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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2018	Jun. 30, 2018
Document and Entity Information
Entity Registrant Name	VORNADO REALTY TRUST
Entity Central Index Key	0000899689
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	190,535,499
Entity Public Float		$ 12,877,203,000
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Trading Symbol	vno
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Vornado Realty L.P.
Document and Entity Information
Entity Registrant Name	VORNADO REALTY LP
Entity Central Index Key	0001040765
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	190,535,499
Entity Public Float		$ 707,001,000
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Real estate, at cost:
Land	$ 3,306,280	$ 3,143,648
Buildings and improvements	10,110,992	9,898,605
Development costs and construction in progress	2,266,491	1,615,101
Leasehold improvements and equipment	108,427	98,941
Total	16,237,883	14,756,295
Less accumulated depreciation and amortization	(3,180,175)	(2,885,283)
Real estate, net	13,057,708	11,871,012
Cash and cash equivalents	570,916	1,817,655
Restricted cash	145,989	97,157
Marketable securities	152,198	182,752
Tenant and other receivables, net of allowance for doubtful accounts of $4,154 and $5,526	73,322	58,700
Investments in partially owned entities	858,113	1,056,829
Real estate fund investments	318,758	354,804
220 Central Park South condominium units ready for sale	99,627	0
Receivable arising from the straight-lining of rents, net of allowance of $1,644 and $954	935,131	926,711
Deferred leasing costs, net of accumulated amortization of $207,529 and $191,827	400,313	403,492
Identified intangible assets, net of accumulated amortization of $172,114 and $150,837	136,781	159,260
Other assets	431,938	469,562
Assets	17,180,794	17,397,934
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net	8,167,798	8,137,139
Senior unsecured notes, net	844,002	843,614
Unsecured term loan, net	744,821	748,734
Unsecured revolving credit facilities	80,000	0
Moynihan Train Hall obligation	445,693	0
Accounts payable and accrued expenses	430,976	415,794
Deferred revenue	167,730	227,069
Deferred compensation plan	96,523	109,177
Preferred shares/units to be redeemed on January 4 and 11, 2018	0	455,514
Other liabilities	311,806	468,255
Total liabilities	11,289,349	11,405,296
Commitments and contingencies
Redeemable noncontrolling interests / partnership units:
Class A units - 12,544,477 and 12,528,899 units outstanding	778,134	979,509
Series D cumulative redeemable preferred units - 177,101 units outstanding	5,428	5,428
Total redeemable noncontrolling interests	783,562	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 190,535,499 and 189,983,858 shares	7,600	7,577
Additional capital	7,725,857	7,492,658
Earnings less than distributions	(4,167,184)	(4,183,253)
Accumulated other comprehensive income	7,664	128,682
Total Vornado and Vornado Realty L.P. shareholders' equity	4,465,231	4,337,652
Noncontrolling interests in consolidated subsidiaries	642,652	670,049
Total equity	5,107,883	5,007,701
Total liabilities, redeemable noncontrolling interests / partnership units and equity	17,180,794	17,397,934
Vornado Realty L.P.
Real estate, at cost:
Land	3,306,280	3,143,648
Buildings and improvements	10,110,992	9,898,605
Development costs and construction in progress	2,266,491	1,615,101
Leasehold improvements and equipment	108,427	98,941
Total	16,237,883	14,756,295
Less accumulated depreciation and amortization	(3,180,175)	(2,885,283)
Real estate, net	13,057,708	11,871,012
Cash and cash equivalents	570,916	1,817,655
Restricted cash	145,989	97,157
Marketable securities	152,198	182,752
Tenant and other receivables, net of allowance for doubtful accounts of $4,154 and $5,526	73,322	58,700
Investments in partially owned entities	858,113	1,056,829
Real estate fund investments	318,758	354,804
220 Central Park South condominium units ready for sale	99,627	0
Receivable arising from the straight-lining of rents, net of allowance of $1,644 and $954	935,131	926,711
Deferred leasing costs, net of accumulated amortization of $207,529 and $191,827	400,313	403,492
Identified intangible assets, net of accumulated amortization of $172,114 and $150,837	136,781	159,260
Other assets	431,938	469,562
Assets	17,180,794	17,397,934
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net	8,167,798	8,137,139
Senior unsecured notes, net	844,002	843,614
Unsecured term loan, net	744,821	748,734
Unsecured revolving credit facilities	80,000	0
Moynihan Train Hall obligation	445,693	0
Accounts payable and accrued expenses	430,976	415,794
Deferred revenue	167,730	227,069
Deferred compensation plan	96,523	109,177
Preferred shares/units to be redeemed on January 4 and 11, 2018	0	455,514
Other liabilities	311,806	468,255
Total liabilities	11,289,349	11,405,296
Commitments and contingencies
Redeemable noncontrolling interests / partnership units:
Class A units - 12,544,477 and 12,528,899 units outstanding	778,134	979,509
Series D cumulative redeemable preferred units - 177,101 units outstanding	5,428	5,428
Total redeemable noncontrolling interests	783,562	984,937
Vornado's shareholders' equity:
Partners' capital	8,624,751	8,392,223
Earnings less than distributions	(4,167,184)	(4,183,253)
Accumulated other comprehensive income	7,664	128,682
Total Vornado and Vornado Realty L.P. shareholders' equity	4,465,231	4,337,652
Noncontrolling interests in consolidated subsidiaries	642,652	670,049
Total equity	5,107,883	5,007,701
Total liabilities, redeemable noncontrolling interests / partnership units and equity	17,180,794	17,397,934
Moynihan Train Hall
Real estate, at cost:
Development costs and construction in progress	445,693	0
Moynihan Train Hall \| Vornado Realty L.P.
Real estate, at cost:
Development costs and construction in progress	$ 445,693	$ 0

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
ASSETS
Tenant and other receivables, allowance for doubtful accounts (in US dollars)	$ 4,154	$ 5,526
Receivable arising from the straight-lining of rents, allowance (in US dollars)	1,644	954
Deferred leasing costs, accumulated amortization (in US dollars)	207,529	191,827
Identified intangible assets, accumulated amortization (in US dollars)	$ 172,114	$ 150,837
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Preferred Stock, Par Value Per Share	$ 0	$ 0
Preferred shares of beneficial interest: authorized shares	110,000,000	110,000,000
Preferred shares of beneficial interest: issued shares	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	190,535,499	189,983,858
Common shares of beneficial interest: outstanding shares	190,535,499	189,983,858
Vornado Realty L.P.
ASSETS
Tenant and other receivables, allowance for doubtful accounts (in US dollars)	$ 4,154	$ 5,526
Receivable arising from the straight-lining of rents, allowance (in US dollars)	1,644	954
Deferred leasing costs, accumulated amortization (in US dollars)	207,529	191,827
Identified intangible assets, accumulated amortization (in US dollars)	$ 172,114	$ 150,837
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding Partnership Units held by Third Parties	12,544,477
Class A
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding Partnership Units held by Third Parties	12,544,477	12,528,899
Class A \| Vornado Realty L.P.
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding Partnership Units held by Third Parties	12,544,477	12,528,899
Common shares of beneficial interest: outstanding shares	190,535,499
Series D Cumulative Redeemable Preferred Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding Partnership Units held by Third Parties	177,101	177,101
Series D Cumulative Redeemable Preferred Unit \| Vornado Realty L.P.
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding Partnership Units held by Third Parties	177,101	177,101

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
REVENUES:
Property rentals	$ 1,760,205	$ 1,714,952	$ 1,662,093
Tenant expense reimbursements	247,128	233,424	221,563
Fee and other income	156,387	135,750	120,086
Total revenues	2,163,720	2,084,126	2,003,742
EXPENSES:
Operating	963,478	886,596	844,566
Depreciation and amortization	446,570	429,389	421,023
General and administrative	141,871	150,782	143,643
(Benefit) expense from deferred compensation plan liability	(2,480)	6,932	5,213
Transaction related costs, impairment loss and other	31,320	1,776	9,451
Total expenses	1,580,759	1,475,475	1,423,896
Operating income	582,961	608,651	579,846
Income from partially owned entities	9,149	15,200	168,948
(Loss) income from real estate fund investments	(89,231)	3,240	(23,602)
Interest and other investment income, net	17,057	30,861	24,335
(Loss) income from deferred compensation plan assets	(2,480)	6,932	5,213
Interest and debt expense	(347,949)	(345,654)	(330,240)
Purchase price fair value adjustment	44,060	0	0
Net gains on disposition of wholly owned and partially owned assets	246,031	501	160,433
Income before income taxes	459,598	319,731	584,933
Income tax expense	(37,633)	(42,375)	(7,923)
Income from continuing operations	421,965	277,356	577,010
Income (loss) from discontinued operations	638	(13,228)	404,912
Net income	422,603	264,128	981,922
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	53,023	(25,802)	(21,351)
Operating Partnership	(25,672)	(10,910)	(53,654)
Net income attributable to Vornado / Vornado Realty L.P.	449,954	227,416	906,917
Preferred share dividends / unit distributions	(50,636)	(65,399)	(75,903)
Preferred share / unit issuance cost	(14,486)	0	(7,408)
NET INCOME attributable to common shareholders / Class A unitholders	$ 384,832	$ 162,017	$ 823,606
INCOME PER COMMON SHARE – BASIC:
Income from continuing operations, net (in dollars per share)	$ 2.02	$ 0.92	$ 2.35
Income (loss) from discontinued operations, net (in dollars per share)	0.00	(0.07)	2.01
Net income per common share (in dollars per share)	$ 2.02	$ 0.85	$ 4.36
Weighted average shares outstanding	190,219	189,526	188,837
INCOME PER COMMON SHARE – DILUTED:
Income from continuing operations, net (in dollars per share)	$ 2.01	$ 0.91	$ 2.34
Income (loss) from discontinued operations, net (in dollars per share)	0.00	(0.06)	2.00
Net income per common share (in dollars per share)	$ 2.01	$ 0.85	$ 4.34
Weighted average shares outstanding	191,290	191,258	190,173
Vornado Realty L.P.
REVENUES:
Property rentals	$ 1,760,205	$ 1,714,952	$ 1,662,093
Tenant expense reimbursements	247,128	233,424	221,563
Fee and other income	156,387	135,750	120,086
Total revenues	2,163,720	2,084,126	2,003,742
EXPENSES:
Operating	963,478	886,596	844,566
Depreciation and amortization	446,570	429,389	421,023
General and administrative	141,871	150,782	143,643
(Benefit) expense from deferred compensation plan liability	(2,480)	6,932	5,213
Transaction related costs, impairment loss and other	31,320	1,776	9,451
Total expenses	1,580,759	1,475,475	1,423,896
Operating income	582,961	608,651	579,846
Income from partially owned entities	9,149	15,200	168,948
(Loss) income from real estate fund investments	(89,231)	3,240	(23,602)
Interest and other investment income, net	17,057	30,861	24,335
(Loss) income from deferred compensation plan assets	(2,480)	6,932	5,213
Interest and debt expense	(347,949)	(345,654)	(330,240)
Purchase price fair value adjustment	44,060	0	0
Net gains on disposition of wholly owned and partially owned assets	246,031	501	160,433
Income before income taxes	459,598	319,731	584,933
Income tax expense	(37,633)	(42,375)	(7,923)
Income from continuing operations	421,965	277,356	577,010
Income (loss) from discontinued operations	638	(13,228)	404,912
Net income	422,603	264,128	981,922
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	53,023	(25,802)	(21,351)
Operating Partnership	(25,672)	(10,910)	(53,654)
Net income attributable to Vornado / Vornado Realty L.P.	475,626	238,326	960,571
Preferred share dividends / unit distributions	(50,830)	(65,593)	(76,097)
Preferred share / unit issuance cost	(14,486)	0	(7,408)
NET INCOME attributable to common shareholders / Class A unitholders	$ 410,310	$ 172,733	$ 877,066
INCOME PER CLASS A UNIT – BASIC:
Income from continuing operations, net (in dollars per share)	$ 2.01	$ 0.91	$ 2.34
Income (loss) from discontinued operations, net (in dollars per share)	0.01	(0.07)	2.02
Net income per Class A unit (in dollars per share)	$ 2.02	$ 0.84	$ 4.36
Weighted average units outstanding	202,068	201,214	200,350
INCOME PER CLASS A UNIT – DILUTED:
Income from continuing operations, net (in dollars per share)	$ 2.00	$ 0.90	$ 2.32
Income (loss) from discontinued operations, net (in dollars per share)	0.00	(0.07)	2.00
Net income per Class A unit (in dollars per share)	$ 2.00	$ 0.83	$ 4.32
Weighted average units outstanding	203,412	203,300	202,017

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net income	$ 422,603	$ 264,128	$ 981,922
Other comprehensive income (loss):
(Reduction) increase in value of interest rate swaps and other	(14,635)	15,477	27,432
Pro rata share of other comprehensive income (loss) of nonconsolidated subsidiaries	1,155	1,425	(2,739)
(Reduction) increase in unrealized net gain on available-for-sale securities	0	(20,951)	52,057
Pro rata share of amounts reclassified from accumulated other comprehensive income of a nonconsolidated subsidiary	0	14,402	0
Comprehensive income	409,123	274,481	1,058,672
Less comprehensive (loss) income attributable to noncontrolling interests / consolidated subsidiaries	28,187	(37,356)	(79,704)
Comprehensive income attributable to Vornado / Vornado Realty L.P.	437,310	237,125	978,968
Vornado Realty L.P.
Net income	422,603	264,128	981,922
Other comprehensive income (loss):
(Reduction) increase in value of interest rate swaps and other	(14,635)	15,477	27,432
Pro rata share of other comprehensive income (loss) of nonconsolidated subsidiaries	1,155	1,425	(2,739)
(Reduction) increase in unrealized net gain on available-for-sale securities	0	(20,951)	52,057
Pro rata share of amounts reclassified from accumulated other comprehensive income of a nonconsolidated subsidiary	0	14,402	0
Comprehensive income	409,123	274,481	1,058,672
Less comprehensive (loss) income attributable to noncontrolling interests / consolidated subsidiaries	53,023	(25,802)	(21,351)
Comprehensive income attributable to Vornado / Vornado Realty L.P.	$ 462,146	$ 248,679	$ 1,037,321

Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Redeemable Preferred Unit	Series J	JBGS	Real estate fund investments	Other	Preferred Shares / Units	Preferred Shares / Units Cumulative Redeemable Preferred Unit	Preferred Shares / Units Series J	Common Shares	Additional Capital	Earnings Less Than Distributions	Earnings Less Than Distributions Series J	Earnings Less Than Distributions JBGS	Accumulated Other Comprehensive Income (Loss)	Non- controlling Interests in Consolidated Subsidiaries	Non- controlling Interests in Consolidated Subsidiaries Real estate fund investments	Non- controlling Interests in Consolidated Subsidiaries Other	Vornado Realty L.P.	Vornado Realty L.P. Cumulative Redeemable Preferred Unit	Vornado Realty L.P. Series J	Vornado Realty L.P. JBGS	Vornado Realty L.P. Real estate fund investments	Vornado Realty L.P. Other	Vornado Realty L.P. Preferred Shares / Units	Vornado Realty L.P. Preferred Shares / Units Cumulative Redeemable Preferred Unit	Vornado Realty L.P. Preferred Shares / Units Series J	Vornado Realty L.P. Class A Units Owned by Vornado	Vornado Realty L.P. Additional Capital Series J	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 (Loss)	Vornado Realty L.P. Non- controlling Interests in Consolidated Subsidiaries	Vornado Realty L.P. Non- controlling Interests in Consolidated Subsidiaries Real estate fund investments	Vornado Realty L.P. Non- controlling Interests in Consolidated Subsidiaries Other
Beginning balance, Shares at Dec. 31, 2015							52,677			188,577															52,677			188,577
Beginning balance, Value at Dec. 31, 2015	$ 7,476,078						$ 1,276,954			$ 7,521	$ 7,132,979	$ (1,766,780)			$ 46,921	$ 778,483			$ 7,476,078						$ 1,276,954			$ 7,140,500		$ (1,766,780)		$ 46,921	$ 778,483
Net income attributable to Vornado / Vornado Realty L.P.	906,917											906,917							960,571											960,571
Net income attributable to redeemable partnership units	(53,654)																		(53,654)											(53,654)
Net (loss) income attributable to noncontrolling interests in consolidated subsidiaries	21,351				$ (2,560)											21,351			21,351														21,351
Dividends on common shares	(475,961)											(475,961)
Distributions to Vornado																			(475,961)											(475,961)
Dividends on preferred shares / Distributions to preferred unitholders	(75,903)											(75,903)							(75,903)											(75,903)
Redemption of preferred shares, Shares / Units									(9,850)																		(9,850)
Redemption of preferred shares, Value			$ (246,250)						$ (238,842)				$ (7,408)								$ (246,250)						$ (238,842)		$ (7,408)
Common shares issued:
Upon redemption of Class A units, at redemption value, Shares										376																		376
Upon redemption of Class A units, at redemption value, Value	36,510									$ 15	36,495								36,510									$ 36,510
Under Vornado's employees' share option plan, Shares										123																		123
Under Vornado's employees' share option plan, Value	6,825									$ 5	6,820								6,825									$ 6,825		0
Under dividend reinvestment plan, Shares										16																		16
Under dividend reinvestment plan, Value	1,444									$ 1	1,443								1,444									$ 1,444
Contributions
Contributions	19,749															19,749			19,749														19,749
Distributions:
Distributions					(62,444)	$ (36,804)											$ (62,444)	$ (36,804)					$ (62,444)	$ (36,804)										$ (62,444)	$ (36,804)
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units							(2)			3															(2)			3
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, Value	0						$ (56)			$ 0	56														$ (56)			$ 56
Deferred compensation shares / units and options, Shares										7																		7
Deferred compensation shares / units and options, Value	1,602									$ 0	1,788	(186)							1,602									$ 1,788		(186)
(Reduction) increase in unrealized net gain on available-for-sale securities	52,057														52,057				52,057													52,057
Pro rata share of other comprehensive income (loss) of nonconsolidated subsidiaries	(2,739)														(2,739)				(2,739)													(2,739)
Increase/(reduction) in value of interest rate swaps	27,434														27,434				27,434													27,434
Adjustments to carry redeemable Class A units at redemption value	(26,251)										(26,251)								(26,251)									$ (26,251)
Redeemable noncontrolling interests' share of above adjustments	(4,699)														(4,699)				(4,699)													(4,699)
Other, Shares										(1)															0			(1)
Other	(420)						$ (1)			$ 0	2	(61)			(2)	(358)			(420)						$ (1)			$ 2		(61)		(2)	(358)
Ending balance, Shares at Dec. 31, 2016							42,825			189,101															42,825			189,101
Ending balance, Value at Dec. 31, 2016	7,618,496						$ 1,038,055			$ 7,542	7,153,332	(1,419,382)			118,972	719,977			7,618,496						$ 1,038,055			$ 7,160,874		(1,419,382)		118,972	719,977
Net income attributable to Vornado / Vornado Realty L.P.	227,416											227,416							238,326											238,326
Net income attributable to redeemable partnership units	(10,910)																		(10,910)											(10,910)
Net (loss) income attributable to noncontrolling interests in consolidated subsidiaries	25,802				14,044											25,802			25,802														25,802
Dividends on common shares	(496,490)											(496,490)
Distributions to Vornado																			(496,490)											(496,490)
Dividends on preferred shares / Distributions to preferred unitholders	(65,399)											(65,399)							(65,399)											(65,399)
Common shares issued:
Upon redemption of Class A units, at redemption value, Shares										403																		403
Upon redemption of Class A units, at redemption value, Value	38,747									$ 16	38,731								38,747									$ 38,747
Under Vornado's employees' share option plan, Shares										449																		449
Under Vornado's employees' share option plan, Value	28,253									$ 18	28,235	0							28,253									$ 28,253
Under dividend reinvestment plan, Shares										17																		17
Under dividend reinvestment plan, Value	1,459									$ 1	1,458								1,459									$ 1,459
Contributions
Contributions	1,044															1,044			1,044														1,044
Distributions:
Distributions	(33,229)			$ (2,428,345)	(73,850)	(2,618)								$ (2,428,345)			(73,850)	(2,618)				$ (2,428,345)	(73,850)	(2,618)							$ (2,428,345)			(73,850)	(2,618)
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units							(5)			10															(5)			10
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, Value	0						$ (162)			$ 0	162								0						$ (162)			$ 162
Deferred compensation shares / units and options, Shares										0																		0
Deferred compensation shares / units and options, Value	1,828									$ 0	2,246	(418)							1,828									$ 2,246		(418)
(Reduction) increase in unrealized net gain on available-for-sale securities	(20,951)														(20,951)				(20,951)													(20,951)
Pro rata share of amounts reclassified related to a nonconsolidated subsidiary	14,402														14,402				14,402													14,402
Pro rata share of other comprehensive income (loss) of nonconsolidated subsidiaries	1,425														1,425				1,425													1,425
Increase/(reduction) in value of interest rate swaps	15,476														15,476				15,476													15,476
Adjustments to carry redeemable Class A units at redemption value	268,494										268,494								268,494									$ 268,494
Preferred shares issuance, Shares							12,780																		12,780
Preferred shares issuance, Value	309,609						$ 309,609												309,609						$ 309,609
Cumulative redeemable preferred shares called for redemption, units								(18,800)																		(18,800)
Cumulative redeemable preferred shares called for redemption		$ (455,514)						$ (455,514)												$ (455,514)						$ (455,514)
Redeemable noncontrolling interests' share of above adjustments	(642)														(642)				(642)													(642)
Other, Shares							0			4																		4
Other	(941)						$ 0				0	(635)			0	(306)			(941)											(635)			(306)
Ending balance, Shares at Dec. 31, 2017							36,800			189,984															36,800			189,984
Ending 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
Cumulative effect of accounting change (see Note 2)																			14,519											122,893		(108,374)
Net income attributable to Vornado / Vornado Realty L.P.	449,954											449,954							475,626											475,626
Net income attributable to redeemable partnership units	(25,672)																		(25,672)											(25,672)
Net (loss) income attributable to noncontrolling interests in consolidated subsidiaries	(53,023)				(61,230)											(53,023)			(53,023)														(53,023)
Dividends on common shares	(479,348)											(479,348)
Distributions to Vornado																			(479,348)											(479,348)
Dividends on preferred shares / Distributions to preferred unitholders	(50,636)											(50,636)							(50,636)											(50,636)
Common shares issued:
Upon redemption of Class A units, at redemption value, Shares										244																		244
Upon redemption of Class A units, at redemption value, Value	17,068									$ 10	17,058								17,068									$ 17,068
Under Vornado's employees' share option plan, Shares										279																		279
Under Vornado's employees' share option plan, Value	(6,266)									$ 12	5,907	(12,185)							(6,266)									$ 5,919		(12,185)
Under dividend reinvestment plan, Shares										20																		20
Under dividend reinvestment plan, Value	1,390									$ 1	1,389								1,390									$ 1,390
Contributions
Contributions	62,657															62,657			62,657														62,657
Distributions:
Distributions	(31,828)				$ (12,665)	$ (33,250)											$ (12,665)	$ (33,250)					$ (12,665)	$ (33,250)										$ (12,665)	$ (33,250)
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units							0			2															0			2
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, Value	(1)						$ (31)			$ 0	30								(1)						$ (31)			$ 30
Deferred compensation shares / units and options, Shares										6																		6
Deferred compensation shares / units and options, Value	1,036									$ 0	1,157	(121)							1,036									$ 1,157		(121)
(Reduction) increase in unrealized net gain on available-for-sale securities	0																		0
Pro rata share of other comprehensive income (loss) of nonconsolidated subsidiaries	1,155														1,155				1,155													1,155
Increase/(reduction) in value of interest rate swaps	(14,634)														(14,634)				(14,634)													(14,634)
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	198,064										198,064								198,064									198,064
Preferred shares issuance, Shares							0
Preferred shares issuance, Value	(15,149)						$ (663)					(14,486)							(15,149)						$ (663)					(14,486)
Redeemable noncontrolling interests' share of above adjustments	836														836				836													836
Consolidation of the Farley joint venture	8,720															8,720			8,720														8,720
Other	709										548	(2)			(1)	164			709									$ 548		(2)		(1)	164
Ending balance, Shares at Dec. 31, 2018							36,800			190,535															36,800			190,535
Ending balance, Value at Dec. 31, 2018	5,107,883						$ 891,294			$ 7,600	$ 7,725,857	(4,167,184)			7,664	$ 642,652			$ 5,107,883						$ 891,294			$ 7,733,457		$ (4,167,184)		$ 7,664	$ 642,652
Cumulative effect of accounting change (see Note 2)	$ 14,519											$ 122,893			$ (108,374)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash Flows from Operating Activities:
Net income	$ 422,603	$ 264,128	$ 981,922
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs)	472,785	529,826	595,270
Net gains on disposition of wholly owned and partially owned assets	(246,031)	(501)	(175,735)
Net realized and unrealized losses on real estate fund investments	84,706	15,267	40,655
Distributions of income from partially owned entities	78,831	82,095	214,800
Purchase price fair value adjustment	(44,060)	0	0
Amortization of below-market leases, net	(38,573)	(46,790)	(53,202)
Decrease in fair value of marketable securities	26,453	0	0
Return of capital from real estate fund investments	20,290	91,606	71,888
Change in valuation of deferred tax assets and liabilities	12,835	34,800	0
Real estate impairment losses	12,000	0	161,165
Equity in net income of partially owned entities	(9,149)	(15,635)	(165,389)
Straight-lining of rents	(7,605)	(45,792)	(146,787)
Net gains on sale of real estate and other	0	(3,489)	(5,074)
Net gain on extinguishment of Skyline properties debt	0	0	(487,877)
Other non-cash adjustments	39,221	56,480	39,406
Changes in operating assets and liabilities:
Real estate fund investments	(68,950)	0	0
Tenant and other receivables, net	(14,532)	1,183	(4,271)
Prepaid assets	151,533	(12,292)	(7,893)
Other assets	(84,222)	(79,199)	(76,357)
Accounts payable and accrued expenses	5,869	3,760	13,278
Other liabilities	(11,363)	(15,305)	(719)
Net cash provided by operating activities	802,641	860,142	995,080
Cash Flows from Investing Activities:
Acquisitions of real estate and other	(574,812)	(30,607)	(91,103)
Development costs and construction in progress	(418,186)	(355,852)	(606,565)
Additions to real estate	(234,602)	(271,308)	(387,545)
Proceeds from sales of real estate and related investments	219,731	9,543	183,173
Proceeds from sale of condominium units at 220 Central Park South	214,776	0	0
Investments in loans receivable	(105,000)	0	(11,700)
Distributions of capital from partially owned entities	100,178	366,155	196,635
Moynihan Train Hall expenditures	(74,609)	0	0
Investments in partially owned entities	(37,131)	(40,537)	(127,608)
Proceeds from repayments of loans receivable	25,757	659	45
Proceeds from sale of marketable securities	4,101	0	3,937
Net consolidation of Farley Office and Retail Building	2,075	0	0
Proceeds from the repayment of JBG SMITH Properties loan receivable	0	115,630	0
Net deconsolidation of 7 West 34th Street	0	0	(48,000)
Purchases of marketable securities	0	0	(4,379)
Net cash used in investing activities	(877,722)	(206,317)	(893,110)
Cash Flows from Financing Activities:
Repayments of borrowings	(685,265)	(631,681)	(1,894,990)
Proceeds from borrowings	526,766	1,055,872	2,403,898
Dividends paid on common shares / Distributions to Vornado	(479,348)	(496,490)	(475,961)
Redemption of preferred shares / units	(470,000)	0	(246,250)
Distributions to noncontrolling interests / Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries	(76,149)	(109,697)	(130,590)
Moynihan Train Hall reimbursement from Empire State Development	74,609	0	0
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries	61,062	1,044	11,950
Dividends paid on preferred shares / Distributions to preferred unitholders	(55,115)	(64,516)	(80,137)
Repurchase of shares (Class A units) related to stock compensation agreements and related tax withholdings and other	(12,969)	(418)	(186)
Debt issuance costs	(12,908)	(12,325)	(42,157)
Proceeds received from exercise of employee share options (Vornado stock options) and other	7,309	29,712	8,269
Debt prepayment and extinguishment costs	(818)	(3,217)	0
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)	0
Proceeds from issuance of preferred shares / units	0	309,609	0
Net cash used in financing activities	(1,122,826)	(338,344)	(446,154)
Net (decrease) increase in cash and cash equivalents and restricted cash	(1,197,907)	315,481	(344,184)
Cash and cash equivalents and restricted cash at beginning of period	1,914,812	1,599,331	1,943,515
Cash and cash equivalents and restricted cash at end of period	716,905	1,914,812	1,599,331
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	1,817,655	1,501,027	1,835,707
Restricted cash at beginning of period	97,157	95,032	99,943
Restricted cash included in discontinued operations at beginning of period	0	3,272	7,865
Cash and cash equivalents and restricted cash at beginning of period	1,914,812	1,599,331	1,943,515
Cash and cash equivalents at end of period	570,916	1,817,655	1,501,027
Restricted cash at end of period	145,989	97,157	95,032
Restricted cash included in discontinued operations at end of period	0	0	3,272
Cash and cash equivalents and restricted cash at end of period	716,905	1,914,812	1,599,331
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest, excluding capitalized interest of $67,402, $43,071 and $29,584	311,835	338,983	368,762
Cash payments for income taxes	62,225	6,727	9,716
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	233,179	0	0
Adjustments to carry redeemable Class A units at redemption value	198,064	268,494	(26,251)
Accrued capital expenditures included in accounts payable and accrued expenses	88,115	102,976	120,564
Write-off of fully depreciated assets	(86,064)	(58,810)	(305,679)
Reclassification of Series G and Series I cumulative redeemable preferred shares / units to liabilities upon call for redemption	0	455,514	0
(Reduction) increase in unrealized net gain on available-for-sale securities	0	(20,951)	52,057
Non-cash distribution to JBG SMITH Properties:
Assets	0	3,432,738	0
Liabilities	0	(1,414,186)	0
Equity	0	(2,018,552)	0
Decrease in assets and liabilities resulting from the deconsolidation of investments that were previously consolidated:
Real estate, net	0	0	(122,047)
Mortgage payable, net	0	0	(290,418)
JBGS
Cash Flows from Financing Activities:
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)
Non-Cash Investing and Financing Activities:
Loan receivable established upon the spin-off of JBG SMITH Properties	0	115,630	0
Vornado Realty L.P.
Cash Flows from Operating Activities:
Net income	422,603	264,128	981,922
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs)	472,785	529,826	595,270
Net gains on disposition of wholly owned and partially owned assets	(246,031)	(501)	(175,735)
Net realized and unrealized losses on real estate fund investments	84,706	15,267	40,655
Distributions of income from partially owned entities	78,831	82,095	214,800
Purchase price fair value adjustment	(44,060)	0	0
Amortization of below-market leases, net	(38,573)	(46,790)	(53,202)
Decrease in fair value of marketable securities	26,453	0	0
Return of capital from real estate fund investments	20,290	91,606	71,888
Change in valuation of deferred tax assets and liabilities	12,835	34,800	0
Real estate impairment losses	12,000	0	161,165
Equity in net income of partially owned entities	(9,149)	(15,635)	(165,389)
Straight-lining of rents	(7,605)	(45,792)	(146,787)
Net gains on sale of real estate and other	0	(3,489)	(5,074)
Net gain on extinguishment of Skyline properties debt	0	0	(487,877)
Other non-cash adjustments	39,221	56,480	39,406
Changes in operating assets and liabilities:
Real estate fund investments	(68,950)	0	0
Tenant and other receivables, net	(14,532)	1,183	(4,271)
Prepaid assets	151,533	(12,292)	(7,893)
Other assets	(84,222)	(79,199)	(76,357)
Accounts payable and accrued expenses	5,869	3,760	13,278
Other liabilities	(11,363)	(15,305)	(719)
Net cash provided by operating activities	802,641	860,142	995,080
Cash Flows from Investing Activities:
Acquisitions of real estate and other	(574,812)	(30,607)	(91,103)
Development costs and construction in progress	(418,186)	(355,852)	(606,565)
Additions to real estate	(234,602)	(271,308)	(387,545)
Proceeds from sales of real estate and related investments	219,731	9,543	183,173
Proceeds from sale of condominium units at 220 Central Park South	214,776	0	0
Investments in loans receivable	(105,000)	0	(11,700)
Distributions of capital from partially owned entities	100,178	366,155	196,635
Moynihan Train Hall expenditures	(74,609)	0	0
Investments in partially owned entities	(37,131)	(40,537)	(127,608)
Proceeds from repayments of loans receivable	25,757	659	45
Proceeds from sale of marketable securities	4,101	0	3,937
Net consolidation of Farley Office and Retail Building	2,075	0	0
Proceeds from the repayment of JBG SMITH Properties loan receivable	0	115,630	0
Net deconsolidation of 7 West 34th Street	0	0	(48,000)
Purchases of marketable securities	0	0	(4,379)
Net cash used in investing activities	(877,722)	(206,317)	(893,110)
Cash Flows from Financing Activities:
Repayments of borrowings	(685,265)	(631,681)	(1,894,990)
Proceeds from borrowings	526,766	1,055,872	2,403,898
Dividends paid on common shares / Distributions to Vornado	(479,348)	(496,490)	(475,961)
Redemption of preferred shares / units	(470,000)	0	(246,250)
Distributions to noncontrolling interests / Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries	(76,149)	(109,697)	(130,590)
Moynihan Train Hall reimbursement from Empire State Development	74,609	0	0
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries	61,062	1,044	11,950
Dividends paid on preferred shares / Distributions to preferred unitholders	(55,115)	(64,516)	(80,137)
Repurchase of shares (Class A units) related to stock compensation agreements and related tax withholdings and other	(12,969)	(418)	(186)
Debt issuance costs	(12,908)	(12,325)	(42,157)
Proceeds received from exercise of employee share options (Vornado stock options) and other	7,309	29,712	8,269
Debt prepayment and extinguishment costs	(818)	(3,217)	0
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)	0
Proceeds from issuance of preferred shares / units	0	309,609	0
Net cash used in financing activities	(1,122,826)	(338,344)	(446,154)
Net (decrease) increase in cash and cash equivalents and restricted cash	(1,197,907)	315,481	(344,184)
Cash and cash equivalents and restricted cash at beginning of period	1,914,812	1,599,331	1,943,515
Cash and cash equivalents and restricted cash at end of period	716,905	1,914,812	1,599,331
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	1,817,655	1,501,027	1,835,707
Restricted cash at beginning of period	97,157	95,032	99,943
Restricted cash included in discontinued operations at beginning of period	0	3,272	7,865
Cash and cash equivalents and restricted cash at beginning of period	1,914,812	1,599,331	1,943,515
Cash and cash equivalents at end of period	570,916	1,817,655	1,501,027
Restricted cash at end of period	145,989	97,157	95,032
Restricted cash included in discontinued operations at end of period	0	0	3,272
Cash and cash equivalents and restricted cash at end of period	716,905	1,914,812	1,599,331
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest, excluding capitalized interest of $67,402, $43,071 and $29,584	311,835	338,983	368,762
Cash payments for income taxes	62,225	6,727	9,716
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	233,179	0	0
Adjustments to carry redeemable Class A units at redemption value	198,064	268,494	(26,251)
Accrued capital expenditures included in accounts payable and accrued expenses	88,115	102,976	120,564
Write-off of fully depreciated assets	(86,064)	(58,810)	(305,679)
Reclassification of Series G and Series I cumulative redeemable preferred shares / units to liabilities upon call for redemption	0	455,514	0
(Reduction) increase in unrealized net gain on available-for-sale securities	0	(20,951)	52,057
Non-cash distribution to JBG SMITH Properties:
Assets	0	3,432,738	0
Liabilities	0	(1,414,186)	0
Equity	0	(2,018,552)	0
Decrease in assets and liabilities resulting from the deconsolidation of investments that were previously consolidated:
Real estate, net	0	0	(122,047)
Mortgage payable, net	0	0	(290,418)
Vornado Realty L.P. \| JBGS
Cash Flows from Financing Activities:
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)
Non-Cash Investing and Financing Activities:
Loan receivable established upon the spin-off of JBG SMITH Properties	0	115,630	0
Farley Office and Retail Building
Increase in assets and liabilities resulting from the consolidation of the Farley Office and Retail Building and Moynihan Train Hall:
Real estate, net	401,708	0	0
Mortgage payable, net	249,459	0	0
Farley Office and Retail Building \| Vornado Realty L.P.
Increase in assets and liabilities resulting from the consolidation of the Farley Office and Retail Building and Moynihan Train Hall:
Real estate, net	401,708	0	0
Mortgage payable, net	249,459	0	0
Moynihan Train Hall
Increase in assets and liabilities resulting from the consolidation of the Farley Office and Retail Building and Moynihan Train Hall:
Real estate, net	346,926	0	0
Moynihan Train Hall obligation	346,926	0	0
Moynihan Train Hall \| Vornado Realty L.P.
Increase in assets and liabilities resulting from the consolidation of the Farley Office and Retail Building and Moynihan Train Hall:
Real estate, net	346,926	0	0
Moynihan Train Hall obligation	346,926	0	0
Skyline Properties
Decrease in assets and liabilities resulting from the disposition of Skyline properties:
Real estate, net	0	0	(189,284)
Mortgage payable, net	0	0	(690,263)
Skyline Properties \| Vornado Realty L.P.
Decrease in assets and liabilities resulting from the disposition of Skyline properties:
Real estate, net	0	0	(189,284)
Mortgage payable, net	$ 0	$ 0	$ (690,263)

Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Capitalized interest	$ 67,402	$ 43,071	$ 29,584
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)	0
Vornado Realty L.P.
Capitalized interest	67,402	43,071	29,584
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)	$ 0
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 and Business

12 Months Ended

Dec. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Business

Vornado Realty Trust (“Vornado”) is a fully‑integrated real estate investment trust (“REIT”) and conducts its business through, and substantially all of its interests in properties are held by, Vornado Realty L.P., a Delaware limited partnership (the “Operating Partnership”). Accordingly, Vornado’s cash flow and ability to pay dividends to its shareholders is dependent upon the cash flow of the Operating Partnership and the ability of its direct and indirect subsidiaries to first satisfy their obligations to creditors. Vornado is the sole general partner of, and owned approximately 93.4% of the common limited partnership interest in the Operating Partnership as of December 31, 2018. All references to the “Company,” “we,” “us” and “our” mean, collectively, Vornado, the Operating Partnership and those entities/subsidiaries consolidated by Vornado.

We currently own all or portions of:

New York:


•	19.9 million square feet of Manhattan office in 36 properties;


•	2.6 million square feet of Manhattan street retail in 71 properties;


•	1,999 units in eleven residential properties;


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


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

Other Real Estate and Related Investments:


•	The 3.7 million square foot theMART in Chicago;


•	A 70% controlling interest in 555 California Street, a three-building office complex in San Francisco’s financial district aggregating 1.8 million square feet, known as the Bank of America Center;


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


•	Other real estate and other investments.

Basis of Presentation and Significant Accounting Policies

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Basis Of Presentation And Significant Accounting Policies

Basis of Presentation and Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements include the accounts of Vornado and the Operating Partnership and their consolidated subsidiaries. All inter-company amounts have been eliminated. Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), which require us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

Certain prior year balances have been reclassified in order to conform to the current period presentation. For the years ended December 31, 2017 and 2016, expense of $6,932,000 and $5,213,000, 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 $6,932,000 and $5,213,000, 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 years ended December 31, 2017 and 2016, expense of $1,285,000 and $694,000, respectively, 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. Assets and liabilities related to discontinued operations as of December 31, 2017 were reclassified to “other assets” and “other liabilities”, respectively, on our consolidated balance sheets.

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 was 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 3 - Revenue Recognition).

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 was 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 year ended December 31, 2018, we recorded a decrease of $26,453,000 in the fair value of our marketable securities which is included in “interest and other investment income, net” on our consolidated statements of income.


2.	Basis of Presentation and Significant Accounting Policies – continued

Recently Issued Accounting Literature - continued

In February 2016, the FASB issued an update (“ASU 2016-02”) establishing ASC Topic 842, Leases ("ASC 842"), 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 an 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 adopted this standard effective January 1, 2019. We have completed our evaluation of the overall impact of the adoption of ASU 2016-02 on our consolidated financial statements and accounting policies. In transitioning to ASC 842, we elected to use the practical expedient package available to us and did not elect to use hindsight. We have a number of ground leases, which are classified as operating leases, for which we are required to record a right-of-use asset and a lease liability equal to the present value of the remaining minimum lease payments, and will continue to recognize expense on a straight-line basis for these leases. On January 1, 2019, we recorded an aggregate of approximately $527,000,000 of right-of-use assets and corresponding $527,000,000 of lease liabilities as a result of the 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 capitalize internal leasing costs and instead will expense these costs as incurred. During the years ended December 31, 2018, 2017 and 2016, we capitalized internal leasing costs of $5,538,000, $5,243,000, and $7,352,000 respectively, excluding the internal leasing costs of our former Washington, DC segment which was spun-off on July 17, 2017.

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.

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.


2.	Basis of Presentation and Significant Accounting Policies – continued

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.

In October 2018, the FASB issued an update ("ASU 2018-16") Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes to ASC 815. ASU 2018-16 expands the list of U.S. benchmark interest rates permitted in the application of hedge accounting by adding the OIS rate based on SOFR as an eligible benchmark interest rate. ASU 2018-16 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2018, with early adoption permitted. We adopted this update effective January 1, 2019. The adoption of this update did not have a material impact on our consolidated financial statements.

Significant Accounting Policies

Real Estate: Real estate is carried at cost, net of accumulated depreciation and amortization. Betterments, major renewals and certain costs directly related to the improvement and leasing of real estate are capitalized. Maintenance and repairs are expensed as incurred. For redevelopment of existing operating properties, the net book value of the existing property under redevelopment plus the cost for the construction and improvements incurred in connection with the redevelopment are capitalized to the extent the capitalized costs of the property do not exceed the estimated fair value of the redeveloped property when complete. If the cost of the redeveloped property, including the net book value of the existing property, exceeds the estimated fair value of the redeveloped property, the excess is charged to expense. Depreciation is recognized on a straight-line basis over the estimated useful lives which range from 7 to 40 years. Tenant allowances are amortized on a straight-line basis over the lives of the related leases, which approximate the useful lives of the assets. Additions to real estate include interest and debt expense capitalized during construction of $73,166,000 and $48,231,000 for the years ended December 31, 2018 and 2017, respectively.

Upon the acquisition of real estate we assess the fair value of acquired assets (including land, buildings and improvements, identified intangibles, such as acquired above and below-market leases, acquired in-place leases and tenant relationships) and acquired liabilities and we allocate the purchase price based on these assessments which are on a relative fair value basis. We assess fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known trends, and market/economic conditions. We amortize identified intangibles that have finite lives over the period they are expected to contribute directly or indirectly to the future cash flows of the property or business acquired.

Our properties, including any related intangible assets, are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis. An impairment loss is measured based on the excess of the property’s carrying amount over its estimated fair value. Impairment analyses are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. If our estimates of the projected future cash flows, anticipated holding periods, or market conditions change, our evaluation of impairment losses may be different and such differences could be material to our consolidated financial statements. The evaluation of anticipated discounted cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. We recognized impairment losses of $12,000,000 and $160,700,000 for the years ended December 31, 2018 and 2016, respectively. There were no impairment losses in the year ended December 31, 2017.


2.	Basis of Presentation and Significant Accounting Policies – continued

Significant Accounting Policies - continued

Partially Owned Entities: We consolidate entities in which we have a controlling financial interest. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider whether the entity is a variable interest entity (“VIE”) and whether we are the primary beneficiary, or have a majority of the voting interests of the entity. We are deemed to be the primary beneficiary of a VIE when we have (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. We generally do not control a partially owned entity if the approval of all of the partners/members is contractually required with respect to decisions that most significantly impact the performance of the partially owned entity. This includes decisions regarding operating/capital budgets, and the placement of new or additional financing secured by the assets of the venture, among others. We account for investments under the equity method when the requirements for consolidation are not met, and we have significant influence over the operations of the investee. Equity method investments are initially recorded at cost and subsequently adjusted for our share of net income or loss and cash contributions and distributions each period. Investments that do not qualify for consolidation or equity method accounting are accounted for under the cost method.

Investments in partially owned entities are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recorded when there is a decline in the fair value below the carrying values and we conclude such decline is other-than-temporary. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment analyses are based on current plans, intended holding periods and available information at the time the analyses are prepared. In the years ended December 31, 2017 and 2016, we recognized non-cash impairment losses on investments in partially owned entities aggregating $44,465,000 and $20,290,000, respectively. There were no non-cash impairment losses on investments in partially owned entities in the year ended December 31, 2018.

220 Central Park South Condominium Units Ready For Sale: We are constructing a residential condominium tower at 220 Central Park South ("220 CPS"). Condominium units are reclassed from development costs and construction in progress to 220 Central Park South condominium units ready for sale upon receipt of the unit's temporary certificate of occupancy. These units are substantially complete and ready for sale. Each unit is carried at the lower of its carrying amount or fair value less costs to sell. We have used the relative sales value method to allocate costs to individual condominium units. GAAP income is recognized when legal title transfers upon closing of the condominium unit sales. As of December 31, 2018, none of the 220 CPS condominium units ready for sale have a carrying value that exceeds fair value.

Cash and Cash Equivalents: Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less and are carried at cost, which approximates fair value due to their short-term maturities. The majority of our cash and cash equivalents consists of (i) deposits at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit, (ii) United States Treasury Bills, and (iii) Certificate of Deposits placed through an Account Registry Service (“CDARS”).

Restricted Cash: Restricted cash consists of security deposits, cash restricted for the purposes of facilitating a Section 1031 Like-Kind exchange, cash restricted in connection with our deferred compensation plan and cash escrowed under loan agreements for debt service, real estate taxes, property insurance and capital improvements.

Allowance for Doubtful Accounts: We periodically evaluate the collectability of amounts due from tenants and maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under the lease agreements. We also maintain an allowance for receivables arising from the straight-lining of rents. These receivables arise from earnings recognized in excess of amounts currently due under the lease agreements. Management exercises judgment in establishing these allowances and considers payment history and current credit status in developing these estimates. As of December 31, 2018 and 2017, we had $4,154,000 and $5,526,000, respectively, in allowances for doubtful accounts. In addition, as of December 31, 2018 and 2017, we had $1,644,000 and $954,000, respectively, in allowances for receivables arising from the straight-lining of rents.

Deferred Charges: Direct financing costs are deferred and amortized over the terms of the related agreements as a component of interest expense. Direct costs related to successful leasing activities are capitalized and amortized on a straight-line basis over the lives of the related leases. All other deferred charges are amortized on a straight-line basis, which approximates the effective interest rate method, in accordance with the terms of the agreements to which they relate.


2.	Basis of Presentation and Significant Accounting Policies – continued

Significant Accounting Policies - continued

Income Taxes: Vornado operates in a manner intended to enable it to continue to qualify as a REIT under Sections 856‑860 of the Internal Revenue Code of 1986, as amended. Under those sections, a REIT which distributes at least 90% of its REIT taxable income as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders. Vornado distributes to its shareholders 100% of its REIT taxable income and therefore, no provision for Federal income taxes is required. Dividends distributed for the year ended December 31, 2018, were characterized, for federal income tax purposes, as 91.7% ordinary income and 8.3% long-term capital gain. Dividends distributed for the year ended December 31, 2017, were characterized, for federal income tax purposes, as ordinary income. Dividends distributed for the year ended December 31, 2016, were characterized, for federal income tax purposes, as 83.5% ordinary income and 16.5% long-term capital gain.

We have elected to treat certain consolidated subsidiaries, and may in the future elect to treat newly formed subsidiaries, as taxable REIT subsidiaries pursuant to an amendment to the Internal Revenue Code that became effective January 1, 2001. Taxable REIT subsidiaries may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to Federal and State income tax at regular corporate tax rates.

On December 22, 2017, the Tax Cuts and Jobs Act (the "Act") was signed into law. The Act includes numerous changes in existing tax law, including a permanent reduction in the federal corporate income tax rate from 35% to 21% effective January 1, 2018. As a result of the reduction of federal corporate income tax rates, we decreased the value of our taxable REIT subsidiaries' deferred tax assets which resulted in additional income tax expense of $34,800,000 in the year ended December 31, 2017.

At December 31, 2018 and 2017, our taxable REIT subsidiaries had deferred tax assets, net of valuation allowances, of $109,949,000 and $69,209,000, respectively, and are included in “other assets” on our consolidated balance sheets. At December 31, 2018 and 2017, our taxable REIT subsidiaries had deferred tax liabilities of $28,676,000 and $13,697,000, respectively, which are included in "other liabilities" on our consolidated balance sheets. The deferred tax assets and liabilities relate to net operating loss carryforwards and temporary differences between the book and tax basis of asset and liabilities. During 2018, we utilized $42,035,000 of deferred tax assets related to net operating loss carryforwards associated with our 220 CPS project.

For the years ended December 31, 2018, 2017 and 2016, we recognized $37,633,000, $42,375,000 and $7,923,000 of income tax expense, respectively, based on effective tax rates of approximately 8.2%, 13.3% and 1.4%, respectively. Income tax expense recorded in each of the years primarily relates to our consolidated taxable REIT subsidiaries, and certain state, local, and franchise taxes. The year ended December 31, 2018 included $16,771,000 of income tax expense relating to the purchase price fair value adjustment recorded upon our acquisition of an additional 44.9% ownership interest in Farley Office and Retail Building and $13,888,000 of income tax expense recognized on the sale of 220 Central Park South condominium units. Income tax expense for the year ended December 31, 2017 included $34,800,000 of additional tax expense resulting from the reduction in the federal corporate tax rate, as discussed above. The Company has no uncertain tax positions recognized as of December 31, 2018 and 2017.

The Operating Partnership’s partners are required to report their respective share of taxable income on their individual tax returns.

The following table reconciles net income attributable to Vornado common shareholders to estimated taxable income for the years ended December 31, 2018, 2017 and 2016.



(Amounts in thousands)	For the Year Ended December 31,
	2018			2017			2016
Net income attributable to Vornado common shareholders	$	384,832		$	162,017		$	823,606
Book to tax differences (unaudited):
Depreciation and amortization	234,325			213,083			302,092
Tangible property regulations	(86,040		)	—			—
Sale of real estate and other capital transactions	31,527			11,991			(39,109		)
Vornado stock options	(22,992		)	(6,383		)	(3,593		)
Earnings of partially owned entities	15,711			(3,054		)	(149,094		)
Impairment losses	11,260			49,062			170,332
Straight-line rent adjustments	(7,133		)	(36,696		)	(137,941		)
Tax expense related to the reduction of our taxable REIT subsidiaries' deferred tax assets	—			32,663			—
Net gain on extinguishment of Skyline properties debt	—			—			(457,970		)
Other, net	18,956			25,057			9,121
Estimated taxable income (unaudited)	$	580,446		$	447,740		$	517,444

The net basis of Vornado’s assets and liabilities for tax reporting purposes is approximately $1.9 billion lower than the amounts reported in Vornado’s consolidated balance sheet at December 31, 2018.

