrances (1)		Initial cost to company				Costs capitalized subsequent to acquisition		Gross amount at which carried at close of period						Accumulated depreciation and amortization		Date of construction (3)	Date acquired	Life on which depreciation in latest income statement is computed
			Land		Buildings and improvements				Land		Buildings and improvements		Total (2)
New York - continued
Manhattan - continued
304 Canal Street	$	—	$	3,511	$	12,905	$	(8,456)	$	1,771	$	6,189	$	7,960	$	169	1910	2014	(4)
1131 Third Avenue	—		7,844		7,844		5,683		7,844		13,527		21,371		3,093			1997	(4)
431 Seventh Avenue	—		16,700		2,751		—		16,700		2,751		19,451		1,014			2007	(4)
138-142 West 32nd Street	—		9,252		9,936		2,002		9,252		11,938		21,190		1,844		1920	2015	(4)
334 Canal Street	—		1,693		6,507		(1,170)		752		6,278		7,030		205			2011	(4)
966 Third Avenue	—		8,869		3,631		—		8,869		3,631		12,500		756			2013	(4)
148 Spring Street	—		3,200		8,112		398		3,200		8,510		11,710		2,941			2008	(4)
150 Spring Street	—		3,200		5,822		312		3,200		6,134		9,334		2,109			2008	(4)
137 West 33rd Street	—		6,398		1,550		—		6,398		1,550		7,948		262		1932	2015	(4)
825 Seventh Avenue	—		1,483		697		3,940		1,483		4,637		6,120		829			1997	(4)
537 West 26th Street	—		10,370		17,632		19,925		26,631		21,296		47,927		2,062			2018	(4)
339 Greenwich Street	—		2,622		12,333		(10,019)		865		4,071		4,936		123			2017	(4)
PENN 15 (Hotel Pennsylvania site)	—		29,903		121,712		266,365		29,903		388,077		417,980		145,938		1919	1997	(4)
Other (Including Signage)	—		140,477		31,892		3,477		94,788		81,058		175,846		23,571
Total Manhattan	5,374,215		2,109,887		4,660,401		3,743,622		2,111,143		8,402,767		10,513,910		2,437,012


Other Properties
33-00 Northern Boulevard, Queens, New York	100,000		46,505		86,226		14,493		46,505		100,719		147,224		17,829		1915	2015	(4)
Paramus, New Jersey	—		—		—		23,348		1,036		22,312		23,348		19,393		1967	1987	(4)
Total Other Properties	100,000		46,505		86,226		37,841		47,541		123,031		170,572		37,222

Total New York	5,474,215		2,156,392		4,746,627		3,781,463		2,158,684		8,525,798		10,684,482		2,474,234


COLUMN A	COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
	Encumbrances (1)		Initial cost to company				Costs capitalized subsequent to acquisition		Gross amount at which carried at close of period						Accumulated depreciation and amortization		Date of construction (3)	Date acquired	Life on which depreciation in latest income statement is computed
			Land		Buildings and improvements				Land		Buildings and improvements		Total (2)
Other
theMART
theMART, Illinois	$	—	$	64,528	$	319,146	$	413,854	$	64,535	$	732,993	$	797,528	$	369,439	1930	1998	(4)
527 West Kinzie, Illinois	—		5,166		—		197		5,166		197		5,363		—			1998
Piers 92 and 94, New York	—		—		—		19,144		—		19,144		19,144		3,905			2008	(4)
Total theMART	—		69,694		319,146		433,195		69,701		752,334		822,035		373,344

555 California Street, California	1,200,000		223,446		895,379		256,718		223,446		1,152,097		1,375,543		395,120		1922,1969 -1970	2007	(4)
220 Central Park South, New York	—		115,720		16,445		(106,014)		—		26,151		26,151		—			2005	(4)
Borgata Land, Atlantic City, NJ	—		83,089		—		—		83,089		—		83,089		—			2010
759-771 Madison Avenue (40 East 66th) Residential, New York	—		8,454		13,321		(8,193)		5,273		8,309		13,582		3,101			2005	(4)
Annapolis, Maryland	—		—		9,652		—		—		9,652		9,652		4,713			2005	(4)
Wayne Towne Center, New Jersey	—		—		26,137		47,347		—		73,484		73,484		34,112			2010	(4)
Other	—		—		—		10,035		—		10,035		10,035		1,942				(4)
Total Other	1,200,000		500,403		1,280,080		633,088		381,509		2,032,062		2,413,571		812,332

Leasehold improvements equipment and other	—		—		—		119,792		—		119,792		119,792		89,781

Total December 31, 2021	$	6,674,215	$	2,656,795	$	6,026,707	$	4,534,343	$	2,540,193	$	10,677,652	$	13,217,845	$	3,376,347

________________________________________

(1)Represents contractual debt obligations.

(2)The net basis of Vornado's assets and liabilities for tax reporting purposes is approximately $2.6 billion lower than the amounts reported for financial statement purposes.

(3)Date of original construction –– many properties have had substantial renovation or additional construction –– see Column D.

(4)Depreciation of the buildings and improvements are calculated over lives ranging from the life of the lease to forty years.

(5)Secured amount outstanding on revolving credit facilities.

The following is a reconciliation of real estate assets and accumulated depreciation:


	Year Ended December 31,
	2021		2020		2019
Real Estate
Balance at beginning of period	$	12,087,943	$	13,074,012	$	16,237,883
Additions during the period:
Land	197,057		1,372		46,074
Buildings & improvements and other	1,286,474		1,127,593		1,391,784
	13,571,474		14,202,977		17,675,741
Less: Assets sold, written-off, reclassified to ready for sale and deconsolidated	353,629		2,115,034		4,601,729
Balance at end of period	$	13,217,845	$	12,087,943	$	13,074,012

Accumulated Depreciation
Balance at beginning of period	$	3,169,446	$	3,015,958	$	3,180,175
Additions charged to operating expenses	362,311		344,301		360,194
	3,531,757		3,360,259		3,540,369
Less: Accumulated depreciation on assets sold, written-off and deconsolidated	155,410		190,813		524,411
Balance at end of period	$	3,376,347	$	3,169,446	$	3,015,958

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Dec. 31, 2021 segment
Segment Reporting [Abstract]
Number of reportable segments (segment)	2

