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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2016	Jun. 30, 2016
Document and Entity Information
Entity Registrant Name	VORNADO REALTY TRUST
Entity Central Index Key	0000899689
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	FY
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	189,100,876
Entity Public Float		$ 17,294,426,000
Entity Well Known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Trading Symbol	vno
Vornado Realty L.P.
Document and Entity Information
Entity Registrant Name	VORNADO REALTY LP
Entity Central Index Key	0001040765
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	FY
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	0
Entity Public Float		$ 0
Entity Well Known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Real estate, at cost:
Land	$ 4,065,142	$ 4,164,799
Buildings and improvements	12,727,980	12,582,671
Development costs and construction in progress	1,430,276	1,226,637
Leasehold improvements and equipment	116,560	116,030
Total	18,339,958	18,090,137
Less accumulated depreciation and amortization	(3,513,574)	(3,418,267)
Real estate, net	14,826,384	14,671,870
Cash and cash equivalents	1,501,027	1,835,707
Restricted cash	98,295	107,799
Marketable securities	203,704	150,997
Tenant and other receivables, net of allowance for doubtful accounts of $10,920 and $11,908	94,467	98,062
Investments in partially owned entities	1,428,019	1,550,422
Real estate fund investments	462,132	574,761
Receivable arising from the straight-lining of rents, net of allowance of $2,227 and $2,751	1,032,736	931,245
Deferred leasing costs, net of accumulated amortization of $228,862 and $218,239	454,345	480,421
Identified intangible assets, net of accumulated amortization of $207,330 and $187,360	192,731	227,901
Assets related to discontinued operations	5,570	37,020
Other assets	515,437	477,088
Assets	20,814,847	21,143,293
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Mortgages payable, net	9,278,263	9,513,713
Senior unsecured notes, net	845,577	844,159
Unsecured revolving credit facilities	115,630	550,000
Unsecured term loan, net	372,215	183,138
Accounts payable and accrued expenses	458,694	443,955
Deferred revenue	287,846	346,119
Deferred compensation plan	121,374	117,475
Liabilities related to discontinued operations	2,870	12,470
Other liabilities	435,436	426,965
Total liabilities	11,917,905	12,437,994
Commitments and contingencies
Redeemable noncontrolling interests / partnership units:
Class A units - 12,197,162 and 12,242,820 units outstanding	1,273,018	1,223,793
Series D cumulative redeemable preferred units - 177,101 units outstanding	5,428	5,428
Total redeemable noncontrolling interests / partnership units	1,278,446	1,229,221
Equity:
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 42,824,829 and 52,676,629 shares	1,038,055	1,276,954
Common shares of beneficial interest: $.04 par value per share; authorized 250,000,000 shares; issued and outstanding 189,100,876 and 188,576,853 shares	7,542	7,521
Additional capital	7,153,332	7,132,979
Earnings less than distributions	(1,419,382)	(1,766,780)
Accumulated other comprehensive income	118,972	46,921
Total Vornado and Vornado Realty L.P. shareholders' equity	6,898,519	6,697,595
Noncontrolling interests in consolidated subsidiaries	719,977	778,483
Total equity	7,618,496	7,476,078
Total liabilities, redeemable noncontrolling interests / partnership units and equity	20,814,847	21,143,293
Vornado Realty L.P.
Real estate, at cost:
Land	4,065,142	4,164,799
Buildings and improvements	12,727,980	12,582,671
Development costs and construction in progress	1,430,276	1,226,637
Leasehold improvements and equipment	116,560	116,030
Total	18,339,958	18,090,137
Less accumulated depreciation and amortization	(3,513,574)	(3,418,267)
Real estate, net	14,826,384	14,671,870
Cash and cash equivalents	1,501,027	1,835,707
Restricted cash	98,295	107,799
Marketable securities	203,704	150,997
Tenant and other receivables, net of allowance for doubtful accounts of $10,920 and $11,908	94,467	98,062
Investments in partially owned entities	1,428,019	1,550,422
Real estate fund investments	462,132	574,761
Receivable arising from the straight-lining of rents, net of allowance of $2,227 and $2,751	1,032,736	931,245
Deferred leasing costs, net of accumulated amortization of $228,862 and $218,239	454,345	480,421
Identified intangible assets, net of accumulated amortization of $207,330 and $187,360	192,731	227,901
Assets related to discontinued operations	5,570	37,020
Other assets	515,437	477,088
Assets	20,814,847	21,143,293
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Mortgages payable, net	9,278,263	9,513,713
Senior unsecured notes, net	845,577	844,159
Unsecured revolving credit facilities	115,630	550,000
Unsecured term loan, net	372,215	183,138
Accounts payable and accrued expenses	458,694	443,955
Deferred revenue	287,846	346,119
Deferred compensation plan	121,374	117,475
Liabilities related to discontinued operations	2,870	12,470
Other liabilities	435,436	426,965
Total liabilities	11,917,905	12,437,994
Commitments and contingencies
Redeemable noncontrolling interests / partnership units:
Class A units - 12,197,162 and 12,242,820 units outstanding	1,273,018	1,223,793
Series D cumulative redeemable preferred units - 177,101 units outstanding	5,428	5,428
Total redeemable noncontrolling interests / partnership units	1,278,446	1,229,221
Equity:
Partner's capital	8,198,929	8,417,454
Earnings less than distributions	(1,419,382)	(1,766,780)
Accumulated other comprehensive income	118,972	46,921
Total Vornado and Vornado Realty L.P. shareholders' equity	6,898,519	6,697,595
Noncontrolling interests in consolidated subsidiaries	719,977	778,483
Total equity	7,618,496	7,476,078
Total liabilities, redeemable noncontrolling interests / partnership units and equity	$ 20,814,847	$ 21,143,293

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
ASSETS
Tenant and other receivables, allowance for doubtful accounts (in US dollars)	$ 10,920	$ 11,908
Receivable arising from the straight-lining of rents, allowance (in US dollars)	2,227	2,751
Deferred leasing costs, accumulated amortization (in US dollars)	228,862	218,239
Identified intangible assets, accumulated amortization (in US dollars)	$ 207,330	$ 187,360
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Preferred Stock, Par Value Per Share	$ 0	$ 0
Preferred shares of beneficial interest: authorized shares	110,000,000	110,000,000
Preferred shares of beneficial interest: issued shares	42,824,829	52,676,629
Preferred shares of beneficial interest: outstanding shares	42,824,829	52,676,629
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	189,100,876	188,576,853
Common shares of beneficial interest: outstanding shares	189,100,876	188,576,853
Vornado Realty L.P.
ASSETS
Tenant and other receivables, allowance for doubtful accounts (in US dollars)	$ 10,920	$ 11,908
Receivable arising from the straight-lining of rents, allowance (in US dollars)	2,227	2,751
Deferred leasing costs, accumulated amortization (in US dollars)	228,862	218,239
Identified intangible assets, accumulated amortization (in US dollars)	$ 207,330	$ 187,360
Class A
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Outstanding Partnership Units held by Third Parties	12,197,162	12,242,820
Class A \| Vornado Realty L.P.
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Outstanding Partnership Units held by Third Parties	12,197,162	12,242,820
Common shares of beneficial interest: outstanding shares	189,100,876
Series D Cumulative Redeemable Preferred Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Outstanding Partnership Units held by Third Parties	177,101	177,101
Series D Cumulative Redeemable Preferred Unit \| Vornado Realty L.P.
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Outstanding Partnership Units held by Third Parties	177,101	177,101

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
REVENUES:
Property rentals	$ 2,103,728	$ 2,076,586	$ 1,911,487
Tenant expense reimbursements	260,667	260,976	245,819
Fee and other income	141,807	164,705	155,206
Total revenues	2,506,202	2,502,267	2,312,512
EXPENSES:
Operating	1,024,336	1,011,249	953,611
Depreciation and amortization	565,059	542,952	481,303
General and administrative	179,279	175,307	169,270
Skyline properties impairment loss	160,700	0	0
Acquisition and transaction related costs	26,037	12,511	18,435
Total expenses	1,955,411	1,742,019	1,622,619
Operating income	550,791	760,248	689,893
(Loss) income from real estate fund investments	(23,602)	74,081	163,034
Income (loss) from partially owned entities	165,389	(12,630)	(59,861)
Interest and other investment income, net	29,546	26,978	38,752
Interest and debt expense	(402,674)	(378,025)	(412,755)
Net gain on extinguishment of Skyline properties debt	487,877	0	0
Net gain on disposition of wholly owned and partially owned assets	175,735	251,821	13,568
Income before income taxes	983,062	722,473	432,631
Income tax (expense) benefit	(8,312)	84,695	(9,281)
Income from continuing operations	974,750	807,168	423,350
Income from discontinued operations	7,172	52,262	585,676
Net income	981,922	859,430	1,009,026
Less net income attributable to noncontrolling interests in:
Consolidated subsidiaries	(21,351)	(55,765)	(96,561)
Operating Partnership	(53,654)	(43,231)	(47,613)
Net income attributable to Vornado	906,917	760,434	864,852
Preferred share dividends / Preferred unit distributions	(75,903)	(80,578)	(81,464)
Preferred share / unit issuance cost (Series J redemption)	(7,408)	0	0
NET INCOME attributable to common shareholders / Class A unitholders	$ 823,606	$ 679,856	$ 783,388
INCOME PER COMMON SHARE / CLASS A UNIT - BASIC:
Income from continuing operations, net (in dollars per share)	$ 4.32	$ 3.35	$ 1.23
Income from discontinued operations, net (in dollars per share)	0.04	0.26	2.95
Net income per common share (in dollars per share)	$ 4.36	$ 3.61	$ 4.18
Weighted average shares outstanding	188,837	188,353	187,572
INCOME PER COMMON SHARE / CLASS A UNIT - DILUTED:
Income from continuing operations, net (in dollars per share)	$ 4.3	$ 3.33	$ 1.22
Income from discontinued operations, net (in dollars per share)	0.04	0.26	2.93
Net income per common share (in dollars per share)	$ 4.34	$ 3.59	$ 4.15
Weighted average shares outstanding	190,173	189,564	188,690
Vornado Realty L.P.
REVENUES:
Property rentals	$ 2,103,728	$ 2,076,586	$ 1,911,487
Tenant expense reimbursements	260,667	260,976	245,819
Fee and other income	141,807	164,705	155,206
Total revenues	2,506,202	2,502,267	2,312,512
EXPENSES:
Operating	1,024,336	1,011,249	953,611
Depreciation and amortization	565,059	542,952	481,303
General and administrative	179,279	175,307	169,270
Skyline properties impairment loss	160,700	0	0
Acquisition and transaction related costs	26,037	12,511	18,435
Total expenses	1,955,411	1,742,019	1,622,619
Operating income	550,791	760,248	689,893
(Loss) income from real estate fund investments	(23,602)	74,081	163,034
Income (loss) from partially owned entities	165,389	(12,630)	(59,861)
Interest and other investment income, net	29,546	26,978	38,752
Interest and debt expense	(402,674)	(378,025)	(412,755)
Net gain on extinguishment of Skyline properties debt	487,877	0	0
Net gain on disposition of wholly owned and partially owned assets	175,735	251,821	13,568
Income before income taxes	983,062	722,473	432,631
Income tax (expense) benefit	(8,312)	84,695	(9,281)
Income from continuing operations	974,750	807,168	423,350
Income from discontinued operations	7,172	52,262	585,676
Net income	981,922	859,430	1,009,026
Less net income attributable to noncontrolling interests in:
Consolidated subsidiaries	(21,351)	(55,765)	(96,561)
Operating Partnership	(53,654)	(43,231)	(47,613)
Net income attributable to Vornado	960,571	803,665	912,465
Preferred share dividends / Preferred unit distributions	(76,097)	(80,736)	(81,514)
Preferred share / unit issuance cost (Series J redemption)	(7,408)	0	0
NET INCOME attributable to common shareholders / Class A unitholders	$ 877,066	$ 722,929	$ 830,951
INCOME PER COMMON SHARE / CLASS A UNIT - BASIC:
Income from continuing operations, net	$ 4.32	$ 3.35	$ 1.22
Income from discontinued operations, net	0.04	0.26	2.95
Net income per Class A unit	$ 4.36	$ 3.61	$ 4.17
Weighted average units outstanding	200,350	199,309	198,213
INCOME PER COMMON SHARE / CLASS A UNIT - DILUTED:
Income from continuing operations, net	$ 4.29	$ 3.31	$ 1.21
Income from discontinued operations, net	0.03	0.26	2.93
Net income per Class A unit	$ 4.32	$ 3.57	$ 4.14
Weighted average units outstanding	202,017	201,158	199,813

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net income	$ 981,922	$ 859,430	$ 1,009,026
Other comprehensive income (loss):
Increase (reduction) in unrealized net gain on available-for-sale securities	52,057	(55,326)	14,465
Pro rata share of other comprehensive (loss) income of nonconsolidated subsidiaries	(2,739)	(327)	2,509
Increase in value of interest rate swap and other	27,432	6,441	6,079
Comprehensive income	1,058,672	810,218	1,032,079
Less comprehensive income attributable to noncontrolling interests	(79,704)	(96,130)	(145,497)
Comprehensive income attributable to Vornado / Vornado Realty L.P.	978,968	714,088	886,582
Vornado Realty L.P.
Net income	981,922	859,430	1,009,026
Other comprehensive income (loss):
Increase (reduction) in unrealized net gain on available-for-sale securities	52,057	(55,326)	14,465
Pro rata share of other comprehensive (loss) income of nonconsolidated subsidiaries	(2,739)	(327)	2,509
Increase in value of interest rate swap and other	27,432	6,441	6,079
Comprehensive income	1,058,672	810,218	1,032,079
Less comprehensive income attributable to noncontrolling interests	(21,351)	(55,765)	(96,561)
Comprehensive income attributable to Vornado / Vornado Realty L.P.	$ 1,037,321	$ 754,453	$ 935,518

Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Thousands	Total	Series J	Real estate fund investments	Other	Preferred Shares / Units	Preferred Shares / Units Series J	Common Shares	Additional Capital	Earnings Less Than Distributions	Earnings Less Than Distributions Series J	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interests in Consolidated Subsidiaries	Non-controlling Interests in Consolidated Subsidiaries Real estate fund investments	Non-controlling Interests in Consolidated Subsidiaries Other	Vornado Realty L.P.	Vornado Realty L.P. Series J	Vornado Realty L.P. Real estate fund investments	Vornado Realty L.P. Other	Vornado Realty L.P. Preferred Shares / Units	Vornado Realty L.P. Preferred Shares / Units Series J	Vornado Realty L.P. Class A Units Owned by Vornado	Vornado Realty L.P. Earnings Less Than Distributions	Vornado Realty L.P. Earnings Less Than Distributions Series J	Vornado Realty L.P. Accumulated Other Comprehensive Income (Loss)	Vornado Realty L.P. Non-controlling Interests in Consolidated Subsidiaries	Vornado Realty L.P. Non-controlling Interests in Consolidated Subsidiaries Real estate fund investments	Vornado Realty L.P. Non-controlling Interests in Consolidated Subsidiaries Other
Beginning balance, Shares at Dec. 31, 2013					52,683		187,285												52,683		187,285
Beginning balance, Value at Dec. 31, 2013	$ 7,594,744				$ 1,277,225		$ 7,469	$ 7,143,840	$ (1,734,839)		$ 71,537	$ 829,512			$ 7,594,744				$ 1,277,225		$ 7,151,309	$ (1,734,839)		$ 71,537	$ 829,512
Net income attributable to Vornado / Vornado Realty L.P.	864,852								864,852						912,465							912,465
Net income attributable to redeemable partnership units	(47,613)														(47,613)							(47,613)
Net income attributable to noncontrolling interests in consolidated subsidiaries	96,561		$ 92,728									96,561			96,561										96,561
Dividends on common shares	(547,831)								(547,831)
Distributions to Vornado															(547,831)							(547,831)
Dividends on preferred shares / Distributions to preferred unitholders	(81,464)								(81,464)						(81,464)							(81,464)
Common shares issued:
Upon redemption of Class A units, at redemption value, Shares							271														271
Upon redemption of Class A units, at redemption value, Value	27,273						$ 11	27,262							27,273						$ 27,273
Under employees' share option plan, Shares							304														304
Under employees' share option plan, Value	14,047						$ 12	17,428	(3,393)						14,047						$ 17,440	(3,393)
Under dividend reinvestment plan, Shares							17														17
Under dividend reinvestment plan, Value	1,804						$ 1	1,803							1,804						$ 1,804
Contributions:
Contributions			5,297	$ 32,998									$ 5,297	$ 32,998			$ 5,297	$ 32,998								$ 5,297	$ 32,998
Distribution:
Distributions			(182,964)	(4,463)									(182,964)	(4,463)			(182,964)	(4,463)								(182,964)	(4,463)
Transfer of noncontrolling interest in real estate fund	(33,028)		(33,028)										(33,028)		(33,028)		(33,028)									(33,028)
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units					(4)		5												(4)		5
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, Value	0				$ (193)		$ 0	193							0				$ (193)		$ 193
Deferred compensation shares / units and options, Shares							5														5
Deferred compensation shares / units and options, Value	5,512						$ 0	5,852	(340)						5,512						$ 5,852	(340)
Increase (reduction) in unrealized net gain on available-for-sale securities	14,465										14,465				14,465									14,465
Pro rata share of other comprehensive (loss) income of nonconsolidated subsidiaries	2,509										2,509				2,509									2,509
Increase in value of interest rate swap	6,079										6,079				6,079									6,079
Adjustments to carry redeemable Class A units at redemption value	(315,276)							(315,276)							(315,276)						$ (315,276)
Redeemable noncontrolling interests' share of above adjustments	(1,323)										(1,323)				(1,323)									(1,323)
Other, Shares																			0		0
Other	(10,410)				$ (6)			(8,077)	(2,370)			43			(10,410)				$ (6)		$ (8,077)	(2,370)		0	43
Ending balance, Shares at Dec. 31, 2014					52,679		187,887												52,679		187,887
Ending balance, Value at Dec. 31, 2014	7,489,382				$ 1,277,026		$ 7,493	6,873,025	(1,505,385)		93,267	743,956			7,489,382				$ 1,277,026		$ 6,880,518	(1,505,385)		93,267	743,956
Net income attributable to Vornado / Vornado Realty L.P.	760,434								760,434						803,665							803,665
Net income attributable to redeemable partnership units	(43,231)														(43,231)							(43,231)
Net income attributable to noncontrolling interests in consolidated subsidiaries	55,765		40,117									55,765			55,765										55,765
Distribution of Urban Edge Properties	(464,603)								(464,262)			(341)			(464,603)							(464,262)			(341)
Dividends on common shares	(474,751)								(474,751)
Distributions to Vornado															(474,751)							(474,751)
Dividends on preferred shares / Distributions to preferred unitholders	(80,578)								(80,578)						(80,578)							(80,578)
Common shares issued:
Upon redemption of Class A units, at redemption value, Shares							452														452
Upon redemption of Class A units, at redemption value, Value	48,230						$ 18	48,212							48,230						$ 48,230
Under employees' share option plan, Shares							214														214
Under employees' share option plan, Value	12,762						$ 9	15,332	(2,579)						12,762						$ 15,341	(2,579)
Under dividend reinvestment plan, Shares							14														14
Under dividend reinvestment plan, Value	1,438						$ 1	1,437							1,438						$ 1,438
Contributions:
Contributions			51,725	250									51,725	250			51,725	250								51,725	250
Distribution:
Distributions	(30,263)		(72,114)	(525)									(72,114)	(525)			(72,114)	(525)								(72,114)	(525)
Transfer of noncontrolling interest in real estate fund	0														0
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units					(2)		4												(2)		4
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, Value	0				$ (72)		$ 1	71							0				$ (72)		$ 72
Deferred compensation shares / units and options, Shares							6														6
Deferred compensation shares / units and options, Value	2,080						$ 1	2,438	(359)						2,080						$ 2,439	(359)
Increase (reduction) in unrealized net gain on available-for-sale securities	(55,326)										(55,326)				(55,326)									(55,326)
Pro rata share of other comprehensive (loss) income of nonconsolidated subsidiaries	(327)										(327)				(327)									(327)
Increase in value of interest rate swap	6,435										6,435				6,435									6,435
Adjustments to carry redeemable Class A units at redemption value	192,464							192,464							192,464						$ 192,464
Redeemable noncontrolling interests' share of above adjustments	2,866										2,866				2,866									2,866
Other, Shares							0														0
Other	471						$ (2)		700		6	(233)			471						$ (2)	700		6	(233)
Ending balance, Shares at Dec. 31, 2015					52,677		188,577												52,677		188,577
Ending balance, Value at Dec. 31, 2015	7,476,078				$ 1,276,954		$ 7,521	7,132,979	(1,766,780)		46,921	778,483			7,476,078				$ 1,276,954		$ 7,140,500	(1,766,780)		46,921	778,483
Net income attributable to Vornado / Vornado Realty L.P.	906,917								906,917						960,571							960,571
Net income attributable to redeemable partnership units	(53,654)														(53,654)							(53,654)
Net income attributable to noncontrolling interests in consolidated subsidiaries	21,351		(2,560)									21,351			21,351										21,351
Dividends on common shares	(475,961)								(475,961)
Distributions to Vornado															(475,961)							(475,961)
Dividends on preferred shares / Distributions to preferred unitholders	(75,903)								(75,903)
Redemption of preferred shares, Shares / Units						(9,850)														(9,850)
Redemption of preferred shares, Value		$ (246,250)				$ (238,842)				$ (7,408)						$ (246,250)				$ (238,842)			$ (7,408)
Common shares issued:
Upon redemption of Class A units, at redemption value, Shares							376														376
Upon redemption of Class A units, at redemption value, Value	36,510						$ 15	36,495							36,510						$ 36,510
Under employees' share option plan, Shares							123														123
Under employees' share option plan, Value	6,825						$ 5	6,820							6,825						$ 6,825
Under dividend reinvestment plan, Shares							16														16
Under dividend reinvestment plan, Value	1,444						$ 1	1,443							1,444						$ 1,444
Contributions:
Contributions	19,749											19,749			19,749										19,749
Distribution:
Distributions	(31,342)		$ (62,444)	$ (36,804)									$ (62,444)	$ (36,804)			$ (62,444)	$ (36,804)								$ (62,444)	$ (36,804)
Transfer of noncontrolling interest in real estate fund	0														0
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units					(2)		3												(2)		3
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, Value	0				$ (56)		$ 0	56							0				$ (56)		$ 56
Deferred compensation shares / units and options, Shares							7														7
Deferred compensation shares / units and options, Value	1,602						$ 0	1,788	(186)						1,602						$ 1,788	(186)
Increase (reduction) in unrealized net gain on available-for-sale securities	52,057										52,057				52,057									52,057
Pro rata share of other comprehensive (loss) income of nonconsolidated subsidiaries	(2,739)										(2,739)				(2,739)									(2,739)
Increase in value of interest rate swap	27,434										27,434				27,434									27,434
Adjustments to carry redeemable Class A units at redemption value	(26,251)							(26,251)							(26,251)						$ (26,251)
Redeemable noncontrolling interests' share of above adjustments	(4,699)										(4,699)				(4,699)									(4,699)
Other, Shares					0		(1)												0		(1)
Other	(420)				$ (1)		$ 0	2	(61)		(2)	(358)			(420)				$ (1)		$ 2	(61)		(2)	(358)
Ending balance, Shares at Dec. 31, 2016					42,825		189,101												42,825		189,101
Ending balance, Value at Dec. 31, 2016	$ 7,618,496				$ 1,038,055		$ 7,542	$ 7,153,332	$ (1,419,382)		$ 118,972	$ 719,977			$ 7,618,496				$ 1,038,055		$ 7,160,874	$ (1,419,382)		$ 118,972	$ 719,977

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash Flows from Operating Activities:
Net income	$ 981,922	$ 859,430	$ 1,009,026
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs)	595,270	566,207	583,408
Net gain on extinguishment of Skyline properties debt	(487,877)	0	0
Distributions of income from partially owned entities	217,468	65,018	96,286
Net gain on disposition of wholly owned and partially owned assets	(175,735)	(251,821)	(13,568)
Equity in net (income) loss of partially owned entities	(165,389)	11,882	58,131
Real estate impairment losses	161,165	256	26,518
Straight-lining of rental income	(146,787)	(153,668)	(82,800)
Return of capital from real estate fund investments	71,888	91,458	215,676
Amortization of below-market leases, net	(53,202)	(79,053)	(46,786)
Net realized and unrealized loss (gain) on real estate fund investments	40,655	(57,752)	(150,139)
Other non-cash adjustments	39,406	37,721	37,303
Net gains on sale of real estate and other	(5,074)	(65,396)	(507,192)
Reversal of allowance for deferred tax assets	0	(90,030)	0
Defeasance cost in connection with the refinancing of mortgage payable	0	0	5,589
Changes in operating assets and liabilities:
Real estate fund investments	0	(95,010)	(3,392)
Tenant and other receivables, net	(7,459)	11,936	(8,282)
Prepaid assets	(8,023)	(14,804)	(8,786)
Other assets	(70,120)	(116,157)	(123,435)
Accounts payable and accrued expenses	32,389	(33,747)	44,628
Other liabilities	(19,830)	(14,320)	3,125
Net cash provided by operating activities	1,000,667	672,150	1,135,310
Cash Flows from Investing Activities:
Development costs and construction in progress	(606,565)	(490,819)	(544,187)
Additions to real estate	(387,545)	(301,413)	(279,206)
Distributions of capital from partially owned entities	193,967	37,818	25,943
Proceeds from sales of real estate and related investments	153,534	573,303	388,776
Investments in partially owned entities	(127,608)	(235,439)	(120,639)
Acquisitions of real estate and other	(61,464)	(478,215)	(211,354)
Net deconsolidation of 7 West 34th Street	(42,000)	0	0
Investments in loans receivable and other	(11,700)	(1,000)	(30,175)
Purchases of marketable securities	(4,379)	0	0
Proceeds from the sale of marketable securities	3,937	0	0
Restricted cash	585	200,229	99,464
Proceeds from sales and repayments of mortgage and mezzanine loans receivable and other	45	16,790	96,913
Net cash used in investing activities	(889,193)	(678,746)	(574,465)
Cash Flows from Financing Activities:
Proceeds from borrowings	2,403,898	4,468,872	2,428,285
Repayments of borrowings	(1,894,990)	(2,936,578)	(1,312,258)
Dividends paid on common shares / Distributions to Vornado	(475,961)	(474,751)	(547,831)
Redemption of preferred shares / units	(246,250)	0	0
Distributions to noncontrolling interests / Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries	(130,590)	(102,866)	(220,895)
Dividends paid on preferred shares / Distributions to preferred unitholders	(80,137)	(80,578)	(81,468)
Debt issuance and other costs	(42,157)	(66,554)	(58,336)
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries	11,950	51,975	30,295
Proceeds received from exercise of employee share options / Vornado stock options	8,269	16,779	19,245
Repurchase of shares (Class A units) related to stock compensation agreements and related tax withholdings and other	(186)	(7,473)	(3,811)
Cash included in the spin-off of Urban Edge Properties	0	(225,000)	0
Purchase of marketable securities in connection with the defeasance of mortgage payable	0	0	(198,884)
Net cash (used in) provided by financing activities	(446,154)	643,826	54,342
Net (decrease) increase in cash and cash equivalents	(334,680)	637,230	615,187
Cash and cash equivalents at beginning of period	1,835,707	1,198,477	583,290
Cash and cash equivalents at end of period	1,501,027	1,835,707	1,198,477
Supplemental Disclosure Of Cash Flow Information:
Cash payments for interest, excluding capitalized interest of $29,584, $48,539, and $53,139	368,762	376,620	443,538
Cash payments for income taxes	9,716	8,287	11,696
Non-Cash Investing and Financing Activities:
Write-off of fully depreciated assets	(305,679)	(167,250)	(121,673)
Accrued capital expenditures included in accounts payable and accrued expenses	120,564	122,711	100,528
Change in unrealized net gain on securities available-for-sale	52,057	(55,326)	14,465
Adjustments to carry redeemable Class A units at redemption value	(26,251)	192,464	(315,276)
Non-cash distribution of Real Estate Properties:
Assets	0	1,709,256	0
Liabilities	0	(1,469,659)	0
Equity	0	(239,597)	0
Transfer of interest in real estate to Pennsylvania Real Estate Investment Trust	0	(145,313)	0
Class A units in connection with acquisition	0	80,000	0
Financing assumed in acquisitions	0	62,000	0
Marketable securities transferred in connection with the defeasance of mortgage payable	0	0	198,884
Defeasance of mortgage payable	0	0	(193,406)
Elimination of a mortgage and mezzanine loan asset and liability	0	0	59,375
Transfer of interest in real estate fund to an unconsolidated joint venture	0	0	(58,564)
Transfer of noncontrolling interest in real estate fund	0	0	(33,028)
Beverly Connection seller financing	0	0	13,620
Skyline Properties
Decrease in assets and liabilities resulting from the disposition or deconsolidation of real estate properties:
Real estate, net	(189,284)	0	0
Mortgages payable, net	(690,263)	0	0
7 West 34th Street
Decrease in assets and liabilities resulting from the disposition or deconsolidation of real estate properties:
Real estate, net	(122,047)	0	0
Mortgages payable, net	(290,418)	0	0
Vornado Realty L.P.
Cash Flows from Operating Activities:
Net income	981,922	859,430	1,009,026
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs)	595,270	566,207	583,408
Net gain on extinguishment of Skyline properties debt	(487,877)	0	0
Distributions of income from partially owned entities	217,468	65,018	96,286
Net gain on disposition of wholly owned and partially owned assets	(175,735)	(251,821)	(13,568)
Equity in net (income) loss of partially owned entities	(165,389)	11,882	58,131
Real estate impairment losses	161,165	256	26,518
Straight-lining of rental income	(146,787)	(153,668)	(82,800)
Return of capital from real estate fund investments	71,888	91,458	215,676
Amortization of below-market leases, net	(53,202)	(79,053)	(46,786)
Net realized and unrealized loss (gain) on real estate fund investments	40,655	(57,752)	(150,139)
Other non-cash adjustments	39,406	37,721	37,303
Net gains on sale of real estate and other	(5,074)	(65,396)	(507,192)
Reversal of allowance for deferred tax assets	0	(90,030)	0
Defeasance cost in connection with the refinancing of mortgage payable	0	0	5,589
Changes in operating assets and liabilities:
Real estate fund investments	0	(95,010)	(3,392)
Tenant and other receivables, net	(7,459)	11,936	(8,282)
Prepaid assets	(8,023)	(14,804)	(8,786)
Other assets	(70,120)	(116,157)	(123,435)
Accounts payable and accrued expenses	32,389	(33,747)	44,628
Other liabilities	(19,830)	(14,320)	3,125
Net cash provided by operating activities	1,000,667	672,150	1,135,310
Cash Flows from Investing Activities:
Development costs and construction in progress	(606,565)	(490,819)	(544,187)
Additions to real estate	(387,545)	(301,413)	(279,206)
Distributions of capital from partially owned entities	193,967	37,818	25,943
Proceeds from sales of real estate and related investments	153,534	573,303	388,776
Investments in partially owned entities	(127,608)	(235,439)	(120,639)
Acquisitions of real estate and other	(61,464)	(478,215)	(211,354)
Net deconsolidation of 7 West 34th Street	(42,000)	0	0
Investments in loans receivable and other	(11,700)	(1,000)	(30,175)
Purchases of marketable securities	(4,379)	0	0
Proceeds from the sale of marketable securities	3,937	0	0
Restricted cash	585	200,229	99,464
Proceeds from sales and repayments of mortgage and mezzanine loans receivable and other	45	16,790	96,913
Net cash used in investing activities	(889,193)	(678,746)	(574,465)
Cash Flows from Financing Activities:
Proceeds from borrowings	2,403,898	4,468,872	2,428,285
Repayments of borrowings	(1,894,990)	(2,936,578)	(1,312,258)
Dividends paid on common shares / Distributions to Vornado	(475,961)	(474,751)	(547,831)
Redemption of preferred shares / units	(246,250)	0	0
Distributions to noncontrolling interests / Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries	(130,590)	(102,866)	(220,895)
Dividends paid on preferred shares / Distributions to preferred unitholders	(80,137)	(80,578)	(81,468)
Debt issuance and other costs	(42,157)	(66,554)	(58,336)
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries	11,950	51,975	30,295
Proceeds received from exercise of employee share options / Vornado stock options	8,269	16,779	19,245
Repurchase of shares (Class A units) related to stock compensation agreements and related tax withholdings and other	(186)	(7,473)	(3,811)
Cash included in the spin-off of Urban Edge Properties	0	(225,000)	0
Purchase of marketable securities in connection with the defeasance of mortgage payable	0	0	(198,884)
Net cash (used in) provided by financing activities	(446,154)	643,826	54,342
Net (decrease) increase in cash and cash equivalents	(334,680)	637,230	615,187
Cash and cash equivalents at beginning of period	1,835,707	1,198,477	583,290
Cash and cash equivalents at end of period	1,501,027	1,835,707	1,198,477
Supplemental Disclosure Of Cash Flow Information:
Cash payments for interest, excluding capitalized interest of $29,584, $48,539, and $53,139	368,762	376,620	443,538
Cash payments for income taxes	9,716	8,287	11,696
Non-Cash Investing and Financing Activities:
Write-off of fully depreciated assets	(305,679)	(167,250)	(121,673)
Accrued capital expenditures included in accounts payable and accrued expenses	120,564	122,711	100,528
Change in unrealized net gain on securities available-for-sale	52,057	(55,326)	14,465
Adjustments to carry redeemable Class A units at redemption value	(26,251)	192,464	(315,276)
Non-cash distribution of Real Estate Properties:
Assets	0	1,709,256	0
Liabilities	0	(1,469,659)	0
Equity	0	(239,597)	0
Transfer of interest in real estate to Pennsylvania Real Estate Investment Trust	0	(145,313)	0
Class A units in connection with acquisition	0	80,000	0
Financing assumed in acquisitions	0	62,000	0
Marketable securities transferred in connection with the defeasance of mortgage payable	0	0	198,884
Defeasance of mortgage payable	0	0	(193,406)
Elimination of a mortgage and mezzanine loan asset and liability	0	0	59,375
Transfer of interest in real estate fund to an unconsolidated joint venture	0	0	(58,564)
Transfer of noncontrolling interest in real estate fund	0	0	(33,028)
Beverly Connection seller financing	0	0	13,620
Vornado Realty L.P. \| Skyline Properties
Decrease in assets and liabilities resulting from the disposition or deconsolidation of real estate properties:
Real estate, net	(189,284)	0	0
Mortgages payable, net	(690,263)	0	0
Vornado Realty L.P. \| 7 West 34th Street
Decrease in assets and liabilities resulting from the disposition or deconsolidation of real estate properties:
Real estate, net	(122,047)	0	0
Mortgages payable, net	(290,418)	0	0
Acquisitions
Non-Cash Investing and Financing Activities:
Like-kind exchange of real estate	29,639	80,269	606,816
Acquisitions \| Vornado Realty L.P.
Non-Cash Investing and Financing Activities:
Like-kind exchange of real estate	29,639	80,269	606,816
Dispositions
Non-Cash Investing and Financing Activities:
Like-kind exchange of real estate	(29,639)	(213,621)	(630,352)
Dispositions \| Vornado Realty L.P.
Non-Cash Investing and Financing Activities:
Like-kind exchange of real estate	$ (29,639)	$ (213,621)	$ (630,352)

Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Capitalized interest	$ 29,584	$ 48,539	$ 53,139
Vornado Realty L.P.
Capitalized interest	$ 29,584	$ 48,539	$ 53,139

Organization and Business

12 Months Ended

Dec. 31, 2016

Organization and Business

Organization and Business

1. 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 is dependent upon the cash flow of the Operating Partnership and the ability of its direct and indirect subsidiaries to first satisfy their obligations to creditors. Vornado is the sole general partner of, and owned approximately 93.7% of the common limited partnership interest in the Operating Partnership as of December 31, 2016. All references to the “Company,” “we,” “us” and “our” mean collectively Vornado, the Operating Partnership and those entities/subsidiaries consolidated by Vornado.

On October 31, 2016, Vornado’s Board of Trustees approved the tax-free spin-off of our Washington, DC segment and we entered into a definitive agreement to merge it with the business and certain select assets of The JBG Companies (“JBG”), a Washington, DC real estate company. Steven Roth, the Chairman of the Board of Trustees and Chief Executive Officer of Vornado, will be Chairman of the Board of Trustees of the new company, which will be named JBG SMITH Properties. Mitchell Schear, President of our Washington, DC business, will be a member of the Board of Trustees of the new company. The pro rata distribution to Vornado common shareholders and Class A Operating Partnership unitholders is intended to be treated as a tax-free spin-off for U.S. federal income tax purposes. It is expected to be made on a pro rata 1:2 basis. The initial Form 10 registration statement relating to the spin-off and merger was filed with the SEC on January 23, 2017 and the distribution and combination are expected to be completed in the second quarter of 2017. The distribution and combination are subject to certain conditions, including the SEC declaring the Form 10 registration statement effective, filing and approval of the new company’s listing application, receipt of regulatory approvals and third party consents by each of the Company and JBG, and formal declaration of the distribution by Vornado’s Board of Trustees. The distribution and combination are not subject to a vote by Vornado’s shareholders or Operating Partnership unitholders. Vornado’s Board of Trustees has approved the transaction. JBG has obtained all requisite approvals from its investment funds for this transaction. There can be no assurance that this transaction will be completed.

We currently own all or portions of:

New York:

20.2 million square feet of Manhattan office space in 36 properties;

2.7 million square feet of Manhattan street retail space in 70 properties;

2,004 units in twelve residential properties;

The 1,700 room Hotel Pennsylvania located on Seventh Avenue at 33rd Street in the heart of the Penn Plaza district;

A 32.4% interest in Alexander’s, Inc. (“Alexander’s”) (NYSE: ALX), which owns seven properties in the greater New York metropolitan area, including 731 Lexington Avenue, the 1.3 million square foot Bloomberg, L.P. headquarters building;

Washington, DC:

11.1 million square feet of office space in 44 properties;

3,156 units in nine residential properties;

Other Real Estate and Related Investments:

The 3.7 million square foot Mart (“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, known as the Bank of America Center;

A 25.0% interest in Vornado Capital Partners, our real estate fund. We are the general partner and investment manager of the fund;

A 32.5% interest in Toys “R” Us, Inc. (“Toys”); and

Other real estate and other investments.

Basis of Presentation and Significant Accounting Policies

12 Months Ended

Dec. 31, 2016

Basis of Presentation and Significant Accounting Policies

Basis Of Presentation And Significant Accounting Policies

2. 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 May 2014, the Financial Accounting Standards Board (“FASB”) issued an update ("ASU 2014-09") establishing Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). ASU 2014-09 establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. ASU 2014-09 requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. In August 2015, the FASB issued an update (“ASU 2015-14”) to ASC 606, Deferral of the Effective Date, which defers the adoption of ASU 2014-09 to interim and annual reporting periods in fiscal years that begin after December 15, 2017. In March 2016, the FASB issued an update (“ASU 2016-08”) to ASC 606, Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which clarifies the implementation guidance on principal versus agent considerations in the new revenue recognition standard pursuant to ASU 2014-09. In April 2016, the FASB issued an update (“ASU 2016-10”) to ASC 606, Identifying Performance Obligations and Licensing, which clarifies guidance related to identifying performance obligations and licensing implementation guidance contained in ASU 2014-09. In May 2016, the FASB issued an update (“ASU 2016-12”) to ASC 606, Narrow-Scope Improvements and Practical Expedients, which amends certain aspects of the new revenue recognition standard pursuant to ASU 2014-09. We are permitted to use either the retrospective or the modified retrospective method when adopting these standards. We are evaluating the impact of the adoption of these standards on our consolidated financial statements and have not yet concluded on the method of adoption.

In June 2014, the FASB issued an update (“ASU 2014-12”) to ASC Topic 718, Compensation – Stock Compensation (“ASC 718”). ASU 2014-12 requires an entity to treat performance targets that can be met after the requisite service period of a share based award has ended, as a performance condition that affects vesting. ASU 2014-12 is effective for interim and annual reporting periods in fiscal years that began after December 15, 2015. The adoption of this update as of January 1, 2016, did not have any impact on our consolidated financial statements.

In February 2015, the FASB issued an update (“ASU 2015-02”) Amendments to the Consolidation Analysis to ASC Topic 810, Consolidation. ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Specifically, the amendments: (i) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities, (ii) eliminate the presumption that a general partner should consolidate a limited partnership, (iii) affect the consolidation analysis of reporting entities that are involved with VIEs, and (iv) provide a scope exception for certain entities. ASU 2015-02 is effective for interim and annual reporting periods beginning after December 15, 2015. The adoption of this update on January 1, 2016 resulted in the identification of additional VIEs, but did not have an impact on our consolidated financial statements other than additional disclosures (see Note 11 - Variable Interest Entities).