Revenue Recognition (Notes)

12 Months Ended

Dec. 31, 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 generally 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.


3.	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 years ended December 31, 2018, 2017 and 2016 is set forth in Note 25 - Segment Information.



(Amounts in thousands)	For the Year Ended December 31, 2018
	Total		New York		Other
Base rent	$	1,623,122	$	1,371,182	$	251,940
Hotel Pennsylvania	94,399		94,399		—
Trade shows	42,684		—		42,684
Property rentals	1,760,205		1,465,581		294,624
Operating expense reimbursements	193,207		177,044		16,163
Tenant services	53,921		41,351		12,570
Tenant expense reimbursements	247,128		218,395		28,733
BMS cleaning fees	120,357		129,088		(8,731		)	⁽¹⁾
Management and leasing fees	13,324		12,203		1,121
Lease termination fees	2,144		858		1,286
Other income	20,562		9,911		10,651
Fee and other income	156,387		152,060		4,327
Total revenues	$	2,163,720	$	1,836,036	$	327,684



(Amounts in thousands)	For the Year Ended December 31, 2017
	Total		New York		Other
Base rent	$	1,583,443	$	1,347,270	$	236,173
Hotel Pennsylvania	89,302		89,302		—
Trade shows	42,207		—		42,207
Property rentals	1,714,952		1,436,572		278,380
Operating expense reimbursements	179,381		165,347		14,034
Tenant services	54,043		42,273		11,770
Tenant expense reimbursements	233,424		207,620		25,804
BMS cleaning fees	104,143		110,986		(6,843		)	⁽¹⁾
Management and leasing fees	10,087		8,599		1,488
Lease termination fees	8,171		7,955		216
Other income	13,349		7,575		5,774
Fee and other income	135,750		135,115		635
Total revenues	$	2,084,126	$	1,779,307	$	304,819

____________________

See notes on the following page.


3.	Revenue Recognition - continued



(Amounts in thousands)	For the Year Ended December 31, 2016
	Total		New York		Other
Base rent	$	1,538,605	$	1,313,611	$	224,994
Hotel Pennsylvania	80,785		80,785		—
Trade shows	42,703		—		42,703
Property rentals	1,662,093		1,394,396		267,697
Operating expense reimbursements	166,103		154,734		11,369
Tenant services	55,460		44,304		11,156
Tenant expense reimbursements	221,563		199,038		22,525
BMS cleaning fees	93,425		97,612		(4,187		)	⁽¹⁾
Management and leasing fees	8,243		7,531		712
Lease termination fees	8,770		7,705		1,065
Other income	9,648		7,092		2,556
Fee and other income	120,086		119,940		146
Total revenues	$	2,003,742	$	1,713,374	$	290,368

____________________


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

Acquisitions	12 Months Ended
Acquisitions	Dec. 31, 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 the $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. Farley Office and Retail Building and Moynihan Train Hall In September 2016, our joint venture with the Related Companies (“Related”) was designated by Empire State Development (“ESD”), an entity of New York State, to develop the Farley Office and Retail Building (the "Project"). The Project will include a new Moynihan Train Hall and approximately 850,000 rentable square feet of commercial space, comprised of approximately 730,000 square feet of office space and approximately 120,000 square feet of retail space. On June 15, 2017, the joint venture closed a 99-year, triple-net lease with ESD for the commercial space at the Project and made a $230,000,000 upfront contribution towards the construction of the train hall. At that time, we accounted for our investment in the joint venture under the equity method of accounting. The lease calls for annual rent payments of $5,000,000 plus payments in lieu of real estate taxes. Simultaneously, the joint venture completed a $271,000,000 loan facility, of which $257,941,000 is outstanding at December 31, 2018. The interest-only loan is at LIBOR plus 3.25% (4.64% at December 31, 2018) and matures in June 2019 with two one-year extension options. On October 30, 2018, we increased our ownership interest in the joint venture to 95.0% from 50.1% by acquiring a 44.9% additional ownership interest from Related. The purchase price was $41,500,000 plus the reimbursement of $33,026,000 of costs funded by Related through October 30, 2018. We consolidate the accounts of the joint venture from the date of acquisition as it is a variable interest entity and we are deemed to be the primary beneficiary. In connection therewith, we recorded a net gain of $44,060,000, which is included in "purchase price fair value adjustment" on our consolidated statements of income. As a result of this gain, because we hold our investment in the joint venture through a taxable REIT subsidiary, $16,771,000 of income tax expense was recognized in our consolidated statements of income. The joint venture has entered into a development agreement with ESD to build the adjacent Moynihan Train Hall, with Vornado and Related each guaranteeing the joint venture's obligations. The joint venture has entered into a design-build contract with Skanska Moynihan Train Hall Builders pursuant to which they will build the Moynihan Train Hall, thereby fulfilling all of the joint venture's obligations to ESD. The obligations of Skanska Moynihan Train Hall Builders have been bonded by Skanska USA and bear a full guaranty from Skanska AB. The development expenditures for the Moynihan Train Hall are estimated to be approximately $1.6 billion, which will be funded by governmental agencies. Pursuant to ASC 840-40-55, the joint venture, which we consolidate on our consolidated balance sheets, is required to recognize all development expenditures for the Moynihan Train Hall. Accordingly, the development expenditures paid for by governmental agencies through December 31, 2018 of $445,693,000 are shown as “Moynihan Train Hall development expenditures” with a corresponding obligation recorded in “Moynihan Train Hall obligation” on our consolidated balance sheets. Upon completion of the development, the "Moynihan Train Hall development expenditures" and the offsetting “Moynihan Train Hall obligation” will be removed from our consolidated balance sheets.

Real Estate Fund Investments

12 Months Ended

Dec. 31, 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 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 (income) from real estate fund investments” and $4,978,000 is included in “income from partially owned entities” (see Note 7 - Investments in Partially Owned Entities) on our consolidated statements of income for the twelve months ended December 31, 2018. We are appealing the Tax Tribunal's decision. Our appeal of the Tax Tribunal's decision is scheduled to be heard by the appellate court in the first half of 2019.

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 3.53% (6.00% at December 31, 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.

As of December 31, 2018, we had four real estate fund investments through the Fund and the Crowne Plaza Joint Venture with an aggregate fair value of $318,758,000, or $6,806,000 below our 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.


5.	Real Estate Fund Investments - continued

Below is a summary of (loss) income from the Fund and the Crowne Plaza Joint Venture for the years ended December 31, 2018, 2017 and 2016.



(Amounts in thousands)	For the Year Ended December 31,
	2018			2017			2016
Net investment income	$	6,105		$	18,507		$	17,053
Net unrealized loss on held investments	(83,794		)	(25,807		)	(41,162		)
Net realized (loss) gain on exited investments	(912		)	36,078			14,761
Previously recorded unrealized gain on exited investment	—			(25,538		)	(14,254		)
Transfer Tax	(10,630		)	—			—
(Loss) income from real estate fund investments	(89,231		)	3,240			(23,602		)
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries	61,230			(14,044		)	2,560
Loss from real estate fund investments attributable to the Operating Partnership (includes $4,252 of loss related to One Park Avenue potential additional transfer taxes and reduction in carried interest for the year ended December 31, 2018)	(28,001		)	(10,804		)	(21,042		)
Less loss attributable to noncontrolling interests in the Operating Partnership	1,732			673			1,270
Loss from real estate fund investments attributable to Vornado	$	(26,269	)	$	(10,131	)	$	(19,772	)

Marketable Securities

12 Months Ended

Dec. 31, 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 are recorded to “interest and other investment income, net” on our consolidated statements of income.

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

The table below summarizes the changes of our marketable securities portfolio for the year ended December 31, 2018.



(Amounts in thousands)	For the Year Ended December 31, 2018
	Total			Lexington Realty Trust			Other
Beginning balance	$	182,752		$	178,226		$	4,526
(Decrease) increase in fair value of marketable securities⁽¹⁾	(26,453		)	(26,596		)	143
Sale of marketable securities	(4,101		)	—			(4,101		)
Ending balance	$	152,198		$	151,630		$	568

________________________________________


(1)	Included in “interest and other investment income, net” on our consolidated statements of income (see Note 17 - Interest and Other Investment Income, Net).

Investments in Partially Owned Entities

12 Months Ended

Dec. 31, 2018

Equity Method Investments and Joint Ventures [Abstract]

Investments in Partially Owned Entities

Alexander’s

As of December 31, 2018, we own 1,654,068 Alexander’s common shares, or approximately 32.4% of Alexander’s common equity. We manage, develop and lease Alexander’s properties pursuant to agreements which expire in March of each year and are automatically renewable. As of December 31, 2018 and 2017, Alexander’s owed us an aggregate of $708,000 and $2,490,000, respectively, pursuant to such agreements.

As of December 31, 2018 the market value (“fair value” pursuant to ASC 820) of our investment in Alexander’s, based on Alexander’s December 31, 2018 closing share price of $304.74, was $504,061,000, or $396,078,000 in excess of the carrying amount on our consolidated balance sheet. As of December 31, 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 $39,046,000. 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 5 - 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 from partially owned entities” on our consolidated statements of income for the year ended December 31, 2018.

Management, Development, Leasing and Other Agreements

We receive an annual fee for managing Alexander’s and all of its properties equal to the sum of (i) $2,800,000, (ii) 2% of the gross revenue from the Rego Park II Shopping Center, (iii) $0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue, and (iv) $315,000, escalating at 3% per annum, for managing the common area of 731 Lexington Avenue. In addition, we are entitled to a development fee of 6% of development costs, as defined.

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

Building Maintenance Services (“BMS”), our wholly-owned subsidiary, supervises (i) cleaning, engineering and security services at Alexander’s 731 Lexington Avenue property and (ii) security services at Alexander’s Rego Park I, Rego Park II properties and The Alexander apartment tower. During the years ended December 31, 2018, 2017 and 2016, we recognized $2,705,000, $2,678,000 and $2,583,000 of income, respectively, for these services.


7.	Investments in Partially Owned Entities – continued

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

As of December 31, 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, 2017 and 2016, 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, (ii) our affiliate, Alexander’s, Rego Park retail assets and (iii) Interstate Properties ("Interstate") retail assets. As of December 31, 2018, the fair value of our investment in UE, based on UE’s December 31, 2018 closing share price of $16.62, was $95,020,000, or $49,676,000 in excess of the carrying amount on our consolidated balance sheet.

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

As of December 31, 2018, we own 6,250,000 PREIT operating partnership units, representing a 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 December 31, 2018, the fair value of our investment in PREIT, based on PREIT’s December 31, 2018 closing share price of $5.94, was $37,125,000, or $22,366,000 below the carrying amount on our consolidated balance sheet. As of December 31, 2018, the carrying amount of our investment in PREIT exceeds our share of the equity in the net assets of PREIT by approximately $35,744,000. 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.

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 5 - 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, impairment loss 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")

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 ceased U.S. operations. On February 1, 2019, the plan of reorganization for Toys "R" Us, Inc., in which we owned a 32.5% interest, was declared effective, and our stock in Toys was canceled. At December 31, 2018 and 2017, we carried our Toys investment at zero. The canceling of our stock in Toys will result in approximately a $420,000,000 capital loss deduction for tax purposes in 2019 (which if not offset by capital gains will result in a capital loss carry over available for five years).


7.	Investments in Partially Owned Entities – continued

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. The gain for tax purposes was approximately $254,000,000. 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.

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



(Amounts in thousands)	Percentage Ownership at December 31, 2018	As of December 31,
	Percentage Ownership at December 31, 2018	2018			2017
Investments:
Partially owned office buildings/land⁽¹⁾	Various	$	499,005		$	504,393
Alexander’s	32.4%	107,983			126,400
PREIT	7.9%	59,491			66,572
UE	4.5%	45,344			46,152
Other investments⁽²⁾	Various	146,290			313,312
		$	858,113		$	1,056,829

330 Madison Avenue⁽³⁾	25.0%	$	(58,117	)	$	(53,999	)
7 West 34th Street⁽⁴⁾	53.0%	(51,579		)	(47,369		)
		$	(109,696	)	$	(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, Farley Office and Retail Building (in 2017 only) and others. On October 30, 2018, we increased our ownership interest in the joint venture which owns the Farley Office and Retail Building to 95.0% when we acquired a 44.9% additional ownership interest. Accordingly, beginning October 30, 2018 we consolidated the accounts of the joint venture (see page 124 for details).


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


(4)	Our negative basis results 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.


7.	Investments in Partially Owned Entities – continued

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



(Amounts in thousands)	Percentage Ownership at December 31, 2018	As of December 31,
	Percentage Ownership at December 31, 2018	2018			2017			2016
Our share of net income (loss):
Alexander's (see page 127 for details):
Equity in net income⁽¹⁾	32.4%	$	10,485		$	25,820		$	27,470
Management, leasing and development fees		4,560			6,033			6,770
		15,045			31,853			34,240

UE (see page 128 for details):
Equity in net income⁽²⁾	4.5%	4,227			26,658			5,003
Management fees		233			670			836
		4,460			27,328			5,839

Partially owned office buildings⁽³⁾	Various	(3,085		)	2,109			5,773

PREIT (see page 128 for details)⁽⁴⁾	7.9%	(3,015		)	(53,325		)	(5,213		)

Other investments⁽⁵⁾	Various	(4,256		)	7,235			128,309

		$	9,149		$	15,200		$	168,948

____________________

(1)

2018 includes (i) our $7,708 share of Alexander's potential additional Transfer Tax, (ii) our $3,882 share of expense related to the decrease in fair value of marketable securities held by Alexander’s, (iii) 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 (iv) our $518 share of Alexander’s litigation expense due to a settlement.


(2)	2017 includes $21,100 of net gains 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. 2018 includes our $4,978 share of potential additional Transfer Tax related to the March 2011 acquisition of One Park Avenue (see Note 5 - Real Estate Fund Investments).


(4)	2017 includes 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 2017, we recognized $26,687 of net gains, comprised of $15,314 for our share of a net gain on the sale of Suffolk Downs and $11,373 for the net gain on repayment of our debt investments in Suffolk Downs JV. In 2018, 2017 and 2016, we recognized net losses of $4,873, $25,414, and $41,532, respectively, from our 666 Fifth Avenue Office Condominium joint venture as a result of our share of depreciation expense. In 2016, the owner of 85 Tenth Avenue completed a 10-year, 4.55% $625,000 refinancing of the property and we received net proceeds of $191,779 in repayment of our existing loans and preferred equity investments. We recognized $160,843 of income and no tax gain as a result of this transaction.


7.	Investments in Partially Owned Entities – continued

Below is a summary of the debt of our partially owned entities as of December 31, 2018 and 2017.



(Amounts in thousands)	Percentage Ownership at December 31, 2018	Maturity	Interest Rate at December 31, 2018	100% Partially Owned Entities’ Debt at December 31,⁽¹⁾
	Percentage Ownership at December 31, 2018	Maturity	Interest Rate at December 31, 2018	2018		2017
Partially owned office buildings⁽²⁾:
Mortgages payable	Various	2019-2026	4.18%	$	3,985,855	$	3,934,894

PREIT:
Mortgages payable	7.9%	2020-2025	3.81%	1,642,408		1,586,045

UE:
Mortgages payable	4.5%	2021-2034	4.09%	1,563,375		1,415,806

Alexander's:
Mortgages payable	32.4%	2021-2025	3.67%	1,170,544		1,252,440

Other⁽³⁾:
Mortgages payable and other	Various	2019-2025	4.57%	1,358,706		8,601,383

________________________________________


(1)	All amounts are non-recourse to us except the $300,000 mortgage loan on 7 West 34th Street which we guaranteed in connection with the sale of a 47.0% equity interest in May 2016.


(2)	Includes 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.

(3)

Includes Independence Plaza, Rosslyn Plaza, Fashion Centre Mall/Washington Tower, 50-70 West 93rd Street, Toys, 666 Fifth Avenue Office Condominium (sold on August 3, 2018), Farley Office and Retail Building (in 2017 only) and others. On October 30, 2018, we increased our ownership interest in the joint venture which owns the Farley Office and Retail Building to 95.0% when we acquired a 44.9% additional ownership interest. Accordingly, beginning October 30, 2018 we consolidated the accounts of the joint venture (see page 124 for details).

Based on our ownership interest in the partially owned entities above, our pro rata share of the debt of these partially owned entities was $2,682,865,000 and $5,288,276,000 as of December 31, 2018 and 2017, respectively.

Summary of Condensed Combined Financial Information

The following is a summary of condensed combined financial information for all of our partially owned entities, including Alexander’s, as of December 31, 2018 and 2017 and for the years ended December 31, 2018, 2017 and 2016.



(Amounts in thousands)	Balance as of December 31,
	2018		2017
Balance Sheet:
Assets	$	13,258,000	$	24,812,000
Liabilities	10,456,000		22,739,000
Noncontrolling interests	139,000		140,000
Equity	2,663,000		1,933,000



(Amounts in thousands)	For the Year Ended December 31,
	2018		2017			2016
Income Statement:
Total revenue	$	1,798,000	$	12,991,000		$	13,600,000
Net loss	52,000		(542,000		)	(65,000		)

220 Central Park South (Notes)	12 Months Ended
220 Central Park South (Notes)	Dec. 31, 2018
Real Estate [Abstract]
220 Central Park South	220 Central Park South ("220 CPS") We are constructing a residential condominium tower containing 397,000 salable square feet at 220 CPS. The development cost of this project (exclusive of land cost) is estimated to be approximately $1.4 billion, of which $1.2 billion has been expended as of December 31, 2018. GAAP income from our 220 CPS project is recognized when legal title transfers upon closing of the condominium unit sales. During the fourth quarter of 2018, we completed the sale of 11 condominium units at 220 CPS for net proceeds aggregating $214,776,000 and resulting in a financial statement net gain of $81,224,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. In connection with these sales, $13,888,000 of income tax expense was recognized in our consolidated statements of income and $213,000,000 of the $950,000,000 220 CPS loan was repaid. 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. 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 December 31, 2018. As of December 31, 2018, 83% of the condominium units are sold or under sales contracts, with closings scheduled through 2020.

Dispositions

12 Months Ended

Dec. 31, 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.

Discontinued Operations

Washington, DC

On June 20, 2017, we completed a $220,000,000 financing of The Bartlett residential building. The five-year interest-only loan is at LIBOR plus 1.70% and matures in June 2022. On July 17, 2017, the property, the loan and the $217,000,000 of net proceeds were transferred to JBG SMITH Properties ("JBGS") in connection with the tax-free spin-off of our Washington, DC segment.

On July 17, 2017, prior to completion of the tax-free spin-off of our Washington, DC segment, we repaid the $43,581,000 LIBOR plus 1.25% mortgage encumbering 1700 and 1730 M Street which was scheduled to mature in August 2017. The unencumbered property was then transferred to JBGS in connection with the tax-free spin-off of our Washington, DC segment.

On July 17, 2017, we completed the spin-off of our Washington, DC segment comprised of (i) 37 office properties totaling over 11.1 million square feet, five multifamily properties with 3,133 units and five other assets totaling approximately 406,000 square feet and (ii) 18 future development assets totaling over 10.4 million square feet of estimated potential development density, and (iii) $412.5 million of cash ($275.0 million plus The Bartlett financing proceeds less transaction costs and other mortgage items) to JBGS. On July 18, 2017, JBGS was combined with the management business and certain Washington, DC assets of The JBG Companies (“JBG”), a Washington, DC real estate company. Steven Roth, the Chairman of the Board of Trustees and Chief Executive Officer of Vornado, is the Chairman of the Board of Trustees of JBGS. Mitchell Schear, former President of our Washington, DC business, is a member of the Board of Trustees of JBGS. We are providing transition services to JBGS initially including information technology, financial reporting and payroll services. The spin-off was effected through a tax-free distribution by Vornado to the holders of Vornado common shares of all of the common shares of JBGS at the rate of one JBGS common share for every two common shares of Vornado and the distribution by the Operating Partnership to the holders of its common units of all of the outstanding common units of JBG SMITH Properties LP (“JBGSLP”) at the rate of one JBGSLP common unit for every two common units of VRLP held of record. See JBGS’ Amendment No. 3 on Form 10 (File No. 1-37994) filed with the Securities and Exchange Commission on June 9, 2017 for additional information. Beginning in the third quarter of 2017, the historical financial results of our Washington, DC segment are reflected in our consolidated financial statements as discontinued operations for all periods presented.

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


9.	Dispositions – continued

Discontinued Operations - continued

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 “other assets” and “other liabilities” for all of the periods presented in the accompanying financial statements. The tables below set forth the assets and liabilities related to discontinued operations as of December 31, 2018 and 2017, and their combined results of operations and cash flows for the years ended December 31, 2018, 2017 and 2016.



(Amounts in thousands)	Balance as of December 31,
	2018		2017

Assets related to discontinued operations (included in other assets)	$	113	$	1,357

Liabilities related to discontinued operations (included in other liabilities)	$	55	$	3,620



(Amounts in thousands)	For the Year Ended December 31,
	2018			2017			2016
Income (loss) from discontinued operations:
Total revenues	$	1,114		$	261,290		$	521,084
Total expenses	1,094			212,169			442,032
	20			49,121			79,052
Net gains on sale of real estate, a lease position and other	618			6,605			20,376
JBGS spin-off transaction costs	—			(68,662		)	(16,586		)
Income (loss) from partially-owned entities	—			435			(3,559		)
Net gain on early extinguishment of debt	—			—			487,877
Impairment losses	—			—			(161,165		)
Pretax income (loss) from discontinued operations	638			(12,501		)	405,995
Income tax expense	—			(727		)	(1,083		)
Income (loss) from discontinued operations	$	638		$	(13,228	)	$	404,912

Cash flows related to discontinued operations:
Cash flows from operating activities	$	(1,683	)	$	42,578		$	157,484
Cash flows from investing activities	—			(48,377		)	(216,125		)

Identified Intangible Assets and Liabilities

12 Months Ended

Dec. 31, 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 below-market leases) as of December 31, 2018 and 2017.



(Amounts in thousands)	Balance as of December 31,
	2018			2017
Identified intangible assets:
Gross amount	$	308,895		$	310,097
Accumulated amortization	(172,114		)	(150,837		)
Total, net	$	136,781		$	159,260
Identified intangible liabilities (included in deferred revenue):
Gross amount	$	503,373		$	530,497
Accumulated amortization	(341,779		)	(324,897		)
Total, net	$	161,594		$	205,600

Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental income of $38,573,000, $46,103,000 and $51,849,000 for the years ended December 31, 2018, 2017 and 2016, 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	$	24,661
2020	23,591
2021	18,857
2022	15,746
2023	13,215

Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $18,018,000, $25,057,000 and $28,897,000 for the years ended December 31, 2018, 2017 and 2016, 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	$	13,726
2020	13,513
2021	11,974
2022	10,244
2023	10,157

We are a tenant under ground leases at certain properties. Amortization of these acquired below-market leases, net of above-market leases, resulted in an increase to rent expense (a component of operating expense) of $1,747,000 for each of the years ended December 31, 2018, 2017 and 2016, 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

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Debt

Secured 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% (3.75% as of December 31, 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.

On November 16, 2018, we completed a $205,000,000 refinancing of 150 West 34th Street, a 78,000 square foot Manhattan retail property. The interest-only loan carries a rate of LIBOR plus 1.88% (4.26% as of December 31, 2018) and matures in 2024, as extended. Concurrently, we invested $105,000,000 in a participation in the refinanced mortgage loan, which earns interest at a rate of LIBOR plus 2.00% (4.38% as of December 31, 2018) and also matures in 2024, as extended, and is included in "other assets" on our consolidated balance sheets. The property was previously encumbered by a mortgage of the same amount at LIBOR plus 2.25%, which was scheduled to mature in 2020.

Unsecured Term Loan

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% (3.52% as of December 31, 2018). In connection with the extension of our unsecured term loan, we entered into an interest rate swap from LIBOR plus 1.00% to a fixed rate of 3.87% through October 2023.


11.	Debt – continued

The following is a summary of our debt:



(Amounts in thousands)	Weighted Average Interest Rate at December 31, 2018	Balance at December 31,
	Weighted Average Interest Rate at December 31, 2018	2018			2017
Mortgages Payable:
Fixed rate	3.53%	$	5,003,465		$	5,461,706
Variable rate	4.33%	3,212,382			2,742,133
Total	3.84%	8,215,847			8,203,839
Deferred financing costs, net and other		(48,049		)	(66,700		)
Total, net		$	8,167,798		$	8,137,139
Unsecured Debt:
Senior unsecured notes	4.21%	$	850,000		$	850,000
Deferred financing costs, net and other		(5,998		)	(6,386		)
Senior unsecured notes, net		844,002			843,614

Unsecured term loan	3.87%	750,000			750,000
Deferred financing costs, net and other		(5,179		)	(1,266		)
Unsecured term loan, net		744,821			748,734

Unsecured revolving credit facilities	3.46%	80,000			—

Total, net		$	1,668,823		$	1,592,348

The net carrying amount of properties collateralizing the mortgages payable amounted to $9.1 billion at December 31, 2018.

As of December 31, 2018, the principal repayments required for the next five years and thereafter are as follows:



(Amounts in thousands)	Mortgages Payable		Senior Unsecured Debt and Unsecured Resolving Credit Unsecured Facilities
Year Ended December 31,
2019	$	2,569,332	$	—
2020	2,192,567		—
2021	1,613,948		80,000
2022	950,000		400,000
2023	391,800		—
Thereafter	498,200		1,200,000

Redeemable Noncontrolling Interests / Redeemable Partnership Units

12 Months Ended

Dec. 31, 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. Class A units may be tendered for redemption to the Operating Partnership for cash; Vornado, at its option, may assume that obligation and pay the holder either cash or Vornado common shares on a one-for-one basis. Because the number of Vornado common shares outstanding at all times equals the number of Class A units owned by Vornado, the redemption value of each Class A unit is equivalent to the market value of one Vornado common share, and the quarterly distribution to a Class A unitholder is equal to the quarterly dividend paid to a Vornado common shareholder.