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Insurance For our properties, we maintain general liability insurance with limits of $300,000,000 per occurrence and per property, of which $250,000,000 includes communicable disease coverage, and we maintain all risk property and rental value insurance with limits of $2.0 billion per occurrence, with sub-limits for certain perils such as flood and earthquake, excluding communicable disease coverage. Our California properties have earthquake insurance with coverage of $350,000,000 per occurrence and in the aggregate, subject to a deductible in the amount of 5% of the value of the affected property. We maintain coverage for certified terrorism acts with limits of $6.0 billion per occurrence and in the aggregate (as listed below), $1.2 billion for non-certified acts of terrorism, and $5.0 billion per occurrence and in the aggregate for terrorism involving nuclear, biological, chemical and radiological (“NBCR”) terrorism events, as defined by the Terrorism Risk Insurance Act of 2002, as amended to date and which has been extended through December 2027. Penn Plaza Insurance Company, LLC (“PPIC”), our wholly owned consolidated subsidiary, acts as a re-insurer with respect to a portion of all risk property and rental value insurance and a portion of our earthquake insurance coverage, and as a direct insurer for coverage for acts of terrorism including NBCR acts. Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third party insurance companies and the Federal government with no exposure to PPIC. For NBCR acts, PPIC is responsible for a deductible of $1,785,910 and 20% of the balance of a covered loss and the Federal government is responsible for the remaining portion of a covered loss. We are ultimately responsible for any loss incurred by PPIC. Certain condominiums in which we own an interest (including our leasehold interest in the Farley Condominiums) own insurance policies with different per occurrence and aggregate limits than our policies described above. We continue to monitor the state of the insurance market and the scope and costs of coverage for acts of terrorism and other events. However, we cannot anticipate what coverage will be available on commercially reasonable terms in the future. We are responsible for uninsured losses and for deductibles and losses in excess of our insurance coverage, which could be material. Our debt instruments, consisting of mortgage loans secured by our properties, senior unsecured notes and revolving credit agreements contain customary covenants requiring us to maintain insurance. Although we believe that we have adequate insurance coverage for purposes of these agreements, we may not be able to obtain an equivalent amount of coverage at reasonable costs in the future. Further, if lenders insist on greater coverage than we are able to obtain it could adversely affect our ability to finance or refinance our properties and expand our portfolio. Other Commitments and Contingencies We are from time to time involved in legal actions arising in the ordinary course of business. In our opinion, after consultation with legal counsel, the outcome of such matters is not currently expected to have a material adverse effect on our financial position, results of operations or cash flows. Each of our properties has been subjected to varying degrees of environmental assessment at various times. The environmental assessments did not reveal any material environmental contamination. However, there can be no assurance that the identification of new areas of contamination, changes in the extent or known scope of contamination, the discovery of additional sites, or changes in cleanup requirements would not result in significant costs to us. In July 2018, we leased 78,000 square feet at 345 Montgomery Street in San Francisco, CA, to a subsidiary of Regus PLC, for an initial term of 15 years. The obligations under the lease were guaranteed by Regus PLC in an amount of up to $90,000,000. The tenant purported to terminate the lease prior to space delivery. We commenced a suit on October 23, 2019 seeking to enforce the lease and the guaranty. On May 11, 2021, the court issued a final statement of decision in our favor and on July 7, 2021, the Regus subsidiary appealed the decision. On October 9, 2020, the successor to Regus PLC filed for bankruptcy in Luxembourg. We are actively pursuing claims relating to the guaranty against the successor to Regus PLC and its parent in Luxembourg and other jurisdictions. In November 2011, we entered into an agreement with the New York City Economic Development Corporation ("EDC") to lease Piers 92 and 94 (the "Piers"). In February 2019, EDC issued an order for us to vacate Pier 92 due to structural problems. Beginning March 2020 through August 2021, we did not pay EDC the monthly rent due under the non-recourse lease due to the loss of our right to use or occupy Pier 92. On August 31, 2021, both parties entered into a mutual release with respect to claims by EDC for unpaid rent owed and claims by the Company for costs and damages as a result of our inability to use or occupy Pier 92. Our mortgage loans are non-recourse to us, except for the mortgage loans secured by 640 Fifth Avenue, 7 West 34th Street and 435 Seventh Avenue, which we guaranteed and therefore are part of our tax basis. In certain cases we have provided guarantees or master leased tenant space. These guarantees and master leases terminate either upon the satisfaction of specified circumstances or repayment of the underlying loans. In addition, we have guaranteed the rent and payments in lieu of real estate taxes due to ESD, an entity of New York State, for Farley Office and Retail. As of December 31, 2021, the aggregate dollar amount of these guarantees and master leases is approximately $1,648,000,000. 21. Commitments and Contingencies – continued Other Commitments and Contingencies - continued As of December 31, 2021, $15,273,000 of letters of credit were outstanding under one of our unsecured revolving credit facilities. Our unsecured revolving credit facilities contain financial covenants that require us to maintain minimum interest coverage and maximum debt to market capitalization ratios, and provide for higher interest rates in the event of a decline in our ratings below Baa3/BBB. Our unsecured revolving credit facilities also contain customary conditions precedent to borrowing, including representations and warranties, and also contain customary events of default that could give rise to accelerated repayment, including such items as failure to pay interest or principal. Our 95% consolidated joint venture (5% is owned by Related Companies ("Related")) is developing Farley Office and Retail. In connection with the development of the property, the joint venture admitted a historic tax credit investor partner. Under the terms of the historic tax credit arrangement, the joint venture is required to comply with various laws, regulations, and contractual provisions. Non-compliance with applicable requirements could result in projected tax benefits not being realized and, therefore, may require a refund or reduction of the Tax Credit Investor’s capital contributions. As of December 31, 2021, the Tax Credit Investor has made $92,400,000 in capital contributions. Vornado and Related have guaranteed certain of the joint venture’s obligations to the Tax Credit Investor. As investment manager of the Fund we are entitled to an incentive allocation after the limited partners have received a preferred return on their invested capital. The incentive allocation is subject to catch-up and clawback provisions. Accordingly, based on the December 31, 2021 fair value of the Fund assets, at liquidation we would be required to make a $27,100,000 payment to the limited partners, net of amounts owed to us, representing a clawback of previously paid incentive allocations, which would have no income statement impact as it was previously accrued. As of December 31, 2021, we expect to fund additional capital to certain of our partially owned entities aggregating approximately $10,300,000. As of December 31, 2021, we have construction commitments aggregating approximately $494,000,000.

Investments in Partially Owned Entities (Summary of Debt) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Partially Owned Office Buildings
Schedule of Equity Method Investments [Line Items]
Maturity, range, start	2022
Maturity, range, end	2029
Debt instrument, interest rate, effective percentage	2.95%
Equity method investment debt of partially owned entities	$ 3,348,149	$ 3,622,572
Alexanders Inc
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage	32.40%
Maturity, range, start	2024
Maturity, range, end	2027
Debt instrument, interest rate, effective percentage	1.43%
Equity method investment debt of partially owned entities	$ 1,096,544	1,164,544
Fifth Avenue and Times Square JV
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage	51.50%
Maturity, range, start	2022
Maturity, range, end	2024
Debt instrument, interest rate, effective percentage	2.61%
Equity method investment debt of partially owned entities	$ 950,000	950,000
Other equity method investments
Schedule of Equity Method Investments [Line Items]
Maturity, range, start	2022
Maturity, range, end	2026
Debt instrument, interest rate, effective percentage	3.67%
Equity method investment debt of partially owned entities	$ 1,292,012	1,288,265
640 Fifth Avenue
Schedule of Equity Method Investments [Line Items]
Mortgage loans on real estate, face amount of mortgages	500,000	500,000
7 West 34th Street
Schedule of Equity Method Investments [Line Items]
Mortgage loans on real estate, face amount of mortgages	300,000	300,000
Partially Owned Properties
Schedule of Equity Method Investments [Line Items]
Equity method investment pro rata share debt of partially owned entities	$ 2,699,405	$ 2,873,174

Investments in Partially Owned Entities

12 Months Ended

Dec. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Investments in Partially Owned Entities

Fifth Avenue and Times Square JV

As of December 31, 2021, we own a 51.5% common interest in a joint venture ("Fifth Avenue and Times Square JV") which owns interests in properties located at 640 Fifth Avenue, 655 Fifth Avenue, 666 Fifth Avenue, 689 Fifth Avenue, 697-703 Fifth Avenue, 1535 Broadway and 1540 Broadway (collectively, the "Properties"). The remaining 48.5% common interest in the joint venture is owned by a group of institutional investors (the "Investors"). Our 51.5% common interest in the joint venture represents an effective 51.0% interest in the Properties. The 48.5% common interest in the joint venture owned by the Investors represents an effective 47.2% interest in the Properties.