In January 2016, the FASB issued an update (“ASU 2016-01”) Recognition and Measurement of Financial Assets and Financial Liabilities to ASC Topic 825, Financial Instruments. ASU 2016-01 amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the requirement to measure certain equity investments at fair value with changes in fair value recognized in net income. ASU 2016-01 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. We are currently evaluating the impact of the adoption of ASU 2016-01 on our consolidated financial statements.

In February 2016, the FASB issued (“ASU 2016-02”) Leases, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. ASU 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase. Lessees are required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases. Lessees will recognize expense based on the effective interest method for finance leases or on a straight-line basis for operating leases. ASU 2016-02 will more significantly impact the accounting for leases in which we are a lessee. We have a number of ground leases for which we will be required to record a right-of-use asset and lease liability upon adoption of this standard. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the impact of the adoption of ASU 2016-02 on our consolidated financial statements, including the timing of adopting this standard.

In March 2016, the FASB issued an update (“ASU 2016-09”) Improvements to Employee Share-Based Payment Accounting to ASC 718. ASU 2016-09 amends several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2016. We are currently evaluating the impact of the adoption of ASU 2016-09 on our consolidated financial statements.

In August 2016, the FASB issued an update (“ASU 2016-15”) Classification of Certain Cash Receipts and Cash Payments to ASC Topic 230, Statement of Cash Flows. ASU 2016-15 clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows to reduce diversity in practice with respect to (i) debt prepayment or debt extinguishment costs, (ii) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, (iii) contingent consideration payments made after a business combination, (iv) proceeds from the settlement of insurance claims, (v) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (vi) distributions received from equity method investees, (vii) beneficial interests in securitization transactions, and (viii) separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017, with early adoption permitted. The adoption of this update is not expected to have a significant impact on our consolidated financial statements.

In November 2016, the FASB issued an update (“ASU 2016-18”) Restricted Cash to ASC Topic 230, Statement of Cash Flows. ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Restricted cash and restricted cash equivalents will be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period balances on the statement of cash flows upon adoption of this standard. ASU 2016-18 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017, with early adoption permitted.

In January 2017, the FASB issued an update (“ASU 2017-01”) Clarifying the Definition of a Business to ASC Topic 805, Business Combinations. ASU 2017-01 provides a screen to determine when an asset acquired or group of assets acquired is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This screen reduces the number of transactions that need to be further evaluated. ASU 2017-01 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. We have elected to early adopt this standard, effective as of October 1, 2016, for all future acquisitions. The adoption of this standard will result in less real estate acquisitions qualifying as businesses and, accordingly, acquisition costs for those acquisitions that are not businesses will be capitalized rather than expensed. There was no impact of the adoption of this standard in the fourth quarter of 2016, as there have been no acquisitions.

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 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 redeveloped property, the excess is charged to expense. Depreciation is recognized on a straight-line basis over estimated useful lives 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. Additions to real estate include interest and debt expense capitalized during construction of $34,097,000 and $59,305,000 for the years ended December 31, 2016 and 2015, respectively.

Upon the acquisition of real estate that meets the criteria of a business under ASU 2017-01, 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. 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 record acquired intangible assets (including acquired above-market leases, acquired in-place leases and tenant relationships) and acquired intangible liabilities (including below–market leases) at their estimated fair value separate and apart from goodwill. 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 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 projected 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. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses.

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 factors such as ownership interest, board representation, management representation, authority to make decisions, and contractual and substantive participating rights of the partners/members as well as whether the entity is a variable interest entity (“VIE”) and whether we are the primary beneficiary. 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 entity is not considered a VIE and the approval of all of the partners/members is contractually required with respect to major decisions, such as operating and capital budgets, the sale, exchange or other disposition of real property, the hiring of a chief executive officer, the commencement, compromise or settlement of any lawsuit, legal proceeding or arbitration or the placement of new or additional financing secured by assets of the venture. 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 on the cost method.

Investments in 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 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 and available information at the time the analyses are prepared. In the years ended December 31, 2016, 2015 and 2014, we recognized non-cash impairment losses on investments in partially owned entities aggregating $20,290,000, $21,260,000 and $85,459,000, respectively. Included in 2014 is a $75,196,000 impairment loss related to our investment in Toys.

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 (“CDARS”). To date, we have not experienced any losses on our invested 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 for debt service, real estate taxes, property insurance and capital improvements.

Allowance for Doubtful Accounts: We periodically evaluate the collectability of amounts due from tenants and maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under the lease agreements. We also maintain an allowance for receivables arising from the straight-lining of rents. These receivables arise from earnings recognized in excess of amounts currently due under the lease agreements. Management exercises judgment in establishing these allowances and considers payment history and current credit status in developing these estimates. As of December 31, 2016 and 2015, we had $10,920,000 and $11,908,000, respectively, in allowances for doubtful accounts. In addition, as of December 31, 2016 and 2015, we had $2,227,000 and $2,751,000, respectively, in allowances for receivables arising from the straight-lining of rents.

Deferred Charges: Direct financing costs are deferred and amortized over the terms of the related agreements as a component of interest expense. Direct 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: We have the following revenue sources and revenue recognition policies:

• Base Rent — income arising from tenant leases. These rents are recognized over the non-cancelable term of the related leases on a straight-line basis which includes the effects of rent steps and rent abatements under the leases. We commence rental revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. In addition, in circumstances where we provide a tenant improvement allowance for improvements that are owned by the tenant, we recognize the allowance as a reduction of rental revenue on a straight-line basis over the term of the lease.

• Percentage Rent — income arising from retail tenant leases that is contingent upon tenant sales exceeding defined thresholds. These rents are recognized only after the contingency has been removed (i.e., when tenant sales thresholds have been achieved).

• Hotel Revenue — income arising from the operation of the Hotel Pennsylvania which consists of rooms revenue, food and beverage revenue, and banquet revenue. Income is recognized when rooms are occupied. Food and beverage and banquet revenue is recognized when the services have been rendered.

• Trade Shows Revenue — income arising from the operation of trade shows, including rentals of booths. This revenue is recognized when the trade shows have occurred.

• Expense Reimbursements — revenue arising from tenant leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes of the respective property. This revenue is recognized in the same periods as the expenses are incurred.

• Management, Leasing and Other Fees — income arising from contractual agreements with third parties or with partially owned entities. This revenue is recognized as the related services are performed under the respective agreements.

Derivative Instruments and Hedging Activities: ASC 815, Derivatives and Hedging, as amended, establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. As of December 31, 2016 and 2015, our derivative instruments consisted of two and one interest rate swaps, respectively. We record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges.

For derivatives designated as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (loss) (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. We assess the effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. For derivatives not designated as hedges, changes in fair value are recognized in earnings.

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 taxable income and therefore, no provision for Federal income taxes is required. Dividends distributed for the year ended December 31, 2016, were characterized, for federal income tax purposes, as 83.5% ordinary income and 16.5% long-term capital gain. Dividends distributed for the year ended December 31, 2015, were characterized, for federal income tax purposes, as long-term capital gain income. Dividends distributed for the year ended December 31, 2014, were characterized, for federal income tax purposes, as ordinary income.

The Operating Partnership’s partners are required to report their respective share of taxable income on their individual tax returns. 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. Our taxable REIT subsidiaries had a combined current income tax expense of approximately $7,946,000, $8,322,000 and $10,777,000 for the years ended December 31, 2016, 2015 and 2014, respectively, and have immaterial differences between the financial reporting and tax basis of assets and liabilities.

At December 31, 2016 and 2015, our taxable REIT subsidiaries had deferred tax assets related to net operating loss carryforwards of $98,013,000 and $97,104,000, respectively, which are included in “other assets” on our consolidated balance sheets. Prior to the quarter ended June 30, 2015, there was a full valuation allowance against these deferred tax assets because we had not determined that it is more-likely-than-not that we would use the net operating loss carryforwards to offset future taxable income. In our quarter ended June 30, 2015, based upon residential condominium unit sales, among other factors, we concluded that it was more-likely-than-not that we will generate sufficient taxable income to realize these deferred tax assets. Accordingly, we reversed $90,030,000 of the allowance for deferred tax assets and recognized an income tax benefit in our consolidated statements of income.

The following table reconciles net income attributable to Vornado common shareholders to estimated taxable income for the years ended December 31, 2016, 2015 and 2014.

(Amounts in thousands)			For the Year Ended December 31,
			2016		2015			2014
Net income attributable to Vornado common shareholders		$	823,606	$	679,856		$	783,388
Book to tax differences (unaudited):
	Net gain on extinguishment of Skyline properties debt		(457,970)		-			-
	Depreciation and amortization		302,092		227,297			219,403
	Impairment losses		170,332		20,281			34,670
	Earnings of partially owned entities		(149,094)		(5,299)			71,960
	Straight-line rent adjustments		(137,941)		(144,727)			(77,526)
	Sale of real estate and other capital transactions		(39,109)		320,326			(477,061)
	Vornado stock options		(3,593)		(8,278)			(9,566)
	Tangible Property Regulations		-		(575,618)	⁽¹⁾		-
	Other, net		9,121		(26,114)			(33,410)
Estimated taxable income (unaudited)		$	517,444	$	487,724		$	511,858


(1)	Represents one-time deductions pursuant to the implementation of the Tangible Property Regulations issued by the Internal Revenue Service.

The net basis of Vornado’s assets and liabilities for tax reporting purposes is approximately $3.7 billion lower than the amounts reported in Vornado’s consolidated balance sheet at December 31, 2016.

Real Estate Fund Investments

12 Months Ended

Dec. 31, 2016

Real Estate Fund Investments [Abstract]

Real Estate Fund Investments

3. 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 has an eight-year term and a three-year investment period that ended in July 2013. During the investment period, the Fund was our exclusive investment vehicle for all investments that fit within its investment parameters, as defined. The Fund is accounted for under ASC 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 also 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 24.7% 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.

At December 31, 2016, we had six real estate fund investments through the Fund and the Crowne Plaza Joint Venture with an aggregate fair value of $462,132,000, or $153,197,000 in excess of cost, and had remaining unfunded commitments of $117,907,000, of which our share was $34,422,000. At December 31, 2015, we had six real estate fund investments with an aggregate fair value of $574,761,000.

Below is a summary of income from the Fund and the Crowne Plaza Joint Venture for the years ended December 31, 2016, 2015 and 2014.

(Amounts in thousands)		For the Year Ended December 31,
		2016		2015		2014
Net investment income		$	17,053	$	16,329	$	12,895
Net realized gain on exited investments			14,761		26,036		126,653
Previously recorded unrealized gain on exited investment			(14,254)		(23,279)		(50,316)
Net unrealized (loss) gain on held investments			(41,162)		54,995		73,802
(Loss) income from real estate fund investments			(23,602)		74,081		163,034
Less loss (income) attributable to noncontrolling interests in consolidated
	subsidiaries		2,560		(40,117)		(92,728)
(Loss) income from real estate fund investments attributable to the
	Operating Partnership⁽¹⁾		(21,042)		33,964		70,306
Less loss (income) attributable to noncontrolling interests in the Operating
	Partnership		1,270		(2,011)		(4,047)
(Loss) income from real estate fund investments attributable to Vornado		$	(19,772)	$	31,953	$	66,259


(1)	Excludes $3,831, $2,939, and $2,562 of management and leasing fees in the years ended December 31, 2016, 2015 and 2014, respectively, which are included as a component of "fee and other income" on our consolidated statements of income.

On March 25, 2015, the Fund completed the sale of 520 Broadway in Santa Monica, CA for $91,650,000. The Fund realized a $23,768,000 net gain over the holding period.

On January 20, 2015, we co-invested with the Fund and one of the Fund’s limited partners to buy out the Fund’s joint venture partner’s 57.1% interest in the Crowne Plaza Times Square Hotel. The purchase price for the 57.1% interest was approximately $95,000,000 (our share $39,000,000) which valued the property at approximately $480,000,000. The property is encumbered by a $310,000,000 mortgage loan bearing interest at LIBOR plus 2.80% and maturing in December 2018 with a one-year extension option. Our aggregate ownership interest in the property increased to 33% from 11%.

On August 21, 2014, the Fund and its 50% joint venture partner completed the sale of The Shops at Georgetown Park, a 305,000 square foot retail property, for $272,500,000. From the inception of this investment through its disposition, the Fund realized a $51,124,000 net gain.

On June 26, 2014, the Fund sold its 64.7% interest in One Park Avenue to a newly formed joint venture that we and an institutional investor own 55% and 45%, respectively. This transaction was based on a property value of $560,000,000. From the inception of this investment through its disposition, the Fund realized a $75,529,000 net gain.

Marketable Securities and Derivative Instruments

12 Months Ended

Dec. 31, 2016

Marketable Securities and Derivative Instruments [Abstract]

Marketable Securities and Derivative Instruments

4. Marketable Securities

Our portfolio of marketable securities is comprised of equity securities that are classified as available-for-sale. Available-for-sale securities are presented on our consolidated balance sheets at fair value. Unrealized gains and losses resulting from the mark-to-market of these securities are included in “other comprehensive income (loss).” Realized gains and losses are recognized in earnings only upon the sale of the securities and are recorded based on the weighted average cost of such securities.

We evaluate our portfolio of marketable securities for impairment each reporting period. For each of the securities in our portfolio with unrealized losses, we review the underlying cause of the decline in value and the estimated recovery period, as well as the severity and duration of the decline. In our evaluation, we consider our ability and intent to hold these investments for a reasonable period of time sufficient for us to recover our cost basis. We also evaluate the near-term prospects for each of these investments in relation to the severity and duration of the decline.

	Below is a summary of our marketable securities portfolio as of December 31, 2016 and 2015.

(Amounts in thousands)		As of December 31, 2016						As of December 31, 2015
				GAAP		Unrealized				GAAP		Unrealized
		Fair Value		Cost		Gain		Fair Value		Cost		Gain
Equity securities:
	Lexington Realty Trust	$	199,465	$	72,549	$	126,916	$	147,752	$	72,549	$	75,203
	Other		4,239		650		3,589		3,245		-		3,245
		$	203,704	$	73,199	$	130,505	$	150,997	$	72,549	$	78,448

Investments in Partially Owned Entities

12 Months Ended

Dec. 31, 2016

Equity Method Investments and Joint Ventures [Abstract]

Investments in Partially Owned Entities

5. Investments in Partially Owned Entities

Alexander’s, Inc.

As of December 31, 2016, 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, 2016 and 2015, Alexander’s owed us an aggregate of $1,070,000 and $8,551,000, respectively, pursuant to such agreements.

As of December 31, 2016 the market value (“fair value” pursuant to ASC 820) of our investment in Alexander’s, based on Alexander’s December 31, 2016 closing share price of $426.87, was $706,072,000, or $576,748,000 in excess of the carrying amount on our consolidated balance sheet. As of December 31, 2016, the carrying amount of our investment in Alexander’s exceeds our share of the equity in the net assets of Alexander’s by approximately $39,723,000. 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. The basis difference related to the land will be recognized upon disposition of our investment.

Management, Development and Leasing 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) $297,000, 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.

On December 22, 2014, the leasing agreements with Alexander’s were amended to eliminate the annual installment cap of $4,000,000. In addition, Alexander’s repaid to us the outstanding balance of $40,353,000.

Other Agreements

Building Maintenance Services (“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 and Rego Park II properties. During the years ended December 31, 2016, 2015 and 2014, we recognized $2,583,000, $2,221,000 and $2,318,000 of income, respectively, for these services.

Urban Edge Properties (“UE”) (NYSE: UE)

On January 15, 2015, we completed the spin-off of UE as a separate public company. As of December 31, 2016, we own 5,717,184 UE operating partnership units, representing a 5.4% ownership interest in UE. We account for our investment in UE under the equity method and record our share of UE’s net income or loss on a one-quarter lag basis. As of December 31, 2016, the fair value of our investment in UE, based on UE’s December 31, 2016 closing share price of $27.51, was $157,280,000, or $132,757,000 in excess of the carrying amount on our consolidated balance sheet. See Note 21 – Related Party Transactions for details of our relationship with UE.

Pennsylvania Real Estate Investment Trust (“PREIT”) (NYSE: PEI)

As of December 31, 2016, we own 6,250,000 PREIT operating partnership units, representing an 8.0% interest in PREIT. We account for our investment in PREIT under the equity method and record our share of PREIT’s net income or loss on a one-quarter lag basis. As of December 31, 2016, the fair value of our investment in PREIT, based on PREIT’s December 31, 2016 closing share price of $18.96, was $118,500,000, or $4,383,000 below the carrying amount on our consolidated balance sheet. As of December 31, 2016, the carrying amount of our investment in PREIT exceeds our share of the equity in the net assets of PREIT by approximately $63,750,000. The majority of this basis difference resulted from the excess of the fair value of the PREIT operating units received over our share of the book value of PREIT’s net assets. Substantially all of this basis difference was allocated, based on our estimates of the fair values of PREIT’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 PREIT’s net loss. The basis difference related to the land will be recognized upon disposition of our investment.

One Park Avenue

On March 7, 2016, the joint venture, in which we have a 55% ownership interest, completed a $300,000,000 refinancing of One Park Avenue, a 949,000 square foot Manhattan office building. The loan matures in March 2021 and is interest only at LIBOR plus 1.75% (2.40% at December 31, 2016). The property was previously encumbered by a 4.995%, $250,000,000 mortgage which matured in March 2016.

Mezzanine Loan – New York

On March 17, 2016, we entered into a joint venture, in which we own a 33.3% interest, which owns a $150,000,000 mezzanine loan with an interest rate of LIBOR plus 8.88% and an initial maturity date in November 2016, with two three-month extension options. On November 9, 2016, the mezzanine loan was extended to May 2017 with an interest rate of LIBOR plus 9.42% (10.08% at December 31, 2016) during the extension period. As of December 31, 2016, the joint venture has fully funded its commitments. The joint venture’s investment is subordinate to $350,000,000 of third party debt. We account for our investment in the joint venture under the equity method.

The Warner Building

On May 6, 2016, the joint venture, in which we have a 55% ownership interest, completed a $273,000,000 refinancing of The Warner Building, a 622,000 square foot Washington, DC office building. The loan matures in June 2023, has a fixed rate of 3.65%, is interest only for the first two years and amortizes based on a 30-year schedule beginning in year three. The property was previously encumbered by a 6.26%, $293,000,000 mortgage which matured in May 2016.

280 Park Avenue

On May 11, 2016, the joint venture, in which we have a 50% ownership interest, completed a $900,000,000 refinancing of 280 Park Avenue, a 1,249,000 square foot Manhattan office building. The three-year loan with four one-year extensions is interest only at LIBOR plus 2.00% (2.66% at December 31, 2016). The property was previously encumbered by a 6.35%, $721,000,000 mortgage which was scheduled to mature in June 2016.

7 West 34th Street

On May 16, 2016, we completed a $300,000,000 recourse financing of 7 West 34th Street, a 479,000 square foot Manhattan office building leased to Amazon. The ten-year loan is interest only at a fixed rate of 3.65% and matures in June 2026. Subsequently, on May 27, 2016, we sold a 47% ownership interest in this property and retained the remaining 53% interest. This transaction was based on a property value of approximately $561,000,000 or $1,176 per square foot. We received net proceeds of $127,382,000 from the sale and realized a net gain of $203,324,000, of which $159,511,000 was recognized in the second quarter of 2016 and is included in “net gain on disposition of wholly owned and partially owned assets” in our consolidated statements of income. The remaining net gain of $43,813,000 has been deferred until our guarantee of payment of loan principal and interest is removed or the loan is repaid. We realized a net tax gain of $90,017,000. We continue to manage and lease the property. We share control over major decisions with our joint venture partner. Accordingly, this property is accounted for under the equity method from the date of sale.

606 Broadway

On May 20, 2016, we contributed $19,650,000 for a 50.0% equity interest in a joint venture that will develop 606 Broadway, a 34,000 square foot office and retail building, located on Houston Street in Manhattan. The development cost of this project is estimated to be approximately $104,000,000. At closing, the joint venture obtained a $65,000,000 construction loan, of which approximately $25,800,000 was outstanding at December 31, 2016. The loan, which bears interest at LIBOR plus 3.00% (3.66% at December 31, 2016), matures in May 2019 with two one-year extension options. Because this joint venture is a VIE and we determined we are the primary beneficiary, we consolidate the accounts of this joint venture from the date of our investment.

50-70 West 93rd Street

On August 3, 2016, the joint venture, in which we have 49.9% ownership interest, completed an $80,000,000 refinancing of 50-70 West 93rd Street, a 326 unit Manhattan residential complex. The three-year loan with two one-year extensions is interest only at LIBOR plus 1.70% (2.40% at December 31, 2016). The property was previously encumbered by a $44,980,000 first mortgage at LIBOR plus 1.90% and an $18,481,000 second mortgage at LIBOR plus 1.65%, which were scheduled to mature in September 2016.

85 Tenth Avenue

In 2007, we made $50,000,000 of junior and senior mezzanine loans to the owner of 85 Tenth Avenue, a 626,000 square foot Manhattan office building. The loans were secured by equity interests in the property. In connection with the loans, we received the right to acquire a 49.9% equity interest in the property upon repayment of the loans. Pursuant to ASC 310-10-25-14, we accounted for our investment as an investment in real estate under the equity method. In February 2013, through a joint venture with an affiliate of the owner of 85 Tenth Avenue, we invested an additional $14,583,000 in senior mezzanine loans. In August 2014, we made an $8,413,000 preferred equity investment in the owner of 85 Tenth Avenue, bringing our total cash investment in 85 Tenth Owner to $72,996,000.

As of December 1, 2016, our share of the net losses of 85 Tenth Avenue reduced our basis to $30,936,000. On December 1, 2016, the owner of 85 Tenth Avenue completed a 10-year, 4.55% $625,000,000 refinancing of the property and we received net proceeds of $191,779,000 in repayment of our existing loans and preferred equity investments. We recognized $160,843,000 of income and no tax gain as a result of this transaction. In conjunction with the repayment of the loans, we exercised our right to receive a 49.9% interest in the property, which we are accounting for under the equity method.

Fairfax Square

On December 19, 2016, we completed the sale of our 20% interest in Fairfax Square to our joint venture partner for $15,500,000, which resulted in a net gain of approximately $15,302,000.

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

(Amounts in thousands)		Percentage
		Ownership at	As of December 31,
		December 31, 2016	2016		2015
Investments:
	Partially owned office buildings⁽¹⁾	Various	$	797,205	$	947,883
	Alexander’s	32.4%		129,324		133,568
	PREIT	8.0%		122,883		133,375
	India real estate ventures	4.1%-36.5%		30,290		48,310
	UE	5.4%		24,523		25,351
	Other investments⁽²⁾	Various		323,794		261,935
			$	1,428,019	$	1,550,422


(1)	Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 666 Fifth Avenue (Office), 330 Madison Avenue, 85 Tenth Avenue, 512 West 22nd Street and others.
(2)	Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, 50-70 West 93rd Street and others.

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

(Amounts in thousands)			Percentage
			Ownership at		For the Year Ended December 31,
			December 31, 2016		2016		2015		2014
Our Share of Net Income (Loss):
	85 Tenth Avenue (see page 126 for details):
		Income from the repayment of loans and preferred equity		49.9%	$	160,843	$	-	$	-
		Equity in net income (loss)				17,229		(1,015)		(6,231)
						178,072		(1,015)		(6,231)

	Alexander's:
		Equity in net income		32.4%		27,470		24,209		21,287
		Management, leasing and development fees				6,770		6,869		8,722
						34,240		31,078		30,009

	UE (see page 124 for details):
		Equity in net income		5.4%		5,003		2,430		-
		Management fees				836		1,964		-
						5,839		4,394		-

	Toys:
		Equity in net loss⁽¹⁾		32.5%		-		-		(4,691)
		Non-cash impairment losses				-		-		(75,196)
		Management fees				2,000		2,500		6,331
						2,000		2,500		(73,556)

	Partially owned office buildings⁽²⁾			Various		(42,100)		(23,556)		93

	India real estate ventures⁽³⁾			4.1%-36.5%		(18,122)		(18,746)		(8,309)

	PREIT (see page 124 for details)			8.0%		(5,213)		(7,450)		-

	Other investments⁽⁴⁾			Various		10,673		165		(1,867)

					$	165,389	$	(12,630)	$	(59,861)


(1)	Pursuant to Rule 4-08(g) of Regulation S-X, in 2014 Toys was considered a significant subsidiary where as in 2016 and 2015 it was not. For the twelve months ended November 1, 2014, Toys’ total revenue was $12,645,000 and net loss attributable to Toys was $343,000.
(2)	Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 666 Fifth Avenue (Office), 330 Madison Avenue, 512 West 22nd Street and others. In 2016 and 2015, we recognized net losses of $47,000 and $39,600, respectively, from our 666 Fifth Avenue (Office) joint venture as a result of our share of depreciation expense. In 2015, we recognized our $12,800 share of a write-off of a below-market lease liability related to a tenant vacating at 650 Madison Avenue. In 2014, we recognized our $14,500 share of accelerated depreciation from our West 57th Street joint ventures in connection with the change in estimated useful life of those properties.
(3)	Includes non-cash impairment losses of $13,962, $14,806 and $5,771, respectively.
(4)	Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, 50-70 West 93rd Street and others. In 2014, we recognized a $10,263 non-cash charge comprised of a $5,959 impairment loss and a $4,304 loan loss reserve on our equity and debt investments in Suffolk Downs.

Below is a summary of the debt of our partially owned entities as of December 31, 2016 and 2015, none of which is recourse to us.

(Amounts in thousands)			Percentage		Interest
			Ownership at		Rate at	100% Partially Owned Entities’
			December 31,		December 31,	Debt at December 31,
			2016	Maturity	2016	2016		2015
Toys:
	Notes, loans and mortgages payable		32.5%	2017-2021	7.28%	$	5,640,779	$	5,619,710

Partially owned office buildings⁽¹⁾^:
	Mortgages payable		Various	2017-2026	4.43%		4,341,056		3,771,255

PREIT:
	Mortgages payable		8.0%	2017-2025	3.77%		1,747,543		1,852,270

UE:
	Mortgages payable		5.4%	2018-2034	4.19%		1,209,994		1,246,155

Alexander's:
	Mortgages payable		32.4%	2018-2022	2.01%		1,056,147		1,053,262

85 Tenth Avenue:
	Mortgages payable		49.9%	2026	4.55%		625,000		-

India Real Estate Ventures:
	TCG Urban Infrastructure Holdings mortgages
		payable	25.0%	2017-2033	11.98%		187,296		185,607

Other⁽²⁾^:
	Mortgages payable		Various	2017-2023	4.20%		1,277,632		1,316,641


(1)	Includes 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 666 Fifth Avenue (Office), 330 Madison Avenue, 512 West 22nd Street and others.
(2)	Includes Independence Plaza, Fashion Centre Mall/Washington Tower, 50-70 West 93rd Street 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 $5,062,697,000 and $4,432,078,000 as of December 31, 2016 and 2015, respectively.

Summary of Condensed Combined Financial Information

The following is a summary of condensed combined financial information for all of our partially owned entities, including Toys and Alexander’s, as of December 31, 2016 and 2015 and for the years ended December 31, 2016, 2015 and 2014.

(Amounts in thousands)				Balance as of December 31,
				2016		2015
Balance Sheet:
	Assets			$	24,926,000	$	25,526,000
	Liabilities				21,357,000		21,162,000
	Noncontrolling interests				265,000		146,000
	Equity				3,305,000		4,218,000

(Amounts in thousands)		For the Year Ended December 31,
		2016		2015		2014
Income Statement:
	Total revenue	$	13,600,000	$	13,423,000	$	13,620,000
	Net loss		(65,000)		(224,000)		(434,000)

Dispositions

12 Months Ended

Dec. 31, 2016

Dispositions [Abstract]

Dispositions

6. Dispositions

New York

On December 22, 2015, we completed the sale of 20 Broad Street, a 473,000 square foot office building in Manhattan for an aggregate consideration of $200,000,000. The total income from this transaction was approximately $157,000,000 comprised of approximately $142,000,000 from the gain on sale and $15,000,000 of lease termination income set forth in Note 14 – Fee and Other Income.

On December 18, 2014, we completed the sale of 1740 Broadway, a 601,000 square foot office building in Manhattan for $605,000,000. The sale resulted in net proceeds of approximately $580,000,000, after closing costs, and resulted in a financial statement gain of approximately $441,000,000. The tax gain of approximately $484,000,000, was deferred in like-kind exchanges, primarily for the acquisition of the St. Regis Fifth Avenue retail.

Washington, DC

On September 9, 2015, we completed the sale of 1750 Pennsylvania Avenue, NW, a 278,000 square foot office building in Washington, DC for $182,000,000, resulting in a net gain of approximately $102,000,000 which is included in “net gain on disposition of wholly owned and partially owned assets” on our consolidated statement of income. The tax gain of approximately $137,000,000 was deferred as part of a like-kind exchange. We are managing the property on behalf of the new owner.

Discontinued Operations

On January 15, 2015, we completed the spin-off of substantially all of our retail segment comprised of 79 strip shopping centers, three malls, a warehouse park and $225,000,000 of cash to UE. In addition, we completed the following retail property sales, substantially completing the exit of the retail strips and malls business.

On March 13, 2015, we sold our Geary Street, CA lease for $34,189,000, which resulted in a net gain of $21,376,000.

On March 31, 2015, we transferred the redeveloped Springfield Town Center, a 1,350,000 square foot mall located in Springfield, Fairfax County, Virginia, to PREIT in exchange for $485,313,000, comprised of $340,000,000 of cash and 6,250,000 of PREIT operating partnership units (valued at $145,313,000 or $23.25 per PREIT unit). The financial statement gain was $7,823,000, of which $7,192,000 was recognized in the first quarter of 2015 and the remaining $631,000 was deferred based on our ownership interest in PREIT. On March 31, 2018, we will be entitled to additional consideration of 50% of the increase in the value of Springfield Town Center, if any, over $465,000,000, calculated utilizing a 5.5% capitalization rate. In the first quarter of 2014, we recorded a non-cash impairment loss of $20,000,000 on Springfield Town Center which is included in “income from discontinued operations” on our consolidated statements of income.

On August 6, 2015, we sold our 50% interest in the Monmouth Mall in Eatontown, NJ to our joint venture partner for $38,000,000, valuing the property at approximately $229,000,000, which resulted in a net gain of $33,153,000.

On February 24, 2014, we completed the sale of Broadway Mall in Hicksville, Long Island, New York, for $94,000,000. The sale resulted in net proceeds of $92,174,000 after closing costs.

On July 8, 2014, we completed the sale of Beverly Connection, a 335,000 square foot power shopping center in Los Angeles, California, for $260,000,000, of which $239,000,000 was cash and $21,000,000 was 10-year mezzanine seller financing. The sale resulted in a net gain of $44,155,000.

In 2014, we also sold six strip shopping centers, in separate transactions, for an aggregate of $66,410,000 in cash, which resulted in a net gain aggregating $22,500,000.

In accordance with the provisions of ASC 360, Property, Plant, and Equipment, we have reclassified the revenues and expenses of our strip shopping center and mall business which was spun off to UE on January 15, 2015 and other related retail assets that were sold or are currently held for sale to “income from discontinued operations” and the related assets and liabilities to “assets related to discontinued operations” and “liabilities related to discontinued operations” for all of the periods presented in the accompanying financial statements. The net gains resulting from the sale of these properties are included in “income from discontinued operations” on our consolidated statements of income. The tables below set forth the assets and liabilities related to discontinued operations at December 31, 2016 and 2015, and their combined results of operations for the years ended December 31, 2016, 2015 and 2014.

(Amounts in thousands)			Balance as of
			December 31, 2016		December 31, 2015
Assets related to discontinued operations:
Real estate, net			$	2,642	$	29,561
Other assets				2,928		7,459
			$	5,570	$	37,020

Liabilities related to discontinued operations:
Other liabilities			$	2,870	$	12,470

(Amounts in thousands)	For the Year Ended December 31,
	2016		2015		2014
Income from discontinued operations:
Total revenues	$	3,998	$	27,831	$	395,786
Total expenses		1,435		17,651		274,107
		2,563		10,180		121,679
Net gains on sale of real estate and a lease position		5,074		65,396		507,192
Impairment losses		(465)		(256)		(26,518)
UE spin-off transaction related costs		-		(22,972)		(14,956)
Pretax income from discontinued operations		7,172		52,348		587,397
Income tax expense		-		(86)		(1,721)
Income from discontinued operations	$	7,172	$	52,262	$	585,676

Cash flows related to discontinued operations:
Cash flows from operating activities	$	455	$	(33,462)	$	123,837
Cash flows from investing activities		2,785		346,865		(180,019)

- Definition

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721665-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721675-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=64862545&loc=SL51724579-110230

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721663-107760

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64862545&loc=d3e2941-110230

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1361-107760

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721673-107760

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721659-107760

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721671-107760

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721677-107760

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1474-107760

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721683-107760

+ Details

Identified Intangible Assets and Liabilities

12 Months Ended

Dec. 31, 2016

Identified Intangible Assets and Liabilities [Abstract]

Identified Intangible Assets and Liabilities

7. Identified Intangible Assets and Liabilities

The following summarizes our identified intangible assets (primarily acquired above-market leases) and liabilities (primarily acquired below-market leases) as of December 31, 2016 and 2015.

(Amounts in thousands)	Balance as of December 31,
	2016		2015
Identified intangible assets:
Gross amount	$	400,061	$	415,261
Accumulated amortization		(207,330)		(187,360)
Net	$	192,731	$	227,901
Identified intangible liabilities (included in deferred revenue):
Gross amount	$	586,969	$	643,488
Accumulated amortization		(323,183)		(325,340)
Net	$	263,786	$	318,148

Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental income of $53,202,000, $78,749,000 and $37,516,000 for the years ended December 31, 2016, 2015 and 2014, 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, 2017 is as follows:

(Amounts in thousands)
2017	$	45,576
2018		44,346
2019		32,168
2020		23,343
2021		18,159

Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $29,543,000, $36,659,000 and $28,275,000 for the years ended December 31, 2016, 2015 and 2014, respectively. Estimated annual amortization of all other identified intangible assets including acquired in-place leases, customer relationships, and third party contracts for each of the five succeeding years commencing January 1, 2017 is as follows:

(Amounts in thousands)
2017	$	24,456
2018		20,201
2019		15,863
2020		12,394
2021		11,177

We are a tenant under ground leases at certain properties. Amortization of these acquired below-market leases, net of above-market leases, resulted in an increase to rent expense of $1,832,000, $1,832,000, and $1,832,000 for the years ended December 31, 2016, 2015 and 2014. Estimated annual amortization of these below-market leases, net of above-market leases, for each of the five succeeding years commencing January 1, 2017 is as follows:

(Amounts in thousands)
2017	$	1,832
2018		1,832
2019		1,832
2020		1,832
2021		1,832

Debt

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Debt

8. Debt

Unsecured Revolving Credit Facility

On November 7, 2016, we extended one of our two $1.25 billion unsecured revolving credit facilities from June 2017 to February 2021 with two six-month extension options. The interest rate on the extended facility was lowered from LIBOR plus 115 basis points to LIBOR plus 100 basis points. The facility fee remains unchanged at 20 basis points.

Secured Debt

On February 8, 2016, we completed a $700,000,000 refinancing of 770 Broadway, a 1,158,000 square foot Manhattan office building. The five-year loan is interest only at LIBOR plus 1.75% (2.40% at December 31, 2016), which was swapped for four and a half years to a fixed rate of 2.56%. The Company realized net proceeds of approximately $330,000,000. The property was previously encumbered by a 5.65%, $353,000,000 mortgage which was scheduled to mature in March 2016.

On September 6, 2016, we completed a $675,000,000 refinancing of theMART, a 3,652,000 square foot commercial building in Chicago. The five-year loan is interest only and has a fixed rate of 2.70%. The Company realized net proceeds of approximately $124,000,000. The property was previously encumbered by a 5.57%, $550,000,000 mortgage which was scheduled to mature in December 2016.

On December 2, 2016, we completed a $400,000,000 refinancing of 350 Park Avenue, a 571,000 square foot Manhattan office building. The ten-year loan is interest only and has a fixed rate of 3.92%. The Company realized net proceeds of approximately $111,000,000. The property was previously encumbered by a 3.75%, $284,000,000 mortgage which was scheduled to mature in January 2017.

On March 15, 2016, we notified the servicer of the $678,000,000 non-recourse mortgage loan on the Skyline properties located in Fairfax, Virginia, that cash flow will be insufficient to service the debt and pay other property related costs and expenses and that we were not willing to fund additional cash shortfalls. Accordingly, at our request, the loan was transferred to the special servicer. Consequently, based on the shortened holding period for the underlying assets, we concluded that the excess of carrying amount over our estimate of fair value was not recoverable and recognized a $160,700,000 non-cash impairment loss in the first quarter of 2016. The Company’s estimate of fair value was derived from a discounted cash flow model based upon market conditions and expectations of growth and utilized unobservable quantitative inputs including a capitalization rate of 8.0% and a discount rate of 8.2%. In the second quarter of 2016, cash flow became insufficient to service the debt and we ceased making debt service payments. Pursuant to the loan agreement, the loan was in default, and was subject to incremental default interest which increased the weighted average interest rate from 2.97% to 4.51% while the outstanding balance remains unpaid. For the year ended December 31, 2016, we recognized $7,823,000 of default interest expense. On August 24, 2016, the Skyline properties were placed in receivership. On December 21, 2016, the disposition of the Skyline properties was completed by the receiver. In connection therewith, the Skyline properties’ assets (approximately $236,535,000) and liabilities (approximately aggregating $724,412,000), were removed from our consolidated balance sheet which resulted in a net gain of $487,877,000. There was no taxable income related to this transaction.

The following is a summary of our debt:

(Amounts in thousands)			Weighted Average
			Interest Rate at			Balance at December 31,
			December 31, 2016			2016		2015
Mortgages Payable:
	Fixed rate			3.84%	$	6,099,873	$	6,356,634
	Variable rate			2.49%		3,274,424		3,258,204
		Total		3.37%		9,374,297		9,614,838
	Deferred financing costs, net and other					(96,034)		(101,125)
		Total, net			$	9,278,263	$	9,513,713

Unsecured Debt:
	Senior unsecured notes			3.68%	$	850,000	$	850,000
	Deferred financing costs, net and other					(4,423)		(5,841)
		Senior unsecured notes, net				845,577		844,159

	Unsecured term loan			1.88%		375,000		187,500
	Deferred financing costs, net and other					(2,785)		(4,362)
		Unsecured term loan, net				372,215		183,138

	Unsecured revolving credit facilities			1.68%		115,630		550,000

		Total, net			$	1,333,422	$	1,577,297

The net carrying amount of properties collateralizing the mortgages payable amounted to $10.7 billion at December 31, 2016. As of December 31, 2016, the principal repayments required for the next five years and thereafter are as follows:

(Amounts in thousands)				Senior Unsecured
				Debt and Unsecured
				Revolving Credit
		Mortgages Payable		Facilities
Year Ending December 31,
2017	$	156,702	$	-
2018		1,389,341		490,630
2019		399,661		450,000
2020		1,882,443		-
2021		3,173,705		-
Thereafter		2,372,445		400,000

Redeemable Noncontrolling Interests / Redeemable Partnership Units

12 Months Ended

Dec. 31, 2016

Redeemable Noncontrolling Interests / Redeemable Partnership Units [Abstract]

Redeemable Noncontrolling Interests / Redeemable Partnership Units

9. Redeemable Noncontrolling Interests/Redeemable Partnership Units

Redeemable noncontrolling interests on Vornado’s consolidated balance sheets and redeemable partnership units on the consolidated balance sheets of the Operating Partnership 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.

Below are the details of redeemable noncontrolling interests/redeemable partnership units as of December 31, 2016 and 2015.

(Amounts in thousands, except units and										Preferred or
per unit amounts)		Balance as of				Units Outstanding at		Per Unit		Annual
		December 31,				December 31,		Liquidation		Distribution
Unit Series		2016			2015	2016	2015	Preference		Rate
Common:
	Class A units held by third parties	$	1,273,018	$	1,223,793	12,197,162	12,242,820		n/a	$	2.52

Perpetual Preferred/Redeemable Preferred⁽¹⁾:
	5.00% D-16 Cumulative Redeemable	$	1,000	$	1,000	1	1	$	1,000,000.00	$	50,000.00
	3.25% D-17 Cumulative Redeemable	$	4,428	$	4,428	177,100	177,100	$	25.00	$	0.8125


(1)	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 interests/redeemable partnership units.

	(Amounts in thousands)
	Balance at December 31, 2014	$	1,337,780
	Net income		43,231
	Other comprehensive loss		(2,866)
	Distributions		(30,263)
	Redemption of Class A units for Vornado common shares, at redemption value		(48,230)
	Adjustments to carry redeemable Class A units at redemption value		(192,464)
	Issuance of Class A units		80,000
	Issuance of Series D-17 Preferred Units		4,428
	Other, net		37,605
	Balance at December 31, 2015		1,229,221
	Net income		53,654
	Other comprehensive income		4,699
	Distributions		(31,342)
	Redemption of Class A units for Vornado common shares, at redemption value		(36,510)
	Adjustments to carry redeemable Class A units at redemption value		26,251
	Other, net		32,473
	Balance at December 31, 2016	$	1,278,446

Redeemable noncontrolling interests/redeemable 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 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 $50,561,000 as of December 31, 2016 and 2015, respectively. Changes in the value from period to period, if any, are charged to “interest and debt expense” on our consolidated statements of income.