Below are the details of redeemable noncontrolling interests/redeemable partnership units as of December 31, 2018 and 2017.



(Amounts in thousands, except units and per unit amounts)	Balance as of December 31,				Units Outstanding at December 31,		Per Unit Liquidation Preference		Preferred or Annual Distribution Rate
Unit Series	2018		2017		2018	2017	Per Unit Liquidation Preference		Preferred or Annual Distribution Rate
Common:
Class A units held by third parties	$	778,134	$	979,509	12,544,477	12,528,899	n/a		$	2.52

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

________________________________________


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

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



(Amounts in thousands)
Balance, December 31, 2016	$	1,278,446
Net income	10,910
Other comprehensive income	643
Distributions	(33,229		)
Redemption of Class A units for Vornado common shares, at redemption value	(38,747		)
Adjustments to carry redeemable Class A units at redemption value (including $224,069 attributable to the spin-off of JBGS)	(268,494		)
Other, net	35,408
Balance, December 31, 2017	984,937
Net income	25,672
Other comprehensive loss	(836		)
Distributions	(31,828		)
Redemption of Class A units for Vornado common shares, at redemption value	(17,068		)
Adjustments to carry redeemable Class A units at redemption value	(198,064		)
Other, net	20,749
Balance, December 31, 2018	$	783,562

Redeemable noncontrolling interests/redeemable partnership units exclude our Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units, as they are accounted for as liabilities in accordance with ASC 480, Distinguishing Liabilities and Equity, because of their possible settlement by issuing a variable number of Vornado common shares. Accordingly, the fair value of these units is included as a component of “other liabilities” on our consolidated balance sheets and aggregated $50,561,000 as of December 31, 2018 and 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

12 Months Ended

Dec. 31, 2018

Class of Stock [Line Items]

Shareholders' Equity/Partners' Capital

Common Shares (Vornado Realty Trust)

As of December 31, 2018, there were 190,535,499 common shares outstanding. During 2018, we paid an aggregate of $479,348,000 of common dividends comprised of quarterly common dividends of $0.63 per share.

Class A Units (Vornado Realty L.P.)

As of December 31, 2018, there were 190,535,499 Class A units outstanding that were held by Vornado. These units are classified as “partners’ capital” on the consolidated balance sheets of the Operating Partnership. As of December 31, 2018, there were 12,544,477 Class A units outstanding, that were held by third parties. These units are classified outside of “partners’ capital” as “redeemable partnership units” on the consolidated balance sheets of the Operating Partnership (See Note 12 – Redeemable Noncontrolling Interests/Redeemable Partnership Units). During 2018, the Operating Partnership paid an aggregate of $479,348,000 of distributions to Vornado comprised of quarterly common distributions of $0.63 per unit.

Preferred Share/Preferred Units

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.

The following table sets forth the details of our preferred shares of beneficial interest and the preferred units of the Operating Partnership as of December 31, 2018 and 2017.



(Amounts in thousands, except share/unit and per share/per unit amounts)
							Per Share/Unit
	Balance as of December 31,				Shares/Units Outstanding at December 31,		Liquidation Preference		Annual Dividend/ Distribution⁽¹⁾
Preferred Shares/Units	2018		2017		2018	2017	Liquidation Preference		Annual Dividend/ Distribution⁽¹⁾
Convertible Preferred:
6.5% Series A: authorized 83,977 shares/units⁽²⁾	$	1,071	$	1,102	18,580	19,573	$	50.00	$	3.25
Cumulative Redeemable Preferred:
5.70% Series K: authorized 12,000,000 shares/units⁽³⁾	290,971		290,971		12,000,000	12,000,000	25.00		1.425
5.40% Series L: authorized 12,000,000 shares/units⁽³⁾	290,306		290,306		12,000,000	12,000,000	25.00		1.35
5.25% Series M: authorized 12,780,000 shares/units⁽³⁾	308,946		309,609		12,780,000	12,780,000	25.00		1.3125
	$	891,294	$	891,988	36,798,580	36,799,573

________________________________________


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


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


(3)	Redeemable at Vornado's option at a redemption price of $25.00 per share/unit, plus accrued and unpaid dividends/distributions through the date of redemption.

During 2018, we paid an aggregate of $55,115,000 of preferred dividends.

13. Shareholders' Equity/Partners' Capital - continued

Accumulated Other Comprehensive Income (Loss)

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



(Amounts in thousands)	For the Year Ended December 31, 2018
	Total			Securities available- for-sale			Pro rata share of nonconsolidated subsidiaries' OCI			Interest rate swap			Other
Balance as of December 31, 2017	$	128,682		$	109,554		$	3,769		$	23,542		$	(8,183	)
Cumulative effect of accounting change (see Note 2)	(108,374		)	(109,554		)	(1,671		)	2,851			—
Net current period other comprehensive income	(12,644		)	—			1,155			(14,634		)	835
Balance as of December 31, 2018	$	7,664		$	—		$	3,253		$	11,759		$	(7,348	)

Variable Interest Entities ("VIEs")	12 Months Ended
Variable Interest Entities ("VIEs")	Dec. 31, 2018
Variable Interest Entities [Abstract]
Variable Interest Entities (VIEs)	Variable Interest Entities (“VIEs”) Unconsolidated VIEs As of December 31, 2018 and 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 7 – Investments in Partially Owned Entities). As of December 31, 2018 and 2017, the net carrying amount of our investments in these entities was $257,882,000 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), the Fund and the Crowne Plaza Joint Venture, the Farley joint venture and certain properties that have non-controlling interests. These entities are VIEs because the non-controlling interests do not have substantive kick-out or participating rights. We consolidate these entities because we control all significant business activities. As of December 31, 2018, the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $4,445,436,000 and $2,533,753,000 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

12 Months Ended

Dec. 31, 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 13 - 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 December 31, 2018 and 2017, respectively.



(Amounts in thousands)	As of December 31, 2018
	Total		Level 1		Level 2		Level 3
Marketable securities	$	152,198	$	152,198	$	—	$	—
Real estate fund investments	318,758		—		—		318,758
Deferred compensation plan assets ($8,402 included in restricted cash and $88,122 in other assets)	96,524		58,716		—		37,808
Interest rate swaps (included in other assets)	27,033		—		27,033		—
Total assets	$	594,513	$	210,914	$	27,033	$	356,566

Mandatorily redeemable instruments (included in other liabilities)	$	50,561	$	50,561	$	—	$	—
Interest rate swaps (included in other liabilities)	15,236		—		15,236		—
Total liabilities	$	65,797	$	50,561	$	15,236	$	—



(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	$	—


15.	Fair Value Measurements – continued

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

Real Estate Fund Investments

As of December 31, 2018, we had four real estate fund investments through the Fund and the Crowne Plaza Joint Venture with an aggregate fair value of $318,758,000, or $6,806,000 below our 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 years to 4.0 years. Cash flows are derived from property rental revenue (base rents plus reimbursements) less operating expenses, real estate taxes and capital and other costs, plus projected sales proceeds in the year of exit. Property rental revenue is based on leases currently in place and our estimates for future leasing activity, which are based on current market rents for similar space plus a projected growth factor. Similarly, estimated operating expenses and real estate taxes are based on amounts incurred in the current period plus a projected growth factor for future periods. Anticipated sales proceeds at the end of an investment’s expected holding period are determined based on the net cash flow of the investment in the year of exit, divided by a terminal capitalization rate, less estimated selling costs.

The fair value of each property is calculated by discounting the future cash flows (including the projected sales proceeds), using an appropriate discount rate and then reduced by the property’s outstanding debt, if any, to determine the fair value of the equity in each investment. Significant unobservable quantitative inputs used in determining the fair value of each investment include capitalization rates and discount rates. These rates are based on the location, type and nature of each property, and current and anticipated market conditions, industry publications and from the experience of our Acquisitions and Capital Markets departments. Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of these real estate fund investments as of December 31, 2018 and 2017.



	Range		Weighted Average (based on fair value of investments)
Unobservable Quantitative Input	December 31, 2018	December 31, 2017	December 31, 2018	December 31, 2017
Discount rates	10.0% to 15.0%	2.0% to 14.9%	13.4%	11.9%
Terminal capitalization rates	5.4% to 7.7%	4.7% to 6.7%	5.7%	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 years ended December 31, 2018 and 2017.



(Amounts in thousands)	For the Year Ended December 31,
	2018			2017
Beginning balance	$	354,804		$	462,132
Net unrealized loss on held investments	(83,794		)	(25,807		)
Purchases/additional fundings	68,950			—
Dispositions	(20,290		)	(91,606		)
Net realized (loss) gain on exited investments	(912		)	36,078
Previously recorded unrealized gain on exited investment	—			(25,538		)
Other, net	—			(455		)
Ending balance	$	318,758		$	354,804


15.	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 years ended December 31, 2018 and 2017.



(Amounts in thousands)	For the Year Ended December 31,
	2018			2017
Beginning balance	$	40,128		$	57,444
Sales	(12,621		)	(27,715		)
Purchases	9,183			5,786
Realized and unrealized (losses) gains	(274		)	2,519
Other, net	1,392			2,094
Ending balance	$	37,808		$	40,128

Fair Value Measurements on a Nonrecurring Basis

Assets measured at fair value on a nonrecurring basis on our consolidated balance sheets consist primarily of real estate assets required to be measured for impairment at December 31, 2018. There were no assets measured at fair value on a nonrecurring basis on our consolidated balance sheets at December 31, 2017. The fair values of real estate assets required to be measured for impairment were determined using comparable sales activity.



(Amounts in thousands)	As of December 31, 2018
	Total		Level 1		Level 2		Level 3
Real estate asset	$	14,971	$	—	$	—	$	14,971


15.	Fair Value Measurements – continued

Financial Assets and Liabilities not Measured at Fair Value

Financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash equivalents (primarily money market funds, which invest in obligations of the United States government), and our secured and unsecured debt. Estimates of the fair value of these instruments are determined by the standard practice of modeling the contractual cash flows required under the instrument and discounting them back to their present value at the appropriate current risk adjusted interest rate, which is provided by a third-party specialist. For floating rate debt, we use forward rates derived from observable market yield curves to project the expected cash flows we would be required to make under the instrument. The fair value of cash equivalents and borrowings under our unsecured revolving credit facilities and unsecured term loan are classified as Level 1. The fair value of our secured debt and unsecured debt are classified as Level 2. The table below summarizes the carrying amounts and fair value of these financial instruments as of December 31, 2018 and 2017.



(Amounts in thousands)	As of December 31, 2018					As of December 31, 2017
	Carrying Amount			Fair Value		Carrying Amount			Fair Value
Cash equivalents	$	261,981		$	262,000	$	1,500,227		$	1,500,000
Debt:
Mortgages payable	$	8,215,847		$	8,179,000	$	8,203,839		$	8,194,000
Senior unsecured notes	850,000			847,000		850,000			878,000
Unsecured term loan	750,000			750,000		750,000			750,000
Unsecured revolving credit facilities	80,000			80,000		—			—
Total	$	9,895,847	⁽¹⁾	$	9,856,000	$	9,803,839	⁽¹⁾	$	9,822,000

____________________


(1)	Excludes $59,226 and $74,352 of deferred financing costs, net and other as of December 31, 2018 and 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

12 Months Ended

Dec. 31, 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 Vornado’s Board of Trustees (the “Committee”) the ability to grant incentive and non-qualified Vornado stock options, restricted stock, Appreciation-Only Long-Term Incentive Plan Units ("AO LTIP Units"), restricted Operating Partnership units (the "OP Units") and out-performance plan awards (the "OPPs" to certain of our employees and officers. Under the Plan, awards may be granted up to a maximum of 6,000,000 Vornado shares, if all awards granted are Full Value Awards, as defined, and up to 12,000,000 Vornado shares, if all of the awards granted are Not Full Value Awards, as defined, plus shares in respect of awards forfeited after May 2010 that were issued pursuant to Vornado’s 2002 Omnibus Share Plan. Full Value Awards are awards of securities, such as Vornado restricted shares, that, if all vesting requirements are met, do not require the payment of an exercise price or strike price to acquire the securities. Not Full Value Awards are awards of securities, such as Vornado stock options, that do require the payment of an exercise price or strike price. This means, for example, if the Committee were to award only Vornado restricted shares, it could award up to 6,000,000 Vornado restricted shares. On the other hand, if the Committee were to award only Vornado stock options, it could award options to purchase up to 12,000,000 Vornado common shares (at the applicable exercise price). The Committee may also issue any combination of awards under the Plan, with reductions in availability of future awards made in accordance with the above limitations. As of December 31, 2018, Vornado has approximately 1,848,000 shares available for future grants under the Plan, if all awards granted are Full Value Awards, as defined.

On February 8, 2019, the Committee approved an amendment to our previously issued OP Units and Vornado restricted stock agreements which provides that the time-based vesting requirement no longer applies to participants who have reached 65 years of age. However, the right to convert such OP units and to sell such Vornado restricted stock are still subject to time-based vesting.


16.	Stock-based Compensation - continued

We account for all equity-based compensation in accordance with ASC 718. Below is a summary of our stock-based based compensation expense, a component of "general and administrative" expenses on our consolidated statements of income, during the years ended December 31, 2018, 2017 and 2016.



(Amounts in thousands)	December 31,
	2018		2017		2016
OP Units	$	17,763	$	20,630	$	21,136
OPPs	10,689		10,723		11,055
AO LTIP Units	2,113		—		—
Vornado stock options	587		747		937
Vornado restricted stock	570		729		851
	$	31,722	$	32,829	$	33,979

Below is a summary of unrecognized compensation expense for the year ended December 31, 2018.



(Amounts in thousands)	December 31, 2018		Weighted-Average Remaining Contractual Term
OP Units	$	17,930	1.6
OPPs	3,798		1.8
AO LTIP Units	1,371		1.6
Vornado stock options	902		1.7
Vornado restricted stock	913		1.7
	$	24,914	1.6

OPPs

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

Awards under the 2017 OPP may be earned if Vornado (i) achieves a TSR level greater than 21% over the Performance Period (the “2017 Absolute Component”) and/or (ii) achieves a TSR above that of the SNL US Equity REIT Index over the three-year performance period (the “2017 Relative Component”).

Awards under the 2018 OPP may be earned if Vornado (i) achieves a TSR level greater than 21% over the Performance Period (the “2018 Absolute Component”, collectively with the 2017 Absolute Component, the “Absolute Components”) and/or (ii) achieves a TSR above a benchmark weighted index comprised of 70% of the SNL US Office REIT Index and 30% of the SNL US Retail Index over the Performance Period (the “2018 Relative Component”, collectively with the 2017 Relative Component, the “Relative Components”).

The value of awards under the Relative Components and Absolute Components 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 Components, 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 Components will be reduced (and potentially fully negated) based on the degree by which the index exceeds Vornado’s TSR. In the event 2017 awards are earned under the 2017 Relative Component, but Vornado fails to achieve a TSR of at least 3% per annum, award earned under the 2017 Relative Component will be reduced on a ratable sliding scale based on Vornado’s absolute TSR performance, with no awards being earned in the event Vornado’s TSR during the applicable measurement period is 0% or negative. In the event 2018 awards are earned under the 2018 Relative Component, but Vornado fails to achieve a TSR of at least 3% per annum, awards earned under the 2018 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 applicable measurement period is 0% or negative.


16.	Stock-based Compensation - continued

OPPs - continued

If the designated performance objectives are achieved, awards under the 2017 and 2018 OPP will vest ratably in each of years three, four and five. 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 2017 and 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.

Below is the summary of the OPP units granted during the years December 31, 2018, 2017 and 2016.



Plan Year	Total Plan Notional Amount		Percentage of Notional Amount Granted		Grant Date Fair Value⁽¹⁾		OPP Units Earned
2018	$	35,000,000	78.2	%	$	10,300,000	To be determined in 2021
2017	35,000,000		86.6	%	10,800,000		To be determined in 2020
2016	40,000,000		86.7	%	11,800,000		Not earned

________________________________________

(1)

During the years ended December 31, 2018, 2017 and 2016, $8,040,000, $7,558,000, and $7,250,000, respectively, was immediately expensed on the respective grant date due to acceleration of vesting for employees who are retirement eligible (have reached age 65 or age 60 with at least 20 years of service). The remaining $10,052,000, in aggregate, is being amortized into expense over a 5-year period from the date of each grant, using a graded vesting attribution model.

Vornado Stock Options

Vornado stock options are granted at an exercise price equal to the average of the high and low market price of Vornado’s common shares on the NYSE on the date of grant, generally vest over 4 years and expire 10 years from the date of grant. Compensation expense related to Vornado stock option awards is recognized on a straight-line basis over the vesting period.

Below is a summary of Vornado’s stock option activity for the year ended December 31, 2018.



	Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2018	2,823,900		$	46.62
Granted	33,897		72.40
Exercised	(620,157	)	28.52
Cancelled or expired	(7,347	)	75.25
Outstanding at December 31, 2018	2,230,293		$	51.95	1.6	$	26,464,877
Options vested and expected to vest at December 31, 2018	2,240,526		$	52.13	1.6	$	26,472,765
Options exercisable at December 31, 2018	2,162,843		$	51.15	1.4	$	26,464,877

The fair value of each option grant is estimated on the date of grant using an option-pricing model with the following weighted-average assumptions for grants in the years ended December 31, 2018, 2017 and 2016.



	December 31,
	2018	2017	2016
Expected volatility	35%	35%	35%
Expected life	5.0 years	5.0 years	5.0 years
Risk free interest rate	2.25%	1.95%	1.76%
Expected dividend yield	2.9%	3.0%	3.2%

The weighted average grant date fair value of options granted during the years ended December 31, 2018, 2017 and 2016 was $18.42, $25.84 and $22.14 , respectively. Cash received from option exercises for the years ended December 31, 2018, 2017 and 2016 was $5,927,000, $28,253,000 and $6,825,000, respectively. The total intrinsic value of options exercised during the years ended December 31, 2018, 2017 and 2016 was $25,820,000, $9,178,000 and $5,519,000, respectively.

16. Stock-based Compensation – continued

AO LTIP Units

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

Below is a summary of AO LTIP Units activity for the year ended December 31, 2018.



	Units		Weighted-Average Grant-Date Fair Value
Granted at January 12, 2018	185,046		$	72.40
Cancelled or expired	(6,200	)	72.40
Outstanding at December 31, 2018	178,846		72.40

AO LTIP Units granted during the year ended December 31, 2018 had a fair value of $3,484,000. The fair value of each AO LTIP Units granted is estimated on the date of grant using an option-pricing model with the following weighted-average assumptions for grants in the year ended December 31, 2018.



	December 31, 2018
Expected volatility	35%
Expected life	5.0 years
Risk free interest rate	2.25%
Expected dividend yield	2.9%


16.	Stock-based Compensation – continued

OP Units

OP Units are granted at the average of the high and low market price of Vornado’s common shares on the NYSE on the date of grant, vest ratably over four years and are subject to a taxable book-up event, as defined. Compensation expense related to OP Units is recognized ratably over the vesting period using a graded vesting attribution model. Distributions paid on unvested OP Units are charged to “net income attributable to noncontrolling interests in the Operating Partnership” on Vornado’s consolidated statements of income and to “preferred unit distributions” on the Operating Partnership’s consolidated statements of income and amounted to $2,559,000, $2,310,000 and $1,968,000 in the years ended December 31, 2018, 2017 and 2016, respectively.

Below is a summary of restricted OP unit activity for the year ended December 31, 2018.



Unvested Units	Units		Weighted-Average Grant-Date Fair Value
Unvested at January 1, 2018	628,962		$	76.13
Granted	267,203		65.36
Vested	(246,670	)	73.12
Cancelled or expired	(7,651	)	76.62
Unvested at December 31, 2018	641,844		72.79

OP Units granted in 2018, 2017 and 2016 had a fair value of $17,463,000, $24,927,000 and $18,492,000, respectively. The fair value of OP Units that vested during the years ended December 31, 2018, 2017 and 2016 was $18,037,000, $20,903,000 and $22,701,000, respectively.

Vornado Restricted Stock

Vornado restricted stock awards are granted at the average of the high and low market price of Vornado’s common shares on the NYSE on the date of grant and generally vest over four years. Compensation expense related to Vornado’s restricted stock awards is recognized on a straight-line basis over the vesting period. Dividends paid on unvested Vornado restricted stock are charged directly to retained earnings and amounted to $44,000, $46,000 and $56,000 for the years ended December 31, 2018, 2017 and 2016, respectively.

Below is a summary of Vornado’s restricted stock activity for the year ended December 31, 2018.



Unvested Shares	Shares		Weighted-Average Grant-Date Fair Value
Unvested at January 1, 2018	14,845		$	81.05
Granted	8,602		72.40
Vested	(6,247	)	78.75
Cancelled or expired	(514	)	78.38
Unvested at December 31, 2018	16,686		77.54

Vornado restricted stock awards granted in 2018, 2017 and 2016 had a fair value of $623,000, $601,000 and $927,000, respectively. The fair value of restricted stock that vested during the years ended December 31, 2018, 2017 and 2016 was $492,000, $645,000 and $641,000, respectively.

Interest and Other Investment Income, Net

12 Months Ended

Dec. 31, 2018

Interest and Other Income [Abstract]

Interest and Other Investment Income, Net

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



(Amounts in thousands)	For the Year Ended December 31,
	2018			2017		2016
(Decrease) increase in fair value of marketable securities:
Lexington Realty Trust	$	(26,596	)	$	—	$	—
Other	143			—		—
	(26,453		)	—		—
Interest on cash and cash equivalents and restricted cash	15,827			8,171		3,622
Dividends on marketable securities	13,339			13,276		13,135
Interest on loans receivable⁽¹⁾	10,298			4,352		3,890
Other, net	4,046			5,062		3,688
	$	17,057		$	30,861	$	24,335

________________________________________


(1)	Includes $6,707 of profit participation in connection with an investment in a mezzanine loan which was previously repaid to us for the year ended December 31, 2018.

Interest and Debt Expense

12 Months Ended

Dec. 31, 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 Year Ended December 31,
	2018			2017			2016
Interest expense	$	389,136		$	359,819		$	328,398
Amortization of deferred financing costs	31,979			34,066			32,185
Capitalized interest and debt expense	(73,166		)	(48,231		)	(30,343		)
	$	347,949		$	345,654		$	330,240

Income Per Share / Income Per Class A Unit

12 Months Ended

Dec. 31, 2018

Earnings per share

Income Per Share / Income Per Class A Unit

Income Per Share/Income Per Class A Unit

Vornado Realty Trust

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



(Amounts in thousands, except per share amounts)	Year Ended December 31,
	2018			2017			2016
Numerator:
Income from continuing operations, net of income attributable to noncontrolling interests	$	449,356		$	239,824		$	526,686
Income (loss) from discontinued operations, net of income attributable to noncontrolling interests	598			(12,408		)	380,231
Net income attributable to Vornado	449,954			227,416			906,917
Preferred share dividends	(50,636		)	(65,399		)	(75,903		)
Preferred share issuance costs	(14,486		)	—			(7,408		)
Net income attributable to common shareholders	384,832			162,017			823,606
Earnings allocated to unvested participating securities	(44		)	(46		)	(96		)
Numerator for basic income per share	384,788			161,971			823,510
Impact of assumed conversions:
Earnings allocated to Out-Performance Plan units	174			230			806
Convertible preferred share dividends	62			—			86
Numerator for diluted income per share	$	385,024		$	162,201		$	824,402

Denominator:
Denominator for basic income per share – weighted average shares	190,219			189,526			188,837
Effect of dilutive securities ⁽¹⁾:
Employee stock options and restricted share awards	933			1,448			1,064
Out-Performance Plan units	101			284			230
Convertible preferred shares	37			—			42
Denominator for diluted income per share – weighted average shares and assumed conversions	191,290			191,258			190,173

INCOME PER COMMON SHARE – BASIC:
Income from continuing operations, net	$	2.02		$	0.92		$	2.35
Income (loss) from discontinued operations, net	—			(0.07		)	2.01
Net income per common share	$	2.02		$	0.85		$	4.36

INCOME PER COMMON SHARE – DILUTED:
Income from continuing operations, net	$	2.01		$	0.91		$	2.34
Income (loss) from discontinued operations, net	—			(0.06		)	2.00
Net income per common share	$	2.01		$	0.85		$	4.34

________________________________________


(1)	The effect of dilutive securities in the years ended December 31, 2018, 2017 and 2016 excludes an aggregate of 12,232, 12,165 and 12,022 weighted average common share equivalents, respectively, as their effect was anti-dilutive.

Vornado Realty L.P.

Earnings per share

Income Per Share / Income Per Class A Unit

Vornado Realty L.P.

The following table provides a reconciliation of both net income attributable to Vornado Realty L.P. and the number of Class A units used in the computation of (i) basic income per Class A unit - which includes the weighted average number of Class A units outstanding without regard to dilutive potential Class A units, and (ii) diluted income 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, Vornado restricted stock awards, OP Units, AO LTIP Units and OPPs.



