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Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2018 shares
Document and Entity Information
Entity Registrant Name	VORNADO REALTY TRUST
Entity Central Index Key	0000899689
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q3
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	190,285,799
Entity Trading Symbol	vno
Entity Emerging Growth Company	false
Entity Small Business	false
Vornado Realty L.P.
Document and Entity Information
Entity Registrant Name	VORNADO REALTY LP
Entity Central Index Key	0001040765
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q3
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	0
Entity Emerging Growth Company	false
Entity Small Business	false

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Real estate, at cost:
Land	$ 3,306,264	$ 3,143,648
Buildings and improvements	10,083,313	9,898,605
Development costs and construction in progress	1,579,628	1,615,101
Leasehold improvements and equipment	106,945	98,941
Total	15,076,150	14,756,295
Less accumulated depreciation and amortization	(3,109,361)	(2,885,283)
Real estate, net	11,966,789	11,871,012
Cash and cash equivalents	772,524	1,817,655
Restricted cash	147,286	97,157
Marketable securities	157,951	182,752
Tenant and other receivables, net of allowance for doubtful accounts of $3,935 and $5,526	69,796	58,700
Investments in partially owned entities	909,440	1,056,829
Real estate fund investments	369,767	354,804
220 Central Park South condominium units ready for sale	307,552	0
Receivable arising from the straight-lining of rents, net of allowance of $1,705 and $954	937,294	926,711
Deferred leasing costs, net of accumulated amortization of $202,480 and $191,827	443,350	403,492
Identified intangible assets, net of accumulated amortization of $167,861 and $150,837	139,994	159,260
Assets related to discontinued operations	74	1,357
Other assets	456,203	468,205
Assets	16,678,020	17,397,934
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Mortgages payable, net	8,119,075	8,137,139
Senior unsecured notes, net	843,710	843,614
Unsecured term loan, net	749,874	748,734
Unsecured revolving credit facilities	80,000	0
Accounts payable and accrued expenses	415,531	415,794
Deferred revenue	176,211	227,069
Deferred compensation plan	102,281	109,177
Liabilities related to discontinued operations	205	3,620
Preferred shares/units redeemed on January 4 and 11, 2018	0	455,514
Other liabilities	229,042	464,635
Total liabilities	10,715,929	11,405,296
Commitments and contingencies
Redeemable noncontrolling interests / partnership units
Class A units - 12,591,157 and 12,528,899 units outstanding	919,154	979,509
Series D cumulative redeemable preferred units - 177,101 units outstanding	5,428	5,428
Total redeemable noncontrolling interests / partnership units	924,582	984,937
Vornado's shareholders' equity:
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 36,798,580 and 36,799,573 shares	891,294	891,988
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 190,285,799 and 189,983,858 shares	7,589	7,577
Additional capital	7,580,463	7,492,658
Earnings less than distributions	(4,135,602)	(4,183,253)
Accumulated other comprehensive income	34,173	128,682
Total Vornado shareholders' equity	4,377,917	4,337,652
Noncontrolling interests in consolidated subsidiaries	659,592	670,049
Total equity	5,037,509	5,007,701
Total liabilities, redeemable noncontrolling interests / partnership units and equity	16,678,020	17,397,934
Vornado Realty L.P.
Real estate, at cost:
Land	3,306,264	3,143,648
Buildings and improvements	10,083,313	9,898,605
Development costs and construction in progress	1,579,628	1,615,101
Leasehold improvements and equipment	106,945	98,941
Total	15,076,150	14,756,295
Less accumulated depreciation and amortization	(3,109,361)	(2,885,283)
Real estate, net	11,966,789	11,871,012
Cash and cash equivalents	772,524	1,817,655
Restricted cash	147,286	97,157
Marketable securities	157,951	182,752
Tenant and other receivables, net of allowance for doubtful accounts of $3,935 and $5,526	69,796	58,700
Investments in partially owned entities	909,440	1,056,829
Real estate fund investments	369,767	354,804
220 Central Park South condominium units ready for sale	307,552	0
Receivable arising from the straight-lining of rents, net of allowance of $1,705 and $954	937,294	926,711
Deferred leasing costs, net of accumulated amortization of $202,480 and $191,827	443,350	403,492
Identified intangible assets, net of accumulated amortization of $167,861 and $150,837	139,994	159,260
Assets related to discontinued operations	74	1,357
Other assets	456,203	468,205
Assets	16,678,020	17,397,934
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Mortgages payable, net	8,119,075	8,137,139
Senior unsecured notes, net	843,710	843,614
Unsecured term loan, net	749,874	748,734
Unsecured revolving credit facilities	80,000	0
Accounts payable and accrued expenses	415,531	415,794
Deferred revenue	176,211	227,069
Deferred compensation plan	102,281	109,177
Liabilities related to discontinued operations	205	3,620
Preferred shares/units redeemed on January 4 and 11, 2018	0	455,514
Other liabilities	229,042	464,635
Total liabilities	10,715,929	11,405,296
Commitments and contingencies
Redeemable noncontrolling interests / partnership units
Class A units - 12,591,157 and 12,528,899 units outstanding	919,154	979,509
Series D cumulative redeemable preferred units - 177,101 units outstanding	5,428	5,428
Total redeemable noncontrolling interests / partnership units	924,582	984,937
Vornado's shareholders' equity:
Partners' capital	8,479,346	8,392,223
Earnings less than distributions	(4,135,602)	(4,183,253)
Accumulated other comprehensive income	34,173	128,682
Total Vornado shareholders' equity	4,377,917	4,337,652
Noncontrolling interests in consolidated subsidiaries	659,592	670,049
Total equity	5,037,509	5,007,701
Total liabilities, redeemable noncontrolling interests / partnership units and equity	$ 16,678,020	$ 17,397,934

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
ASSETS
Tenant and other receivables, allowance for doubtful accounts	$ 3,935	$ 5,526
Receivable arising from the straight-lining of rents, allowance	1,705	954
Deferred leasing costs, accumulated amortization	202,480	191,827
Identified intangible assets, accumulated amortization	$ 167,861	$ 150,837
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Preferred shares of beneficial interest: par value per share (in dollars per share)	$ 0	$ 0
Preferred shares of beneficial interest: authorized shares	110,000,000	110,000,000
Preferred shares of beneficial interest: issued shares	36,798,580	36,799,573
Preferred shares of beneficial interest: outstanding shares	36,798,580	36,799,573
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	190,285,799	189,983,858
Common shares of beneficial interest: outstanding shares	190,285,799	189,983,858
Class A Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Outstanding Partnership Units held by Third Parties	12,591,157	12,528,899
Cumulative Redeemable Preferred Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Outstanding Partnership Units held by Third Parties	177,101	177,101
Vornado Realty L.P.
ASSETS
Tenant and other receivables, allowance for doubtful accounts	$ 3,935	$ 5,526
Receivable arising from the straight-lining of rents, allowance	1,705	954
Deferred leasing costs, accumulated amortization	202,480	191,827
Identified intangible assets, accumulated amortization	$ 167,861	$ 150,837
Vornado Realty L.P. \| Class A Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Outstanding Partnership Units held by Third Parties	12,591,157	12,528,899
Vornado Realty L.P. \| Cumulative Redeemable Preferred Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Outstanding Partnership Units held by Third Parties	177,101	177,101

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
REVENUES:
Property rentals	$ 437,560	$ 432,062	$ 1,322,265	$ 1,275,597
Tenant expense reimbursements	66,387	63,401	185,009	174,091
Fee and other income	38,101	33,292	113,029	98,212
EXPENSES:
Operating	235,575	225,226	709,158	661,585
Depreciation and amortization	113,169	104,972	333,701	315,223
General and administrative	31,977	34,286	108,937	115,866
Expense from deferred compensation plan liability	1,861	1,975	3,534	5,233
Transaction related costs and other	2,510	61	16,683	1,073
Total expenses	385,092	366,520	1,172,013	1,098,980
Operating income	156,956	162,235	448,290	448,920
Income (loss) from partially owned entities	7,206	(41,801)	6,059	5,578
Loss from real estate fund investments	(190)	(6,308)	(37,973)	(1,649)
Interest and other investment income, net	2,893	7,331	9,401	22,567
Income from deferred compensation plan assets	1,861	1,975	3,534	5,233
Interest and debt expense	(88,951)	(85,068)	(264,774)	(252,581)
Net gains on disposition of wholly owned and partially owned assets	141,269	0	164,828	501
Income before income taxes	221,044	38,364	329,365	228,569
Income tax expense	(1,943)	(1,188)	(4,964)	(3,491)
Income from continuing operations	219,101	37,176	324,401	225,078
Income (loss) from discontinued operations	61	(47,930)	381	(14,501)
Net income (loss)	219,162	(10,754)	324,782	210,577
Less net (income) loss attributable to noncontrolling interests in Consolidated subsidiaries	(3,312)	(4,022)	31,137	(18,436)
Operating Partnership	(12,671)	1,878	(18,992)	(9,057)
Net income (loss) attributable to Vornado / Vornado Realty L.P.	203,179	(12,898)	336,927	183,084
Preferred share dividends / unit distributions	(12,534)	(16,128)	(38,103)	(48,386)
Preferred share / unit issuance costs	0	0	(14,486)	0
NET INCOME (LOSS) attributable to common shareholders / Class A unitholders	$ 190,645	$ (29,026)	$ 284,338	$ 134,698
INCOME (LOSS) PER COMMON SHARE – BASIC:
Income from continuing operations, net (in dollars per share)	$ 1.00	$ 0.09	$ 1.50	$ 0.78
Loss from discontinued operations, net (in dollars per share)	0.00	(0.24)	0.00	(0.07)
Net income (loss) per common share (in dollars per share)	$ 1.00	$ (0.15)	$ 1.50	$ 0.71
Weighted average shares outstanding, basic	190,245	189,593	190,176	189,401
INCOME (LOSS) PER COMMON SHARE – DILUTED:
Income from continuing operations, net (in dollars per share)	$ 1.00	$ 0.09	$ 1.49	$ 0.78
Loss from discontinued operations, net (in dollars per share)	0.00	(0.24)	0.00	(0.07)
Net income (loss) per common share (in dollars per share)	$ 1.00	$ (0.15)	$ 1.49	$ 0.71
Weighted average shares outstanding, diluted	191,327	190,847	191,292	191,257
INCOME (LOSS) PER CLASS A UNIT – DILUTED:
DIVIDENDS PER COMMON SHARE (in dollars per share)	$ 0.63	$ 0.60	$ 1.89	$ 2.02
Vornado Realty L.P.
REVENUES:
Property rentals	$ 437,560	$ 432,062	$ 1,322,265	$ 1,275,597
Tenant expense reimbursements	66,387	63,401	185,009	174,091
Fee and other income	38,101	33,292	113,029	98,212
EXPENSES:
Operating	235,575	225,226	709,158	661,585
Depreciation and amortization	113,169	104,972	333,701	315,223
General and administrative	31,977	34,286	108,937	115,866
Expense from deferred compensation plan liability	1,861	1,975	3,534	5,233
Transaction related costs and other	2,510	61	16,683	1,073
Total expenses	385,092	366,520	1,172,013	1,098,980
Operating income	156,956	162,235	448,290	448,920
Income (loss) from partially owned entities	7,206	(41,801)	6,059	5,578
Loss from real estate fund investments	(190)	(6,308)	(37,973)	(1,649)
Interest and other investment income, net	2,893	7,331	9,401	22,567
Income from deferred compensation plan assets	1,861	1,975	3,534	5,233
Interest and debt expense	(88,951)	(85,068)	(264,774)	(252,581)
Net gains on disposition of wholly owned and partially owned assets	141,269	0	164,828	501
Income before income taxes	221,044	38,364	329,365	228,569
Income tax expense	(1,943)	(1,188)	(4,964)	(3,491)
Income from continuing operations	219,101	37,176	324,401	225,078
Income (loss) from discontinued operations	61	(47,930)	381	(14,501)
Net income (loss)	219,162	(10,754)	324,782	210,577
Less net (income) loss attributable to noncontrolling interests in Consolidated subsidiaries	(3,312)	(4,022)	31,137	(18,436)
Operating Partnership			(18,992)	(9,057)
Net income (loss) attributable to Vornado / Vornado Realty L.P.	215,850	(14,776)	355,919	192,141
Preferred share dividends / unit distributions	(12,582)	(16,176)	(38,248)	(48,531)
Preferred share / unit issuance costs	0	0	(14,486)	0
NET INCOME (LOSS) attributable to common shareholders / Class A unitholders	$ 203,268	$ (30,952)	$ 303,185	$ 143,610
INCOME (LOSS) PER CLASS A UNIT – BASIC:
Income from continuing operations, net (in dollars per unit)	$ 1.00	$ 0.08	$ 1.49	$ 0.77
Loss from discontinued operations, net (in dollars per unit)	0.00	(0.24)	0.00	(0.07)
Net income (loss) per Class A unit (in dollars per unit)	$ 1.00	$ (0.16)	$ 1.49	$ 0.70
Weighted average units outstanding, basic (in shares)	202,103	201,300	202,033	201,093
INCOME (LOSS) PER CLASS A UNIT – DILUTED:
Income from continuing operations, net (in dollars per unit)	$ 0.99	$ 0.08	$ 1.48	$ 0.76
Loss from discontinued operations, net (in dollars per unit)	0.00	(0.24)	0.00	(0.07)
Net income (loss) per Class A unit (in dollars per unit)	$ 0.99	$ (0.16)	$ 1.48	$ 0.69
Weighted average units outstanding, diluted (in shares)	203,594	203,113	203,400	203,311
DISTRIBUTIONS PER CLASS A UNIT (in dollars per share)	$ 0.63	$ 0.60	$ 1.89	$ 2.02
Real Estate
REVENUES:
Total revenues	$ 542,048	$ 528,755	$ 1,620,303	$ 1,547,900
Real Estate \| Vornado Realty L.P.
REVENUES:
Total revenues	$ 542,048	$ 528,755	$ 1,620,303	$ 1,547,900

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net income (loss)	$ 219,162	$ (10,754)	$ 324,782	$ 210,577
Other comprehensive income (loss):
Pro rata share of other comprehensive income (loss) of nonconsolidated subsidiaries	253	(626)	989	(1,657)
Increase (reduction) in unrealized net gain on available-for-sale securities	0	5,656	0	(10,559)
Pro rata share of amounts reclassified from accumulated other comprehensive (loss) income of a nonconsolidated subsidiary	0	(646)	0	8,622
Increase in value of interest rate swaps and other	623	1,973	13,789	6,611
Comprehensive income (loss)	220,038	(4,397)	339,560	213,594
Less comprehensive (income) loss attributable to noncontrolling interests	(16,037)	(2,539)	11,232	(27,681)
Comprehensive income (loss) attributable to Vornado / Vornado Realty L.P.	204,001	(6,936)	350,792	185,913
Vornado Realty L.P.
Net income (loss)	219,162	(10,754)	324,782	210,577
Other comprehensive income (loss):
Pro rata share of other comprehensive income (loss) of nonconsolidated subsidiaries	253	(626)	989	(1,657)
Increase (reduction) in unrealized net gain on available-for-sale securities	0	5,656	0	(10,559)
Pro rata share of amounts reclassified from accumulated other comprehensive (loss) income of a nonconsolidated subsidiary	0	(646)	0	8,622
Increase in value of interest rate swaps and other	623	1,973	13,789	6,611
Comprehensive income (loss)	220,038	(4,397)	339,560	213,594
Less comprehensive (income) loss attributable to noncontrolling interests	(3,312)	(4,022)	31,137	(18,436)
Comprehensive income (loss) attributable to Vornado / Vornado Realty L.P.	$ 216,726	$ (8,419)	$ 370,697	$ 195,158

Consolidated Statements of Changes in Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	JBGS	Real estate fund investments	Other	Preferred Units	Common Shares	Additional Capital	Earnings Less Than Distributions	Earnings Less Than Distributions JBGS	Accumulated Other Comprehensive Income	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. JBGS	Vornado Realty L.P. Real estate fund investments	Vornado Realty L.P. Other	Vornado Realty L.P. Preferred Units	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 JBGS	Vornado Realty L.P. Accumulated Other Comprehensive Income	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	Series G & I Preferred Stock	Series G & I Preferred Stock Vornado Realty L.P.	Series G & I Preferred Stock Vornado Realty L.P. Earnings Less Than Distributions
Beginning balance, shares at Dec. 31, 2016					42,825	189,101												42,825	189,101
Beginning 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
Net income (loss) attributable to Vornado / Vornado Realty L.P.	183,084							183,084						192,141						192,141
Net income attributable to redeemable partnership units	(9,057)													(9,057)						(9,057)
Net income attributable to noncontrolling interests in consolidated subsidiaries	18,436		$ 9,684								18,436			18,436									18,436
Dividends on common shares	(382,552)							(382,552)
Distributions to Vornado														(382,552)						(382,552)
Dividends on preferred shares / Distributions to preferred unitholders	(48,386)							(48,386)						(48,386)						(48,386)
Common shares issued: / Class A Units issued to Vornado
Upon redemption of Class A units, at redemption value, shares						349													349
Upon redemption of Class A units, at redemption value, value	34,564					$ 14	34,550							34,564					$ 34,564
Under Vornado's employees' share option plan, shares						409													409
Under Vornado's employees' share option plan, value	23,892					$ 15	23,877							23,892					$ 23,892
Under Vornado's dividend reinvestment plan, shares						12													12
Under Vornado's dividend reinvestment plan, value	1,119					$ 0	1,119							1,119					$ 1,119
Contributions:
Contributions	1,044										1,044			1,044									1,044
Distributions:
Distributions	(25,663)	$ (2,430,427)	(20,851)	$ (1,815)					$ (2,430,427)			$ (20,851)	$ (1,815)		$ (2,430,427)	$ (20,851)	$ (1,815)				$ (2,430,427)			$ (20,851)	$ (1,815)
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, shares					(2)	2												(2)	2
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, value	0				$ (44)	$ 0	44							0				$ (44)	$ 44
Deferred compensation shares and options, shares						1													1
Deferred compensation shares and options, value	1,557					$ 0	1,975	(418)						1,557					$ 1,975	(418)
Reduction in unrealized net gain on available-for-sale securities	(10,559)									(10,559)				(10,559)								(10,559)
Pro rata share of amounts reclassified related to a nonconsolidated subsidiary	8,622									8,622				8,622								8,622
Pro rata share of other comprehensive income (loss) of nonconsolidated subsidiaries	(1,657)									(1,657)				(1,657)								(1,657)
Increase in value of interest rate swaps	6,611									6,611				6,611								6,611
Adjustments to carry redeemable Class A units at redemption value	286,928						286,928							286,928					$ 286,928
Redeemable noncontrolling interests' share of above adjustments	(188)									(188)				(188)								(188)
Other, shares																			4
Other, value	(345)					$ 4	(2)	(46)		0	(297)			(345)					$ (2)	(46)		0	(297)
Ending balance, shares at Sep. 30, 2017					42,823	189,878												42,823	189,878
Ending balance, value at Sep. 30, 2017	5,287,573				$ 1,038,011	$ 7,571	7,501,823	(4,098,127)		121,801	716,494			5,287,573				$ 1,038,011	$ 7,509,394	(4,098,127)		121,801	716,494
Beginning balance, value at Jun. 30, 2017										115,839
Net income (loss) attributable to Vornado / Vornado Realty L.P.	(12,898)													(14,776)
Net income attributable to redeemable partnership units	1,878
Net income attributable to noncontrolling interests in consolidated subsidiaries	4,022		1,486											4,022
Distributions:
Reduction in unrealized net gain on available-for-sale securities	5,656													5,656
Pro rata share of amounts reclassified related to a nonconsolidated subsidiary	(646)													(646)
Pro rata share of other comprehensive income (loss) of nonconsolidated subsidiaries	(626)													(626)
Ending balance, shares at Sep. 30, 2017					42,823	189,878												42,823	189,878
Ending balance, value at Sep. 30, 2017	5,287,573				$ 1,038,011	$ 7,571	7,501,823	(4,098,127)		121,801	716,494			5,287,573				$ 1,038,011	$ 7,509,394	(4,098,127)		121,801	716,494
Cumulative effect of accounting change (see Note 3)	14,519							122,893		(108,374)				14,519						122,893		(108,374)
Beginning balance, shares at Dec. 31, 2017					36,800	189,984												36,800	189,984
Beginning balance, value at Dec. 31, 2017	5,007,701				$ 891,988	$ 7,577	7,492,658	(4,183,253)		128,682	670,049			5,007,701				$ 891,988	$ 7,500,235	(4,183,253)		128,682	670,049
Net income (loss) attributable to Vornado / Vornado Realty L.P.	336,927							336,927						355,919						355,919
Net income attributable to redeemable partnership units	(18,992)													(18,992)						(18,992)
Net income attributable to noncontrolling interests in consolidated subsidiaries	(31,137)		(34,338)								(31,137)			(31,137)									(31,137)
Dividends on common shares	(359,456)							(359,456)
Distributions to Vornado														(359,456)						(359,456)
Dividends on preferred shares / Distributions to preferred unitholders	(38,103)							(38,103)						(38,103)						(38,103)
Preferred share issuance costs	(15,149)				$ (663)			(14,486)										$ (663)								$ (14,486)	$ (15,149)	$ (14,486)
Common shares issued: / Class A Units issued to Vornado
Upon redemption of Class A units, at redemption value, shares						201													201
Upon redemption of Class A units, at redemption value, value	14,089					$ 8	14,081							14,089					$ 14,089
Under Vornado's employees' share option plan, shares						77													77
Under Vornado's employees' share option plan, value	4,226					$ 3	4,223							4,226					$ 4,226
Under Vornado's dividend reinvestment plan, shares						15													15
Under Vornado's dividend reinvestment plan, value	1,036					$ 1	1,035							1,036					$ 1,036
Contributions:
Contributions			46,942	14,577								46,942	14,577			46,942	14,577							46,942	14,577
Distributions:
Distributions	(23,867)		(12,665)	$ (28,173)								$ (12,665)	$ (28,173)			$ (12,665)	$ (28,173)							$ (12,665)	$ (28,173)
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, shares					(1)	2												(1)	2
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, value	0				$ (31)	$ 0	31							0				$ (31)	$ 31
Deferred compensation shares and options, shares						7													7
Deferred compensation shares and options, value	750					$ 0	871	(121)						750					$ 871	(121)
Reduction in unrealized net gain on available-for-sale securities	0													0
Pro rata share of amounts reclassified related to a nonconsolidated subsidiary	0													0
Pro rata share of other comprehensive income (loss) of nonconsolidated subsidiaries	989									989				989								989
Increase in value of interest rate swaps	13,789									13,789				13,789								13,789
Unearned 2015 Out-Performance Plan awards acceleration	9,046						9,046							9,046					9,046
Adjustments to carry redeemable Class A units at redemption value	57,970						57,970							57,970					57,970
Redeemable noncontrolling interests' share of above adjustments	(913)									(913)				(913)								(913)
Other, value	544						548	(3)			(1)			544					$ 548	(3)			(1)
Ending balance, shares at Sep. 30, 2018					36,799	190,286												36,799	190,286
Ending balance, value at Sep. 30, 2018	5,037,509				$ 891,294	$ 7,589	7,580,463	(4,135,602)		34,173	659,592			5,037,509				$ 891,294	$ 7,588,052	(4,135,602)		34,173	659,592
Beginning balance, value at Jun. 30, 2018										33,351
Net income (loss) attributable to Vornado / Vornado Realty L.P.	203,179													215,850
Net income attributable to redeemable partnership units	(12,671)
Net income attributable to noncontrolling interests in consolidated subsidiaries	3,312		$ 558											3,312
Distributions:
Reduction in unrealized net gain on available-for-sale securities	0													0
Pro rata share of amounts reclassified related to a nonconsolidated subsidiary	0													0
Pro rata share of other comprehensive income (loss) of nonconsolidated subsidiaries	253													253
Ending balance, shares at Sep. 30, 2018					36,799	190,286												36,799	190,286
Ending balance, value at Sep. 30, 2018	$ 5,037,509				$ 891,294	$ 7,589	$ 7,580,463	$ (4,135,602)		$ 34,173	$ 659,592			$ 5,037,509				$ 891,294	$ 7,588,052	$ (4,135,602)		$ 34,173	$ 659,592