We also own $1.828 billion of preferred equity security interests in certain of the properties. The preferred equity has an annual coupon of 4.25% through April 2024, increasing to 4.75% for the subsequent five years and thereafter at a formulaic rate. It can be redeemed under certain conditions on a tax deferred basis.

As of December 31, 2021, the carrying amount of our investment in the joint venture was less than our share of the equity in the net assets of the joint venture by approximately $387,402,000, the basis difference primarily resulting from non-cash impairment losses recognized during 2020. Substantially all of this basis difference was allocated, based on our estimates of the fair values of Fifth Avenue and Times Square JV’s assets and liabilities, to real estate (land and buildings). We are amortizing the basis difference related to the buildings into earnings as a reduction to depreciation expense over their estimated useful lives.

Management, Development, Leasing and Other Agreements

We provide various services to Fifth Avenue and Times Square JV in accordance with management, development, leasing and other agreements, as described on the following page.

5. Investments in Partially Owned Entities - continued

Fifth Avenue and Times Square JV - continued

We receive an annual fee for managing the Properties equal to 2% of the gross revenues from the Properties. In addition, we are entitled to a development fee of 5% of development costs, plus reimbursement of certain costs, for development projects performed by us. We are entitled to 1.5% of development costs, plus reimbursement of certain costs, as a supervisory fee for development projects not performed by us. We provide leasing services for fees calculated based on a percentage of rents, less any commissions paid to third-party real estate brokers, if applicable. We jointly provide leasing services for the retail space with Crown Retail Services LLC, and exclusively provide leasing services for the office space. We recognized property management fee income, included in "fee and other income" on our consolidated statements of income, of $4,297,000, $3,982,000 and $3,085,000 for the years ended December 31, 2021, 2020 and 2019, respectively.

BMS, our wholly-owned subsidiary, supervises cleaning, security and engineering services at certain of the Properties. We recognized income for these services, included in "fee and other income" on our consolidated statements of income, of $3,993,000, $3,595,000 and $3,087,000 for the years ended December 31, 2021, 2020 and 2019, respectively.

We believe, based on comparable fees charged by other real estate companies, that the fees described above are consistent with the market.

Alexander’s, Inc

As of December 31, 2021, we own 1,654,068 Alexander’s common shares, or approximately 32.4% of Alexander’s common equity. We manage, develop and lease Alexander’s properties pursuant to agreements which expire in March of each year and are automatically renewable. As of December 31, 2021 and 2020, Alexander’s owed us an aggregate of $879,000 and $1,516,000, respectively, pursuant to such agreements.

On June 4, 2021, Alexander's completed the sale of a parcel of land in the Bronx, New York for $10,000,000. As a result of the sale, we recognized our $2,956,000 share of the net gain and also received a $300,000 sales commission paid by Alexander's.

On October 4, 2021, Alexander's sold its Paramus, New Jersey property to IKEA Property, Inc. ("IKEA"), the tenant at the property, for $75,000,000 pursuant to IKEA's purchase option contained in the lease. The property was encumbered by a $68,000,000 mortgage loan which was repaid at closing of the sale. As a result of the sale, we recognized our $11,620,000 share of the net gain and also received a $750,000 sales commission paid by Alexander's.

As of December 31, 2021, the market value (“fair value” pursuant to ASC Topic 820, Fair Value Measurements ("ASC 820")) of our investment in Alexander’s, based on Alexander’s December 31, 2021 closing share price of $260.30, was $430,554,000, or $339,149,000 in excess of the carrying amount on our consolidated balance sheet. As of December 31, 2021, the carrying amount of our investment in Alexander’s, excluding amounts owed to us, exceeds our share of the equity in the net assets of Alexander’s by approximately $30,081,000. The majority of this basis difference resulted from the excess of our purchase price for the Alexander’s common stock acquired over the book value of Alexander’s net assets. Substantially all of this basis difference was allocated, based on our estimates of the fair values of Alexander’s assets and liabilities, to real estate (land and buildings). We are amortizing the basis difference related to the buildings into earnings as additional depreciation expense over their estimated useful lives. This depreciation is not material to our share of equity in Alexander’s net income.

Management, Development, Leasing and Other Agreements

We receive an annual fee for managing Alexander’s and all of its properties equal to the sum of (i) $2,800,000, (ii) 2% of the gross revenue from the Rego Park II Shopping Center, (iii) $0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue, and (iv) $344,000, escalating at 3% per annum, for managing the common area of 731 Lexington Avenue. In addition, we are entitled to a development fee of 6% of development costs, as defined.

We provide Alexander’s with leasing services for a fee of 3% of rent for the first ten years of a lease term, 2% of rent for the eleventh through twentieth year of a lease term and 1% of rent for the twenty-first through thirtieth year of a lease term, subject to the payment of rents by Alexander’s tenants. In the event third-party real estate brokers are used, our fee increases by 1% and we are responsible for the fees to the third-parties. We are also entitled to a commission upon the sale of any of Alexander’s assets equal to 3% of gross proceeds, as defined, for asset sales less than $50,000,000, and 1% of gross proceeds, as defined, for asset sales of $50,000,000 or more.

BMS, our wholly-owned subsidiary, supervises (i) cleaning, engineering and security services at Alexander’s 731 Lexington Avenue property and (ii) security services at Alexander’s Rego Park I, Rego Park II properties and The Alexander apartment tower. During the years ended December 31, 2021, 2020 and 2019, we recognized $4,234,000, $3,613,000 and $3,613,000 of income, respectively, for these services.

5. Investments in Partially Owned Entities - continued

Below is a schedule of our investments in partially owned entities.


(Amounts in thousands)	Percentage Ownership at December 31, 2021	Balance as of December 31,
		2021		2020
Investments:
Fifth Avenue and Times Square JV (see page 90 for details)	51.5%	$	2,770,633	$	2,798,413
Partially owned office buildings/land(1)	Various	306,989		473,285
Alexander’s (see page 91 for details)	32.4%	91,405		82,902
Other investments(2)	Various	128,362		136,507
		$	3,297,389	$	3,491,107
Investments in partially owned entities included in other liabilities(3):
7 West 34th Street	53.0%	$	(60,918)	$	(55,340)
85 Tenth Avenue	49.9%	(18,067)		(13,080)
		$	(78,985)	$	(68,420)

____________________

(2)Includes interests in Independence Plaza, Rosslyn Plaza and others.

(3)Our negative basis results from distributions in excess of our investment.

Below is a schedule of income (loss) from partially owned entities.


(Amounts in thousands)	Percentage Ownership at December 31, 2021	For the Year Ended December 31,
		2021		2020			2019
Our share of net income (loss):
Fifth Avenue and Times Square JV (see page 90 for details):
Equity in net income(1)	51.5%	$	47,144	$	21,063		$	31,130
Return on preferred equity, net of our share of the expense		37,416		37,357			27,586
Non-cash impairment loss		—		(413,349)			—
		84,560		(354,929)			58,716

Alexander's (see page 91 for details):
Equity in net income	32.4%	20,116		13,326		(2)	19,204
Net gain on sale of land		14,576		—			—
Management, leasing and development fees		5,429		5,309			4,575
		40,121		18,635			23,779

Partially owned office buildings(3)	Various	12,057		12,742			(3,443)

Other investments(4)	Various	(6,221)		(5,560)			(187)

		$	130,517	$	(329,112)		$	78,865

____________________

(2)Includes our $4,846 share of write-offs of lease receivables deemed uncollectible.