(Amounts in thousands, except per unit amounts)	Year Ended December 31,
	2018			2017			2016
Numerator:
Income from continuing operations, net of income attributable to noncontrolling interests	$	474,988		$	251,554		$	555,659
Income (loss) from discontinued operations	638			(13,228		)	404,912
Net income attributable to Vornado Realty L.P.	475,626			238,326			960,571
Preferred unit distributions	(50,830		)	(65,593		)	(76,097		)
Preferred unit issuance costs	(14,486		)	—			(7,408		)
Net income attributable to Class A unitholders	410,310			172,733			877,066
Earnings allocated to unvested participating securities	(2,973		)	(3,232		)	(4,177		)
Numerator for basic income per Class A unit	407,337			169,501			872,889
Impact of assumed conversions:
Convertible preferred unit distributions	62			—			86
Numerator for diluted income per Class A unit	$	407,399		$	169,501		$	872,975

Denominator:
Denominator for basic income per Class A unit – weighted average units	202,068			201,214			200,350
Effect of dilutive securities ⁽¹⁾:
Vornado stock options and restricted unit awards	1,307			2,086			1,625
Convertible preferred units	37			—			42
Denominator for diluted income per Class A unit – weighted average units and assumed conversions	203,412			203,300			202,017

INCOME PER CLASS A UNIT – BASIC:
Income from continuing operations, net	$	2.01		$	0.91		$	2.34
Income (loss) from discontinued operations, net	0.01			(0.07		)	2.02
Net income per Class A unit	2.02			0.84			4.36

INCOME PER CLASS A UNIT – DILUTED:
Income from continuing operations, net	$	2.00		$	0.90		$	2.32
Income (loss) from discontinued operations, net	—			(0.07		)	2.00
Net income per Class A unit	$	2.00		$	0.83		$	4.32

________________________________________


(1)	The effect of dilutive securities in the years ended December 31, 2018, 2017 and 2016 excludes an aggregate of 110, 124 and 178 weighted average Class A unit equivalents, respectively, as their effect was anti-dilutive.

Leases

12 Months Ended

Dec. 31, 2018

Leases [Abstract]

Leases

As lessor:

We lease space to tenants under operating leases. Most of the leases provide for the payment of fixed base rentals payable monthly in advance. Office building leases generally require the tenants to reimburse us for operating costs and real estate taxes above their base year costs. Certain leases provide for pass-through to tenants for the tenant’s share of real estate taxes, insurance and maintenance. Certain leases also provide for the payment by the lessee of additional rent based on a percentage of the tenants’ sales. As of December 31, 2018, future base rental revenue under non-cancelable operating leases, excluding rents for leases with an original term of less than one year and rents resulting from the exercise of renewal options, are as follows:



(Amounts in thousands)
Year Ending December 31:
2019	$	1,547,162
2020	1,510,097
2021	1,465,024
2022	1,407,615
2023	1,269,141
Thereafter	5,832,467

These amounts do not include percentage rentals based on tenants’ sales. These percentage rents approximated $4,746,000, $4,062,000 and $3,590,000, for the years ended December 31, 2018, 2017 and 2016, respectively.

None of our tenants accounted for more than 10% of total revenues in any of the years ended December 31, 2018, 2017 and 2016.

As lessee:

We are a tenant under operating leases for certain properties. These leases have terms that expire during the next ninety-nine years. Future minimum lease payments under operating leases at December 31, 2018 are as follows:



(Amounts in thousands)
Year Ending December 31:
2019	$	46,147
2020	45,258
2021	42,600
2022	43,840
2023	44,747
Thereafter	1,612,627

Rent expense, a component of “operating" expenses on our consolidated statements of income, was $41,063,000, $40,219,000 and $40,170,000 for the years ended December 31, 2018, 2017 and 2016, respectively.

Multiemployer Benefit Plans	12 Months Ended
Multiemployer Benefit Plans	Dec. 31, 2018
Multiemployer Plans [Abstract]
Multiemployer Benefit Plans	Multiemployer Benefit Plans Our subsidiaries make contributions to certain multiemployer defined benefit plans (“Multiemployer Pension Plans”) and health plans (“Multiemployer Health Plans”) for our union represented employees, pursuant to the respective collective bargaining agreements. Multiemployer Pension Plans Multiemployer Pension Plans differ from single-employer pension plans in that (i) contributions to multiemployer plans may be used to provide benefits to employees of other participating employers and (ii) if other participating employers fail to make their contributions, each of our participating subsidiaries may be required to bear its then pro rata share of unfunded obligations. If a participating subsidiary withdraws from a plan in which it participates, it may be subject to a withdrawal liability. As of December 31, 2018, our subsidiaries’ participation in these plans was not significant to our consolidated financial statements. In the years ended December 31, 2018, 2017 and 2016, we contributed $10,377,000, $10,113,000 and $9,479,000, respectively, towards Multiemployer Pension Plans, which is included as a component of “operating” expenses on our consolidated statements of income. Our subsidiaries’ contributions did not represent more than 5% of total employer contributions in any of these plans for the years ended December 31, 2018, 2017 and 2016. Multiemployer Health Plans Multiemployer Health Plans in which our subsidiaries participate provide health benefits to eligible active and retired employees. In the years ended December 31, 2018, 2017 and 2016, our subsidiaries contributed $30,354,000, $29,549,000 and $32,998,000, respectively, towards these plans, which is included as a component of “operating” expenses on our consolidated statements of income.

Commitments and Contingencies

12 Months Ended

Dec. 31, 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 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 $1,453,000 and 19% of the balance of a covered loss and the Federal government is responsible for the remaining portion of a covered loss. We are ultimately responsible for any loss incurred by PPIC.

We continue to monitor the state of the insurance market and the scope and costs of coverage for acts of terrorism and other events. However, we cannot anticipate what coverage will be available on commercially reasonable terms in the future. We are responsible for uninsured losses and for deductibles and losses in excess of our insurance coverage, which could be material.

Our debt instruments, consisting of mortgage loans secured by our properties, senior unsecured notes and revolving credit agreements contain customary covenants requiring us to maintain insurance. Although we believe that we have adequate insurance coverage for purposes of these agreements, we may not be able to obtain an equivalent amount of coverage at reasonable costs in the future. Further, if lenders insist on greater coverage than we are able to obtain it could adversely affect our ability to finance or refinance our properties and expand our portfolio.


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 costs to us.

Our mortgage loans are non-recourse to us, except for the mortgage loan secured by 7 West 34th Street, which we guaranteed and therefore is part of our tax basis. In certain cases we have provided guarantees or master leased tenant space. These guarantees and master leases terminate either upon the satisfaction of specified circumstances or repayment of the underlying loans. As of December 31, 2018, the aggregate dollar amount of these guarantees and master leases is approximately $660,000,000.

As of December 31, 2018, $13,337,000 of letters of credit were outstanding under one of our unsecured revolving credit facilities. Our unsecured revolving credit facilities contain financial covenants that require us to maintain minimum interest coverage and maximum debt to market capitalization ratios, and provide for higher interest rates in the event of a decline in our ratings below Baa3/BBB. Our unsecured revolving credit facilities also contain customary conditions precedent to borrowing, including representations and warranties, and also contain customary events of default that could give rise to accelerated repayment, including such items as failure to pay interest or principal.

A joint venture in which we own a 95.0% ownership interest was designated by ESD, an entity of New York State, to develop the Farley Office and Retail Building (see Note 4 - Acquisitions). 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 December 31, 2018, we expect to fund additional capital to certain of our partially owned entities aggregating approximately $18,000,000.

As of December 31, 2018, we have construction commitments aggregating approximately $404,000,000.

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Alexander’s, Inc. We own 32.4% of Alexander’s. Steven Roth, the Chairman of Vornado’s Board of Trustee’s and its Chief Executive Officer, is also the Chairman of the Board of Directors and Chief Executive Officer of Alexander’s. We provide various services to Alexander’s in accordance with management, development and leasing agreements. These agreements are described in Note 7 - Investments in Partially Owned Entities. Interstate Properties (“Interstate”) Interstate is a general partnership in which Mr. Roth is the managing general partner. David Mandelbaum and Russell B. Wight, Jr., Trustees of Vornado and Directors of Alexander’s, respectively, are Interstate’s two other general partners. As of December 31, 2018, Interstate and its partners beneficially owned an aggregate of approximately 7.1% of the common shares of beneficial interest of Vornado and 26.2% of Alexander’s common stock. We manage and lease the real estate assets of Interstate pursuant to a management agreement for which we receive an annual fee equal to 4% of annual base rent and percentage rent. The management agreement has a term of one year and is automatically renewable unless terminated by either of the parties on 60 days’ notice at the end of the term. We believe, based upon comparable fees charged by other real estate companies, that the management agreement terms are fair to us. We earned $453,000, $501,000, and $521,000 of management fees under the agreement for the years ended December 31, 2018, 2017 and 2016, respectively. Urban Edge Properties We own 4.5% of UE. In 2018, 2017 and 2016, 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 retail assets. Fees paid to UE for servicing the retail assets of Alexander’s are similar to the fees that we are receiving from Alexander’s.

Summary of Quarterly Results (Unaudited)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Data

Summary of Quarterly Results (Unaudited)

Vornado Realty Trust

The following summary represents the results of operations for each quarter in 2018 and 2017:



(Amounts in thousands, except per share amounts)			Net Income (Loss) Attributable to Common Shareholders ⁽¹⁾			Net Income (Loss) Per Common Share ⁽²⁾
	Revenues		Net Income (Loss) Attributable to Common Shareholders ⁽¹⁾			Basic			Diluted
2018
December 31	$	543,417	$	100,494		$	0.53		$	0.53
September 30	542,048		190,645			1.00			1.00
June 30	541,818		111,534			0.59			0.58
March 31	536,437		(17,841		)	(0.09		)	(0.09		)

2017
December 31	$	536,226	$	27,319		$	0.14		$	0.14
September 30	528,755		(29,026		)	(0.15		)	(0.15		)
June 30	511,087		115,972			0.61			0.61
March 31	508,058		47,752			0.25			0.25

____________________


(1)	Fluctuations among quarters resulted primarily from non-cash impairment losses, net gains on extinguishment of debt, net gains on sale of real estate and other items and from seasonality of business operations.


(2)	The total for the year may differ from the sum of the quarters as a result of weighting.

Vornado Realty L.P.

Quarterly Financial Data

Summary of Quarterly Results (Unaudited)

Vornado Realty L.P.

The following summary represents the results of operations for each quarter in 2018 and 2017:



(Amounts in thousands, except per unit amounts)			Net Income (Loss) Attributable to Class A Unitholders ⁽¹⁾			Net Income (Loss) Per Class A Unit ⁽²⁾
	Revenues		Net Income (Loss) Attributable to Class A Unitholders ⁽¹⁾			Basic			Diluted
2018
December 31	$	543,417	$	107,125		$	0.53		$	0.52
September 30	542,048		203,268			1.00			0.99
June 30	541,818		118,931			0.58			0.58
March 31	536,437		(19,014		)	(0.10		)	(0.10		)

2017
December 31	$	536,226	$	29,123		$	0.14		$	0.14
September 30	528,755		(30,952		)	(0.16		)	(0.16		)
June 30	511,087		123,630			0.61			0.61
March 31	508,058		50,932			0.25			0.25

____________________


(1)	Fluctuations among quarters resulted primarily from non-cash impairment losses, net gains on extinguishment of debt, net gains on sale of real estate and other items and from seasonality of business operations.


(2)	The total for the year may differ from the sum of the quarters as a result of weighting.

Segment Information

12 Months Ended

Dec. 31, 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 to NOI at share and NOI at share - cash basis for the years ended December 31, 2018, 2017 and 2016.



(Amounts in thousands)	For the Year Ended December 31,
	2018			2017			2016
Net income	$	422,603		$	264,128		$	981,922

Deduct:
Income from partially owned entities	(9,149		)	(15,200		)	(168,948		)
Loss (income) from real estate fund investments	89,231			(3,240		)	23,602
Interest and other investment income, net	(17,057		)	(30,861		)	(24,335		)
Net gains on disposition of wholly owned and partially owned assets	(246,031		)	(501		)	(160,433		)
Purchase price fair value adjustment	(44,060		)	—			—
(Income) loss from discontinued operations	(638		)	13,228			(404,912		)
NOI attributable to noncontrolling interests in consolidated subsidiaries	(71,186		)	(65,311		)	(66,182		)

Add:
Depreciation and amortization expense	446,570			429,389			421,023
General and administrative expense	141,871			150,782			143,643
Transaction related costs, impairment loss and other	31,320			1,776			9,451
NOI from partially owned entities	253,564			269,164			271,114
Interest and debt expense	347,949			345,654			330,240
Income tax expense	37,633			42,375			7,923
NOI at share	1,382,620			1,401,383			1,364,108
Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(44,704		)	(86,842		)	(170,477		)
NOI at share - cash basis	$	1,337,916		$	1,314,541		$	1,193,631

25. Segment Information - continued

Below is a summary of NOI at share and selected balance sheet data by segment for the years ended December 31, 2018, 2017 and 2016.



(Amounts in thousands)	For the Year Ended December 31, 2018
	Total			New York			Other
Total revenues	$	2,163,720		$	1,836,036		$	327,684
Operating expenses	963,478			806,464			157,014
NOI - consolidated	1,200,242			1,029,572			170,670
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(71,186		)	(48,490		)	(22,696		)
Add: Our share of NOI from partially owned entities	253,564			195,908			57,656
NOI at share	1,382,620			1,176,990			205,630
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(44,704		)	(45,427		)	723
NOI at share - cash basis	$	1,337,916		$	1,131,563		$	206,353

Balance Sheet Data:
Real estate, at cost	$	16,237,883		$	12,351,943		$	3,885,940
Investments in partially owned entities	858,113			719,456			138,657
Total assets	17,180,794			14,628,712			2,552,082



(Amounts in thousands)	For the Year Ended December 31, 2017
	Total			New York			Other
Total revenues	$	2,084,126		$	1,779,307		$	304,819
Operating expenses	886,596			756,670			129,926
NOI - consolidated	1,197,530			1,022,637			174,893
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(65,311		)	(45,899		)	(19,412		)
Add: Our share of NOI from partially owned entities	269,164			189,327			79,837
NOI at share	1,401,383			1,166,065			235,318
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(86,842		)	(79,202		)	(7,640		)
NOI at share - cash basis	$	1,314,541		$	1,086,863		$	227,678

Balance Sheet Data:
Real estate, at cost	$	14,756,295		$	11,025,092		$	3,731,203
Investments in partially owned entities	1,056,829			861,430			195,399
Total assets	17,397,934			13,780,817			3,617,117



(Amounts in thousands)	For the Year Ended December 31, 2016
	Total			New York			Other
Total revenues	$	2,003,742		$	1,713,374		$	290,368
Operating expenses	844,566			716,754			127,812
NOI - consolidated	1,159,176			996,620			162,556
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(66,182		)	(47,480		)	(18,702		)
Add: Our share of NOI from partially owned entities	271,114			159,386			111,728
NOI at share	1,364,108			1,108,526			255,582
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(170,477		)	(143,239		)	(27,238		)
NOI at share - cash basis	$	1,193,631		$	965,287		$	228,344

SEC Schedule II Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2018

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II Valuation and Qualifying Accounts

VORNADO REALTY TRUST AND VORNADO REALTY L.P.

SCHEDULE II

VALUATION AND QUALIFYING ACCOUNTS

December 31, 2018

(Amounts in Thousands)



Column A	Column B		Column C		Column D			Column E
Description	Balance at Beginning of Year		Additions Charged Against Operations		Uncollectible Accounts Written-off			Balance at End of Year
Year Ended December 31, 2018
Allowance for doubtful accounts	$	6,480	$	1,910	$	(2,592	)	$	5,798
Year Ended December 31, 2017
Allowance for doubtful accounts	$	8,621	$	26	$	(2,167	)	$	6,480
Year Ended December 31, 2016
Allowance for doubtful accounts	$	10,075	$	1,827	$	(3,281	)	$	8,621

SEC Schedule III Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2018

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

Schedule III Real Estate and Accumulated Depreciation



COLUMN A	COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
	Encumbrances (2)		Initial cost to company (1)				Costs capitalized subsequent to acquisition		Gross amount at which carried at close of period						Accumulated depreciation and amortization		Date of construction (4)	Date acquired	Life on which depreciation in latest income statement is computed
	Encumbrances (2)		Land		Buildings and improvements		Costs capitalized subsequent to acquisition		Land		Buildings and improvements		Total (3)		Accumulated depreciation and amortization		Date of construction (4)	Date acquired
New York
Manhattan
1290 Avenue of the Americas	$	950,000	$	515,539	$	923,653	$	231,245	$	515,539	$	1,154,898	$	1,670,437	$	336,807	1963	2007	(5)
697-703 Fifth Avenue	450,000		152,825		584,230		566		152,825		584,796		737,621		61,014			2014	(5)
350 Park Avenue	400,000		265,889		363,381		50,265		265,889		413,646		679,535		130,828		1960	2006	(5)
666 Fifth Avenue (Retail Condo)	390,000		189,005		471,072		—		189,005		471,072		660,077		73,059			2012	(5)
PENN1	—		—		412,169		257,803		—		669,972		669,972		300,399		1972	1998	(5)
100 West 33rd Street	398,402		242,776		247,970		35,200		242,776		283,170		525,946		88,054		1911	2007	(5)
1535 Broadway	—		130,433		322,581		161,766		130,439		484,341		614,780		36,439			2012	(5)
150 West 34th Street	205,000		119,657		268,509		—		119,657		268,509		388,166		24,054		1900	2015	(5)
1540 Broadway	—		105,914		214,208		28,868		105,914		243,076		348,990		61,252			2006	(5)
655 Fifth Avenue	140,000		102,594		231,903		—		102,594		231,903		334,497		30,681			2013	(5)
PENN2	575,000		53,615		164,903		119,920		52,689		285,749		338,438		161,909		1968	1997	(5)
90 Park Avenue	—		8,000		175,890		183,882		8,000		359,772		367,772		128,983		1964	1997	(5)
Manhattan Mall	181,598		88,595		113,473		71,596		88,595		185,069		273,664		65,646		2009	2007	(5)
770 Broadway	700,000		52,898		95,686		135,290		52,898		230,976		283,874		93,238		1907	1998	(5)
888 Seventh Avenue	375,000		—		117,269		142,980		—		260,249		260,249		122,204		1980	1998	(5)
PENN11	450,000		40,333		85,259		110,281		40,333		195,540		235,873		79,373		1923	1997	(5)
640 Fifth Avenue	—		38,224		25,992		160,092		38,224		186,084		224,308		61,374		1950	1997	(5)
909 Third Avenue	350,000		—		120,723		107,457		—		228,180		228,180		98,992		1969	1999	(5)
150 East 58th Street	—		39,303		80,216		47,732		39,303		127,948		167,251		60,078		1969	1998	(5)
595 Madison Avenue	—		62,731		62,888		40,335		62,731		103,223		165,954		41,920		1968	1999	(5)
330 West 34th Street	—		—		8,599		145,486		—		154,085		154,085		30,432		1925	1998	(5)
828-850 Madison Avenue	—		107,937		28,261		2,115		107,937		30,376		138,313		9,658			2005	(5)
33-00 Northern Boulevard	100,000		46,505		86,226		7,518		46,505		93,744		140,249		9,831		1915	2015	(5)
715 Lexington Avenue	—		—		26,903		63,249		63,000		27,152		90,152		9,346		1923	2001	(5)
478-486 Broadway	—		30,000		20,063		36,107		30,000		56,170		86,170		13,790		2009	2007	(5)
4 Union Square South	120,000		24,079		55,220		3,037		24,079		58,257		82,336		21,022		1965/2004	1993	(5)
Farley Office and Retail Building	257,941		—		476,235		33,988		—		510,223		510,223		—		1912	2018	(5)
Moynihan Train Hall	—		—		346,926		98,767		—		445,693		445,693		—		1912	2018	(5)
260 Eleventh Avenue	—		—		80,482		1,966		—		82,448		82,448		7,734		1911	2015	(5)
510 Fifth Avenue	—		34,602		18,728		35,545		48,403		40,472		88,875		9,616			2010	(5)
606 Broadway	51,290		45,406		8,993		39,821		—		94,220		94,220		—			2016	(5)
40 Fulton Street	—		15,732		26,388		23,527		15,732		49,915		65,647		22,146		1987	1998	(5)
689 Fifth Avenue	—		19,721		13,446		25,575		19,721		39,021		58,742		13,986		1925	1998	(5)
443 Broadway	—		11,187		41,186		—		11,187		41,186		52,373		5,821			2013	(5)



COLUMN A	COLUMN B		COLUMN C				COLUMN D			COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
	Encumbrances (2)		Initial cost to company (1)				Costs capitalized subsequent to acquisition			Gross amount at which carried at close of period						Accumulated depreciation and amortization		Date of construction (4)	Date acquired	Life on which depreciation in latest income statement is computed
			Land		Buildings and improvements					Land		Buildings and improvements		Total (3)
New York - continued
Manhattan - continued
40 East 66th Street	$	—	$	13,616	$	34,635	$	248		$	13,616	$	34,883	$	48,499	$	11,415		2005	(5)
155 Spring Street	—		13,700		30,544		4,872			13,700		35,416		49,116		9,910			2007	(5)
435 Seventh Avenue	95,782		19,893		19,091		40			19,893		19,131		39,024		7,903		2002	1997	(5)
3040 M Street	—		7,830		27,490		3,583			7,830		31,073		38,903		10,940			2006	(5)
608 Fifth Avenue	—		—		—		39,608			—		39,608		39,608		11,836		1932	2012	(5)
692 Broadway	—		6,053		22,908		3,690			6,053		26,598		32,651		9,185			2005	(5)
131-135 West 33rd Street	—		8,315		21,312		24			8,315		21,336		29,651		1,424			2016	(5)
265 West 34th Street	—		28,500		—		295			28,500		295		28,795		—		1920	2015	(5)
304 Canal Street	—		3,511		12,905		(731		)	3,511		12,174		15,685		714		1910	2014	(5)
677-679 Madison Avenue	—		13,070		9,640		541			13,070		10,181		23,251		3,169			2006	(5)
1135 Third Avenue	—		7,844		7,844		5,708			7,844		13,552		21,396		1,901			1997	(5)
486 Eighth Avenue	—		20,000		71		244			20,000		315		20,315		—		1928	2016	(5)
431 Seventh Avenue	—		16,700		2,751		—			16,700		2,751		19,451		808			2007	(5)
138-142 West 32nd Street	—		9,252		9,936		37			9,252		9,973		19,225		973		1920	2015	(5)
334 Canal Street	—		1,693		6,507		7,603			1,693		14,110		15,803		1,300			2011	(5)
267 West 34th Street	—		5,099		10,037		(9,760		)	5,099		277		5,376		—			2013	(5)
1540 Broadway Garage	—		4,086		8,914		—			4,086		8,914		13,000		2,815		1990	2006	(5)
966 Third Avenue	—		8,869		3,631		—			8,869		3,631		12,500		484			2013	(5)
148 Spring Street	—		3,200		8,112		406			3,200		8,518		11,718		2,277			2008	(5)
150 Spring Street	—		3,200		5,822		300			3,200		6,122		9,322		1,664			2008	(5)
137 West 33rd Street	—		6,398		1,550		—			6,398		1,550		7,948		145		1932	2015	(5)
488 Eighth Avenue	—		10,650		1,767		(4,653		)	6,859		905		7,764		245			2007	(5)
484 Eighth Avenue	—		3,856		762		758			3,856		1,520		5,376		—			1997	(5)
825 Seventh Avenue	—		1,483		697		159			1,483		856		2,339		400			1997	(5)
537 West 26th Street	—		10,370		17,632		16,263			26,632		17,633		44,265		414			2018	(5)
339 Greenwich	—		2,622		12,333		—			2,622		12,333		14,955		572			2017	(5)
Other (Including Signage)	—		86,299		506		115,778			86,299		116,284		202,583		35,135
Total Manhattan	6,190,013		2,859,609		6,597,028		2,586,992			2,902,555		9,141,074		12,043,629		2,325,315

Other Properties
Hotel Pennsylvania	—		29,903		121,712		111,168			29,903		232,880		262,783		118,994		1919	1997	(5)
Paramus	—		—		—		24,935			1,036		23,899		24,935		16,849		1967	1987	(5)
Total Other Properties	—		29,903		121,712		136,103			30,939		256,779		287,718		135,843

Total New York	6,190,013		2,889,512		6,718,740		2,723,095			2,933,494		9,397,853		12,331,347		2,461,158



COLUMN A	COLUMN B		COLUMN C				COLUMN D			COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
	Encumbrances (2)		Initial cost to company (1)				Costs capitalized subsequent to acquisition			Gross amount at which carried at close of period						Accumulated depreciation and amortization		Date of construction (4)	Date acquired	Life on which depreciation in latest income statement is computed
	Encumbrances (2)		Land		Buildings and improvements		Costs capitalized subsequent to acquisition			Land		Buildings and improvements		Total (3)		Accumulated depreciation and amortization		Date of construction (4)	Date acquired
Other
theMART
Illinois
theMART, Chicago	$	675,000	$	64,528	$	319,146	$	414,820		$	64,535	$	733,959	$	798,494	$	311,470	1930	1998	(5)
527 West Kinzie, Chicago	—		5,166		—		32			5,166		32		5,198		—			1998
Total Illinois	675,000		69,694		319,146		414,852			69,701		733,991		803,692		311,470

New York
MMPI Piers	—		—		—		16,412			—		16,412		16,412		3,003			2008	(5)
Total theMART	675,000		69,694		319,146		431,264			69,701		750,403		820,104		314,473

555 California Street	558,914		221,903		893,324		186,321			209,916		1,091,632		1,301,548		294,139		1922,1969 -1970	2007	(5)
220 Central Park South	737,369		115,720		16,445		1,339,283			—		1,471,448		1,471,448		—			2005	(5)
Borgata Land, Atlantic City, NJ	54,551		83,089		—		—			83,089		—		83,089		—			2010	(5)
40 East 66th Residential	—		29,199		85,798		(93,222		)	8,454		13,321		21,775		3,923			2005	(5)
677-679 Madison	—		1,462		1,058		284			1,626		1,178		2,804		478			2006	(5)
Annapolis	—		—		9,652		—			—		9,652		9,652		3,960			2005
Wayne Towne Center	—		—		26,137		56,955			—		83,092		83,092		20,474			2010
Other	—		—		—		4,597			—		4,597		4,597		1,350			2005	(5)
Total Other	2,025,834		521,067		1,351,560		1,925,482			372,786		3,425,323		3,798,109		638,797

Leasehold improvements equipment and other	—		—		—		108,427			—		108,427		108,427		80,220

December 31, 2018	$	8,215,847	$	3,410,579	$	8,070,300	$	4,757,004		$	3,306,280	$	12,931,603	$	16,237,883	$	3,180,175

________________________________________


(1)	Initial cost is cost as of January 30, 1982 (the date on which we commenced real estate operations) unless acquired subsequent to that date see Column H.