Shareholders' Equity

12 Months Ended

Dec. 31, 2016

Shareholders' Equity

10. Shareholders’ Equity/Partners’ Capital

Common Shares (Vornado Realty Trust)

As of December 31, 2016, there were 189,100,876 common shares outstanding. During 2016, we paid an aggregate of $475,961,000 of common dividends comprised of quarterly common dividends of $0.63 per share.

On September 1, 2016, we redeemed all of the outstanding 6.875% Series J cumulative redeemable preferred shares/units at their redemption price of $25.00 per share/unit, or $246,250,000 in the aggregate, plus accrued and unpaid dividends/distributions through the date of redemption. In connection therewith, we expensed $7,408,000 of issuance costs, which reduced net income attributable to common shareholders and net income attributable to Class A unitholders in the twelve months ended December 31, 2016. These costs had been initially recorded as a reduction of shareholders’ equity and partners’ capital.

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, 2016 and 2015.

(Amounts in thousands, except share/unit and								Per		Annual
per share/per unit amounts)		Balance as of				Shares/Units Outstanding at		Share/Unit		Dividend/
		December 31,				December 31,		Liquidation		Distribution
Preferred Shares/Units		2016		2015		2016	2015	Preference		Rate⁽¹⁾
Convertible Preferred:
	6.5% Series A: authorized 83,977 shares/units⁽²⁾	$	1,264	$	1,321	24,829	26,629	$	50.00	$	3.25
Cumulative Redeemable Preferred:
	6.625% Series G: authorized 8,000,000 shares/units⁽³⁾		193,135		193,135	8,000,000	8,000,000	$	25.00	$	1.65625
	6.625% Series I: authorized 10,800,000 shares/units⁽³⁾		262,379		262,379	10,800,000	10,800,000	$	25.00	$	1.65625
	6.875% Series J: authorized 9,850,000 shares/units		-		238,842	-	9,850,000		n/a		n/a
	5.70% Series K: authorized 12,000,000 shares/units⁽³⁾		290,971		290,971	12,000,000	12,000,000	$	25.00	$	1.425
	5.40% Series L: authorized 12,000,000 shares/units⁽³⁾		290,306		290,306	12,000,000	12,000,000	$	25.00	$	1.35
		$	1,038,055	$	1,276,954	42,824,829	52,676,629


(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 1.5934 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 1.5934 common shares/Class A units per Series A Preferred Share/Unit.
(3)	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.

Accumulated Other Comprehensive Income (Loss)

The following tables set forth the changes in accumulated other comprehensive income (loss) by component.

(Amounts in thousands)	For the Year Ended December 31, 2016
			Securities		Pro rata share of		Interest
			available-		nonconsolidated		rate
	Total		for-sale		subsidiaries' OCI		swap		Other
Balance as of December 31, 2015	$	46,921	$	78,448	$	(9,319)	$	(19,368)	$	(2,840)
Net current period OCI		72,051		52,057		(2,739)		27,434		(4,701)
Balance as of December 31, 2016	$	118,972	$	130,505	$	(12,058)	$	8,066	$	(7,541)

Vornado Realty L.P.

Shareholders' Equity

Class A Units (Vornado Realty L.P.)

As of December 31, 2016, there were 189,100,876 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, 2016, there were 12,197,162 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 9 – Redeemable Noncontrolling Interests/Redeemable Partnership Units). During 2016, the Operating Partnership paid an aggregate of $475,961,000 of distributions to Vornado comprised of quarterly common distributions of $0.63 per unit.

- 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

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-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Subparagraph (SAB Topic 4.C)
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6521494

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-Publisher FASB
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+ Details

Variable Interest Entities ("VIEs")	12 Months Ended
Variable Interest Entities ("VIEs")	Dec. 31, 2016
Variable Interest Entities [Abstract]
Variable Interest Entities ("VIEs")	11. Variable Interest Entities (“VIEs”) Unconsolidated VIEs As of December 31, 2016 and 2015, 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, 2016 and 2015, the net carrying amount of our investments in these entities was $392,150,000 and $414,003,000, respectively, and our maximum exposure to loss in these entities, is limited to our investments. Consolidated VIEs We adopted ASU 2015-02 on January 1, 2016 which resulted in the identification of several VIEs which, prior to the adoption of ASU 2015-02, were consolidated under the voting interest model. Vornado’s most significant consolidated VIEs are our Operating Partnership, real estate fund investments, 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, 2016, the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, are $3,638,483,000 and $1,762,322,000, respectively.

Fair Value Measurements

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements

12. 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) marketable securities, (ii) real estate fund investments, (iii) the assets in our deferred compensation plan (for which there is a corresponding liability on our consolidated balance sheet), (iv) mandatorily redeemable instruments (Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units), and (v) interest rate swaps. The tables below aggregate the fair values of these financial assets and liabilities by their levels in the fair value hierarchy at December 31, 2016 and 2015, respectively.

(Amounts in thousands)		As of December 31, 2016
		Total		Level 1		Level 2		Level 3
Marketable securities		$	203,704	$	203,704	$	-	$	-
Real estate fund investments			462,132		-		-		462,132
Deferred compensation plan assets (included in other assets)			121,374		63,930		-		57,444
Interest rate swaps (included in other assets)			21,816		-		21,816		-
	Total assets	$	809,026	$	267,634	$	21,816	$	519,576

Mandatorily redeemable instruments (included in other liabilities)		$	50,561	$	50,561	$	-	$	-
Interest rate swap (included in other liabilities)			10,122		-		10,122		-
	Total liabilities	$	60,683	$	50,561	$	10,122	$	-

(Amounts in thousands)		As of December 31, 2015
		Total		Level 1		Level 2		Level 3
Marketable securities		$	150,997	$	150,997	$	-	$	-
Real estate fund investments			574,761		-		-		574,761
Deferred compensation plan assets (included in other assets)			117,475		58,289		-		59,186
	Total assets	$	843,233	$	209,286	$	-	$	633,947

Mandatorily redeemable instruments (included in other liabilities)		$	50,561	$	50,561	$	-	$	-
Interest rate swaps (included in other liabilities)			19,600		-		19,600		-
	Total liabilities	$	70,161	$	50,561	$	19,600	$	-

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

Real Estate Fund Investments

At December 31, 2016, we had six real estate fund investments with an aggregate fair value of $462,132,000, or $153,197,000 in excess of cost. These investments are classified as Level 3. We use a discounted cash flow valuation technique to estimate the fair value of each of these investments, which is updated quarterly by personnel responsible for the management of each investment and reviewed by senior management at each reporting period. The discounted cash flow valuation technique requires us to estimate cash flows for each investment over the anticipated holding period, which currently ranges from 1.0 to 4.0 years. Cash flows are derived from property rental revenue (base rents plus reimbursements) less operating expenses, real estate taxes and capital and other costs, plus projected sales proceeds in the year of exit. Property rental revenue is based on leases currently in place and our estimates for future leasing activity, which are based on current market rents for similar space plus a projected growth factor. Similarly, estimated operating expenses and real estate taxes are based on amounts incurred in the current period plus a projected growth factor for future periods. Anticipated sales proceeds at the end of an investment’s expected holding period are determined based on the net cash flow of the investment in the year of exit, divided by a terminal capitalization rate, less estimated selling costs.

The fair value of each property is calculated by discounting the future cash flows (including the projected sales proceeds), using an appropriate discount rate and then reduced by the property’s outstanding debt, if any, to determine the fair value of the equity in each investment. 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, and 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 at December 31, 2016.

			Weighted Average
			(based on fair
Unobservable Quantitative Input		Range	value of investments)
	Discount rates	10.0% to 14.9%	12.6%
	Terminal capitalization rates	4.3% to 5.8%	5.3%

The above inputs 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, for the years ended December 31, 2016 and 2015.

(Amounts in thousands)	For The Year Ended December 31,
	2016		2015
Beginning balance	$	574,761	$	513,973
Purchases		-		95,010
Dispositions/distributions		(71,888)		(91,450)
Net unrealized (loss) gain		(41,162)		54,995
Net realized gain		507		2,757
Other, net		(86)		(524)
Ending balance	$	462,132	$	574,761

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

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 from a third-party administrator, which are compiled from the quarterly reports provided to them from each limited partnership and investment fund. The quarterly reports provide net asset values on a fair value basis which are audited by independent public accounting firms on an annual basis. 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, for the years ended December 31, 2016 and 2015.

(Amounts in thousands)	For The Year Ended December 31,
	2016		2015
Beginning balance	$	59,186	$	63,315
Purchases		5,355		9,062
Sales		(9,354)		(13,252)
Realized and unrealized gains (losses)		344		(501)
Other, net		1,913		562
Ending balance	$	57,444	$	59,186

Fair Value Measurements on a Nonrecurring Basis

There were no assets measured at fair value on a nonrecurring basis on our consolidated balance sheets at December 31, 2016 and 2015.

(Amounts in thousands)

As of December 31, 2016

Total

Level 1

Level 2

Level 3

Skyline properties

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 senior unsecured debt are classified as Level 2. The table below summarizes the carrying amounts and estimated fair value of these financial instruments as of December 31, 2016 and 2015.

(Amounts in thousands)			As of December 31, 2016				As of December 31, 2015
			Carrying		Fair		Carrying		Fair
			Amount		Value		Amount		Value
Cash equivalents			$	1,307,105	$	1,307,000	$	1,295,980	$	1,296,000
Debt:
	Mortgages payable		$	9,374,297	$	9,356,000	$	9,614,838	$	9,306,000
	Senior unsecured notes			850,000		899,000		850,000		868,000
	Unsecured term loan			375,000		375,000		187,500		187,500
	Unsecured revolving credit facilities			115,630		116,000		550,000		550,000
		Total	$	10,714,927	$	10,746,000	$	11,202,338	$	10,911,500

- 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

Stock-based Compensation

12 Months Ended

Dec. 31, 2016

Stock-based Compensation [Abstract]

Stock-based Compensation

13. Stock-based Compensation

Vornado’s 2010 Omnibus Share Plan (the “Plan”) provides the Compensation Committee of Vornado’s Board of Trustees (the “Committee”) the ability to grant incentive and non-qualified Vornado stock options, restricted stock, restricted Operating Partnership units and out-performance plan awards to certain of our employees and officers. Under the Plan, awards may be granted up to a maximum of 6,000,000 Vornado shares, if all awards granted are Full Value Awards, as defined, and up to 12,000,000 Vornado shares, if all of the awards granted are Not Full Value Awards, as defined, plus shares in respect of awards forfeited after May 2010 that were issued pursuant to Vornado’s 2002 Omnibus Share Plan. Full Value Awards are awards of securities, such as Vornado 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 Vornado stock options, that do require the payment of an exercise price or strike price. This means, for example, if the Committee were to award only Vornado restricted shares, it could award up to 6,000,000 Vornado restricted shares. On the other hand, if the Committee were to award only Vornado stock options, it could award options to purchase up to 12,000,000 Vornado common shares (at the applicable exercise price). The Committee may also issue any combination of awards under the Plan, with reductions in availability of future awards made in accordance with the above limitations. As of December 31, 2016, Vornado has approximately 2,929,000 shares available for future grants under the Plan, if all awards granted are Full Value Awards, as defined.

In the years ended December 31, 2016, 2015 and 2014, we recognized an aggregate of $33,980,000, $39,846,000 and $36,641,000, respectively, of stock-based compensation expense, which is included as a component of “general and administrative” expenses on our consolidated statements of income. The year ended December 31, 2015 includes $7,834,000 from the acceleration of the recognition of compensation expense related to 2013-2015 Out-Performance Plans due to the modification of the vesting criteria of awards such that they will fully vest at age 65. The details of the various components of our stock-based compensation are discussed on the following pages.

Out-Performance Plans (“the 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 outperform the market with respect to a relative TSR in any year during the requisite performance periods as described below. OPP units, if earned, become convertible into Class A units of the Operating Partnership (and ultimately into Vornado common shares) following vesting.

Awards under the 2014 OPP have been 99.5% earned. Awards under the 2015 and 2016 OPP may be earned if Vornado (i) achieves a TSR level greater than 7% per annum, or 21% over the three-year performance measurement periods (the “Absolute Component”), and/or (ii) achieves a TSR above that of the SNL US REIT Index (“Index”) over the three-year performance measurement periods (the “Relative Component”). To the extent awards would be earned under the Absolute Component of each of the OPPs, but Vornado underperforms the Index, such awards would be reduced (and potentially fully negated) based on the degree to which Vornado underperforms the Index. In certain circumstances, in the event Vornado outperforms the Index but awards would not otherwise be fully earned under the Absolute Component, awards may still be earned or increased under the Relative Component. To the extent awards would otherwise be earned under the Relative Component but Vornado fails to achieve at least a 6% per annum absolute TSR, such awards earned under the Relative Component would be reduced based on Vornado’s absolute TSR, with no awards being earned in the event Vornado’s TSR during the applicable measurement period is 0% or negative, irrespective of the degree to which Vornado may outperform the Index. Dividends on awards issued and distributions on awards earned accrue during the performance period.

If the designated performance objectives are achieved, OPP units are also subject to time-based vesting requirements. Awards earned under the OPPs vest 33.33% in each of years three, four and five. Vornado’s senior executive officers are required to hold earned 2016, 2015 and 2014 OPP awards (or related equity) for at least one year following vesting.

Below is the summary of the OPP units granted during the years December 31, 2016, 2015, and 2014.

				Percentage of
		Total Plan		Notional Amount		Grant Date
Plan Year		Notional Amount		Granted		Fair Value⁽¹⁾		OPP Units Earned
2016		$	40,000,000		86.7%	$	11,800,000	To be determined in 2019
2015			40,000,000		84.5%		9,120,000	To be determined in 2018
2014			50,000,000		58.9%		8,202,000	297,495	⁽²⁾


(1)	Such amounts are being amortized into expense over a five-year period from the date of grant, using a graded vesting attribution model. In the years ended December 31, 2016, 2015 and 2014, we recognized $11,055,000, $15,531,000 and $6,185,000, respectively, of compensation expense related to OPPs. As of December 31, 2016, there was $5,752,000 of total unrecognized compensation cost related to the OPPs, which will be recognized over a weighted-average period of 1.7 years.
(2)	99.5% earned on January 10, 2017.

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 10 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. In the years ended December 31, 2016, 2015 and 2014, we recognized $937,000, $1,298,000 and $4,550,000, respectively, of compensation expense related to Vornado stock options that vested during each year. As of December 31, 2016, there was $1,335,000 of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted-average period of 1.7 years.

Below is a summary of Vornado’s stock option activity for the year ended December 31, 2016.

					Weighted-
			Weighted-		Average
			Average		Remaining	Aggregate
			Exercise		Contractual	Intrinsic
		Shares	Price		Term	Value
Outstanding at January 1, 2016		2,827,570	$	60.06
Granted		42,466		92.97
Exercised		(125,724)		56.44
Cancelled or expired		(11,768)		100.49
Outstanding at December 31, 2016		2,732,544	$	65.76	3.1	$	120,360,377
Options vested and expected to vest at
	December 31, 2016	2,737,594	$	60.66	4.1	$	118,170,212
Options exercisable at December 31, 2016		2,642,684	$	59.42	2.9	$	119,269,973

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, 2016, 2015 and 2014.

	December 31,
	2016	2015	2014
Expected volatility	35.00 %	35.00 %	36.00 %
Expected life	5.0 years	5.0 years	5.0 years
Risk free interest rate	1.76 %	1.56 %	1.81 %
Expected dividend yield	3.20 %	3.30 %	4.10 %

The weighted average grant date fair value of options granted during the years ended December 31, 2016, 2015 and 2014 was $22.14, $28.85 and $20.31, respectively. Cash received from option exercises for the years ended December 31, 2016, 2015 and 2014 was $6,825,000, $15,343,000 and $17,441,000, respectively. The total intrinsic value of options exercised during the years ended December 31, 2016, 2015 and 2014 was $5,519,000, $3,873,000 and $18,223,000, 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. In the years ended December 31, 2016, 2015 and 2014, we recognized $851,000, $837,000 and $1,303,000, respectively, of compensation expense related to Vornado restricted stock awards that vested during each year. As of December 31, 2016, there was $1,337,000 of total unrecognized compensation cost related to unvested Vornado restricted stock, which is expected to be recognized over a weighted-average period of 1.7 years. Dividends paid on unvested Vornado restricted stock are charged directly to retained earnings and amounted to $56,000, $58,000 and $88,000 for the years ended December 31, 2016, 2015 and 2014, respectively.

Below is a summary of Vornado’s restricted stock activity under the Plan for the year ended December 31, 2016.

		Weighted-Average
		Grant-Date
Unvested Shares	Shares	Fair Value
Unvested at January 1, 2016	19,592	$	91.09
Granted	9,973		92.97
Vested	(7,472)		85.80
Cancelled or expired	(1,086)		93.87
Unvested at December 31, 2016	21,007		93.72

Vornado restricted stock awards granted in 2016, 2015 and 2014 had a fair value of $927,000, $906,000 and $1,048,000, respectively. The fair value of restricted stock that vested during the years ended December 31, 2016, 2015 and 2014 was $641,000, $882,000 and $1,174,000, respectively.

Restricted Operating Partnership Units (“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. In the years ended December 31, 2016, 2015 and 2014, we recognized $21,136,000, $22,180,000 and $24,603,000, respectively, of compensation expense related to OP Units that vested during each year. As of December 31, 2016, there was $15,670,000 of total unrecognized compensation cost related to unvested OP Units, which is expected to be recognized over a weighted-average period of 1.6 years. Distributions paid on unvested OP Units are charged to “net income attributable to noncontrolling interests in the Operating Partnership” on Vornado’s consolidated statements of income and to “preferred unit distributions” on the Operating Partnership’s consolidated statements of income and amounted to $1,968,000, $2,414,000 and $2,866,000 in the years ended December 31, 2016, 2015 and 2014, respectively.

Below is a summary of restricted OP unit activity under the Plan for the year ended December 31, 2016.

		Weighted-Average
		Grant-Date
Unvested Units	Units	Fair Value
Unvested at January 1, 2016	639,017	$	80.46
Granted	211,086		87.60
Vested	(289,515)		78.41
Cancelled or expired	(7,554)		92.01
Unvested at December 31, 2016	553,034		87.11

OP Units granted in 2016, 2015 and 2014 had a fair value of $18,492,000, $20,293,000 and $19,669,000, respectively. The fair value of OP Units that vested during the years ended December 31, 2016, 2015 and 2014 was $22,701,000, $20,072,000 and $22,758,000, respectively.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

Fee and Other Income

12 Months Ended

Dec. 31, 2016

Fee and Other Income [Abstract]

Fee and Other Income

14. Fee and Other Income

The following table sets forth the details of our fee and other income:

(Amounts in thousands)		For the Year Ended December 31,
		2016		2015		2014
BMS cleaning fees		$	78,920	$	82,113	$	85,658
Management and leasing fees			20,891		16,831		19,905
Lease termination fees⁽¹⁾			9,516		27,233		16,362
Other income			32,480		38,528		33,281
		$	141,807	$	164,705	$	155,206


(1)	The year ended December 31, 2015 includes $15,000 related to the New York Stock Exchange lease termination at 20 Broad Street.

The above table excludes fee income from partially owned entities, which is included in “income (loss) from partially owned entities” (see Note 6 – Investments in Partially Owned Entities).

Interest and Other Investment Income, Net

12 Months Ended

Dec. 31, 2016

Interest and Other Investment Income (Loss), Net

Interest and Other Investment Income, Net

15. Interest and Other Investment Income, Net

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

(Amounts in thousands)		For the Year Ended December 31,
		2016		2015		2014
Dividends on marketable securities		$	13,135	$	12,836	$	12,707
Mark-to-market income of investments in our deferred compensation plan⁽¹⁾			5,213		111		11,557
Interest on loans receivable			3,890		6,371		6,107
Other, net			7,308		7,660		8,381
		$	29,546	$	26,978	$	38,752


(1)	This income is entirely offset by the expense resulting from the mark-to-market of the deferred compensation plan liability, which is included in "general and administrative" expense.

Interest and Debt Expense

12 Months Ended

Dec. 31, 2016

Interest and Debt Expense [Abstract]

Interest And Debt Expenss

16. Interest and Debt Expense

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

(Amounts in thousands)	For the Year Ended December 31,
	2016		2015		2014
Interest expense	$	402,057	$	405,169	$	430,278
Amortization of deferred financing costs		34,714		32,161		45,263
Capitalized interest and debt expense		(34,097)		(59,305)		(62,786)
	$	402,674	$	378,025	$	412,755

Income Per Share / Income Per Class A Unit

12 Months Ended

Dec. 31, 2016

Earnings per share

Income Per Share

17. Income Per Share/Income Per Class A Unit

Vornado Realty Trust

The following table provides a reconciliation of both net income and the number of common shares used in the computation of (i) basic income per common share - which includes the weighted average number of common shares outstanding without regard to dilutive potential common shares, and (ii) diluted income per common share - which includes the weighted average common shares and dilutive share equivalents. Dilutive share equivalents may include our Series A convertible preferred shares, employee stock options and restricted stock awards.


(Amounts in thousands, except per share amounts)			Year Ended December 31,
			2016		2015		2014
Numerator:
	Income from continuing operations, net of income attributable to noncontrolling
		interests	$	900,185	$	711,240	$	312,700
	Income from discontinued operations, net of income attributable to noncontrolling
		interests		6,732		49,194		552,152
	Net income attributable to Vornado			906,917		760,434		864,852
	Preferred share dividends			(75,903)		(80,578)		(81,464)
	Preferred share issuance costs (Series J redemption)			(7,408)		-		-
	Net income attributable to common shareholders			823,606		679,856		783,388
	Earnings allocated to unvested participating securities			(96)		(81)		(125)
	Numerator for basic income per share			823,510		679,775		783,263
	Impact of assumed conversions:
		Convertible preferred share dividends		86		91		97
		Earnings allocated to Out-Performance Plan units		806		-		-
	Numerator for diluted income per share		$	824,402	$	679,866	$	783,360

Denominator:
	Denominator for basic income per share – weighted average shares			188,837		188,353		187,572
	Effect of dilutive securities ⁽¹⁾:
		Employee stock options and restricted share awards		1,064		1,166		1,075
		Convertible preferred shares		42		45		43
		Out-Performance Plan units		230		-		-
	Denominator for diluted income per share – weighted average shares and
		assumed conversions		190,173		189,564		188,690

INCOME PER COMMON SHARE – BASIC:
	Income from continuing operations, net		$	4.32	$	3.35	$	1.23
	Income from discontinued operations, net			0.04		0.26		2.95
	Net income per common share		$	4.36	$	3.61	$	4.18

INCOME PER COMMON SHARE – DILUTED:
	Income from continuing operations, net		$	4.30	$	3.33	$	1.22
	Income from discontinued operations, net			0.04		0.26		2.93
	Net income per common share		$	4.34	$	3.59	$	4.15


(1)	The effect of dilutive securities in the years ended December 31, 2016, 2015 and 2014 excludes an aggregate of 12,022, 11,744 and 11,238 weighted average common share equivalents, respectively, as their effect was anti-dilutive.

Vornado Realty L.P.

Earnings per share

Income Per Share

Vornado Realty L.P.

The following table provides a reconciliation of both net income and the number of Class A units used in the computation of (i) basic income per Class A unit - which includes the weighted average number of Class A units outstanding without regard to dilutive potential common units, and (ii) diluted income per Class A unit - which includes the weighted average common units and dilutive unit equivalents. Dilutive unit equivalents may include our Series A convertible preferred units, Vornado stock options and restricted unit awards.


(Amounts in thousands, except per unit amounts)			Year Ended December 31,
			2016		2015		2014
Numerator:
	Income from continuing operations, net of income attributable to noncontrolling
		interests	$	953,399	$	751,403	$	326,789
	Income from discontinued operations, net of income attributable to noncontrolling
		interests		7,172		52,262		585,676
	Net income attributable to Vornado Realty L.P.			960,571		803,665		912,465
	Preferred unit distributions			(76,097)		(80,736)		(81,514)
	Preferred unit issuance costs (Series J redemption)			(7,408)		-		-
	Net income attributable to Class A unitholders			877,066		722,929		830,951
	Earnings allocated to unvested participating securities			(4,177)		(4,092)		(4,260)
	Numerator for basic income per Class A unit			872,889		718,837		826,691
	Impact of assumed conversions:
		Convertible preferred unit distributions		86		92		97
	Numerator for diluted income per Class A unit		$	872,975	$	718,929	$	826,788

Denominator:
	Denominator for basic income per Class A unit – weighted average units			200,350		199,309		198,213
	Effect of dilutive securities ⁽¹⁾:
		Vornado stock options and restricted unit awards		1,625		1,804		1,557
		Convertible preferred units		42		45		43
	Denominator for diluted income per Class A unit – weighted average units and
		assumed conversions		202,017		201,158		199,813

INCOME PER CLASS A UNIT – BASIC:
	Income from continuing operations, net		$	4.32	$	3.35	$	1.22
	Income from discontinued operations, net			0.04		0.26		2.95
	Net income per Class A unit		$	4.36	$	3.61	$	4.17

INCOME PER CLASS A UNIT – DILUTED:
	Income from continuing operations, net		$	4.29	$	3.31	$	1.21
	Income from discontinued operations, net			0.03		0.26		2.93
	Net income per Class A unit		$	4.32	$	3.57	$	4.14


(1)	The effect of dilutive securities in the years ended December 31, 2016, 2015 and 2014 excludes an aggregate of 178, 150 and 116 weighted average Class A unit equivalents, respectively, as their effect was anti-dilutive.

Leases

12 Months Ended

Dec. 31, 2016

Leases [Abstract]

Leases

18. Leases

As lessor:

We lease space to tenants under operating leases. Most of the leases provide for the payment of fixed base rentals payable monthly in advance. Office building leases generally require the tenants to reimburse us for operating costs and real estate taxes above their base year costs. Certain leases provide for pass-through to tenants the tenant’s share of real estate taxes, insurance and maintenance. Certain leases also provide for the payment by the lessee of additional rent based on a percentage of the tenants’ sales. As of December 31, 2016, future base rental revenue under non-cancelable operating leases, excluding rents for leases with an original term of less than one year and rents resulting from the exercise of renewal options, are as follows:

(Amounts in thousands)
Year Ending December 31:
2017	$	1,738,779
2018		1,696,355
2019		1,570,197
2020		1,446,485
2021		1,342,749
Thereafter		7,340,929

These amounts do not include percentage rentals based on tenants’ sales. These percentage rents approximated $8,037,000, $5,760,000 and $6,343,000, for the years ended December 31, 2016, 2015 and 2014, respectively.

None of our tenants accounted for more than 10% of total revenues in any of the years ended December 31, 2016, 2015 and 2014.

As lessee:

We are a tenant under operating leases for certain properties. These leases have terms that expire during the next thirty years. Future minimum lease payments under operating leases at December 31, 2016 are as follows:

(Amounts in thousands)
Year Ending December 31:
2017	$	34,871
2018		35,357
2019		35,865
2020		36,393
2021		36,959
Thereafter		1,611,995

Rent expense, a component of “operating expenses” on our consolidated statements of income, was $42,024,000, $38,887,000 and $36,315,000 for the years ended December 31, 2016, 2015 and 2014, respectively.

1535 Broadway

We are a lessee under a long-term capital lease for the retail and signage components of the Marriott Marquis Times Square Hotel at 1535 Broadway. At inception of the lease in 2012, we recorded a $240,000,000 capital lease asset and liability on our consolidated balance sheet based on the present value of future minimum lease payments. The capital lease asset is being depreciated on a straight-line basis over the estimated life of the asset and the related expense is included in “depreciation and amortization” on our consolidated statements of income. During 2016, we substantially completed the redevelopment of the leased space, as required under the lease, at a total redevelopment cost of approximately $194,147,000. The lease contains a put/call purchase option under which the lessor may exercise its “put” on predetermined dates after March 31, 2018 and we may exercise our “call” at any time after July 30, 2027 and before January 3, 2032.

As of December 31, 2016, future minimum lease payments under this capital lease are as follows:

(Amounts in thousands)
Year Ending December 31:
2017	$	12,508
2018		12,508
2019		12,508
2020		12,508
2021		12,508
Thereafter		309,839
Total minimum obligations		372,379
Interest portion		(132,379)
Present value of net minimum payments	$	240,000

As of December 31, 2016, the gross carrying amount of the property leased under the capital lease was $434,147,000, which is a component of “buildings and improvements” on our consolidated balance sheets.

Multiemployer Benefit Plans	12 Months Ended
Multiemployer Benefit Plans	Dec. 31, 2016
Multiemployer Benefit Plans [Abstract]
Multiemployer Benefit Plans	19. 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, 2016, our subsidiaries’ participation in these plans was not significant to our consolidated financial statements. In the years ended December 31, 2016, 2015 and 2014, our subsidiaries contributed $9,479,000, $10,878,000 and $11,431,000, respectively, towards Multiemployer Pension Plans, which is included as a component of “operating” expenses on our consolidated statements of income. Our subsidiaries’ contributions did not represent more than 5% of total employer contributions in any of these plans for the years ended December 31, 2016, 2015 and 2014. 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, 2016, 2015 and 2014, our subsidiaries contributed $32,998,000, $29,269,000 and $29,073,000, respectively, towards these plans, which is included as a component of “operating” expenses on our consolidated statements of income.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	20. Commitments and Contingencies Insurance We maintain general liability insurance with limits of $300,000,000 per occurrence and per property, and 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. Our California properties have earthquake insurance with coverage of $180,000,000 per occurrence and in the annual aggregate, subject to a deductible in the amount of 5% of the value of the affected property. We maintain coverage for terrorism acts with limits of $4.0 billion per occurrence and in the aggregate, and $2.0 billion per occurrence and in the aggregate for terrorism involving nuclear, biological, chemical and radiological (“NBCR”) terrorism events, as defined by Terrorism Risk Insurance Program Reauthorization Act of 2015, which expires in December 2020. 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 $1,622,000 ($1,976,000 for 2017) and 16% (17% for 2017) 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. We continue to monitor the state of the insurance market and the scope and costs of coverage for acts of terrorism. However, we cannot anticipate what coverage will be available on commercially reasonable terms in the future. Our debt instruments, consisting of mortgage loans secured by our properties which are non-recourse to us, 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 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 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. Our mortgage loans are non-recourse to us. However, 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. As of December 31, 2016, the aggregate dollar amount of these guarantees and master leases is approximately $737,000,000. As of December 31, 2016, $19,847,000 of letters of credit was 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. As of December 31, 2016, we expect to fund additional capital to certain of our partially owned entities aggregating approximately $173,000,000, which includes our share of the commitments of the Farley Post Office redevelopment joint venture. As of December 31, 2016, we have construction commitments aggregating $653,940,000.

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions Disclosure	21. 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 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. Urban Edge Properties We own 5.4% of UE. During 2015, we provided transition services to UE, primarily for information technology, human resources, tax and financial planning. In 2016, we continue to provide UE transition services for information technology and human resources. UE is providing us with leasing, development and property management services for certain of our retail properties including the retail assets of Alexander’s. Fees to UE for servicing the retail assets of Alexander’s are similar to the fees that we are receiving from Alexander’s as 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, are Interstate’s two other general partners. As of December 31, 2016, Interstate and its partners beneficially owned an aggregate of approximately 7.1% of the common shares of beneficial interest of Vornado and 26.3% 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 fair to us. We earned $521,000, $541,000, and $535,000 of management fees under the agreement for the years ended December 31, 2016, 2015 and 2014, respectively.

Summary of Quarterly Results (Unaudited)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Data

Summary of Quarterly Results (Unaudited)

22. Summary of Quarterly Results (Unaudited)

Vornado Realty Trust

The following summary represents the results of operations for each quarter in 2016 and 2015:

(Amounts in thousands, except per share amounts)				Net Income (Loss)
				Attributable		Net Income (Loss) Per
				to Common		Common Share (2)
		Revenues		Shareholders (1)		Basic		Diluted
2016
	December 31	$	638,260	$	651,181	$	3.44	$	3.43
	September 30		633,197		66,125		0.35		0.35
	June 30		621,708		220,463		1.17		1.16
	March 31		613,037		(114,163)		(0.61)		(0.61)

2015
	December 31	$	651,581	$	230,742	$	1.22	$	1.22
	September 30		627,596		198,870		1.05		1.05
	June 30		616,288		165,651		0.88		0.87
	March 31		606,802		84,593		0.45		0.45


(1)	Fluctuations among quarters resulted primarily from non-cash impairment losses, net gain on extinguishment of debt, net gains on sale of real estate and from seasonality of business operations.
(2)	The total for the year may differ from the sum of the quarters as a result of weighting.

Vornado Realty L.P.

Quarterly Financial Data

Summary of Quarterly Results (Unaudited)

Vornado Realty L.P.

The following summary represents the results of operations for each quarter in 2016 and 2015:

(Amounts in thousands, except per unit amounts)				Net Income (Loss)
				Attributable		Net Income (Loss)
				to Class A		Per Class A Unit (2)
		Revenues		Unitholders (1)		Basic		Diluted
2016
	December 31	$	638,260	$	693,377	$	3.44	$	3.43
	September 30		633,197		70,442		0.35		0.35
	June 30		621,708		234,945		1.17		1.16
	March 31		613,037		(121,698)		(0.61)		(0.61)

2015
	December 31	$	651,581	$	245,735	$	1.22	$	1.21
	September 30		627,596		211,526		1.05		1.05
	June 30		616,288		175,800		0.88		0.87
	March 31		606,802		89,868		0.45		0.44


(1)	Fluctuations among quarters resulted primarily from non-cash impairment losses, net gain on extinguishment of debt, net gains on sale of real estate and from seasonality of business operations.
(2)	The total for the year may differ from the sum of the quarters as a result of weighting.

Segment Information

12 Months Ended

Dec. 31, 2016

Segment Information [Abstract]

Segment Information

23. Segment Information

Below is a summary of net income and a reconciliation of net income to EBITDA⁽¹⁾ by segment for the year ended December 31, 2016.


(Amounts in thousands)		For the Year Ended December 31, 2016
			Total		New York			Washington, DC			Other
Total revenues			$	2,506,202	$	1,713,374		$	518,117		$	274,711
Total expenses				1,955,411		1,093,587			528,863			332,961
Operating income (loss)				550,791		619,787			(10,746)			(58,250)
Income (loss) from partially owned entities				165,389		(2,379)			(7,227)			174,995
Loss from real estate fund investments				(23,602)		-			-			(23,602)
Interest and other investment income (loss), net				29,546		5,093			(2)			24,455
Interest and debt expense				(402,674)		(216,685)			(72,434)			(113,555)
Net gain on extinguishment of Skyline properties debt				487,877		-			487,877			-
Net gain on disposition of wholly owned and partially
	owned assets			175,735		159,511			15,302			922
Income before income taxes				983,062		565,327			412,770			4,965
Income tax expense				(8,312)		(5,508)			(1,083)			(1,721)
Income from continuing operations				974,750		559,819			411,687			3,244
Income from discontinued operations				7,172		-			-			7,172
Net income				981,922		559,819			411,687			10,416
Less net income attributable to noncontrolling interests
	in consolidated subsidiaries			(21,351)		(13,558)			-			(7,793)
Net income attributable to the Operating Partnership				960,571		546,261			411,687			2,623
Interest and debt expense⁽²⁾				507,362		280,563			81,723			145,076
Depreciation and amortization⁽²⁾				694,214		435,961			158,720			99,533
Income tax expense⁽²⁾				11,838		5,911			2,979			2,948
EBITDA⁽¹⁾			$	2,173,985	$	1,268,696	⁽³⁾	$	655,109	⁽⁴⁾	$	250,180	⁽⁵⁾
Balance Sheet Data:
Real estate, at cost			$	18,339,958	$	10,787,730		$	4,152,138		$	3,400,090
Investments in partially owned entities				1,428,019		1,080,064			94,870			253,085
Total assets				20,814,847		13,312,116			3,645,525			3,857,206


See notes on pages 156 and 157.

Below is a summary of net income and a reconciliation of net income to EBITDA⁽¹⁾ by segment for the year ended December 31, 2015.

(Amounts in thousands)		For the Year Ended December 31, 2015
			Total		New York			Washington, DC			Other
Total revenues			$	2,502,267	$	1,695,925		$	532,812		$	273,530
Total expenses				1,742,019		1,032,015			390,921			319,083
Operating income (loss)				760,248		663,910			141,891			(45,553)
(Loss) income from partially owned entities				(12,630)		655			(6,020)			(7,265)
Income from real estate fund investments				74,081		-			-			74,081
Interest and other investment income (loss), net				26,978		7,722			(262)			19,518
Interest and debt expense				(378,025)		(194,278)			(68,727)			(115,020)
Net gain on disposition of wholly owned and partially
	owned assets			251,821		142,693			102,404			6,724
Income (loss) before income taxes				722,473		620,702			169,286			(67,515)
Income tax benefit (expense)				84,695		(4,379)			(317)			89,391
Income from continuing operations				807,168		616,323			168,969			21,876
Income from discontinued operations				52,262		-			-			52,262
Net income				859,430		616,323			168,969			74,138
Less net income attributable to noncontrolling interests
	in consolidated subsidiaries			(55,765)		(13,022)			-			(42,743)
Net income attributable to the Operating Partnership				803,665		603,301			168,969			31,395
Interest and debt expense⁽²⁾				469,843		248,724			80,795			140,324
Depreciation and amortization⁽²⁾				664,637		394,028			178,021			92,588
Income tax (benefit) expense⁽²⁾				(85,379)		4,766			(1,610)			(88,535)
EBITDA⁽¹⁾			$	1,852,766	$	1,250,819	⁽³⁾	$	426,175	⁽⁴⁾	$	175,772	⁽⁵⁾
Balance Sheet Data:
Real estate, at cost			$	18,090,137	$	10,577,078		$	4,544,842		$	2,968,217
Investments in partially owned entities				1,550,422		1,195,122			80,708			274,592
Total assets				21,143,293		12,257,774			4,517,092			4,368,427


See notes on pages 156 and 157.

Below is a summary of net income and a reconciliation of net income to EBITDA⁽¹⁾ by segment for the year ended December 31, 2014.

(Amounts in thousands)		For the Year Ended December 31, 2014
			Total		New York			Washington, DC			Other
Total revenues			$	2,312,512	$	1,520,845		$	537,151		$	254,516
Total expenses				1,622,619		946,466			358,019			318,134
Operating income (loss)				689,893		574,379			179,132			(63,618)
(Loss) income from partially owned entities				(59,861)		20,701			(4,767)			(75,795)
Income from real estate fund investments				163,034		-			-			163,034
Interest and other investment income, net				38,752		6,711			183			31,858
Interest and debt expense				(412,755)		(183,427)			(75,395)			(153,933)
Net gain on disposition of wholly owned and partially
	owned assets			13,568		-			-			13,568
Income (loss) before income taxes				432,631		418,364			99,153			(84,886)
Income tax expense				(9,281)		(4,305)			(242)			(4,734)
Income (loss) from continuing operations				423,350		414,059			98,911			(89,620)
Income from discontinued operations				585,676		463,163			-			122,513
Net income				1,009,026		877,222			98,911			32,893
Less net income attributable to noncontrolling interests
	in consolidated subsidiaries			(96,561)		(8,626)			-			(87,935)
Net income (loss) attributable to the Operating Partnership				912,465		868,596			98,911			(55,042)
Interest and debt expense⁽²⁾				654,398		241,959			87,778			324,661
Depreciation and amortization⁽²⁾				685,973		324,239			144,124			217,610
Income tax expense⁽²⁾				24,248		4,395			288			19,565
EBITDA⁽¹⁾			$	2,277,084	$	1,439,189	⁽³⁾	$	331,101	⁽⁴⁾	$	506,794	⁽⁵⁾
Balance Sheet Data:
Real estate, at cost			$	16,822,358	$	9,732,818		$	4,383,418		$	2,706,122
Investments in partially owned entities				1,240,489		1,036,130			83,428			120,931
Total assets				21,157,980		10,706,476			4,281,421			6,170,083


See notes on the following pages.

Notes to preceding tabular information:

(1)	We calculate EBITDA on an Operating Partnership basis which is before allocation to the noncontrolling interest of the Operating Partnership. We consider EBITDA a 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 a multiple of EBITDA, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. EBITDA should not be considered a substitute for net income. EBITDA may not be comparable to similarly titled measures employed by other companies.Our 7.5% interest in Fashion Centre Mall/Washington Tower will not be included in the spin-off of our Washington, DC segment and have been reclassified to Other. The prior year's presentation has been conformed to the current year.

(2)	Interest and debt expense, depreciation and amortization and income tax expense (benefit) in the reconciliation of net income to EBITDA includes our share of these items from partially owned entities.