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash Flows from Operating Activities:
Net income	$ 324,782	$ 210,577
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs)	353,761	407,539
Net gains on disposition of wholly owned and partially owned assets	(164,828)	(501)
Distributions of income from partially owned entities	61,782	65,097
Net realized and unrealized losses on real estate fund investments	33,709	18,537
Amortization of below-market leases, net	(31,480)	(35,446)
Other non-cash adjustments	28,432	43,921
Decrease in fair value of marketable securities	24,801	0
Return of capital from real estate fund investments	20,291	80,294
Straight-lining of rents	(10,279)	(37,752)
Equity in net income of partially owned entities	(6,059)	(6,013)
Net gains on sale of real estate and other	0	(3,797)
Changes in operating assets and liabilities:
Real estate fund investments	(68,950)	0
Tenant and other receivables, net	(11,662)	5,485
Prepaid assets	74,322	(70,949)
Other assets	(122,925)	(27,065)
Accounts payable and accrued expenses	(3,810)	27,609
Other liabilities	(13,849)	(15,911)
Net cash provided by operating activities	488,038	661,625
Cash Flows from Investing Activities:
Acquisitions of real estate and other	(500,225)	(11,841)
Development costs and construction in progress	(274,147)	(274,716)
Proceeds from sales of real estate and related investments	219,731	9,543
Additions to real estate	(163,546)	(207,759)
Distributions of capital from partially owned entities	98,609	347,776
Investments in partially owned entities	(32,728)	(33,578)
Repayment of JBG SMITH Properties loan receivable	0	115,630
Proceeds from repayments of mortgage loans receivable	0	650
Net cash used in investing activities	(652,306)	(54,295)
Cash Flows from Financing Activities:
Redemption of preferred shares / units	(470,000)	0
Dividends paid on common shares / Distributions to Vornado	(359,456)	(382,552)
Proceeds from borrowings	312,763	229,042
Repayments of borrowings	(264,482)	(177,109)
Distributions to noncontrolling interests / Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries	(63,110)	(48,329)
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries	59,924	1,044
Dividends paid on preferred shares / Distributions to preferred unitholders	(42,582)	(48,386)
Debt prepayment and extinguishment costs	(7,451)	(2,944)
Proceeds received from exercise of employee share options and other / Proceeds received from exercise of Vornado stock options and other	5,262	25,011
Repurchase of shares related to stock compensation agreements and related tax withholdings and other	(818)	0
Repurchase of shares / Class A units related to stock compensation agreements and related tax withholdings and other	(784)	(418)
Cash and cash equivalents and restricted cash included in the spin-off of JBG SMITH Properties ($275,000 plus The Bartlett financing proceeds less transaction costs and other mortgage items)	0	(416,237)
Net cash used in financing activities	(830,734)	(820,878)
Net decrease in cash and cash equivalents and restricted cash	(995,002)	(213,548)
Cash and cash equivalents and restricted cash at beginning of period	1,914,812	1,599,331
Cash and cash equivalents and restricted cash at end of period	919,810	1,385,783
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	1,817,655	1,501,027
Restricted cash at beginning of period	97,157	95,032
Restricted cash included in discontinued operations at beginning of period	0	3,272
Cash and cash equivalents and restricted cash at beginning of period	1,914,812	1,599,331
Cash and cash equivalents at end of period	772,524	1,282,230
Restricted cash at end of period	147,286	103,553
Restricted cash included in discontinued operations at end of period	0	0
Cash and cash equivalents and restricted cash at end of period	919,810	1,385,783
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest, excluding capitalized interest of $45,292 and $31,243	245,628	257,173
Cash payments for income taxes	61,047	5,292
Non-Cash Investing and Financing Activities:
Reclassification of condominium units from development costs and construction in progress to 220 Central Park South condominium units ready for sale	307,552	0
Adjustments to carry redeemable Class A units at redemption value	74,185	69,033
Accrued capital expenditures included in accounts payable and accrued expenses	(61,120)	(41,458)
Adjustments to carry redeemable Class A units at redemption value	57,970	286,928
Non-cash distribution to JBG SMITH Properties:
Assets	0	3,432,738
Liabilities	0	(1,414,186)
Equity	0	(2,018,552)
Loan receivable established upon the spin-off of JBG SMITH Properties	0	115,630
Reduction in unrealized net gain on available-for-sale securities	0	(10,559)
Vornado Realty L.P.
Cash Flows from Operating Activities:
Net income	324,782	210,577
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs)	353,761	407,539
Net gains on disposition of wholly owned and partially owned assets	(164,828)	(501)
Distributions of income from partially owned entities	61,782	65,097
Net realized and unrealized losses on real estate fund investments	33,709	18,537
Amortization of below-market leases, net	(31,480)	(35,446)
Other non-cash adjustments	28,432	43,921
Decrease in fair value of marketable securities	24,801	0
Return of capital from real estate fund investments	20,291	80,294
Straight-lining of rents	(10,279)	(37,752)
Equity in net income of partially owned entities	(6,059)	(6,013)
Net gains on sale of real estate and other	0	(3,797)
Changes in operating assets and liabilities:
Real estate fund investments	(68,950)	0
Tenant and other receivables, net	(11,662)	5,485
Prepaid assets	74,322	(70,949)
Other assets	(122,925)	(27,065)
Accounts payable and accrued expenses	(3,810)	27,609
Other liabilities	(13,849)	(15,911)
Net cash provided by operating activities	488,038	661,625
Cash Flows from Investing Activities:
Acquisitions of real estate and other	(500,225)	(11,841)
Development costs and construction in progress	(274,147)	(274,716)
Proceeds from sales of real estate and related investments	219,731	9,543
Additions to real estate	(163,546)	(207,759)
Distributions of capital from partially owned entities	98,609	347,776
Investments in partially owned entities	(32,728)	(33,578)
Repayment of JBG SMITH Properties loan receivable	0	115,630
Proceeds from repayments of mortgage loans receivable	0	650
Net cash used in investing activities	(652,306)	(54,295)
Cash Flows from Financing Activities:
Redemption of preferred shares / units	(470,000)	0
Dividends paid on common shares / Distributions to Vornado	(359,456)	(382,552)
Proceeds from borrowings	312,763	229,042
Repayments of borrowings	(264,482)	(177,109)
Distributions to noncontrolling interests / Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries	(63,110)	(48,329)
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries	59,924	1,044
Dividends paid on preferred shares / Distributions to preferred unitholders	(42,582)	(48,386)
Debt prepayment and extinguishment costs	(7,451)	(2,944)
Proceeds received from exercise of employee share options and other / Proceeds received from exercise of Vornado stock options and other	5,262	25,011
Repurchase of shares related to stock compensation agreements and related tax withholdings and other	(818)	0
Repurchase of shares / Class A units related to stock compensation agreements and related tax withholdings and other	(784)	(418)
Cash and cash equivalents and restricted cash included in the spin-off of JBG SMITH Properties ($275,000 plus The Bartlett financing proceeds less transaction costs and other mortgage items)	0	(416,237)
Net cash used in financing activities	(830,734)	(820,878)
Net decrease in cash and cash equivalents and restricted cash	(995,002)	(213,548)
Cash and cash equivalents and restricted cash at beginning of period	1,914,812	1,599,331
Cash and cash equivalents and restricted cash at end of period	919,810	1,385,783
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	1,817,655	1,501,027
Restricted cash at beginning of period	97,157	95,032
Restricted cash included in discontinued operations at beginning of period	0	3,272
Cash and cash equivalents and restricted cash at beginning of period	1,914,812	1,599,331
Cash and cash equivalents at end of period	772,524	1,282,230
Restricted cash at end of period	147,286	103,553
Restricted cash included in discontinued operations at end of period	0	0
Cash and cash equivalents and restricted cash at end of period	919,810	1,385,783
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest, excluding capitalized interest of $45,292 and $31,243	245,628	257,173
Cash payments for income taxes	61,047	5,292
Non-Cash Investing and Financing Activities:
Reclassification of condominium units from development costs and construction in progress to 220 Central Park South condominium units ready for sale	307,552	0
Adjustments to carry redeemable Class A units at redemption value	74,185	69,033
Accrued capital expenditures included in accounts payable and accrued expenses	(61,120)	(41,458)
Adjustments to carry redeemable Class A units at redemption value	57,970	286,928
Non-cash distribution to JBG SMITH Properties:
Assets	0	3,432,738
Liabilities	0	(1,414,186)
Equity	0	(2,018,552)
Loan receivable established upon the spin-off of JBG SMITH Properties	0	115,630
Reduction in unrealized net gain on available-for-sale securities	$ 0	$ (10,559)

Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Capitalized interest	$ 45,292	$ 31,243
Vornado Realty L.P.
Capitalized interest	45,292	$ 31,243
JBGS
Cash and cash equivalents and restricted cash included in the spin-off of JBG SMITH Properties ($275,000 plus The Bartlett financing proceeds less transaction costs and other mortgage items)	(275,000)
JBGS \| Vornado Realty L.P.
Cash and cash equivalents and restricted cash included in the spin-off of JBG SMITH Properties ($275,000 plus The Bartlett financing proceeds less transaction costs and other mortgage items)	$ (275,000)

Organization	9 Months Ended
Organization	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization 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”). Vornado is the sole general partner of, and owned approximately 93.5% of the common limited partnership interest in, the Operating Partnership as of September 30, 2018. All references to the “Company,” “we,” “us,” and “our” mean collectively Vornado, the Operating Partnership and those entities/subsidiaries consolidated by Vornado.

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2018
Basis of Presentation [Abstract]
Basis Of Presentation	Basis of Presentation The accompanying consolidated financial statements are unaudited and include the accounts of Vornado and the Operating Partnership and their consolidated subsidiaries. All inter-company amounts have been eliminated. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2017, as filed with the SEC. We have made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three and nine months ended September 30, 2018 are not necessarily indicative of the operating results for the full year. Certain prior year balances have been reclassified in order to conform to the current period presentation. For the three and nine months ended September 30, 2017, an expense of $1,975,000 and $5,233,000, respectively, related to the mark-to-market of our deferred compensation plan liability was reclassified from “general and administrative expenses” to “expense from deferred compensation plan liability” and income of $1,975,000 and $5,233,000, respectively, related to the mark-to-market of our deferred compensation plan assets was reclassified from “interest and other investment income, net” to “income from deferred compensation plan assets” on our consolidated statements of income. In addition, for the nine months ended September 30, 2017, an expense of $1,062,000 related to New York City Unincorporated Business Tax was reclassified from “general and administrative expenses” to “income tax expense” on our consolidated statements of income.

Recently Issued Accounting Literature

9 Months Ended

Sep. 30, 2018

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

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, as amended by subsequent ASUs on the topic, 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. This standard, which is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2017, requires an entity to recognize revenue to depict the transfer of 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. We adopted this standard effective January 1, 2018 using the modified retrospective method applied to all existing contracts not yet completed as of January 1, 2018 and recorded a $14,519,000 cumulative-effect adjustment to beginning accumulated deficit. The adoption of ASC 606 did not have a material impact on our financial statements (see Note 4 - Revenue Recognition).


3.	Recently Issued Accounting Literature - continued

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. ASU 2016-01 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. We adopted this update effective January 1, 2018 using the modified retrospective approach. While the adoption of this update requires us to continue to measure “marketable securities” at fair value on each reporting date, the changes in fair value will be recognized in current period earnings as opposed to “other comprehensive income (loss).” As a result, on January 1, 2018 we recorded a decrease to beginning accumulated deficit of $111,225,000 to recognize the unrealized gains previously recorded in “accumulated other comprehensive income” on our consolidated balance sheets. Subsequent changes in the fair value of our marketable securities will be recorded to “interest and other investment income, net” on our consolidated statements of income. For the three and nine months ended September 30, 2018, we recorded a decrease of $7,699,000 and $24,801,000, respectively, in the fair value of our marketable securities which is included in “interest and other investment income, net” on our consolidated statements of income.

In February 2016, the FASB issued an update (“ASU 2016-02”) establishing ASC Topic 842, Leases, as amended by subsequent ASUs on the topic, 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 two-method 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. The accounting applied by the lessor is largely unchanged from that applied under the existing lease standard. We are currently evaluating the overall impact of the adoption of ASU 2016-02 on our consolidated financial statements and believe that the standard will more significantly impact the accounting for leases in which we are a lessee. We have a number of ground leases, which are classified as operating leases, for which we will be required to record a right-of-use asset and lease liability equal to the present value of the remaining minimum lease payments, and will continue to recognize expense on a straight-line basis upon adoption of this standard. Under ASU 2016-02, initial direct costs for both lessees and lessors would include only those costs that are incremental to the arrangement and would not have been incurred if the lease had not been obtained. As a result, we will no longer be able to capitalize internal leasing costs and instead will be required to expense these costs as incurred. During the three and nine months ended September 30, 2018 and 2017, we capitalized internal leasing costs of $1,444,000 and $1,280,000, and $3,883,000 and $3,494,000 respectively, excluding our former Washington, DC segment which was spun-off on July 17, 2017. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018, with early adoption permitted. In July 2018, the FASB issued an update ("ASU 2018-11") Leases: Targeted improvements, which provides companies with an additional transition option that would permit the application of ASU 2016-02 as of the adoption date rather than to all periods presented. We plan to utilize this transition option when we adopt this standard on January 1, 2019 and plan to elect to use the transition practical expedients package available to us under the new standard.

In February 2017, the FASB issued an update (“ASU 2017-05”) Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets to ASC Subtopic 610-20, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets. ASU 2017-05 clarifies the scope of recently established guidance on nonfinancial asset derecognition, as well as the accounting for partial sales of nonfinancial assets. This update conforms the derecognition guidance on nonfinancial assets with the model for transactions in ASC 606. ASU 2017-05 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. We adopted this update on January 1, 2018 using the modified retrospective approach applied to all contracts not yet completed. The adoption of this update did not have a material impact on our consolidated financial statements.

In May 2017, the FASB issued an update (“ASU 2017-09”) Scope of Modification Accounting to ASC Topic 718, Compensation - Stock Compensation (“ASC 718”). ASU 2017-09 provides guidance about which changes to the terms and conditions of a share-based payment award require an entity to apply modification accounting in ASC 718. ASU 2017-09 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. The adoption of this update on January 1, 2018 did not have a material impact on our consolidated financial statements.


3.	Recently Issued Accounting Literature - continued

In August 2017, the FASB issued an update (“ASU 2017-12”) Targeted Improvements to Accounting for Hedging Activities to ASC Topic 815, Derivatives and Hedging (“ASC 815”). ASU 2017-12 amends the hedge accounting recognition and presentation requirements in ASC 815. The update is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting and increase transparency as to the scope and results of hedge programs. ASU 2017-12 requires subsequent changes in fair value of a hedging instrument that has been designated and qualifies as a cash flow hedge to be recognized as a component of “other comprehensive income (loss).” ASU 2017-12 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2018, with early adoption permitted. We early adopted ASU 2017-12 on January 1, 2018 using the modified retrospective approach. The adoption of this update did not have a material impact on our consolidated financial statements.

In August 2018, the FASB issued an update (“ASU 2018-13”) Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement to ASC Topic 820, Fair Value Measurement (“ASC 820”). ASU 2018-13 modifies the disclosure requirements for fair value measurements by removing, modifying, and/or adding certain disclosures. ASU 2018-13 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2019. An entity is permitted to early adopt by modifying existing disclosures and delay adoption of the additional disclosures until the effective date. We are currently evaluating the impact of the adoption of this update on our consolidated financial statements and disclosures.

Revenue Recognition

9 Months Ended

Sep. 30, 2018

Revenue from Contract with Customer [Abstract]

Revenue Recognition

On January 1, 2018, we adopted ASC 606 which 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. This standard requires us to recognize for certain of our revenue sources the transfer of promised goods or services to customers in an amount that reflects the consideration we are entitled to in exchange for those goods or services. We adopted this standard effective January 1, 2018 using the modified retrospective method applied to all existing contracts not yet completed as of January 1, 2018 and recorded a $14,519,000 cumulative-effect adjustment to beginning accumulated deficit. The adoption of ASC 606 did not have a material impact on our consolidated financial statements.

Our revenues primarily consist of property rentals, tenant expense reimbursements, and fee and other income. We operate in two reportable segments: New York and Other, with a significant portion of our revenues included in the “New York” segment. We have the following revenue sources and revenue recognition policies:

•

Base rent is revenue 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. 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.


•	Hotel revenue arising from the operation of Hotel Pennsylvania consists of room revenue, food and beverage revenue, and banquet revenue. Room revenue is recognized when rooms are occupied. Food and beverage and banquet revenue are recognized when the services have been transferred.


•	Trade shows revenue arising from the operation of trade shows is primarily booth rentals. This revenue is recognized upon the occurrence of the trade shows.


•	Operating expense reimbursements is 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 common areas of our properties. Revenue is recognized in the same period as the related expenses are incurred.


•	Tenant services is revenue arising from sub-metered electric, elevator, trash removal and other services provided to tenants at their request. This revenue is recognized as the services are transferred.

•

Fee and other income includes management, leasing and other revenue arising from contractual agreements with third parties or with partially owned entities, and includes Building Maintenance Service (“BMS”) cleaning, engineering and security services. This revenue is recognized as the services are transferred. Fee and other income also includes lease termination fee income which is recognized immediately if a tenant vacates or is recognized on a straight-line basis over the shortened remaining lease term.


4.	Revenue Recognition - continued

Below is a summary of our revenues by segment. Base rent, operating expense reimbursements and lease terminations represent revenues from leases and are recognized in accordance with ASC Topic 840, Leases. Revenues from Hotel Pennsylvania, trade shows, tenant services, BMS cleaning fees, management and leasing fees and other income represent revenues recognized in accordance with ASC 606. Additional financial information related to these reportable segments for the three and nine months ended September 30, 2018 and 2017 is set forth in Note 23 - Segment Information.



(Amounts in thousands)	For the Three Months Ended September 30, 2018								For the Three Months Ended September 30, 2017
	Total		New York		Other				Total		New York		Other
Base rent	$	403,029	$	339,939	$	63,090			$	398,734	$	339,717	$	59,017
Hotel Pennsylvania	26,088		26,088		—				25,421		25,421		—
Trade shows	8,443		—		8,443				7,907		—		7,907
Property rentals	437,560		366,027		71,533				432,062		365,138		66,924
Operating expense reimbursements	50,760		47,361		3,399				47,462		43,796		3,666
Tenant services	15,627		11,696		3,931				15,939		12,188		3,751
Tenant expense reimbursements	66,387		59,057		7,330				63,401		55,984		7,417
BMS cleaning fees	28,873		31,328		(2,455		)	⁽¹⁾	26,429		28,155		(1,726		)	⁽¹⁾
Management and leasing fees	4,734		4,439		295				2,330		2,101		229
Lease termination fees	356		58		298				991		984		7
Other income	4,138		1,537		2,601				3,542		1,247		2,295
Fee and other income	38,101		37,362		739				33,292		32,487		805
Total revenues	$	542,048	$	462,446	$	79,602			$	528,755	$	453,609	$	75,146



(Amounts in thousands)	For the Nine Months Ended September 30, 2018								For the Nine Months Ended September 30, 2017
	Total		New York		Other				Total		New York		Other
Base rent	$	1,215,520	$	1,027,697	$	187,823			$	1,175,692	$	999,875	$	175,817
Hotel Pennsylvania	67,842		67,842		—				63,047		63,047		—
Trade shows	38,903		—		38,903				36,858		—		36,858
Property rentals	1,322,265		1,095,539		226,726				1,275,597		1,062,922		212,675
Operating expense reimbursements	143,412		132,443		10,969				132,828		122,247		10,581
Tenant services	41,597		31,854		9,743				41,263		32,817		8,446
Tenant expense reimbursements	185,009		164,297		20,712				174,091		155,064		19,027
BMS cleaning fees	88,095		94,888		(6,793		)	⁽¹⁾	75,925		80,895		(4,970		)	⁽¹⁾
Management and leasing fees	10,205		9,384		821				7,382		6,593		789
Lease termination fees	1,505		766		739				5,947		5,773		174
Other income	13,224		4,608		8,616				8,958		5,463		3,495
Fee and other income	113,029		109,646		3,383				98,212		98,724		(512		)
Total revenues	$	1,620,303	$	1,369,482	$	250,821			$	1,547,900	$	1,316,710	$	231,190

____________________


(1)	Represents the elimination of intercompany fees from the New York segment upon consolidation.

Acquisitions	9 Months Ended
Acquisitions	Sep. 30, 2018
Business Combinations [Abstract]
Acquisitions	Acquisitions 537 West 26th Street On February 9, 2018, we acquired 537 West 26th Street, a 14,000 square foot commercial property adjacent to our 260 Eleventh Avenue office property, and 55,000 square feet of additional zoning air rights for $44,000,000. 1535 Broadway On July 30, 2012, we entered into a lease with Host Hotels & Resorts, Inc. (NYSE: HST) (“Host”), under which we redeveloped the retail and signage components of the Marriott Times Square Hotel. We accounted for this lease as a “capital lease” and recorded a $240,000,000 capital lease asset and liability. On September 21, 2018, we acquired the retail condominium from Host for $442,000,000 (inclusive of a $240,000,000 capital lease liability). The original lease transaction provided that we would become the 100% owner through a put/call arrangement, based on a pre-negotiated formula. This transaction satisfies the put/call arrangement. Our 100% fee interest includes 45,000 square feet of retail, the 1,611 seat Marquis Theater and the largest digital sign in New York with a 330 linear foot, 25,000 square foot display.