5. Investments in Partially Owned Entities – continued

Below is a summary of the debt of our partially owned entities.


(Amounts in thousands)	Percentage Ownership at December 31, 2021	Maturity	Weighted Average Interest Rate at December 31, 2021	100% Partially Owned Entities’ Debt at December 31,(1)
				2021		2020
Mortgages Payable:
Partially owned office buildings(2)	Various	2022-2029	2.95%	$	3,348,149	$	3,622,572
Alexander's	32.4%	2024-2027	1.43%	1,096,544		1,164,544
Fifth Avenue and Times Square JV	51.5%	2022-2024	2.61%	950,000		950,000
Other(3)	Various	2022-2026	3.67%	1,292,012		1,288,265

________________________________________

(3)Includes interests in Independence Plaza, Rosslyn Plaza and others.

Summary of Condensed Combined Financial Information

The following is a summary of condensed combined financial information for all of our partially owned entities.


(Amounts in thousands)	As of December 31,
	2021		2020
Balance Sheet:
Assets	$	12,689,000	$	13,344,000
Liabilities	7,553,000		7,747,000
Noncontrolling interests	2,069,000		2,075,000
Equity	3,067,000		3,522,000


(Amounts in thousands)	For the Year Ended December 31,
	2021		2020		2019
Income Statement:
Total revenue	$	1,184,000	$	1,163,000	$	1,504,000
Net income	190,000		45,000		39,000
Net income (loss) attributable to the entities	114,000		(33,000)		(32,000)

Stock-based Compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-based Compensation

Vornado's 2019 Omnibus Share Plan (the “Plan") provides the Compensation Committee of Vornado's Board of Trustees (the "Committee") the ability to grant incentive and nonqualified Vornado stock options, restricted stock, restricted Operating Partnership units ("OP units"), out-performance plan awards ("OPPs"), appreciation-only long-term incentive plan units (“AO LTIP Units”) and performance conditioned appreciation-only long-term incentive plan units ("Performance Conditioned AO LTIP Units") to certain of our employees and officers. Awards may be granted up to a maximum 5,500,000 shares, if all awards granted are Full Value awards, as defined in the Plan, and up to 11,000,000 shares, if all of the awards granted are Not Full Value Awards, as defined in the Plan. Full Value Awards are awards of securities, such as restricted shares, that, if all vesting requirements are met, do not require the payment of an exercise price or strike price to acquire the securities. Not Full Value Awards are awards of securities, such as options, that do require the payment of an exercise price or strike price. As of December 31, 2021, Vornado has approximately 3,490,000 shares available for future grants under the Plan, if all awards granted are Full Value Awards, as defined.

We account for all equity-based compensation in accordance with ASC Topic 718, Compensation - Stock Compensation. Below is a summary of our stock-based compensation expense, a component of "general and administrative" expense on our consolidated statements of income.


(Amounts in thousands)	For the Year Ended December 31,
	2021		2020		2019
OP Units	$	27,698	$	33,431	$	39,969
OPPs	8,629		9,579		1,944
AO LTIP Units	877		3,955		2,636
Vornado stock options	456		656		547
Vornado restricted stock	450		649		549
Performance Conditioned AO LTIP Units	219		407		8,263
	$	38,329	$	48,677	$	53,908

Below is a summary of unrecognized compensation expense for the year ended December 31, 2021.


(Amounts in thousands)	As of December 31, 2021		Weighted-Average Remaining Contractual Term
OP Units	$	13,460	1.3
OPPs	5,104		2.0
AO LTIP Units	565		1.2
Vornado stock options	489		1.4
Vornado restricted stock	483		1.4
Performance Conditioned AO LTIP Units	94		1.0
	$	20,195	1.5

OPPs

OPPs are multi-year, performance-based equity compensation plans under which participants have the opportunity to earn a class of units (“OPP units”) of the Operating Partnership if, and only if, Vornado outperforms a predetermined total shareholder return (“TSR”) and/or outperforms the market with respect to a relative TSR during the three-year or four-year performance period (the “Performance Period”) as described on the following page. OPP units, if earned, become convertible into Class A units of the Operating Partnership (and ultimately into Vornado common shares) following vesting.

2021 OPP

On January 12, 2021, the Committee approved the 2021 OPP, a multi-year, $30,000,000 performance-based equity compensation plan. Awards under the 2021 OPP may potentially be earned if Vornado (i) achieves a TSR greater than 28% over a four-year performance period (the “2021 OPP Absolute Component”), and /or (ii) achieves a TSR above a benchmark weighted index (the "Index"), comprised of 80% of the constituents of the SNL US Office REIT Index at the time awards were granted, and 20% of the constituents of the SNL US Retail Index at the time awards were granted, over the Performance Period (the “2021 OPP Relative Component”).

14. Stock-based Compensation – continued

2021 OPP - continued

The value of awards under the 2021 OPP Absolute Component and 2021 OPP Relative Component will be calculated separately and will each be subject to an aggregate $30,000,000 maximum award cap for all participants. The two components will be added together to determine the aggregate award size, which shall also be subject to the aggregate $30,000,000 maximum award cap for all participants. In the event awards are earned under the 2021 OPP Absolute Component, but Vornado underperforms the Index by more than 200 basis points per annum over the Performance Period (800 basis points over the four years), the amount earned under the 2021 OPP Absolute Component will be reduced based on the degree by which the Index exceeds Vornado’s TSR with the maximum payout being 50% under the 2021 OPP Absolute Component. In the event awards are earned under the 2021 OPP Relative Component, but Vornado fails to achieve a TSR of at least 2% per annum, awards earned under the 2021 OPP Relative Component will be reduced on a ratable sliding scale based on Vornado’s absolute TSR performance, with the maximum payout being 50% under the 2021 OPP Relative Component in the event Vornado’s TSR during the four-year measurement period is 0% or negative. If the designated performance objectives are achieved, awards earned under 2021 OPP will vest 50% in year four and 50% in year five. In addition, all of Vornado’s senior executives are required to hold any earned and vested awards for one year following each such vesting date. Dividends on awards granted under the 2021 OPP accrue during the four-year performance period and are paid to participants if awards are ultimately earned based on the achievement of the designated performance objectives.

Below is the summary of the OPP units granted during the years December 31, 2021, 2020 and 2018.


Plan Year	Total Plan Notional Amount		Percentage of Notional Amount Granted		Grant Date Fair Value(1)		OPP Units Earned
2021	$	30,000,000	99.1	%	$	9,950,000	To be determined in 2025
2020	35,000,000		94.0	%	11,700,000		To be determined in 2023
2018	35,000,000		78.2	%	10,300,000		Not earned

________________________________________

Vornado Stock Options

Vornado stock options are granted at an exercise price equal to the average of the high and low market price of Vornado’s common shares on the NYSE on the date of grant, generally vest over four years and expire ten years from the date of grant. Compensation expense related to Vornado stock option awards is recognized on a straight-line basis over the vesting period.