(3)	The elements of "New York" EBITDA are summarized below.

	(Amounts in thousands)			For the Year Ended December 31,
				2016		2015		2014
	Office			$	805,708	$	804,272	$	1,063,355
	Retail				381,739		358,379		281,428
	Residential				25,060		22,266		21,907
	Alexander's				46,182		42,858		41,746
	Hotel Pennsylvania				10,007		23,044		30,753
		Total New York EBITDA			1,268,696		1,250,819		1,439,189
	Certain items that impact EBITDA:
		Net gains on sale of real estate			(159,511)		(142,693)		(440,537)
		EBITDA from discontinued operations and sold properties			(3,120)		(35,985)		(39,743)
		Other			-		(1,300)		(171)
		Certain items that impact EBITDA			(162,631)		(179,978)		(480,451)
			Total New York EBITDA, as adjusted	$	1,106,065	$	1,070,841	$	958,738

(4)	The elements of "Washington, DC" EBITDA are summarized below.

	(Amounts in thousands)			For the Year Ended December 31,
				2016		2015		2014
	Office, excluding the Skyline properties			$	260,436	$	359,063	$	260,270
	Skyline properties				348,016		26,325		29,250
		Total Office			608,452		385,388		289,520
	Residential				46,657		40,787		41,581
		Total Washington, DC EBITDA			655,109		426,175		331,101
	Certain items that impact EBITDA:
		Net gain on extinguishment of Skyline properties debt			(487,877)		-		-
		Skyline properties impairment loss			160,700		-		-
		EBITDA from discontinued operations and sold properties			(22,131)		(33,605)		(38,876)
		Net gains on sale of real estate and a land parcel			(15,302)		(102,404)		(1,800)
		Other			-		405		-
		Certain items that impact EBITDA			(364,610)		(135,604)		(40,676)
			Total Washington, DC EBITDA, as adjusted	$	290,499	$	290,571	$	290,425

Notes to preceding tabular information:

(5)	The elements of "Other" EBITDA are summarized below.

	(Amounts in thousands)		For the Year Ended December 31,
			2016		2015			2014
	Our share of real estate fund investments:
		Income before net realized/unrealized (loss) gain	$	8,607	$	8,611	$	8,056
		Net realized/unrealized (loss) gain		(16,270)		14,657		37,535
		Carried interest		(13,379)		10,696		24,715
	Total (loss) income from real estate fund investments			(21,042)		33,964		70,306
	theMART (including trade shows)			91,845		79,159		79,636
	555 California Street			45,827		49,975		48,844
	India real estate ventures			3,685		3,933		6,434
	Our share of Toys^(a)			2,000		2,500		103,632
	Other investments			77,240		42,436		21,385
				199,555		211,967		330,237
	Corporate general and administrative expenses^(b)(c)			(100,594)		(106,416)		(94,929)
	Investment income and other, net^(b)			22,501		26,385		31,665
	Income from the repayment of our investments in 85 Tenth Avenue loans
		and preferred equity		160,843		-		-
	Acquisition and transaction related costs			(26,062)		(12,511)		(16,392)
	Our share of impairment losses on India real estate ventures			(13,962)		(14,806)		(5,771)
	Discontinued operations^(d)			7,185		28,314		245,679
	Net gains on sale of real estate			714		44,390		26,568
	Impairment loss and loan loss reserve on investment in Suffolk Downs			-		(1,551)		(10,263)
		Total Other	$	250,180	$	175,772	$	506,794


	(a)	As a result of our investment being reduced to zero, we suspended equity method accounting in 2014. The year ended December 31, 2014 includes an impairment loss of $75,196.
	(b)	The amounts in these captions (for this table only) exclude the results of the mark-to-market of our deferred compensation plan of $5,213, $111, and $11,557 of income, respectively.
	(c)	The year ended December 31, 2015 includes a cumulative catch up of $4,542 from the acceleration of recognition of compensation expense related to the modification of the 2012-2014 Out-Performance Plans.
	(d)	The years ended December 31, 2015 and 2014 include $22,684 and $14,956, respectively, of transaction costs related to the spin-off of our strip shopping centers and malls.

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599

+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	24. Subsequent Events 2017 Out-Performance Plan On January 13, 2017, the Committee approved the 2017 Outperformance Plan, a multi-year, performance-based equity compensation plan (the “2017 OPP”). Awards under the 2017 OPP constitute awards under Vornado’s shareholder approved 2010 Omnibus Share Plan. Under the 2017 OPP, participants have the opportunity to earn compensation payable in the form of equity awards if, and only if, Vornado outperforms a predetermined total shareholder return (“TSR”) and/or outperform the market with respect to relative total TSR during a three-year performance period. Specifically, awards under our 2017 OPP may potentially be earned if Vornado (i) achieves a TSR level greater than 7% per annum, or 21% over the three-year performance period (the “Absolute Component”) and/or (ii) achieves a TSR above that of the SNL US REIT Index (the “Index”) over a three-year performance period (the “Relative Component”). To the extent awards would be earned under the Absolute Component but Vornado underperforms the Index, such awards earned under the Absolute Component would be reduced (and potentially fully negated) based on the degree to which Vornado underperforms the Index. In certain circumstances, in the event Vornado outperforms the Index but awards would not otherwise be earned under the Absolute Component, awards may still be earned under the Relative Component. Moreover, to the extent awards would otherwise be earned under the Relative Component but Vornado fails to achieve at least a 3% per annum absolute TSR level, such awards earned under the Relative Component would be reduced based on Vornado’s absolute TSR performance, with no awards being earned in the event Vornado’s TSR during the applicable measurement period is 0% or negative, irrespective of the degree to which it may outperform the Index. If the designated performance objectives are achieved, OPP Units are also subject to time-based vesting requirements; 33.33% in each of years three, four and five. Dividend payments on awards issued accrue during the performance period and are paid to participants if, and only if, awards are ultimately earned based on the achievement of the designated performance objectives. In addition, all of Vornado’s senior executive officers are required to hold any earned OPP awards (or related equity) for at least one year following vesting.

SEC Schedule II Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2016

Valuation And Qualifying Accounts [Abstract]

Schedule II Valuation and Qualifying Accounts

VORNADO REALTY TRUST AND VORNADO REALTY L.P.
SCHEDULE II
VALUATION AND QUALIFYING ACCOUNTS
December 31, 2016
(Amounts in Thousands)


	Column A			Column B		Column C		Column D		Column E
						Additions
				Balance at		Charged		Uncollectible		Balance
				Beginning		Against		Accounts		at End
		Description		of Year		Operations		Written-off		of Year

		Year Ended December 31, 2016:
			Allowance for doubtful accounts	$	14,659	$	2,679	$	(4,191)	$	13,147
		Year Ended December 31, 2015:
			Allowance for doubtful accounts	$	21,209	$	(99)	$	(6,451)	$	14,659
		Year Ended December 31, 2014:
			Allowance for doubtful accounts	$	24,719	$	3,076	$	(6,586)	$	21,209

SEC Schedule III Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2016

Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III Real Estate and Accumulated Depreciation

VORNADO REALTY TRUST AND VORNADO REALTY L.P.
SCHEDULE III
REAL ESTATE AND ACCUMULATED DEPRECIATION
(Amounts in thousands)
COLUMN A				COLUMN B			COLUMN C				COLUMN D		COLUMN E						COLUMN F	COLUMN G	COLUMN H		COLUMN I
													Gross amount at which										Life on which
						Initial cost to company (1)							carried at close of period										depreciation
											Costs							Accumulated					in latest
								Building			capitalized			Buildings				depreciation					income
								and			subsequent			and				and		Date of		Date	statement
				Encumbrances (2)		Land		improvements			to acquisition		Land	improvements		Total (3)		amortization		construction (4)		acquired	is computed
	New York
		Manhattan
			1290 Avenue of the Americas	$	950,000	$	515,539	$	923,653	$	218,275	$	515,539	$	1,141,928	$	1,657,467	$	267,734	1963		2007	(5)
			697-703 Fifth Avenue (St. Regis - retail)		450,000		152,825		584,230		15		152,825		584,245		737,070		31,803			2014	(5)
			350 Park Avenue		400,000		265,889		363,381		47,355		265,889		410,736		676,625		106,513	1960		2006	(5)
			666 Fifth Avenue (Retail Condo)		390,000		189,005		471,072		-		189,005		471,072		660,077		49,040			2012	(5)
			One Penn Plaza		-		-		412,169		213,425		-		625,594		625,594		274,984	1972		1998	(5)
			100 West 33rd Street		398,402		242,776		247,970		33,439		242,776		281,409		524,185		70,106	1911		2007	(5)
			1535 Broadway (Marriott Marquis)		-		-		249,285		146,879		-		396,164		396,164		14,979			2012	(5)
			150 West 34th Street		205,000		119,657		268,509		-		119,657		268,509		388,166		10,628	1900		2015	(5)
			1540 Broadway		-		105,914		214,208		28,549		105,914		242,757		348,671		48,294			2006	(5)
			655 Fifth Avenue		140,000		102,594		231,903		-		102,594		231,903		334,497		18,993			2013	(5)
			Two Penn Plaza		575,000		53,615		164,903		104,657		52,689		270,486		323,175		145,896	1968		1997	(5)
			90 Park Avenue		-		8,000		175,890		133,922		8,000		309,812		317,812		104,063	1964		1997	(5)
			Manhattan Mall		181,598		88,595		113,473		71,543		88,595		185,016		273,611		54,431	2009		2007	(5)
			770 Broadway		700,000		52,898		95,686		105,109		52,898		200,795		253,693		81,596	1907		1998	(5)
			888 Seventh Avenue		375,000		-		117,269		127,369		-		244,638		244,638		108,194	1980		1998	(5)
			Eleven Penn Plaza		450,000		40,333		85,259		90,093		40,333		175,352		215,685		68,628	1923		1997	(5)
			640 Fifth Avenue		-		38,224		25,992		149,668		38,224		175,660		213,884		44,685	1950		1997	(5)
			909 Third Avenue		350,000		-		120,723		89,018		-		209,741		209,741		83,782	1969		1999	(5)
			150 East 58th Street		-		39,303		80,216		42,252		39,303		122,468		161,771		53,983	1969		1998	(5)
			595 Madison Avenue		-		62,731		62,888		26,913		62,731		89,801		152,532		35,028	1968		1999	(5)
			330 West 34th Street		-		-		8,599		136,606		-		145,205		145,205		13,616	1925		1998	(5)
			828-850 Madison Avenue		80,000		107,937		28,261		10		107,937		28,271		136,208		8,245			2005	(5)
			33-00 Northern Boulevard		60,782		46,505		86,226		2,000		46,505		88,226		134,731		4,990	1915		2015	(5)
			715 Lexington Avenue		-		-		26,903		63,244		63,000		27,147		90,147		7,933	1923		2001	(5)
			478-486 Broadway		-		30,000		20,063		34,188		30,000		54,251		84,251		11,003	2009		2007	(5)
			4 Union Square South		116,022		24,079		55,220		2,632		24,079		57,852		81,931		17,928	1965/2004		1993	(5)
			260 Eleventh Avenue		-		-		80,482		591		-		81,073		81,073		3,207	1911		2015	(5)
			510 Fifth Avenue		-		34,602		18,728		20,064		34,602		38,792		73,394		7,129			2010	(5)
			606 Broadway		25,768		-		54,399		5,587		-		59,986		59,986		-			2016	(5)
			40 Fulton Street		-		15,732		26,388		15,628		15,732		42,016		57,748		18,691	1987		1998	(5)
			689 Fifth Avenue		-		19,721		13,446		23,094		19,721		36,540		56,261		10,521	1925		1998	(5)
			443 Broadway		-		11,187		41,186		-		11,187		41,186		52,373		3,736			2013	(5)
			40 East 66th Street		-		13,616		34,635		142		13,616		34,777		48,393		9,630			2005	(5)

VORNADO REALTY TRUST AND VORNADO REALTY L.P.
SCHEDULE III
REAL ESTATE AND ACCUMULATED DEPRECIATION
(Amounts in thousands)
COLUMN A						COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F	COLUMN G	COLUMN H	COLUMN I
														Gross amount at which									Life on which
							Initial cost to company (1)							carried at close of period									depreciation
												Costs							Accumulated				in latest
									Building			capitalized			Buildings				depreciation				income
									and			subsequent			and				and		Date of	Date	statement
Description					Encumbrances (2)		Land		improvements			to acquisition		Land	improvements		Total (3)		amortization		construction (4)	acquired	is computed
	New York - continued
		Manhattan - continued
			155 Spring Street		$	-	$	13,700	$	30,544	$	3,578	$	13,700	$	34,122	$	47,822	$	8,470		2007	(5)
			435 Seventh Avenue			97,706		19,893		19,091		37		19,893		19,128		39,021		6,934	2002	1997	(5)
			3040 M Street			-		7,830		27,490		3,517		7,830		31,007		38,837		8,942		2006	(5)
			608 Fifth Avenue			-		-		-		36,499		-		36,499		36,499		6,051	1932	2012	(5)
			692 Broadway			-		6,053		22,908		3,540		6,053		26,448		32,501		7,658		2005	(5)
			131-135 West 33rd Street			-		8,315		21,312		24		8,315		21,336		29,651		323		2016	(5)
			265 West 34th Street			-		28,500		-		-		28,500		-		28,500		-	1920	2015	(5)
			304 Canal Street			-		3,511		12,905		8,184		-		24,600		24,600		-	1910	2014	(5)
			677-679 Madison Avenue			-		13,070		9,640		388		13,070		10,028		23,098		2,657		2006	(5)
			1131 Third Avenue			-		7,844		7,844		5,236		7,844		13,080		20,924		1,076		1997	(5)
			486 Eighth Avenue			-		20,000		71		-		20,000		71		20,071		-	1928	2016	(5)
			431 Seventh Avenue			-		16,700		2,751		-		16,700		2,751		19,451		671		2007	(5)
			138-142 West 32nd Street			-		9,252		9,936		-		9,252		9,936		19,188		476	1920	2015	(5)
			334 Canal Street			-		1,693		6,507		7,300		1,693		13,807		15,500		565		2011	(5)
			267 West 34th Street			-		5,099		10,037		-		5,099		10,037		15,136		800		2013	(5)
			1540 Broadway Garage			-		4,086		8,914		-		4,086		8,914		13,000		2,364	1990	2006	(5)
			966 Third Avenue			-		8,869		3,631		-		8,869		3,631		12,500		303		2013	(5)
			148 Spring Street			-		3,200		8,112		416		3,200		8,528		11,728		1,848		2008	(5)
			150 Spring Street			-		3,200		5,822		277		3,200		6,099		9,299		1,338		2008	(5)
			137 West 33rd Street			-		6,398		1,550		-		6,398		1,550		7,948		68	1932	2015	(5)
			488 Eighth Avenue			-		10,650		1,767		(4,674)		6,859		884		7,743		200		2007	(5)
			484 Eighth Avenue			-		3,856		762		399		3,856		1,161		5,017		385		1997	(5)
			825 Seventh Avenue			-		1,483		697		33		1,483		730		2,213		361		1997	(5)
			Other (Including Signage)			-		75,862		14,829		110,071		75,865		124,897		200,762		25,377
				Total Manhattan		5,945,278		2,660,341		5,730,335		2,107,092		2,715,116		7,782,652		10,497,768		1,866,856

		Other Properties
			Hotel Pennsylvania			-		29,903		121,712		95,273		29,903		216,985		246,888		103,008	1919	1997	(5)
			Paramus			-		-		-		25,942		1,033		24,909		25,942		14,073	1967	1987	(5)
				Total Other Properties		-		29,903		121,712		121,215		30,936		241,894		272,830		117,081

	Total New York					5,945,278		2,690,244		5,852,047		2,228,307		2,746,052		8,024,546		10,770,598		1,983,937

VORNADO REALTY TRUST AND VORNADO REALTY L.P.
SCHEDULE III
REAL ESTATE AND ACCUMULATED DEPRECIATION
(Amounts in thousands)
COLUMN A					COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F	COLUMN G	COLUMN H	COLUMN I
													Gross amount at which									Life on which
						Initial cost to company (1)							carried at close of period									depreciation
											Costs							Accumulated				in latest
								Building			capitalized			Buildings				depreciation				income
								and			subsequent			and				and		Date of	Date	statement
Description				Encumbrances (2)		Land		improvements			to acquisition		Land	improvements		Total (3)		amortization		construction (4)	acquired	is computed
	Washington, DC
		2011-2451 Crystal Drive - 5 buildings		$	216,629	$	100,935	$	409,920	$	162,507	$	100,228	$	573,134	$	673,362	$	228,973	1984-1989	2002	(5)
		S. Clark Street/12th Street - 5 buildings			53,708		63,420		231,267		130,043		63,291		361,439		424,730		112,593	1981, 1983-1987	2002	(5)
		2001 Jefferson Davis Highway,			68,426		57,213		131,206		216,730		57,070		348,079		405,149		77,331	1964-1969	2002	(5)
			2100/2200 Crystal Drive, 223 23rd
			Street, 2221 South Clark Street, Crystal
			City Shops at 2100, 220 20th Street
		1550-1750 Crystal Drive/			37,307		64,817		218,330		96,244		64,652		314,739		379,391		111,549	1974-1980	2002	(5)
			241-251 18th Street - 4 buildings
		RiverHouse Apartments - 3 buildings			307,710		118,421		125,078		76,671		138,851		181,319		320,170		47,192		2007	(5)
		The Bartlett			-		41,687		-		216,844		41,687		216,844		258,531		3,664		2007	(5)
		1825 - 1875 Connecticut Ave NW -			185,000		69,393		143,320		19,063		68,612		163,164		231,776		44,146	1956, 1963	2007
			(Universal Buildings) - 2 buildings
		WestEnd 25			100,841		67,049		5,039		107,638		68,198		111,528		179,726		20,143		2007	(5)
		2101 L Street, NW			143,415		32,815		51,642		83,064		39,768		127,753		167,521		36,447	1975	2003	(5)
		2200/2300 Clarendon Blvd			11,000		-		105,475		53,505		-		158,980		158,980		62,247	1988-1989	2002	(5)
			(Courthouse Plaza) - 2 buildings
		1800, 1851 and 1901 South Bell Street			-		37,551		118,806		356		37,551		119,162		156,713		39,446	1968	2002	(5)
			- 3 buildings
		875 15th Street, NW (Bowen Building)			-		30,077		98,962		5,443		30,176		104,306		134,482		29,760	2004	2005	(5)
		1399 New York Avenue, NW			-		33,481		67,363		7,075		34,178		73,741		107,919		10,715	-	2011	(5)
		Commerce Executive - 3 buildings			-		13,401		58,705		29,414		13,140		88,380		101,520		32,027	1985-1989	2002	(5)
		Met Park/Warehouses			-		65,259		1,326		26,309		82,898		9,996		92,894		28		2007	(5)
		H Street - North 10-1D Land Parcel			-		104,473		55		(32,808)		61,970		9,750		71,720		-		2007	(5)
		Crystal City Hotel			-		8,000		47,191		11,659		8,000		58,850		66,850		18,059	1968	2004	(5)
		1730 M Street, NW			14,853		10,095		17,541		15,521		10,687		32,470		43,157		12,094	1963	2002	(5)
		Democracy Plaza One			-		-		33,628		5,954		-		39,582		39,582		20,252	1987	2002	(5)
		Crystal Drive Retail			-		-		20,465		5,806		-		26,271		26,271		11,069	2004	2004	(5)
		1109 South Capitol Street			-		11,541		178		(253)		11,597		(131)		11,466		-		2007	(5)
		South Capitol			-		4,009		6,273		(1,865)		-		8,417		8,417		306		2005	(5)
		1726 M Street, NW			-		9,450		22,062		(30,660)		-		852		852		-	1964	2006	(5)
		1700 M Street			28,728		23,359		24,876		(48,231)		-		4		4		-	1970	2002	(5)
		Other			-		1,763		52,408		14,134		1,763		66,542		68,305		1,104
	Total Washington, DC				1,167,617		968,209		1,991,116		1,170,163		934,317		3,195,171		4,129,488		919,145

VORNADO REALTY TRUST AND VORNADO REALTY L.P.
SCHEDULE III
REAL ESTATE AND ACCUMULATED DEPRECIATION
(Amounts in thousands)
COLUMN A						COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F	COLUMN G	COLUMN H	COLUMN I
														Gross amount at which									Life on which
							Initial cost to company (1)							carried at close of period									depreciation
												Costs							Accumulated				in latest
									Building			capitalized			Buildings				depreciation				income
									and			subsequent			and				and		Date of	Date	statement
Description					Encumbrances (2)		Land		improvements			to acquisition		Land	improvements		Total (3)		amortization		construction (4)	acquired	is computed
	Other
		theMART
		Illinois
			theMART, Chicago		$	675,000	$	64,528	$	319,146	$	368,328	$	64,535	$	687,467	$	752,002	$	259,808	1930	1998	(5)
			527 West Kinzie, Chicago			-		5,166		-		25		5,166		25		5,191		-		1998
				Total Illinois		675,000		69,694		319,146		368,353		69,701		687,492		757,193		259,808

		New York
			MMPI Piers			-		-		-		14,663		-		14,663		14,663		1,916		2008	(5)

				Total theMART		675,000		69,694		319,146		383,016		69,701		702,155		771,856		261,724

			555 California Street			579,795		221,903		893,324		117,729		221,903		1,011,053		1,232,956		243,944	1922/1969/1970	2007	(5)
			220 Central Park South			950,000		115,720		16,420		987,158		-		1,119,298		1,119,298		-		2005	(5)
			Borgata Land, Atlantic City, NJ			56,607		83,089		-		-		83,089		-		83,089		-		2010	(5)
			Wayne Towne Center			-		-		26,137		51,253		-		77,390		77,390		12,158		2010	(5)
			40 East 66th Residential			-		29,199		85,798		(93,222)		8,454		13,321		21,775		3,402		2005	(5)
			Annapolis			-		-		9,652		-		-		9,652		9,652		3,458		2005	(5)
			677-679 Madison			-		1,462		1,058		284		1,626		1,178		2,804		400		2006	(5)
			Other			-		-		3,766		726		-		4,492		4,492		972		2005	(5)
	Total Other					2,261,402		521,067		1,355,301		1,446,944		384,773		2,938,539		3,323,312		526,058

	Leasehold Improvements
		Equipment and Other				-		-		-		116,560		-		116,560		116,560		84,434

	Total December 31, 2016				$	9,374,297	$	4,179,520	$	9,198,464	$	4,961,974	$	4,065,142	$	14,274,816	$	18,339,958	$	3,513,574


(1)		Initial cost is cost as of January 30, 1982 (the date on which we commenced real estate operations) unless acquired subsequent to that date see Column H.
(2)		Represents the contractual debt obligations.
(3)		The net basis of our assets and liabilities for tax reporting purposes is approximately $3.7 billion lower than the amount reported for financial statement purposes.
(4)		Date of original construction –– many properties have had substantial renovation or additional construction –– see Column D.
(5)		Depreciation of the buildings and improvements are calculated over lives ranging from the life of the lease to forty years.

VORNADO REALTY TRUST AND VORNADO REALTY L.P.
SCHEDULE III
REAL ESTATE AND ACCUMULATED DEPRECIATION
(AMOUNTS IN THOUSANDS)

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

				Year Ended December 31,
				2016		2015		2014
	Real Estate
		Balance at beginning of period		$	18,090,137	$	16,822,358	$	15,392,968
		Additions during the period:
			Land		30,805		281,048		225,536
			Buildings & improvements		1,074,259		1,288,136		1,348,153
					19,195,201		18,391,542		16,966,657
		Less: Assets sold, written-off and deconsolidated			855,243		301,405		144,299
		Balance at end of period		$	18,339,958	$	18,090,137	$	16,822,358

	Accumulated Depreciation
		Balance at beginning of period		$	3,418,267	$	3,161,633	$	2,829,862
		Additions charged to operating expenses			478,788		459,612		461,689
					3,897,055		3,621,245		3,291,551
		Less: Accumulated depreciation on assets sold, written-off and deconsolidated			383,481		202,978		129,918
		Balance at end of period		$	3,513,574	$	3,418,267	$	3,161,633

Basis of Presentation and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Basis of Presentation and Significant Accounting Policies
Basis of Presentation	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	Recently Issued Accounting Literature In May 2014, the Financial Accounting Standards Board (“FASB”) issued an update ("ASU 2014-09") establishing Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). ASU 2014-09 establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. ASU 2014-09 requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. In August 2015, the FASB issued an update (“ASU 2015-14”) to ASC 606, Deferral of the Effective Date, which defers the adoption of ASU 2014-09 to interim and annual reporting periods in fiscal years that begin after December 15, 2017. In March 2016, the FASB issued an update (“ASU 2016-08”) to ASC 606, Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which clarifies the implementation guidance on principal versus agent considerations in the new revenue recognition standard pursuant to ASU 2014-09. In April 2016, the FASB issued an update (“ASU 2016-10”) to ASC 606, Identifying Performance Obligations and Licensing, which clarifies guidance related to identifying performance obligations and licensing implementation guidance contained in ASU 2014-09. In May 2016, the FASB issued an update (“ASU 2016-12”) to ASC 606, Narrow-Scope Improvements and Practical Expedients, which amends certain aspects of the new revenue recognition standard pursuant to ASU 2014-09. We are permitted to use either the retrospective or the modified retrospective method when adopting these standards. We are evaluating the impact of the adoption of these standards on our consolidated financial statements and have not yet concluded on the method of adoption. In June 2014, the FASB issued an update (“ASU 2014-12”) to ASC Topic 718, Compensation – Stock Compensation (“ASC 718”). ASU 2014-12 requires an entity to treat performance targets that can be met after the requisite service period of a share based award has ended, as a performance condition that affects vesting. ASU 2014-12 is effective for interim and annual reporting periods in fiscal years that began after December 15, 2015. The adoption of this update as of January 1, 2016, did not have any impact on our consolidated financial statements. In February 2015, the FASB issued an update (“ASU 2015-02”) Amendments to the Consolidation Analysis to ASC Topic 810, Consolidation. ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Specifically, the amendments: (i) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities, (ii) eliminate the presumption that a general partner should consolidate a limited partnership, (iii) affect the consolidation analysis of reporting entities that are involved with VIEs, and (iv) provide a scope exception for certain entities. ASU 2015-02 is effective for interim and annual reporting periods beginning after December 15, 2015. The adoption of this update on January 1, 2016 resulted in the identification of additional VIEs, but did not have an impact on our consolidated financial statements other than additional disclosures (see Note 11 - Variable Interest Entities). In January 2016, the FASB issued an update (“ASU 2016-01”) Recognition and Measurement of Financial Assets and Financial Liabilities to ASC Topic 825, Financial Instruments. ASU 2016-01 amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the requirement to measure certain equity investments at fair value with changes in fair value recognized in net income. ASU 2016-01 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. We are currently evaluating the impact of the adoption of ASU 2016-01 on our consolidated financial statements. In February 2016, the FASB issued (“ASU 2016-02”) Leases, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. ASU 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase. Lessees are required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases. Lessees will recognize expense based on the effective interest method for finance leases or on a straight-line basis for operating leases. ASU 2016-02 will more significantly impact the accounting for leases in which we are a lessee. We have a number of ground leases for which we will be required to record a right-of-use asset and lease liability upon adoption of this standard. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the impact of the adoption of ASU 2016-02 on our consolidated financial statements, including the timing of adopting this standard. In March 2016, the FASB issued an update (“ASU 2016-09”) Improvements to Employee Share-Based Payment Accounting to ASC 718. ASU 2016-09 amends several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2016. We are currently evaluating the impact of the adoption of ASU 2016-09 on our consolidated financial statements. In August 2016, the FASB issued an update (“ASU 2016-15”) Classification of Certain Cash Receipts and Cash Payments to ASC Topic 230, Statement of Cash Flows. ASU 2016-15 clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows to reduce diversity in practice with respect to (i) debt prepayment or debt extinguishment costs, (ii) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, (iii) contingent consideration payments made after a business combination, (iv) proceeds from the settlement of insurance claims, (v) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (vi) distributions received from equity method investees, (vii) beneficial interests in securitization transactions, and (viii) separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017, with early adoption permitted. The adoption of this update is not expected to have a significant impact on our consolidated financial statements. In November 2016, the FASB issued an update (“ASU 2016-18”) Restricted Cash to ASC Topic 230, Statement of Cash Flows. ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Restricted cash and restricted cash equivalents will be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period balances on the statement of cash flows upon adoption of this standard. ASU 2016-18 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017, with early adoption permitted. In January 2017, the FASB issued an update (“ASU 2017-01”) Clarifying the Definition of a Business to ASC Topic 805, Business Combinations. ASU 2017-01 provides a screen to determine when an asset acquired or group of assets acquired is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This screen reduces the number of transactions that need to be further evaluated. ASU 2017-01 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. We have elected to early adopt this standard, effective as of October 1, 2016, for all future acquisitions. The adoption of this standard will result in less real estate acquisitions qualifying as businesses and, accordingly, acquisition costs for those acquisitions that are not businesses will be capitalized rather than expensed. There was no impact of the adoption of this standard in the fourth quarter of 2016, as there have been no acquisitions.
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 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 redeveloped property, the excess is charged to expense. Depreciation is recognized on a straight-line basis over estimated useful lives 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. Additions to real estate include interest and debt expense capitalized during construction of $34,097,000 and $59,305,000 for the years ended December 31, 2016 and 2015, respectively. Upon the acquisition of real estate that meets the criteria of a business under ASU 2017-01, 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. 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 record acquired intangible assets (including acquired above-market leases, acquired in-place leases and tenant relationships) and acquired intangible liabilities (including below–market leases) at their estimated fair value separate and apart from goodwill. 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 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 projected 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. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses.
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 factors such as ownership interest, board representation, management representation, authority to make decisions, and contractual and substantive participating rights of the partners/members as well as whether the entity is a variable interest entity (“VIE”) and whether we are the primary beneficiary. 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 entity is not considered a VIE and the approval of all of the partners/members is contractually required with respect to major decisions, such as operating and capital budgets, the sale, exchange or other disposition of real property, the hiring of a chief executive officer, the commencement, compromise or settlement of any lawsuit, legal proceeding or arbitration or the placement of new or additional financing secured by assets of the venture. 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 on the cost method. Investments in 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 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 and available information at the time the analyses are prepared. In the years ended December 31, 2016, 2015 and 2014, we recognized non-cash impairment losses on investments in partially owned entities aggregating $20,290,000, $21,260,000 and $85,459,000, respectively. Included in 2014 is a $75,196,000 impairment loss related to our investment in Toys.
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 (“CDARS”). To date, we have not experienced any losses on our invested cash.
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 for debt service, real estate taxes, property insurance and capital improvements.
Allowance For Doubtful Accounts	Allowance for Doubtful Accounts: We periodically evaluate the collectability of amounts due from tenants and maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under the lease agreements. We also maintain an allowance for receivables arising from the straight-lining of rents. These receivables arise from earnings recognized in excess of amounts currently due under the lease agreements. Management exercises judgment in establishing these allowances and considers payment history and current credit status in developing these estimates. As of December 31, 2016 and 2015, we had $10,920,000 and $11,908,000, respectively, in allowances for doubtful accounts. In addition, as of December 31, 2016 and 2015, we had $2,227,000 and $2,751,000, respectively, in allowances for receivables arising from the straight-lining of rents.
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 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: We have the following revenue sources and revenue recognition policies: • Base Rent — income arising from tenant leases. These rents are recognized over the non-cancelable term of the related leases on a straight-line basis which includes the effects of rent steps and rent abatements under the leases. We commence rental revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. In addition, in circumstances where we provide a tenant improvement allowance for improvements that are owned by the tenant, we recognize the allowance as a reduction of rental revenue on a straight-line basis over the term of the lease. • Percentage Rent — income arising from retail tenant leases that is contingent upon tenant sales exceeding defined thresholds. These rents are recognized only after the contingency has been removed (i.e., when tenant sales thresholds have been achieved). • Hotel Revenue — income arising from the operation of the Hotel Pennsylvania which consists of rooms revenue, food and beverage revenue, and banquet revenue. Income is recognized when rooms are occupied. Food and beverage and banquet revenue is recognized when the services have been rendered. • Trade Shows Revenue — income arising from the operation of trade shows, including rentals of booths. This revenue is recognized when the trade shows have occurred. • Expense Reimbursements — revenue arising from tenant leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes of the respective property. This revenue is recognized in the same periods as the expenses are incurred. • Management, Leasing and Other Fees — income arising from contractual agreements with third parties or with partially owned entities. This revenue is recognized as the related services are performed under the respective agreements.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities: ASC 815, Derivatives and Hedging, as amended, establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. As of December 31, 2016 and 2015, our derivative instruments consisted of two and one interest rate swaps, respectively. We record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. For derivatives designated as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (loss) (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. We assess the effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. For derivatives not designated as hedges, changes in fair value are recognized in earnings.
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 taxable income and therefore, no provision for Federal income taxes is required. Dividends distributed for the year ended December 31, 2016, were characterized, for federal income tax purposes, as 83.5% ordinary income and 16.5% long-term capital gain. Dividends distributed for the year ended December 31, 2015, were characterized, for federal income tax purposes, as long-term capital gain income. Dividends distributed for the year ended December 31, 2014, were characterized, for federal income tax purposes, as ordinary income. The Operating Partnership’s partners are required to report their respective share of taxable income on their individual tax returns. 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. Our taxable REIT subsidiaries had a combined current income tax expense of approximately $7,946,000, $8,322,000 and $10,777,000 for the years ended December 31, 2016, 2015 and 2014, respectively, and have immaterial differences between the financial reporting and tax basis of assets and liabilities. At December 31, 2016 and 2015, our taxable REIT subsidiaries had deferred tax assets related to net operating loss carryforwards of $98,013,000 and $97,104,000, respectively, which are included in “other assets” on our consolidated balance sheets. Prior to the quarter ended June 30, 2015, there was a full valuation allowance against these deferred tax assets because we had not determined that it is more-likely-than-not that we would use the net operating loss carryforwards to offset future taxable income. In our quarter ended June 30, 2015, based upon residential condominium unit sales, among other factors, we concluded that it was more-likely-than-not that we will generate sufficient taxable income to realize these deferred tax assets. Accordingly, we reversed $90,030,000 of the allowance for deferred tax assets and recognized an income tax benefit in our consolidated statements of income.
Marketable Securities	Our portfolio of marketable securities is comprised of equity securities that are classified as available-for-sale. Available-for-sale securities are presented on our consolidated balance sheets at fair value. Unrealized gains and losses resulting from the mark-to-market of these securities are included in “other comprehensive income (loss).” Realized gains and losses are recognized in earnings only upon the sale of the securities and are recorded based on the weighted average cost of such securities. We evaluate our portfolio of marketable securities for impairment each reporting period. For each of the securities in our portfolio with unrealized losses, we review the underlying cause of the decline in value and the estimated recovery period, as well as the severity and duration of the decline. In our evaluation, we consider our ability and intent to hold these investments for a reasonable period of time sufficient for us to recover our cost basis. We also evaluate the near-term prospects for each of these investments in relation to the severity and duration of the decline.
Redeemable Noncontrolling Interests Policy	Redeemable noncontrolling interests on Vornado’s consolidated balance sheets and redeemable partnership units on the consolidated balance sheets of the Operating Partnership 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 interests/redeemable 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 480, Distinguishing Liabilities and Equity, because of their possible settlement by issuing a variable number of Vornado common shares.

Basis of Presentation and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2016

Basis of Presentation and Significant Accounting Policies

Reconciliation Of Net Income Attributable To Common Shareholders To Estimated Taxable Income

(Amounts in thousands)			For the Year Ended December 31,
			2016		2015			2014
Net income attributable to Vornado common shareholders		$	823,606	$	679,856		$	783,388
Book to tax differences (unaudited):
	Net gain on extinguishment of Skyline properties debt		(457,970)		-			-
	Depreciation and amortization		302,092		227,297			219,403
	Impairment losses		170,332		20,281			34,670
	Earnings of partially owned entities		(149,094)		(5,299)			71,960
	Straight-line rent adjustments		(137,941)		(144,727)			(77,526)
	Sale of real estate and other capital transactions		(39,109)		320,326			(477,061)
	Vornado stock options		(3,593)		(8,278)			(9,566)
	Tangible Property Regulations		-		(575,618)	⁽¹⁾		-
	Other, net		9,121		(26,114)			(33,410)
Estimated taxable income (unaudited)		$	517,444	$	487,724		$	511,858


(1)	Represents one-time deductions pursuant to the implementation of the Tangible Property Regulations issued by the Internal Revenue Service.

Real Estate Fund Investments (Tables)

12 Months Ended

Dec. 31, 2016

Real Estate Fund Investments [Abstract]

Schedule Of Income And Loss From The Fund

(Amounts in thousands)		For the Year Ended December 31,
		2016		2015		2014
Net investment income		$	17,053	$	16,329	$	12,895
Net realized gain on exited investments			14,761		26,036		126,653
Previously recorded unrealized gain on exited investment			(14,254)		(23,279)		(50,316)
Net unrealized (loss) gain on held investments			(41,162)		54,995		73,802
(Loss) income from real estate fund investments			(23,602)		74,081		163,034
Less loss (income) attributable to noncontrolling interests in consolidated
	subsidiaries		2,560		(40,117)		(92,728)
(Loss) income from real estate fund investments attributable to the
	Operating Partnership⁽¹⁾		(21,042)		33,964		70,306
Less loss (income) attributable to noncontrolling interests in the Operating
	Partnership		1,270		(2,011)		(4,047)
(Loss) income from real estate fund investments attributable to Vornado		$	(19,772)	$	31,953	$	66,259


(1)	Excludes $3,831, $2,939, and $2,562 of management and leasing fees in the years ended December 31, 2016, 2015 and 2014, respectively, which are included as a component of "fee and other income" on our consolidated statements of income.

Marketable Securities and Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2016

Marketable Securities and Derivative Instruments [Abstract]

Unrealized Gain (Loss) on Investments

	Below is a summary of our marketable securities portfolio as of December 31, 2016 and 2015.

(Amounts in thousands)		As of December 31, 2016						As of December 31, 2015
				GAAP		Unrealized				GAAP		Unrealized
		Fair Value		Cost		Gain		Fair Value		Cost		Gain
Equity securities:
	Lexington Realty Trust	$	199,465	$	72,549	$	126,916	$	147,752	$	72,549	$	75,203
	Other		4,239		650		3,589		3,245		-		3,245
		$	203,704	$	73,199	$	130,505	$	150,997	$	72,549	$	78,448

Investments in Partially Owned Entities (Tables)

12 Months Ended

Dec. 31, 2016

Schedule Of Equity Method Investments [Line Items]

Equity Method Investments

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

(Amounts in thousands)		Percentage
		Ownership at	As of December 31,
		December 31, 2016	2016		2015
Investments:
	Partially owned office buildings⁽¹⁾	Various	$	797,205	$	947,883
	Alexander’s	32.4%		129,324		133,568
	PREIT	8.0%		122,883		133,375
	India real estate ventures	4.1%-36.5%		30,290		48,310
	UE	5.4%		24,523		25,351
	Other investments⁽²⁾	Various		323,794		261,935
			$	1,428,019	$	1,550,422


(1)	Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 666 Fifth Avenue (Office), 330 Madison Avenue, 85 Tenth Avenue, 512 West 22nd Street and others.
(2)	Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, 50-70 West 93rd Street and others.

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

(Amounts in thousands)			Percentage
			Ownership at		For the Year Ended December 31,
			December 31, 2016		2016		2015		2014
Our Share of Net Income (Loss):
	85 Tenth Avenue (see page 126 for details):
		Income from the repayment of loans and preferred equity		49.9%	$	160,843	$	-	$	-
		Equity in net income (loss)				17,229		(1,015)		(6,231)
						178,072		(1,015)		(6,231)

	Alexander's:
		Equity in net income		32.4%		27,470		24,209		21,287
		Management, leasing and development fees				6,770		6,869		8,722
						34,240		31,078		30,009

	UE (see page 124 for details):
		Equity in net income		5.4%		5,003		2,430		-
		Management fees				836		1,964		-
						5,839		4,394		-

	Toys:
		Equity in net loss⁽¹⁾		32.5%		-		-		(4,691)
		Non-cash impairment losses				-		-		(75,196)
		Management fees				2,000		2,500		6,331
						2,000		2,500		(73,556)

	Partially owned office buildings⁽²⁾			Various		(42,100)		(23,556)		93

	India real estate ventures⁽³⁾			4.1%-36.5%		(18,122)		(18,746)		(8,309)

	PREIT (see page 124 for details)			8.0%		(5,213)		(7,450)		-

	Other investments⁽⁴⁾			Various		10,673		165		(1,867)

					$	165,389	$	(12,630)	$	(59,861)


(1)	Pursuant to Rule 4-08(g) of Regulation S-X, in 2014 Toys was considered a significant subsidiary where as in 2016 and 2015 it was not. For the twelve months ended November 1, 2014, Toys’ total revenue was $12,645,000 and net loss attributable to Toys was $343,000.
(2)	Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 666 Fifth Avenue (Office), 330 Madison Avenue, 512 West 22nd Street and others. In 2016 and 2015, we recognized net losses of $47,000 and $39,600, respectively, from our 666 Fifth Avenue (Office) joint venture as a result of our share of depreciation expense. In 2015, we recognized our $12,800 share of a write-off of a below-market lease liability related to a tenant vacating at 650 Madison Avenue. In 2014, we recognized our $14,500 share of accelerated depreciation from our West 57th Street joint ventures in connection with the change in estimated useful life of those properties.
(3)	Includes non-cash impairment losses of $13,962, $14,806 and $5,771, respectively.
(4)	Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, 50-70 West 93rd Street and others. In 2014, we recognized a $10,263 non-cash charge comprised of a $5,959 impairment loss and a $4,304 loan loss reserve on our equity and debt investments in Suffolk Downs.