Real Estate Fund Investments

9 Months Ended

Sep. 30, 2018

Real Estate Fund Investments [Abstract]

Real Estate Fund Investments

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

We are 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.

On January 17, 2018, the Fund completed the sale of the retail condominium at 11 East 68th Street, a property located on Madison Avenue and 68th Street, for $82,000,000. From the inception of this investment through its disposition, the Fund realized a $46,259,000 net gain.

In March 2011, a joint venture (the “Joint Venture”) owned 64.7% by the Fund, 30.3% by Vornado and 5.0% by a third party, acquired One Park Avenue for $394,000,000. In connection with the acquisition, the Joint Venture paid $3,000,000 of New York City real property transfer tax (the “Transfer Tax”) and filed a Real Property Tax Return (“RPTR”) with the New York City Department of Finance (the “Department of Finance”). The RPTR was audited by the Department of Finance in 2014 and an increased Transfer Tax was assessed. The Joint Venture appealed the increased Transfer Tax assessment and the Joint Venture's appeal was upheld by a New York City Administrative Law Judge (“ALJ”) in January 2017. The Department of Finance appealed the ALJ's decision and on February 16, 2018 the New York City Tax Appeals Tribunal (the “Tax Tribunal”) reversed the ALJ's decision and assessed $9,491,000 of additional Transfer Tax and $6,764,000 of interest. As a result of the Tax Tribunal's decision, we recorded an expense of $15,608,000, before noncontrolling interests, during the first quarter of 2018, which was subsequently paid on April 5, 2018, in order to permit us to appeal the Tax Tribunal's decision and stop the accrual of interest, of which $10,630,000 is included in “loss from real estate fund investments” and $4,978,000 is included in “income (loss) from partially owned entities” (see Note 8 - Investments in Partially Owned Entities) on our consolidated statements of income for the nine months ended September 30, 2018. We are appealing the Tax Tribunal's decision.

On April 19, 2018, the joint venture between the Fund and the Crowne Plaza Joint Venture completed a $255,000,000 refinancing of the Crowne Plaza Times Square Hotel. The interest-only loan is at LIBOR plus 3.51% (5.66% at September 30, 2018) and matures in May 2020 with three one-year extension options. In connection therewith, the joint venture purchased an interest rate cap that caps LIBOR at a rate of 4.00%. The Crowne Plaza Times Square Hotel was previously encumbered by a $310,000,000 interest-only mortgage at LIBOR plus 2.80%, which was scheduled to mature in December 2018.


6.	Real Estate Fund Investments - continued

As of September 30, 2018, we had four real estate fund investments through the Fund and the Crowne Plaza Joint Venture with an aggregate fair value of $369,767,000, or $44,203,000 in excess of cost, and had remaining unfunded commitments of $50,494,000, of which our share was $16,119,000. At December 31, 2017, we had five real estate fund investments with an aggregate fair value of $354,804,000.

Below is a summary of loss from the Fund and the Crowne Plaza Joint Venture for the three and nine months ended September 30, 2018 and 2017.



(Amounts in thousands)	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2018			2017			2018			2017
Net investment income	$	3,093		$	6,028		$	6,366		$	16,888
Net unrealized loss on held investments	(3,283		)	(11,220		)	(32,796		)	(28,860		)
Net realized gain (loss) on exited investments	—			35,620			(913		)	35,861
Previously recorded unrealized gain on exited investment	—			(36,736		)	—			(25,538		)
Transfer Tax	—			—			(10,630		)	—
Loss from real estate fund investments	(190		)	(6,308		)	(37,973		)	(1,649		)
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries	(558		)	(1,486		)	34,338			(9,684		)
Loss from real estate fund investments attributable to the Operating Partnership (nine months ended September 30, 2018 includes $4,252 of loss related to One Park Avenue potential additional transfer taxes and reduction in carried interest)	(748		)	(7,794		)	(3,635		)	(11,333		)
Less loss attributable to noncontrolling interests in the Operating Partnership	46			485			224			706
Loss from real estate fund investments attributable to Vornado	$	(702	)	$	(7,309	)	$	(3,411	)	$	(10,627	)

Marketable Securities

9 Months Ended

Sep. 30, 2018

Marketable Securities [Abstract]

Marketable Securities

Our portfolio of marketable securities is comprised of equity securities that are presented on our consolidated balance sheets at fair value. On January 1, 2018, we adopted ASU 2016-01, which requires changes in the fair value of our marketable securities to be recorded in current period earnings. Previously, changes in the fair value of marketable securities were recognized in “accumulated other comprehensive income” on our consolidated balance sheets. As a result, on January 1, 2018 we recorded a decrease to beginning accumulated deficit of $111,225,000 to recognize the unrealized gains previously recorded in “accumulated other comprehensive income” on our consolidated balance sheets. Subsequent changes in the fair value of our marketable securities will be recorded to “interest and other investment income, net” on our consolidated statements of income.

Below is a summary of our marketable securities portfolio as of September 30, 2018 and December 31, 2017.



(Amounts in thousands)	Fair Value at				(Decrease) Increase
	September 30, 2018		December 31, 2017		in Fair Value ⁽¹⁾
Equity securities:
Lexington Realty Trust	$	153,292	$	178,226	$	(24,934	)
Other	4,659		4,526		133
	$	157,951	$	182,752	$	(24,801	)

____________________


(1)	The decrease in fair value of our marketable securities for the nine months ended September 30, 2018 is included in “interest and other investment income, net”

on our consolidated statements of income (see Note 19 - Interest and Other Investment Income, Net).

Investments in Partially Owned Entities

9 Months Ended

Sep. 30, 2018

Equity Method Investments and Joint Ventures [Abstract]

Investments in Partially Owned Entities

Alexander’s, Inc. (“Alexander’s”) (NYSE: ALX)

As of September 30, 2018, we own 1,654,068 Alexander’s common shares, or approximately 32.4% of Alexander’s common equity. We manage, lease and develop Alexander’s properties pursuant to agreements which expire in March of each year and are automatically renewable.

As of September 30, 2018, the market value ("fair value" pursuant to ASC 820) of our investment in Alexander’s, based on Alexander’s September 28, 2018 quarter ended closing share price of $343.30, was $567,842,000, or $456,000,000 in excess of the carrying amount on our consolidated balance sheet. As of September 30, 2018, the carrying amount of our investment in Alexander’s, excluding amounts owed to us, exceeds our share of the equity in the net assets of Alexander’s by approximately $39,093,000. 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.

Alexander's paid $3,971,000 of Transfer Tax upon the November 2012 sale of its Kings Plaza Regional Shopping Center located in Brooklyn, New York. Alexander's accrued $23,797,000 of potential additional Transfer Tax and related interest based on the precedent established by the Tax Tribunal's decision regarding One Park Avenue (see Note 6 - Real Estate Fund Investments for details) during the first quarter of 2018 which was subsequently paid on April 5, 2018 in order to preserve Alexander's rights to continue litigation and stop accrual of interest, of which our 32.4% share is $7,708,000 and is included in “income (loss) from partially owned entities” on our consolidated statements of income in the nine months ended September 30, 2018.

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

As of September 30, 2018, we own 5,717,184 UE operating partnership units, representing a 4.5% 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. In 2018 and 2017, we provided UE with information technology support. UE is providing us with leasing and property management services for (i) certain small retail properties that we plan to sell, and (ii) our affiliate, Alexander’s, Rego Park retail assets. As of September 30, 2018, the fair value of our investment in UE, based on UE’s September 28, 2018 quarter ended closing share price of $22.08, was $126,235,000, or $80,837,000 in excess of the carrying amount on our consolidated balance sheet.

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

As of September 30, 2018, we own 6,250,000 PREIT operating partnership units, representing an 7.9% 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 September 30, 2018, the fair value of our investment in PREIT, based on PREIT’s September 28, 2018 quarter ended closing share price of $9.46, was $59,125,000 or $2,389,000 below the carrying amount on our consolidated balance sheet. As of September 30, 2018, the carrying amount of our investment in PREIT exceeds our share of the equity in the net assets of PREIT by approximately $36,096,000. 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.


8.	Investments in Partially Owned Entities - continued

Independence Plaza

We have a 50.1% economic interest in a joint venture that owns Independence Plaza, a three-building 1,327 unit residential complex in the Tribeca submarket of Manhattan. The joint venture paid $1,730,000 of Transfer Tax upon its acquisition of the property in December 2012. The joint venture accrued $13,103,000 of potential additional Transfer Tax and related interest based on the precedent established by the Tax Tribunal's decision regarding One Park Avenue (see Note 6 - Real Estate Fund Investments for details) during the first quarter of 2018, which was subsequently paid on April 5, 2018, in order to preserve the joint venture's rights to continue litigation and stop accrual of interest. Because we consolidate the entity that incurred the potential additional Transfer Tax, $13,103,000 of expense is included in “transaction related costs and other” and $6,538,000 is allocated to “noncontrolling interests in consolidated subsidiaries” on our consolidated statements of income.

On June 11, 2018, the joint venture completed a $675,000,000 refinancing of Independence Plaza. The seven-year interest-only loan matures in July 2025 and has a fixed rate of 4.25%. Our share of net proceeds, after repayment of the existing 3.48% $550,000,000 mortgage and closing costs, was $55,618,000.

Toys "R" Us, Inc. ("Toys")

We own 32.5% of Toys. On September 18, 2017, Toys filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code. In the second quarter of 2018, Toys liquidated the inventory of its U.S. stores and ceased operations. We carry our Toys investment at zero. Further, we do not hold any debt of Toys and do not guarantee any of Toys’ obligations. For income tax purposes, we carry our investment in Toys as of September 30, 2018 at approximately $420,000,000, which could result in a tax deduction in future periods.

666 Fifth Avenue Office Condominium

On August 3, 2018, we completed the sale of our 49.5% interests in the 666 Fifth Avenue Office Condominium. We received net proceeds of $120,000,000 and recognized a financial statement gain of $134,032,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income for the three and nine months ended September 30, 2018. The gain for tax purposes was approximately $244,000,000. We continue to own all of the 666 Fifth Avenue Retail Condominium encompassing the Uniqlo, Tissot and Hollister stores with 125 linear feet of frontage on Fifth Avenue between 52nd and 53rd Street.

Concurrently with the sale of our interests, the existing mortgage loan on the property was repaid and we received net proceeds of $55,244,000 for the participation we held in the mortgage loan. We recognized a financial statement gain of $7,308,000, which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income for the three and nine months ended September 30, 2018.


8.	Investments in Partially Owned Entities - continued

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



(Amounts in thousands)		Percentage Ownership at September 30, 2018	Balance as of
		Percentage Ownership at September 30, 2018	September 30, 2018			December 31, 2017
Investments:
	Partially owned office buildings/land⁽¹⁾	Various	$	502,826		$	504,393
	Alexander’s	32.4%	111,842			126,400
	PREIT	7.9%	61,514			66,572
	UE	4.5%	45,398			46,152
	Other investments⁽²⁾	Various	187,860			313,312
			$	909,440		$	1,056,829

	330 Madison Avenue⁽³⁾	25.0%	$	(57,935	)	$	(53,999	)
	7 West 34th Street ⁽⁴⁾	53.0%	(49,647		)	(47,369		)
			$	(107,582	)	$	(101,368	)

____________________


(1)	Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 512 West 22nd Street, 85 Tenth Avenue, 61 Ninth Avenue and others.


(2)	Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, Rosslyn Plaza, 50-70 West 93rd Street, Moynihan Office Building and others.


(3)	Our negative basis resulted from a refinancing distribution and is included in “other liabilities” on our consolidated balance sheets.


(4)	Our negative basis resulted from a deferred gain from the sale of a 47.0% ownership interest in the property on May 27, 2016 and is included in “other liabilities” on our consolidated balance sheets.

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



(Amounts in thousands)		Percentage Ownership at September 30, 2018	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
		Percentage Ownership at September 30, 2018	2018			2017			2018			2017
Our share of net income (loss):
	Alexander's (see page 26 for details):
	Equity in net income⁽¹⁾	32.4%	$	4,278		$	6,510		$	7,215		$	20,092
	Management, leasing and development fees		1,149			1,335			3,378			4,351
			5,427			7,845			10,593			24,443

	UE (see page 26 for details):
	Equity in net income⁽²⁾	4.5%	2,696			5,908			3,017			25,793
	Management, leasing and development fees		67			100			217			518
			2,763			6,008			3,234			26,311

	Partially owned office buildings⁽³⁾	Various	735			(967		)	(1,546		)	79

	PREIT (see page 26 for details)⁽⁴⁾	7.9%	(616		)	(49,748		)	(2,113		)	(53,480		)

	Other investments⁽⁵⁾	Various	(1,103		)	(4,939		)	(4,109		)	8,225

			$	7,206		$	(41,801	)	$	6,059		$	5,578

____________________

(1)

The three and nine months ended September 30, 2018 include our $1,085 share of a non-cash straight-line rent write-off adjustment related to Sears Roebuck and Co. which filed for Chapter 11 bankruptcy relief and our $518 share of Alexander’s litigation expense due to a settlement. The nine months ended September 30, 2018 also includes our $7,708 share of Alexander's potential additional Transfer Tax, our $3,162 share of higher interest expense due to an increase in average LIBOR and higher average mortgage balances due to a refinancing and our $1,802 share of expense related to the change in fair value of marketable securities held by Alexander’s.


(2)	The three and nine months ended September 30, 2017 include $5,200 and $21,100, respectively, of net gain resulting from UE operating partnership unit issuances.


(3)	Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 7 West 34th Street, 330 Madison Avenue, 512 West 22nd Street, 85 Tenth Avenue and others. The nine month period ended September 30, 2018 includes our $4,978 share of potential additional Transfer Tax related to the March 2011 acquisition of One Park Avenue (see Note 6 - Real Estate Fund Investments).


(4)	The three and nine months ended September 30, 2017 include a $44,465 non-cash impairment loss.

(5)

Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, Rosslyn Plaza, 50-70 West 93rd Street, 666 Fifth Avenue Office Condominium (sold on August 3, 2018) and others. In the nine months ended September 30, 2017, we recognized $26,687 of net gains, comprised of $15,314 representing our share of a net gain on the sale of Suffolk Downs and $11,373 representing the net gain on repayment of our debt investments in Suffolk Downs JV.

220 Central Park South	9 Months Ended
220 Central Park South	Sep. 30, 2018
Real Estate [Abstract]
220 Central Park South	220 Central Park South We are constructing a residential condominium tower containing 397,000 salable square feet at 220 Central Park South (“220 CPS”). The development cost of this project (exclusive of land cost of $515,400,000) is estimated to be approximately $1.4 billion, of which $1.1 billion has been expended as of September 30, 2018. For income tax purposes, we recognize revenue associated with our 220 CPS project using the percentage of completion method. On May 25, 2018, the 220 CPS condominium offering plan was declared effective by the Attorney General of the State of New York. During the quarter ended September 30, 2018, we paid $52,200,000 for estimated Federal, state and local income taxes due, which is included in "other assets" on our consolidated balance sheet as of September 30, 2018. GAAP revenue associated with our 220 CPS project is recognized when our performance obligation is deemed satisfied at a point in time when legal title transfers upon closing of the condominium unit sales. In August 2018, we received a temporary certificate of occupancy for certain units, representing approximately 16% of the total development cost, where construction has been substantially completed. Accordingly, at September 30, 2018, the development cost of these units aggregating $307,552,000 has been reclassed from “development costs and construction in progress” to "220 Central Park South condominium units ready for sale" on our consolidated balance sheet as of September 30, 2018.

Dispositions

9 Months Ended

Sep. 30, 2018

Discontinued Operations and Disposal Groups [Abstract]

Dispositions

New York

On June 21, 2018, we completed the $45,000,000 sale of 27 Washington Square North, which resulted in a net gain of $23,559,000 which is included in “net gains on disposition of wholly owned and partially owned assets” on our consolidated statements of income. We acquired the property in December 2015 for $20,000,000.

Discontinued Operations

We have reclassified the revenues and expenses of our former Washington, DC segment which was spun off on July 17, 2017 and other related retail assets that were sold to “income (loss) from discontinued operations” and the related assets and liabilities to “assets related to discontinued operations” and “liabilities related to discontinued operations” for all periods presented in the accompanying financial statements. The tables below set forth the assets and liabilities related to discontinued operations as of September 30, 2018 and December 31, 2017, and their combined results of operations and cash flows for the three and nine months ended September 30, 2018 and 2017.



(Amounts in thousands)	Balance as of
	September 30, 2018		December 31, 2017
Assets related to discontinued operations:
Other assets	$	74	$	1,357

Liabilities related to discontinued operations:
Other liabilities	$	205	$	3,620



(Amounts in thousands)	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2018		2017			2018			2017
Income (loss) from discontinued operations:
Total revenues	$	174	$	25,747		$	867		$	260,969
Total expenses	113		21,708			1,104			211,930
	61		4,039			(237		)	49,039
JBG SMITH Properties ("JBGS") spin-off transaction costs	—		(53,581		)	—			(67,045		)
Additional net gains on sale of real estate	—		1,530			618			3,797
Income from partially-owned entities	—		93			—			435
Pretax income (loss) from discontinued operations	61		(47,919		)	381			(13,774		)
Income tax expense	—		(11		)	—			(727		)
Income (loss) from discontinued operations	$	61	$	(47,930	)	$	381		$	(14,501	)



(Amounts in thousands)	For the Nine Months Ended September 30,
	2018			2017
Cash flows related to discontinued operations:
Cash flows from operating activities	$	(1,751	)	$	39,581
Cash flows from investing activities	—			(48,377		)

Identified Intangible Assets and Liabilities

9 Months Ended

Sep. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Identified Intangible Assets and Liabilities

The following summarizes our identified intangible assets (primarily above-market leases) and liabilities (primarily acquired below-market leases) as of September 30, 2018 and December 31, 2017.



(Amounts in thousands)	Balance as of
	September 30, 2018			December 31, 2017
Identified intangible assets:
Gross amount	$	307,855		$	310,097
Accumulated amortization	(167,861		)	(150,837		)
Total, net	$	139,994		$	159,260
Identified intangible liabilities (included in deferred revenue):
Gross amount	$	508,468		$	530,497
Accumulated amortization	(338,665		)	(324,897		)
Total, net	$	169,803		$	205,600

Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental income of $10,373,000 and $11,054,000 for the three months ended September 30, 2018 and 2017, respectively, and $31,480,000 and $34,758,000 for the nine months ended September 30, 2018 and 2017, 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, 2019 is as follows:



(Amounts in thousands)
2019	$	25,115
2020	24,047
2021	19,313
2022	16,173
2023	13,496

Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $4,822,000 and $6,069,000 for the three months ended September 30, 2018 and 2017, respectively, and $14,557,000 and $19,896,000 for the nine months ended September 30, 2018 and 2017, 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, 2019 is as follows:



(Amounts in thousands)
2019	$	12,902
2020	12,817
2021	11,838
2022	10,286
2023	10,158

We are a tenant under ground leases for certain properties. Amortization of these acquired below-market leases, net of above-market leases, resulted in an increase to rent expense (a component of operating expense) of $437,000 and $437,000 for the three months ended September 30, 2018, and 2017, respectively, and $1,310,000 and $1,310,000 for the nine months ended September 30, 2018 and 2017, respectively. Estimated annual amortization of these below-market leases, net of above-market leases, for each of the five succeeding years commencing January 1, 2019 is as follows:



(Amounts in thousands)
2019	$	1,747
2020	1,747
2021	1,747
2022	1,747
2023	1,747

Debt

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Debt

On January 5, 2018, we completed a $100,000,000 refinancing of 33-00 Northern Boulevard (Center Building), a 471,000 square foot office building in Long Island City, New York. The seven-year loan is at LIBOR plus 1.80%, which was swapped to a fixed rate of 4.14%. We realized net proceeds of approximately $37,200,000 after repayment of the existing 4.43% $59,800,000 mortgage and closing costs.

On August 9, 2018, we completed a $120,000,000 refinancing of 4 Union Square South, a 206,000 square foot Manhattan retail property. The interest-only loan carries a rate of LIBOR plus 1.40% (3.50% as of September 30, 2018) and matures in 2025, as extended. The property was previously encumbered by a $113,000,000 mortgage at LIBOR plus 2.15%, which was scheduled to mature in 2019.

The following is a summary of our debt:



(Amounts in thousands)	Interest Rate at September 30, 2018	Balance as of
	Interest Rate at September 30, 2018	September 30, 2018			December 31, 2017
Mortgages Payable:
Fixed rate	3.53%	$	5,006,360		$	5,461,706
Variable rate	3.99%	3,165,760			2,742,133
Total	3.71%	8,172,120			8,203,839
Deferred financing costs, net and other		(53,045		)	(66,700		)
Total, net		$	8,119,075		$	8,137,139

Unsecured Debt:
Senior unsecured notes	4.21%	$	850,000		$	850,000
Deferred financing costs, net and other		(6,290		)	(6,386		)
Senior unsecured notes, net		843,710			843,614

Unsecured term loan	3.39%	750,000			750,000
Deferred financing costs, net and other		(126		)	(1,266		)
Unsecured term loan, net		749,874			748,734

Unsecured revolving credit facilities	3.15%	80,000			—

Total, net		$	1,673,584		$	1,592,348

Redeemable Noncontrolling Interests / Redeemable Partnership Units

9 Months Ended

Sep. 30, 2018

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interests / Redeemable Partnership Units

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.



(Amounts in thousands)
Balance, December 31, 2016	$	1,278,446
Net income	9,057
Other comprehensive income	188
Distributions	(25,663		)
Redemption of Class A units for Vornado common shares, at redemption value	(34,564		)
Adjustments to carry redeemable Class A units at redemption value (including $224,069 attributable to the spin-off of JBGS)	(286,928		)
Other, net	30,168
Balance, September 30, 2017	$	970,704

Balance, December 31, 2017	$	984,937
Net income	18,992
Other comprehensive income	913
Distributions	(23,867		)
Redemption of Class A units for Vornado common shares, at redemption value	(14,089		)
Adjustments to carry redeemable Class A units at redemption value	(57,970		)
Other, net	15,666
Balance, September 30, 2018	$	924,582

As of September 30, 2018 and December 31, 2017, the aggregate redemption value of redeemable Class A units of the Operating Partnership, which are those units held by third parties, was $919,154,000 and $979,509,000, respectively.