Below is a summary of Vornado’s stock option activity for the year ended December 31, 2021.


	Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding as of December 31, 2020	765,637	$	64.79

Exercised	(598)	36.72
Forfeited	(3,008)	56.92
Expired	(570,098)	64.70
Outstanding as of December 31, 2021	191,933	$	65.27	5.75	$	152,920
Options exercisable as of December 31, 2021	124,805	$	70.13	4.71	$	37,820

There were no Vornado stock options granted during the year ended December 31, 2021. The fair value of each option grant is estimated on the date of grant using an option-pricing model with the following weighted-average assumptions for grants in the years ended December 31, 2020 and 2019.


	As of December 31,
	2020	2019
Expected volatility	35% - 36%	35%
Expected life	5.0 years	5.0 years
Risk free interest rate	0.57% - 1.76%	2.50%
Expected dividend yield	3.2% - 3.4%	2.9%

The weighted average grant date fair value per share for options granted during the years ended December 31, 2020 and 2019 was $12.28 and $16.64, respectively. Cash received from option exercises for the years ended December 31, 2021, 2020 and 2019 was $22,000, $3,516,000 and $5,495,000, respectively. The total intrinsic value of options exercised during the years ended December 31, 2021, 2020 and 2019 was $5,500, $859,000 and $18,954,000, respectively.

14. Stock-based Compensation – continued

Performance Conditioned AO LTIP Units

Performance Conditioned AO LTIP Units are AO LTIP Units that require the achievement of certain performance conditions by a specified date or they are forfeited. The performance-based condition is met if Vornado common shares trade at or above 110% of the grant price per share for any 20 consecutive days on or before the fourth anniversary following the date of grant. If the performance conditions are not met, the awards are forfeited. If the performance conditions are met, once vested, the awards may be converted into Class A Operating Partnership units in the same manner as AO LTIP Units until ten years from the date of grant.

Below is a summary of Performance Conditioned AO LTIP Units activity for the year ended December 31, 2021.


	Units		Weighted-Average Grant-Date Fair Value		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding as of December 31, 2020	496,792	(1)	$	62.62
Outstanding as of December 31, 2021	496,792	(1)	$	62.62	7.04	$	—
Options exercisable at December 31, 2021	322,313		$	62.62	7.04	$	—

________________________________________

(1) Granted in 2019 at a grant price of $64.48 and a fair value of $8,983,000 at the date of grant.

The fair value of each Performance Conditioned AO LTIP Units granted is estimated on the date of grant using an option-pricing model with the following weighted average assumptions for grants in the year ended December 31, 2019.


Expected volatility			35%
Expected life			8.0 years
Risk free interest rate			2.76%
Expected dividend yield			3.1%

AO LTIP Units

AO LTIP Units are a class of partnership interests in the Operating Partnership that are intended to qualify as “profits interests” for federal income tax purposes and generally only allow the recipient to realize value to the extent the fair market value of a Vornado common share exceeds the threshold level set at the time the AO LTIP Units are granted, subject to any vesting conditions applicable to the award. The threshold level is intended to be equal to 100% of the then fair market value of a Vornado common share on the date of grant. The value of vested AO LTIP Units is realized through conversion of the AO LTIP Units into Class A Operating Partnership units. The number of Class A Units into which vested AO LTIP Units may be converted is determined based on the quotient of (i) the excess of the conversion value on the conversion date over the threshold value designated at the time the AO LTIP Unit was granted, divided by (ii) the conversion value on the conversion date. The “conversion value” is the value of a Vornado common share on the conversion date multiplied by the Conversion Factor as defined in the Partnership Agreement, which is currently one. AO LTIP Units have a term of ten years from the grant date. Each holder will generally receive special income allocations in respect of an AO LTIP Unit equal to 10% (or such other percentage specified in the applicable award agreement) of the income allocated in respect of a Class A Unit. Upon conversion of AO LTIP Units to Class A Units, holders will be entitled to receive in respect of each such AO LTIP Unit, on a per unit basis, a special distribution equal to 10% (or such other percentage specified in the applicable award agreement) of the distributions received by a holder of an equivalent number of Class A Units during the period from the grant date of the AO LTIP Units through the date of conversion.

Below is a summary of AO LTIP Units activity for the year ended December 31, 2021.


	Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding as of December 31, 2020	717,581	$	59.71

Exercised	(16,669)	36.72
Forfeited	(60,927)	56.30
Expired	(72,246)	66.32
Outstanding as of December 31, 2021	567,739	$	59.91	7.29	$	640,711
Options exercisable as of December 31, 2021	327,535	$	61.83	7.06	$	279,164

14. Stock-based Compensation – continued

AO LTIP Units - continued

There were no AO LTIP Units granted during the year ended December 31, 2021. AO LTIP Units granted during the years ended December 31, 2020 and 2019 had a fair value of $4,319,000 and $3,429,000, respectively. The fair value of each AO LTIP Unit granted is estimated on the date of grant using an option-pricing model with the following weighted-average assumptions for grants in the years ended December 31, 2020 and 2019.


	As of December 31,
	2020	2019
Expected volatility	35% - 36%	35%
Expected life	5.0 years	5.0 years
Risk free interest rate	0.57% - 1.76%	2.50%
Expected dividend yield	3.2% - 3.4%	2.90%

OP Units

OP Units are granted at the average of the high and low market price of Vornado’s common shares on the NYSE on the date of grant, vest ratably over four years and are subject to a taxable book-up event, as defined. Compensation expense related to OP Units is recognized ratably over the vesting period using a graded vesting attribution model. Distributions paid on unvested OP Units amounted to $2,634,000, $5,316,000 and $4,070,000 in the years ended December 31, 2021, 2020 and 2019, respectively.

Below is a summary of restricted OP unit activity for the year ended December 31, 2021.


Unvested Units	Units	Weighted-Average Grant-Date Fair Value
Unvested as of December 31, 2020	1,152,418	$	53.17
Granted	816,019	32.10
Vested	(867,747)	42.11
Forfeited	(17,603)	52.73

Unvested as of December 31, 2021	1,083,087	53.99

OP Units granted in 2021, 2020 and 2019 had a fair value of $26,194,000, $18,013,000 and $58,732,000, respectively. The fair value of OP Units that vested during the years ended December 31, 2021, 2020 and 2019 was $36,541,000, $24,373,000 and $27,821,000, respectively.

Vornado Restricted Stock

Vornado restricted stock awards are granted at the average of the high and low market price of Vornado’s common shares on the NYSE on the date of grant and generally vest over four years. Compensation expense related to Vornado’s restricted stock awards is recognized on a straight-line basis over the vesting period. Dividends paid on unvested Vornado restricted stock are charged directly to retained earnings and amounted to $35,000, $98,000 and $51,000 for the years ended December 31, 2021, 2020 and 2019, respectively.

Below is a summary of Vornado’s restricted stock activity for the year ended December 31, 2021.


Unvested Shares	Shares	Weighted-Average Grant-Date Fair Value
Unvested as of December 31, 2020	25,315	$	60.06

Vested	(8,833)	64.17
Forfeited	(708)	58.56
Unvested as of December 31, 2021	15,774	57.82

There were no Vornado restricted stock awards granted during the year ended December 31, 2021. Vornado restricted stock awards granted in 2020 and 2019 had a fair value of $853,000 and $568,000, respectively. The fair value of restricted stock that vested during the years ended December 31, 2021, 2020, and 2019 was $567,000, $602,000 and $477,000, respectively.