Below is a summary of the debt of our partially owned entities as of December 31, 2016 and 2015, none of which is recourse to us.

(Amounts in thousands)			Percentage		Interest
			Ownership at		Rate at	100% Partially Owned Entities’
			December 31,		December 31,	Debt at December 31,
			2016	Maturity	2016	2016		2015
Toys:
	Notes, loans and mortgages payable		32.5%	2017-2021	7.28%	$	5,640,779	$	5,619,710

Partially owned office buildings⁽¹⁾^:
	Mortgages payable		Various	2017-2026	4.43%		4,341,056		3,771,255

PREIT:
	Mortgages payable		8.0%	2017-2025	3.77%		1,747,543		1,852,270

UE:
	Mortgages payable		5.4%	2018-2034	4.19%		1,209,994		1,246,155

Alexander's:
	Mortgages payable		32.4%	2018-2022	2.01%		1,056,147		1,053,262

85 Tenth Avenue:
	Mortgages payable		49.9%	2026	4.55%		625,000		-

India Real Estate Ventures:
	TCG Urban Infrastructure Holdings mortgages
		payable	25.0%	2017-2033	11.98%		187,296		185,607

Other⁽²⁾^:
	Mortgages payable		Various	2017-2023	4.20%		1,277,632		1,316,641


(1)	Includes 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 666 Fifth Avenue (Office), 330 Madison Avenue, 512 West 22nd Street and others.
(2)	Includes Independence Plaza, Fashion Centre Mall/Washington Tower, 50-70 West 93rd Street and others.

(Amounts in thousands)				Balance as of December 31,
				2016		2015
Balance Sheet:
	Assets			$	24,926,000	$	25,526,000
	Liabilities				21,357,000		21,162,000
	Noncontrolling interests				265,000		146,000
	Equity				3,305,000		4,218,000

(Amounts in thousands)		For the Year Ended December 31,
		2016		2015		2014
Income Statement:
	Total revenue	$	13,600,000	$	13,423,000	$	13,620,000
	Net loss		(65,000)		(224,000)		(434,000)

Dispositions (Tables)

12 Months Ended

Dec. 31, 2016

Dispositions [Abstract]

Schedule Of Assets And Liabilities And Results Of Operations Related To Discontinued Operations

(Amounts in thousands)			Balance as of
			December 31, 2016		December 31, 2015
Assets related to discontinued operations:
Real estate, net			$	2,642	$	29,561
Other assets				2,928		7,459
			$	5,570	$	37,020

Liabilities related to discontinued operations:
Other liabilities			$	2,870	$	12,470

(Amounts in thousands)	For the Year Ended December 31,
	2016		2015		2014
Income from discontinued operations:
Total revenues	$	3,998	$	27,831	$	395,786
Total expenses		1,435		17,651		274,107
		2,563		10,180		121,679
Net gains on sale of real estate and a lease position		5,074		65,396		507,192
Impairment losses		(465)		(256)		(26,518)
UE spin-off transaction related costs		-		(22,972)		(14,956)
Pretax income from discontinued operations		7,172		52,348		587,397
Income tax expense		-		(86)		(1,721)
Income from discontinued operations	$	7,172	$	52,262	$	585,676

Cash flows related to discontinued operations:
Cash flows from operating activities	$	455	$	(33,462)	$	123,837
Cash flows from investing activities		2,785		346,865		(180,019)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721665-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1474-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1361-107760

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721683-107760

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=64862545&loc=SL51724579-110230

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721675-107760

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+ Details

Identified Intangible Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2016

Finite-Lived Intangible Assets [Line Items]

Schedule of Identified Intangible Assets and Intangible Liabilities

The following summarizes our identified intangible assets (primarily acquired above-market leases) and liabilities (primarily acquired below-market leases) as of December 31, 2016 and 2015.

(Amounts in thousands)	Balance as of December 31,
	2016		2015
Identified intangible assets:
Gross amount	$	400,061	$	415,261
Accumulated amortization		(207,330)		(187,360)
Net	$	192,731	$	227,901
Identified intangible liabilities (included in deferred revenue):
Gross amount	$	586,969	$	643,488
Accumulated amortization		(323,183)		(325,340)
Net	$	263,786	$	318,148

Below Market Leases Net Of Above Market Leases

Finite-Lived Intangible Assets [Line Items]

Schedule of future amortization expense of intangible assets

(Amounts in thousands)
2017	$	45,576
2018		44,346
2019		32,168
2020		23,343
2021		18,159

Other Identified Intangible Assets

Finite-Lived Intangible Assets [Line Items]

Schedule of future amortization expense of intangible assets

(Amounts in thousands)
2017	$	24,456
2018		20,201
2019		15,863
2020		12,394
2021		11,177

Tenant Under Ground Leases

Finite-Lived Intangible Assets [Line Items]

Schedule of future amortization expense of intangible assets

(Amounts in thousands)
2017	$	1,832
2018		1,832
2019		1,832
2020		1,832
2021		1,832

Debt (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Schedule of Debt

(Amounts in thousands)			Weighted Average
			Interest Rate at			Balance at December 31,
			December 31, 2016			2016		2015
Mortgages Payable:
	Fixed rate			3.84%	$	6,099,873	$	6,356,634
	Variable rate			2.49%		3,274,424		3,258,204
		Total		3.37%		9,374,297		9,614,838
	Deferred financing costs, net and other					(96,034)		(101,125)
		Total, net			$	9,278,263	$	9,513,713

Unsecured Debt:
	Senior unsecured notes			3.68%	$	850,000	$	850,000
	Deferred financing costs, net and other					(4,423)		(5,841)
		Senior unsecured notes, net				845,577		844,159

	Unsecured term loan			1.88%		375,000		187,500
	Deferred financing costs, net and other					(2,785)		(4,362)
		Unsecured term loan, net				372,215		183,138

	Unsecured revolving credit facilities			1.68%		115,630		550,000

		Total, net			$	1,333,422	$	1,577,297

Schedule of Maturities of Long-Term Debt

(Amounts in thousands)				Senior Unsecured
				Debt and Unsecured
				Revolving Credit
		Mortgages Payable		Facilities
Year Ending December 31,
2017	$	156,702	$	-
2018		1,389,341		490,630
2019		399,661		450,000
2020		1,882,443		-
2021		3,173,705		-
Thereafter		2,372,445		400,000

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

+ Details

Redeemable Noncontrolling Interests / Redeemable Partnership Units (Tables)

12 Months Ended

Dec. 31, 2016

Redeemable Noncontrolling Interests / Redeemable Partnership Units [Abstract]

Operating Partnership Units Held By Third Parties

(Amounts in thousands, except units and										Preferred or
per unit amounts)		Balance as of				Units Outstanding at		Per Unit		Annual
		December 31,				December 31,		Liquidation		Distribution
Unit Series		2016			2015	2016	2015	Preference		Rate
Common:
	Class A units held by third parties	$	1,273,018	$	1,223,793	12,197,162	12,242,820		n/a	$	2.52

Perpetual Preferred/Redeemable Preferred⁽¹⁾:
	5.00% D-16 Cumulative Redeemable	$	1,000	$	1,000	1	1	$	1,000,000.00	$	50,000.00
	3.25% D-17 Cumulative Redeemable	$	4,428	$	4,428	177,100	177,100	$	25.00	$	0.8125


(1)	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.

Summary Of Activity Of Redeemable Noncontrolling Interests

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

	(Amounts in thousands)
	Balance at December 31, 2014	$	1,337,780
	Net income		43,231
	Other comprehensive loss		(2,866)
	Distributions		(30,263)
	Redemption of Class A units for Vornado common shares, at redemption value		(48,230)
	Adjustments to carry redeemable Class A units at redemption value		(192,464)
	Issuance of Class A units		80,000
	Issuance of Series D-17 Preferred Units		4,428
	Other, net		37,605
	Balance at December 31, 2015		1,229,221
	Net income		53,654
	Other comprehensive income		4,699
	Distributions		(31,342)
	Redemption of Class A units for Vornado common shares, at redemption value		(36,510)
	Adjustments to carry redeemable Class A units at redemption value		26,251
	Other, net		32,473
	Balance at December 31, 2016	$	1,278,446

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2016

Schedule Of Preferred Units

(Amounts in thousands, except share/unit and								Per		Annual
per share/per unit amounts)		Balance as of				Shares/Units Outstanding at		Share/Unit		Dividend/
		December 31,				December 31,		Liquidation		Distribution
Preferred Shares/Units		2016		2015		2016	2015	Preference		Rate⁽¹⁾
Convertible Preferred:
	6.5% Series A: authorized 83,977 shares/units⁽²⁾	$	1,264	$	1,321	24,829	26,629	$	50.00	$	3.25
Cumulative Redeemable Preferred:
	6.625% Series G: authorized 8,000,000 shares/units⁽³⁾		193,135		193,135	8,000,000	8,000,000	$	25.00	$	1.65625
	6.625% Series I: authorized 10,800,000 shares/units⁽³⁾		262,379		262,379	10,800,000	10,800,000	$	25.00	$	1.65625
	6.875% Series J: authorized 9,850,000 shares/units		-		238,842	-	9,850,000		n/a		n/a
	5.70% Series K: authorized 12,000,000 shares/units⁽³⁾		290,971		290,971	12,000,000	12,000,000	$	25.00	$	1.425
	5.40% Series L: authorized 12,000,000 shares/units⁽³⁾		290,306		290,306	12,000,000	12,000,000	$	25.00	$	1.35
		$	1,038,055	$	1,276,954	42,824,829	52,676,629


(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 1.5934 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 1.5934 common shares/Class A units per Series A Preferred Share/Unit.
(3)	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.

Schedule of Accumulated Other Comprehensive Income (Loss)

(Amounts in thousands)	For the Year Ended December 31, 2016
			Securities		Pro rata share of		Interest
			available-		nonconsolidated		rate
	Total		for-sale		subsidiaries' OCI		swap		Other
Balance as of December 31, 2015	$	46,921	$	78,448	$	(9,319)	$	(19,368)	$	(2,840)
Net current period OCI		72,051		52,057		(2,739)		27,434		(4,701)
Balance as of December 31, 2016	$	118,972	$	130,505	$	(12,058)	$	8,066	$	(7,541)

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

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

Fair Value, Measurement Inputs, Disclosure

(Amounts in thousands)		As of December 31, 2016
		Total		Level 1		Level 2		Level 3
Marketable securities		$	203,704	$	203,704	$	-	$	-
Real estate fund investments			462,132		-		-		462,132
Deferred compensation plan assets (included in other assets)			121,374		63,930		-		57,444
Interest rate swaps (included in other assets)			21,816		-		21,816		-
	Total assets	$	809,026	$	267,634	$	21,816	$	519,576

Mandatorily redeemable instruments (included in other liabilities)		$	50,561	$	50,561	$	-	$	-
Interest rate swap (included in other liabilities)			10,122		-		10,122		-
	Total liabilities	$	60,683	$	50,561	$	10,122	$	-

(Amounts in thousands)		As of December 31, 2015
		Total		Level 1		Level 2		Level 3
Marketable securities		$	150,997	$	150,997	$	-	$	-
Real estate fund investments			574,761		-		-		574,761
Deferred compensation plan assets (included in other assets)			117,475		58,289		-		59,186
	Total assets	$	843,233	$	209,286	$	-	$	633,947

Mandatorily redeemable instruments (included in other liabilities)		$	50,561	$	50,561	$	-	$	-
Interest rate swaps (included in other liabilities)			19,600		-		19,600		-
	Total liabilities	$	70,161	$	50,561	$	19,600	$	-

Schedule Of Carrying Amounts And Fair Values Of Financial Instruments

(Amounts in thousands)			As of December 31, 2016				As of December 31, 2015
			Carrying		Fair		Carrying		Fair
			Amount		Value		Amount		Value
Cash equivalents			$	1,307,105	$	1,307,000	$	1,295,980	$	1,296,000
Debt:
	Mortgages payable		$	9,374,297	$	9,356,000	$	9,614,838	$	9,306,000
	Senior unsecured notes			850,000		899,000		850,000		868,000
	Unsecured term loan			375,000		375,000		187,500		187,500
	Unsecured revolving credit facilities			115,630		116,000		550,000		550,000
		Total	$	10,714,927	$	10,746,000	$	11,202,338	$	10,911,500

Real estate fund investments

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

Fair value inputs quantitative information

			Weighted Average
			(based on fair
Unobservable Quantitative Input		Range	value of investments)
	Discount rates	10.0% to 14.9%	12.6%
	Terminal capitalization rates	4.3% to 5.8%	5.3%

Summary of Changes in Level 3 Plan Assets

(Amounts in thousands)	For The Year Ended December 31,
	2016		2015
Beginning balance	$	574,761	$	513,973
Purchases		-		95,010
Dispositions/distributions		(71,888)		(91,450)
Net unrealized (loss) gain		(41,162)		54,995
Net realized gain		507		2,757
Other, net		(86)		(524)
Ending balance	$	462,132	$	574,761

Deferred Compensation Plan Assets

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

Summary of Changes in Level 3 Plan Assets

(Amounts in thousands)	For The Year Ended December 31,
	2016		2015
Beginning balance	$	59,186	$	63,315
Purchases		5,355		9,062
Sales		(9,354)		(13,252)
Realized and unrealized gains (losses)		344		(501)
Other, net		1,913		562
Ending balance	$	57,444	$	59,186

Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2016

Stock-based Compensation [Abstract]

Schedule Of Sharebased Compensation Restricted Operating Partnership Units Earned

				Percentage of
		Total Plan		Notional Amount		Grant Date
Plan Year		Notional Amount		Granted		Fair Value⁽¹⁾		OPP Units Earned
2016		$	40,000,000		86.7%	$	11,800,000	To be determined in 2019
2015			40,000,000		84.5%		9,120,000	To be determined in 2018
2014			50,000,000		58.9%		8,202,000	297,495	⁽²⁾


(1)	Such amounts are being amortized into expense over a five-year period from the date of grant, using a graded vesting attribution model. In the years ended December 31, 2016, 2015 and 2014, we recognized $11,055,000, $15,531,000 and $6,185,000, respectively, of compensation expense related to OPPs. As of December 31, 2016, there was $5,752,000 of total unrecognized compensation cost related to the OPPs, which will be recognized over a weighted-average period of 1.7 years.
(2)	99.5% earned on January 10, 2017.

Schedule Of Share Based Compensation Stock Options Activity

					Weighted-
			Weighted-		Average
			Average		Remaining	Aggregate
			Exercise		Contractual	Intrinsic
		Shares	Price		Term	Value
Outstanding at January 1, 2016		2,827,570	$	60.06
Granted		42,466		92.97
Exercised		(125,724)		56.44
Cancelled or expired		(11,768)		100.49
Outstanding at December 31, 2016		2,732,544	$	65.76	3.1	$	120,360,377
Options vested and expected to vest at
	December 31, 2016	2,737,594	$	60.66	4.1	$	118,170,212
Options exercisable at December 31, 2016		2,642,684	$	59.42	2.9	$	119,269,973

Schedule Of Share Based Payment Award Stock Options Valuation Assumptions

	December 31,
	2016	2015	2014
Expected volatility	35.00 %	35.00 %	36.00 %
Expected life	5.0 years	5.0 years	5.0 years
Risk free interest rate	1.76 %	1.56 %	1.81 %
Expected dividend yield	3.20 %	3.30 %	4.10 %

Schedule Of Sharebased Compensation Restricted Stock And Restricted Stock Units Activity

		Weighted-Average
		Grant-Date
Unvested Shares	Shares	Fair Value
Unvested at January 1, 2016	19,592	$	91.09
Granted	9,973		92.97
Vested	(7,472)		85.80
Cancelled or expired	(1,086)		93.87
Unvested at December 31, 2016	21,007		93.72

Schedule Of Sharebased Compensation Restricted Operating Partnership Units Activity

		Weighted-Average
		Grant-Date
Unvested Units	Units	Fair Value
Unvested at January 1, 2016	639,017	$	80.46
Granted	211,086		87.60
Vested	(289,515)		78.41
Cancelled or expired	(7,554)		92.01
Unvested at December 31, 2016	553,034		87.11

Fee and Other Income (Tables)

12 Months Ended

Dec. 31, 2016

Fee And Other Income Tables [Abstract]

Fee and Other Income

(Amounts in thousands)		For the Year Ended December 31,
		2016		2015		2014
BMS cleaning fees		$	78,920	$	82,113	$	85,658
Management and leasing fees			20,891		16,831		19,905
Lease termination fees⁽¹⁾			9,516		27,233		16,362
Other income			32,480		38,528		33,281
		$	141,807	$	164,705	$	155,206


(1)	The year ended December 31, 2015 includes $15,000 related to the New York Stock Exchange lease termination at 20 Broad Street.

Interest and Other Investment Income, Net (Tables)

12 Months Ended

Dec. 31, 2016

Interest and Other Investment Income (Loss), Net

Schedule Of Interest And Other Investment Income (Loss), Net [Table Text Block]

(Amounts in thousands)		For the Year Ended December 31,
		2016		2015		2014
Dividends on marketable securities		$	13,135	$	12,836	$	12,707
Mark-to-market income of investments in our deferred compensation plan⁽¹⁾			5,213		111		11,557
Interest on loans receivable			3,890		6,371		6,107
Other, net			7,308		7,660		8,381
		$	29,546	$	26,978	$	38,752


(1)	This income is entirely offset by the expense resulting from the mark-to-market of the deferred compensation plan liability, which is included in "general and administrative" expense.

Interest and Debt Expense (Tables)

12 Months Ended

Dec. 31, 2016

Interest and Debt Expense [Abstract]

Interest And Debt Expense

(Amounts in thousands)	For the Year Ended December 31,
	2016		2015		2014
Interest expense	$	402,057	$	405,169	$	430,278
Amortization of deferred financing costs		34,714		32,161		45,263
Capitalized interest and debt expense		(34,097)		(59,305)		(62,786)
	$	402,674	$	378,025	$	412,755

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

12 Months Ended

Dec. 31, 2016

Earnings per share

Schedule Of Earnings Per Share Basic And Diluted


(Amounts in thousands, except per share amounts)			Year Ended December 31,
			2016		2015		2014
Numerator:
	Income from continuing operations, net of income attributable to noncontrolling
		interests	$	900,185	$	711,240	$	312,700
	Income from discontinued operations, net of income attributable to noncontrolling
		interests		6,732		49,194		552,152
	Net income attributable to Vornado			906,917		760,434		864,852
	Preferred share dividends			(75,903)		(80,578)		(81,464)
	Preferred share issuance costs (Series J redemption)			(7,408)		-		-
	Net income attributable to common shareholders			823,606		679,856		783,388
	Earnings allocated to unvested participating securities			(96)		(81)		(125)
	Numerator for basic income per share			823,510		679,775		783,263
	Impact of assumed conversions:
		Convertible preferred share dividends		86		91		97
		Earnings allocated to Out-Performance Plan units		806		-		-
	Numerator for diluted income per share		$	824,402	$	679,866	$	783,360

Denominator:
	Denominator for basic income per share – weighted average shares			188,837		188,353		187,572
	Effect of dilutive securities ⁽¹⁾:
		Employee stock options and restricted share awards		1,064		1,166		1,075
		Convertible preferred shares		42		45		43
		Out-Performance Plan units		230		-		-
	Denominator for diluted income per share – weighted average shares and
		assumed conversions		190,173		189,564		188,690

INCOME PER COMMON SHARE – BASIC:
	Income from continuing operations, net		$	4.32	$	3.35	$	1.23
	Income from discontinued operations, net			0.04		0.26		2.95
	Net income per common share		$	4.36	$	3.61	$	4.18

INCOME PER COMMON SHARE – DILUTED:
	Income from continuing operations, net		$	4.30	$	3.33	$	1.22
	Income from discontinued operations, net			0.04		0.26		2.93
	Net income per common share		$	4.34	$	3.59	$	4.15


(1)	The effect of dilutive securities in the years ended December 31, 2016, 2015 and 2014 excludes an aggregate of 12,022, 11,744 and 11,238 weighted average common share equivalents, respectively, as their effect was anti-dilutive.

Vornado Realty L.P.

Earnings per share

Schedule Of Earnings Per Share Basic And Diluted


(Amounts in thousands, except per unit amounts)			Year Ended December 31,
			2016		2015		2014
Numerator:
	Income from continuing operations, net of income attributable to noncontrolling
		interests	$	953,399	$	751,403	$	326,789
	Income from discontinued operations, net of income attributable to noncontrolling
		interests		7,172		52,262		585,676
	Net income attributable to Vornado Realty L.P.			960,571		803,665		912,465
	Preferred unit distributions			(76,097)		(80,736)		(81,514)
	Preferred unit issuance costs (Series J redemption)			(7,408)		-		-
	Net income attributable to Class A unitholders			877,066		722,929		830,951
	Earnings allocated to unvested participating securities			(4,177)		(4,092)		(4,260)
	Numerator for basic income per Class A unit			872,889		718,837		826,691
	Impact of assumed conversions:
		Convertible preferred unit distributions		86		92		97
	Numerator for diluted income per Class A unit		$	872,975	$	718,929	$	826,788

Denominator:
	Denominator for basic income per Class A unit – weighted average units			200,350		199,309		198,213
	Effect of dilutive securities ⁽¹⁾:
		Vornado stock options and restricted unit awards		1,625		1,804		1,557
		Convertible preferred units		42		45		43
	Denominator for diluted income per Class A unit – weighted average units and
		assumed conversions		202,017		201,158		199,813

INCOME PER CLASS A UNIT – BASIC:
	Income from continuing operations, net		$	4.32	$	3.35	$	1.22
	Income from discontinued operations, net			0.04		0.26		2.95
	Net income per Class A unit		$	4.36	$	3.61	$	4.17

INCOME PER CLASS A UNIT – DILUTED:
	Income from continuing operations, net		$	4.29	$	3.31	$	1.21
	Income from discontinued operations, net			0.03		0.26		2.93
	Net income per Class A unit		$	4.32	$	3.57	$	4.14


(1)	The effect of dilutive securities in the years ended December 31, 2016, 2015 and 2014 excludes an aggregate of 178, 150 and 116 weighted average Class A unit equivalents, respectively, as their effect was anti-dilutive.

Leases (Tables)

12 Months Ended

Dec. 31, 2016

Leases [Abstract]

Schedule Of Future Base Rental

(Amounts in thousands)
Year Ending December 31:
2017	$	1,738,779
2018		1,696,355
2019		1,570,197
2020		1,446,485
2021		1,342,749
Thereafter		7,340,929

Schedule Of Future Minimum Rental Payments For Operating Leases

(Amounts in thousands)
Year Ending December 31:
2017	$	34,871
2018		35,357
2019		35,865
2020		36,393
2021		36,959
Thereafter		1,611,995

Schedule Of Future Minimum Lease Payments For Capital Leases

(Amounts in thousands)
Year Ending December 31:
2017	$	12,508
2018		12,508
2019		12,508
2020		12,508
2021		12,508
Thereafter		309,839
Total minimum obligations		372,379
Interest portion		(132,379)
Present value of net minimum payments	$	240,000

Summary of Quarterly Results (Tables)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Data

Schedule Of Quarterly Financial Information

(Amounts in thousands, except per share amounts)				Net Income (Loss)
				Attributable		Net Income (Loss) Per
				to Common		Common Share (2)
		Revenues		Shareholders (1)		Basic		Diluted
2016
	December 31	$	638,260	$	651,181	$	3.44	$	3.43
	September 30		633,197		66,125		0.35		0.35
	June 30		621,708		220,463		1.17		1.16
	March 31		613,037		(114,163)		(0.61)		(0.61)

2015
	December 31	$	651,581	$	230,742	$	1.22	$	1.22
	September 30		627,596		198,870		1.05		1.05
	June 30		616,288		165,651		0.88		0.87
	March 31		606,802		84,593		0.45		0.45


(1)	Fluctuations among quarters resulted primarily from non-cash impairment losses, net gain on extinguishment of debt, net gains on sale of real estate and from seasonality of business operations.
(2)	The total for the year may differ from the sum of the quarters as a result of weighting.

Vornado Realty L.P.

Quarterly Financial Data

Schedule Of Quarterly Financial Information

Vornado Realty L.P.

The following summary represents the results of operations for each quarter in 2016 and 2015:

(Amounts in thousands, except per unit amounts)				Net Income (Loss)
				Attributable		Net Income (Loss)
				to Class A		Per Class A Unit (2)
		Revenues		Unitholders (1)		Basic		Diluted
2016
	December 31	$	638,260	$	693,377	$	3.44	$	3.43
	September 30		633,197		70,442		0.35		0.35
	June 30		621,708		234,945		1.17		1.16
	March 31		613,037		(121,698)		(0.61)		(0.61)

2015
	December 31	$	651,581	$	245,735	$	1.22	$	1.21
	September 30		627,596		211,526		1.05		1.05
	June 30		616,288		175,800		0.88		0.87
	March 31		606,802		89,868		0.45		0.44


(1)	Fluctuations among quarters resulted primarily from non-cash impairment losses, net gain on extinguishment of debt, net gains on sale of real estate and from seasonality of business operations.
(2)	The total for the year may differ from the sum of the quarters as a result of weighting.

Segment Information (Tables)

12 Months Ended

Dec. 31, 2016

Segment Information [Abstract]

Schedule of Segment Information


(Amounts in thousands)		For the Year Ended December 31, 2016
			Total		New York			Washington, DC			Other
Total revenues			$	2,506,202	$	1,713,374		$	518,117		$	274,711
Total expenses				1,955,411		1,093,587			528,863			332,961
Operating income (loss)				550,791		619,787			(10,746)			(58,250)
Income (loss) from partially owned entities				165,389		(2,379)			(7,227)			174,995
Loss from real estate fund investments				(23,602)		-			-			(23,602)
Interest and other investment income (loss), net				29,546		5,093			(2)			24,455
Interest and debt expense				(402,674)		(216,685)			(72,434)			(113,555)
Net gain on extinguishment of Skyline properties debt				487,877		-			487,877			-
Net gain on disposition of wholly owned and partially
	owned assets			175,735		159,511			15,302			922
Income before income taxes				983,062		565,327			412,770			4,965
Income tax expense				(8,312)		(5,508)			(1,083)			(1,721)
Income from continuing operations				974,750		559,819			411,687			3,244
Income from discontinued operations				7,172		-			-			7,172
Net income				981,922		559,819			411,687			10,416
Less net income attributable to noncontrolling interests
	in consolidated subsidiaries			(21,351)		(13,558)			-			(7,793)
Net income attributable to the Operating Partnership				960,571		546,261			411,687			2,623
Interest and debt expense⁽²⁾				507,362		280,563			81,723			145,076
Depreciation and amortization⁽²⁾				694,214		435,961			158,720			99,533
Income tax expense⁽²⁾				11,838		5,911			2,979			2,948
EBITDA⁽¹⁾			$	2,173,985	$	1,268,696	⁽³⁾	$	655,109	⁽⁴⁾	$	250,180	⁽⁵⁾
Balance Sheet Data:
Real estate, at cost			$	18,339,958	$	10,787,730		$	4,152,138		$	3,400,090
Investments in partially owned entities				1,428,019		1,080,064			94,870			253,085
Total assets				20,814,847		13,312,116			3,645,525			3,857,206


See notes on pages 156 and 157.

(Amounts in thousands)		For the Year Ended December 31, 2015
			Total		New York			Washington, DC			Other
Total revenues			$	2,502,267	$	1,695,925		$	532,812		$	273,530
Total expenses				1,742,019		1,032,015			390,921			319,083
Operating income (loss)				760,248		663,910			141,891			(45,553)
(Loss) income from partially owned entities				(12,630)		655			(6,020)			(7,265)
Income from real estate fund investments				74,081		-			-			74,081
Interest and other investment income (loss), net				26,978		7,722			(262)			19,518
Interest and debt expense				(378,025)		(194,278)			(68,727)			(115,020)
Net gain on disposition of wholly owned and partially
	owned assets			251,821		142,693			102,404			6,724
Income (loss) before income taxes				722,473		620,702			169,286			(67,515)
Income tax benefit (expense)				84,695		(4,379)			(317)			89,391
Income from continuing operations				807,168		616,323			168,969			21,876
Income from discontinued operations				52,262		-			-			52,262
Net income				859,430		616,323			168,969			74,138
Less net income attributable to noncontrolling interests
	in consolidated subsidiaries			(55,765)		(13,022)			-			(42,743)
Net income attributable to the Operating Partnership				803,665		603,301			168,969			31,395
Interest and debt expense⁽²⁾				469,843		248,724			80,795			140,324
Depreciation and amortization⁽²⁾				664,637		394,028			178,021			92,588
Income tax (benefit) expense⁽²⁾				(85,379)		4,766			(1,610)			(88,535)
EBITDA⁽¹⁾			$	1,852,766	$	1,250,819	⁽³⁾	$	426,175	⁽⁴⁾	$	175,772	⁽⁵⁾
Balance Sheet Data:
Real estate, at cost			$	18,090,137	$	10,577,078		$	4,544,842		$	2,968,217
Investments in partially owned entities				1,550,422		1,195,122			80,708			274,592
Total assets				21,143,293		12,257,774			4,517,092			4,368,427


See notes on pages 156 and 157.

(Amounts in thousands)		For the Year Ended December 31, 2014
			Total		New York			Washington, DC			Other
Total revenues			$	2,312,512	$	1,520,845		$	537,151		$	254,516
Total expenses				1,622,619		946,466			358,019			318,134
Operating income (loss)				689,893		574,379			179,132			(63,618)
(Loss) income from partially owned entities				(59,861)		20,701			(4,767)			(75,795)
Income from real estate fund investments				163,034		-			-			163,034
Interest and other investment income, net				38,752		6,711			183			31,858
Interest and debt expense				(412,755)		(183,427)			(75,395)			(153,933)
Net gain on disposition of wholly owned and partially
	owned assets			13,568		-			-			13,568
Income (loss) before income taxes				432,631		418,364			99,153			(84,886)
Income tax expense				(9,281)		(4,305)			(242)			(4,734)
Income (loss) from continuing operations				423,350		414,059			98,911			(89,620)
Income from discontinued operations				585,676		463,163			-			122,513
Net income				1,009,026		877,222			98,911			32,893
Less net income attributable to noncontrolling interests
	in consolidated subsidiaries			(96,561)		(8,626)			-			(87,935)
Net income (loss) attributable to the Operating Partnership				912,465		868,596			98,911			(55,042)
Interest and debt expense⁽²⁾				654,398		241,959			87,778			324,661
Depreciation and amortization⁽²⁾				685,973		324,239			144,124			217,610
Income tax expense⁽²⁾				24,248		4,395			288			19,565
EBITDA⁽¹⁾			$	2,277,084	$	1,439,189	⁽³⁾	$	331,101	⁽⁴⁾	$	506,794	⁽⁵⁾
Balance Sheet Data:
Real estate, at cost			$	16,822,358	$	9,732,818		$	4,383,418		$	2,706,122
Investments in partially owned entities				1,240,489		1,036,130			83,428			120,931
Total assets				21,157,980		10,706,476			4,281,421			6,170,083


See notes on the following pages.

Notes to preceding tabular information:

(1)	We calculate EBITDA on an Operating Partnership basis which is before allocation to the noncontrolling interest of the Operating Partnership. We consider EBITDA a 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 a multiple of EBITDA, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. EBITDA should not be considered a substitute for net income. EBITDA may not be comparable to similarly titled measures employed by other companies.Our 7.5% interest in Fashion Centre Mall/Washington Tower will not be included in the spin-off of our Washington, DC segment and have been reclassified to Other. The prior year's presentation has been conformed to the current year.

(2)	Interest and debt expense, depreciation and amortization and income tax expense (benefit) in the reconciliation of net income to EBITDA includes our share of these items from partially owned entities.

(3)	The elements of "New York" EBITDA are summarized below.

	(Amounts in thousands)			For the Year Ended December 31,
				2016		2015		2014
	Office			$	805,708	$	804,272	$	1,063,355
	Retail				381,739		358,379		281,428
	Residential				25,060		22,266		21,907
	Alexander's				46,182		42,858		41,746
	Hotel Pennsylvania				10,007		23,044		30,753
		Total New York EBITDA			1,268,696		1,250,819		1,439,189
	Certain items that impact EBITDA:
		Net gains on sale of real estate			(159,511)		(142,693)		(440,537)
		EBITDA from discontinued operations and sold properties			(3,120)		(35,985)		(39,743)
		Other			-		(1,300)		(171)
		Certain items that impact EBITDA			(162,631)		(179,978)		(480,451)
			Total New York EBITDA, as adjusted	$	1,106,065	$	1,070,841	$	958,738

(4)	The elements of "Washington, DC" EBITDA are summarized below.

	(Amounts in thousands)			For the Year Ended December 31,
				2016		2015		2014
	Office, excluding the Skyline properties			$	260,436	$	359,063	$	260,270
	Skyline properties				348,016		26,325		29,250
		Total Office			608,452		385,388		289,520
	Residential				46,657		40,787		41,581
		Total Washington, DC EBITDA			655,109		426,175		331,101
	Certain items that impact EBITDA:
		Net gain on extinguishment of Skyline properties debt			(487,877)		-		-
		Skyline properties impairment loss			160,700		-		-
		EBITDA from discontinued operations and sold properties			(22,131)		(33,605)		(38,876)
		Net gains on sale of real estate and a land parcel			(15,302)		(102,404)		(1,800)
		Other			-		405		-
		Certain items that impact EBITDA			(364,610)		(135,604)		(40,676)
			Total Washington, DC EBITDA, as adjusted	$	290,499	$	290,571	$	290,425

Details of Other EBITDA

Notes to preceding tabular information:

(5)	The elements of "Other" EBITDA are summarized below.

	(Amounts in thousands)		For the Year Ended December 31,
			2016		2015			2014
	Our share of real estate fund investments:
		Income before net realized/unrealized (loss) gain	$	8,607	$	8,611	$	8,056
		Net realized/unrealized (loss) gain		(16,270)		14,657		37,535
		Carried interest		(13,379)		10,696		24,715
	Total (loss) income from real estate fund investments			(21,042)		33,964		70,306
	theMART (including trade shows)			91,845		79,159		79,636
	555 California Street			45,827		49,975		48,844
	India real estate ventures			3,685		3,933		6,434
	Our share of Toys^(a)			2,000		2,500		103,632
	Other investments			77,240		42,436		21,385
				199,555		211,967		330,237
	Corporate general and administrative expenses^(b)(c)			(100,594)		(106,416)		(94,929)
	Investment income and other, net^(b)			22,501		26,385		31,665
	Income from the repayment of our investments in 85 Tenth Avenue loans
		and preferred equity		160,843		-		-
	Acquisition and transaction related costs			(26,062)		(12,511)		(16,392)
	Our share of impairment losses on India real estate ventures			(13,962)		(14,806)		(5,771)
	Discontinued operations^(d)			7,185		28,314		245,679
	Net gains on sale of real estate			714		44,390		26,568
	Impairment loss and loan loss reserve on investment in Suffolk Downs			-		(1,551)		(10,263)
		Total Other	$	250,180	$	175,772	$	506,794


	(a)	As a result of our investment being reduced to zero, we suspended equity method accounting in 2014. The year ended December 31, 2014 includes an impairment loss of $75,196.
	(b)	The amounts in these captions (for this table only) exclude the results of the mark-to-market of our deferred compensation plan of $5,213, $111, and $11,557 of income, respectively.
	(c)	The year ended December 31, 2015 includes a cumulative catch up of $4,542 from the acceleration of recognition of compensation expense related to the modification of the 2012-2014 Out-Performance Plans.
	(d)	The years ended December 31, 2015 and 2014 include $22,684 and $14,956, respectively, of transaction costs related to the spin-off of our strip shopping centers and malls.