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 Topic 480, Distinguishing Liabilities and Equity, because of their possible settlement by issuing a variable number of Vornado common shares. Accordingly, the fair value of these units is included as a component of “other liabilities” on our consolidated balance sheets and aggregated $50,561,000 as of September 30, 2018 and December 31, 2017. 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/Partners' Capital	9 Months Ended
Shareholders' Equity/Partners' Capital	Sep. 30, 2018
Equity [Abstract]
Shareholders' Equity/Partners' Capital	Shareholders' Equity/Partners' Capital On January 4 and 11, 2018, we redeemed all of the outstanding 6.625% Series G and Series I cumulative redeemable preferred shares/units at their redemption price of $25.00 per share/unit, or $470,000,000 in the aggregate, plus accrued and unpaid dividends/distributions through the date of redemption, and expensed $14,486,000 of previously capitalized issuance costs.

Accumulated Other Comprehensive Income ("AOCI")

9 Months Ended

Sep. 30, 2018

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated other comprehensive income ("AOCI")

Accumulated Other Comprehensive Income (“AOCI”)

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



(Amounts in thousands)	Total			Marketable securities			Pro rata share of nonconsolidated subsidiaries' OCI				Interest rate swaps		Other
For the Three Months Ended September 30, 2018
Balance as of June 30, 2018	$	33,351		$	—		$	2,834			$	39,559	$	(9,042	)
Net current period OCI:
OCI before reclassifications	822			—			253				623		(54		)
Amounts reclassified from AOCI	—			—			—				—		—
	822			—			253				623		(54		)
Balance as of September 30, 2018	$	34,173		$	—		$	3,087			$	40,182	$	(9,096	)

For the Three Months Ended September 30, 2017
Balance as of June 30, 2017	$	115,839		$	114,290		$	(3,821	)		$	12,702	$	(7,332	)
Net current period OCI:
OCI before reclassifications	6,608			5,656			(626		)		1,976		(398		)
Amounts reclassified from AOCI	(646		)	—			(646		)	₍₁₎	—		—
	5,962			5,656			(1,272		)		1,976		(398		)
Balance as of September 30, 2017	$	121,801		$	119,946		$	(5,093	)		$	14,678	$	(7,730	)

For the Nine Months Ended September 30, 2018
Balance as of December 31, 2017	$	128,682		$	109,554		$	3,769			$	23,542	$	(8,183	)

Cumulative effect of accounting change (see Note 3)	(108,374		)	(109,554		)	(1,671		)		2,851		—
Net current period OCI:
OCI before reclassifications	13,865			—			989				13,789		(913		)
Amounts reclassified from AOCI	—			—			—				—		—
	13,865			—			989				13,789		(913		)
Balance as of September 30, 2018	$	34,173		$	—		$	3,087			$	40,182	$	(9,096	)

For the Nine Months Ended September 30, 2017
Balance as of December 31, 2016	$	118,972		$	130,505		$	(12,058	)		$	8,066	$	(7,541	)
Net current period OCI:
OCI before reclassifications	(5,793		)	(10,559		)	(1,657		)		6,612		(189		)
Amounts reclassified from AOCI	8,622			—			8,622			₍₁₎	—		—
	2,829			(10,559		)	6,965				6,612		(189		)
Balance as of September 30, 2017	$	121,801		$	119,946		$	(5,093	)		$	14,678	$	(7,730	)

____________________


(1)	Reclassified upon receipt of proceeds related to the sale of an investment by a nonconsolidated subsidiary.

Variable Interest Entities ("VIEs")	9 Months Ended
Variable Interest Entities ("VIEs")	Sep. 30, 2018
Variable Interest Entities [Abstract]
Variable Interest Entities ("VIEs")	Variable Interest Entities (“VIEs”) Unconsolidated VIEs As of September 30, 2018 and December 31, 2017, 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 8 – Investments in Partially Owned Entities). As of September 30, 2018 and December 31, 2017, the net carrying amount of our investments in these entities was $256,674,000 and $352,925,000, respectively, and our maximum exposure to loss in these entities is limited to the carrying amount of our investments. Consolidated VIEs Our most significant consolidated VIEs are the Operating Partnership (for Vornado), real estate fund investments, and certain properties that have noncontrolling interests. These entities are VIEs because the noncontrolling interests do not have substantive kick-out or participating rights. We consolidate these entities because we control all of their significant business activities. As of September 30, 2018, the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $3,572,362,000 and $1,813,993,000, respectively. As of December 31, 2017, the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $3,561,062,000 and $1,753,798,000, respectively.

Fair Value Measurements

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

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

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

Financial assets and liabilities that are measured at fair value on our consolidated balance sheets consist of (i) 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 sheets), (iv) interest rate swaps and (v) mandatorily redeemable instruments (Series G-1 through G-4 convertible preferred units, Series D-13 cumulative redeemable preferred units, and 6.625% Series G and Series I cumulative redeemable preferred shares/units which were redeemed on January 4 and 11, 2018 (see Note 14 - Shareholders' Equity/Partners' Capital)). The tables below aggregate the fair values of these financial assets and liabilities by their levels in the fair value hierarchy as of September 30, 2018 and December 31, 2017, respectively.



(Amounts in thousands)	As of September 30, 2018
	Total		Level 1		Level 2		Level 3
Marketable securities	$	157,951	$	157,951	$	—	$	—
Real estate fund investments	369,767		—		—		369,767
Deferred compensation plan assets ($10,233 included in restricted cash and $92,048 in other assets)	102,281		63,493		—		38,788
Interest rate swaps (included in other assets)	40,203		—		40,203		—
Total assets	$	670,202	$	221,444	$	40,203	$	408,555

Mandatorily redeemable instruments (included in other liabilities)	$	50,561	$	50,561	$	—	$	—

(Amounts in thousands)	As of December 31, 2017
	Total		Level 1		Level 2		Level 3
Marketable securities	$	182,752	$	182,752	$	—	$	—
Real estate fund investments	354,804		—		—		354,804
Deferred compensation plan assets ($11,545 included in restricted cash and $97,632 in other assets)	109,177		69,049		—		40,128
Interest rate swaps (included in other assets)	27,472		—		27,472		—
Total assets	$	674,205	$	251,801	$	27,472	$	394,932

Mandatorily redeemable instruments ($50,561 included in other liabilities)	$	520,561	$	520,561	$	—	$	—
Interest rate swaps (included in other liabilities)	1,052		—		1,052		—
Total liabilities	$	521,613	$	520,561	$	1,052	$	—


17.	Fair Value Measurements - continued

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

Real Estate Fund Investments

As of September 30, 2018, we had four real estate fund investments with an aggregate fair value of $369,767,000, or $44,203,000 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 0.3 to 4.3 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, 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 as of September 30, 2018 and December 31, 2017.



	Range		Weighted Average (based on fair value of investments)
Unobservable Quantitative Input	September 30, 2018	December 31, 2017	September 30, 2018	December 31, 2017
Discount rates	10.0% to 15.0%	2.0% to 14.9%	13.2%	11.9%
Terminal capitalization rates	5.3% to 6.4%	4.7% to 6.7%	5.6%	5.5%

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 three and nine months ended September 30, 2018 and 2017.



(Amounts in thousands)	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2018			2017			2018			2017
Beginning balance	$	373,039		$	455,692		$	354,804		$	462,132
Net unrealized loss on held investments	(3,283		)	(11,220		)	(32,796		)	(28,860		)
Dispositions	—			(91,606		)	(20,291		)	(91,606		)
Previously recorded unrealized gain on exited investment	—			(36,736		)	—			(25,538		)
Net realized gain (loss) on exited investments	—			35,620			(913		)	35,861
Purchases / additional fundings	—			—			68,950			—
Other, net	11			—			13			(239		)
Ending balance	$	369,767		$	351,750		$	369,767		$	351,750


17.	Fair Value Measurements - continued

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 three and nine months ended September 30, 2018 and 2017.



(Amounts in thousands)	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2018			2017			2018			2017
Beginning balance	$	39,870		$	49,849		$	40,128		$	57,444
Sales	(3,304		)	(3,810		)	(6,813		)	(15,922		)
Purchases	1,576			2,176			3,209			3,989
Realized and unrealized gains	180			246			892			2,151
Other, net	466			823			1,372			1,622
Ending balance	$	38,788		$	49,284		$	38,788		$	49,284

Fair Value Measurements on a Nonrecurring Basis

There were no assets measured at fair value on a nonrecurring basis on our consolidated balance sheets as of September 30, 2018 and December 31, 2017.

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 values of cash equivalents and borrowings under our unsecured revolving credit facilities and unsecured term loan are classified as Level 1. The fair values of our secured and unsecured debt are classified as Level 2. The table below summarizes the carrying amounts and fair value of these financial instruments as of September 30, 2018 and December 31, 2017.



(Amounts in thousands)		As of September 30, 2018					As of December 31, 2017
		Carrying Amount			Fair Value		Carrying Amount			Fair Value
Cash equivalents		$	630,271		$	630,000	$	1,500,227		$	1,500,000
Debt:
	Mortgages payable	$	8,172,120		$	8,091,000	$	8,203,839		$	8,194,000
	Senior unsecured notes	850,000			845,000		850,000			878,000
	Unsecured term loan	750,000			750,000		750,000			750,000
	Unsecured revolving credit facilities	80,000			80,000		—			—
	Total	$	9,852,120	⁽¹⁾	$	9,766,000	$	9,803,839	⁽¹⁾	$	9,822,000

____________________


(1)	Excludes $59,461 and $74,352 of deferred financing costs, net and other as of September 30, 2018 and December 31, 2017, respectively.

- Definition

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

+ References + Details

Stock-based Compensation

9 Months Ended

Sep. 30, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-based Compensation

Vornado’s 2010 Omnibus Share Plan (the “Plan”) provides the Compensation Committee of our Board of Trustees (the “Committee”) the ability to grant incentive and non-qualified Vornado stock options, restricted stock, restricted Operating Partnership units, out-performance plan awards and appreciation-only long-term incentive plan units (“AO LTIP Units”) to certain of our employees and officers. We account for all equity-based compensation in accordance with ASC 718. Stock-based compensation expense, a component of "general and administrative" expenses on our consolidated statements of income, was $5,545,000 and $5,693,000 for the three months ended September 30, 2018 and 2017, respectively, and $26,190,000 and $27,319,000 for the nine months ended September 30, 2018 and 2017, respectively.

AO LTIP Units

On January 12, 2018, the Committee approved the issuance of AO LTIP Units pursuant to the Plan to certain of our officers and employees. In connection with the approval of AO LTIP Units, Vornado, in its capacity as sole general partner of the Operating Partnership, amended the Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership (the “Partnership Agreement”) in order to establish the terms of the new class of partnership interests known as AO LTIP Units.

AO LTIP Units are a class of partnership interests in the Operating Partnership that are intended to qualify as “profits interests” for federal income tax purposes and generally only allow the recipient to realize value to the extent the fair market value of a Vornado common share exceeds the threshold level set at the time the AO LTIP Units are granted, subject to any vesting conditions applicable to the award. The threshold level is intended to be equal to 100% of the then fair market value of a Vornado common share on the date of grant. The value of vested AO LTIP Units is realized through conversion of the AO LTIP Units into Class A Operating Partnership units. The number of Class A Units into which vested AO LTIP Units may be converted is determined based on the quotient of (i) the excess of the conversion value on the conversion date over the threshold value designated at the time the AO LTIP Unit was granted, divided by (ii) the conversion value on the conversion date. The “conversion value” is the value of a Vornado common share on the conversion date multiplied by the Conversion Factor as defined in the Partnership Agreement, which is currently one. AO LTIP Units vest ratably over four years and have a term of ten years from the grant date. The fair value of the AO LTIP Units on the date of grant was $3,484,000, of which $622,000 was immediately expensed due to the acceleration of vesting for employees who are retirement eligible (have reached age 65 or age 60 with at least 20 years of service). The remaining $2,862,000 is being amortized into expense over a four-year period from the date of grant using a graded vesting attribution model.

Each holder will generally receive special income allocations in respect of an AO LTIP Unit equal to 10% (or such other percentage specified in the applicable award agreement) of the income allocated in respect of a Class A Unit. Upon conversion of AO LTIP Units to Class A Units, holders will be entitled to receive in respect of each such AO LTIP Unit, on a per unit basis, a special distribution equal to 10% (or such other percentage specified in the applicable award agreement) of the distributions received by a holder of an equivalent number of Class A Units during the period from the grant date of the AO LTIP Units through the date of conversion.


18.	Stock-based Compensation - continued

2018 Outperformance Plan (“2018 OPP”)

On March 15, 2018, the Committee approved the 2018 OPP, a multi-year, $35,000,000 performance-based stock compensation plan of which $27,354,000 was granted to senior executives. The fair value of the 2018 OPP granted was $10,283,000, of which $8,040,000 was immediately expensed due to the acceleration of vesting for employees who are retirement eligible (have reached age 65 or age 60 with at least 20 years of service). The remaining $2,243,000 is being amortized into expense over a five-year period from the date of grant using a graded vesting attribution model.

Under the 2018 OPP, participants have the opportunity to earn compensation payable in the form of equity awards if Vornado outperforms a predetermined total shareholder return (“TSR”) and/or outperforms the market with respect to relative total TSR during the three-year performance period (the “Performance Period”) from March 15, 2018 to March 15, 2021 (the “Measurement Date”). Specifically, awards under the 2018 OPP may potentially be earned if Vornado (i) achieves a TSR above a benchmark weighted index (the “Index”) comprised 70% of the SNL US Office REIT Index and 30% of the SNL US Retail Index over the Performance Period (the “Relative Component”), and/or (ii) achieves a TSR greater than 21% over the Performance Period (the “Absolute Component”). The value of awards under the Relative Component and Absolute Component will be calculated separately and will each be subject to an aggregate $35,000,000 maximum award cap for all participants. The two components will be added together to determine the aggregate award size, which shall also be subject to the aggregate $35,000,000 maximum award cap for all participants. In the event awards are earned under the Absolute Component, but Vornado underperforms the Index by more than 200 basis points per annum over the Performance Period (600 basis points over the three years), the amount earned under the Absolute Component will be reduced (and potentially fully negated) based on the degree by which the Index exceeds Vornado’s TSR. In the event awards are earned under the Relative Component, but Vornado fails to achieve a TSR of at least 3% per annum, awards earned under the Relative Component will be reduced on a ratable sliding scale based on Vornado’s absolute TSR performance, with awards earned under the Relative Component being reduced by a maximum of 50% in the event Vornado’s TSR during the Measurement Period is 0% or negative. If the designated performance objectives are achieved, awards under the 2018 OPP will vest ratably on the Measurement Date and the first and second anniversary of the Measurement Date. In addition, all of Vornado’s Named Executive Officers (as defined in Vornado’s Proxy Statement filed on Schedule 14A with the Securities and Exchange Commission on April 6, 2018) are required to hold any earned and vested awards for one year following each such vesting date. Dividends on awards granted under the 2018 OPP accrue during the Performance Period and are paid to participants if awards are ultimately earned based on the achievement of the designated performance objectives.

Interest and Other Investment (Loss) Income, Net

9 Months Ended

Sep. 30, 2018

Interest and Other Income [Abstract]

Interest and Other Investment (Loss) Income, Net

Interest and Other Investment Income, Net

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



(Amounts in thousands)	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2018			2017		2018			2017
(Decrease) increase in fair value of marketable securities:
Lexington Realty Trust	$	(7,942	)	$	—	$	(24,934	)	$	—
Other	243			—		133			—
	(7,699		)	—		(24,801		)	—
Interest on cash and cash equivalents and restricted cash	4,306			1,636		12,370			4,264
Dividends on marketable securities	3,354			3,309		10,060			9,923
Interest on loans receivable⁽¹⁾	2,004			754		8,952			3,599
Other, net	928			1,632		2,820			4,781
	$	2,893		$	7,331	$	9,401		$	22,567

____________________


(1)	The three and nine months ended September 30, 2018 include $1,250 and $6,707, respectively, of profit participation in connection with an investment in a mezzanine loan which was previously repaid to us.

Interest and Debt Expense

9 Months Ended

Sep. 30, 2018

Interest and Debt Expense [Abstract]

Interest And Debt Expense

Interest and Debt Expense

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



(Amounts in thousands)	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2018			2017			2018			2017
Interest expense	$	98,841		$	89,675		$	290,006		$	263,037
Amortization of deferred financing costs	8,348			7,977			24,486			24,523
Capitalized interest and debt expense	(18,238		)	(12,584		)	(49,718		)	(34,979		)
	$	88,951		$	85,068		$	264,774		$	252,581

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

9 Months Ended

Sep. 30, 2018

Earnings per share

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

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

Vornado Realty Trust

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



(Amounts in thousands, except per share amounts)	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2018			2017			2018			2017
Numerator:
Income from continuing operations, net of income attributable to noncontrolling interests	$	203,122		$	32,050		$	336,570		$	196,684
Income (loss) from discontinued operations, net of income attributable to noncontrolling interests	57			(44,948		)	357			(13,600		)
Net income (loss) attributable to Vornado	203,179			(12,898		)	336,927			183,084
Preferred share dividends	(12,534		)	(16,128		)	(38,103		)	(48,386		)
Preferred share issuance costs	—			—			(14,486		)	—
Net income (loss) attributable to common shareholders	190,645			(29,026		)	284,338			134,698
Earnings allocated to unvested participating securities	(17		)	(9		)	(33		)	(37		)
Numerator for basic income (loss) per share	190,628			(29,035		)	284,305			134,661
Impact of assumed conversions:
Convertible preferred share dividends	15			—			47			—
Earnings allocated to Out-Performance Plan units	—			—			127			195
Numerator for diluted income (loss) per share	$	190,643		$	(29,035	)	$	284,479		$	134,856

Denominator:
Denominator for basic income (loss) per share – weighted average shares	190,245			189,593			190,176			189,401
Effect of dilutive securities⁽¹⁾:
Employee stock options and restricted share awards	1,045			1,254			972			1,553
Convertible preferred shares	37			—			38			303
Out-Performance Plan units	—			—			106			—
Denominator for diluted income (loss) per share – weighted average shares and assumed conversions	191,327			190,847			191,292			191,257

INCOME (LOSS) PER COMMON SHARE – BASIC:
Income from continuing operations, net	$	1.00		$	0.09		$	1.50		$	0.78
Loss from discontinued operations, net	—			(0.24		)	—			(0.07		)
Net income (loss) per common share	$	1.00		$	(0.15	)	$	1.50		$	0.71

INCOME (LOSS) PER COMMON SHARE – DILUTED:
Income from continuing operations, net	$	1.00		$	0.09		$	1.49		$	0.78
Loss from discontinued operations, net	—			(0.24		)	—			(0.07		)
Net income (loss) per common share	$	1.00		$	(0.15	)	$	1.49		$	0.71

____________________


(1)	The effect of dilutive securities for the three months ended September 30, 2018 and 2017 excludes an aggregate of 12,372 and 12,413 weighted average common share equivalents, respectively, and 12,220 and 12,173 weighted average common share equivalents for the nine months ended September 30, 2018 and 2017, respectively, as their effect was anti-dilutive.

Vornado Realty L.P.

Earnings per share

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

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

Vornado Realty L.P.

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



(Amounts in thousands, except per unit amounts)	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2018			2017			2018			2017
Numerator:
Income from continuing operations, net of income attributable to noncontrolling interests in consolidated subsidiaries	$	215,789		$	33,154		$	355,538		$	206,642
Income (loss) from discontinued operations	61			(47,930		)	381			(14,501		)
Net income (loss) attributable to Vornado Realty L.P.	215,850			(14,776		)	355,919			192,141
Preferred unit distributions	(12,582		)	(16,176		)	(38,248		)	(48,531		)
Preferred unit issuance costs	—			—			(14,486		)	—
Net income (loss) attributable to Class A unitholders	203,268			(30,952		)	303,185			143,610
Earnings allocated to unvested participating securities	(997		)	(740		)	(2,259		)	(2,499		)
Numerator for basic income (loss) per Class A unit	202,271			(31,692		)	300,926			141,111
Impact of assumed conversions:
Convertible preferred unit distributions	15			—			47			—
Numerator for diluted income (loss) per Class A unit	$	202,286		$	(31,692	)	$	300,973		$	141,111

Denominator:
Denominator for basic income (loss) per Class A unit – weighted average units	202,103			201,300			202,033			201,093
Effect of dilutive securities⁽¹⁾:
Vornado stock options and restricted unit awards	1,454			1,813			1,329			2,218
Convertible preferred units	37			—			38			—
Denominator for diluted income (loss) per Class A unit – weighted average units and assumed conversions	203,594			203,113			203,400			203,311

INCOME (LOSS) PER CLASS A UNIT – BASIC:
Income from continuing operations, net	$	1.00		$	0.08		$	1.49		$	0.77
Loss from discontinued operations, net	—			(0.24		)	—			(0.07		)
Net income (loss) per Class A unit	$	1.00		$	(0.16	)	$	1.49		$	0.70

INCOME (LOSS) PER CLASS A UNIT – DILUTED:
Income from continuing operations, net	$	0.99		$	0.08		$	1.48		$	0.76
Loss from discontinued operations, net	—			(0.24		)	—			(0.07		)
Net income (loss) per Class A unit	$	0.99		$	(0.16	)	$	1.48		$	0.69

____________________


(1)	The effect of dilutive securities for the three months ended September 30, 2018 and 2017 excludes an aggregate of 105 and 147 weighted average Class A unit equivalents, respectively, and 112 and 118 weighted average Class A unit equivalents for the nine months ended September 30, 2018 and 2017, respectively, as their effect was anti-dilutive.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2018

Commitments and Contingencies Disclosure [Abstract]

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 $260,000,000 per occurrence and in the aggregate, subject to a deductible in the amount of 5% of the value of the affected property. We maintain coverage for 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 the 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 $1,601,000 and 18% 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 cost of coverage for acts of terrorism. However, we cannot anticipate what coverage will be available on commercially reasonable terms in the future. We are responsible for deductibles and losses in excess of our insurance coverage, which could be material.

Our debt instruments, consisting of mortgage loans secured by our properties which are generally non-recourse to us, senior unsecured notes, and our unsecured loan 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 cost 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.


22.	Commitments and Contingencies - continued

Other Commitments and Contingencies

We are from time to time involved in legal actions arising in the ordinary course of business. In our opinion, after consultation with legal counsel, the outcome of such matters is not currently expected to have a material adverse effect on our financial position, results of operations or cash flows.