(2)	Represents the contractual debt obligations.


(3)	The net basis of Vornado's assets and liabilities for tax reporting purposes is approximately $1.9 billion lower than the amounts reported for financial statement purposes.


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


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

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



	Year Ended December 31,
	2018		2017		2016
Real Estate
Balance at beginning of period	$	14,756,295	$	14,187,820	$	13,545,295
Additions during the period:
Land	170,065		21,298		30,805
Buildings & improvements	1,665,684		598,820		854,194
	16,592,044		14,807,938		14,430,294
Less: Assets sold, written-off and deconsolidated	354,161		51,643		242,474
Balance at end of period	$	16,237,883	$	14,756,295	$	14,187,820

Accumulated Depreciation
Balance at beginning of period	$	2,885,283	$	2,581,514	$	2,356,728
Additions charged to operating expenses	381,500		360,391		346,755
	3,266,783		2,941,905		2,703,483
Less: Accumulated depreciation on assets sold, written-off and deconsolidated	86,608		56,622		121,969
Balance at end of period	$	3,180,175	$	2,885,283	$	2,581,514

SEC Schedule III Rollforward of Real Estate Assets and Accumulated Depreciation

12 Months Ended

Dec. 31, 2018

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

Schedule III Real Estate and Accumulated Depreciation



COLUMN A	COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
	Encumbrances (2)		Initial cost to company (1)				Costs capitalized subsequent to acquisition		Gross amount at which carried at close of period						Accumulated depreciation and amortization		Date of construction (4)	Date acquired	Life on which depreciation in latest income statement is computed
	Encumbrances (2)		Land		Buildings and improvements		Costs capitalized subsequent to acquisition		Land		Buildings and improvements		Total (3)		Accumulated depreciation and amortization		Date of construction (4)	Date acquired
New York
Manhattan
1290 Avenue of the Americas	$	950,000	$	515,539	$	923,653	$	231,245	$	515,539	$	1,154,898	$	1,670,437	$	336,807	1963	2007	(5)
697-703 Fifth Avenue	450,000		152,825		584,230		566		152,825		584,796		737,621		61,014			2014	(5)
350 Park Avenue	400,000		265,889		363,381		50,265		265,889		413,646		679,535		130,828		1960	2006	(5)
666 Fifth Avenue (Retail Condo)	390,000		189,005		471,072		—		189,005		471,072		660,077		73,059			2012	(5)
PENN1	—		—		412,169		257,803		—		669,972		669,972		300,399		1972	1998	(5)
100 West 33rd Street	398,402		242,776		247,970		35,200		242,776		283,170		525,946		88,054		1911	2007	(5)
1535 Broadway	—		130,433		322,581		161,766		130,439		484,341		614,780		36,439			2012	(5)
150 West 34th Street	205,000		119,657		268,509		—		119,657		268,509		388,166		24,054		1900	2015	(5)
1540 Broadway	—		105,914		214,208		28,868		105,914		243,076		348,990		61,252			2006	(5)
655 Fifth Avenue	140,000		102,594		231,903		—		102,594		231,903		334,497		30,681			2013	(5)
PENN2	575,000		53,615		164,903		119,920		52,689		285,749		338,438		161,909		1968	1997	(5)
90 Park Avenue	—		8,000		175,890		183,882		8,000		359,772		367,772		128,983		1964	1997	(5)
Manhattan Mall	181,598		88,595		113,473		71,596		88,595		185,069		273,664		65,646		2009	2007	(5)
770 Broadway	700,000		52,898		95,686		135,290		52,898		230,976		283,874		93,238		1907	1998	(5)
888 Seventh Avenue	375,000		—		117,269		142,980		—		260,249		260,249		122,204		1980	1998	(5)
PENN11	450,000		40,333		85,259		110,281		40,333		195,540		235,873		79,373		1923	1997	(5)
640 Fifth Avenue	—		38,224		25,992		160,092		38,224		186,084		224,308		61,374		1950	1997	(5)
909 Third Avenue	350,000		—		120,723		107,457		—		228,180		228,180		98,992		1969	1999	(5)
150 East 58th Street	—		39,303		80,216		47,732		39,303		127,948		167,251		60,078		1969	1998	(5)
595 Madison Avenue	—		62,731		62,888		40,335		62,731		103,223		165,954		41,920		1968	1999	(5)
330 West 34th Street	—		—		8,599		145,486		—		154,085		154,085		30,432		1925	1998	(5)
828-850 Madison Avenue	—		107,937		28,261		2,115		107,937		30,376		138,313		9,658			2005	(5)
33-00 Northern Boulevard	100,000		46,505		86,226		7,518		46,505		93,744		140,249		9,831		1915	2015	(5)
715 Lexington Avenue	—		—		26,903		63,249		63,000		27,152		90,152		9,346		1923	2001	(5)
478-486 Broadway	—		30,000		20,063		36,107		30,000		56,170		86,170		13,790		2009	2007	(5)
4 Union Square South	120,000		24,079		55,220		3,037		24,079		58,257		82,336		21,022		1965/2004	1993	(5)
Farley Office and Retail Building	257,941		—		476,235		33,988		—		510,223		510,223		—		1912	2018	(5)
Moynihan Train Hall	—		—		346,926		98,767		—		445,693		445,693		—		1912	2018	(5)
260 Eleventh Avenue	—		—		80,482		1,966		—		82,448		82,448		7,734		1911	2015	(5)
510 Fifth Avenue	—		34,602		18,728		35,545		48,403		40,472		88,875		9,616			2010	(5)
606 Broadway	51,290		45,406		8,993		39,821		—		94,220		94,220		—			2016	(5)
40 Fulton Street	—		15,732		26,388		23,527		15,732		49,915		65,647		22,146		1987	1998	(5)
689 Fifth Avenue	—		19,721		13,446		25,575		19,721		39,021		58,742		13,986		1925	1998	(5)
443 Broadway	—		11,187		41,186		—		11,187		41,186		52,373		5,821			2013	(5)



COLUMN A	COLUMN B		COLUMN C				COLUMN D			COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
	Encumbrances (2)		Initial cost to company (1)				Costs capitalized subsequent to acquisition			Gross amount at which carried at close of period						Accumulated depreciation and amortization		Date of construction (4)	Date acquired	Life on which depreciation in latest income statement is computed
			Land		Buildings and improvements					Land		Buildings and improvements		Total (3)
New York - continued
Manhattan - continued
40 East 66th Street	$	—	$	13,616	$	34,635	$	248		$	13,616	$	34,883	$	48,499	$	11,415		2005	(5)
155 Spring Street	—		13,700		30,544		4,872			13,700		35,416		49,116		9,910			2007	(5)
435 Seventh Avenue	95,782		19,893		19,091		40			19,893		19,131		39,024		7,903		2002	1997	(5)
3040 M Street	—		7,830		27,490		3,583			7,830		31,073		38,903		10,940			2006	(5)
608 Fifth Avenue	—		—		—		39,608			—		39,608		39,608		11,836		1932	2012	(5)
692 Broadway	—		6,053		22,908		3,690			6,053		26,598		32,651		9,185			2005	(5)
131-135 West 33rd Street	—		8,315		21,312		24			8,315		21,336		29,651		1,424			2016	(5)
265 West 34th Street	—		28,500		—		295			28,500		295		28,795		—		1920	2015	(5)
304 Canal Street	—		3,511		12,905		(731		)	3,511		12,174		15,685		714		1910	2014	(5)
677-679 Madison Avenue	—		13,070		9,640		541			13,070		10,181		23,251		3,169			2006	(5)
1135 Third Avenue	—		7,844		7,844		5,708			7,844		13,552		21,396		1,901			1997	(5)
486 Eighth Avenue	—		20,000		71		244			20,000		315		20,315		—		1928	2016	(5)
431 Seventh Avenue	—		16,700		2,751		—			16,700		2,751		19,451		808			2007	(5)
138-142 West 32nd Street	—		9,252		9,936		37			9,252		9,973		19,225		973		1920	2015	(5)
334 Canal Street	—		1,693		6,507		7,603			1,693		14,110		15,803		1,300			2011	(5)
267 West 34th Street	—		5,099		10,037		(9,760		)	5,099		277		5,376		—			2013	(5)
1540 Broadway Garage	—		4,086		8,914		—			4,086		8,914		13,000		2,815		1990	2006	(5)
966 Third Avenue	—		8,869		3,631		—			8,869		3,631		12,500		484			2013	(5)
148 Spring Street	—		3,200		8,112		406			3,200		8,518		11,718		2,277			2008	(5)
150 Spring Street	—		3,200		5,822		300			3,200		6,122		9,322		1,664			2008	(5)
137 West 33rd Street	—		6,398		1,550		—			6,398		1,550		7,948		145		1932	2015	(5)
488 Eighth Avenue	—		10,650		1,767		(4,653		)	6,859		905		7,764		245			2007	(5)
484 Eighth Avenue	—		3,856		762		758			3,856		1,520		5,376		—			1997	(5)
825 Seventh Avenue	—		1,483		697		159			1,483		856		2,339		400			1997	(5)
537 West 26th Street	—		10,370		17,632		16,263			26,632		17,633		44,265		414			2018	(5)
339 Greenwich	—		2,622		12,333		—			2,622		12,333		14,955		572			2017	(5)
Other (Including Signage)	—		86,299		506		115,778			86,299		116,284		202,583		35,135
Total Manhattan	6,190,013		2,859,609		6,597,028		2,586,992			2,902,555		9,141,074		12,043,629		2,325,315

Other Properties
Hotel Pennsylvania	—		29,903		121,712		111,168			29,903		232,880		262,783		118,994		1919	1997	(5)
Paramus	—		—		—		24,935			1,036		23,899		24,935		16,849		1967	1987	(5)
Total Other Properties	—		29,903		121,712		136,103			30,939		256,779		287,718		135,843

Total New York	6,190,013		2,889,512		6,718,740		2,723,095			2,933,494		9,397,853		12,331,347		2,461,158



COLUMN A	COLUMN B		COLUMN C				COLUMN D			COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
	Encumbrances (2)		Initial cost to company (1)				Costs capitalized subsequent to acquisition			Gross amount at which carried at close of period						Accumulated depreciation and amortization		Date of construction (4)	Date acquired	Life on which depreciation in latest income statement is computed
	Encumbrances (2)		Land		Buildings and improvements		Costs capitalized subsequent to acquisition			Land		Buildings and improvements		Total (3)		Accumulated depreciation and amortization		Date of construction (4)	Date acquired
Other
theMART
Illinois
theMART, Chicago	$	675,000	$	64,528	$	319,146	$	414,820		$	64,535	$	733,959	$	798,494	$	311,470	1930	1998	(5)
527 West Kinzie, Chicago	—		5,166		—		32			5,166		32		5,198		—			1998
Total Illinois	675,000		69,694		319,146		414,852			69,701		733,991		803,692		311,470

New York
MMPI Piers	—		—		—		16,412			—		16,412		16,412		3,003			2008	(5)
Total theMART	675,000		69,694		319,146		431,264			69,701		750,403		820,104		314,473

555 California Street	558,914		221,903		893,324		186,321			209,916		1,091,632		1,301,548		294,139		1922,1969 -1970	2007	(5)
220 Central Park South	737,369		115,720		16,445		1,339,283			—		1,471,448		1,471,448		—			2005	(5)
Borgata Land, Atlantic City, NJ	54,551		83,089		—		—			83,089		—		83,089		—			2010	(5)
40 East 66th Residential	—		29,199		85,798		(93,222		)	8,454		13,321		21,775		3,923			2005	(5)
677-679 Madison	—		1,462		1,058		284			1,626		1,178		2,804		478			2006	(5)
Annapolis	—		—		9,652		—			—		9,652		9,652		3,960			2005
Wayne Towne Center	—		—		26,137		56,955			—		83,092		83,092		20,474			2010
Other	—		—		—		4,597			—		4,597		4,597		1,350			2005	(5)
Total Other	2,025,834		521,067		1,351,560		1,925,482			372,786		3,425,323		3,798,109		638,797

Leasehold improvements equipment and other	—		—		—		108,427			—		108,427		108,427		80,220

December 31, 2018	$	8,215,847	$	3,410,579	$	8,070,300	$	4,757,004		$	3,306,280	$	12,931,603	$	16,237,883	$	3,180,175

________________________________________


(1)	Initial cost is cost as of January 30, 1982 (the date on which we commenced real estate operations) unless acquired subsequent to that date see Column H.


(2)	Represents the contractual debt obligations.


(3)	The net basis of Vornado's assets and liabilities for tax reporting purposes is approximately $1.9 billion lower than the amounts reported for financial statement purposes.


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


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

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



	Year Ended December 31,
	2018		2017		2016
Real Estate
Balance at beginning of period	$	14,756,295	$	14,187,820	$	13,545,295
Additions during the period:
Land	170,065		21,298		30,805
Buildings & improvements	1,665,684		598,820		854,194
	16,592,044		14,807,938		14,430,294
Less: Assets sold, written-off and deconsolidated	354,161		51,643		242,474
Balance at end of period	$	16,237,883	$	14,756,295	$	14,187,820

Accumulated Depreciation
Balance at beginning of period	$	2,885,283	$	2,581,514	$	2,356,728
Additions charged to operating expenses	381,500		360,391		346,755
	3,266,783		2,941,905		2,703,483
Less: Accumulated depreciation on assets sold, written-off and deconsolidated	86,608		56,622		121,969
Balance at end of period	$	3,180,175	$	2,885,283	$	2,581,514

Basis of Presentation and Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Basis of Presentation

Recently Issued Accounting Literature


2.	Basis of Presentation and Significant Accounting Policies – continued

Recently Issued Accounting Literature - continued


2.	Basis of Presentation and Significant Accounting Policies – continued

Real Estate

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.

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

Partially Owned Entities

220 Central Park South Condominium Units Ready For Sale

Cash And Cash Equivalents

Restricted Cash

Allowance For Doubtful Accounts

Deferred Charges

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 generally 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 income from our 220 CPS project is recognized when legal title transfers upon closing of the condominium unit sales

Income Taxes

The Operating Partnership’s partners are required to report their respective share of taxable income on their individual tax returns.

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

Redeemable Noncontrolling Interests

Stockholders' Equity

Fair Value Measurement

Basis of Presentation and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Reconciliation of net income attributable to common shareholders to estimated taxable income

The following table reconciles net income attributable to Vornado common shareholders to estimated taxable income for the years ended December 31, 2018, 2017 and 2016.



(Amounts in thousands)	For the Year Ended December 31,
	2018			2017			2016
Net income attributable to Vornado common shareholders	$	384,832		$	162,017		$	823,606
Book to tax differences (unaudited):
Depreciation and amortization	234,325			213,083			302,092
Tangible property regulations	(86,040		)	—			—
Sale of real estate and other capital transactions	31,527			11,991			(39,109		)
Vornado stock options	(22,992		)	(6,383		)	(3,593		)
Earnings of partially owned entities	15,711			(3,054		)	(149,094		)
Impairment losses	11,260			49,062			170,332
Straight-line rent adjustments	(7,133		)	(36,696		)	(137,941		)
Tax expense related to the reduction of our taxable REIT subsidiaries' deferred tax assets	—			32,663			—
Net gain on extinguishment of Skyline properties debt	—			—			(457,970		)
Other, net	18,956			25,057			9,121
Estimated taxable income (unaudited)	$	580,446		$	447,740		$	517,444

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2018

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue



(Amounts in thousands)	For the Year Ended December 31, 2018
	Total		New York		Other
Base rent	$	1,623,122	$	1,371,182	$	251,940
Hotel Pennsylvania	94,399		94,399		—
Trade shows	42,684		—		42,684
Property rentals	1,760,205		1,465,581		294,624
Operating expense reimbursements	193,207		177,044		16,163
Tenant services	53,921		41,351		12,570
Tenant expense reimbursements	247,128		218,395		28,733
BMS cleaning fees	120,357		129,088		(8,731		)	⁽¹⁾
Management and leasing fees	13,324		12,203		1,121
Lease termination fees	2,144		858		1,286
Other income	20,562		9,911		10,651
Fee and other income	156,387		152,060		4,327
Total revenues	$	2,163,720	$	1,836,036	$	327,684



(Amounts in thousands)	For the Year Ended December 31, 2017
	Total		New York		Other
Base rent	$	1,583,443	$	1,347,270	$	236,173
Hotel Pennsylvania	89,302		89,302		—
Trade shows	42,207		—		42,207
Property rentals	1,714,952		1,436,572		278,380
Operating expense reimbursements	179,381		165,347		14,034
Tenant services	54,043		42,273		11,770
Tenant expense reimbursements	233,424		207,620		25,804
BMS cleaning fees	104,143		110,986		(6,843		)	⁽¹⁾
Management and leasing fees	10,087		8,599		1,488
Lease termination fees	8,171		7,955		216
Other income	13,349		7,575		5,774
Fee and other income	135,750		135,115		635
Total revenues	$	2,084,126	$	1,779,307	$	304,819

____________________

See notes on the following page.


3.	Revenue Recognition - continued



(Amounts in thousands)	For the Year Ended December 31, 2016
	Total		New York		Other
Base rent	$	1,538,605	$	1,313,611	$	224,994
Hotel Pennsylvania	80,785		80,785		—
Trade shows	42,703		—		42,703
Property rentals	1,662,093		1,394,396		267,697
Operating expense reimbursements	166,103		154,734		11,369
Tenant services	55,460		44,304		11,156
Tenant expense reimbursements	221,563		199,038		22,525
BMS cleaning fees	93,425		97,612		(4,187		)	⁽¹⁾
Management and leasing fees	8,243		7,531		712
Lease termination fees	8,770		7,705		1,065
Other income	9,648		7,092		2,556
Fee and other income	120,086		119,940		146
Total revenues	$	2,003,742	$	1,713,374	$	290,368

____________________


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

Real Estate Fund Investments (Tables)

12 Months Ended

Dec. 31, 2018

Real Estate Fund Investments [Abstract]

Schedule Of Income And Loss From The Fund

Below is a summary of (loss) income from the Fund and the Crowne Plaza Joint Venture for the years ended December 31, 2018, 2017 and 2016.



(Amounts in thousands)	For the Year Ended December 31,
	2018			2017			2016
Net investment income	$	6,105		$	18,507		$	17,053
Net unrealized loss on held investments	(83,794		)	(25,807		)	(41,162		)
Net realized (loss) gain on exited investments	(912		)	36,078			14,761
Previously recorded unrealized gain on exited investment	—			(25,538		)	(14,254		)
Transfer Tax	(10,630		)	—			—
(Loss) income from real estate fund investments	(89,231		)	3,240			(23,602		)
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries	61,230			(14,044		)	2,560
Loss from real estate fund investments attributable to the Operating Partnership (includes $4,252 of loss related to One Park Avenue potential additional transfer taxes and reduction in carried interest for the year ended December 31, 2018)	(28,001		)	(10,804		)	(21,042		)
Less loss attributable to noncontrolling interests in the Operating Partnership	1,732			673			1,270
Loss from real estate fund investments attributable to Vornado	$	(26,269	)	$	(10,131	)	$	(19,772	)

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2018

Marketable Securities [Abstract]

Unrealized Gain (Loss) on Investments

The table below summarizes the changes of our marketable securities portfolio for the year ended December 31, 2018.



(Amounts in thousands)	For the Year Ended December 31, 2018
	Total			Lexington Realty Trust			Other
Beginning balance	$	182,752		$	178,226		$	4,526
(Decrease) increase in fair value of marketable securities⁽¹⁾	(26,453		)	(26,596		)	143
Sale of marketable securities	(4,101		)	—			(4,101		)
Ending balance	$	152,198		$	151,630		$	568

________________________________________


(1)	Included in “interest and other investment income, net” on our consolidated statements of income (see Note 17 - Interest and Other Investment Income, Net).

Investments in Partially Owned Entities (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2018	As of December 31,
	Percentage Ownership at December 31, 2018	2018			2017
Investments:
Partially owned office buildings/land⁽¹⁾	Various	$	499,005		$	504,393
Alexander’s	32.4%	107,983			126,400
PREIT	7.9%	59,491			66,572
UE	4.5%	45,344			46,152
Other investments⁽²⁾	Various	146,290			313,312
		$	858,113		$	1,056,829

330 Madison Avenue⁽³⁾	25.0%	$	(58,117	)	$	(53,999	)
7 West 34th Street⁽⁴⁾	53.0%	(51,579		)	(47,369		)
		$	(109,696	)	$	(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)


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


(4)	Our negative basis results 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.


7.	Investments in Partially Owned Entities – continued

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



(Amounts in thousands)	Percentage Ownership at December 31, 2018	As of December 31,
	Percentage Ownership at December 31, 2018	2018			2017			2016
Our share of net income (loss):
Alexander's (see page 127 for details):
Equity in net income⁽¹⁾	32.4%	$	10,485		$	25,820		$	27,470
Management, leasing and development fees		4,560			6,033			6,770
		15,045			31,853			34,240

UE (see page 128 for details):
Equity in net income⁽²⁾	4.5%	4,227			26,658			5,003
Management fees		233			670			836
		4,460			27,328			5,839

Partially owned office buildings⁽³⁾	Various	(3,085		)	2,109			5,773

PREIT (see page 128 for details)⁽⁴⁾	7.9%	(3,015		)	(53,325		)	(5,213		)

Other investments⁽⁵⁾	Various	(4,256		)	7,235			128,309

		$	9,149		$	15,200		$	168,948

____________________

(1)


(2)	2017 includes $21,100 of net gains 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. 2018 includes our $4,978 share of potential additional Transfer Tax related to the March 2011 acquisition of One Park Avenue (see Note 5 - Real Estate Fund Investments).


(4)	2017 includes a $44,465 non-cash impairment loss.

(5)


7.	Investments in Partially Owned Entities – continued

Below is a summary of the debt of our partially owned entities as of December 31, 2018 and 2017.



(Amounts in thousands)	Percentage Ownership at December 31, 2018	Maturity	Interest Rate at December 31, 2018	100% Partially Owned Entities’ Debt at December 31,⁽¹⁾
	Percentage Ownership at December 31, 2018	Maturity	Interest Rate at December 31, 2018	2018		2017
Partially owned office buildings⁽²⁾:
Mortgages payable	Various	2019-2026	4.18%	$	3,985,855	$	3,934,894

PREIT:
Mortgages payable	7.9%	2020-2025	3.81%	1,642,408		1,586,045

UE:
Mortgages payable	4.5%	2021-2034	4.09%	1,563,375		1,415,806

Alexander's:
Mortgages payable	32.4%	2021-2025	3.67%	1,170,544		1,252,440

Other⁽³⁾:
Mortgages payable and other	Various	2019-2025	4.57%	1,358,706		8,601,383

________________________________________


(1)	All amounts are non-recourse to us except the $300,000 mortgage loan on 7 West 34th Street which we guaranteed in connection with the sale of a 47.0% equity interest in May 2016.


(2)	Includes 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.

(3)

Summary of Condensed Combined Financial Information



(Amounts in thousands)	Balance as of December 31,
	2018		2017
Balance Sheet:
Assets	$	13,258,000	$	24,812,000
Liabilities	10,456,000		22,739,000
Noncontrolling interests	139,000		140,000
Equity	2,663,000		1,933,000



(Amounts in thousands)	For the Year Ended December 31,
	2018		2017			2016
Income Statement:
Total revenue	$	1,798,000	$	12,991,000		$	13,600,000
Net loss	52,000		(542,000		)	(65,000		)

Dispositions (Tables)

12 Months Ended

Dec. 31, 2017

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 December 31, 2018 and 2017, and their combined results of operations and cash flows for the years ended December 31, 2018, 2017 and 2016.



(Amounts in thousands)	Balance as of December 31,
	2018		2017

Assets related to discontinued operations (included in other assets)	$	113	$	1,357

Liabilities related to discontinued operations (included in other liabilities)	$	55	$	3,620



(Amounts in thousands)	For the Year Ended December 31,
	2018			2017			2016
Income (loss) from discontinued operations:
Total revenues	$	1,114		$	261,290		$	521,084
Total expenses	1,094			212,169			442,032
	20			49,121			79,052
Net gains on sale of real estate, a lease position and other	618			6,605			20,376
JBGS spin-off transaction costs	—			(68,662		)	(16,586		)
Income (loss) from partially-owned entities	—			435			(3,559		)
Net gain on early extinguishment of debt	—			—			487,877
Impairment losses	—			—			(161,165		)
Pretax income (loss) from discontinued operations	638			(12,501		)	405,995
Income tax expense	—			(727		)	(1,083		)
Income (loss) from discontinued operations	$	638		$	(13,228	)	$	404,912

Cash flows related to discontinued operations:
Cash flows from operating activities	$	(1,683	)	$	42,578		$	157,484
Cash flows from investing activities	—			(48,377		)	(216,125		)

- 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)

12 Months Ended

Dec. 31, 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 below-market leases) as of December 31, 2018 and 2017.