Interest and Debt Expense - Footnote (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument, Redemption [Line Items]
Defeasance cost, noncash expense	$ 23,729	$ 0	$ 0
Controlling interest, percentage owned	70.00%
Senior unsecured notes \| Senior Unsecured Notes Due 2022
Debt Instrument, Redemption [Line Items]
Charge related to prepayment and unamortized financing costs			22,540
Debt instrument, redeemed			$ 400,000
Debt instrument, interest rate, stated percentage			5.00%

Multiemployer Benefit Plans	12 Months Ended
Multiemployer Benefit Plans	Dec. 31, 2021
Multiemployer Plan, Pension, Significant [Abstract]
Multiemployer Benefit Plans	Multiemployer Benefit Plans Our subsidiaries make contributions to certain multiemployer defined benefit plans (“Multiemployer Pension Plans”) and health plans (“Multiemployer Health Plans”) for our union represented employees, pursuant to the respective collective bargaining agreements. Multiemployer Pension Plans Multiemployer Pension Plans differ from single-employer pension plans in that (i) contributions to multiemployer plans may be used to provide benefits to employees of other participating employers and (ii) if other participating employers fail to make their contributions, each of our participating subsidiaries may be required to bear its then pro rata share of unfunded obligations. If a participating subsidiary withdraws from a plan in which it participates, it may be subject to a withdrawal liability. As of December 31, 2021, our subsidiaries’ participation in these plans was not significant to our consolidated financial statements. In the years ended December 31, 2021, 2020 and 2019, we contributed $19,851,000, $7,049,000 and $10,793,000, respectively, towards Multiemployer Pension Plans, which is included as a component of “operating” expenses on our consolidated statements of income. During the year ended December 31, 2021, the Company funded its pension withdrawal liability in relation to the permanent closure of Hotel Pennsylvania which resulted in the Company funding more than 5% of total employer contributions to the related plan for the year. For our other Multiemployer Pension Plans, our subsidiaries’ contributions did not represent more than 5% of total employer contributions for the years ended December 31, 2021, 2020 and 2019. Multiemployer Health Plans Multiemployer Health Plans in which our subsidiaries participate provide health benefits to eligible active and retired employees. In the years ended December 31, 2021, 2020 and 2019, our subsidiaries contributed $23,431,000, $26,938,000 and $32,407,000, respectively, towards these plans, which is included as a component of “operating” expenses on our consolidated statements of income.

- Definition

The entire disclosure for multiemployer plan.

+ References

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+ Details

Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt

The following is a summary of our debt:


(Amounts in thousands)	Weighted Average Interest Rate at December 31, 2021	Balance as of December 31,
		2021		2020
Mortgages Payable:
Fixed rate	2.80%	$	2,190,000	$	3,012,643
Variable rate	1.68%	3,909,215		2,595,815
Total	2.08%	6,099,215		5,608,458
Deferred financing costs, net and other		(45,872)		(27,909)
Total, net		$	6,053,343	$	5,580,549
Unsecured Debt:
Senior unsecured notes	3.02%	$	1,200,000	$	450,000
Deferred financing costs, net and other		(10,208)		(3,315)
Senior unsecured notes, net		1,189,792		446,685

Unsecured term loan	3.70%	800,000		800,000
Deferred financing costs, net and other		(2,188)		(3,238)
Unsecured term loan, net		797,812		796,762

Unsecured revolving credit facilities	1.00%	575,000		575,000

Total, net		$	2,562,604	$	1,818,447

Schedule of Maturities of Long-Term Debt

As of December 31, 2021, the principal repayments required for the next five years and thereafter are as follows:


(Amounts in thousands)	Mortgages Payable		Unsecured Debt
Year Ended December 31,
2022	$	1,046,600	$	—
2023	3,198,400		575,000
2024	773,215		800,000
2025	331,000		450,000
2026	—		400,000
Thereafter	750,000		350,000

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

+ Details

Fair Value Measurements (Changes in the Fair Value of Loans Receivable) (Details) - Loans Receivable - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 47,743	$ 59,251
Credit losses	0	(13,369)
Interest accrual	3,714	2,461
Paydowns	(1,275)	(600)
Ending balance	$ 50,182	$ 47,743

Stock-based Compensation (Out Performance Plans Narrative) (Details)		12 Months Ended
	Jan. 12, 2021 USD ($) component	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Full Value Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares) \| shares		3,490,000
OPPs
Out Performance Plan
Share-based compensation expense		$ 6,140,000	$ 7,583,000	$ 8,040,000
Out Performance Plan 2021
Out Performance Plan
Out of performance plan notional amount	$ 30,000,000	$ 30,000,000
Duration of performance measurement period	4 years
Number of components of out performance plan \| component	2
Share based compensation, maximum award	$ 30,000,000
Amount of basis points by which Vornado underperforms the index	2.00%
Amount of basis points by which Vornado underperforms the index, total	8.00%
Percentage of notional amount granted		99.10%
Grant-date fair value		$ 9,950,000
OPP Units Earned		To be determined in 2025
Out Performance Plan 2020
Out Performance Plan
Out of performance plan notional amount		$ 35,000,000
Percentage of notional amount granted		94.00%
Grant-date fair value		$ 11,700,000
OPP Units Earned		To be determined in 2023
Out Performance Plan 2018
Out Performance Plan
Out of performance plan notional amount		$ 35,000,000
Percentage of notional amount granted		78.20%
Grant-date fair value		$ 10,300,000
Absolute \| Maximum
Out Performance Plan
Duration of performance measurement period		4 years
Absolute \| Minimum
Out Performance Plan
Duration of performance measurement period		3 years
Absolute \| Out Performance Plan 2021
Out Performance Plan
Required shareholder return four year	28.00%
Duration of performance measurement period	4 years
Absolute \| Out Performance Plan 2021 \| Maximum
Out Performance Plan
Percentage awards will be reduced if total shareholder return is zero or negative	50.00%
Percent vested, year four	50.00%
Percent vested, year five	50.00%
Relative \| Out Performance Plan 2021
Out Performance Plan
Required shareholder return under relative component	2.00%
Percentage of shareholder return under which 50% of awards will be earned	0.00%
Relative \| Out Performance Plan 2021 \| Maximum
Out Performance Plan
Percentage awards will be reduced if total shareholder return is zero or negative	50.00%
SNL US Office REIT Index \| Relative \| Out Performance Plan 2021
Out Performance Plan
Required shareholder return per year	80.00%
SNL US Retail Index \| Relative \| Out Performance Plan 2021
Out Performance Plan
Required shareholder return per year	20.00%
2019 Omnibus Share Plan \| Full Value Awards \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares) \| shares		5,500,000
2019 Omnibus Share Plan \| Not Full Value Awards \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares) \| shares		11,000,000