Organization and Business (Narratives) (Details) ft² in Millions	1 Months Ended	12 Months Ended
	Oct. 31, 2016	Dec. 31, 2016 ft² ResidentialUnits Properties Rooms
Organization and Business
Common limited partnership interest in the Operating Partnership		93.70%
Real estate fund investments
Real Estate Properties
Equity method ownership percentage		25.00%
Toys R Us
Real Estate Properties
Equity method ownership percentage		32.50%
Alexanders Inc
Real Estate Properties
Equity method ownership percentage		32.40%
New York \| New York City Metropolitan Area \| Lexington Avenue 731
Real Estate Properties
Square Footage Of Real Estate Property		1.3
New York \| Manhattan \| Office
Real Estate Properties
Square Footage Of Real Estate Property		20.2
Number Of Real Estate Properties \| Properties		36
New York \| Manhattan \| Retail
Real Estate Properties
Square Footage Of Real Estate Property		2.7
Number Of Real Estate Properties \| Properties		70
New York \| Manhattan \| Residential Properties
Real Estate Properties
Number Of Real Estate Properties \| Properties		12
Number of Units in Real Estate Property (in number of residential units) \| ResidentialUnits		2,004
New York \| Manhattan \| Hotel Pennsylvania
Real Estate Properties
Number of Units in Real Estate Property (in number of residential units) \| Rooms		1,700
New York \| Alexanders Inc \| New York City Metropolitan Area
Real Estate Properties
Number Of Real Estate Properties \| Properties		7
Equity method ownership percentage		32.40%
New York \| Alexanders Inc \| New York City Metropolitan Area \| Lexington Avenue 731
Real Estate Properties
Square Footage Of Real Estate Property		1.3
Washington DC
Real Estate Properties
Pro rata basis of distribution	1:2
Washington DC \| Office
Real Estate Properties
Square Footage Of Real Estate Property		11.1
Number Of Real Estate Properties \| Properties		44
Washington DC \| Residential Properties
Real Estate Properties
Number Of Real Estate Properties \| Properties		3,156
Number of Units in Real Estate Property (in number of residential units) \| ResidentialUnits		9
Other \| San Francisco \| 555 California Street \| Office
Real Estate Properties
Square Footage Of Real Estate Property		1.8
Equity method ownership percentage		70.00%
Other \| Chicago \| the Mart, Chicago
Real Estate Properties
Square Footage Of Real Estate Property		3.7
Other \| Toys R Us
Real Estate Properties
Equity method ownership percentage		32.50%
Other \| Toys R Us \| Real estate fund investments
Real Estate Properties
Equity method ownership percentage		25.00%

Basis of Presentation and Significant Accounting Policies (Narratives) (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2015 USD ($)	Dec. 31, 2016 USD ($) swaps	Dec. 31, 2015 USD ($) swaps	Dec. 31, 2014 USD ($)
Basis of Presentation and Significant Accounting Policies
Number of interest rate swaps \| swaps		2	1
Real Estate
Capitalized interest and debt expense during construction		$ 34,097,000	$ 59,305,000
Schedule Of Equity Method Investments
Non cash impairment losses		$ 20,290,000	21,260,000	$ 85,459,000
Minimum Percentage of Taxable Income Distributed As Dividends		90.00%
Percentage Of Taxable Income Distributed		100.00%
Allowance for Doubtful Accounts
Tenant and other receivables, allowance for doubtful accounts (in US dollars)		$ 10,920,000	11,908,000
Receivables Arising From Straight Lining Of Rents Allowance		2,227,000	2,751,000
Tax Treatment of Dividend
Income Tax Liability Relating to Taxable REIT Subsidiaries Current		7,946,000	8,322,000	10,777,000
Deferred tax assets related to net operating loss carryforward		98,013,000	97,104,000
Reversal of allowance for deferred tax assets	$ (90,030,000)	$ 0	$ (90,030,000)	0
Toys R Us
Schedule Of Equity Method Investments
Non cash impairment losses				$ 75,196,000
Ordinary Income
Schedule Of Equity Method Investments
Percentage Of Taxable Income Distributed		83.50%
Long Term Capital Gain
Schedule Of Equity Method Investments
Percentage Of Taxable Income Distributed		16.50%
Minimum
Property Plant And Equipment
Real Estate And Accumulated Depreciation Life Used For Depreciation		7 years
Maximum
Property Plant And Equipment
Real Estate And Accumulated Depreciation Life Used For Depreciation		40 years

Basis of Presentation and Significant Accounting Policies (Estimated Taxable Income) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of Net income to Estimated income tax payable
Net income attributable to common shareholders	$ 651,181	$ 66,125	$ 220,463	$ (114,163)	$ 230,742	$ 198,870	$ 165,651	$ 84,593	$ 823,606	$ 679,856	$ 783,388
Net gain on extinguishment of Skyline properties debt									(457,970)	0	0
Depreciation and Amortization									302,092	227,297	219,403
Impairment losses on marketable equity securities									170,332	20,281	34,670
Earnings of partially owned entities									(149,094)	(5,299)	71,960
Straight-line rent adjustments									(137,941)	(144,727)	(77,526)
Sale of real estate and other capital transactions									(39,109)	320,326	(477,061)
Vornado Stock Options									(3,593)	(8,278)	(9,566)
Tangible Property Regulations									0	(575,618)	0
Other, net									9,121	(26,114)	(33,410)
Estimated Taxable Income (unaudited)									517,444	$ 487,724	$ 511,858
Net Basis Difference Of Assets And Liabilities Between Tax Basis And GAAP Basis	$ 3,700,000								$ 3,700,000

Real Estate Fund Investments (Narratives) (Details)					12 Months Ended			35 Months Ended
Real Estate Fund Investments (Narratives) (Details)	Mar. 25, 2015 USD ($)	Jan. 20, 2015 USD ($) LimitedPartners	Aug. 21, 2014 USD ($) ft²	Jun. 26, 2014 USD ($)	Dec. 31, 2016 USD ($) Investments	Dec. 31, 2015 USD ($) Investments	Dec. 31, 2014 USD ($)	Mar. 25, 2015 USD ($)
Investment Holdings
Aggregate fair value of Real Estate Fund investments (in US Dollars)					$ 462,132,000	$ 574,761,000
Mortgages payable, net					$ 9,278,263,000	$ 9,513,713,000
Number Of Investments Held By Fund \| Investments					6	6
Unfunded Commitments Of Fund					$ 34,422,000
Crowne Plaza Time Square Hotel
Investment Holdings
Equity method ownership percentage		33.00%					11.00%
Vornado Realty Trust Excluding Real Estate Fund \| Crowne Plaza Time Square Hotel
Investment Holdings
Equity method ownership percentage					24.70%
Real estate fund investments
Investment Holdings
Equity method ownership percentage					25.00%
Aggregate fair value of Real Estate Fund investments (in US Dollars)					$ 462,132,000	$ 574,761,000
Net realized gain on sale of investment					$ 14,761,000	$ 26,036,000	$ 126,653,000
Term of the Fund, years					8 years
Investment period for commitments of the Fund, years					3 years
Investment fund expiration date					July 2013
Excess of fair value over cost					$ 153,197,000
Unfunded Commitments Of Fund					$ 117,907,000
Real estate fund investments \| Crowne Plaza Time Square Hotel
Investment Holdings
Number Of Limited Partners \| LimitedPartners		1
Real estate fund investments \| Santa Monica, CA Office 520 Broadway
Investment Holdings
Net realized gain on sale of investment								$ 23,768,000
Proceeds from sale of real estate	$ 91,650,000
Vornado Realty Trust \| Crowne Plaza Time Square Hotel
Investment Holdings
Business Acquisition Cost Of Acquired Entity		$ 39,000,000
Joint Venture \| Vornado Realty Trust Excluding Real Estate Fund \| One Park Avenue
Investment Holdings
Equity method ownership percentage				55.00%
Joint Venture \| Real estate fund investments \| One Park Avenue
Investment Holdings
Sale Of Investments Percentage				64.70%
Aggregate fair value of Real Estate Fund investments (in US Dollars)				$ 560,000,000
Net realized gain on sale of investment				$ 75,529,000
Joint Venture \| Real estate fund investments \| Georgetown Park
Investment Holdings
Equity method ownership percentage			50.00%
Net realized gain on sale of investment			$ 51,124,000
Square Footage Of Real Estate Property \| ft²			305,000
Proceeds from sale of real estate			$ 272,500,000
Co Venture \| Crowne Plaza Time Square Hotel
Investment Holdings
Equity method ownership percentage					57.10%
Co Venture \| Real estate fund investments \| One Park Avenue
Investment Holdings
Sale Of Investments Percentage				45.00%
Real Estate Fund Joint Venture \| Crowne Plaza Time Square Hotel
Investment Holdings
Equity method ownership percentage		57.10%
Aggregate fair value of Real Estate Fund investments (in US Dollars)		$ 480,000,000
Mortgages payable, net		$ 310,000,000
Debt Instrument Maturity		December 2018
Length Of Extension Available		1 year
Business Acquisition Cost Of Acquired Entity		$ 95,000,000
Real Estate Fund Joint Venture \| Crowne Plaza Time Square Hotel \| LIBOR
Investment Holdings
Debt Instrument, Description of Variable Rate Basis		LIBOR
Spread Over LIBOR (in percentage)		2.80%

Real Estate Fund Investments (Income from the Fund and the Co-Investment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Details Of Income From Real Estate Funds
Income from real estate fund investments	$ (23,602)	$ 74,081	$ 163,034
Less income attributable to noncontrolling interests	(21,351)	(55,765)	(96,561)
Fee And Other Income	141,807	164,705	155,206
Real estate fund investments
Details Of Income From Real Estate Funds
Net investment income	17,053	16,329	12,895
Net realized gains on exited investments	14,761	26,036	126,653
Previously recorded unrealized gains on exited investments	(14,254)	(23,279)	(50,316)
Net unrealized gains on held investments	(41,162)	54,995	73,802
Income from real estate fund investments	(23,602)	74,081	163,034
Less income attributable to noncontrolling interests	2,560	(40,117)	(92,728)
Income from real estate fund investments attributable to the Operating Partnership	(21,042)	33,964	70,306
Less income attributable to noncontrolling interests in the Operating Partnership	1,270	(2,011)	(4,047)
Income from real estate fund investments attributable to Vornado	(19,772)	31,953	66,259
Fee And Other Income	$ 3,831	$ 2,939	$ 2,562

Marketable Securities and Derivative Instruments (Marketable securities portfolio) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Available-for-sale Securities
Available-for-sale Securities, Equity Securities	$ 203,704	$ 150,997
Available-for-sale Equity Securities, Amortized Cost Basis	73,199	72,549
Available-for-sale Securities, Gross Unrealized Gain	130,505	78,448
Lexington Realty Trust
Available-for-sale Securities
Available-for-sale Securities, Equity Securities	199,465	147,752
Available-for-sale Equity Securities, Amortized Cost Basis	72,549	72,549
Available-for-sale Securities, Gross Unrealized Gain	126,916	75,203
Other Equity Securities
Available-for-sale Securities
Available-for-sale Securities, Equity Securities	4,239	3,245
Available-for-sale Equity Securities, Amortized Cost Basis	650	0
Available-for-sale Securities, Gross Unrealized Gain	$ 3,589	$ 3,245

Investments in Partially Owned Entities (Alexander's Inc.) (Details) - Alexanders Inc	1 Months Ended	12 Months Ended
	Dec. 22, 2014 USD ($)	Dec. 31, 2016 USD ($) $ / shares $ / ft² shares	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Equity Method Investments And Income From Equity Method Investments
Ownership common shares, investee (in shares) \| shares		1,654,068
Equity method ownership percentage		32.40%
Closing share price (in dollars per share) \| $ / shares		$ 426.87
Equity Method Investment Market Value		$ 706,072,000
Excess of investee's fair value over carrying amount		576,748,000
Excess of investee's carrying amount over equity in net assets		39,723,000
Amount Alexander owed		$ 1,070,000	$ 8,551,000
Managment And Development Agreement
Property Management Fee Description		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) $297,000, escalating at 3% per annum, for managing the common area of 731 Lexington Avenue.
Management and Development fee income		$ 2,800,000
Development Fee Percent		6.00%
Leasing Agreement
Leasing Services Fee Description		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.
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%
Asset Sale Commission Threshold		$ 50,000,000
Percentage Commissions On Sale Of Assets Under Fifty Million		3.00%
Percentage Commissions On Sale Of Assets Over Fifty Million		1.00%
Leasing Services Fee And Commission On Asset Sales Annual Installment Eliminated	$ 4,000,000
Repayment of Alexander's Inc. leasing commissions	$ 40,353,000
Other Financial Data For Equity Method Investments
Commission On Asset Sales Description		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.
Building Maintenance Service ("BMS")
Other Agreements
Fee Income recognized by equity method investees for building maintenance services		$ 2,583,000	$ 2,221,000	$ 2,318,000
Rego Park 2 Property
Managment And Development Agreement
Property Management Fee Agreement Percentage Of Income		2.00%
Lexington Avenue 731
Managment And Development Agreement
Property Management Fee Agreement Price Per Square Foot \| $ / ft²		0.5
Common Area 731 Lexington Avenue
Managment And Development Agreement
Management and Development fee income		$ 297,000
Property Management Fee Agreement Escalation Percentage Of Income		3.00%

Investments in Partially Owned Entities (Urban Edge Properties and PREIT Associates L.P.) (Details) $ / shares in Units, $ in Thousands	Dec. 31, 2016 USD ($) $ / shares shares
Urban Edge Properties
Schedule Of Equity Method Investments
Ownership common shares, investee (in shares) \| shares	5,717,184
Equity method ownership percentage	5.40%
Closing share price (in dollars per share) \| $ / shares	$ 27.51
Equity Method Investment fair Value	$ 157,280
Excess of investee's fair value over carrying amount	$ 132,757
PREIT
Schedule Of Equity Method Investments
Ownership common shares, investee (in shares) \| shares	6,250,000
Equity method ownership percentage	8.00%
Closing share price (in dollars per share) \| $ / shares	$ 18.96
Equity Method Investment fair Value	$ 118,500
Excess of investee's fair value over carrying amount	4,383
Excess of investee's carrying amount over equity in net assets	$ 63,750

Investments in Partially Owned Entities (One Park, NY Mezzanine Loan) (Details) ft² in Thousands, $ in Thousands	Nov. 09, 2016	Mar. 17, 2016 USD ($) Extensions	Mar. 07, 2016 USD ($) ft²	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Schedule Of Equity Method Investments
Principal amount of mortgage loans				$ 9,278,263	$ 9,513,713
One Park Avenue \| Joint Venture \| Office
Schedule Of Equity Method Investments
Equity method ownership percentage			55.00%
Square Footage Of Real Estate Property \| ft²			949
Principal amount of mortgage loans			$ 300,000
Debt Instrument Maturity Date (String)			March 2021
Interest Rate, End of Period (in percentage)				2.40%
One Park Avenue \| Joint Venture \| Office \| LIBOR
Schedule Of Equity Method Investments
Description of variable rate basis			LIBOR
Spread Over LIBOR (in percentage)			1.75%
One Park Avenue \| Joint Venture \| Office \| Previous First Mortgages
Schedule Of Equity Method Investments
Principal amount of mortgage loans			$ 250,000
Debt Instrument Maturity Date (String)			March 2016
Interest Rate, End of Period (in percentage)			4.995%
Mezzanine Loan - New York \| Joint Venture
Schedule Of Equity Method Investments
Equity method ownership percentage		33.30%
Principal amount of mortgage loans		$ 150,000
Number Of Extensions Available \| Extensions		2
Length Of Extension Available		3 months
Debt Instrument Maturity Date (String)	May 2017	November 2016
Interest Rate, End of Period (in percentage)				10.08%
Subordinated Debt				$ 350,000
Mezzanine Loan - New York \| Joint Venture \| LIBOR
Schedule Of Equity Method Investments
Description of variable rate basis	LIBOR	LIBOR
Spread Over LIBOR (in percentage)	9.42%	8.88%

Investments in Partially Owned Entities (Warner Building,280 Park Avenue,7West 34th Street, 606 Broadway, West 93rdStreet) (Details)						3 Months Ended	12 Months Ended
	Aug. 03, 2016 USD ($) Extensions ResidentialUnits	May 20, 2016 USD ($) ft² RenewalOptions	May 16, 2016 USD ($) ft² $ / ft²	May 11, 2016 USD ($) ft² Extensions	May 06, 2016 USD ($) ft²	Jun. 30, 2016 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Schedule Of Equity Method Investments
Principal amount of mortgage loans							$ 9,278,263,000	$ 9,513,713,000
Real estate, at cost							18,339,958,000	18,090,137,000	$ 16,822,358,000	$ 15,392,968,000
Net gains on sale of real estate and a lease position							5,074,000	65,396,000	507,192,000
Gain on sale, recognized							$ 175,735,000	$ 251,821,000	$ 13,568,000
The Warner Building \| Joint Venture \| Office
Schedule Of Equity Method Investments
Principal amount of mortgage loans					$ 273,000,000
Equity method ownership percentage					55.00%
Square Footage Of Real Estate Property \| ft²					622,000
Interest Rate, End of Period (in percentage)					3.65%
Debt Instrument Maturity Date (String)					June 2023
Fixed interest rate, duration					2 years
Debt amortization, duration					30 years
The Warner Building \| Joint Venture \| Office \| First Mortgages
Schedule Of Equity Method Investments
Principal amount of mortgage loans					$ 293,000,000
Interest Rate, End of Period (in percentage)					6.26%
Debt Instrument Maturity Date (String)					May 2016
280 Park Avenue \| Joint Venture \| Office
Schedule Of Equity Method Investments
Principal amount of mortgage loans				$ 900,000,000
Equity method ownership percentage				50.00%
Square Footage Of Real Estate Property \| ft²				1,249,000
Number Of Extensions Available \| Extensions				4
Length Of Extension Available				1 year
Debt Term				3 years
280 Park Avenue \| Joint Venture \| Office \| LIBOR
Schedule Of Equity Method Investments
Interest Rate, End of Period (in percentage)							2.66%
Description of variable rate basis				LIBOR
Debt Instrument, Basis Spread on Variable Rate				2.00%
280 Park Avenue \| Joint Venture \| Office \| First Mortgages
Schedule Of Equity Method Investments
Principal amount of mortgage loans				$ 721,000,000
Interest Rate, End of Period (in percentage)				6.35%
Debt Instrument Maturity Date (String)				June 2016
7 West 34th Street \| Joint Venture \| Office
Schedule Of Equity Method Investments
Principal amount of mortgage loans			$ 300,000,000
Equity method ownership percentage			53.00%
Square Footage Of Real Estate Property \| ft²			479,000
Interest Rate, End of Period (in percentage)			3.65%
Debt Term			10 years
Ownership sold, percentage			47.00%
Value of property			$ 561,000,000
Value of property, per square foot \| $ / ft²			1,176
Net proceeds from sale			$ 127,382,000
Net gains on sale of real estate and a lease position			203,324,000
Gain on sale, recognized						$ 159,511,000
Deferred Gain on Sale of Property			43,813,000
Net gain, Total			$ 90,017,000
Debt Instrument Maturity Date (String)			June 2026
606 Broadway \| Joint Venture \| Office and Retail Property
Schedule Of Equity Method Investments
Real estate, at cost		$ 19,650,000
Equity method ownership percentage		50.00%
Square Footage Of Real Estate Property \| ft²		34,000
Estimated Development Cost		$ 104,000,000
Interest Rate, End of Period (in percentage)							3.66%
Number Of Extensions Available \| RenewalOptions		2
Length Of Extension Available		1 year
Construction Loan		$ 65,000,000
Mortgage loan outstanding							$ 25,800,000
Debt Instrument Maturity Date (String)		May 2019
606 Broadway \| Joint Venture \| Office and Retail Property \| LIBOR
Schedule Of Equity Method Investments
Description of variable rate basis		LIBOR
Debt Instrument, Basis Spread on Variable Rate		3.00%
50-70 West 93rd Street \| Joint Venture \| Residential Properties
Schedule Of Equity Method Investments
Principal amount of mortgage loans	$ 80,000,000
Equity method ownership percentage	49.90%
Number Of Units \| ResidentialUnits	326
Interest Rate, End of Period (in percentage)							2.40%
Number Of Extensions Available \| Extensions	2
Length Of Extension Available	1 year
Debt Term	3 years
50-70 West 93rd Street \| Joint Venture \| Residential Properties \| LIBOR
Schedule Of Equity Method Investments
Description of variable rate basis	LIBOR
Debt Instrument, Basis Spread on Variable Rate	1.70%
50-70 West 93rd Street \| Joint Venture \| Residential Properties \| First Mortgages
Schedule Of Equity Method Investments
Principal amount of mortgage loans	$ 44,980,000
Debt Instrument Maturity Date (String)	September 2016
50-70 West 93rd Street \| Joint Venture \| Residential Properties \| First Mortgages \| LIBOR
Schedule Of Equity Method Investments
Description of variable rate basis	LIBOR
Debt Instrument, Basis Spread on Variable Rate	1.90%
50-70 West 93rd Street \| Joint Venture \| Residential Properties \| Second Mortgage
Schedule Of Equity Method Investments
Principal amount of mortgage loans	$ 18,481,000
Debt Instrument Maturity Date (String)	September 2016
50-70 West 93rd Street \| Joint Venture \| Residential Properties \| Second Mortgage \| LIBOR
Schedule Of Equity Method Investments
Description of variable rate basis	LIBOR
Debt Instrument, Basis Spread on Variable Rate	1.65%

Investments in Partially Owned Entities (85 Tenth Avenue, Fairfax Square) (Details) ft² in Thousands		1 Months Ended			12 Months Ended
	Dec. 02, 2016 USD ($)	Dec. 19, 2016 USD ($)	Aug. 31, 2014 USD ($)	Feb. 28, 2013 USD ($)	Dec. 31, 2016 USD ($) ft²	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2007 USD ($)
Schedule Of Equity Method Investments
Payments To Acquire Equity Method Investments					$ 127,608,000	$ 235,439,000	$ 120,639,000
Principal amount of mortgage loans					$ 9,278,263,000	9,513,713,000
85 Tenth Avenue \| Junior and Senior Mezzanine Loans \| Office
Schedule Of Equity Method Investments
Square Footage Of Real Estate Property Sold \| ft²					626
Percent of Equity Interest Allow to Acquire								49.90%
Payments To Acquire Equity Method Investments								$ 50,000,000
Fairfax Square
Schedule Of Equity Method Investments
Proceeds from the sale of Joint Venture		$ 15,500,000
Net realized gain on sale of investment		$ 15,302,000
Vornado Realty Trust \| 85 Tenth Avenue \| Office
Schedule Of Equity Method Investments
Net proceeds from loan investments	$ 191,779,000
Joint Venture \| 85 Tenth Avenue
Schedule Of Equity Method Investments
Equity method ownership percentage					49.90%
Interest Rate, End of Period (in percentage)					4.55%
Income from the repayment of loans and preferred equity					$ 160,843,000	$ 0	$ 0
Joint Venture \| 85 Tenth Avenue \| Office
Schedule Of Equity Method Investments
Equity method ownership percentage	49.90%
Payments To Acquire Equity Method Investments			$ 8,413,000
Total equity mehtod investment			$ 72,996,000
Joint Venture \| Vornado Realty Trust \| 85 Tenth Avenue \| Office
Schedule Of Equity Method Investments
Investment in loans and equity reduced amount	$ 30,936,000
Joint Venture \| Vornado Realty Trust \| 85 Tenth Avenue \| Senior Mezzanine loans \| Office
Schedule Of Equity Method Investments
Payments To Acquire Equity Method Investments				$ 14,583,000
Equity method investee \| 85 Tenth Avenue \| Office
Schedule Of Equity Method Investments
Debt Term	10 years				10 years
Mortgage loan interest rate	4.55%
Principal amount of mortgage loans	$ 625,000,000
Co Venture \| Fairfax Square
Schedule Of Equity Method Investments
Ownership sold, percentage		20.00%

Investments in Partially Owned Entities (Summary of Investments) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ 1,428,019	$ 1,550,422	$ 1,240,489
Partially Owned Office Buildings
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ 797,205	947,883
Alexanders Inc
Schedule Of Equity Method Investments
Equity method ownership percentage	32.40%
Carrying amount of investments in partially owned entities	$ 129,324	133,568
PREIT
Schedule Of Equity Method Investments
Equity method ownership percentage	8.00%
Carrying amount of investments in partially owned entities	$ 122,883	133,375
India real estate ventures
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ 30,290	48,310
India real estate ventures \| Minimum
Schedule Of Equity Method Investments
Equity method ownership percentage	4.10%
India real estate ventures \| Maximum
Schedule Of Equity Method Investments
Equity method ownership percentage	36.50%
UE
Schedule Of Equity Method Investments
Equity method ownership percentage	5.40%
Carrying amount of investments in partially owned entities	$ 24,523	25,351
Other investments
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ 323,794	$ 261,935

Investments in Partially Owned Entities (Summary of Income (Loss) ) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Nov. 01, 2014
Schedule Of Equity Method Investments
Our share of net (loss) income	$ 165,389	$ (12,630)	$ (59,861)
Real estate impairment losses	161,165	256	26,518
Total revenue	$ 13,600,000	13,423,000	13,620,000
Alexanders Inc
Schedule Of Equity Method Investments
Equity method ownership percentage	32.40%
Equity in net income (loss)	$ 27,470	24,209	21,287
Management leasing and development fees	6,770	6,869	8,722
Our share of net (loss) income	$ 34,240	31,078	30,009
UE
Schedule Of Equity Method Investments
Equity method ownership percentage	5.40%
Equity in net income (loss)	$ 5,003	2,430	0
Management leasing and development fees	836	1,964	0
Our share of net (loss) income	$ 5,839	4,394	0
Toys R Us
Schedule Of Equity Method Investments
Equity method ownership percentage	32.50%
Equity in net income (loss)	$ 0	0	(4,691)
Non-cash impairment losses	0	0	(75,196)
Management leasing and development fees	2,000	2,500	6,331
Our share of net (loss) income	2,000	2,500	(73,556)
Total revenue				$ 12,645,000
Partially Owned Office Buildings
Schedule Of Equity Method Investments
Our share of net (loss) income	(42,100)	(23,556)	93
India real estate ventures
Schedule Of Equity Method Investments
Non-cash impairment losses	13,962	14,806	5,771
Our share of net (loss) income	$ (18,122)	(18,746)	(8,309)
India real estate ventures \| Minimum
Schedule Of Equity Method Investments
Equity method ownership percentage	4.10%
India real estate ventures \| Maximum
Schedule Of Equity Method Investments
Equity method ownership percentage	36.50%
PREIT
Schedule Of Equity Method Investments
Equity method ownership percentage	8.00%
Our share of net (loss) income	$ (5,213)	(7,450)	0
Other investments
Schedule Of Equity Method Investments
Our share of net (loss) income	$ 10,673	165	(1,867)
Joint Venture \| 85 Tenth Avenue
Schedule Of Equity Method Investments
Equity method ownership percentage	49.90%
Income from the repayment of loans and preferred equity	$ 160,843	0	0
Equity in net income (loss)	17,229	(1,015)	(6,231)
Our share of net (loss) income	178,072	(1,015)	(6,231)
Joint Venture \| Partially Owned Office Buildings \| 666 Fifth Avenue
Schedule Of Equity Method Investments
Our share of net (loss) income	$ (47,000)	(39,600)
Joint Venture \| Partially Owned Office Buildings \| 650 Madison Avenue
Schedule Of Equity Method Investments
Write off of below market lease liability		$ 12,800
Joint Venture \| Partially Owned Office Buildings \| West 57th Street
Schedule Of Equity Method Investments
Our share of accelerated depreciation			14,500
Joint Venture \| Other investments \| Suffolk Downs
Schedule Of Equity Method Investments
Non-cash impairment losses			10,263
Real estate impairment losses			5,959
Asset Impairment Loan Loss Reserve			$ 4,304

Investments in Partially Owned Entities (Summary of Debt) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Schedule Of Equity Method Investments
Equity Method Investment Pro Rata Share Debt Of Partially Owned Entities	$ 5,062,697	$ 4,432,078
Toys R Us
Schedule Of Equity Method Investments
Equity method ownership percentage	32.50%
Maturity, Range, Start	2017
Maturity, Range, End	2021
Interest Rate, End of Period (in percentage)	7.28%
Equity Method Investment Debt Of Partially Owned Entities	$ 5,640,779	5,619,710
Partially Owned Office Buildings
Schedule Of Equity Method Investments
Maturity, Range, Start	2017
Maturity, Range, End	2026
Interest Rate, End of Period (in percentage)	4.43%
Equity Method Investment Debt Of Partially Owned Entities	$ 4,341,056	3,771,255
PREIT
Schedule Of Equity Method Investments
Equity method ownership percentage	8.00%
Maturity, Range, Start	2017
Maturity, Range, End	2025
Interest Rate, End of Period (in percentage)	3.77%
Equity Method Investment Debt Of Partially Owned Entities	$ 1,747,543	1,852,270
Urban Edge Properties
Schedule Of Equity Method Investments
Equity method ownership percentage	5.40%
Maturity, Range, Start	2018
Maturity, Range, End	2034
Interest Rate, End of Period (in percentage)	4.19%
Equity Method Investment Debt Of Partially Owned Entities	$ 1,209,994	1,246,155
Alexanders Inc
Schedule Of Equity Method Investments
Equity method ownership percentage	32.40%
Maturity, Range, Start	2018
Maturity, Range, End	2022
Interest Rate, End of Period (in percentage)	2.01%
Equity Method Investment Debt Of Partially Owned Entities	$ 1,056,147	1,053,262
India real estate ventures \| TCG Urban Infrastructure Holdings
Schedule Of Equity Method Investments
Equity method ownership percentage	25.00%
Maturity, Range, Start	2017
Maturity, Range, End	2033
Interest Rate, End of Period (in percentage)	11.98%
Equity Method Investment Debt Of Partially Owned Entities	$ 187,296	185,607
Other equity method investments
Schedule Of Equity Method Investments
Maturity, Range, Start	2017
Maturity, Range, End	2023
Interest Rate, End of Period (in percentage)	4.20%
Equity Method Investment Debt Of Partially Owned Entities	$ 1,277,632	1,316,641
Joint Venture \| 85 Tenth Avenue
Schedule Of Equity Method Investments
Equity method ownership percentage	49.90%
Maturity, Range, End	2026
Interest Rate, End of Period (in percentage)	4.55%
Equity Method Investment Debt Of Partially Owned Entities	$ 625,000	$ 0

Investments in Partially Owned Entities (Summary of Condensed Combined Financial Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Summarized financial information
Assets	$ 24,926,000	$ 25,526,000
Liabilities	21,357,000	21,162,000
Noncontrolling interests	265,000	146,000
Equity	3,305,000	4,218,000
Total revenue	13,600,000	13,423,000	$ 13,620,000
Equity in net income (loss)	$ (65,000)	$ (224,000)	$ (434,000)

Dispositions (Narratives) (Details)											3 Months Ended		12 Months Ended
Dispositions (Narratives) (Details)	Mar. 31, 2018 USD ($)	Dec. 22, 2015 USD ($) ft²	Sep. 09, 2015 USD ($) ft²	Aug. 06, 2015 USD ($)	Mar. 31, 2015 USD ($) ft² $ / shares shares	Mar. 13, 2015 USD ($)	Jan. 15, 2015 USD ($) Properties	Dec. 18, 2014 USD ($) ft²	Jul. 08, 2014 USD ($) ft²	Feb. 24, 2014 USD ($)	Mar. 31, 2015 USD ($) ft² $ / shares	Mar. 31, 2014 USD ($)	Dec. 31, 2016 USD ($) ft² Properties	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($) Properties
Dispositions
Income from discontinued operations													$ 7,172,000	$ 52,262,000	$ 585,676,000
Gain (Loss) from disposal of real estate													5,074,000	65,396,000	507,192,000
Cash Considerations Transferred During Spin Off (in US Dollars)													0	225,000,000	0
Operating Partnership Units Value													0	80,000,000	0
Real estate impairment losses													$ 161,165,000	$ 256,000	26,518,000
PREIT
Dispositions
Equity method ownership percentage													8.00%
Washington DC \| Office
Dispositions
Square Footage Of Real Estate Property \| ft²													11,100,000
Number Of Real Estate Properties \| Properties													44
Discontinued Operations \| Strip Shopping Centers
Dispositions
Gain (Loss) from disposal of real estate															$ 22,500,000
Number Of Real Estate Properties Sold \| Properties															6
Cash Proceeds from sale of real estate															$ 66,410,000
Discontinued Operations \| Springfield Mall \| PREIT
Dispositions
Square Footage Of Real Estate Property \| ft²					1,350,000						1,350,000
Gross proceeds from the sale of real estate					$ 485,313,000
Gain (Loss) from disposal of real estate					7,823,000						$ 7,192,000
Cash Proceeds from sale of real estate					$ 340,000,000
Operating Partnership Units Received From Buyer \| shares					6,250,000
Operating Partnership Units Value					$ 145,313,000
Operating Partnership Unis Value Per Unit \| $ / shares					$ 23.25						$ 23.25
Deferred Gain on Sale of Property					$ 631,000						$ 631,000
Real estate impairment losses												$ 20,000,000
Discontinued Operations \| Monmouth Mall \| Regional Malls
Dispositions
Gross proceeds from the sale of real estate				$ 38,000,000
Gain (Loss) from disposal of real estate				33,153,000
Market value of the property sold				$ 229,000,000
Sale Of Ownership Interest Percent				50.00%
Discontinued Operations \| Geary Street, CA
Dispositions
Proceeds from Sale of interest in leases						$ 34,189,000
Gain on sale of interest in leases						$ 21,376,000
Discontinued Operations \| Urban Edge Properties
Dispositions
Cash Considerations Transferred During Spin Off (in US Dollars)							$ 225,000,000
Discontinued Operations \| Urban Edge Properties \| Warehouse
Dispositions
Number Of Real Estate Properties \| Properties							1
Discontinued Operations \| Urban Edge Properties \| Strip Shopping Centers
Dispositions
Number Of Real Estate Properties \| Properties							79
Discontinued Operations \| Urban Edge Properties \| Regional Malls
Dispositions
Number Of Real Estate Properties \| Properties							3
Discontinued Operations \| Retail Properties \| Retail CA Los Angeles Beverly Connection
Dispositions
Square Footage Of Real Estate Property \| ft²									335,000
Gross proceeds from the sale of real estate									$ 260,000,000
Gain (Loss) from disposal of real estate									44,155,000
Cash Proceeds from sale of real estate									239,000,000
Mortgage loan receivable									$ 21,000,000
Mortgage loan receivable maturity tenure									10 years
Discontinued Operations \| New York \| 20 Broad Street \| Office
Dispositions
Square Footage Of Real Estate Property \| ft²		473,000
Gross proceeds from the sale of real estate		$ 200,000,000
Income from discontinued operations		157,000,000
Gain (Loss) from disposal of real estate		142,000,000
Lease termination income		$ 15,000,000
Discontinued Operations \| New York \| Retail NY Hicksville (Broadway Mall)
Dispositions
Gross proceeds from the sale of real estate										$ 94,000,000
Net proceeds from the sale of real estate										$ 92,174,000
Discontinued Operations \| New York \| 1740 Broadway \| Office
Dispositions
Square Footage Of Real Estate Property \| ft²								601,000
Gross proceeds from the sale of real estate								$ 605,000,000
Gain (Loss) from disposal of real estate								441,000,000
Net proceeds from the sale of real estate								580,000,000
Income tax on gain on sale								$ 484,000,000
Discontinued Operations \| Washington DC \| 1750 Pennsylvania Avenue \| Office
Dispositions
Square Footage Of Real Estate Property \| ft²			278,000
Gross proceeds from the sale of real estate			$ 182,000,000
Gain (Loss) from disposal of real estate			102,000,000
Deferred Tax Gain On Sale Of Real Estate			$ 137,000,000
Discontinued Operations \| Estimate \| Springfield Mall \| PREIT
Dispositions
Additional Consideration Receivable Percent	50.00%
Additional Consideration Theshold, Value	$ 465,000,000
Capitalization rate	5.50%

Dispositions (Asseets and liabilities related to dispositions) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Dispositions
Real Estate, Net	$ 2,642	$ 29,561
Other Assets	2,928	7,459
Assets related to discontinued operations	5,570	37,020
Other Liabilities	2,870	12,470
Liabilities related to discontinued operations	2,870	12,470
Income from discontinued operations:
Total revenues	3,998	27,831	$ 395,786
Total expenses	1,435	17,651	274,107
Income from discontinued operations before gain on sale of real estate	2,563	10,180	121,679
Gain (Loss) from disposal of real estate	5,074	65,396	507,192
Impairment losses	(465)	(256)	(26,518)
UE spin-off transaction related costs	0	(22,972)	(14,956)
Pretax income from discontinued operations	7,172	52,348	587,397
Income tax expense	0	(86)	(1,721)
Income from Discontinued Operations	7,172	52,262	585,676
Cash flows related to discontinued Operations:
Cash flows from operating activities, discontinued operations	455	(33,462)	123,837
Cash flows from investing activities, discontinued operations	$ 2,785	$ 346,865	$ (180,019)

Identified Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets and Liabilities
Gross amount	$ 400,061	$ 415,261
Accumulated amortization	(207,330)	(187,360)
Net	192,731	227,901
Gross amount	586,969	643,488
Accumulated amortization	(323,183)	(325,340)
Net	263,786	318,148
Below Market Leases Net Of Above Market Leases
Finite-Lived Intangible Assets and Liabilities
Amortization of Intangible Assets	53,202	78,749	$ 37,516
2017	45,576
2018	44,346
2019	32,168
2020	23,343
2021	18,159
Other Identified Intangible Assets
Finite-Lived Intangible Assets and Liabilities
Amortization of Intangible Assets	29,543	36,659	28,275
2017	24,456
2018	20,201
2019	15,863
2020	12,394
2021	11,177
Tenant Under Ground Leases
Finite-Lived Intangible Assets and Liabilities
Amortization of Intangible Assets	1,832	$ 1,832	$ 1,832
2017	1,832
2018	1,832
2019	1,832
2020	1,832
2021	$ 1,832

Debt (Narratives) (Details)					1 Months Ended	3 Months Ended	12 Months Ended
Debt (Narratives) (Details)	Dec. 02, 2016 USD ($) ft²	Nov. 07, 2016 USD ($) Extensions CreditFacilities	Sep. 06, 2016 USD ($) ft²	Feb. 08, 2016 USD ($) ft²	Dec. 21, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Jun. 30, 2016	Mar. 15, 2016 USD ($)
Debt Instrument
Principal amount of mortgage loans							$ 9,278,263,000	$ 9,513,713,000
Net proceeds from borrowings							2,403,898,000	4,468,872,000	$ 2,428,285,000
Real estate impairment losses							161,165,000	256,000	26,518,000
Mortgages payable, net							9,278,263,000	9,513,713,000
Total assets							20,814,847,000	21,143,293,000	21,157,980,000
Liabilities							11,917,905,000	12,437,994,000
Gain (Loss) from disposal of real estate							$ 5,074,000	$ 65,396,000	$ 507,192,000
Secured Debt \| 770 Broadway \| Interest rate Swap
Debt Instrument
Debt Term				4 years 6 months
Secured Debt \| 770 Broadway \| Fixed Rate \| Interest rate Swap
Debt Instrument
Interest Rate, End of Period (in percentage)				2.56%
Secured Debt \| 770 Broadway \| Office
Debt Instrument
Interest Rate, End of Period (in percentage)							2.40%
Square Footage Of Real Estate Property \| ft²				1,158,000
Refinancing				$ 700,000,000
Net proceeds from borrowings				$ 330,000,000
Debt Term				5 years
Secured Debt \| 770 Broadway \| Office \| LIBOR
Debt Instrument
Debt Instrument, Description of Variable Rate Basis				LIBOR
Spread Over LIBOR (in percentage)				1.75%
Secured Debt \| 770 Broadway \| Office \| Previous First Mortgages
Debt Instrument
Interest Rate, End of Period (in percentage)				5.65%
Principal amount of mortgage loans				$ 353,000,000
Debt Instrument Maturity				March 2016
Secured Debt \| theMART
Debt Instrument
Square Footage Of Real Estate Property \| ft²			3,652,000
Refinancing			$ 675,000,000
Net proceeds from borrowings			$ 124,000,000
Debt Instrument Amortization Period			5 years
Secured Debt \| theMART \| Fixed Rate
Debt Instrument
Interest Rate, End of Period (in percentage)			2.70%
Secured Debt \| theMART \| Previous First Mortgages \| Fixed Rate
Debt Instrument
Interest Rate, End of Period (in percentage)			5.57%
Principal amount of mortgage loans			$ 550,000,000
Debt Instrument Maturity			December 2016
Secured Debt \| 350 Park Avenue
Debt Instrument
Square Footage Of Real Estate Property \| ft²	571,000
Refinancing	$ 400,000,000
Net proceeds from borrowings	$ 111,000,000
Debt Term	10 years
Secured Debt \| 350 Park Avenue \| Fixed Rate
Debt Instrument
Interest Rate, End of Period (in percentage)	3.92%
Secured Debt \| 350 Park Avenue \| Previous First Mortgages \| Fixed Rate
Debt Instrument
Interest Rate, End of Period (in percentage)	3.75%
Principal amount of mortgage loans	$ 284,000,000
Debt Instrument Maturity	January 2017
Secured Debt \| Skyline Properties
Debt Instrument
Principal amount of mortgage loans											$ 678,000,000
Real estate impairment losses						$ 160,700,000
Weighted average interest rate						2.97%				4.51%
Secured Debt \| Skyline Properties \| Discontinued Operations
Debt Instrument
Interest expense accrued							$ 7,823,000
Total assets					$ 236,535,000
Liabilities					724,412,000
Gain (Loss) from disposal of real estate					$ 487,877,000
Secured Debt \| Skyline Properties \| Discounted Cash Flow Valuation Technique
Debt Instrument
Discount rates						8.20%
Capitalization rate						8.00%
Unsecured Debt
Debt Instrument
Interest Rate, End of Period (in percentage)							1.88%
Unsecured Debt \| Revolving credit facility
Debt Instrument
Usecured credit facility, maximum borrowing capacity		$ 1,250,000,000
Number Of Revolving Credit Facilities \| CreditFacilities		1
Number Of Debt Instrument Available \| CreditFacilities		2
Debt Instrument Maturity		February 2021
Number Of Extensions Available \| Extensions		2
Length Of Extension Available		6 months
Facility Fee (in percentage)		0.20%
Unsecured Debt \| Revolving credit facility \| LIBOR
Debt Instrument
Debt Instrument, Description of Variable Rate Basis		LIBOR
Spread Over LIBOR (in percentage)		1.00%
Unsecured Debt \| Revolving credit facility \| Previous First Mortgages
Debt Instrument
Debt Instrument Maturity		June 2017
Unsecured Debt \| Revolving credit facility \| Previous First Mortgages \| LIBOR
Debt Instrument
Debt Instrument, Description of Variable Rate Basis		LIBOR
Spread Over LIBOR (in percentage)		1.15%

Debt (Summary of Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument
Total, net	$ 9,278,263	$ 9,513,713
Unsecured debt, net	845,577	844,159
Unsecured term loan, net	372,215	183,138
Revolving credit facilities	115,630	550,000
Unsecured Debt And Revolving Credit Facility	1,333,422	1,577,297
Collateral Property Net Carrying Value	10,700,000
Mortgages
Debt Instrument
Mortgages payable, gross	9,374,297	9,614,838
Deferred financing costs, net and other	(96,034)	(101,125)
Total, net	$ 9,278,263	9,513,713
Interest Rate, End of Period (in percentage)	3.37%
Mortgages \| Fixed Rate
Debt Instrument
Mortgages payable, gross	$ 6,099,873	6,356,634
Interest Rate, End of Period (in percentage)	3.84%
Mortgages \| Variable Rate
Debt Instrument
Mortgages payable, gross	$ 3,274,424	3,258,204
Interest Rate, End of Period (in percentage)	2.49%
Senior Unsecured Notes
Debt Instrument
Deferred financing costs, net and other	$ (4,423)	(5,841)
Unsecured debt, gross	850,000	850,000
Unsecured debt, net	$ 845,577	844,159
Interest Rate, End of Period (in percentage)	3.68%
Unsecured Debt
Debt Instrument
Deferred financing costs, net and other	$ (2,785)	(4,362)
Unsecured debt, gross	375,000	187,500
Unsecured term loan, net	$ 372,215	183,138
Interest Rate, End of Period (in percentage)	1.88%
Unsecured Revolving Credit Facilities
Debt Instrument
Revolving credit facilities	$ 115,630	$ 550,000
Interest Rate, End of Period (in percentage)	1.68%

Debt (Principal repayments required in the next five years) (Details) $ in Thousands	Dec. 31, 2016 USD ($)
Mortgages
Debt Fiscal Year Maturity
2017	$ 156,702
2018	1,389,341
2019	399,661
2020	1,882,443
2021	3,173,705
Thereafter	2,372,445
Senior Unsecured Debt And Unsecured Revolving Credit Facilities
Debt Fiscal Year Maturity
2017	0
2018	490,630
2019	450,000
2020	0
2021	0
Thereafter	$ 400,000

Redeemable Noncontrolling Interests / Redeemable Partnership Units (Narratives) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Series D Cumulative Redeemable Preferred Unit
Redeemable Noncontrolling Interest
Fair value of Series G convertible preferred units and Series D-13 cumulative redeemable preferred units	$ 50,561	$ 50,561