(Amounts in thousands)	Balance as of December 31,
	2018			2017
Identified intangible assets:
Gross amount	$	308,895		$	310,097
Accumulated amortization	(172,114		)	(150,837		)
Total, net	$	136,781		$	159,260
Identified intangible liabilities (included in deferred revenue):
Gross amount	$	503,373		$	530,497
Accumulated amortization	(341,779		)	(324,897		)
Total, net	$	161,594		$	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	$	24,661
2020	23,591
2021	18,857
2022	15,746
2023	13,215

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	$	13,726
2020	13,513
2021	11,974
2022	10,244
2023	10,157

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)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule of Debt

The following is a summary of our debt:



(Amounts in thousands)	Weighted Average Interest Rate at December 31, 2018	Balance at December 31,
	Weighted Average Interest Rate at December 31, 2018	2018			2017
Mortgages Payable:
Fixed rate	3.53%	$	5,003,465		$	5,461,706
Variable rate	4.33%	3,212,382			2,742,133
Total	3.84%	8,215,847			8,203,839
Deferred financing costs, net and other		(48,049		)	(66,700		)
Total, net		$	8,167,798		$	8,137,139
Unsecured Debt:
Senior unsecured notes	4.21%	$	850,000		$	850,000
Deferred financing costs, net and other		(5,998		)	(6,386		)
Senior unsecured notes, net		844,002			843,614

Unsecured term loan	3.87%	750,000			750,000
Deferred financing costs, net and other		(5,179		)	(1,266		)
Unsecured term loan, net		744,821			748,734

Unsecured revolving credit facilities	3.46%	80,000			—

Total, net		$	1,668,823		$	1,592,348

Schedule of Maturities of Long-Term Debt

As of December 31, 2018, the principal repayments required for the next five years and thereafter are as follows:



(Amounts in thousands)	Mortgages Payable		Senior Unsecured Debt and Unsecured Resolving Credit Unsecured Facilities
Year Ended December 31,
2019	$	2,569,332	$	—
2020	2,192,567		—
2021	1,613,948		80,000
2022	950,000		400,000
2023	391,800		—
Thereafter	498,200		1,200,000

- Definition

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

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+ Details

Redeemable Noncontrolling Interests / Redeemable Partnership Units (Tables)

12 Months Ended

Dec. 31, 2018

Noncontrolling Interest [Abstract]

Operating Partnership Units Held By Third Parties

Below are the details of redeemable noncontrolling interests/redeemable partnership units as of December 31, 2018 and 2017.



(Amounts in thousands, except units and per unit amounts)	Balance as of December 31,				Units Outstanding at December 31,		Per Unit Liquidation Preference		Preferred or Annual Distribution Rate
Unit Series	2018		2017		2018	2017	Per Unit Liquidation Preference		Preferred or Annual Distribution Rate
Common:
Class A units held by third parties	$	778,134	$	979,509	12,544,477	12,528,899	n/a		$	2.52

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

________________________________________


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

Summary Of Activity Of Redeemable Noncontrolling Interests

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



(Amounts in thousands)
Balance, December 31, 2016	$	1,278,446
Net income	10,910
Other comprehensive income	643
Distributions	(33,229		)
Redemption of Class A units for Vornado common shares, at redemption value	(38,747		)
Adjustments to carry redeemable Class A units at redemption value (including $224,069 attributable to the spin-off of JBGS)	(268,494		)
Other, net	35,408
Balance, December 31, 2017	984,937
Net income	25,672
Other comprehensive loss	(836		)
Distributions	(31,828		)
Redemption of Class A units for Vornado common shares, at redemption value	(17,068		)
Adjustments to carry redeemable Class A units at redemption value	(198,064		)
Other, net	20,749
Balance, December 31, 2018	$	783,562

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2018

Schedule Of Preferred Units

The following table sets forth the details of our preferred shares of beneficial interest and the preferred units of the Operating Partnership as of December 31, 2018 and 2017.



(Amounts in thousands, except share/unit and per share/per unit amounts)
							Per Share/Unit
	Balance as of December 31,				Shares/Units Outstanding at December 31,		Liquidation Preference		Annual Dividend/ Distribution⁽¹⁾
Preferred Shares/Units	2018		2017		2018	2017	Liquidation Preference		Annual Dividend/ Distribution⁽¹⁾
Convertible Preferred:
6.5% Series A: authorized 83,977 shares/units⁽²⁾	$	1,071	$	1,102	18,580	19,573	$	50.00	$	3.25
Cumulative Redeemable Preferred:
5.70% Series K: authorized 12,000,000 shares/units⁽³⁾	290,971		290,971		12,000,000	12,000,000	25.00		1.425
5.40% Series L: authorized 12,000,000 shares/units⁽³⁾	290,306		290,306		12,000,000	12,000,000	25.00		1.35
5.25% Series M: authorized 12,780,000 shares/units⁽³⁾	308,946		309,609		12,780,000	12,780,000	25.00		1.3125
	$	891,294	$	891,988	36,798,580	36,799,573

________________________________________


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


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


(3)	Redeemable at Vornado's option at a redemption price of $25.00 per share/unit, plus accrued and unpaid dividends/distributions through the date of redemption.

During 2018, we paid an aggregate of $55,115,000 of preferred dividends.

Schedule of Accumulated Other Comprehensive Income (Loss)

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



(Amounts in thousands)	For the Year Ended December 31, 2018
	Total			Securities available- for-sale			Pro rata share of nonconsolidated subsidiaries' OCI			Interest rate swap			Other
Balance as of December 31, 2017	$	128,682		$	109,554		$	3,769		$	23,542		$	(8,183	)
Cumulative effect of accounting change (see Note 2)	(108,374		)	(109,554		)	(1,671		)	2,851			—
Net current period other comprehensive income	(12,644		)	—			1,155			(14,634		)	835
Balance as of December 31, 2018	$	7,664		$	—		$	3,253		$	11,759		$	(7,348	)

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2018 and 2017, respectively.



(Amounts in thousands)	As of December 31, 2018
	Total		Level 1		Level 2		Level 3
Marketable securities	$	152,198	$	152,198	$	—	$	—
Real estate fund investments	318,758		—		—		318,758
Deferred compensation plan assets ($8,402 included in restricted cash and $88,122 in other assets)	96,524		58,716		—		37,808
Interest rate swaps (included in other assets)	27,033		—		27,033		—
Total assets	$	594,513	$	210,914	$	27,033	$	356,566

Mandatorily redeemable instruments (included in other liabilities)	$	50,561	$	50,561	$	—	$	—
Interest rate swaps (included in other liabilities)	15,236		—		15,236		—
Total liabilities	$	65,797	$	50,561	$	15,236	$	—



(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	$	—

Fair value measurements, nonrecurring

The fair values of real estate assets required to be measured for impairment were determined using comparable sales activity.



(Amounts in thousands)	As of December 31, 2018
	Total		Level 1		Level 2		Level 3
Real estate asset	$	14,971	$	—	$	—	$	14,971

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 December 31, 2018 and 2017.



(Amounts in thousands)	As of December 31, 2018					As of December 31, 2017
	Carrying Amount			Fair Value		Carrying Amount			Fair Value
Cash equivalents	$	261,981		$	262,000	$	1,500,227		$	1,500,000
Debt:
Mortgages payable	$	8,215,847		$	8,179,000	$	8,203,839		$	8,194,000
Senior unsecured notes	850,000			847,000		850,000			878,000
Unsecured term loan	750,000			750,000		750,000			750,000
Unsecured revolving credit facilities	80,000			80,000		—			—
Total	$	9,895,847	⁽¹⁾	$	9,856,000	$	9,803,839	⁽¹⁾	$	9,822,000

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 December 31, 2018 and 2017.



	Range		Weighted Average (based on fair value of investments)
Unobservable Quantitative Input	December 31, 2018	December 31, 2017	December 31, 2018	December 31, 2017
Discount rates	10.0% to 15.0%	2.0% to 14.9%	13.4%	11.9%
Terminal capitalization rates	5.4% to 7.7%	4.7% to 6.7%	5.7%	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 years ended December 31, 2018 and 2017.



(Amounts in thousands)	For the Year Ended December 31,
	2018			2017
Beginning balance	$	354,804		$	462,132
Net unrealized loss on held investments	(83,794		)	(25,807		)
Purchases/additional fundings	68,950			—
Dispositions	(20,290		)	(91,606		)
Net realized (loss) gain on exited investments	(912		)	36,078
Previously recorded unrealized gain on exited investment	—			(25,538		)
Other, net	—			(455		)
Ending balance	$	318,758		$	354,804

Deferred Compensation Plan Assets

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

Schedule of carrying amounts and fair values of financial instruments

The table below summarizes the changes in the fair value of deferred compensation plan assets that are classified as Level 3, for the years ended December 31, 2018 and 2017.



(Amounts in thousands)	For the Year Ended December 31,
	2018			2017
Beginning balance	$	40,128		$	57,444
Sales	(12,621		)	(27,715		)
Purchases	9,183			5,786
Realized and unrealized (losses) gains	(274		)	2,519
Other, net	1,392			2,094
Ending balance	$	37,808		$	40,128

Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2018

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

Schedule Of Other Share Based Compensation, Activity

Below is a summary of our stock-based based compensation expense, a component of "general and administrative" expenses on our consolidated statements of income, during the years ended December 31, 2018, 2017 and 2016.



(Amounts in thousands)	December 31,
	2018		2017		2016
OP Units	$	17,763	$	20,630	$	21,136
OPPs	10,689		10,723		11,055
AO LTIP Units	2,113		—		—
Vornado stock options	587		747		937
Vornado restricted stock	570		729		851
	$	31,722	$	32,829	$	33,979

Schedule of Unrecognized Compensation Expense

Below is a summary of unrecognized compensation expense for the year ended December 31, 2018.



(Amounts in thousands)	December 31, 2018		Weighted-Average Remaining Contractual Term
OP Units	$	17,930	1.6
OPPs	3,798		1.8
AO LTIP Units	1,371		1.6
Vornado stock options	902		1.7
Vornado restricted stock	913		1.7
	$	24,914	1.6

Schedule Of Share Based Compensation Restricted Operating Partnership Units Earned

Below is the summary of the OPP units granted during the years December 31, 2018, 2017 and 2016.



Plan Year	Total Plan Notional Amount		Percentage of Notional Amount Granted		Grant Date Fair Value⁽¹⁾		OPP Units Earned
2018	$	35,000,000	78.2	%	$	10,300,000	To be determined in 2021
2017	35,000,000		86.6	%	10,800,000		To be determined in 2020
2016	40,000,000		86.7	%	11,800,000		Not earned

________________________________________

(1)

Schedule Of Share Based Compensation Stock Options Activity

Below is a summary of Vornado’s stock option activity for the year ended December 31, 2018.



	Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2018	2,823,900		$	46.62
Granted	33,897		72.40
Exercised	(620,157	)	28.52
Cancelled or expired	(7,347	)	75.25
Outstanding at December 31, 2018	2,230,293		$	51.95	1.6	$	26,464,877
Options vested and expected to vest at December 31, 2018	2,240,526		$	52.13	1.6	$	26,472,765
Options exercisable at December 31, 2018	2,162,843		$	51.15	1.4	$	26,464,877

Below is a summary of AO LTIP Units activity for the year ended December 31, 2018.



	Units		Weighted-Average Grant-Date Fair Value
Granted at January 12, 2018	185,046		$	72.40
Cancelled or expired	(6,200	)	72.40
Outstanding at December 31, 2018	178,846		72.40

Schedule Of Share Based Payment Award Stock Options Valuation Assumptions

The fair value of each AO LTIP Units granted is estimated on the date of grant using an option-pricing model with the following weighted-average assumptions for grants in the year ended December 31, 2018.



	December 31, 2018
Expected volatility	35%
Expected life	5.0 years
Risk free interest rate	2.25%
Expected dividend yield	2.9%

he fair value of each option grant is estimated on the date of grant using an option-pricing model with the following weighted-average assumptions for grants in the years ended December 31, 2018, 2017 and 2016.



	December 31,
	2018	2017	2016
Expected volatility	35%	35%	35%
Expected life	5.0 years	5.0 years	5.0 years
Risk free interest rate	2.25%	1.95%	1.76%
Expected dividend yield	2.9%	3.0%	3.2%

Schedule Of Share Based Compensation Restricted Operating Partnership Units Activity

Below is a summary of restricted OP unit activity for the year ended December 31, 2018.



Unvested Units	Units		Weighted-Average Grant-Date Fair Value
Unvested at January 1, 2018	628,962		$	76.13
Granted	267,203		65.36
Vested	(246,670	)	73.12
Cancelled or expired	(7,651	)	76.62
Unvested at December 31, 2018	641,844		72.79

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

Below is a summary of Vornado’s restricted stock activity for the year ended December 31, 2018.



Unvested Shares	Shares		Weighted-Average Grant-Date Fair Value
Unvested at January 1, 2018	14,845		$	81.05
Granted	8,602		72.40
Vested	(6,247	)	78.75
Cancelled or expired	(514	)	78.38
Unvested at December 31, 2018	16,686		77.54

Interest and Other Investment Income, Net (Tables)

12 Months Ended

Dec. 31, 2018

Interest and Other Income [Abstract]

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

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



(Amounts in thousands)	For the Year Ended December 31,
	2018			2017		2016
(Decrease) increase in fair value of marketable securities:
Lexington Realty Trust	$	(26,596	)	$	—	$	—
Other	143			—		—
	(26,453		)	—		—
Interest on cash and cash equivalents and restricted cash	15,827			8,171		3,622
Dividends on marketable securities	13,339			13,276		13,135
Interest on loans receivable⁽¹⁾	10,298			4,352		3,890
Other, net	4,046			5,062		3,688
	$	17,057		$	30,861	$	24,335

________________________________________


(1)	Includes $6,707 of profit participation in connection with an investment in a mezzanine loan which was previously repaid to us for the year ended December 31, 2018.

Interest and Debt Expense (Tables)

12 Months Ended

Dec. 31, 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 Year Ended December 31,
	2018			2017			2016
Interest expense	$	389,136		$	359,819		$	328,398
Amortization of deferred financing costs	31,979			34,066			32,185
Capitalized interest and debt expense	(73,166		)	(48,231		)	(30,343		)
	$	347,949		$	345,654		$	330,240

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

12 Months Ended

Dec. 31, 2018

Earnings per share

Schedule of Earnings Per Share Basic and Diluted

Vornado Realty Trust



(Amounts in thousands, except per share amounts)	Year Ended December 31,
	2018			2017			2016
Numerator:
Income from continuing operations, net of income attributable to noncontrolling interests	$	449,356		$	239,824		$	526,686
Income (loss) from discontinued operations, net of income attributable to noncontrolling interests	598			(12,408		)	380,231
Net income attributable to Vornado	449,954			227,416			906,917
Preferred share dividends	(50,636		)	(65,399		)	(75,903		)
Preferred share issuance costs	(14,486		)	—			(7,408		)
Net income attributable to common shareholders	384,832			162,017			823,606
Earnings allocated to unvested participating securities	(44		)	(46		)	(96		)
Numerator for basic income per share	384,788			161,971			823,510
Impact of assumed conversions:
Earnings allocated to Out-Performance Plan units	174			230			806
Convertible preferred share dividends	62			—			86
Numerator for diluted income per share	$	385,024		$	162,201		$	824,402

Denominator:
Denominator for basic income per share – weighted average shares	190,219			189,526			188,837
Effect of dilutive securities ⁽¹⁾:
Employee stock options and restricted share awards	933			1,448			1,064
Out-Performance Plan units	101			284			230
Convertible preferred shares	37			—			42
Denominator for diluted income per share – weighted average shares and assumed conversions	191,290			191,258			190,173

INCOME PER COMMON SHARE – BASIC:
Income from continuing operations, net	$	2.02		$	0.92		$	2.35
Income (loss) from discontinued operations, net	—			(0.07		)	2.01
Net income per common share	$	2.02		$	0.85		$	4.36

INCOME PER COMMON SHARE – DILUTED:
Income from continuing operations, net	$	2.01		$	0.91		$	2.34
Income (loss) from discontinued operations, net	—			(0.06		)	2.00
Net income per common share	$	2.01		$	0.85		$	4.34

________________________________________


(1)	The effect of dilutive securities in the years ended December 31, 2018, 2017 and 2016 excludes an aggregate of 12,232, 12,165 and 12,022 weighted average common share equivalents, respectively, as their effect was anti-dilutive.

Vornado Realty L.P.

Earnings per share

Schedule of Earnings Per Share Basic and Diluted

Vornado Realty L.P.



(Amounts in thousands, except per unit amounts)	Year Ended December 31,
	2018			2017			2016
Numerator:
Income from continuing operations, net of income attributable to noncontrolling interests	$	474,988		$	251,554		$	555,659
Income (loss) from discontinued operations	638			(13,228		)	404,912
Net income attributable to Vornado Realty L.P.	475,626			238,326			960,571
Preferred unit distributions	(50,830		)	(65,593		)	(76,097		)
Preferred unit issuance costs	(14,486		)	—			(7,408		)
Net income attributable to Class A unitholders	410,310			172,733			877,066
Earnings allocated to unvested participating securities	(2,973		)	(3,232		)	(4,177		)
Numerator for basic income per Class A unit	407,337			169,501			872,889
Impact of assumed conversions:
Convertible preferred unit distributions	62			—			86
Numerator for diluted income per Class A unit	$	407,399		$	169,501		$	872,975

Denominator:
Denominator for basic income per Class A unit – weighted average units	202,068			201,214			200,350
Effect of dilutive securities ⁽¹⁾:
Vornado stock options and restricted unit awards	1,307			2,086			1,625
Convertible preferred units	37			—			42
Denominator for diluted income per Class A unit – weighted average units and assumed conversions	203,412			203,300			202,017

INCOME PER CLASS A UNIT – BASIC:
Income from continuing operations, net	$	2.01		$	0.91		$	2.34
Income (loss) from discontinued operations, net	0.01			(0.07		)	2.02
Net income per Class A unit	2.02			0.84			4.36

INCOME PER CLASS A UNIT – DILUTED:
Income from continuing operations, net	$	2.00		$	0.90		$	2.32
Income (loss) from discontinued operations, net	—			(0.07		)	2.00
Net income per Class A unit	$	2.00		$	0.83		$	4.32

________________________________________


(1)	The effect of dilutive securities in the years ended December 31, 2018, 2017 and 2016 excludes an aggregate of 110, 124 and 178 weighted average Class A unit equivalents, respectively, as their effect was anti-dilutive.

Leases (Tables)

12 Months Ended

Dec. 31, 2018

Leases [Abstract]

Schedule Of Future Base Rental

As of December 31, 2018, future base rental revenue under non-cancelable operating leases, excluding rents for leases with an original term of less than one year and rents resulting from the exercise of renewal options, are as follows:



(Amounts in thousands)
Year Ending December 31:
2019	$	1,547,162
2020	1,510,097
2021	1,465,024
2022	1,407,615
2023	1,269,141
Thereafter	5,832,467

Schedule Of Future Minimum Rental Payments For Operating Leases

Future minimum lease payments under operating leases at December 31, 2018 are as follows:



(Amounts in thousands)
Year Ending December 31:
2019	$	46,147
2020	45,258
2021	42,600
2022	43,840
2023	44,747
Thereafter	1,612,627

Summary of Quarterly Results (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Data

Schedule Of Quarterly Financial Information

The following summary represents the results of operations for each quarter in 2018 and 2017:



(Amounts in thousands, except per share amounts)			Net Income (Loss) Attributable to Common Shareholders ⁽¹⁾			Net Income (Loss) Per Common Share ⁽²⁾
	Revenues		Net Income (Loss) Attributable to Common Shareholders ⁽¹⁾			Basic			Diluted
2018
December 31	$	543,417	$	100,494		$	0.53		$	0.53
September 30	542,048		190,645			1.00			1.00
June 30	541,818		111,534			0.59			0.58
March 31	536,437		(17,841		)	(0.09		)	(0.09		)

2017
December 31	$	536,226	$	27,319		$	0.14		$	0.14
September 30	528,755		(29,026		)	(0.15		)	(0.15		)
June 30	511,087		115,972			0.61			0.61
March 31	508,058		47,752			0.25			0.25

____________________


(1)	Fluctuations among quarters resulted primarily from non-cash impairment losses, net gains on extinguishment of debt, net gains on sale of real estate and other items and from seasonality of business operations.


(2)	The total for the year may differ from the sum of the quarters as a result of weighting.

Vornado Realty L.P.

Quarterly Financial Data

Schedule Of Quarterly Financial Information

The following summary represents the results of operations for each quarter in 2018 and 2017:



(Amounts in thousands, except per unit amounts)			Net Income (Loss) Attributable to Class A Unitholders ⁽¹⁾			Net Income (Loss) Per Class A Unit ⁽²⁾
	Revenues		Net Income (Loss) Attributable to Class A Unitholders ⁽¹⁾			Basic			Diluted
2018
December 31	$	543,417	$	107,125		$	0.53		$	0.52
September 30	542,048		203,268			1.00			0.99
June 30	541,818		118,931			0.58			0.58
March 31	536,437		(19,014		)	(0.10		)	(0.10		)

2017
December 31	$	536,226	$	29,123		$	0.14		$	0.14
September 30	528,755		(30,952		)	(0.16		)	(0.16		)
June 30	511,087		123,630			0.61			0.61
March 31	508,058		50,932			0.25			0.25

____________________


(1)	Fluctuations among quarters resulted primarily from non-cash impairment losses, net gains on extinguishment of debt, net gains on sale of real estate and other items and from seasonality of business operations.


(2)	The total for the year may differ from the sum of the quarters as a result of weighting.

Segment Information (Tables)

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

Schedule of Segment Information

Below is a reconciliation of net income to NOI at share and NOI at share - cash basis for the years ended December 31, 2018, 2017 and 2016.



(Amounts in thousands)	For the Year Ended December 31,
	2018			2017			2016
Net income	$	422,603		$	264,128		$	981,922

Deduct:
Income from partially owned entities	(9,149		)	(15,200		)	(168,948		)
Loss (income) from real estate fund investments	89,231			(3,240		)	23,602
Interest and other investment income, net	(17,057		)	(30,861		)	(24,335		)
Net gains on disposition of wholly owned and partially owned assets	(246,031		)	(501		)	(160,433		)
Purchase price fair value adjustment	(44,060		)	—			—
(Income) loss from discontinued operations	(638		)	13,228			(404,912		)
NOI attributable to noncontrolling interests in consolidated subsidiaries	(71,186		)	(65,311		)	(66,182		)

Add:
Depreciation and amortization expense	446,570			429,389			421,023
General and administrative expense	141,871			150,782			143,643
Transaction related costs, impairment loss and other	31,320			1,776			9,451
NOI from partially owned entities	253,564			269,164			271,114
Interest and debt expense	347,949			345,654			330,240
Income tax expense	37,633			42,375			7,923
NOI at share	1,382,620			1,401,383			1,364,108
Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(44,704		)	(86,842		)	(170,477		)
NOI at share - cash basis	$	1,337,916		$	1,314,541		$	1,193,631

25. Segment Information - continued

Below is a summary of NOI at share and selected balance sheet data by segment for the years ended December 31, 2018, 2017 and 2016.