Each of our properties has been subjected to varying degrees of environmental assessment at various times. The environmental assessments did not reveal any material environmental contamination. However, there can be no assurance that the identification of new areas of contamination, changes in the extent or known scope of contamination, the discovery of additional sites or changes in cleanup requirements would not result in significant cost to us.

Generally, 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 September 30, 2018, the aggregate dollar amount of these guarantees and master leases is approximately $620,000,000.

As of September 30, 2018, $13,337,000 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 rate 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.

In September 2016, our 50.1% joint venture with Related Companies ("Related") was designated by Empire State Development ("ESD"), an entity of New York State, to redevelop the historic Farley Post Office Building. The joint venture entered into a development agreement with ESD and a design-build contract with Skanska Moynihan Train Hall Builders. Under the development agreement with ESD, the joint venture is obligated to build the Moynihan Train Hall, with Vornado and Related each guaranteeing the joint venture’s obligations. Under the design-build agreement, Skanska Moynihan Train Hall Builders is obligated to fulfill all of the joint venture’s obligations. The obligations of Skanska Moynihan Train Hall Builders have been bonded by Skanska USA and bear a full guaranty from Skanska AB.

As of September 30, 2018, we expect to fund additional capital to certain of our partially owned entities aggregating approximately $19,000,000.

As of September 30, 2018, we have construction commitments aggregating approximately $295,000,000.

Segment Information

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Segment Information

Net Operating Income (“NOI”) represents total revenues less operating expenses. We consider NOI to be the primary non-GAAP financial measure for making decisions and assessing the unlevered performance of our segments as it relates to the total return on assets as opposed to the levered return on equity. As properties are bought and sold based on NOI, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. NOI should not be considered a substitute for net income. NOI may not be comparable to similarly titled measures employed by other companies.

Below is a reconciliation of net income (loss) to NOI at share and NOI at share - cash basis for three and nine months ended September 30, 2018 and 2017.



(Amounts in thousands)	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2018			2017			2018			2017
Net income (loss)	$	219,162		$	(10,754	)	$	324,782		$	210,577

Deduct:
(Income) loss from partially owned entities	(7,206		)	41,801			(6,059		)	(5,578		)
Loss from real estate fund investments	190			6,308			37,973			1,649
Interest and other investment income, net	(2,893		)	(7,331		)	(9,401		)	(22,567		)
Net gains on disposition of wholly owned and partially owned assets	(141,269		)	—			(164,828		)	(501		)
(Income) loss from discontinued operations	(61		)	47,930			(381		)	14,501
NOI attributable to noncontrolling interests in consolidated subsidiaries	(16,943		)	(16,171		)	(51,415		)	(48,778		)

Add:
Depreciation and amortization expense	113,169			104,972			333,701			315,223
General and administrative expense	31,977			34,286			108,937			115,866
Transaction related costs and other	2,510			61			16,683			1,073
Our share of NOI from partially owned entities	60,094			66,876			193,359			199,989
Interest and debt expense	88,951			85,068			264,774			252,581
Income tax expense	1,943			1,188			4,964			3,491
NOI at share	349,624			354,234			1,053,089			1,037,526
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(8,743		)	(22,307		)	(39,172		)	(65,263		)
NOI at share - cash basis	$	340,881		$	331,927		$	1,013,917		$	972,263


23.	Segment Information - continued

Below is a summary of NOI at share and NOI at share - cash basisby segment for the three and nine months ended September 30, 2018 and 2017.



(Amounts in thousands)	For the Three Months Ended September 30, 2018
	Total			New York			Other
Total revenues	$	542,048		$	462,446		$	79,602
Operating expenses	235,575			200,949			34,626
NOI - consolidated	306,473			261,497			44,976
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(16,943		)	(11,348		)	(5,595		)
Add: Our share of NOI from partially owned entities	60,094			47,179			12,915
NOI at share	349,624			297,328			52,296
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(8,743		)	(9,125		)	382
NOI at share - cash basis	$	340,881		$	288,203		$	52,678



(Amounts in thousands)	For the Three Months Ended September 30, 2017
	Total			New York			Other
Total revenues	$	528,755		$	453,609		$	75,146
Operating expenses	225,226			192,430			32,796
NOI - consolidated	303,529			261,179			42,350
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(16,171		)	(11,464		)	(4,707		)
Add: Our share of NOI from partially owned entities	66,876			48,779			18,097
NOI at share	354,234			298,494			55,740
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(22,307		)	(21,092		)	(1,215		)
NOI at share - cash basis	$	331,927		$	277,402		$	54,525



(Amounts in thousands)	For the Nine Months Ended September 30, 2018
	Total			New York			Other
Total revenues	$	1,620,303		$	1,369,482		$	250,821
Operating expenses	709,158			599,768			109,390
NOI - consolidated	911,145			769,714			141,431
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(51,415		)	(34,653		)	(16,762		)
Add: Our share of NOI from partially owned entities	193,359			146,730			46,629
NOI at share	1,053,089			881,791			171,298
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(39,172		)	(39,161		)	(11		)
NOI at share - cash basis	$	1,013,917		$	842,630		$	171,287



(Amounts in thousands)	For the Nine Months Ended September 30, 2017
	Total			New York			Other
Total revenues	$	1,547,900		$	1,316,710		$	231,190
Operating expenses	661,585			561,249			100,336
NOI - consolidated	886,315			755,461			130,854
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(48,778		)	(34,251		)	(14,527		)
Add: Our share of NOI from partially owned entities	199,989			140,627			59,362
NOI at share	1,037,526			861,837			175,689
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(65,263		)	(57,761		)	(7,502		)
NOI at share - cash basis	$	972,263		$	804,076		$	168,187

Subsequent Event	9 Months Ended
Subsequent Event	Sep. 30, 2018
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On October 26, 2018, we extended our $750,000,000 unsecured term loan from October 2020 to February 2024. The interest rate on the extended unsecured term loan was lowered from LIBOR plus 1.15% to LIBOR plus 1.00%

Recently Issued Accounting Literature (Policies)

9 Months Ended

Sep. 30, 2018

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

Basis of Presentation

The accompanying consolidated financial statements are unaudited and include the accounts of Vornado and the Operating Partnership and their consolidated subsidiaries. All inter-company amounts have been eliminated. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2017, as filed with the SEC.

We have made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three and nine months ended September 30, 2018 are not necessarily indicative of the operating results for the full year.

Certain prior year balances have been reclassified in order to conform to the current period presentation. For the three and nine months ended September 30, 2017, an expense of $1,975,000 and $5,233,000, respectively, related to the mark-to-market of our deferred compensation plan liability was reclassified from “general and administrative expenses” to “expense from deferred compensation plan liability” and income of $1,975,000 and $5,233,000, respectively, related to the mark-to-market of our deferred compensation plan assets was reclassified from “interest and other investment income, net” to “income from deferred compensation plan assets” on our consolidated statements of income. In addition, for the nine months ended September 30, 2017, an expense of $1,062,000 related to New York City Unincorporated Business Tax was reclassified from “general and administrative expenses” to “income tax expense” on our consolidated statements of income.

Revenue from Contract with Customer

Recognition and Measurement of Financial Assets and Liabilities

Leases

Clarifying the Scope of Asset Derecognition

Scope of Modification Accounting

Targeted Improvements to Accounting for Hedging Activities

Recently Issued Accounting Literature


3.	Recently Issued Accounting Literature - continued


3.	Recently Issued Accounting Literature - continued

Revenue Recognition

•


•	Hotel revenue arising from the operation of Hotel Pennsylvania consists of room revenue, food and beverage revenue, and banquet revenue. Room revenue is recognized when rooms are occupied. Food and beverage and banquet revenue are recognized when the services have been transferred.


•	Trade shows revenue arising from the operation of trade shows is primarily booth rentals. This revenue is recognized upon the occurrence of the trade shows.


•	Operating expense reimbursements is 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 common areas of our properties. Revenue is recognized in the same period as the related expenses are incurred.


•	Tenant services is revenue arising from sub-metered electric, elevator, trash removal and other services provided to tenants at their request. This revenue is recognized as the services are transferred.

•

GAAP revenue associated with our 220 CPS project is recognized when our performance obligation is deemed satisfied at a point in time when legal title transfers upon closing of the condominium unit sales.

Real Estate Fund Investments

The Fund is accounted for under ASC Topic 946, Financial Services – Investment Companies (“ASC 946”) and its investments are reported on its balance sheet at fair value, with changes in value each period recognized in earnings. We consolidate the accounts of the Fund into our consolidated financial statements, retaining the fair value basis of accounting.

Fair Value Measurement, Changes to the Disclosure Requirements

Income Taxes

For income tax purposes, we recognize revenue associated with our 220 CPS project using the percentage of completion method.

Redeemable Noncontrolling Interests

Fair Value Measurement

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2018

Revenue from Contract with Customer [Abstract]

Summary of Revenue Sources by Segment



(Amounts in thousands)	For the Three Months Ended September 30, 2018								For the Three Months Ended September 30, 2017
	Total		New York		Other				Total		New York		Other
Base rent	$	403,029	$	339,939	$	63,090			$	398,734	$	339,717	$	59,017
Hotel Pennsylvania	26,088		26,088		—				25,421		25,421		—
Trade shows	8,443		—		8,443				7,907		—		7,907
Property rentals	437,560		366,027		71,533				432,062		365,138		66,924
Operating expense reimbursements	50,760		47,361		3,399				47,462		43,796		3,666
Tenant services	15,627		11,696		3,931				15,939		12,188		3,751
Tenant expense reimbursements	66,387		59,057		7,330				63,401		55,984		7,417
BMS cleaning fees	28,873		31,328		(2,455		)	⁽¹⁾	26,429		28,155		(1,726		)	⁽¹⁾
Management and leasing fees	4,734		4,439		295				2,330		2,101		229
Lease termination fees	356		58		298				991		984		7
Other income	4,138		1,537		2,601				3,542		1,247		2,295
Fee and other income	38,101		37,362		739				33,292		32,487		805
Total revenues	$	542,048	$	462,446	$	79,602			$	528,755	$	453,609	$	75,146



(Amounts in thousands)	For the Nine Months Ended September 30, 2018								For the Nine Months Ended September 30, 2017
	Total		New York		Other				Total		New York		Other
Base rent	$	1,215,520	$	1,027,697	$	187,823			$	1,175,692	$	999,875	$	175,817
Hotel Pennsylvania	67,842		67,842		—				63,047		63,047		—
Trade shows	38,903		—		38,903				36,858		—		36,858
Property rentals	1,322,265		1,095,539		226,726				1,275,597		1,062,922		212,675
Operating expense reimbursements	143,412		132,443		10,969				132,828		122,247		10,581
Tenant services	41,597		31,854		9,743				41,263		32,817		8,446
Tenant expense reimbursements	185,009		164,297		20,712				174,091		155,064		19,027
BMS cleaning fees	88,095		94,888		(6,793		)	⁽¹⁾	75,925		80,895		(4,970		)	⁽¹⁾
Management and leasing fees	10,205		9,384		821				7,382		6,593		789
Lease termination fees	1,505		766		739				5,947		5,773		174
Other income	13,224		4,608		8,616				8,958		5,463		3,495
Fee and other income	113,029		109,646		3,383				98,212		98,724		(512		)
Total revenues	$	1,620,303	$	1,369,482	$	250,821			$	1,547,900	$	1,316,710	$	231,190

____________________


(1)	Represents the elimination of intercompany fees from the New York segment upon consolidation.

Real Estate Fund Investments (Tables)

9 Months Ended

Sep. 30, 2018

Real Estate Fund Investments [Abstract]

Schedule Of Income And Loss From The Fund

Below is a summary of loss from the Fund and the Crowne Plaza Joint Venture for the three and nine months ended September 30, 2018 and 2017.



(Amounts in thousands)	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2018			2017			2018			2017
Net investment income	$	3,093		$	6,028		$	6,366		$	16,888
Net unrealized loss on held investments	(3,283		)	(11,220		)	(32,796		)	(28,860		)
Net realized gain (loss) on exited investments	—			35,620			(913		)	35,861
Previously recorded unrealized gain on exited investment	—			(36,736		)	—			(25,538		)
Transfer Tax	—			—			(10,630		)	—
Loss from real estate fund investments	(190		)	(6,308		)	(37,973		)	(1,649		)
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries	(558		)	(1,486		)	34,338			(9,684		)
Loss from real estate fund investments attributable to the Operating Partnership (nine months ended September 30, 2018 includes $4,252 of loss related to One Park Avenue potential additional transfer taxes and reduction in carried interest)	(748		)	(7,794		)	(3,635		)	(11,333		)
Less loss attributable to noncontrolling interests in the Operating Partnership	46			485			224			706
Loss from real estate fund investments attributable to Vornado	$	(702	)	$	(7,309	)	$	(3,411	)	$	(10,627	)

Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2018

Marketable Securities [Abstract]

Unrealized Gain (Loss) on Investments

Below is a summary of our marketable securities portfolio as of September 30, 2018 and December 31, 2017.



(Amounts in thousands)	Fair Value at				(Decrease) Increase
	September 30, 2018		December 31, 2017		in Fair Value ⁽¹⁾
Equity securities:
Lexington Realty Trust	$	153,292	$	178,226	$	(24,934	)
Other	4,659		4,526		133
	$	157,951	$	182,752	$	(24,801	)

____________________


(1)	The decrease in fair value of our marketable securities for the nine months ended September 30, 2018 is included in “interest and other investment income, net”

on our consolidated statements of income (see Note 19 - Interest and Other Investment Income, Net).

Investments in Partially Owned Entities (Tables)

9 Months Ended

Sep. 30, 2018

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

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



(Amounts in thousands)		Percentage Ownership at September 30, 2018	Balance as of
		Percentage Ownership at September 30, 2018	September 30, 2018			December 31, 2017
Investments:
	Partially owned office buildings/land⁽¹⁾	Various	$	502,826		$	504,393
	Alexander’s	32.4%	111,842			126,400
	PREIT	7.9%	61,514			66,572
	UE	4.5%	45,398			46,152
	Other investments⁽²⁾	Various	187,860			313,312
			$	909,440		$	1,056,829

	330 Madison Avenue⁽³⁾	25.0%	$	(57,935	)	$	(53,999	)
	7 West 34th Street ⁽⁴⁾	53.0%	(49,647		)	(47,369		)
			$	(107,582	)	$	(101,368	)

____________________


(1)	Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 512 West 22nd Street, 85 Tenth Avenue, 61 Ninth Avenue and others.


(2)	Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, Rosslyn Plaza, 50-70 West 93rd Street, Moynihan Office Building and others.


(3)	Our negative basis resulted from a refinancing distribution and is included in “other liabilities” on our consolidated balance sheets.


(4)	Our negative basis resulted from a deferred gain from the sale of a 47.0% ownership interest in the property on May 27, 2016 and is included in “other liabilities” on our consolidated balance sheets.

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



(Amounts in thousands)		Percentage Ownership at September 30, 2018	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
		Percentage Ownership at September 30, 2018	2018			2017			2018			2017
Our share of net income (loss):
	Alexander's (see page 26 for details):
	Equity in net income⁽¹⁾	32.4%	$	4,278		$	6,510		$	7,215		$	20,092
	Management, leasing and development fees		1,149			1,335			3,378			4,351
			5,427			7,845			10,593			24,443

	UE (see page 26 for details):
	Equity in net income⁽²⁾	4.5%	2,696			5,908			3,017			25,793
	Management, leasing and development fees		67			100			217			518
			2,763			6,008			3,234			26,311

	Partially owned office buildings⁽³⁾	Various	735			(967		)	(1,546		)	79

	PREIT (see page 26 for details)⁽⁴⁾	7.9%	(616		)	(49,748		)	(2,113		)	(53,480		)

	Other investments⁽⁵⁾	Various	(1,103		)	(4,939		)	(4,109		)	8,225

			$	7,206		$	(41,801	)	$	6,059		$	5,578

____________________

(1)


(2)	The three and nine months ended September 30, 2017 include $5,200 and $21,100, respectively, of net gain resulting from UE operating partnership unit issuances.


(3)	Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 7 West 34th Street, 330 Madison Avenue, 512 West 22nd Street, 85 Tenth Avenue and others. The nine month period ended September 30, 2018 includes our $4,978 share of potential additional Transfer Tax related to the March 2011 acquisition of One Park Avenue (see Note 6 - Real Estate Fund Investments).


(4)	The three and nine months ended September 30, 2017 include a $44,465 non-cash impairment loss.

(5)

Dispositions (Tables)

9 Months Ended

Sep. 30, 2018

Discontinued Operations and Disposal Groups [Abstract]

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

The tables below set forth the assets and liabilities related to discontinued operations as of September 30, 2018 and December 31, 2017, and their combined results of operations and cash flows for the three and nine months ended September 30, 2018 and 2017.



(Amounts in thousands)	Balance as of
	September 30, 2018		December 31, 2017
Assets related to discontinued operations:
Other assets	$	74	$	1,357

Liabilities related to discontinued operations:
Other liabilities	$	205	$	3,620



(Amounts in thousands)	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2018		2017			2018			2017
Income (loss) from discontinued operations:
Total revenues	$	174	$	25,747		$	867		$	260,969
Total expenses	113		21,708			1,104			211,930
	61		4,039			(237		)	49,039
JBG SMITH Properties ("JBGS") spin-off transaction costs	—		(53,581		)	—			(67,045		)
Additional net gains on sale of real estate	—		1,530			618			3,797
Income from partially-owned entities	—		93			—			435
Pretax income (loss) from discontinued operations	61		(47,919		)	381			(13,774		)
Income tax expense	—		(11		)	—			(727		)
Income (loss) from discontinued operations	$	61	$	(47,930	)	$	381		$	(14,501	)



(Amounts in thousands)	For the Nine Months Ended September 30,
	2018			2017
Cash flows related to discontinued operations:
Cash flows from operating activities	$	(1,751	)	$	39,581
Cash flows from investing activities	—			(48,377		)

- 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.

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+ Details

Identified Intangible Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2018

Finite-Lived Intangible Assets and Liabilities

Schedule of Identified Intangible Assets and Intangible Liabilities

The following summarizes our identified intangible assets (primarily above-market leases) and liabilities (primarily acquired below-market leases) as of September 30, 2018 and December 31, 2017.



(Amounts in thousands)	Balance as of
	September 30, 2018			December 31, 2017
Identified intangible assets:
Gross amount	$	307,855		$	310,097
Accumulated amortization	(167,861		)	(150,837		)
Total, net	$	139,994		$	159,260
Identified intangible liabilities (included in deferred revenue):
Gross amount	$	508,468		$	530,497
Accumulated amortization	(338,665		)	(324,897		)
Total, net	$	169,803		$	205,600

Below Market Leases Net Of Above Market Leases

Finite-Lived Intangible Assets and Liabilities

Schedule of future amortization expense of intangible assets

Estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding years commencing January 1, 2019 is as follows:



(Amounts in thousands)
2019	$	25,115
2020	24,047
2021	19,313
2022	16,173
2023	13,496

Other Identified Intangible Assets

Finite-Lived Intangible Assets and Liabilities

Schedule of future amortization expense of intangible assets

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, 2019 is as follows:



(Amounts in thousands)
2019	$	12,902
2020	12,817
2021	11,838
2022	10,286
2023	10,158

Tenant Under Ground Leases

Finite-Lived Intangible Assets and Liabilities

Schedule of future amortization expense of intangible assets

Estimated annual amortization of these below-market leases, net of above-market leases, for each of the five succeeding years commencing January 1, 2019 is as follows:



(Amounts in thousands)
2019	$	1,747
2020	1,747
2021	1,747
2022	1,747
2023	1,747

Debt (Tables)

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Schedule of Debt

The following is a summary of our debt:



(Amounts in thousands)	Interest Rate at September 30, 2018	Balance as of
	Interest Rate at September 30, 2018	September 30, 2018			December 31, 2017
Mortgages Payable:
Fixed rate	3.53%	$	5,006,360		$	5,461,706
Variable rate	3.99%	3,165,760			2,742,133
Total	3.71%	8,172,120			8,203,839
Deferred financing costs, net and other		(53,045		)	(66,700		)
Total, net		$	8,119,075		$	8,137,139

Unsecured Debt:
Senior unsecured notes	4.21%	$	850,000		$	850,000
Deferred financing costs, net and other		(6,290		)	(6,386		)
Senior unsecured notes, net		843,710			843,614

Unsecured term loan	3.39%	750,000			750,000
Deferred financing costs, net and other		(126		)	(1,266		)
Unsecured term loan, net		749,874			748,734

Unsecured revolving credit facilities	3.15%	80,000			—

Total, net		$	1,673,584		$	1,592,348

- 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.

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+ Details

Redeemable Noncontrolling Interests / Redeemable Partnership Units (Tables)

9 Months Ended

Sep. 30, 2018

Noncontrolling Interest [Abstract]

Summary Of Activity Of Redeemable Noncontrolling Interests



(Amounts in thousands)
Balance, December 31, 2016	$	1,278,446
Net income	9,057
Other comprehensive income	188
Distributions	(25,663		)
Redemption of Class A units for Vornado common shares, at redemption value	(34,564		)
Adjustments to carry redeemable Class A units at redemption value (including $224,069 attributable to the spin-off of JBGS)	(286,928		)
Other, net	30,168
Balance, September 30, 2017	$	970,704

Balance, December 31, 2017	$	984,937
Net income	18,992
Other comprehensive income	913
Distributions	(23,867		)
Redemption of Class A units for Vornado common shares, at redemption value	(14,089		)
Adjustments to carry redeemable Class A units at redemption value	(57,970		)
Other, net	15,666
Balance, September 30, 2018	$	924,582

Accumulated Other Comprehensive Income ("AOCI") (Tables)

9 Months Ended

Sep. 30, 2018

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

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



(Amounts in thousands)	Total			Marketable securities			Pro rata share of nonconsolidated subsidiaries' OCI				Interest rate swaps		Other
For the Three Months Ended September 30, 2018
Balance as of June 30, 2018	$	33,351		$	—		$	2,834			$	39,559	$	(9,042	)
Net current period OCI:
OCI before reclassifications	822			—			253				623		(54		)
Amounts reclassified from AOCI	—			—			—				—		—
	822			—			253				623		(54		)
Balance as of September 30, 2018	$	34,173		$	—		$	3,087			$	40,182	$	(9,096	)

For the Three Months Ended September 30, 2017
Balance as of June 30, 2017	$	115,839		$	114,290		$	(3,821	)		$	12,702	$	(7,332	)
Net current period OCI:
OCI before reclassifications	6,608			5,656			(626		)		1,976		(398		)
Amounts reclassified from AOCI	(646		)	—			(646		)	₍₁₎	—		—
	5,962			5,656			(1,272		)		1,976		(398		)
Balance as of September 30, 2017	$	121,801		$	119,946		$	(5,093	)		$	14,678	$	(7,730	)

For the Nine Months Ended September 30, 2018
Balance as of December 31, 2017	$	128,682		$	109,554		$	3,769			$	23,542	$	(8,183	)

Cumulative effect of accounting change (see Note 3)	(108,374		)	(109,554		)	(1,671		)		2,851		—
Net current period OCI:
OCI before reclassifications	13,865			—			989				13,789		(913		)
Amounts reclassified from AOCI	—			—			—				—		—
	13,865			—			989				13,789		(913		)
Balance as of September 30, 2018	$	34,173		$	—		$	3,087			$	40,182	$	(9,096	)

For the Nine Months Ended September 30, 2017
Balance as of December 31, 2016	$	118,972		$	130,505		$	(12,058	)		$	8,066	$	(7,541	)
Net current period OCI:
OCI before reclassifications	(5,793		)	(10,559		)	(1,657		)		6,612		(189		)
Amounts reclassified from AOCI	8,622			—			8,622			₍₁₎	—		—
	2,829			(10,559		)	6,965				6,612		(189		)
Balance as of September 30, 2017	$	121,801		$	119,946		$	(5,093	)		$	14,678	$	(7,730	)

____________________


(1)	Reclassified upon receipt of proceeds related to the sale of an investment by a nonconsolidated subsidiary.