Redeemable Noncontrolling Interests / Redeemable Partnership Units (Details of Redeemable Noncontrolling Interest Units) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Redeemable Noncontrolling Interest
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount	$ 1,273,018	$ 1,223,793
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount	5,428	5,428
Class A
Redeemable Noncontrolling Interest
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount	$ 1,273,018	$ 1,223,793
Outstanding Partnership Units held by Third Parties	12,197,162	12,242,820
Preferred Or Annual Distribution Rate (in dollars per share)	$ 2.52
D16 Cumulative Redeemable
Redeemable Noncontrolling Interest
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount	$ 1,000	$ 1,000
Outstanding Partnership Units held by Third Parties	1	1
Par or Stated Value Per Share	$ 1,000,000
Preferred Or Annual Distribution Rate (in dollars per share)	$ 50,000
Preferred Stock Dividend Rate	5.00%
D17 Cumulative Redeemable
Redeemable Noncontrolling Interest
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount	$ 4,428	$ 4,428
Outstanding Partnership Units held by Third Parties	177,100	177,100
Par or Stated Value Per Share	$ 25
Preferred Or Annual Distribution Rate (in dollars per share)	$ 0.8125
Preferred Stock Dividend Rate	3.25%

Redeemable Noncontrolling Interests / Redeemable Partnership Units (Activity of Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Redeemable Noncontrolling Interests Rollforward
Reedemable Noncontrolling Interest, Beginning Balance	$ 1,229,221	$ 1,337,780
Net income	53,654	43,231	$ 47,613
Other comprehensive income	4,699	(2,866)	1,323
Distributions	(31,342)	(30,263)
Other, net	32,473	37,605
Reedemable Noncontrolling Interest, Ending Balance	1,278,446	1,229,221	$ 1,337,780
Class A
Redeemable Noncontrolling Interests Rollforward
Redemption of Class A units for common shares, at redemption value	(36,510)	(48,230)
Adjustments to carry redeemable Class A units at redemption value	$ 26,251	(192,464)
Issuance of Units		80,000
D17 Cumulative Redeemable
Redeemable Noncontrolling Interests Rollforward
Issuance of Units		$ 4,428

Shareholders' Equity (Narratives) (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended				12 Months Ended
	Sep. 01, 2016	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Common Stock Number Of Shares Par Value And Other Disclosures
Common shares of beneficial interest: outstanding shares		189,100,876				189,100,876	188,576,853
Class A units outstanding held by third parties		$ 1,273,018				$ 1,273,018	$ 1,223,793
Dividends paid on common shares						475,961	474,751	$ 547,831
Dividends per common share		$ 0.63	$ 0.63	$ 0.63	$ 0.63
Preferred Stock, Number of Shares, Par Value and Other Disclosures
Preferred share / unit issuance cost (Series J redemption)						(7,408)	0	0
Class A
Common Stock Number Of Shares Par Value And Other Disclosures
Class A units outstanding held by third parties		$ 1,273,018				$ 1,273,018	$ 1,223,793
Outstanding Partnership Units held by Third Parties		12,197,162				12,197,162	12,242,820
Redeemable Series J
Preferred Stock, Number of Shares, Par Value and Other Disclosures
Preferred Stock Dividend Rate Percentage	6.875%
Preferred Stock Redemption Price Per Share	$ 25
Preferred Stock, Redemption Amount	$ 246,250
Preferred share / unit issuance cost (Series J redemption)						$ (7,408)
Vornado Realty L.P.
Common Stock Number Of Shares Par Value And Other Disclosures
Class A units outstanding held by third parties		$ 1,273,018				1,273,018	$ 1,223,793
Dividends paid on common shares						475,961	474,751	547,831
Preferred Stock, Number of Shares, Par Value and Other Disclosures
Preferred share / unit issuance cost (Series J redemption)						$ (7,408)	$ 0	$ 0
Vornado Realty L.P. \| Class A
Common Stock Number Of Shares Par Value And Other Disclosures
Common shares of beneficial interest: outstanding shares		189,100,876				189,100,876
Dividends per common share		$ 0.63	$ 0.63	$ 0.63	$ 0.63
Outstanding Partnership Units held by Third Parties		12,197,162				12,197,162	12,242,820

Shareholders' Equity (Preferred shares of beneficial interest) (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Sep. 01, 2016	Dec. 31, 2016	Dec. 31, 2015
Details Of Preferred Shares Of Beneficial Interest
Preferred Stock, Value		$ 1,038,055	$ 1,276,954
Preferred shares of beneficial interest: outstanding shares		42,824,829	52,676,629
Preferred shares of beneficial interest: authorized shares		110,000,000	110,000,000
Series A \| Convertible Preferred Stock
Details Of Preferred Shares Of Beneficial Interest
Preferred Stock, Value		$ 1,264	$ 1,321
Preferred shares of beneficial interest: outstanding shares		24,829	26,629
Preferred Stock Liquidation Preference (in dollars per share)		$ 50
Preferred Stock, Dividend Rate, Per-Dollar-Amount		$ 3.25
Preferred shares of beneficial interest: authorized shares		83,977
Preferred Stock Dividend Rate		6.50%
Preferred Stock Redemption Price Per Share		$ 1.5934
Series G \| Redeemable Preferred Stock
Details Of Preferred Shares Of Beneficial Interest
Preferred Stock, Value		$ 193,135	$ 193,135
Preferred shares of beneficial interest: outstanding shares		8,000,000	8,000,000
Preferred Stock Liquidation Preference (in dollars per share)		$ 25
Preferred Stock, Dividend Rate, Per-Dollar-Amount		$ 1.65625
Preferred shares of beneficial interest: authorized shares		8,000,000	8,000,000
Preferred Stock Dividend Rate		6.625%
Preferred Stock Redemption Price Per Share		$ 25
Series I \| Redeemable Preferred Stock
Details Of Preferred Shares Of Beneficial Interest
Preferred Stock, Value		$ 262,379	$ 262,379
Preferred shares of beneficial interest: outstanding shares		10,800,000	10,800,000
Preferred Stock Liquidation Preference (in dollars per share)		$ 25
Preferred Stock, Dividend Rate, Per-Dollar-Amount		$ 1.65625
Preferred shares of beneficial interest: authorized shares		10,800,000	10,800,000
Preferred Stock Dividend Rate		6.625%
Preferred Stock Redemption Price Per Share		$ 25
Series J
Details Of Preferred Shares Of Beneficial Interest
Preferred Stock Dividend Rate	6.875%
Preferred Stock Redemption Price Per Share	$ 25
Series J \| Redeemable Preferred Stock
Details Of Preferred Shares Of Beneficial Interest
Preferred Stock, Value		$ 0	$ 238,842
Preferred shares of beneficial interest: outstanding shares		0	9,850,000
Preferred shares of beneficial interest: authorized shares		9,850,000	9,850,000
Preferred Stock Dividend Rate		6.875%
Series K \| Redeemable Preferred Stock
Details Of Preferred Shares Of Beneficial Interest
Preferred Stock, Value		$ 290,971	$ 290,971
Preferred shares of beneficial interest: outstanding shares		12,000,000	12,000,000
Preferred Stock Liquidation Preference (in dollars per share)		$ 25
Preferred Stock, Dividend Rate, Per-Dollar-Amount		$ 1.425
Preferred shares of beneficial interest: authorized shares		12,000,000	12,000,000
Preferred Stock Dividend Rate		5.70%
Preferred Stock Redemption Price Per Share		$ 25
Series L \| Redeemable Preferred Stock
Details Of Preferred Shares Of Beneficial Interest
Preferred Stock, Value		$ 290,306	$ 290,306
Preferred shares of beneficial interest: outstanding shares		12,000,000	12,000,000
Preferred Stock Liquidation Preference (in dollars per share)		$ 25
Preferred Stock, Dividend Rate, Per-Dollar-Amount		$ 1.35
Preferred shares of beneficial interest: authorized shares		12,000,000	12,000,000
Preferred Stock Dividend Rate		5.40%
Preferred Stock Redemption Price Per Share		$ 25

Shareholders' Equity (AOCI by component) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($)
Accumulated other comprehensive (loss) income, Beginning Balance	$ 46,921
Net current period OCI	72,051
Accumulated other comprehensive (loss) income, Ending Balance	118,972
Interest rate Swap
Accumulated other comprehensive (loss) income, Beginning Balance	(19,368)
Net current period OCI	27,434
Accumulated other comprehensive (loss) income, Ending Balance	8,066
Securities available for sale
Accumulated other comprehensive (loss) income, Beginning Balance	78,448
Net current period OCI	52,057
Accumulated other comprehensive (loss) income, Ending Balance	130,505
Pro-rata share of non consolidated subsidiaries' OCI
Accumulated other comprehensive (loss) income, Beginning Balance	(9,319)
Net current period OCI	(2,739)
Accumulated other comprehensive (loss) income, Ending Balance	(12,058)
Other
Accumulated other comprehensive (loss) income, Beginning Balance	(2,840)
Net current period OCI	(4,701)
Accumulated other comprehensive (loss) income, Ending Balance	$ (7,541)

Variable Interest Entities (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Consolidated VIEs
Variable Interest Entity
Total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership	$ 3,638,483,000	$ 1,762,322,000
Unconsolidated VIEs
Variable Interest Entity
Net carrying amount of our investments in nonconsolidated VIEs	$ 392,150,000	$ 414,003,000

Fair Value Measurements (Narratives) (Details)	12 Months Ended
Fair Value Measurements (Narratives) (Details)	Dec. 31, 2016 USD ($) Investments	Dec. 31, 2015 USD ($) Investments
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Number Of Investments Held By Fund \| Investments	6	6
Real estate fund investments	$ 462,132,000	$ 574,761,000
Real estate fund investments
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate fund investments	462,132,000	574,761,000
Excess of fair value over cost	153,197,000
Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate fund investments	462,132,000	574,761,000
Recurring \| Level 3
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate fund investments	$ 462,132,000	$ 574,761,000
Recurring \| Level 3 \| Real estate fund investments
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Number Of Investments Held By Fund \| Investments	6
Real estate fund investments	$ 462,132,000
Excess of fair value over cost	$ 153,197,000
Recurring \| Level 3 \| Real estate fund investments \| Minimum \| Discounted Cash Flow Valuation Technique
Fair Value Inputs [Abstract]
Anticipated holding period of investments	1 year
Recurring \| Level 3 \| Real estate fund investments \| Maximum \| Discounted Cash Flow Valuation Technique
Fair Value Inputs [Abstract]
Anticipated holding period of investments	4 years

Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable Securities	$ 203,704	$ 150,997
Real estate fund investments	462,132	574,761
Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable Securities	203,704	150,997
Real estate fund investments	462,132	574,761
Deferred compensation plan assets (included in other assets)	121,374	117,475
Interest rate swap (included in other assets)	21,816
Total assets	809,026	843,233
Mandatorily redeemable instruments (included in other liabilities)	50,561	50,561
Interest rate swap (included in other liabilities)	10,122	19,600
Total liabilities	$ 60,683	$ 70,161
Other Partners Ownership Interest In Real Estate Fund (in percentage)	75.00%	75.00%
Recurring \| Level 1
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable Securities	$ 203,704	$ 150,997
Real estate fund investments	0	0
Deferred compensation plan assets (included in other assets)	63,930	58,289
Interest rate swap (included in other assets)	0
Total assets	267,634	209,286
Mandatorily redeemable instruments (included in other liabilities)	50,561	50,561
Interest rate swap (included in other liabilities)	0	0
Total liabilities	50,561	50,561
Recurring \| Level 2
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable Securities	0	0
Real estate fund investments	0	0
Deferred compensation plan assets (included in other assets)	0	0
Interest rate swap (included in other assets)	21,816
Total assets	21,816	0
Mandatorily redeemable instruments (included in other liabilities)	0	0
Interest rate swap (included in other liabilities)	10,122	19,600
Total liabilities	10,122	19,600
Recurring \| Level 3
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable Securities	0	0
Real estate fund investments	462,132	574,761
Deferred compensation plan assets (included in other assets)	57,444	59,186
Interest rate swap (included in other assets)	0
Total assets	519,576	633,947
Mandatorily redeemable instruments (included in other liabilities)	0	0
Interest rate swap (included in other liabilities)	0	0
Total liabilities	$ 0	$ 0

Fair Value Measurements (Unobervable Quantitative Input Ratios) (Details) - Recurring - Level 3 - Real estate fund investments	12 Months Ended
	Dec. 31, 2016
Minimum
Unobservable Quantitative Input
Discount rates	10.00%
Capitalization rate	4.30%
Maximum
Unobservable Quantitative Input
Discount rates	14.90%
Capitalization rate	5.80%
Weighted Average
Unobservable Quantitative Input
Discount rates	12.60%
Capitalization rate	5.30%

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, 2016	Dec. 31, 2015
Real estate fund investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Beginning balance	$ 574,761	$ 513,973
Purchases	0	95,010
Dispositions/distributions	(71,888)	(91,450)
Net unrealized (loss) gain	(41,162)	54,995
Net realized gains	507	2,757
Other, net	(86)	(524)
Ending balance	462,132	574,761
Deferred Compensation Plan Assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Beginning balance	59,186	63,315
Purchases	5,355	9,062
Dispositions/distributions	(9,354)	(13,252)
Realized and unrealized gain	344	(501)
Other, net	1,913	562
Ending balance	$ 57,444	$ 59,186

Fair Value Measurements (Carrying amounts and fair value of financial instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Unsecured revolving credit facilities - Carrying Amount	$ 115,630	$ 550,000
Senior Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Unsecured debt, gross	850,000	850,000
Unsecured Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Unsecured debt, gross	375,000	187,500
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Cash equivalents - Carrying Amount	1,307,105	1,295,980
Mortgages payable, gross	9,374,297	9,614,838
Unsecured revolving credit facilities - Carrying Amount	115,630	550,000
Debt instrument - Carrying amount	10,714,927	11,202,338
Carrying Amount \| Senior Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Loans Receivable - Carrying Amount	850,000	850,000
Carrying Amount \| Unsecured Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Loans Receivable - Carrying Amount	375,000	187,500
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Total debt	10,746,000	10,911,500
Fair Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Cash equivalents	1,307,000	1,296,000
Unsecured revolving credit facilities	116,000	550,000
Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Mortgages payable, gross	9,356,000	9,306,000
Fair Value \| Senior Unsecured Notes \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Unsecured debt, gross	899,000	868,000
Fair Value \| Unsecured Debt \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Unsecured debt, gross	$ 375,000	$ 187,500

Stock-based Compensation (Out Performance Plans) (Details) - USD ($)		12 Months Ended
	Jan. 10, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share Based Compensation Arrangement By Share Based Payment Award
Share Based Compensation Expense		$ 33,980,000	$ 39,846,000	$ 36,641,000
Full Value Awards
Share Based Compensation Arrangement By Share Based Payment Award
Share Based Compensation Shares Available For Grant (in Shares)		2,929,000
Full Value Awards \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized (in Shares)		6,000,000
Not Full Value Awards \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized (in Shares)		12,000,000
Out Performance Plan
Share Based Compensation Arrangement By Share Based Payment Award
Share Based Compensation Expense		$ 11,055,000	15,531,000	$ 6,185,000
Out Performance Plan
Compensation Cost Not Yet Recognized		$ 5,752,000
Award vesting in three years		33.00%
Award versting in four years		33.00%
Award vesting in five years		34.00%
Compensation Cost Recognition Period		1 year 8 months
Out Performance Plan 2016
Out Performance Plan
Percentage of Notional Amount Granted		86.70%
Out of performance plan notional amount		$ 40,000,000
Grant-Date Fair Value		$ 11,800,000
OPP Units Earned, String		To be determined in 2019
Award Amortization Period		5 years
Required award holding period after vesting		1 year
Out Performance Plan 2016 \| Absolute Component
Out Performance Plan
Required Shareholder Return Per Year		7.00%
Required Shareholder Return Three Year		21.00%
Duration Of Performance Measurement Period		3 years
Out Performance Plan 2016 \| Relative Component
Out Performance Plan
Required Shareholder Return Under Relative Component		6.00%
Percentage Of Shareholder Return Under Which No Awards Will Be Earned		0.00%
Duration Of Performance Measurement Period		3 years
Out Performance Plan 2015
Out Performance Plan
Percentage of Notional Amount Granted		84.50%
Out of performance plan notional amount		$ 40,000,000
Grant-Date Fair Value		$ 9,120,000
OPP Units Earned, String		To be determined in 2018
Award Amortization Period		5 years
Required award holding period after vesting		1 year
Out Performance Plan 2015 \| Absolute Component
Out Performance Plan
Required Shareholder Return Per Year		7.00%
Required Shareholder Return Three Year		21.00%
Duration Of Performance Measurement Period		3 years
Out Performance Plan 2015 \| Relative Component
Out Performance Plan
Required Shareholder Return Under Relative Component		6.00%
Percentage Of Shareholder Return Under Which No Awards Will Be Earned		0.00%
Duration Of Performance Measurement Period		3 years
Out Performance Plan 2014
Out Performance Plan
Percentage of Notional Amount Granted		58.90%
Out of performance plan notional amount		$ 50,000,000
Grant-Date Fair Value		$ 8,202,000
OPP Units Earned		297,495
Award Amortization Period		5 years
Required award holding period after vesting		1 year
Out Performance Plan 2014 \| Subsequent Event
Out Performance Plan
Awards earned (in percentage)	99.50%
Out Performance Plan 2013 to 2015
Out Performance Plan
Additional Expense From Acceleration Of Vesting			$ 7,834,000
Revised Age Limit For Awards Vesting Criteria			65 years

Stock-based Compensation (Vornado Stock Options) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share Based Compensation Employee Stock Purchase Plan Activity
Share Based Compensation Expense	$ 33,980,000	$ 39,846,000	$ 36,641,000
Employee Stock Option
Share Based Compensation Employee Stock Purchase Plan Activity
Share Based Compensation Expense	937,000	$ 1,298,000	$ 4,550,000
Compensation Cost Not Yet Recognized	$ 1,335,000
Compensation Cost Recognition Period	1 year 8 months
Award Vesting Period	4 years
Grant Date Fair Value Of Options (in dollars per shares)	$ 22.14	$ 28.85	$ 20.31
Stock options expiration term	10 years
Cash Received From Exercise Of Stock Options	$ 6,825,000	$ 15,343,000	$ 17,441,000
Total Intrinsic Value Of Options Excercised	$ 5,519,000	$ 3,873,000	$ 18,223,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance	2,827,570
Stock Options Granted Shares	42,466
Stock Options Exercised Shares	(125,724)
Stock Options Cancelled or Expired Shares	(11,768)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance	2,732,544	2,827,570
Options Vested And Expected To Vest Shares	2,737,594
Options Excercisable Shares	2,642,684
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning of Period	$ 60.06
Stock Options Granted Weighted Average Exercise Price	92.97
Stock Options Exercised Weighted Average Exercise Price	56.44
Stock Options Cancelled or Expired Weighted Average Exercise Price	100.49
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, End of Period	65.76	$ 60.06
Options Vested And Expected To Vest Weighted Average Exercise Price	60.66
Options Excercisable Weighted Average Exercise Price	$ 59.42
Options Outstanding Weighted Average Remaining Contractual Term	3 years 1 month
Options Vested And Expected To Vest Weighted Average Remaining Contractual Term	4 years 1 month
Options Exercisable Weighted Average Remaining Contractual Term	2 years 11 months
Options Outstanding Aggregate Intrinsic Value (in US dollars)	$ 120,360,377
Options Vested And Expected To Vest Aggregate Intrinsic Value (in US dollars)	118,170,212
Options Excercisable Aggregate Intrinsic Value (in US dollars)	$ 119,269,973
Expected Volatility Rate	35.00%	35.00%	36.00%
Expected Life	5 years	5 years	5 years
Risk Free Interest Rate	1.76%	1.56%	1.81%
Risk Expected Dividend Yield (in percentage)	3.20%	3.30%	4.10%

Stock-based Compensation (Vornado Restricted Stock or Restricted Operating Partnership Units) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share Based Compensation Arrangement By Share Based Payment Award
Share Based Compensation Expense	$ 33,980,000	$ 39,846,000	$ 36,641,000
Restricted Stock Units RSU
Share Based Compensation Arrangement By Share Based Payment Award
Share Based Compensation Expense	851,000	837,000	1,303,000
Compensation Cost Not Yet Recognized	$ 1,337,000
Compensation Cost Recognition Period	1 year 8 months
Share Based Compensation Equity Instruments Other Than Stock Options And Restricted Stock Units Summary
Dividends Share Based Compensation	$ 56,000	58,000	88,000
Grant-Date Fair Value	927,000	906,000	1,048,000
Fair Value Of Awards Vested	$ 641,000	$ 882,000	1,174,000
Share Based Compensation Equity Instruments Other Than Options Plan Activity
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning of Period	$ 91.09
Units Granted Weighted Average Grant Date Fair Value	92.97
Awards Vested Weighted Average Grant Date Fair Value	85.8
Units Cancelled or Expired Weighted Average Grant Date Fair Value	93.87
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, End of Period	$ 93.72	$ 91.09
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Beginning Balance	19,592
Restricted Stock Granted Shares	9,973
Vested Units	(7,472)
Cancelled or Expired Units	(1,086)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance	21,007	19,592
Restricted Operating Partnership Units Plan
Share Based Compensation Arrangement By Share Based Payment Award
Share Based Compensation Expense	$ 21,136,000	$ 22,180,000	24,603,000
Compensation Cost Not Yet Recognized	$ 15,670,000
Compensation Cost Recognition Period	1 year 7 months
Share Based Compensation Equity Instruments Other Than Stock Options And Restricted Stock Units Summary
Dividends Share Based Compensation	$ 1,968,000	2,414,000	2,866,000
Grant-Date Fair Value	18,492,000	20,293,000	19,669,000
Fair Value Of Awards Vested	$ 22,701,000	$ 20,072,000	$ 22,758,000
Share Based Compensation Equity Instruments Other Than Options Plan Activity
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning of Period	$ 80.46
Units Granted Weighted Average Grant Date Fair Value	87.6
Awards Vested Weighted Average Grant Date Fair Value	78.41
Units Cancelled or Expired Weighted Average Grant Date Fair Value	92.01
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, End of Period	$ 87.11	$ 80.46
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Beginning Balance	639,017
Restricted Stock Granted Shares	211,086
Vested Units	(289,515)
Cancelled or Expired Units	(7,554)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance	553,034	639,017

Fee and Other Income (Details) - USD ($) $ in Thousands	12 Months Ended
Fee and Other Income (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fee And Other Income
BMS cleaning fees	$ 78,920	$ 82,113	$ 85,658
Management and leasing fees	20,891	16,831	19,905
Lease termination fees	9,516	27,233	16,362
Other income	32,480	38,528	33,281
Fee and other income	$ 141,807	164,705	$ 155,206
20 Broad Street
Fee And Other Income
Lease termination income		$ 15,000

Interest and Other Investment Income, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Interest and Other Investment Income (Loss), Net
Dividends on marketable securities	$ 13,135	$ 12,836	$ 12,707
Mark-to-market of investments in our deferred compensation plan	5,213	111	11,557
Interest on loans receivable	3,890	6,371	6,107
Other, net	7,308	7,660	8,381
Interest and other investment (loss) income, net	$ 29,546	$ 26,978	$ 38,752

Interest and Debt Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Interest and Debt Expense [Abstract]
Interest expense	$ 402,057	$ 405,169	$ 430,278
Amortization of deferred financing costs	34,714	32,161	45,263
Capitalized interest and debt expenses	(34,097)	(59,305)	(62,786)
Interest and Debt Expense, Total	$ 402,674	$ 378,025	$ 412,755

Income Per Share / Income Per Class A Unit (Narratives) (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Antidilutive Securities Excluded From Computation Of Earnings Per Share
Weighted average common share equivalents of excluded dilutive securities due to anti-dilutive effect	12,022	11,744	11,238
Vornado Realty L.P.
Antidilutive Securities Excluded From Computation Of Earnings Per Share
Weighted average common share equivalents of excluded dilutive securities due to anti-dilutive effect	178	150	116

Income Per Share / Income Per Class A Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Antidilutive Securities Excluded From Computation Of Earnings Per Share
Income (loss) from continuing operations, net of income attributable to noncontrolling interests									$ 900,185	$ 711,240	$ 312,700
Income from discontinued operations, net of income attributable to noncontrolling interests									6,732	49,194	552,152
Net income attributable to Vornado									906,917	760,434	864,852
Preferred share dividends / Preferred unit distributions									(75,903)	(80,578)	(81,464)
Preferred share / unit issuance cost (Series J redemption)									(7,408)	0	0
NET INCOME attributable to common shareholders / Class A unitholders	$ 651,181	$ 66,125	$ 220,463	$ (114,163)	$ 230,742	$ 198,870	$ 165,651	$ 84,593	823,606	679,856	783,388
Earnings allocated to unvested participating securities									(96)	(81)	(125)
Numerator for basic income per share									823,510	679,775	783,263
Convertible preferred share dividends									86	91	97
Earnings allocated to Out-Performance Plan units									806	0	0
Numerator for diluted income per share									$ 824,402	$ 679,866	$ 783,360
Denominator for basic income per share - weighted average shares (in shares)									188,837	188,353	187,572
Employee stock options and restricted share awards (in shares)									1,064	1,166	1,075
Out-Performance Plan units									230	0	0
Convertible preferred shares									42	45	43
Denominator for diluted income per share - weighted average shares and assumed conversions (in shares)									190,173	189,564	188,690
INCOME PER COMMON SHARE / CLASS A UNIT - BASIC:
Income from continuing operations, net (in dollars per share)									$ 4.32	$ 3.35	$ 1.23
Income from discontinued operations, net (in dollars per share)									0.04	0.26	2.95
Net income per common share (in dollars per share)	$ 3.44	$ 0.35	$ 1.17	$ (0.61)	$ 1.22	$ 1.05	$ 0.88	$ 0.45	4.36	3.61	4.18
INCOME PER COMMON SHARE / CLASS A UNIT - DILUTED:
Income (loss) from continuing operations, net (in dollars per share)									4.3	3.33	1.22
Income from discontinued operations, net (in dollars per share)									0.04	0.26	2.93
Net income per common share (in dollars per share)	$ 3.43	$ 0.35	$ 1.16	$ (0.61)	$ 1.22	$ 1.05	$ 0.87	$ 0.45	$ 4.34	$ 3.59	$ 4.15
Vornado Realty L.P.
Antidilutive Securities Excluded From Computation Of Earnings Per Share
Income (loss) from continuing operations, net of income attributable to noncontrolling interests									$ 953,399	$ 751,403	$ 326,789
Income from discontinued operations, net of income attributable to noncontrolling interests									7,172	52,262	585,676
Net income attributable to Vornado									960,571	803,665	912,465
Preferred share dividends / Preferred unit distributions									(76,097)	(80,736)	(81,514)
Preferred share / unit issuance cost (Series J redemption)									(7,408)	0	0
NET INCOME attributable to common shareholders / Class A unitholders	$ 693,377	$ 70,442	$ 234,945	$ (121,698)	$ 245,735	$ 211,526	$ 175,800	$ 89,868	877,066	722,929	830,951
Earnings allocated to unvested participating securities									(4,177)	(4,092)	(4,260)
Numerator for basic income per share									872,889	718,837	826,691
Convertible preferred share dividends									86	92	97
Numerator for diluted income per share									$ 872,975	$ 718,929	$ 826,788
Denominator for basic income per Class A unit - weighted average units and assumed conversions									200,350	199,309	198,213
Employee stock options and restricted share awards (in shares)									1,625	1,804	1,557
Convertible preferred shares									42	45	43
Denominator for diluted income per Class A unit - weighted average units and assumed conversions									202,017	201,158	199,813
INCOME PER COMMON SHARE / CLASS A UNIT - BASIC:
Income from continuing operations, net									$ 4.32	$ 3.35	$ 1.22
Income from discontinued operations, net									0.04	0.26	2.95
Net income per Class A unit	$ 3.44	$ 0.35	$ 1.17	$ (0.61)	$ 1.22	$ 1.05	$ 0.88	$ 0.45	4.36	3.61	4.17
INCOME PER COMMON SHARE / CLASS A UNIT - DILUTED:
Income from continuing operations, net									4.29	3.31	1.21
Income from discontinued operations, net									0.03	0.26	2.93
Net income per Class A unit	$ 3.43	$ 0.35	$ 1.16	$ (0.61)	$ 1.21	$ 1.05	$ 0.87	$ 0.44	$ 4.32	$ 3.57	$ 4.14

Leases (Details) $ in Thousands	12 Months Ended
Leases (Details) $ in Thousands	Dec. 31, 2016 USD ($) Tenants	Dec. 31, 2015 USD ($) Tenants	Dec. 31, 2014 USD ($) Tenants
As lessor: Operating Leases Future Minimum Payments Receivable
2017	$ 1,738,779
2018	1,696,355
2019	1,570,197
2020	1,446,485
2021	1,342,749
Thereafter	7,340,929
Percentage Rent	8,037	$ 5,760	$ 6,343
As lessee: Operating Leases Future Minimum Payments Due
2017	34,871
2018	35,357
2019	35,865
2020	36,393
2021	36,959
Thereafter	$ 1,611,995
Lessee Leasing Arrangements Operating Leases Term Of Contract	30 years
Rent Expense	$ 42,024	$ 38,887	$ 36,315
As lessee: Capital Leases Future Minimum Payments Due
2017	12,508
2018	12,508
2019	12,508
2020	12,508
2021	12,508
Thereafter	309,839
Total Minimum Obligations	372,379
Interest Portion	(132,379)
Present Value Of Net Minimum Payments	240,000
Property Leased Under Capital Leases Cost	$ 434,147
Sales Revenue, Net \| Customer Concentration Risk
Concentration Risk
Number Of Tenants Contributing Ten Percent Or More Of Total Revenues \| Tenants	0	0	0
Percentage Of Minimum Revenue Threshold Contributed By One Tenant	10.00%	10.00%	10.00%

Leases (1535 Broadway) (Details) - 1535 Broadway (Marriott Marquis) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2012
Capital Leased Assets
Capital Lease Obligations		$ 240,000
Call option \| After
Capital Leased Assets
Open Option Contracts Written, Exercise Date	Jul. 30, 2027
Call option \| Before
Capital Leased Assets
Open Option Contracts Written, Exercise Date	Jan. 03, 2032
Put option
Capital Leased Assets
Open Option Contracts Written, Exercise Date	Mar. 31, 2018
Leaseholds and leasehold improvements
Capital Leased Assets
Redevelpment cost	$ 194,147

Multiemployer Benefit Plans (Details) - USD ($)	12 Months Ended
Multiemployer Benefit Plans (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Multiemployer Pension Plans
Multiemployer Benefit Plans
Multiemployer Plan, Period Contributions	$ 9,479,000	$ 10,878,000	$ 11,431,000
Multiemployer Plans contributions represent more than 5% of total employer contributions	false	false	false
Multiemployer Health Plans
Multiemployer Benefit Plans
Multiemployer Plan, Period Contributions	$ 32,998,000	$ 29,269,000	$ 29,073,000

Commitments and Contingencies (Details) - USD ($)		12 Months Ended
Commitments and Contingencies (Details) - USD ($)	Jan. 02, 2017	Dec. 31, 2016
Other Commitments
Guarantees and master leases		$ 737,000,000
Outstanding letters of credit		19,847,000
Commitment To Fund Additional Capital To Partially Owned Entities		173,000,000
Constuction commitment		653,940,000
General Liability
Insurance
Insurance maximum coverage limit per property		300,000,000
Insurance maximum coverage limit per ocurrence		300,000,000
Terrorism Acts
Insurance
Insurance maximum coverage limit per ocurrence		4,000,000,000
Insurance maximum coverage limit in aggregate		$ 4,000,000,000
Insurance Coverage End Date		December 2020
NBCR Acts
Insurance
Insurance maximum coverage limit per ocurrence		$ 2,000,000,000
Insurance maximum coverage limit in aggregate		$ 2,000,000,000
Insurance Coverage End Date		December 2020
Earthquake California Properties
Insurance
Insurance maximum coverage limit per ocurrence		$ 180,000,000
Insurance maximum coverage limit in aggregate		$ 180,000,000
Vornado deductible, percentage of property value		5.00%
All Risk And Rental Value
Insurance
Insurance maximum coverage limit per ocurrence		$ 2,000,000,000
PPIC \| NBCR Acts
Insurance
Insurance deductible		$ 1,622,000
Insurance Deductible Percentage Of Balance Of Covered Loss		16.00%
PPIC \| NBCR Acts \| Subsequent Event
Insurance
Insurance deductible	$ 1,976,000
Insurance Deductible Percentage Of Balance Of Covered Loss	17.00%

Related Party Transactions (Details) - USD ($)	12 Months Ended
Related Party Transactions (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Urban Edge Properties
Related Party Transaction
Percentage of Affiliated Entity Owned By Company	5.40%
Alexanders Inc
Related Party Transaction
Percentage of Affiliated Entity Owned By Company	32.40%
Percentage Of Affiliated Entity Owned By Related Parties	26.30%
Interstate Properties
Related Party Transaction
Percentage of Company Owned by Related Party	7.10%
Related Party Transaction Annual Fee Percentage	4.00%
Fee And Other Income From Related Parties (in US dollars)	$ 521,000	$ 541,000	$ 535,000
Term Of Management Agreement	1 year
Period Allowed For Termination Of Automatic Renewal Of Management Agreement	60 days
Related Party Transaction Description Of Transaction	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 fair to us. We earned $521,000, $541,000, and $535,000 of management fees under the agreement for the years ended December 31, 2016, 2015 and 2014, respectively.

Summary of Quarterly Results (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure
Revenues	$ 638,260	$ 633,197	$ 621,708	$ 613,037	$ 651,581	$ 627,596	$ 616,288	$ 606,802	$ 2,506,202	$ 2,502,267	$ 2,312,512
Net income attributable to common shareholders	$ 651,181	$ 66,125	$ 220,463	$ (114,163)	$ 230,742	$ 198,870	$ 165,651	$ 84,593	$ 823,606	$ 679,856	$ 783,388
Net income per common share - Basic (in dollars per share)	$ 3.44	$ 0.35	$ 1.17	$ (0.61)	$ 1.22	$ 1.05	$ 0.88	$ 0.45	$ 4.36	$ 3.61	$ 4.18
Net income per common share - Diluted (in dollars per share)	$ 3.43	$ 0.35	$ 1.16	$ (0.61)	$ 1.22	$ 1.05	$ 0.87	$ 0.45	$ 4.34	$ 3.59	$ 4.15
Vornado Realty L.P.
Quarterly Financial Information Disclosure
Revenues	$ 638,260	$ 633,197	$ 621,708	$ 613,037	$ 651,581	$ 627,596	$ 616,288	$ 606,802	$ 2,506,202	$ 2,502,267	$ 2,312,512
Net income attributable to common shareholders	$ 693,377	$ 70,442	$ 234,945	$ (121,698)	$ 245,735	$ 211,526	$ 175,800	$ 89,868	$ 877,066	$ 722,929	$ 830,951
Net income per Class A unit - Basic	$ 3.44	$ 0.35	$ 1.17	$ (0.61)	$ 1.22	$ 1.05	$ 0.88	$ 0.45	$ 4.36	$ 3.61	$ 4.17
Net income per Class A unit - Diluted	$ 3.43	$ 0.35	$ 1.16	$ (0.61)	$ 1.21	$ 1.05	$ 0.87	$ 0.44	$ 4.32	$ 3.57	$ 4.14

Segment Information (Summary of net income and EBITDA reconciliation by segment) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Information
Total Revenues	$ 638,260	$ 633,197	$ 621,708	$ 613,037	$ 651,581	$ 627,596	$ 616,288	$ 606,802	$ 2,506,202	$ 2,502,267	$ 2,312,512
Total expenses									1,955,411	1,742,019	1,622,619
Operating income									550,791	760,248	689,893
Our share of net (loss) income									165,389	(12,630)	(59,861)
(Loss) income from real estate fund investments									(23,602)	74,081	163,034
Interest and other investment income, net									29,546	26,978	38,752
Interest and debt expense									(402,674)	(378,025)	(412,755)
Net gain on extinguishment of Skyline properties debt									487,877	0	0
Net gain on disposition of wholly owned and partially owned assets									175,735	251,821	13,568
Income before income taxes									983,062	722,473	432,631
Income tax (expense) benefit									(8,312)	84,695	(9,281)
Income from continuing operations									974,750	807,168	423,350
Income from discontinued operations									7,172	52,262	585,676
Net income									981,922	859,430	1,009,026
Less net income attributable to noncontrolling interests									(21,351)	(55,765)	(96,561)
Net income attributable to the Operating Partnership									960,571	803,665	912,465
Interest and debt expense (2)									507,362	469,843	654,398
Depreciation and amortization (2)									694,214	664,637	685,973
Income tax (benefit) expense (2)									11,838	(85,379)	24,248
EBITDA									2,173,985	1,852,766	2,277,084
New York \| Operating Segments
Segment Information
Total Revenues									1,713,374	1,695,925	1,520,845
Total expenses									1,093,587	1,032,015	946,466
Operating income									619,787	663,910	574,379
Our share of net (loss) income									(2,379)	655	20,701
(Loss) income from real estate fund investments									0	0	0
Interest and other investment income, net									5,093	7,722	6,711
Interest and debt expense									(216,685)	(194,278)	(183,427)
Net gain on extinguishment of Skyline properties debt									0
Net gain on disposition of wholly owned and partially owned assets									159,511	142,693	0
Income before income taxes									565,327	620,702	418,364
Income tax (expense) benefit									(5,508)	(4,379)	(4,305)
Income from continuing operations									559,819	616,323	414,059
Income from discontinued operations									0	0	463,163
Net income									559,819	616,323	877,222
Less net income attributable to noncontrolling interests									(13,558)	(13,022)	(8,626)
Net income attributable to the Operating Partnership									546,261	603,301	868,596
Interest and debt expense (2)									280,563	248,724	241,959
Depreciation and amortization (2)									435,961	394,028	324,239
Income tax (benefit) expense (2)									5,911	4,766	4,395
EBITDA									1,268,696	1,250,819	1,439,189
Washington DC \| Operating Segments
Segment Information
Total Revenues									518,117	532,812	537,151
Total expenses									528,863	390,921	358,019
Operating income									(10,746)	141,891	179,132
Our share of net (loss) income									(7,227)	(6,020)	(4,767)
(Loss) income from real estate fund investments									0	0	0
Interest and other investment income, net									(2)	(262)	183
Interest and debt expense									(72,434)	(68,727)	(75,395)
Net gain on extinguishment of Skyline properties debt									487,877
Net gain on disposition of wholly owned and partially owned assets									15,302	102,404	0
Income before income taxes									412,770	169,286	99,153
Income tax (expense) benefit									(1,083)	(317)	(242)
Income from continuing operations									411,687	168,969	98,911
Income from discontinued operations									0	0	0
Net income									411,687	168,969	98,911
Less net income attributable to noncontrolling interests									0	0	0
Net income attributable to the Operating Partnership									411,687	168,969	98,911
Interest and debt expense (2)									81,723	80,795	87,778
Depreciation and amortization (2)									158,720	178,021	144,124
Income tax (benefit) expense (2)									2,979	(1,610)	288
EBITDA									655,109	426,175	331,101
Other \| Operating Segments
Segment Information
Total Revenues									274,711	273,530	254,516
Total expenses									332,961	319,083	318,134
Operating income									(58,250)	(45,553)	(63,618)
Our share of net (loss) income									174,995	(7,265)	(75,795)
Equity in net income (loss)									199,555	211,967	330,237
(Loss) income from real estate fund investments									(23,602)	74,081	163,034
Interest and other investment income, net									24,455	19,518	31,858
Interest and debt expense									(113,555)	(115,020)	(153,933)
Net gain on extinguishment of Skyline properties debt									0
Net gain on disposition of wholly owned and partially owned assets									922	6,724	13,568
Income before income taxes									4,965	(67,515)	(84,886)
Income tax (expense) benefit									(1,721)	89,391	(4,734)
Income from continuing operations									3,244	21,876	(89,620)
Income from discontinued operations									7,172	52,262	122,513
Net income									10,416	74,138	32,893
Less net income attributable to noncontrolling interests									(7,793)	(42,743)	(87,935)
Net income attributable to the Operating Partnership									2,623	31,395	(55,042)
Interest and debt expense (2)									145,076	140,324	324,661
Depreciation and amortization (2)									99,533	92,588	217,610
Income tax (benefit) expense (2)									2,948	(88,535)	19,565
EBITDA									$ 250,180	$ 175,772	$ 506,794