Basis of Presentation and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis Of Presentation And Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements include the accounts of Vornado and the Operating Partnership and their consolidated subsidiaries. All inter-company amounts have been eliminated. Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), which require us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Recently Issued Accounting Literature In March 2020, the Financial Accounting Standards Board ("FASB") issued an update ("ASU 2020-04") establishing Accounting Standards Codification ("ASC") Topic 848, Reference Rate Reform. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. We have elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In August 2020, the FASB issued an update ("ASU 2020-06") Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40). ASU 2020-06 simplifies the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock, removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and also simplifies the diluted earnings per share calculation in certain areas. ASU 2020-06 is effective for reporting periods beginning after December 15, 2021, with early adoption permitted. We are currently evaluating the impact of the adoption of ASU 2020-06 on our consolidated financial statements, but do not believe the adoption of this standard will have a material impact on our consolidated financial statements. 2. Basis of Presentation and Significant Accounting Policies - continued Recently Issued Accounting Literature - continued In July 2021, the FASB issued an update ("ASU 2021-05") Lessors - Certain Leases with Variable Lease Payments to ASC Topic 842, Leases ("ASC 842"). ASU 2021-05 provides additional ASC 842 classification guidance as it relates to a lessor's accounting for certain leases with variable lease payments. ASU 2021-05 requires a lessor to classify a lease with variable payments that do not depend on an index or rate as an operating lease if either a sales-type lease or direct financing lease classification would trigger a day-one loss. ASU 2021-05 is effective for reporting periods beginning after December 15, 2021, with early adoption permitted. We are currently evaluating the impact of the adoption of ASU 2021-05 on our consolidated financial statements, but do not believe the adoption of this standard will have a material impact on our consolidated financial statements. Significant Accounting Policies Real Estate: Real estate is carried at cost, net of accumulated depreciation and amortization. Betterments, major renewals and certain costs directly related to the improvement and leasing of real estate are capitalized. Maintenance and repairs are expensed as incurred. For redevelopment of existing operating properties, the net book value of the existing property under redevelopment plus the cost for the construction and improvements incurred in connection with the redevelopment, including interest and debt expense, are capitalized to the extent the capitalized costs of the property do not exceed the estimated fair value of the redeveloped property when complete. If the cost of the redeveloped property, including the net book value of the existing property, exceeds the estimated fair value of the redeveloped property, the excess is charged to expense. Depreciation is recognized on a straight-line basis over the estimated useful lives of these assets which range from 7 to 40 years. Tenant allowances are amortized on a straight-line basis over the lives of the related leases, which approximate the useful lives of the assets. Upon the acquisition of real estate, we assess whether the transaction should be accounted for as an asset acquisition or as a business combination. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. Our acquisitions of real estate generally will not meet the definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related identified intangible assets). We assess the fair value of acquired assets (including land, buildings and improvements, identified intangibles, such as acquired above and below-market leases, acquired in-place leases and tenant relationships) and acquired liabilities and we allocate the purchase price based on these assessments which are on a relative fair value basis. We assess fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known trends, and market/economic conditions. We amortize identified intangibles that have finite lives over the period they are expected to contribute directly or indirectly to the future cash flows of the property or business acquired. Our properties, including any related right-of-use ("ROU") assets and intangible assets, are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis. An impairment loss is measured based on the excess of the property’s carrying amount over its estimated fair value. Impairment analyses are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. If our estimates of the future cash flows, anticipated holding periods, or market conditions change, our evaluation of impairment losses may be different and such differences could be material to our consolidated financial statements. Estimates of future cash flows are subjective and are based, in part, on assumptions regarding future occupancy, rental rates, capital requirements, capitalization rates and discount rates that could differ materially from actual results. 2. Basis of Presentation and Significant Accounting Policies - continued Significant Accounting Policies - continued Partially Owned Entities: We consolidate entities in which we have a controlling financial interest. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider (i) whether the entity is a variable interest entity (“VIE”) in which we are the primary beneficiary or (ii) whether the entity is a voting interest entity in which we have a majority of the voting interests of the entity. We are deemed to be the primary beneficiary of a VIE when we have (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. We generally do not control a partially owned entity if the approval of all of the partners/members is contractually required with respect to decisions that most significantly impact the performance of the partially owned entity. This includes decisions regarding operating/capital budgets, and the placement of new or additional financing secured by the assets of the venture, among others. We account for investments under the equity method when the requirements for consolidation are not met, and we have significant influence over the operations of the investee. Equity method investments are initially recorded at cost and subsequently adjusted for our share of net income or loss and cash contributions and distributions each period. Investments that do not qualify for consolidation or equity method accounting are accounted for under the cost method. Investments in unconsolidated partially owned entities are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recorded when there is a decline in the fair value below the carrying value and we conclude such decline is other-than-temporary. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment analyses are based on current plans, intended holding periods, ability to hold, and available information at the time the analyses are prepared. 220 Central Park South Condominium Units Ready For Sale: Our 220 Central Park South ("220 CPS") residential condominium units are reclassified from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" upon receipt of the unit's temporary certificate of occupancy. These units are substantially complete and ready for sale. Each unit is carried at the lower of its carrying amount or fair value less costs to sell. We have used the relative sales value method to allocate costs to individual condominium units. GAAP income is recognized when legal title transfers upon closing of the condominium unit sales and is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. As of December 31, 2021 and 2020, none of the 220 CPS condominium units ready for sale had a carrying value that exceeded fair value. Cash and Cash Equivalents: Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less and are carried at cost, which approximates fair value due to their short-term maturities. The majority of our cash and cash equivalents consists of (i) deposits at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit, (ii) United States Treasury Bills, and (iii) Certificate of Deposits placed through an Account Registry Service. Restricted Cash: Restricted cash consists of security deposits, cash restricted for the purposes of facilitating a Section 1031 Like-Kind exchange, cash restricted in connection with our deferred compensation plan and cash escrowed under loan agreements, including for debt service, real estate taxes, property insurance and capital improvements. Deferred Charges: Direct financing costs are deferred and amortized over the terms of the related agreements as a component of interest expense. Direct and incremental costs related to successful leasing activities are capitalized and amortized on a straight-line basis over the lives of the related leases. All other deferred charges are amortized on a straight-line basis, which approximates the effective interest rate method, in accordance with the terms of the agreements to which they relate. 2. Basis of Presentation and Significant Accounting Policies - continued Significant Accounting Policies - continued Revenue Recognition: •Rental revenues include revenues from the leasing of space at our properties to tenants, revenues from the Hotel Pennsylvania (permanently closed on April 5, 2021), trade shows, tenant services and parking garage revenues. •Revenues from the leasing of space at our properties to tenants includes (i) lease components, including fixed and variable lease payments, and nonlease components which include reimbursement of common area maintenance expenses, and (ii) reimbursement of real estate taxes and insurance expenses. As lessor, we have elected to combine the lease and nonlease components of our operating lease agreements and account for the components as a single lease component in accordance with ASC 842. •Revenues from fixed lease payments for operating leases in our portfolio are recognized on a straight-line basis over the non-cancelable term of the lease, together with renewal options that are reasonably certain of being exercised. We commence revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. •Revenue derived from the reimbursement of real estate taxes, insurance expenses and common area maintenance expenses are generally recognized in the same period as the related expenses are incurred. •We recognize amortization of acquired below-market leases as an increase to rental revenues and amortization of acquired above-market leases as a decrease to rental revenues over the term of the lease (see Note 8 - Identified Intangible Assets and Liabilities). •Hotel revenues arising from the operation of Hotel Pennsylvania, which we permanently closed on April 5, 2021, consists of room revenue, food and beverage revenue, and banquet revenue. Room revenues are recognized when the rooms are made available for the guest, in accordance with ASC 842. •Trade shows revenues arising from the operation of trade shows is primarily booth rentals. These revenues are recognized upon the occurrence of the trade shows when the trade show booths are made available for use by the exhibitors, in accordance with ASC 842. •Tenant services revenues arises from sub-metered electric, elevator, trash removal and other services provided to tenants at their request. These revenues are recognized as the services are transferred in accordance with ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"). •Parking garage revenues arise from the operations of our parking facilities which charge a hourly or monthly fee to provide parking services. These revenues are recognized as the services are transferred in accordance with ASC 606. •Fee and other income includes management, leasing and other revenue arising from contractual agreements with third parties or with partially owned entities and includes BMS cleaning, engineering and security services. This revenue is recognized as the services are transferred in accordance with ASC 606. We evaluate on an individual lease basis whether it is probable that we will collect substantially all amounts due from our tenants and recognize changes in the collectability assessment of our operating leases as adjustments to rental revenue. Management exercises judgment in assessing collectability of tenant receivables and considers payment history, current credit status and publicly available information about the financial condition of the tenant, the impact of COVID-19 on tenants' businesses, and other factors. Tenant receivables, including receivables arising from the straight-lining of rents, are written off when management deems that the collectability of substantially all future lease payments from a specific lease is not probable of collection, at which point, the Company will limit future rental revenues to cash received. We have made a policy election in accordance with the FASB Staff Q&A which provides relief in accounting for leases during the COVID-19 pandemic, allowing us to continue recognizing rental revenue on a straight-line basis for rent deferrals, with no impact to revenue recognition, and to recognize rent abatements as a reduction to rental revenue in the period granted. 2. Basis of Presentation and Significant Accounting Policies - continued Significant Accounting Policies - continued Income Taxes: Vornado operates in a manner intended to enable it to continue to qualify as a REIT under Sections 856‑860 of the Internal Revenue Code of 1986, as amended. Under those sections, a REIT which distributes at least 90% of its REIT taxable income as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders. Vornado distributes to its shareholders 100% of its REIT taxable income and therefore, no provision for Federal income taxes is required. Dividends distributed for the year ended December 31, 2021, were characterized, for federal income tax purposes, as 84.2% ordinary income under Section 199A of the Internal Revenue Code and 15.8% qualified dividend income (taxed as long-term capital gain). Dividends distributed for the year ended December 31, 2020, were characterized, for federal income tax purposes, as ordinary income. Dividends distributed for the year ended December 31, 2019, were characterized, for federal income tax purposes, as 62.1% ordinary income and 37.9% long-term capital gain. We have elected to treat certain consolidated subsidiaries, and may in the future elect to treat newly formed subsidiaries, as taxable REIT subsidiaries pursuant to an amendment to the Internal Revenue Code that became effective January 1, 2001. Taxable REIT subsidiaries may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to Federal and State income tax at regular corporate tax rates. Farley Office and Retail, our 220 CPS condominium project and the operations of Hotel Pennsylvania, prior to its closure, are held through taxable REIT subsidiaries. As of December 31, 2021 and 2020, our taxable REIT subsidiaries had deferred tax assets, net of valuation allowances, of $8,582,000 and $15,017,000, respectively, and are included in “other assets” on our consolidated balance sheets. As of December 31, 2021 and 2020, our taxable REIT subsidiaries had deferred tax liabilities of $40,591,000 and $29,348,000, respectively, which are included in "other liabilities" on our consolidated balance sheets. The deferred tax assets and liabilities relate to net operating loss carry forwards and temporary differences between the book and tax basis of assets and liabilities. For the year ended December 31, 2021, we recognized $10,496,000 of income tax benefit based on an effective tax rate of approximately (5.3)%. For the years ended December 31, 2020 and 2019, we recognized $36,630,000 and $103,439,000 of income tax expense, respectively, based on effective tax rates of approximately (8.6)% and 3.0%, respectively. Income tax benefit (expense) recorded in each of the years primarily relates to our consolidated taxable REIT subsidiaries, and certain state, local, and franchise taxes. The year ended December 31, 2021 included $27,910,000 of income tax benefit recognized by our taxable REIT subsidiaries, $10,868,000 of income tax expense resulting from book to tax differences (primarily straight-line rent adjustments and depreciation) on our investment in Farley Office and Retail and $5,711,000 of income tax expense recognized on the sale of 220 CPS condominium units. The years ended December 31, 2020 and 2019, included $49,221,000 and $101,828,000, respectively, of income tax expense recognized on the sale of 220 CPS condominium units. The Company has no uncertain tax positions recognized as of December 31, 2021 and 2020. The Operating Partnership’s partners are required to report their respective share of taxable income on their individual tax returns. The estimated taxable income attributable to Vornado common shareholders (unaudited) for the years ended December 31, 2021, 2020 and 2019 was approximately $413,026,000, $419,812,000, and $917,162,000, respectively. The book to tax differences between net income (loss) and estimated taxable income primarily result from differences in the income recognition or deductibility of depreciation and amortization, gain or loss from the sale of real estate and other capital transactions, impairment losses, straight-line rent adjustments, stock option expense and repairs expense related to the tangible property regulations. The net basis of Vornado’s assets and liabilities for tax reporting purposes is approximately $2.6 billion lower than the amounts reported in Vornado’s consolidated balance sheet as of December 31, 2021.