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2018

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

Fair value, measurement inputs, disclosure

The tables below aggregate the fair values of these financial assets and liabilities by their levels in the fair value hierarchy as of September 30, 2018 and December 31, 2017, respectively.



(Amounts in thousands)	As of September 30, 2018
	Total		Level 1		Level 2		Level 3
Marketable securities	$	157,951	$	157,951	$	—	$	—
Real estate fund investments	369,767		—		—		369,767
Deferred compensation plan assets ($10,233 included in restricted cash and $92,048 in other assets)	102,281		63,493		—		38,788
Interest rate swaps (included in other assets)	40,203		—		40,203		—
Total assets	$	670,202	$	221,444	$	40,203	$	408,555

Mandatorily redeemable instruments (included in other liabilities)	$	50,561	$	50,561	$	—	$	—

(Amounts in thousands)	As of December 31, 2017
	Total		Level 1		Level 2		Level 3
Marketable securities	$	182,752	$	182,752	$	—	$	—
Real estate fund investments	354,804		—		—		354,804
Deferred compensation plan assets ($11,545 included in restricted cash and $97,632 in other assets)	109,177		69,049		—		40,128
Interest rate swaps (included in other assets)	27,472		—		27,472		—
Total assets	$	674,205	$	251,801	$	27,472	$	394,932

Mandatorily redeemable instruments ($50,561 included in other liabilities)	$	520,561	$	520,561	$	—	$	—
Interest rate swaps (included in other liabilities)	1,052		—		1,052		—
Total liabilities	$	521,613	$	520,561	$	1,052	$	—

Schedule of carrying amounts and fair values of financial instruments

The table below summarizes the carrying amounts and fair value of these financial instruments as of September 30, 2018 and December 31, 2017.



(Amounts in thousands)		As of September 30, 2018					As of December 31, 2017
		Carrying Amount			Fair Value		Carrying Amount			Fair Value
Cash equivalents		$	630,271		$	630,000	$	1,500,227		$	1,500,000
Debt:
	Mortgages payable	$	8,172,120		$	8,091,000	$	8,203,839		$	8,194,000
	Senior unsecured notes	850,000			845,000		850,000			878,000
	Unsecured term loan	750,000			750,000		750,000			750,000
	Unsecured revolving credit facilities	80,000			80,000		—			—
	Total	$	9,852,120	⁽¹⁾	$	9,766,000	$	9,803,839	⁽¹⁾	$	9,822,000

____________________


(1)	Excludes $59,461 and $74,352 of deferred financing costs, net and other as of September 30, 2018 and December 31, 2017, respectively.

Real estate fund investments

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

Fair value inputs quantitative information

Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of these real estate fund investments as of September 30, 2018 and December 31, 2017.



	Range		Weighted Average (based on fair value of investments)
Unobservable Quantitative Input	September 30, 2018	December 31, 2017	September 30, 2018	December 31, 2017
Discount rates	10.0% to 15.0%	2.0% to 14.9%	13.2%	11.9%
Terminal capitalization rates	5.3% to 6.4%	4.7% to 6.7%	5.6%	5.5%

Summary of changes in level 3 plan assets

The table below summarizes the changes in the fair value of real estate fund investments that are classified as Level 3, for the three and nine months ended September 30, 2018 and 2017.



(Amounts in thousands)	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2018			2017			2018			2017
Beginning balance	$	373,039		$	455,692		$	354,804		$	462,132
Net unrealized loss on held investments	(3,283		)	(11,220		)	(32,796		)	(28,860		)
Dispositions	—			(91,606		)	(20,291		)	(91,606		)
Previously recorded unrealized gain on exited investment	—			(36,736		)	—			(25,538		)
Net realized gain (loss) on exited investments	—			35,620			(913		)	35,861
Purchases / additional fundings	—			—			68,950			—
Other, net	11			—			13			(239		)
Ending balance	$	369,767		$	351,750		$	369,767		$	351,750

Deferred Compensation Plan Assets

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

Changes in the fair value of deferred compensation plan assets

The table below summarizes the changes in the fair value of deferred compensation plan assets that are classified as Level 3, for the three and nine months ended September 30, 2018 and 2017.



(Amounts in thousands)	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2018			2017			2018			2017
Beginning balance	$	39,870		$	49,849		$	40,128		$	57,444
Sales	(3,304		)	(3,810		)	(6,813		)	(15,922		)
Purchases	1,576			2,176			3,209			3,989
Realized and unrealized gains	180			246			892			2,151
Other, net	466			823			1,372			1,622
Ending balance	$	38,788		$	49,284		$	38,788		$	49,284

Interest and Other Investment Income, Net (Tables)

9 Months Ended

Sep. 30, 2018

Interest and Other Income [Abstract]

Schedule Of Interest And Other Investment Income (Loss), Net

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



(Amounts in thousands)	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2018			2017		2018			2017
(Decrease) increase in fair value of marketable securities:
Lexington Realty Trust	$	(7,942	)	$	—	$	(24,934	)	$	—
Other	243			—		133			—
	(7,699		)	—		(24,801		)	—
Interest on cash and cash equivalents and restricted cash	4,306			1,636		12,370			4,264
Dividends on marketable securities	3,354			3,309		10,060			9,923
Interest on loans receivable⁽¹⁾	2,004			754		8,952			3,599
Other, net	928			1,632		2,820			4,781
	$	2,893		$	7,331	$	9,401		$	22,567

____________________


(1)	The three and nine months ended September 30, 2018 include $1,250 and $6,707, respectively, of profit participation in connection with an investment in a mezzanine loan which was previously repaid to us.

Interest and Debt Expense (Tables)

9 Months Ended

Sep. 30, 2018

Interest and Debt Expense [Abstract]

Interest And Debt Expense

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



(Amounts in thousands)	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2018			2017			2018			2017
Interest expense	$	98,841		$	89,675		$	290,006		$	263,037
Amortization of deferred financing costs	8,348			7,977			24,486			24,523
Capitalized interest and debt expense	(18,238		)	(12,584		)	(49,718		)	(34,979		)
	$	88,951		$	85,068		$	264,774		$	252,581

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

9 Months Ended

Sep. 30, 2018

Earnings per share

Schedule Of Earnings Per Share Basic And Diluted

Vornado Realty Trust



(Amounts in thousands, except per share amounts)	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2018			2017			2018			2017
Numerator:
Income from continuing operations, net of income attributable to noncontrolling interests	$	203,122		$	32,050		$	336,570		$	196,684
Income (loss) from discontinued operations, net of income attributable to noncontrolling interests	57			(44,948		)	357			(13,600		)
Net income (loss) attributable to Vornado	203,179			(12,898		)	336,927			183,084
Preferred share dividends	(12,534		)	(16,128		)	(38,103		)	(48,386		)
Preferred share issuance costs	—			—			(14,486		)	—
Net income (loss) attributable to common shareholders	190,645			(29,026		)	284,338			134,698
Earnings allocated to unvested participating securities	(17		)	(9		)	(33		)	(37		)
Numerator for basic income (loss) per share	190,628			(29,035		)	284,305			134,661
Impact of assumed conversions:
Convertible preferred share dividends	15			—			47			—
Earnings allocated to Out-Performance Plan units	—			—			127			195
Numerator for diluted income (loss) per share	$	190,643		$	(29,035	)	$	284,479		$	134,856

Denominator:
Denominator for basic income (loss) per share – weighted average shares	190,245			189,593			190,176			189,401
Effect of dilutive securities⁽¹⁾:
Employee stock options and restricted share awards	1,045			1,254			972			1,553
Convertible preferred shares	37			—			38			303
Out-Performance Plan units	—			—			106			—
Denominator for diluted income (loss) per share – weighted average shares and assumed conversions	191,327			190,847			191,292			191,257

INCOME (LOSS) PER COMMON SHARE – BASIC:
Income from continuing operations, net	$	1.00		$	0.09		$	1.50		$	0.78
Loss from discontinued operations, net	—			(0.24		)	—			(0.07		)
Net income (loss) per common share	$	1.00		$	(0.15	)	$	1.50		$	0.71

INCOME (LOSS) PER COMMON SHARE – DILUTED:
Income from continuing operations, net	$	1.00		$	0.09		$	1.49		$	0.78
Loss from discontinued operations, net	—			(0.24		)	—			(0.07		)
Net income (loss) per common share	$	1.00		$	(0.15	)	$	1.49		$	0.71

____________________


(1)	The effect of dilutive securities for the three months ended September 30, 2018 and 2017 excludes an aggregate of 12,372 and 12,413 weighted average common share equivalents, respectively, and 12,220 and 12,173 weighted average common share equivalents for the nine months ended September 30, 2018 and 2017, respectively, as their effect was anti-dilutive.

Vornado Realty L.P.

Earnings per share

Schedule Of Earnings Per Share Basic And Diluted

Vornado Realty L.P.



(Amounts in thousands, except per unit amounts)	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2018			2017			2018			2017
Numerator:
Income from continuing operations, net of income attributable to noncontrolling interests in consolidated subsidiaries	$	215,789		$	33,154		$	355,538		$	206,642
Income (loss) from discontinued operations	61			(47,930		)	381			(14,501		)
Net income (loss) attributable to Vornado Realty L.P.	215,850			(14,776		)	355,919			192,141
Preferred unit distributions	(12,582		)	(16,176		)	(38,248		)	(48,531		)
Preferred unit issuance costs	—			—			(14,486		)	—
Net income (loss) attributable to Class A unitholders	203,268			(30,952		)	303,185			143,610
Earnings allocated to unvested participating securities	(997		)	(740		)	(2,259		)	(2,499		)
Numerator for basic income (loss) per Class A unit	202,271			(31,692		)	300,926			141,111
Impact of assumed conversions:
Convertible preferred unit distributions	15			—			47			—
Numerator for diluted income (loss) per Class A unit	$	202,286		$	(31,692	)	$	300,973		$	141,111

Denominator:
Denominator for basic income (loss) per Class A unit – weighted average units	202,103			201,300			202,033			201,093
Effect of dilutive securities⁽¹⁾:
Vornado stock options and restricted unit awards	1,454			1,813			1,329			2,218
Convertible preferred units	37			—			38			—
Denominator for diluted income (loss) per Class A unit – weighted average units and assumed conversions	203,594			203,113			203,400			203,311

INCOME (LOSS) PER CLASS A UNIT – BASIC:
Income from continuing operations, net	$	1.00		$	0.08		$	1.49		$	0.77
Loss from discontinued operations, net	—			(0.24		)	—			(0.07		)
Net income (loss) per Class A unit	$	1.00		$	(0.16	)	$	1.49		$	0.70

INCOME (LOSS) PER CLASS A UNIT – DILUTED:
Income from continuing operations, net	$	0.99		$	0.08		$	1.48		$	0.76
Loss from discontinued operations, net	—			(0.24		)	—			(0.07		)
Net income (loss) per Class A unit	$	0.99		$	(0.16	)	$	1.48		$	0.69

____________________


(1)	The effect of dilutive securities for the three months ended September 30, 2018 and 2017 excludes an aggregate of 105 and 147 weighted average Class A unit equivalents, respectively, and 112 and 118 weighted average Class A unit equivalents for the nine months ended September 30, 2018 and 2017, respectively, as their effect was anti-dilutive.

Segment Information (Tables)

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Schedule of Segment Information

Below is a reconciliation of net income (loss) to NOI at share and NOI at share - cash basis for three and nine months ended September 30, 2018 and 2017.



(Amounts in thousands)	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2018			2017			2018			2017
Net income (loss)	$	219,162		$	(10,754	)	$	324,782		$	210,577

Deduct:
(Income) loss from partially owned entities	(7,206		)	41,801			(6,059		)	(5,578		)
Loss from real estate fund investments	190			6,308			37,973			1,649
Interest and other investment income, net	(2,893		)	(7,331		)	(9,401		)	(22,567		)
Net gains on disposition of wholly owned and partially owned assets	(141,269		)	—			(164,828		)	(501		)
(Income) loss from discontinued operations	(61		)	47,930			(381		)	14,501
NOI attributable to noncontrolling interests in consolidated subsidiaries	(16,943		)	(16,171		)	(51,415		)	(48,778		)

Add:
Depreciation and amortization expense	113,169			104,972			333,701			315,223
General and administrative expense	31,977			34,286			108,937			115,866
Transaction related costs and other	2,510			61			16,683			1,073
Our share of NOI from partially owned entities	60,094			66,876			193,359			199,989
Interest and debt expense	88,951			85,068			264,774			252,581
Income tax expense	1,943			1,188			4,964			3,491
NOI at share	349,624			354,234			1,053,089			1,037,526
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(8,743		)	(22,307		)	(39,172		)	(65,263		)
NOI at share - cash basis	$	340,881		$	331,927		$	1,013,917		$	972,263


23.	Segment Information - continued

Below is a summary of NOI at share and NOI at share - cash basisby segment for the three and nine months ended September 30, 2018 and 2017.



(Amounts in thousands)	For the Three Months Ended September 30, 2018
	Total			New York			Other
Total revenues	$	542,048		$	462,446		$	79,602
Operating expenses	235,575			200,949			34,626
NOI - consolidated	306,473			261,497			44,976
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(16,943		)	(11,348		)	(5,595		)
Add: Our share of NOI from partially owned entities	60,094			47,179			12,915
NOI at share	349,624			297,328			52,296
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(8,743		)	(9,125		)	382
NOI at share - cash basis	$	340,881		$	288,203		$	52,678



(Amounts in thousands)	For the Three Months Ended September 30, 2017
	Total			New York			Other
Total revenues	$	528,755		$	453,609		$	75,146
Operating expenses	225,226			192,430			32,796
NOI - consolidated	303,529			261,179			42,350
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(16,171		)	(11,464		)	(4,707		)
Add: Our share of NOI from partially owned entities	66,876			48,779			18,097
NOI at share	354,234			298,494			55,740
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(22,307		)	(21,092		)	(1,215		)
NOI at share - cash basis	$	331,927		$	277,402		$	54,525



(Amounts in thousands)	For the Nine Months Ended September 30, 2018
	Total			New York			Other
Total revenues	$	1,620,303		$	1,369,482		$	250,821
Operating expenses	709,158			599,768			109,390
NOI - consolidated	911,145			769,714			141,431
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(51,415		)	(34,653		)	(16,762		)
Add: Our share of NOI from partially owned entities	193,359			146,730			46,629
NOI at share	1,053,089			881,791			171,298
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(39,172		)	(39,161		)	(11		)
NOI at share - cash basis	$	1,013,917		$	842,630		$	171,287



(Amounts in thousands)	For the Nine Months Ended September 30, 2017
	Total			New York			Other
Total revenues	$	1,547,900		$	1,316,710		$	231,190
Operating expenses	661,585			561,249			100,336
NOI - consolidated	886,315			755,461			130,854
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(48,778		)	(34,251		)	(14,527		)
Add: Our share of NOI from partially owned entities	199,989			140,627			59,362
NOI at share	1,037,526			861,837			175,689
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(65,263		)	(57,761		)	(7,502		)
NOI at share - cash basis	$	972,263		$	804,076		$	168,187

Organization (Narrative) (Details)	9 Months Ended
Organization (Narrative) (Details)	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common limited partnership interest in the Operating Partnership	93.50%

Basis of Presentation (Narratives) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Basis of Presentation [Line Items]
Expense (income) from deferred compensation plan liability	$ 1,861	$ 1,975	$ 3,534	$ 5,233
Income (loss) from deferred compensation plan assets	$ 1,861	$ 1,975	$ 3,534	5,233
General and Administrative Expense
Basis of Presentation [Line Items]
Unincorporated business tax				$ 1,062

Recently Issued Accounting Literature (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Jan. 01, 2018	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of accounting change						$ 14,519
Earnings less than distributions	$ (4,135,602)		$ (4,135,602)			$ (4,183,253)
Increase (decrease) in fair value of marketable securities	(7,699)	$ 0	(24,801)	$ 0
Accounting Standards Update 2016-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Earnings less than distributions					$ (111,225)
Increase (decrease) in fair value of marketable securities	(7,699)		(24,801)
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Capitalized leasing costs	$ 1,444	$ 3,883	$ 1,280	$ 3,494
Retained Earnings \| Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of accounting change					$ 14,519

Revenue Recognition (Details) $ in Thousands	3 Months Ended		9 Months Ended
Revenue Recognition (Details) $ in Thousands	Sep. 30, 2018 USD ($)	Sep. 30, 2017 USD ($)	Sep. 30, 2018 USD ($) segment	Sep. 30, 2017 USD ($)	Jan. 01, 2018 USD ($)	Dec. 31, 2017 USD ($)
Disaggregation of Revenue [Line Items]
Cumulative effect of accounting change						$ 14,519
Number of reportable segments \| segment			2
Base rent (included in property rentals)	$ 403,029	$ 398,734	$ 1,215,520	$ 1,175,692
Property rentals	437,560	432,062	1,322,265	1,275,597
Operating expense reimbursements	50,760	47,462	143,412	132,828
Tenant services	15,627	15,939	41,597	41,263
Tenant expense reimbursements	66,387	63,401	185,009	174,091
BMS cleaning fees	28,873	26,429	88,095	75,925
Management and leasing fees	4,734	2,330	10,205	7,382
Lease termination fees	356	991	1,505	5,947
Fee and other income	38,101	33,292	113,029	98,212
Hotel Pennsylvania
Disaggregation of Revenue [Line Items]
Property rentals	26,088	25,421	67,842	63,047
Trade Shows
Disaggregation of Revenue [Line Items]
Property rentals	8,443	7,907	38,903	36,858
Real Estate, Other
Disaggregation of Revenue [Line Items]
Other income	4,138	3,542	13,224	8,958
Real Estate
Disaggregation of Revenue [Line Items]
Revenue	542,048	528,755	1,620,303	1,547,900
New York
Disaggregation of Revenue [Line Items]
Base rent (included in property rentals)	339,939	339,717	1,027,697	999,875
Property rentals	366,027	365,138	1,095,539	1,062,922
Operating expense reimbursements	47,361	43,796	132,443	122,247
Tenant services	11,696	12,188	31,854	32,817
Tenant expense reimbursements	59,057	55,984	164,297	155,064
BMS cleaning fees	31,328	28,155	94,888	80,895
Management and leasing fees	4,439	2,101	9,384	6,593
Lease termination fees	58	984	766	5,773
Fee and other income	37,362	32,487	109,646	98,724
New York \| Hotel Pennsylvania
Disaggregation of Revenue [Line Items]
Property rentals	26,088	25,421	67,842	63,047
New York \| Trade Shows
Disaggregation of Revenue [Line Items]
Property rentals	0	0	0	0
New York \| Real Estate, Other
Disaggregation of Revenue [Line Items]
Other income	1,537	1,247	4,608	5,463
New York \| Real Estate
Disaggregation of Revenue [Line Items]
Revenue	462,446	453,609	1,369,482	1,316,710
Other
Disaggregation of Revenue [Line Items]
Base rent (included in property rentals)	63,090	59,017	187,823	175,817
Property rentals	71,533	66,924	226,726	212,675
Operating expense reimbursements	3,399	3,666	10,969	10,581
Tenant services	3,931	3,751	9,743	8,446
Tenant expense reimbursements	7,330	7,417	20,712	19,027
BMS cleaning fees	(2,455)	(1,726)	(6,793)	(4,970)
Management and leasing fees	295	229	821	789
Lease termination fees	298	7	739	174
Fee and other income	739	805	3,383	(512)
Other \| Hotel Pennsylvania
Disaggregation of Revenue [Line Items]
Property rentals	0	0	0	0
Other \| Trade Shows
Disaggregation of Revenue [Line Items]
Property rentals	8,443	7,907	38,903	36,858
Other \| Real Estate, Other
Disaggregation of Revenue [Line Items]
Other income	2,601	2,295	8,616	3,495
Other \| Real Estate
Disaggregation of Revenue [Line Items]
Revenue	$ 79,602	$ 75,146	$ 250,821	$ 231,190
Accounting Standards Update 2014-09 \| Retained Earnings
Disaggregation of Revenue [Line Items]
Cumulative effect of accounting change					$ 14,519

Acquisitions (Details) ft² in Thousands, $ in Thousands			9 Months Ended
Acquisitions (Details) ft² in Thousands, $ in Thousands	Sep. 21, 2018 USD ($) ft² seat ft	Feb. 09, 2018 USD ($) ft²	Sep. 30, 2018 USD ($)	Sep. 30, 2017 USD ($)	Jul. 30, 2012 USD ($)
Business Acquisition [Line Items]
Distributions of capital from partially owned entities \| $			$ 500,225	$ 11,841
537 West 26th Street
Business Acquisition [Line Items]
Area of land (in sq feet) \| ft²		14
Area of additional zoning air rights (in sq feet) \| ft²		55
Distributions of capital from partially owned entities \| $		$ 44,000
Marquis Theater \| 1535 Broadway
Business Acquisition [Line Items]
Capital lease \| $					$ 240,000
Number of seats \| seat	1,611
Retail Condominium \| 1535 Broadway
Business Acquisition [Line Items]
Area of land (in sq feet) \| ft²	45
Payments to acquire real estate \| $	$ 442,000
Percentage of fee	100.00%
Digital Sign \| 1535 Broadway
Business Acquisition [Line Items]
Area of land (in sq feet) \| ft²	25
Frontage length \| ft	330