Segment Information (Balance Sheet Data) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Balance Sheet Data:
Real estate, at cost	$ 18,339,958	$ 18,090,137	$ 16,822,358	$ 15,392,968
Investments in partially owned entities	1,428,019	1,550,422	1,240,489
Assets	20,814,847	21,143,293	21,157,980
New York \| Operating Segments
Balance Sheet Data:
Real estate, at cost	10,787,730	10,577,078	9,732,818
Investments in partially owned entities	1,080,064	1,195,122	1,036,130
Assets	13,312,116	12,257,774	10,706,476
Washington DC \| Operating Segments
Balance Sheet Data:
Real estate, at cost	4,152,138	4,544,842	4,383,418
Investments in partially owned entities	94,870	80,708	83,428
Assets	3,645,525	4,517,092	4,281,421
Other \| Operating Segments
Balance Sheet Data:
Real estate, at cost	3,400,090	2,968,217	2,706,122
Investments in partially owned entities	253,085	274,592	120,931
Assets	$ 3,857,206	$ 4,368,427	$ 6,170,083

Segment Information (New York and Washington DC segments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Information
EBITDA	$ 2,173,985	$ 1,852,766	$ 2,277,084
Operating Segments \| New York
Segment Information
EBITDA	1,268,696	1,250,819	1,439,189
Operating Segments \| New York \| Adjustment
Segment Information
EBITDA	(162,631)	(179,978)	(480,451)
Operating Segments \| New York \| Adjusted
Segment Information
EBITDA	1,106,065	1,070,841	958,738
Operating Segments \| New York \| Net Gain On Sale Of Real Estate \| Adjustment
Segment Information
EBITDA	(159,511)	(142,693)	(440,537)
Operating Segments \| New York \| Discontinued operations and sold properties \| Adjustment
Segment Information
EBITDA	(3,120)	(35,985)	(39,743)
Operating Segments \| New York \| Other \| Adjustment
Segment Information
EBITDA	0	(1,300)	(171)
Operating Segments \| New York \| Hotel Pennsylvania
Segment Information
EBITDA	10,007	23,044	30,753
Operating Segments \| New York \| Alexanders Inc
Segment Information
EBITDA	46,182	42,858	41,746
Operating Segments \| New York \| Office
Segment Information
EBITDA	805,708	804,272	1,063,355
Operating Segments \| New York \| Retail
Segment Information
EBITDA	381,739	358,379	281,428
Operating Segments \| New York \| Residential
Segment Information
EBITDA	25,060	22,266	21,907
Operating Segments \| Washington DC
Segment Information
EBITDA	655,109	426,175	331,101
Operating Segments \| Washington DC \| Adjustment
Segment Information
EBITDA	(364,610)	(135,604)	(40,676)
Operating Segments \| Washington DC \| Adjusted
Segment Information
EBITDA	290,499	290,571	290,425
Operating Segments \| Washington DC \| Net Gain On Sale Of Real Estate \| Adjustment
Segment Information
EBITDA	(15,302)	(102,404)	(1,800)
Operating Segments \| Washington DC \| Discontinued operations and sold properties \| Adjustment
Segment Information
EBITDA	(22,131)	(33,605)	(38,876)
Operating Segments \| Washington DC \| Other \| Adjustment
Segment Information
EBITDA	0	405	0
Operating Segments \| Washington DC \| Skyline Properties \| Impairment Loss \| Adjustment
Segment Information
EBITDA	160,700	0	0
Operating Segments \| Washington DC \| Skyline Properties \| Net gain on extinguishment of debt \| Adjustment
Segment Information
EBITDA	(487,877)	0	0
Operating Segments \| Washington DC \| Office
Segment Information
EBITDA	608,452	385,388	289,520
Operating Segments \| Washington DC \| Office \| Skyline Properties
Segment Information
EBITDA	348,016	26,325	29,250
Operating Segments \| Washington DC \| Residential
Segment Information
EBITDA	46,657	40,787	41,581
Operating Segments \| Washington DC \| Office Exclude the Skyline Properties
Segment Information
EBITDA	$ 260,436	$ 359,063	$ 260,270

Segment Information (Other EBITDA components) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Information
General and administrative	$ (179,279)	$ (175,307)	$ (169,270)
Acquisition and transaction related costs	(26,037)	(12,511)	(18,435)
Gain (Loss) from disposal of real estate	5,074	65,396	507,192
Non cash impairment losses	20,290	21,260	85,459
EBITDA	2,173,985	1,852,766	2,277,084
Mark-to-market of investments in our deferred compensation plan	$ 5,213	111	11,557
Real estate fund investments
Segment Information
Equity method ownership percentage	25.00%
Operating Segments \| Other
Segment Information
Our share of Net (Loss) Income	$ 199,555	211,967	330,237
General and administrative	(100,594)	(106,416)	(94,929)
Investment Income Net	22,501	26,385	31,665
Acquisition and transaction related costs	(26,062)	(12,511)	(16,392)
Gain (Loss) from disposal of real estate	7,185	28,314	245,679
Net gain on sale of real estate	714	44,390	26,568
EBITDA	250,180	175,772	506,794
Mark-to-market of investments in our deferred compensation plan	5,213	111	11,557
Operating Segments \| Other \| 2012-2014 Out Performance Plans
Segment Information
Additional Expense From Acceleration Of Vesting		4,542
Operating Segments \| Other \| The Mart and trade shows
Segment Information
Our share of Net (Loss) Income	91,845	79,159	79,636
Operating Segments \| Other \| 555 California Street
Segment Information
Our share of Net (Loss) Income	45,827	49,975	48,844
Operating Segments \| Other \| India real estate ventures
Segment Information
Our share of Net (Loss) Income	3,685	3,933	6,434
Impairment Of Real Estate	(13,962)	(14,806)	(5,771)
Operating Segments \| Other \| 85 Tenth Avenue
Segment Information
Income from repayment of Investment in real estate	160,843	0	0
Operating Segments \| Other \| Our share of Toys "R" Us
Segment Information
Our share of Net (Loss) Income	2,000	2,500	103,632
Non cash impairment losses			75,196
Operating Segments \| Other \| Suffolk Downs
Segment Information
Non cash impairment losses	0	(1,551)	(10,263)
Operating Segments \| Other \| Other investment
Segment Information
Our share of Net (Loss) Income	$ 77,240	42,436	21,385
Operating Segments \| Other \| Fashion Centre Mall / Washington Tower
Segment Information
Equity method ownership percentage	7.50%
Real estate disposition transaction cost		14,956	22,684
Operating Segments \| Other \| Real estate fund investments
Segment Information
Our share of Net (Loss) Income	$ (21,042)	33,964	70,306
Operating Segments \| Other \| Real estate fund investments \| Income before net realized/unrealized gains
Segment Information
Our share of Net (Loss) Income	8,607	8,611	8,056
Operating Segments \| Other \| Real estate fund investments \| Net unrealized/realized gains on investments
Segment Information
Our share of Net (Loss) Income	(16,270)	14,657	37,535
Operating Segments \| Other \| Real estate fund investments \| Carried Interest
Segment Information
Our share of Net (Loss) Income	$ (13,379)	$ 10,696	$ 24,715

Subsequent Events (Details) - Subsequent Event - Out Performance Plan 2017	Jan. 13, 2017 shares
Stock-based Compensation
Number Of Awards when TSR 0% (in Shares)	0
Percentage Of Shareholder Return Under Which No Awards Will Be Earned	0.00%
Required award holding period after vesting	1 year
Award vesting in three years	33.33%
Award versting in four years	33.33%
Award vesting in five years	33.33%
Absolute Component
Stock-based Compensation
Duration Of Performance Measurement Period	3 years
Required Shareholder Return Per Year	7.00%
Required Shareholder Return Three Year	21.00%
Required Shareholder Return Under Relative Component	3.00%
Relative Component
Stock-based Compensation
Duration Of Performance Measurement Period	3 years

SEC Schedule II Valuation and Qualifying Accounts (Details) - Allowance For Doubtful Accounts - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Valuation And Qualifying Accounts Disclosure
Balance at Beginning of Year	$ 14,659	$ 21,209	$ 24,719
Additions Charged Against Operations	2,679	(99)	3,076
Uncollectable Accounts Written-Off	(4,191)	(6,451)	(6,586)
Balance at End of Year	$ 13,147	$ 14,659	$ 21,209

SEC Schedule III Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate And Accumulated Depreciation
Encumbrances	$ 9,374,297
Initial cost to company
Land	4,179,520
Buildings and improvements	9,198,464
Cost capitalized subsequent to acquisition	4,961,974
Gross amount at which carried at close of period
Land	4,065,142
Buildings and improvements	14,274,816
Total	18,339,958
Accumulated depreciation and amortization	3,513,574	$ 3,418,267	$ 3,161,633	$ 2,829,862
Net Basis Difference Of Assets And Liabilities Between Tax Basis And GAAP Basis	3,700,000
Leasehold Improvements Equipment and Other
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	0
Buildings and improvements	0
Cost capitalized subsequent to acquisition	116,560
Gross amount at which carried at close of period
Land	0
Buildings and improvements	116,560
Total	116,560
Accumulated depreciation and amortization	84,434
New York
Real Estate And Accumulated Depreciation
Encumbrances	5,945,278
Initial cost to company
Land	2,690,244
Buildings and improvements	5,852,047
Cost capitalized subsequent to acquisition	2,228,307
Gross amount at which carried at close of period
Land	2,746,052
Buildings and improvements	8,024,546
Total	10,770,598
Accumulated depreciation and amortization	1,983,937
New York \| Manhattan
Real Estate And Accumulated Depreciation
Encumbrances	5,945,278
Initial cost to company
Land	2,660,341
Buildings and improvements	5,730,335
Cost capitalized subsequent to acquisition	2,107,092
Gross amount at which carried at close of period
Land	2,715,116
Buildings and improvements	7,782,652
Total	10,497,768
Accumulated depreciation and amortization	1,866,856
New York \| Manhattan \| 1290 Avenue of the Americas
Real Estate And Accumulated Depreciation
Encumbrances	950,000
Initial cost to company
Land	515,539
Buildings and improvements	923,653
Cost capitalized subsequent to acquisition	218,275
Gross amount at which carried at close of period
Land	515,539
Buildings and improvements	1,141,928
Total	1,657,467
Accumulated depreciation and amortization	$ 267,734
Date of construction	1963
Date acquired	2007
New York \| Manhattan \| 697-703 Fifth Avenue (St. Regis - retail)
Real Estate And Accumulated Depreciation
Encumbrances	$ 450,000
Initial cost to company
Land	152,825
Buildings and improvements	584,230
Cost capitalized subsequent to acquisition	15
Gross amount at which carried at close of period
Land	152,825
Buildings and improvements	584,245
Total	737,070
Accumulated depreciation and amortization	$ 31,803
Date acquired	2014
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
Cost capitalized subsequent to acquisition	47,355
Gross amount at which carried at close of period
Land	265,889
Buildings and improvements	410,736
Total	676,625
Accumulated depreciation and amortization	$ 106,513
Date of construction	1960
Date acquired	2006
New York \| Manhattan \| 666 Fifth Avenue (Retail Condo)
Real Estate And Accumulated Depreciation
Encumbrances	$ 390,000
Initial cost to company
Land	189,005
Buildings and improvements	471,072
Cost capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	189,005
Buildings and improvements	471,072
Total	660,077
Accumulated depreciation and amortization	$ 49,040
Date acquired	2012
New York \| Manhattan \| One Penn Plaza
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	412,169
Cost capitalized subsequent to acquisition	213,425
Gross amount at which carried at close of period
Land	0
Buildings and improvements	625,594
Total	625,594
Accumulated depreciation and amortization	$ 274,984
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
Cost capitalized subsequent to acquisition	33,439
Gross amount at which carried at close of period
Land	242,776
Buildings and improvements	281,409
Total	524,185
Accumulated depreciation and amortization	$ 70,106
Date of construction	1911
Date acquired	2007
New York \| Manhattan \| 1535 Broadway (Marriott Marquis)
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	249,285
Cost capitalized subsequent to acquisition	146,879
Gross amount at which carried at close of period
Land	0
Buildings and improvements	396,164
Total	396,164
Accumulated depreciation and amortization	$ 14,979
Date acquired	2012
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
Cost 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	$ 10,628
Date of construction	1900
Date acquired	2015
New York \| Manhattan \| 1540 Broadway
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	105,914
Buildings and improvements	214,208
Cost capitalized subsequent to acquisition	28,549
Gross amount at which carried at close of period
Land	105,914
Buildings and improvements	242,757
Total	348,671
Accumulated depreciation and amortization	$ 48,294
Date acquired	2006
New York \| Manhattan \| 655 Fifth Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 140,000
Initial cost to company
Land	102,594
Buildings and improvements	231,903
Cost capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	102,594
Buildings and improvements	231,903
Total	334,497
Accumulated depreciation and amortization	$ 18,993
Date acquired	2013
New York \| Manhattan \| Two Penn Plaza
Real Estate And Accumulated Depreciation
Encumbrances	$ 575,000
Initial cost to company
Land	53,615
Buildings and improvements	164,903
Cost capitalized subsequent to acquisition	104,657
Gross amount at which carried at close of period
Land	52,689
Buildings and improvements	270,486
Total	323,175
Accumulated depreciation and amortization	$ 145,896
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
Cost capitalized subsequent to acquisition	133,922
Gross amount at which carried at close of period
Land	8,000
Buildings and improvements	309,812
Total	317,812
Accumulated depreciation and amortization	$ 104,063
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
Cost capitalized subsequent to acquisition	71,543
Gross amount at which carried at close of period
Land	88,595
Buildings and improvements	185,016
Total	273,611
Accumulated depreciation and amortization	$ 54,431
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
Cost capitalized subsequent to acquisition	105,109
Gross amount at which carried at close of period
Land	52,898
Buildings and improvements	200,795
Total	253,693
Accumulated depreciation and amortization	$ 81,596
Date of construction	1907
Date acquired	1998
New York \| Manhattan \| 888 Seventh Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 375,000
Initial cost to company
Land	0
Buildings and improvements	117,269
Cost capitalized subsequent to acquisition	127,369
Gross amount at which carried at close of period
Land	0
Buildings and improvements	244,638
Total	244,638
Accumulated depreciation and amortization	$ 108,194
Date of construction	1980
Date acquired	1998
New York \| Manhattan \| Eleven Penn Plaza
Real Estate And Accumulated Depreciation
Encumbrances	$ 450,000
Initial cost to company
Land	40,333
Buildings and improvements	85,259
Cost capitalized subsequent to acquisition	90,093
Gross amount at which carried at close of period
Land	40,333
Buildings and improvements	175,352
Total	215,685
Accumulated depreciation and amortization	$ 68,628
Date of construction	1923
Date acquired	1997
New York \| Manhattan \| 640 Fifth Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	38,224
Buildings and improvements	25,992
Cost capitalized subsequent to acquisition	149,668
Gross amount at which carried at close of period
Land	38,224
Buildings and improvements	175,660
Total	213,884
Accumulated depreciation and amortization	$ 44,685
Date of construction	1950
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
Cost capitalized subsequent to acquisition	89,018
Gross amount at which carried at close of period
Land	0
Buildings and improvements	209,741
Total	209,741
Accumulated depreciation and amortization	$ 83,782
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
Cost capitalized subsequent to acquisition	42,252
Gross amount at which carried at close of period
Land	39,303
Buildings and improvements	122,468
Total	161,771
Accumulated depreciation and amortization	$ 53,983
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
Cost capitalized subsequent to acquisition	26,913
Gross amount at which carried at close of period
Land	62,731
Buildings and improvements	89,801
Total	152,532
Accumulated depreciation and amortization	$ 35,028
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
Cost capitalized subsequent to acquisition	136,606
Gross amount at which carried at close of period
Land	0
Buildings and improvements	145,205
Total	145,205
Accumulated depreciation and amortization	$ 13,616
Date of construction	1925
Date acquired	1998
New York \| Manhattan \| 828 To 850 Madison Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 80,000
Initial cost to company
Land	107,937
Buildings and improvements	28,261
Cost capitalized subsequent to acquisition	10
Gross amount at which carried at close of period
Land	107,937
Buildings and improvements	28,271
Total	136,208
Accumulated depreciation and amortization	$ 8,245
Date acquired	2005
New York \| Manhattan \| 33-00 Northern Boulevard
Real Estate And Accumulated Depreciation
Encumbrances	$ 60,782
Initial cost to company
Land	46,505
Buildings and improvements	86,226
Cost capitalized subsequent to acquisition	2,000
Gross amount at which carried at close of period
Land	46,505
Buildings and improvements	88,226
Total	134,731
Accumulated depreciation and amortization	$ 4,990
Date of construction	1915
Date acquired	2015
New York \| Manhattan \| 715 Lexington Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	26,903
Cost capitalized subsequent to acquisition	63,244
Gross amount at which carried at close of period
Land	63,000
Buildings and improvements	27,147
Total	90,147
Accumulated depreciation and amortization	$ 7,933
Date of construction	1923
Date acquired	2001
New York \| Manhattan \| 478 To 486 Broadway
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	30,000
Buildings and improvements	20,063
Cost capitalized subsequent to acquisition	34,188
Gross amount at which carried at close of period
Land	30,000
Buildings and improvements	54,251
Total	84,251
Accumulated depreciation and amortization	$ 11,003
Date of construction	2009
Date acquired	2007
New York \| Manhattan \| 4 Union Square South- Retails
Real Estate And Accumulated Depreciation
Encumbrances	$ 116,022
Initial cost to company
Land	24,079
Buildings and improvements	55,220
Cost capitalized subsequent to acquisition	2,632
Gross amount at which carried at close of period
Land	24,079
Buildings and improvements	57,852
Total	81,931
Accumulated depreciation and amortization	$ 17,928
Date of construction	1965/2004
Date acquired	1993
New York \| Manhattan \| 260 11th Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	80,482
Cost capitalized subsequent to acquisition	591
Gross amount at which carried at close of period
Land	0
Buildings and improvements	81,073
Total	81,073
Accumulated depreciation and amortization	$ 3,207
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
Cost capitalized subsequent to acquisition	20,064
Gross amount at which carried at close of period
Land	34,602
Buildings and improvements	38,792
Total	73,394
Accumulated depreciation and amortization	$ 7,129
Date acquired	2010
New York \| Manhattan \| 606 Broadway
Real Estate And Accumulated Depreciation
Encumbrances	$ 25,768
Initial cost to company
Land	0
Buildings and improvements	54,399
Cost capitalized subsequent to acquisition	5,587
Gross amount at which carried at close of period
Land	0
Buildings and improvements	59,986
Total	59,986
Accumulated depreciation and amortization	$ 0
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
Cost capitalized subsequent to acquisition	15,628
Gross amount at which carried at close of period
Land	15,732
Buildings and improvements	42,016
Total	57,748
Accumulated depreciation and amortization	$ 18,691
Date of construction	1987
Date acquired	1998
New York \| Manhattan \| 689 Fifth Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	19,721
Buildings and improvements	13,446
Cost capitalized subsequent to acquisition	23,094
Gross amount at which carried at close of period
Land	19,721
Buildings and improvements	36,540
Total	56,261
Accumulated depreciation and amortization	$ 10,521
Date of construction	1925
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
Cost capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	11,187
Buildings and improvements	41,186
Total	52,373
Accumulated depreciation and amortization	$ 3,736
Date acquired	2013
New York \| Manhattan \| 40 East 66th Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	13,616
Buildings and improvements	34,635
Cost capitalized subsequent to acquisition	142
Gross amount at which carried at close of period
Land	13,616
Buildings and improvements	34,777
Total	48,393
Accumulated depreciation and amortization	$ 9,630
Date acquired	2005
New York \| Manhattan \| 155 Spring Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	13,700
Buildings and improvements	30,544
Cost capitalized subsequent to acquisition	3,578
Gross amount at which carried at close of period
Land	13,700
Buildings and improvements	34,122
Total	47,822
Accumulated depreciation and amortization	$ 8,470
Date acquired	2007
New York \| Manhattan \| 435 Seventh Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 97,706
Initial cost to company
Land	19,893
Buildings and improvements	19,091
Cost capitalized subsequent to acquisition	37
Gross amount at which carried at close of period
Land	19,893
Buildings and improvements	19,128
Total	39,021
Accumulated depreciation and amortization	$ 6,934
Date of construction	2002
Date acquired	1997
New York \| Manhattan \| 3040 M Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	7,830
Buildings and improvements	27,490
Cost capitalized subsequent to acquisition	3,517
Gross amount at which carried at close of period
Land	7,830
Buildings and improvements	31,007
Total	38,837
Accumulated depreciation and amortization	$ 8,942
Date acquired	2006
New York \| Manhattan \| 608 Fifth Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	0
Cost capitalized subsequent to acquisition	36,499
Gross amount at which carried at close of period
Land	0
Buildings and improvements	36,499
Total	36,499
Accumulated depreciation and amortization	$ 6,051
Date of construction	1932
Date acquired	2012
New York \| Manhattan \| 692 Broadway
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	6,053
Buildings and improvements	22,908
Cost capitalized subsequent to acquisition	3,540
Gross amount at which carried at close of period
Land	6,053
Buildings and improvements	26,448
Total	32,501
Accumulated depreciation and amortization	$ 7,658
Date acquired	2005
New York \| Manhattan \| 131 to 135 West 33rd Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	8,315
Buildings and improvements	21,312
Cost capitalized subsequent to acquisition	24
Gross amount at which carried at close of period
Land	8,315
Buildings and improvements	21,336
Total	29,651
Accumulated depreciation and amortization	$ 323
Date acquired	2016
New York \| Manhattan \| 265 West 34th Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	28,500
Buildings and improvements	0
Cost capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	28,500
Buildings and improvements	0
Total	28,500
Accumulated depreciation and amortization	$ 0
Date of construction	1920
Date acquired	2015
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
Cost capitalized subsequent to acquisition	8,184
Gross amount at which carried at close of period
Land	0
Buildings and improvements	24,600
Total	24,600
Accumulated depreciation and amortization	$ 0
Date of construction	1910
Date acquired	2014
New York \| Manhattan \| 677 To 679 Madison Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	13,070
Buildings and improvements	9,640
Cost capitalized subsequent to acquisition	388
Gross amount at which carried at close of period
Land	13,070
Buildings and improvements	10,028
Total	23,098
Accumulated depreciation and amortization	$ 2,657
Date acquired	2006
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
Cost capitalized subsequent to acquisition	5,236
Gross amount at which carried at close of period
Land	7,844
Buildings and improvements	13,080
Total	20,924
Accumulated depreciation and amortization	$ 1,076
Date acquired	1997
New York \| Manhattan \| 486 Eighth Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	20,000
Buildings and improvements	71
Cost capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	20,000
Buildings and improvements	71
Total	20,071
Accumulated depreciation and amortization	$ 0
Date of construction	1928
Date acquired	2016
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
Cost 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	$ 671
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
Cost capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	9,252
Buildings and improvements	9,936
Total	19,188
Accumulated depreciation and amortization	$ 476
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
Cost capitalized subsequent to acquisition	7,300
Gross amount at which carried at close of period
Land	1,693
Buildings and improvements	13,807
Total	15,500
Accumulated depreciation and amortization	$ 565
Date acquired	2011
New York \| Manhattan \| 267 West 34th Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	5,099
Buildings and improvements	10,037
Cost capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	5,099
Buildings and improvements	10,037
Total	15,136
Accumulated depreciation and amortization	$ 800
Date acquired	2013
New York \| Manhattan \| 1540 Broadway Garage
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	4,086
Buildings and improvements	8,914
Cost capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	4,086
Buildings and improvements	8,914
Total	13,000
Accumulated depreciation and amortization	$ 2,364
Date of construction	1990
Date acquired	2006
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
Cost 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	$ 303
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
Cost capitalized subsequent to acquisition	416
Gross amount at which carried at close of period
Land	3,200
Buildings and improvements	8,528
Total	11,728
Accumulated depreciation and amortization	$ 1,848
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
Cost capitalized subsequent to acquisition	277
Gross amount at which carried at close of period
Land	3,200
Buildings and improvements	6,099
Total	9,299
Accumulated depreciation and amortization	$ 1,338
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
Cost 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	$ 68
Date of construction	1932
Date acquired	2015
New York \| Manhattan \| 488 Eighth Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	10,650
Buildings and improvements	1,767
Cost capitalized subsequent to acquisition	(4,674)
Gross amount at which carried at close of period
Land	6,859
Buildings and improvements	884
Total	7,743
Accumulated depreciation and amortization	$ 200
Date acquired	2007
New York \| Manhattan \| 484 Eight Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	3,856
Buildings and improvements	762
Cost capitalized subsequent to acquisition	399
Gross amount at which carried at close of period
Land	3,856
Buildings and improvements	1,161
Total	5,017
Accumulated depreciation and amortization	$ 385
Date acquired	1997
New York \| Manhattan \| 825 7th Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	1,483
Buildings and improvements	697
Cost capitalized subsequent to acquisition	33
Gross amount at which carried at close of period
Land	1,483
Buildings and improvements	730
Total	2,213
Accumulated depreciation and amortization	$ 361
Date acquired	1997
New York \| Manhattan \| Other (Including Signage)
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	75,862
Buildings and improvements	14,829
Cost capitalized subsequent to acquisition	110,071
Gross amount at which carried at close of period
Land	75,865
Buildings and improvements	124,897
Total	200,762
Accumulated depreciation and amortization	25,377
New York \| Other
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	29,903
Buildings and improvements	121,712
Cost capitalized subsequent to acquisition	121,215
Gross amount at which carried at close of period
Land	30,936
Buildings and improvements	241,894
Total	272,830
Accumulated depreciation and amortization	117,081
New York \| Other \| Hotel Pennsylvania
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	29,903
Buildings and improvements	121,712
Cost capitalized subsequent to acquisition	95,273
Gross amount at which carried at close of period
Land	29,903
Buildings and improvements	216,985
Total	246,888
Accumulated depreciation and amortization	$ 103,008
Date of construction	1919
Date acquired	1997
New York \| Other \| Paramus
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	0
Cost capitalized subsequent to acquisition	25,942
Gross amount at which carried at close of period
Land	1,033
Buildings and improvements	24,909
Total	25,942
Accumulated depreciation and amortization	$ 14,073
Date of construction	1967
Date acquired	1987
Washington DC
Real Estate And Accumulated Depreciation
Encumbrances	$ 1,167,617
Initial cost to company
Land	968,209
Buildings and improvements	1,991,116
Cost capitalized subsequent to acquisition	1,170,163
Gross amount at which carried at close of period
Land	934,317
Buildings and improvements	3,195,171
Total	4,129,488
Accumulated depreciation and amortization	919,145
Washington DC \| 2011-2451 Crystal Drive - 5 buildings
Real Estate And Accumulated Depreciation
Encumbrances	216,629
Initial cost to company
Land	100,935
Buildings and improvements	409,920
Cost capitalized subsequent to acquisition	162,507
Gross amount at which carried at close of period
Land	100,228
Buildings and improvements	573,134
Total	673,362
Accumulated depreciation and amortization	$ 228,973
Date of construction	1984-1989
Date acquired	2002
Washington DC \| S. Clark Street/12th Street - 5 buildings
Real Estate And Accumulated Depreciation
Encumbrances	$ 53,708
Initial cost to company
Land	63,420
Buildings and improvements	231,267
Cost capitalized subsequent to acquisition	130,043
Gross amount at which carried at close of period
Land	63,291
Buildings and improvements	361,439
Total	424,730
Accumulated depreciation and amortization	$ 112,593
Date of construction	1981, 1983-1987
Date acquired	2002
Washington DC \| 2001 Jefferson Davis Highway, 2100/2200 Crystal Drive, 223 23rd Street, 2221 South Clark Street, Crystal City Shops at 2100, 220 20th Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 68,426
Initial cost to company
Land	57,213
Buildings and improvements	131,206
Cost capitalized subsequent to acquisition	216,730
Gross amount at which carried at close of period
Land	57,070
Buildings and improvements	348,079
Total	405,149
Accumulated depreciation and amortization	$ 77,331
Date of construction	1964-1969
Date acquired	2002
Washington DC \| 1550-1750 Crystal Drive 241-251 18th Street - 4 buildings
Real Estate And Accumulated Depreciation
Encumbrances	$ 37,307
Initial cost to company
Land	64,817
Buildings and improvements	218,330
Cost capitalized subsequent to acquisition	96,244
Gross amount at which carried at close of period
Land	64,652
Buildings and improvements	314,739
Total	379,391
Accumulated depreciation and amortization	$ 111,549
Date of construction	1974-1980
Date acquired	2002
Washington DC \| RiverHouse Apartments - 3 Buildings
Real Estate And Accumulated Depreciation
Encumbrances	$ 307,710
Initial cost to company
Land	118,421
Buildings and improvements	125,078
Cost capitalized subsequent to acquisition	76,671
Gross amount at which carried at close of period
Land	138,851
Buildings and improvements	181,319
Total	320,170
Accumulated depreciation and amortization	$ 47,192
Date acquired	2007
Washington DC \| The Barlett
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	41,687
Buildings and improvements	0
Cost capitalized subsequent to acquisition	216,844
Gross amount at which carried at close of period
Land	41,687
Buildings and improvements	216,844
Total	258,531
Accumulated depreciation and amortization	$ 3,664
Date acquired	2007
Washington DC \| 1825-1875 Connecticut Avenue NW (Universal Buildings) - 2 buildings
Real Estate And Accumulated Depreciation
Encumbrances	$ 185,000
Initial cost to company
Land	69,393
Buildings and improvements	143,320
Cost capitalized subsequent to acquisition	19,063
Gross amount at which carried at close of period
Land	68,612
Buildings and improvements	163,164
Total	231,776
Accumulated depreciation and amortization	$ 44,146
Date of construction	1956, 1963
Date acquired	2007
Washington DC \| West End 25
Real Estate And Accumulated Depreciation
Encumbrances	$ 100,841
Initial cost to company
Land	67,049
Buildings and improvements	5,039
Cost capitalized subsequent to acquisition	107,638
Gross amount at which carried at close of period
Land	68,198
Buildings and improvements	111,528
Total	179,726
Accumulated depreciation and amortization	$ 20,143
Date acquired	2007
Washington DC \| 2101 L Street NW
Real Estate And Accumulated Depreciation
Encumbrances	$ 143,415
Initial cost to company
Land	32,815
Buildings and improvements	51,642
Cost capitalized subsequent to acquisition	83,064
Gross amount at which carried at close of period
Land	39,768
Buildings and improvements	127,753
Total	167,521
Accumulated depreciation and amortization	$ 36,447
Date of construction	1975
Date acquired	2003
Washington DC \| 2200-2300 Clarendon Blvd (Courthouse Plaza) - 2 buildings
Real Estate And Accumulated Depreciation
Encumbrances	$ 11,000
Initial cost to company
Land	0
Buildings and improvements	105,475
Cost capitalized subsequent to acquisition	53,505
Gross amount at which carried at close of period
Land	0
Buildings and improvements	158,980
Total	158,980
Accumulated depreciation and amortization	$ 62,247
Date of construction	1988-1989
Date acquired	2002
Washington DC \| 1800, 1851 And 1901 South Bell Street - 3 buildings
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	37,551
Buildings and improvements	118,806
Cost capitalized subsequent to acquisition	356
Gross amount at which carried at close of period
Land	37,551
Buildings and improvements	119,162
Total	156,713
Accumulated depreciation and amortization	$ 39,446
Date of construction	1968
Date acquired	2002
Washington DC \| 875 15th Street, NW (Bowen Building)
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	30,077
Buildings and improvements	98,962
Cost capitalized subsequent to acquisition	5,443
Gross amount at which carried at close of period
Land	30,176
Buildings and improvements	104,306
Total	134,482
Accumulated depreciation and amortization	$ 29,760
Date of construction	2004
Date acquired	2005
Washington DC \| 1399 New York Avenue NW
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	33,481
Buildings and improvements	67,363
Cost capitalized subsequent to acquisition	7,075
Gross amount at which carried at close of period
Land	34,178
Buildings and improvements	73,741
Total	107,919
Accumulated depreciation and amortization	$ 10,715
Date acquired	2011
Washington DC \| Commerce Executive - 3 buildings
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	13,401
Buildings and improvements	58,705
Cost capitalized subsequent to acquisition	29,414
Gross amount at which carried at close of period
Land	13,140
Buildings and improvements	88,380
Total	101,520
Accumulated depreciation and amortization	$ 32,027
Date of construction	1985-1989
Date acquired	2002
Washington DC \| Met Park / Warehouses
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	65,259
Buildings and improvements	1,326
Cost capitalized subsequent to acquisition	26,309
Gross amount at which carried at close of period
Land	82,898
Buildings and improvements	9,996
Total	92,894
Accumulated depreciation and amortization	$ 28
Date acquired	2007
Washington DC \| H Street - North 10-1D Land Parcel
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	104,473
Buildings and improvements	55
Cost capitalized subsequent to acquisition	(32,808)
Gross amount at which carried at close of period
Land	61,970
Buildings and improvements	9,750
Total	71,720
Accumulated depreciation and amortization	$ 0
Date acquired	2007
Washington DC \| Crystal City Hotel
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	8,000
Buildings and improvements	47,191
Cost capitalized subsequent to acquisition	11,659
Gross amount at which carried at close of period
Land	8,000
Buildings and improvements	58,850
Total	66,850
Accumulated depreciation and amortization	$ 18,059
Date of construction	1968
Date acquired	2004
Washington DC \| 1730 M Street, NW
Real Estate And Accumulated Depreciation
Encumbrances	$ 14,853
Initial cost to company
Land	10,095
Buildings and improvements	17,541
Cost capitalized subsequent to acquisition	15,521
Gross amount at which carried at close of period
Land	10,687
Buildings and improvements	32,470
Total	43,157
Accumulated depreciation and amortization	$ 12,094
Date of construction	1963
Date acquired	2002
Washington DC \| Democracy Plaza 1
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	33,628
Cost capitalized subsequent to acquisition	5,954
Gross amount at which carried at close of period
Land	0
Buildings and improvements	39,582
Total	39,582
Accumulated depreciation and amortization	$ 20,252
Date of construction	1987
Date acquired	2002
Washington DC \| Crystal Drive Retail
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	20,465
Cost capitalized subsequent to acquisition	5,806
Gross amount at which carried at close of period
Land	0
Buildings and improvements	26,271
Total	26,271
Accumulated depreciation and amortization	$ 11,069
Date of construction	2004
Date acquired	2004
Washington DC \| 1109 South Capitol Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	11,541
Buildings and improvements	178
Cost capitalized subsequent to acquisition	(253)
Gross amount at which carried at close of period
Land	11,597
Buildings and improvements	(131)
Total	11,466
Accumulated depreciation and amortization	$ 0
Date acquired	2007
Washington DC \| South Capitol
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	4,009
Buildings and improvements	6,273
Cost capitalized subsequent to acquisition	(1,865)
Gross amount at which carried at close of period
Land	0
Buildings and improvements	8,417
Total	8,417
Accumulated depreciation and amortization	$ 306
Date acquired	2005
Washington DC \| 1726 M Street, NW
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	9,450
Buildings and improvements	22,062
Cost capitalized subsequent to acquisition	(30,660)
Gross amount at which carried at close of period
Land	0
Buildings and improvements	852
Total	852
Accumulated depreciation and amortization	$ 0
Date of construction	1964
Date acquired	2006
Washington DC \| 1700 M Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 28,728
Initial cost to company
Land	23,359
Buildings and improvements	24,876
Cost capitalized subsequent to acquisition	(48,231)
Gross amount at which carried at close of period
Land	0
Buildings and improvements	4
Total	4
Accumulated depreciation and amortization	$ 0
Date of construction	1970
Date acquired	2002
Washington DC \| Other Property
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	1,763
Buildings and improvements	52,408
Cost capitalized subsequent to acquisition	14,134
Gross amount at which carried at close of period
Land	1,763
Buildings and improvements	66,542
Total	68,305
Accumulated depreciation and amortization	1,104
Other
Real Estate And Accumulated Depreciation
Encumbrances	2,261,402
Initial cost to company
Land	521,067
Buildings and improvements	1,355,301
Cost capitalized subsequent to acquisition	1,446,944
Gross amount at which carried at close of period
Land	384,773
Buildings and improvements	2,938,539
Total	3,323,312
Accumulated depreciation and amortization	526,058
Other \| Total The Mart
Real Estate And Accumulated Depreciation
Encumbrances	675,000
Initial cost to company
Land	69,694
Buildings and improvements	319,146
Cost capitalized subsequent to acquisition	383,016
Gross amount at which carried at close of period
Land	69,701
Buildings and improvements	702,155
Total	771,856
Accumulated depreciation and amortization	261,724
Other \| 555 California Street
Real Estate And Accumulated Depreciation
Encumbrances	579,795
Initial cost to company
Land	221,903
Buildings and improvements	893,324
Cost capitalized subsequent to acquisition	117,729
Gross amount at which carried at close of period
Land	221,903
Buildings and improvements	1,011,053
Total	1,232,956
Accumulated depreciation and amortization	$ 243,944
Date of construction	1922/1969/1970
Date acquired	2007
Other \| 220 Central Park South
Real Estate And Accumulated Depreciation
Encumbrances	$ 950,000
Initial cost to company
Land	115,720
Buildings and improvements	16,420
Cost capitalized subsequent to acquisition	987,158
Gross amount at which carried at close of period
Land	0
Buildings and improvements	1,119,298
Total	1,119,298
Accumulated depreciation and amortization	$ 0
Date acquired	2005
Other \| Borgata Land, Atlantic City, NJ
Real Estate And Accumulated Depreciation
Encumbrances	$ 56,607
Initial cost to company
Land	83,089
Buildings and improvements	0
Cost 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 \| Wayne Town Center
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	26,137
Cost capitalized subsequent to acquisition	51,253
Gross amount at which carried at close of period
Land	0
Buildings and improvements	77,390
Total	77,390
Accumulated depreciation and amortization	$ 12,158
Date acquired	2010
Other \| 40 East 66th Residential
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	29,199
Buildings and improvements	85,798
Cost capitalized subsequent to acquisition	(93,222)
Gross amount at which carried at close of period
Land	8,454
Buildings and improvements	13,321
Total	21,775
Accumulated depreciation and amortization	$ 3,402
Date acquired	2005
Other \| Annapolis
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	9,652
Cost 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	$ 3,458
Date acquired	2005
Other \| 677-679 Madison
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	1,462
Buildings and improvements	1,058
Cost capitalized subsequent to acquisition	284
Gross amount at which carried at close of period
Land	1,626
Buildings and improvements	1,178
Total	2,804
Accumulated depreciation and amortization	$ 400
Date acquired	2006
Other \| Other Property
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	3,766
Cost capitalized subsequent to acquisition	726
Gross amount at which carried at close of period
Land	0
Buildings and improvements	4,492
Total	4,492
Accumulated depreciation and amortization	$ 972
Date acquired	2005
Other \| New York \| MMPI Piers
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	0
Cost capitalized subsequent to acquisition	14,663
Gross amount at which carried at close of period
Land	0
Buildings and improvements	14,663
Total	14,663
Accumulated depreciation and amortization	$ 1,916
Date acquired	2008
Other \| Illinois
Real Estate And Accumulated Depreciation
Encumbrances	$ 675,000
Initial cost to company
Land	69,694
Buildings and improvements	319,146
Cost capitalized subsequent to acquisition	368,353
Gross amount at which carried at close of period
Land	69,701
Buildings and improvements	687,492
Total	757,193
Accumulated depreciation and amortization	259,808
Other \| Illinois \| the Mart, Chicago
Real Estate And Accumulated Depreciation
Encumbrances	675,000
Initial cost to company
Land	64,528
Buildings and improvements	319,146
Cost capitalized subsequent to acquisition	368,328
Gross amount at which carried at close of period
Land	64,535
Buildings and improvements	687,467
Total	752,002
Accumulated depreciation and amortization	$ 259,808
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
Cost capitalized subsequent to acquisition	25
Gross amount at which carried at close of period
Land	5,166
Buildings and improvements	25
Total	5,191
Accumulated depreciation and amortization	$ 0
Date acquired	1998

SEC Schedule III Rollforward of Real Estate Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reconciliation Of Carrying Amount Of Real Estate Investments Roll Forward
Real estate, Balance at beginning period	$ 18,090,137	$ 16,822,358	$ 15,392,968
Gross real estate balance at year end	19,195,201	18,391,542	16,966,657
Less: Assets sold and written-off and deconsolidated	855,243	301,405	144,299
Real estate, Balance at end of period	18,339,958	18,090,137	16,822,358
Reconciliation Of Real Estate Accumulated Depreciation Roll Forward
Accumulated Depreciation, Balance at beginning of period	3,418,267	3,161,633	2,829,862
Additions charged to operating expenses	478,788	459,612	461,689
Real Estate Accumulated Depreciation	3,897,055	3,621,245	3,291,551
Less: Accumulated depreciation on assets sold and written-off and deconsolidated	383,481	202,978	129,918
Accumulated Depreciation, Balance at end of period	3,513,574	3,418,267	3,161,633
Land
Reconciliation Of Carrying Amount Of Real Estate Investments Roll Forward
Additions during the period: Land	30,805	281,048	225,536
Building Improvements
Reconciliation Of Carrying Amount Of Real Estate Investments Roll Forward
Additions during the period: Buildings & improvements	$ 1,074,259	$ 1,288,136	$ 1,348,153