Investments in Partially Owned Entities (Management, Development, Leasing and Other Agreements for Fifth Avenue and Times Square JV) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fifth Avenue and Times Square JV
Schedule of Equity Method Investments [Line Items]
Property management fee agreement percentage of income	2.00%
Development fee percent	5.00%
Supervisory fee, percent	1.50%
BMS cleaning fees
Schedule of Equity Method Investments [Line Items]
Fee income recognized by equity method investees for building maintenance services	$ 4,234	$ 3,613	$ 3,613
BMS cleaning fees \| Fifth Avenue and Times Square JV
Schedule of Equity Method Investments [Line Items]
Fee income recognized by equity method investees for building maintenance services	3,993	3,595	3,087
Property Management Fee \| Majority-Owned Subsidiary, Unconsolidated
Schedule of Equity Method Investments [Line Items]
Revenue from related parties	$ 4,297	$ 3,982	$ 3,085

Consolidated Statements of Comprehensive Income (VNO) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 207,553	$ (461,845)	$ 3,334,262
Other comprehensive income (loss):
Increase (reduction) in value of interest rate swaps and other	51,338	(29,971)	(47,883)
Other comprehensive income (loss) of nonconsolidated subsidiaries	10,275	(14,342)	(938)
Amounts reclassified from accumulated other comprehensive loss relating to nonconsolidated subsidiary	0	0	(2,311)
Comprehensive income (loss)	269,166	(506,158)	3,283,130
Less comprehensive (income) loss attributable to noncontrolling interests in consolidated subsidiaries	(24,014)	139,894	24,547
Comprehensive (loss) income attributable to Vornado / Vornado Realty L.P.	$ 245,152	$ (366,264)	$ 3,307,677

- Definition

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- Definition

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- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Interest and Debt Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Interest and Debt Expense [Abstract]
Interest expense	$ 249,169	$ 251,847	$ 335,016
Capitalized interest and debt expense	(38,320)	(41,056)	(72,200)
Amortization of deferred financing costs	20,247	18,460	23,807
Interest and debt expense	$ 231,096	$ 229,251	$ 286,623