Real Estate Fund Investments (Narrative) (Details)					3 Months Ended		9 Months Ended		12 Months Ended
Real Estate Fund Investments (Narrative) (Details)	Apr. 19, 2018 USD ($) extension	Feb. 16, 2018 USD ($)	Jan. 17, 2018 USD ($)	Mar. 01, 2011 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2017 USD ($)	Sep. 30, 2018 USD ($) investment	Sep. 30, 2017 USD ($)	Dec. 31, 2017 USD ($) investment
Investment Holdings
Gain (loss) on sale of properties							$ 0	$ 3,797,000
Loss from real estate fund investments					$ (190,000)	$ (6,308,000)	(37,973,000)	(1,649,000)
Income (loss) from partially owned entities					7,206,000	(41,801,000)	6,059,000	5,578,000
Number of investments held by fund \| investment									5
Aggregate fair value of Real Estate Fund investments (in US Dollars)					$ 369,767,000		$ 369,767,000		$ 354,804,000
Crowne Plaza Times Square Hotel Joint Venture
Investment Holdings
Refinancing	$ 255,000,000
Vornado Capital Partners Real Estate Fund
Investment Holdings
Equity method ownership percentage					25.00%		25.00%
Term of the Fund, years							8 years
Investment period for commitments of the Fund, years							3 years
Investment fund expiration date							2013-07
Vornado Realty Trust
Investment Holdings
Unfunded commitments of fund					$ 16,119,000		$ 16,119,000
Real estate fund investments
Investment Holdings
Real estate transfer tax					0	0	10,630,000	0
Loss from real estate fund investments					(190,000)	$ (6,308,000)	$ (37,973,000)	$ (1,649,000)
Number of investments held by fund \| investment							4
Unfunded commitments of fund					$ 50,494,000		$ 50,494,000
Eleven East 68th Street
Investment Holdings
Proceeds from the sale of real estate			$ 82,000,000
Gain (loss) on sale of properties			$ 46,259,000
One Park Avenue
Investment Holdings
Payments to acquire real estate				$ 394,000,000
Real estate transfer tax				$ 3,000,000			$ 4,978,000
State and Local Jurisdiction \| One Park Avenue
Investment Holdings
Additional real estate transfer tax		$ 9,491,000
Interest on real estate transfer tax		6,764,000
Real estate transfer tax and interest		15,608,000
Loss from real estate fund investments		10,630,000
Income (loss) from partially owned entities		$ 4,978,000
Joint Venture \| Crowne Plaza Times Square Hotel Joint Venture
Investment Holdings
Equity method ownership percentage					57.10%		57.10%
Joint Venture \| Crowne Plaza Times Square Hotel Joint Venture \| Crowne Plaza Time Square Hotel
Investment Holdings
Ownership percentage by noncontrolling owners					24.70%		24.70%
Joint Venture \| Vornado Capital Partners Real Estate Fund
Investment Holdings
Equity method ownership percentage				64.70%
Joint Venture \| Vornado Realty Trust
Investment Holdings
Equity method ownership percentage				30.30%
Joint Venture \| Third Party
Investment Holdings
Equity method ownership percentage				5.00%
Loans Due May 2020 \| Crowne Plaza Times Square Hotel Joint Venture
Investment Holdings
Debt instrument, interest rate, stated percentage					5.66%		5.66%
Loans Due December 2018 \| Crowne Plaza Times Square Hotel Joint Venture
Investment Holdings
Refinancing	$ 310,000,000
LIBOR \| Loans Due May 2020 \| Crowne Plaza Times Square Hotel Joint Venture
Investment Holdings
Spread Over LIBOR (in percentage)	3.51%
Number of extensions \| extension	3
Length of extension available	1 year
LIBOR \| Loans Due December 2018 \| Crowne Plaza Times Square Hotel Joint Venture
Investment Holdings
Spread Over LIBOR (in percentage)	2.80%
LIBOR \| Interest Rate Cap \| Loans Due May 2020 \| Crowne Plaza Times Square Hotel Joint Venture
Investment Holdings
Spread Over LIBOR (in percentage)	4.00%

Real Estate Fund Investments (Income from the Fund and the Co-Investment) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Mar. 01, 2011	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Details Of Income From Real Estate Funds
(Loss) from real estate fund investments		$ (190)	$ (6,308)	$ (37,973)	$ (1,649)
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries		(3,312)	(4,022)	31,137	(18,436)
Real estate fund investments
Details Of Income From Real Estate Funds
Net investment income		3,093	6,028	6,366	16,888
Net unrealized loss on held investments		(3,283)	(11,220)	(32,796)	(28,860)
Net realized gain (loss) on exited investments		0	35,620	(913)	35,861
Previously recorded unrealized gain on exited investment		0	(36,736)	0	(25,538)
Transfer Tax		0	0	(10,630)	0
(Loss) from real estate fund investments		(190)	(6,308)	(37,973)	(1,649)
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries		(558)	(1,486)	34,338	(9,684)
(Loss) from real estate fund investments attributable to the Operating Partnership (nine months ended September 30, 2018 includes $4,252 of loss related to One Park Avenue potential additional transfer taxes and reduction in carried interest)		(748)	(7,794)	(3,635)	(11,333)
Less loss attributable to noncontrolling interests in the Operating Partnership		46	485	224	706
Less loss attributable to noncontrolling interests in the Operating Partnership		$ (702)	$ (7,309)	(3,411)	$ (10,627)
One Park Avenue
Details Of Income From Real Estate Funds
Transfer Tax	$ (3,000)			(4,978)
One Park Avenue \| Real estate fund investments
Details Of Income From Real Estate Funds
(Loss) from real estate fund investments attributable to the Operating Partnership (nine months ended September 30, 2018 includes $4,252 of loss related to One Park Avenue potential additional transfer taxes and reduction in carried interest)				$ (4,252)

Marketable Securities (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Jan. 01, 2018	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Earnings less than distributions	$ (4,135,602)		$ (4,183,253)
Accounting Standards Update 2016-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Earnings less than distributions		$ (111,225)

Marketable Securities (Marketable securities portfolio) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Available-for-sale Securities
Fair Value	$ 157,951		$ 157,951		$ 182,752
Increase (decrease) in fair value of marketable securities	(7,699)	$ 0	(24,801)	$ 0
Lexington Realty Trust
Available-for-sale Securities
Fair Value	153,292		153,292		178,226
Increase (decrease) in fair value of marketable securities			(24,934)
Other
Available-for-sale Securities
Fair Value	$ 4,659		4,659		$ 4,526
Increase (decrease) in fair value of marketable securities			$ 133

Investments in Partially Owned Entities (Alexander's Inc.) (Details) - Alexanders Inc - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	9 Months Ended
	Apr. 05, 2018	Nov. 30, 2012	Sep. 30, 2018
Equity Method Investments And Income From Equity Method Investments
Ownership common shares, investee (in shares)			1,654,068
Equity method ownership percentage			32.40%
Closing share price (in dollars per share)			$ 343.30
Equity method investment fair value			$ 567,842
Excess of investee's fair value over carrying amount			456,000
Excess of investee's carrying amount over equity in net assets			39,093
Additional real estate transfer tax			$ 7,708
Kings Plaza Regional Shopping Center
Equity Method Investments And Income From Equity Method Investments
Real estate transfer tax		$ 3,971
Additional real estate transfer tax	$ 23,797
Vornado Realty Trust
Equity Method Investments And Income From Equity Method Investments
Equity method ownership percentage			32.40%

Investments in Partially Owned Entities (Urban Edge Properties and PREIT) (Details) $ / shares in Units, $ in Thousands	Sep. 30, 2018 USD ($) $ / shares shares
UE
Schedule Of Equity Method Investments
Equity method ownership percentage	4.50%
Closing share price (in dollars per share) \| $ / shares	$ 22.08
Equity method investment fair value	$ 126,235,000
Excess of investee's fair value over carrying amount	$ 80,837
PREIT
Schedule Of Equity Method Investments
Ownership common shares, investee (in shares) \| shares	6,250,000
Equity method ownership percentage	7.90%
Closing share price (in dollars per share) \| $ / shares	$ 9.46
Equity method investment fair value	$ 59,125
Excess of investee's fair value over carrying amount	2,389
Excess of investee's carrying amount over equity in net assets	$ 36,096
Partnership Interest \| UE
Schedule Of Equity Method Investments
Ownership common shares, investee (in shares) \| shares	5,717,184

Investments in Partially Owned Entities (Independence Plaza, Toys R Us, 666 5th Avenue) (Details)			1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 03, 2018 USD ($) ft	Jun. 11, 2018 USD ($)	Dec. 31, 2012 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2017 USD ($)	Sep. 30, 2018 USD ($) building unit	Sep. 30, 2017 USD ($)	Dec. 31, 2017 USD ($)
Schedule Of Equity Method Investments
Noncontrolling interests in subsidiaries				$ 3,312,000	$ 4,022,000	$ (31,137,000)	$ 18,436,000
Net gains on disposition of wholly owned and partially owned assets				141,269,000	$ 0	164,828,000	$ 501,000
Mortgages payable, net				$ 8,119,075,000		$ 8,119,075,000		$ 8,137,139,000
Independence Plaza
Schedule Of Equity Method Investments
Equity method ownership percentage				50.10%		50.10%
Number of buildings \| building						3
Number of units \| unit						1,327
Real estate transfer tax			$ 1,730,000
Transfer tax						$ 13,103,000
Refinancing		$ 675,000,000
Interest rate, effective		3.48%
Proceeds from (repayments of) debt		$ 550,000,000
Net proceeds from debt		$ 55,618,000
Toys R Us
Schedule Of Equity Method Investments
Equity method ownership percentage				32.50%		32.50%
Equity method investment, carrying amount				$ 0		$ 0
Tax basis of investments, cost for income tax purposes				420,000,000		420,000,000
Transaction Related Costs and Other \| Independence Plaza
Schedule Of Equity Method Investments
Transfer tax paid						13,103,000
Noncontrolling interests in subsidiaries						6,538,000
Loans Maturing in July 2025 \| Independence Plaza
Schedule Of Equity Method Investments
Debt term		7 years
Debt instrument, interest rate, stated percentage		4.25%
Office \| 666 Fifth Avenue
Schedule Of Equity Method Investments
Equity method ownership percentage	49.50%
Net proceeds from debt	$ 55,244,000
Proceeds from the sale of real estate	120,000,000
Net gains on disposition of wholly owned and partially owned assets	134,032,000			$ 7,308,000		$ 7,308,000
Gain on sale of properties, net	$ 244,000,000
Retail linear feet of frontage \| ft	125

Investments in Partially Owned Entities (Summary of Investments) (Details) - USD ($) $ in Thousands	May 27, 2016	Sep. 30, 2018	Dec. 31, 2017
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities		$ 909,440	$ 1,056,829
Other liabilities
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities		$ (107,582)	(101,368)
7 West 34th Street \| Other liabilities
Schedule Of Equity Method Investments
Equity method ownership percentage		53.00%
Carrying amount of investments in partially owned entities		$ (49,647)	(47,369)
Sale of ownership interest, percent	47.00%
330 Madison Avenue \| Other liabilities
Schedule Of Equity Method Investments
Equity method ownership percentage		25.00%
Carrying amount of investments in partially owned entities		$ (57,935)	(53,999)
Partially Owned Office Buildings
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities		$ 502,826	504,393
Alexanders Inc
Schedule Of Equity Method Investments
Equity method ownership percentage		32.40%
Carrying amount of investments in partially owned entities		$ 111,842	126,400
PREIT
Schedule Of Equity Method Investments
Equity method ownership percentage		7.90%
Carrying amount of investments in partially owned entities		$ 61,514	66,572
UE
Schedule Of Equity Method Investments
Equity method ownership percentage		4.50%
Carrying amount of investments in partially owned entities		$ 45,398	46,152
Other investments
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities		$ 187,860	$ 313,312

Investments in Partially Owned Entities (Summary of Income (Loss) ) (Details) - USD ($)		3 Months Ended		9 Months Ended
	Mar. 01, 2011	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Schedule Of Equity Method Investments
Our share of net income (loss)		$ 7,206,000	$ (41,801,000)	$ 6,059,000	$ 5,578,000
Gain (loss) on sale of properties				$ 0	3,797,000
Alexanders Inc
Schedule Of Equity Method Investments
Equity method ownership percentage		32.40%		32.40%
Equity in net income		$ 4,278,000	6,510,000	$ 7,215,000	20,092,000
Management, leasing and development fees		1,149,000	1,335,000	3,378,000	4,351,000
Our share of net income (loss)		$ 5,427,000	7,845,000	$ 10,593,000	24,443,000
UE
Schedule Of Equity Method Investments
Equity method ownership percentage		4.50%		4.50%
Equity in net income		$ 2,696,000	5,908,000	$ 3,017,000	25,793,000
Management, leasing and development fees		67,000	100,000	217,000	518,000
Our share of net income (loss)		2,763,000	6,008,000	3,234,000	26,311,000
Gain from issuance of common operating partnership units			5,200,000		21,100,000
Partially Owned Office Buildings
Schedule Of Equity Method Investments
Our share of net income (loss)		$ 735,000	(967,000)	$ (1,546,000)	79,000
PREIT
Schedule Of Equity Method Investments
Equity method ownership percentage		7.90%		7.90%
Equity in net income			44,465,000
Our share of net income (loss)		$ (616,000)	(49,748,000)	$ (2,113,000)	(53,480,000)
One Park Avenue
Schedule Of Equity Method Investments
Real estate transfer tax	$ 3,000,000			4,978,000
Other investments
Schedule Of Equity Method Investments
Our share of net income (loss)		(1,103,000)	(4,939,000)	(4,109,000)	$ 8,225,000
Suffolk Downs
Schedule Of Equity Method Investments
Gain (loss) on sale of properties			15,314,000
Gain on debt investments			11,373,000
Gain recognized on the sale of property and repayment of debt			$ 26,687,000
Alexanders Inc
Schedule Of Equity Method Investments
Chapter 11 bankruptcy relief		1,085,000		1,085,000
Litigation settlement, expense		$ 518,000		518,000
Interest expense				3,162,000
Change in fair value of marketable securities				1,802
Alexanders Inc \| Kings Plaza Regional Shopping Center
Schedule Of Equity Method Investments
Real estate transfer tax				$ 7,708,000

220 Central Park South - Narrative (Details) ft² in Thousands, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2018 USD ($) ft²	Sep. 30, 2018 USD ($) ft²	Sep. 30, 2017 USD ($)	Dec. 31, 2017 USD ($)
Real Estate [Line Items]
Land	$ 3,306,264	$ 3,306,264		$ 3,143,648
Condominium units inventory	$ 307,552	307,552		$ 0
Cash payments for income taxes		$ 61,047	$ 5,292
220 Central Park South
Real Estate [Line Items]
Square footage of real estate property \| ft²	397	397
Land	$ 515,400	$ 515,400
Development costs	1,400,000	1,400,000
Development costs expended	1,100,000	1,100,000
Condominium units inventory	307,552	$ 307,552
Cash payments for income taxes	$ 52,200
Percent of condominium tower where construction has been substantially completed	16.00%	16.00%

Dispositions - New York (Details) - USD ($) $ in Thousands		1 Months Ended	9 Months Ended
Dispositions - New York (Details) - USD ($) $ in Thousands	Jun. 21, 2018	Dec. 31, 2015	Sep. 30, 2018	Sep. 30, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of properties			$ 0	$ 3,797
27 Washington North
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from the sale of real estate	$ 45,000
Gain (loss) on sale of properties	$ 23,559
Payments to acquire real estate		$ 20,000

Dispositions (Assets and liabilities related to dispositions) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Dispositions
Other assets	$ 74		$ 74		$ 1,357
Other liabilities	205		205		$ 3,620
Income (loss) from discontinued operations:
Total revenues	174	$ 25,747	867	$ 260,969
Total expenses	113	21,708	1,104	211,930
Income from discontinued operations before net gain on sale of real estate	61	4,039	(237)	49,039
JBG SMITH Properties (JBGS) spin-off transaction costs	0	(53,581)	0	(67,045)
Additional net gains on sale of real estate	0	1,530	618	3,797
Income from partially-owned entities	0	93	0	435
Pretax income (loss) from discontinued operations	61	(47,919)	381	(13,774)
Income tax expense	0	(11)	0	(727)
Income (loss) from discontinued operations	$ 61	$ (47,930)	381	(14,501)
Cash flows related to discontinued operations:
Cash flows from operating activities			(1,751)	39,581
Cash flows from investing activities			$ 0	$ (48,377)

Identified Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Finite-Lived Intangible Assets and Liabilities
Gross amount	$ 307,855		$ 307,855		$ 310,097
Accumulated amortization	(167,861)		(167,861)		(150,837)
Total, net	139,994		139,994		159,260
Gross amount	508,468		508,468		530,497
Accumulated amortization	(338,665)		(338,665)		(324,897)
Total, net	169,803		169,803		$ 205,600
Below Market Leases Net Of Above Market Leases
Finite-Lived Intangible Assets and Liabilities
Increase to rental income	10,373	$ 11,054	31,480	$ 34,758
2019	25,115		25,115
2020	24,047		24,047
2021	19,313		19,313
2022	16,173		16,173
2023	13,496		13,496
Other Identified Intangible Assets
Finite-Lived Intangible Assets and Liabilities
Amortization of Intangible Assets	4,822	6,069	14,557	19,896
2019	12,902		12,902
2020	12,817		12,817
2021	11,838		11,838
2022	10,286		10,286
2023	10,158		10,158
Tenant Under Ground Leases
Finite-Lived Intangible Assets and Liabilities
Increase to rent expense	437	$ 437	1,310	$ 1,310
2019	1,747		1,747
2020	1,747		1,747
2021	1,747		1,747
2022	1,747		1,747
2023	$ 1,747		$ 1,747

Debt (Narrative) (Details) ft² in Thousands	Aug. 09, 2018 USD ($) ft²	Aug. 08, 2018 USD ($)	Jan. 05, 2018 USD ($) ft²	Sep. 30, 2018
33-00 Northern Boulevard \| Office
Debt Instrument
Refinancing			$ 100,000,000
Square footage of real estate property \| ft²			471
Debt term			7 years
Debt instrument, interest rate, stated percentage			4.14%
Proceeds from (repayments of) debt			$ 37,200,000
33-00 Northern Boulevard \| Office \| LIBOR
Debt Instrument
Spread Over LIBOR (in percentage)			1.80%
4 Union Square South \| Retail
Debt Instrument
Refinancing	$ 120,000,000
Debt instrument, interest rate, stated percentage				3.50%
4 Union Square South \| Retail \| LIBOR
Debt Instrument
Spread Over LIBOR (in percentage)	1.40%	2.15%
Mortgages
Debt Instrument
Interest rate, effective				3.71%
Mortgages \| 33-00 Northern Boulevard \| Office
Debt Instrument
Interest rate, effective			4.43%
Repayments of debt			$ 59,800,000
Maturing in 2025 \| 33-00 Northern Boulevard \| Retail
Debt Instrument
Square footage of real estate property \| ft²	206
Maturing in 2019 \| 4 Union Square South \| Retail
Debt Instrument
Refinancing		$ 113,000,000

Debt (Summary of Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Debt Instrument
Deferred financing costs, net and other	$ (59,461)	$ (74,352)
Mortgages payable, net	8,119,075	8,137,139
Unsecured debt - Carrying amount	843,710	843,614
Unsecured term loan, net	749,874	748,734
Revolving credit facilities	80,000	0
Unsecured debt and revolving credit facility	1,673,584	1,592,348
Mortgages
Debt Instrument
Mortgages payable, gross	8,172,120	8,203,839
Deferred financing costs, net and other	(53,045)	(66,700)
Mortgages payable, net	$ 8,119,075	8,137,139
Interest rate, end of period (in percentage)	3.71%
Mortgages \| Fixed Rate
Debt Instrument
Mortgages payable, gross	$ 5,006,360	5,461,706
Interest rate, end of period (in percentage)	3.53%
Mortgages \| Variable Rate
Debt Instrument
Mortgages payable, gross	$ 3,165,760	2,742,133
Interest rate, end of period (in percentage)	3.99%
Senior Unsecured Notes
Debt Instrument
Deferred financing costs, net and other	$ (6,290)	(6,386)
Unsecured debt, gross	850,000	850,000
Unsecured debt - Carrying amount	$ 843,710	843,614
Interest rate, end of period (in percentage)	4.21%
Unsecured Term Loan
Debt Instrument
Deferred financing costs, net and other	$ (126)	(1,266)
Unsecured debt, gross	750,000	750,000
Unsecured term loan, net	$ 749,874	748,734
Interest rate, end of period (in percentage)	3.39%
Unsecured Revolving Credit Facilities
Debt Instrument
Revolving credit facilities	$ 80,000	$ 0
Interest rate, end of period (in percentage)	3.15%

Redeemable Noncontrolling Interests / Redeemable Partnership Units (Activity of Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Redeemable Noncontrolling Interests Rollforward
Balance as of December 31			$ 984,937	$ 1,278,446
Net income	$ 12,671	$ (1,878)	18,992	9,057
Other comprehensive income			913	188
Distributions			(23,867)	(25,663)
Other, net			15,666	30,168
Balance as of June 30	$ 924,582	$ 970,704	924,582	970,704
Class A Unit
Redeemable Noncontrolling Interests Rollforward
Redemption of Class A units for Vornado common shares, at redemption value			(14,089)	(34,564)
Adjustments to carry redeemable Class A units at redemption value (including $224,069 attributable to the spin-off of JBGS)			(57,970)	$ (286,928)
JBGS \| Class A Unit
Redeemable Noncontrolling Interests Rollforward
Adjustments to carry redeemable Class A units at redemption value (including $224,069 attributable to the spin-off of JBGS)			$ 224,069

Redeemable Noncontrolling Interests / Redeemable Partnership Units (Narratives) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Redeemable Noncontrolling Interest
Redeemable noncontrolling interest, equity, common, carrying amount	$ 919,154	$ 979,509
Class A Unit
Redeemable Noncontrolling Interest
Redeemable noncontrolling interest, equity, common, carrying amount	919,154	979,509
Cumulative Redeemable Preferred Unit
Redeemable Noncontrolling Interest
Fair value of Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units	$ 50,561	$ 50,561

Shareholders' Equity/Partners' Capital - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			9 Months Ended
	Jan. 11, 2018	Jan. 04, 2018	Sep. 30, 2018
Class of Stock [Line Items]
Preferred unit issuance costs			$ 15,149
Series G & I Preferred Stock
Class of Stock [Line Items]
Preferred stock, redemption price per share	$ 25.00	$ 25.00
Preferred stock, redemption amount			470,000
Preferred unit issuance costs			$ 14,486
Redeemable Preferred Stock \| Series G Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage	6.625%	6.625%
Redeemable Preferred Stock \| Series I Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage	6.625%	6.625%

Accumulated Other Comprehensive Income ("AOCI") (AOCI by component) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, value			$ 5,007,701	$ 7,618,496
Cumulative effect of accounting change (see Note 3)					$ 14,519
Ending balance, value	$ 5,037,509	$ 5,287,573	5,037,509	5,287,573
Interest rate swaps
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, value	39,559	12,702	23,542	8,066
Cumulative effect of accounting change (see Note 3)					2,851
OCI before reclassifications	623	1,976	13,789	6,612
Amounts reclassified from AOCI	0	0	0	0
Net current period OCI	623	1,976	13,789	6,612
Ending balance, value	40,182	14,678	40,182	14,678
Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, value	33,351	115,839	128,682	118,972
Cumulative effect of accounting change (see Note 3)					(108,374)
OCI before reclassifications	822	6,608	13,865	(5,793)
Amounts reclassified from AOCI	0	(646)	0	8,622
Net current period OCI	822	5,962	13,865	2,829
Ending balance, value	34,173	121,801	34,173	121,801
Marketable securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, value	0	114,290	109,554	130,505
Cumulative effect of accounting change (see Note 3)					(109,554)
OCI before reclassifications	0	5,656	0	(10,559)
Amounts reclassified from AOCI	0	0	0	0
Net current period OCI	0	5,656	0	(10,559)
Ending balance, value	0	119,946	0	119,946
Pro-rata share of nonconsolidated subsidiaries' OCI
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, value	2,834	(3,821)	3,769	(12,058)
Cumulative effect of accounting change (see Note 3)					(1,671)
OCI before reclassifications	253	(626)	989	(1,657)
Amounts reclassified from AOCI	0	(646)	0	8,622
Net current period OCI	253	(1,272)	989	6,965
Ending balance, value	3,087	(5,093)	3,087	(5,093)
Other
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, value	(9,042)	(7,332)	(8,183)	(7,541)
Cumulative effect of accounting change (see Note 3)					$ 0
OCI before reclassifications	(54)	(398)	(913)	(189)
Amounts reclassified from AOCI	0	0	0	0
Net current period OCI	(54)	(398)	(913)	(189)
Ending balance, value	$ (9,096)	$ (7,730)	$ (9,096)	$ (7,730)

Variable Interest Entities ("VIEs") (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Unconsolidated VIEs
Variable Interest Entities
Net carrying amount of our investments in unconsolidated VIEs	$ 256,674	$ 352,925
Consolidated VIEs
Variable Interest Entities
Variable interest entity, consolidated, carrying amount, assets	3,572,362	3,561,062
Variable interest entity, consolidated, carrying amount, liabilities	$ 1,813,993	$ 1,753,798

Fair Value Measurements (Narrative) (Details) $ in Thousands			9 Months Ended	12 Months Ended
	Jan. 11, 2018	Jan. 04, 2018	Sep. 30, 2018 USD ($) investment	Dec. 31, 2017 USD ($) investment
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Number of investments held by fund \| investment				5
Real estate fund investments			$ 369,767	$ 354,804
Real estate fund investments
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Number of investments held by fund \| investment			4
Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate fund investments			$ 369,767	354,804
Level 3 \| Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate fund investments			369,767	$ 354,804
Redeemable Preferred Stock \| Series G Preferred Stock
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Preferred stock, dividend rate, percentage	6.625%	6.625%
Redeemable Preferred Stock \| Series I Preferred Stock
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Preferred stock, dividend rate, percentage	6.625%	6.625%
Discounted Cash Flow Technique \| Level 3 \| Real estate fund investments
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate fund investments			369,767
Excess of fair value over cost			$ 44,203
Discounted Cash Flow Technique \| Level 3 \| Recurring \| Minimum
Fair Value Inputs [Abstract]
Anticipated holding period of investments			4 months
Discounted Cash Flow Technique \| Level 3 \| Recurring \| Maximum
Fair Value Inputs [Abstract]
Anticipated holding period of investments			4 years 4 months

Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	$ 157,951	$ 182,752
Real estate fund investments	369,767	354,804
Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	157,951	182,752
Real estate fund investments	369,767	354,804
Deferred compensation plan assets (included in restricted cash and other assets)	102,281	109,177
Interest rate swaps (included in other assets)	40,203	27,472
Total assets	670,202	674,205
Mandatorily redeemable instruments (included in other liabilities)	50,561	520,561
Interest rate swap (included in other liabilities)		1,052
Total liabilities		521,613
Recurring \| Level 1
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	157,951	182,752
Real estate fund investments	0	0
Deferred compensation plan assets (included in restricted cash and other assets)	63,493	69,049
Interest rate swaps (included in other assets)	0	0
Total assets	221,444	251,801
Mandatorily redeemable instruments (included in other liabilities)	50,561	520,561
Interest rate swap (included in other liabilities)		0
Total liabilities		520,561
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 restricted cash and other assets)	0	0
Interest rate swaps (included in other assets)	40,203	27,472
Total assets	40,203	27,472
Mandatorily redeemable instruments (included in other liabilities)	0	0
Interest rate swap (included in other liabilities)		1,052
Total liabilities		1,052
Recurring \| Level 3
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	0	0
Real estate fund investments	369,767	354,804
Deferred compensation plan assets (included in restricted cash and other assets)	38,788	40,128
Interest rate swaps (included in other assets)	0	0
Total assets	408,555	394,932
Mandatorily redeemable instruments (included in other liabilities)	0	0
Interest rate swap (included in other liabilities)		0
Total liabilities		0
Other Assets \| Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Deferred compensation plan assets (included in restricted cash and other assets)	92,048	97,632
Restricted Cash \| Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Deferred compensation plan assets (included in restricted cash and other assets)	$ 10,233	11,545
Other liabilities \| Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Mandatorily redeemable instruments (included in other liabilities)		$ 50,561

Fair Value Measurements (Unobervable Quantitative Input Ratios) (Details) - Recurring - Level 3 - Real estate fund investments	Sep. 30, 2018	Dec. 31, 2017
Discount Rate \| Minimum
Unobservable Quantitative Input
Real estate, measurement input	0.100	0.020
Discount Rate \| Maximum
Unobservable Quantitative Input
Real estate, measurement input	0.150	0.149
Discount Rate \| Weighted Average
Unobservable Quantitative Input
Real estate, measurement input	0.132	0.119
Cap Rate \| Minimum
Unobservable Quantitative Input
Real estate, measurement input	0.053	0.047
Cap Rate \| Maximum
Unobservable Quantitative Input
Real estate, measurement input	0.064	0.067
Cap Rate \| Weighted Average
Unobservable Quantitative Input
Real estate, measurement input	0.056	0.055

Fair Value Measurements (Changes in the Fair Value of Real Estate Fund Investments and Deferred Compensation Plan Assets) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Real estate fund investments
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 373,039	$ 455,692	$ 354,804	$ 462,132
Net unrealized loss on held investments	(3,283)	(11,220)	(32,796)	(28,860)
Dispositions	0	(91,606)	(20,291)	(91,606)
Previously recorded unrealized gain on exited investment	0	(36,736)	0	(25,538)
Net realized gain (loss) on exited investments	0	35,620	(913)	35,861
Purchases / additional fundings	0	0	68,950	0
Other, net	11	0	13	(239)
Ending balance	369,767	351,750	369,767	351,750
Deferred Compensation Plan Assets
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	39,870	49,849	40,128	57,444
Sales	(3,304)	(3,810)	(6,813)	(15,922)
Realized and unrealized gains	180	246	892	2,151
Purchases / additional fundings	1,576	2,176	3,209	3,989
Other, net	466	823	1,372	1,622
Ending balance	$ 38,788	$ 49,284	$ 38,788	$ 49,284

Fair Value Measurements (Carrying amounts and fair value of financial instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured revolving credit facilities	$ 80,000	$ 0
Deferred financing costs, net and other	59,461	74,352
Senior Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured debt, gross	850,000	850,000
Deferred financing costs, net and other	6,290	6,386
Unsecured Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured debt, gross	750,000	750,000
Deferred financing costs, net and other	126	1,266
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents, carrying amount	630,271	1,500,227
Mortgages payable, gross	8,172,120	8,203,839
Unsecured revolving credit facilities	80,000	0
Debt instrument - Carrying amount	9,852,120	9,803,839
Deferred financing costs, net and other	59,461	74,352
Carrying Amount \| Senior Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured debt, gross	850,000	850,000
Carrying Amount \| Unsecured Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured debt, gross	750,000	750,000
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	9,766,000	9,822,000
Fair Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents, fair value	630,000	1,500,000
Unsecured revolving credit facilities	80,000	0
Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages payable, gross	8,091,000	8,194,000
Fair Value \| Senior Unsecured Notes \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured debt, gross	845,000	878,000
Fair Value \| Unsecured Term Loan \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured debt, gross	$ 750,000	$ 750,000

Stock-based Compensation (Narrative) (Details)			3 Months Ended		9 Months Ended
Stock-based Compensation (Narrative) (Details)	Mar. 15, 2018 USD ($) component	Jan. 12, 2018 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2017 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2017 USD ($)
Share Based Compensation Arrangement By Share Based Payment Award
Share-based compensation expense			$ 5,545,000	$ 5,693,000	$ 26,190,000	$ 27,319,000
AO LTIP Units
Share Based Compensation Arrangement By Share Based Payment Award
Threshold level					100.00%
Amortization Period		4 years			4 years
Period from grant date		10 years
Grant-Date Fair Value		$ 3,484,000
Amount expensed immediately		$ 622,000	2,862,000		$ 2,862,000
Revised age limit for awards vesting criteria		65 years
Revised age limit for vesting with years of service		60 years
Years of service		20 years
Special allocation (percent)		10.00%
Special distribution (percent)		10.00%
Out Performance Plan 2018
Share Based Compensation Arrangement By Share Based Payment Award
Amortization Period					5 years
Grant-Date Fair Value	$ 10,283,000
Amount expensed immediately	$ 8,040,000		$ 2,243,000		$ 2,243,000
Revised age limit for awards vesting criteria	65 years
Revised age limit for vesting with years of service	60 years
Years of service	20 years
Out performance plan notional amount	$ 35,000,000
Amount by which vornado underperforms the index (basis points)	2.00%
Amount by which vornado underperforms the index, total (basis points)	6.00%
Number of components of out performance plan \| component	2
Relative \| Out Performance Plan 2018
Share Based Compensation Arrangement By Share Based Payment Award
Required shareholder return under relative component	3.00%
Percentage of shareholder return under which 50% of awards will be earned	0.00%
Absolute \| Out Performance Plan 2018
Share Based Compensation Arrangement By Share Based Payment Award
Duration of performance measurement period	3 years
Required shareholder return three year	21.00%
SNL US Office REIT Index \| Relative \| Out Performance Plan 2018
Share Based Compensation Arrangement By Share Based Payment Award
Required shareholder return per year	70.00%
SNL US Retail Index \| Relative \| Out Performance Plan 2018
Share Based Compensation Arrangement By Share Based Payment Award
Required shareholder return per year	30.00%
Maximum \| Relative \| Out Performance Plan 2018
Share Based Compensation Arrangement By Share Based Payment Award
Percentage awards will be reduced if TSR is zero or negative or Negative	50.00%
Senior Executive \| Out Performance Plan 2018
Share Based Compensation Arrangement By Share Based Payment Award
Out performance plan amount granted	$ 27,354,000

Interest and Other Investment Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net Investment Income [Line Items]
(Decrease) increase in fair value of marketable securities:	$ (7,699)	$ 0	$ (24,801)	$ 0
Interest on cash and cash equivalents and restricted cash	4,306	1,636	12,370	4,264
Dividends on marketable securities	3,354	3,309	10,060	9,923
Interest on loans receivable	2,004	754	8,952	3,599
Other, net	928	1,632	2,820	4,781
Interest and other investment income, net	2,893	7,331	9,401	22,567
Lexington Realty Trust
Net Investment Income [Line Items]
(Decrease) increase in fair value of marketable securities:	(7,942)	0	(24,934)	0
Other
Net Investment Income [Line Items]
(Decrease) increase in fair value of marketable securities:	243	$ 0	133	$ 0
701 Seventh Avenue
Net Investment Income [Line Items]
Interest on loans receivable	$ 1,250		$ 6,707

Interest and Debt Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Interest and Debt Expense [Abstract]
Interest expense	$ 98,841	$ 89,675	$ 290,006	$ 263,037
Amortization of deferred financing costs	8,348	7,977	24,486	24,523
Capitalized interest and debt expense	(18,238)	(12,584)	(49,718)	(34,979)
Interest and debt expense, Total	$ 88,951	$ 85,068	$ 264,774	$ 252,581

Income (Loss) Per Share /Income (Loss) Per Class A Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Numerator:
Income from continuing operations, net of income attributable to noncontrolling interests	$ 203,122	$ 32,050	$ 336,570	$ 196,684
Income (loss) from discontinued operations, net of income attributable to noncontrolling interests	57	(44,948)	357	(13,600)
Net income (loss) attributable to Vornado / Vornado Realty L.P.	203,179	(12,898)	336,927	183,084
Preferred share dividends / unit distributions	(12,534)	(16,128)	(38,103)	(48,386)
Preferred share / unit issuance costs	0	0	(14,486)	0
NET INCOME (LOSS) attributable to common shareholders / Class A unitholders	190,645	(29,026)	284,338	134,698
Earnings allocated to unvested participating securities	(17)	(9)	(33)	(37)
Numerator for basic income (loss) per share / per Class A unit	190,628	(29,035)	284,305	134,661
Convertible preferred share dividends / unit distributions	15	0	47	0
Earnings allocated to Out-Performance Plan units	0	0	127	195
Numerator for diluted income (loss) per share	$ 190,643	$ (29,035)	$ 284,479	$ 134,856
Denominator:
Denominator for basic income (loss) per share - weighted average shares (in shares)	190,245	189,593	190,176	189,401
Vornado employee stock options and restricted share / unit awards (in shares)	1,045	1,254	972	1,553
Convertible preferred shares/units	37	0	38	303
Out-Performance Plan units	0	0	106	0
Denominator for diluted income (loss) per share - weighted average shares and assumed conversions (in shares)	191,327	190,847	191,292	191,257
INCOME (LOSS) PER COMMON SHARE – BASIC:
Income from continuing operations, net (in dollars per share)	$ 1.00	$ 0.09	$ 1.50	$ 0.78
Loss from discontinued operations, net (in dollars per share)	0.00	(0.24)	0.00	(0.07)
Net income (loss) per common share (in dollars per share)	1.00	(0.15)	1.50	0.71
INCOME (LOSS) PER COMMON SHARE – DILUTED:
Income from continuing operations, net (in dollars per share)	1.00	0.09	1.49	0.78
Loss from discontinued operations, net (in dollars per share)	0.00	(0.24)	0.00	(0.07)
Net income (loss) per common share (in dollars per share)	$ 1.00	$ (0.15)	$ 1.49	$ 0.71
Vornado Realty L.P.
Numerator:
Income from continuing operations, net of income attributable to noncontrolling interests	$ 215,789	$ 33,154	$ 355,538	$ 206,642
Income (loss) from discontinued operations, net of income attributable to noncontrolling interests	61	(47,930)	381	(14,501)
Net income (loss) attributable to Vornado / Vornado Realty L.P.	215,850	(14,776)	355,919	192,141
Preferred share dividends / unit distributions	(12,582)	(16,176)	(38,248)	(48,531)
Preferred share / unit issuance costs	0	0	(14,486)	0
NET INCOME (LOSS) attributable to common shareholders / Class A unitholders	203,268	(30,952)	303,185	143,610
Earnings allocated to unvested participating securities	(997)	(740)	(2,259)	(2,499)
Numerator for basic income (loss) per share / per Class A unit	202,271	(31,692)	300,926	141,111
Convertible preferred share dividends / unit distributions	15	0	47	0
Numerator for diluted income (loss) per Class A unit	$ 202,286	$ (31,692)	$ 300,973	$ 141,111
Denominator:
Denominator for basic income (loss) per Class A unit – weighted average units (in shares)	202,103	201,300	202,033	201,093
Vornado employee stock options and restricted share / unit awards (in shares)	1,454	1,813	1,329	2,218
Convertible preferred shares/units	37	0	38	0
Denominator for diluted income (loss) per Class A unit - weighted average units and assumed conversions	203,594	203,113	203,400	203,311
INCOME (LOSS) PER CLASS A UNIT – BASIC:
Income from continuing operations, net (in dollars per unit)	$ 1.00	$ 0.08	$ 1.49	$ 0.77
Loss from discontinued operations, net (in dollars per unit)	0.00	(0.24)	0.00	(0.07)
Net income (loss) per Class A unit (in dollars per unit)	1.00	(0.16)	1.49	0.70
INCOME (LOSS) PER CLASS A UNIT – DILUTED:
Income from continuing operations, net (in dollars per unit)	0.99	0.08	1.48	0.76
Loss from discontinued operations, net (in dollars per unit)	0.00	(0.24)	0.00	(0.07)
Net income (loss) per Class A unit (in dollars per unit)	$ 0.99	$ (0.16)	$ 1.48	$ 0.69

Income (Loss) Per Share /Income (Loss) Per Class A Unit (Narrative) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Antidilutive Securities Excluded From Computation Of Earnings Per Share
Weighted average common share / class A unit equivalents of excluded dilutive securities due to anti-dilutive effect	12,372	12,413	12,220	12,173
Vornado Realty L.P.
Antidilutive Securities Excluded From Computation Of Earnings Per Share
Weighted average common share / class A unit equivalents of excluded dilutive securities due to anti-dilutive effect	105	147	112	118

Commitments and Contingencies (Details) - USD ($)	9 Months Ended
Commitments and Contingencies (Details) - USD ($)	Sep. 30, 2018	Sep. 30, 2016
Other Commitments
Guarantees and master leases	$ 620,000,000
Outstanding letters of credit	13,337,000
Commitment to fund additional capital to partially owned entities	19,000,000
Construction commitment	295,000,000
General Liability
Insurance
Insurance limit per property	300,000,000
Insurance limit per occurrence	300,000,000
All Risk And Rental Value
Insurance
Insurance limit per occurrence	2,000,000,000.0
Earthquake California Properties
Insurance
Insurance limit per occurrence	260,000,000
Insurance maximum coverage limit in aggregate	$ 260,000,000
Vornado deductible, percentage of property value	5.00%
Terrorism Acts
Insurance
Insurance limit per occurrence	$ 4,000,000,000
Insurance maximum coverage limit in aggregate	4,000,000,000
NBCR Acts
Insurance
Insurance limit per occurrence	2,000,000,000
Insurance maximum coverage limit in aggregate	$ 2,000,000,000
Insurance coverage end date	December 2020
PPIC \| NBCR Acts
Insurance
Insurance deductible	$ 1,601,000
Insurance deductible percentage of balance of covered loss	18.00%
Moynihan Office Building
Other Commitments
Equity method ownership percentage		50.10%

Segment Information (Summary of net income and EBITDA reconciliation by segment) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Segment Information
Net income (loss)	$ 219,162	$ (10,754)	$ 324,782	$ 210,577
(Income) loss from partially owned entities	(7,206)	41,801	(6,059)	(5,578)
Loss from real estate fund investments	190	6,308	37,973	1,649
Interest and other investment income, net	(2,893)	(7,331)	(9,401)	(22,567)
Net gains on disposition of wholly owned and partially owned assets	(141,269)	0	(164,828)	(501)
Income (loss) from discontinued operations	(61)	47,930	(381)	14,501
NOI attributable to noncontrolling interests in consolidated subsidiaries	(16,943)	(16,171)	(51,415)	(48,778)
Depreciation and amortization expense	113,169	104,972	333,701	315,223
General and administrative expense	31,977	34,286	108,937	115,866
Transaction related costs and other	2,510	61	16,683	1,073
NOI from partially owned entities	60,094	66,876	193,359	199,989
Interest and debt expense	88,951	85,068	264,774	252,581
Income tax expense	1,943	1,188	4,964	3,491
NOI at share	349,624	354,234	1,053,089	1,037,526
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(8,743)	(22,307)	(39,172)	(65,263)
NOI at share - cash basis	340,881	331,927	1,013,917	972,263
Real estate fund investments
Segment Information
Loss from real estate fund investments	$ 190	$ 6,308	$ 37,973	$ 1,649

Segment Information - Summary of NOI by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Segment Information
NOI - consolidated	$ 306,473	$ 303,529	$ 911,145	$ 886,315
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(16,943)	(16,171)	(51,415)	(48,778)
Add: Our share of NOI from partially owned entities	60,094	66,876	193,359	199,989
NOI at share	349,624	354,234	1,053,089	1,037,526
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(8,743)	(22,307)	(39,172)	(65,263)
NOI at share - cash basis	340,881	331,927	1,013,917	972,263
New York
Segment Information
NOI - consolidated	261,497	261,179	769,714	755,461
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(11,348)	(11,464)	(34,653)	(34,251)
Add: Our share of NOI from partially owned entities	47,179	48,779	146,730	140,627
NOI at share	297,328	298,494	881,791	861,837
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(9,125)	(21,092)	(39,161)	(57,761)
NOI at share - cash basis	288,203	277,402	842,630	804,076
Other
Segment Information
NOI - consolidated	44,976	42,350	141,431	130,854
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(5,595)	(4,707)	(16,762)	(14,527)
Add: Our share of NOI from partially owned entities	12,915	18,097	46,629	59,362
NOI at share	52,296	55,740	171,298	175,689
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	382	(1,215)	(11)	(7,502)
NOI at share - cash basis	52,678	54,525	171,287	168,187
Real Estate
Segment Information
Total revenues	542,048	528,755	1,620,303	1,547,900
Real Estate \| New York
Segment Information
Total revenues	462,446	453,609	1,369,482	1,316,710
Real Estate \| Other
Segment Information
Total revenues	79,602	75,146	250,821	231,190
Management Service
Segment Information
Operating expenses	235,575	225,226	709,158	661,585
Management Service \| New York
Segment Information
Operating expenses	200,949	192,430	599,768	561,249
Management Service \| Other
Segment Information
Operating expenses	$ 34,626	$ 32,796	$ 109,390	$ 100,336

Subsequent Event (Narrative) (Details) - Unsecured Term Loan - Term Loan Maturing in February 2024 - Subsequent Event - USD ($)	Oct. 26, 2018	Oct. 25, 2018
Subsequent Events
Long-term Debt, Gross	$ 750,000,000
Debt instrument, interest rate, stated percentage	3.30%
LIBOR
Subsequent Events
Spread Over LIBOR (in percentage)	1.00%	1.15%