(Amounts in thousands)	For the Year Ended December 31, 2018
	Total			New York			Other
Total revenues	$	2,163,720		$	1,836,036		$	327,684
Operating expenses	963,478			806,464			157,014
NOI - consolidated	1,200,242			1,029,572			170,670
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(71,186		)	(48,490		)	(22,696		)
Add: Our share of NOI from partially owned entities	253,564			195,908			57,656
NOI at share	1,382,620			1,176,990			205,630
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(44,704		)	(45,427		)	723
NOI at share - cash basis	$	1,337,916		$	1,131,563		$	206,353

Balance Sheet Data:
Real estate, at cost	$	16,237,883		$	12,351,943		$	3,885,940
Investments in partially owned entities	858,113			719,456			138,657
Total assets	17,180,794			14,628,712			2,552,082



(Amounts in thousands)	For the Year Ended December 31, 2017
	Total			New York			Other
Total revenues	$	2,084,126		$	1,779,307		$	304,819
Operating expenses	886,596			756,670			129,926
NOI - consolidated	1,197,530			1,022,637			174,893
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(65,311		)	(45,899		)	(19,412		)
Add: Our share of NOI from partially owned entities	269,164			189,327			79,837
NOI at share	1,401,383			1,166,065			235,318
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(86,842		)	(79,202		)	(7,640		)
NOI at share - cash basis	$	1,314,541		$	1,086,863		$	227,678

Balance Sheet Data:
Real estate, at cost	$	14,756,295		$	11,025,092		$	3,731,203
Investments in partially owned entities	1,056,829			861,430			195,399
Total assets	17,397,934			13,780,817			3,617,117



(Amounts in thousands)	For the Year Ended December 31, 2016
	Total			New York			Other
Total revenues	$	2,003,742		$	1,713,374		$	290,368
Operating expenses	844,566			716,754			127,812
NOI - consolidated	1,159,176			996,620			162,556
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(66,182		)	(47,480		)	(18,702		)
Add: Our share of NOI from partially owned entities	271,114			159,386			111,728
NOI at share	1,364,108			1,108,526			255,582
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(170,477		)	(143,239		)	(27,238		)
NOI at share - cash basis	$	1,193,631		$	965,287		$	228,344

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

12 Months Ended

Dec. 31, 2018

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

Schedule of Real Estate Properties

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



	Year Ended December 31,
	2018		2017		2016
Real Estate
Balance at beginning of period	$	14,756,295	$	14,187,820	$	13,545,295
Additions during the period:
Land	170,065		21,298		30,805
Buildings & improvements	1,665,684		598,820		854,194
	16,592,044		14,807,938		14,430,294
Less: Assets sold, written-off and deconsolidated	354,161		51,643		242,474
Balance at end of period	$	16,237,883	$	14,756,295	$	14,187,820

Accumulated Depreciation
Balance at beginning of period	$	2,885,283	$	2,581,514	$	2,356,728
Additions charged to operating expenses	381,500		360,391		346,755
	3,266,783		2,941,905		2,703,483
Less: Accumulated depreciation on assets sold, written-off and deconsolidated	86,608		56,622		121,969
Balance at end of period	$	3,180,175	$	2,885,283	$	2,581,514

Organization and Business - (Narrative) (Details) ft² in Thousands	12 Months Ended
	Dec. 31, 2018 ft² room property building unit
Real estate fund investments
Real Estate Properties
Equity method ownership percentage	25.00%
Alexanders Inc
Real Estate Properties
Equity method ownership percentage	32.40%
New York \| Manhattan \| Office
Real Estate Properties
Square footage of real estate property	19,900
Number of real estate properties \| property	36
New York \| Manhattan \| Retail
Real Estate Properties
Square footage of real estate property	2,600
Number of real estate properties \| property	71
New York \| Manhattan \| Residential Properties
Real Estate Properties
Number of real estate properties \| property	11
Number of units in real estate property (in number of residential units) \| unit	1,999
New York \| Manhattan \| Hotel Pennsylvania
Real Estate Properties
Number of units in real estate property (in number of residential units) \| room	1,700
New York \| Alexanders Inc \| New York City Metropolitan Area
Real Estate Properties
Number of real estate properties \| property	7
Equity method ownership percentage	32.40%
New York \| Alexanders Inc \| New York City Metropolitan Area \| Lexington Avenue 731
Real Estate Properties
Square footage of real estate property	1,300
Other \| Real estate fund investments
Real Estate Properties
Equity method ownership percentage	25.00%
Other \| Chicago \| the Mart, Chicago
Real Estate Properties
Square footage of real estate property	3,700
Other \| San Francisco \| 555 California Street \| Office
Real Estate Properties
Square footage of real estate property	1,800
Equity method ownership percentage	70.00%
Number of buildings \| building	3
Vornado Realty Trust
Real Estate Properties
Common limited partnership interest in the Operating Partnership	93.40%
Vornado Realty Trust \| Alexanders Inc
Real Estate Properties
Equity method ownership percentage	32.40%

Basis of Presentation and Significant Accounting Policies (Basis of Presentation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Basis of Presentation [Line Items]
(Benefit) expense from deferred compensation plan liability	$ (2,480)	$ 6,932	$ 5,213
(Loss) income from deferred compensation plan assets	$ (2,480)	6,932	5,213
General and Administrative Expense
Basis of Presentation [Line Items]
Unincorporated business tax		$ 1,285	$ 694

Basis of Presentation and Significant Accounting Policies (Recently Issued Accounting Literature) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jan. 01, 2019	Jan. 01, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of accounting change	$ 14,519
Decrease to retained earnings	(4,167,184)	$ (4,183,253)			$ 111,225
(Decrease) increase in fair value of marketable securities	(26,453)	0	$ 0
Accounting Standards Update 2016-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease to retained earnings					111,225
(Decrease) increase in fair value of marketable securities	(26,453)
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Capitalized leasing costs	$ 5,538	$ 5,243	$ 7,352
Earnings Less Than Distributions \| Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of accounting change					$ 14,519
Subsequent Event \| Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, right-of-use asset				$ 527,000
Operating lease, liability				$ 527,000

Basis of Presentation and Significant Accounting Policies (Real Estate) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real Estate [Line Items]
Real estate and accumulated depreciation life used for depreciation	40 years
Capitalized interest and debt expense during construction	$ 73,166,000	$ 48,231,000
Real estate impairment losses	$ 12,000,000	$ 0	$ 160,700,000
Minimum
Real Estate [Line Items]
Real estate and accumulated depreciation life used for depreciation	7 years
Maximum
Real Estate [Line Items]
Real estate and accumulated depreciation life used for depreciation	40 years

Basis of Presentation and Significant Accounting Policies (Partially Owned Entities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Non cash impairment losses	$ 44,465	$ 20,290

Basis of Presentation and Significant Accounting Policies (Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Allowance for Doubtful Accounts
Tenant and other receivables, allowance for doubtful accounts (in US dollars)	$ 4,154	$ 5,526
Receivable arising from the straight-lining of rents, allowance (in US dollars)	$ 1,644	$ 954

Basis of Presentation and Significant Accounting Policies (Income Taxes) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Oct. 30, 2018
Tax Treatment of Dividend
Minimum percentage of taxable income distributed as dividends	90.00%
Percentage of taxable income distributed	100.00%
Deferred tax assets related to net operating loss carryforward	$ 109,949,000	$ 69,209,000
Deferred tax liabilities	$ 28,676,000	13,697,000
Increase in income tax expense		$ 34,800,000
Effective income tax reconcilation, percent	8.20%	13.30%	1.40%
Income tax expense relating to purchase price fair value adjustment	$ 16,771,000
Income tax expense	37,633,000	$ 42,375,000	$ 7,923,000
Net basis difference of assets and liabilities between tax basis and GAAP basis	$ 1,900,000,000
Ordinary Income
Tax Treatment of Dividend
Percentage of taxable income distributed	91.70%		83.50%
Long Term Capital Gain
Tax Treatment of Dividend
Percentage of taxable income distributed	8.30%		16.50%
220 Central Park South
Tax Treatment of Dividend
Deferred tax assets related to net operating loss carryforward	$ 42,035,000
Income tax expense	$ 13,888,000
Farley Office and Retail Building
Tax Treatment of Dividend
Equity method additional ownership percentage	44.90%			44.90%
Income tax expense	$ 16,771,000

Basis of Presentation and Significant Accounting Policies (Estimated Taxable Income) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Net income attributable to Vornado common shareholders	$ 100,494	$ 190,645	$ 111,534	$ (17,841)	$ 27,319	$ (29,026)	$ 115,972	$ 47,752	$ 384,832	$ 162,017	$ 823,606
Depreciation and amortization									234,325	213,083	302,092
Tangible property regulations									(86,040)	0	0
Sale of real estate and other capital transactions									31,527	11,991	(39,109)
Vornado stock options									(22,992)	(6,383)	(3,593)
Earnings of partially owned entities									15,711	(3,054)	(149,094)
Impairment losses									(11,260)	(49,062)	(170,332)
Straight-line rent adjustments									(7,133)	(36,696)	(137,941)
Tax expense related to the reduction of our taxable REIT subsidiaries' deferred tax assets									0	32,663	0
Net gain on extinguishment of Skyline properties debt									0	0	(457,970)
Other, net									18,956	25,057	9,121
Estimated taxable income (unaudited)									$ 580,446	$ 447,740	$ 517,444

Revenue Recognition (Details) $ in Thousands	3 Months Ended								12 Months Ended
Revenue Recognition (Details) $ in Thousands	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Sep. 30, 2017 USD ($)	Jun. 30, 2017 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2018 USD ($) segment	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Jan. 01, 2018 USD ($)
Disaggregation of Revenue [Line Items]
Number of reportable segments \| segment									2
Cumulative effect of accounting change	$ 14,519								$ 14,519
Base rent									1,623,122	$ 1,583,443	$ 1,538,605
Property rentals									1,760,205	1,714,952	1,662,093
Operating expense reimbursements									193,207	179,381	166,103
Tenant services									53,921	54,043	55,460
Tenant expense reimbursements									247,128	233,424	221,563
BMS cleaning fees									120,357	104,143	93,425
Management and leasing fees									13,324	10,087	8,243
Lease termination fees									2,144	8,171	8,770
Other income									20,562	13,349	9,648
Fee and other income									156,387	135,750	120,086
Total revenues	$ 543,417	$ 542,048	$ 541,818	$ 536,437	$ 536,226	$ 528,755	$ 511,087	$ 508,058	2,163,720	2,084,126	2,003,742
Hotel Pennsylvania
Disaggregation of Revenue [Line Items]
Property rentals									94,399	89,302	80,785
Trade Shows
Disaggregation of Revenue [Line Items]
Property rentals									42,684	42,207	42,703
New York
Disaggregation of Revenue [Line Items]
Base rent									1,371,182	1,347,270	1,313,611
Property rentals									1,465,581	1,436,572	1,394,396
Operating expense reimbursements									177,044	165,347	154,734
Tenant services									41,351	42,273	44,304
Tenant expense reimbursements									218,395	207,620	199,038
BMS cleaning fees									129,088	110,986	97,612
Management and leasing fees									12,203	8,599	7,531
Lease termination fees									858	7,955	7,705
Other income									9,911	7,575	7,092
Fee and other income									152,060	135,115	119,940
Total revenues									1,836,036	1,779,307	1,713,374
New York \| Hotel Pennsylvania
Disaggregation of Revenue [Line Items]
Property rentals									94,399	89,302	80,785
New York \| Trade Shows
Disaggregation of Revenue [Line Items]
Property rentals									0	0	0
Other
Disaggregation of Revenue [Line Items]
Base rent									251,940	236,173	224,994
Property rentals									294,624	278,380	267,697
Operating expense reimbursements									16,163	14,034	11,369
Tenant services									12,570	11,770	11,156
Tenant expense reimbursements									28,733	25,804	22,525
BMS cleaning fees									(8,731)	(6,843)	(4,187)
Management and leasing fees									1,121	1,488	712
Lease termination fees									1,286	216	1,065
Other income									10,651	5,774	2,556
Fee and other income									4,327	635	146
Total revenues									327,684	304,819	290,368
Other \| Hotel Pennsylvania
Disaggregation of Revenue [Line Items]
Property rentals									0	0	0
Other \| Trade Shows
Disaggregation of Revenue [Line Items]
Property rentals									$ 42,684	$ 42,207	$ 42,703
Earnings Less Than Distributions \| Accounting Standards Update 2014-09
Disaggregation of Revenue [Line Items]
Cumulative effect of accounting change												$ 14,519

Acquisitions (Narrative) (Details) ft² in Thousands, $ in Thousands				1 Months Ended	12 Months Ended
	Oct. 30, 2018 USD ($)	Sep. 21, 2018 USD ($) ft² seat ft	Feb. 09, 2018 USD ($) ft²	Jun. 15, 2017 USD ($) extension	Dec. 31, 2018 USD ($) ft²	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Oct. 29, 2018	Jul. 30, 2012 USD ($)
Business Acquisition
Acquisitions of real estate and other					$ 574,812	$ 30,607	$ 91,103
Transaction related costs, impairment loss and other					31,320	1,776	9,451
Gain from purchase price fair value adjustment					44,060	0	0
Income tax expense					$ 37,633	$ 42,375	$ 7,923
537 West 26th Street
Business Acquisition
Area of land (in sq feet) \| ft²			14
Area of additional zoning air rights (in sq feet) \| ft²			55
Acquisitions of real estate and other			$ 44,000
Marquis Theater \| 1355 Broadway
Business Acquisition
Capital lease obligations									$ 240,000
Number of seats \| seat		1,611
Retail Condominium \| 1355 Broadway
Business Acquisition
Area of land (in sq feet) \| ft²		45
Payments to acquire real estate		$ 442,000
Percentage of fee		100.00%
Digital Sign \| 1355 Broadway
Business Acquisition
Area of land (in sq feet) \| ft²		25
Frontage length \| ft		330
Farley Office and Retail Building
Business Acquisition
Equity method ownership percentage	95.00%							50.10%
Equity method additional ownership percentage	44.90%				44.90%
Gain from purchase price fair value adjustment					$ 44,060
Income tax expense					$ 16,771
Farley Office and Retail Building \| Farley Post Office Joint Venture
Business Acquisition
Net rentable area \| ft²					850
Length of lease				99 years
Upfront contribution cost				$ 230,000
Annual rent payments				5,000
Construction loan				$ 271,000	$ 257,941
Consideration transferred	$ 41,500
Transaction related costs, impairment loss and other	$ 33,026
Development costs					1,600,000
Construction in progress					$ 445,693
Office \| Farley Office and Retail Building \| Farley Post Office Joint Venture
Business Acquisition
Net rentable area \| ft²					730
Retail \| Farley Office and Retail Building \| Farley Post Office Joint Venture
Business Acquisition
Net rentable area \| ft²					120
Interest Only Loan Maturing in June 2019 \| Farley Office and Retail Building \| Farley Post Office Joint Venture
Business Acquisition
Debt instrument, interest rate, effective percentage					4.64%
Number of loan extensions available \| extension				2
Length of extension available				1 year
Interest Only Loan Maturing in June 2019 \| LIBOR \| Farley Office and Retail Building \| Farley Post Office Joint Venture
Business Acquisition
Spread Over LIBOR (in percentage)				3.25%

Real Estate Fund Investments (Narrative) (Details)					12 Months Ended
Real Estate Fund Investments (Narrative) (Details)	Apr. 19, 2018 USD ($) extension	Feb. 16, 2018 USD ($)	Jan. 17, 2018 USD ($)	Mar. 01, 2011 USD ($)	Dec. 31, 2018 USD ($) investment	Dec. 31, 2017 USD ($) investment	Dec. 31, 2016 USD ($)
Investment Holdings
Net gains on sale of real estate and other					$ 0	$ 3,489,000	$ 5,074,000
(Loss) income from real estate fund investments					(89,231,000)	3,240,000	(23,602,000)
Our share of net income (loss)					9,149,000	15,200,000	168,948,000
Real estate fund investments					$ 318,758,000	354,804,000
Real estate fund investments
Investment Holdings
Equity method ownership percentage					25.00%
(Loss) income from real estate fund investments					$ (89,231,000)	$ 3,240,000	$ (23,602,000)
Number of investments held by fund \| investment					4	5
Real estate fund investments					$ 318,758,000	$ 354,804,000
Excess of fair value below cost					6,806,000
Unfunded commitments of Fund					$ 50,494,000
Vornado Capital Partners Real Estate Fund
Investment Holdings
Term of the Fund, years					8 years
Investment period for commitments of the Fund, years					3 years
Vornado Realty Trust Excluding Real Estate Fund \| Crowne Plaza Time Square Hotel
Investment Holdings
Equity method ownership percentage					24.70%
Vornado Realty Trust
Investment Holdings
Unfunded commitments of Fund					$ 16,119,000
Crowne Plaza Times Square Hotel Joint Venture
Investment Holdings
Loans payable	$ 255,000,000
Loans Due May 2020 \| Crowne Plaza Times Square Hotel Joint Venture
Investment Holdings
Debt instrument, interest rate, stated percentage					6.00%
Loans Due May 2020 \| Crowne Plaza Times Square Hotel Joint Venture \| LIBOR
Investment Holdings
Spread Over LIBOR (in percentage)	3.53%
Number of extensions \| extension	3
Length of extension available	1 year
Loans Due December 2018 \| Crowne Plaza Times Square Hotel Joint Venture
Investment Holdings
Loans payable	$ 310,000,000
Loans Due December 2018 \| Crowne Plaza Times Square Hotel Joint Venture \| LIBOR
Investment Holdings
Spread Over LIBOR (in percentage)	2.80%
11 East 68th Street
Investment Holdings
Cash proceeds from sale of real estate			$ 82,000,000
Net gains on sale of real estate and other			$ 46,259,000
One Park Avenue
Investment Holdings
Payments to acquire real estate				$ 394,000,000
Real estate tax expense				$ 3,000,000	$ 4,978,000
Joint Venture \| Crowne Plaza Time Square Hotel
Investment Holdings
Equity method ownership percentage					57.10%
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%
State and Local Jurisdiction \| One Park Avenue
Investment Holdings
Additional real estate tax expense		$ 9,491,000
Interest on real estate transfer tax		6,764,000
Real estate transfer tax and interest		15,608,000
(Loss) income from real estate fund investments		10,630,000
Our share of net income (loss)		$ 4,978,000
Interest Rate Cap \| Loans Due May 2020 \| Crowne Plaza Times Square Hotel Joint Venture \| LIBOR
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	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Details Of Income From Real Estate Funds
(Loss) income from real estate fund investments	$ 9,149	$ 15,200	$ 168,948
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries	53,023	(25,802)	(21,351)
Real estate fund investments
Details Of Income From Real Estate Funds
Net investment income	6,105	18,507	17,053
Net unrealized loss on held investments	(83,794)	(25,807)	(41,162)
Net realized (loss) gain on exited investments	(912)	36,078	14,761
Previously recorded unrealized gain on exited investment	0	(25,538)	(14,254)
Transfer Tax	(10,630)	0	0
(Loss) income from real estate fund investments	(89,231)	3,240	(23,602)
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries	61,230	(14,044)	2,560
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries	(28,001)	(10,804)	(21,042)
Less loss attributable to noncontrolling interests in the Operating Partnership	1,732	673	1,270
Loss from real estate fund investments attributable to Vornado	(26,269)	$ (10,131)	$ (19,772)
One Park Avenue \| Real estate fund investments
Details Of Income From Real Estate Funds
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries	$ 4,252

Marketable Securities (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Jan. 01, 2018	Dec. 31, 2017
Marketable Securities [Abstract]
Decrease to retained earnings	$ (4,167,184)	$ 111,225	$ (4,183,253)

Marketable Securities (Marketable securities portfolio) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Marketable Securities [Roll Forward]
Beginning balance	$ 182,752
(Decrease) increase in fair value of marketable securities	(26,453)	$ 0	$ 0
Sale of marketable securities	(4,101)	0	$ (3,937)
Ending balance	152,198	182,752
Lexington Realty Trust
Marketable Securities [Roll Forward]
Beginning balance	178,226
(Decrease) increase in fair value of marketable securities	(26,596)
Sale of marketable securities	0
Ending balance	151,630	178,226
Other Equity Securities
Marketable Securities [Roll Forward]
Beginning balance	4,526
(Decrease) increase in fair value of marketable securities	143
Sale of marketable securities	(4,101)
Ending balance	$ 568	$ 4,526

Investments in Partially Owned Entities (Alexander's Inc.) (Details) - Alexanders Inc		1 Months Ended	12 Months Ended
	Apr. 05, 2018 USD ($)	Nov. 30, 2012 USD ($)	Dec. 31, 2018 USD ($) $ / shares $ / ft² shares	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Equity Method Investments And Income From Equity Method Investments
Investment owned, balance, shares \| shares			1,654,068
Equity method ownership percentage			32.40%
Amount Alexander owed			$ 708,000	$ 2,490,000
Closing share price (in dollars per share) \| $ / shares			$ 304.74
Equity method investment, quoted market value			$ 504,061,000
Excess of investee's fair value over carrying amount			396,078,000
Excess of investee's carrying amount over equity in net assets			39,046,000
Additional real estate tax expense			$ 7,708,000
Managment Agreement
Property management fee, percent fee, description			We receive an annual fee for managing Alexander’s and all of its properties equal to the sum of (i) $2,800,000, (ii) 2% of the gross revenue from the Rego Park II Shopping Center, (iii) $0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue, and (iv) $315,000, escalating at 3% per annum, for managing the common area of 731 Lexington Avenue.
Management fee income			$ 2,800,000
Development fee percent			6.00%
Leasing Agreement
Leasing services fee description			leasing services for a fee of 3% of rent for the first ten years of a lease term, 2% of rent for the eleventh through twentieth year of a lease term and 1% of rent for the twenty-first through thirtieth year of a lease term, subject to the payment of rents by Alexander’s tenants. In the event third-party real estate brokers are used, our fee increases by 1% and we are responsible for the fees to the third-parties.
Lease fee percentage of rent one to ten years			3.00%
Lease fee percentage of rent eleven to twenty years			2.00%
Lease fee percentage of rent twenty first to thirty years			1.00%
Percentage increase lease fee if broker used			1.00%
Percentage commissions on sale of assets under fifty million			3.00%
Asset sale commission threshold			$ 50,000,000
Percentage commissions on sale of assets over fifty million			1.00%
Building Maintenance Service ("BMS")
Other Agreements
Fee Income recognized by equity method investees for building maintenance services			$ 2,705,000	$ 2,678,000	$ 2,583,000
Kings Plaza Regional Shopping Center
Equity Method Investments And Income From Equity Method Investments
Real estate tax expense		$ 3,971,000
Additional real estate tax expense	$ 23,797,000
Lexington Avenue 731
Managment Agreement
Property management fee agreement price per square foot \| $ / ft²			0.50
Rego Park 2 Property
Managment Agreement
Property management fee agreement percentage of income			2.00%
Common Area 731 Lexington Avenue
Managment Agreement
Management fee income			$ 315,000
Property management fee agreement escalation percentage of income			3.00%
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 , PREIT Associates L.P. and Toys R Us, Inc.) (Details) $ / shares in Units, $ in Thousands	Dec. 31, 2018 USD ($) $ / shares shares
Urban Edge Properties
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage	4.50%
Closing share price (in dollars per share) \| $ / shares	$ 16.62
Equity method investment, quoted market value	$ 95,020
Excess of investee's fair value over carrying amount	$ 49,676
PREIT
Schedule of Equity Method Investments [Line Items]
Investment owned, balance, shares \| shares	6,250,000
Equity method ownership percentage	7.90%
Closing share price (in dollars per share) \| $ / shares	$ 5.94
Equity method investment, quoted market value	$ 37,125
Excess of investee's fair value over carrying amount	22,366
Excess of investee's carrying amount over equity in net assets	$ 35,744
Toys R Us
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage	32.50%
Partnership Interest \| Urban Edge Properties
Schedule of Equity Method Investments [Line Items]
Investment owned, balance, shares \| shares	5,717,184

Investments in Partially Owned Entities (Independence Plaza, Toys R Us & 666 Fifth Avenue Office Condominium) (Details)			12 Months Ended
	Aug. 03, 2018 USD ($) ft	Jun. 11, 2018 USD ($)	Dec. 31, 2018 USD ($) building unit	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Schedule of Equity Method Investments [Line Items]
Net (loss) income attributable to noncontrolling interests in consolidated subsidiaries			$ (53,023,000)	$ 25,802,000	$ 21,351,000
Independence Plaza
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage			50.10%
Number of buildings \| building			3
Number of units \| unit			1,327
Real estate tax expense			$ 1,730,000
Increase in accrued taxes payable			$ 13,103,000
Loans payable		$ 675,000,000
Debt instrument, interest rate, effective percentage		3.48%
Debt repayment		$ 550,000,000
Net proceeds from debt		$ 55,618,000
Toys R Us
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage			32.50%
Total equity method investment			$ 0	$ 0
Tax basis of investments, cost for income tax purposes			420,000,000
Office \| 666 Fifth Avenue (Office)
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage	49.50%
Net proceeds from debt	$ 55,244,000
Cash proceeds from sale of real estate	120,000,000
Net gains on sale of real estate	134,032,000		7,308,000
Gain on sale of properties	$ 254,000,000
Length of real estate property \| ft	125
Loans Maturing in July 2025 \| Independence Plaza
Schedule of Equity Method Investments [Line Items]
Debt term		7 years
Debt instrument, interest rate, stated percentage		4.25%
Transaction Related Costs and Other \| Independence Plaza
Schedule of Equity Method Investments [Line Items]
Transfer Tax			13,103,000
Net (loss) income attributable to noncontrolling interests in consolidated subsidiaries			$ 6,538,000

Investments in Partially Owned Entities (Summary of Investments) (Details) - USD ($) $ in Thousands	May 27, 2016	Dec. 31, 2018	Oct. 30, 2018	Oct. 29, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Carrying amount of investments in partially owned entities		$ 858,113			$ 1,056,829
Partially Owned Office Buildings
Schedule of Equity Method Investments [Line Items]
Carrying amount of investments in partially owned entities		$ 499,005			504,393
Alexanders Inc
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage		32.40%
Carrying amount of investments in partially owned entities		$ 107,983			126,400
PREIT
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage		7.90%
Carrying amount of investments in partially owned entities		$ 59,491			66,572
UE
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage		4.50%
Carrying amount of investments in partially owned entities		$ 45,344			46,152
Other investments
Schedule of Equity Method Investments [Line Items]
Carrying amount of investments in partially owned entities		$ 146,290			313,312
Farley Office and Retail Building
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage			95.00%	50.10%
Equity method additional ownership percentage		44.90%	44.90%
Other Liabilities
Schedule of Equity Method Investments [Line Items]
Carrying amount of investments in partially owned entities		$ (109,696)			(101,368)
Other Liabilities \| Three Three Zero Madison Avenue
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage		25.00%
Carrying amount of investments in partially owned entities		$ (58,117)			(53,999)
Other Liabilities \| 7 West 34th Street
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage		53.00%
Carrying amount of investments in partially owned entities		$ (51,579)			$ (47,369)
Sale of ownership interest percent	47.00%

Investments in Partially Owned Entities (Summary of Income (Loss) ) (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
	Mar. 01, 2011	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Our share of net income (loss)			$ 9,149	$ 15,200	$ 168,948
Net gains on sale of real estate and other			0	3,489	5,074
Long-term Debt			$ 1,668,823	1,592,348
Suffolk Downs
Schedule of Equity Method Investments [Line Items]
Net gains on sale of real estate and other				15,314
Gain on debt investments				11,373
Realized gain (loss) on disposal				26,687
Alexanders Inc
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage			32.40%
Equity in net income (loss)			$ 10,485	25,820	27,470
Management leasing and development fees			4,560	6,033	6,770
Our share of net income (loss)			$ 15,045	31,853	34,240
UE
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage			4.50%
Equity in net income (loss)			$ 4,227	26,658	5,003
Management leasing and development fees			233	670	836
Our share of net income (loss)			4,460	27,328	5,839
Net gain resulting from UE operating partnership unit issuances				21,100
Partially Owned Office Buildings
Schedule of Equity Method Investments [Line Items]
Our share of net income (loss)			$ (3,085)	2,109	5,773
PREIT
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage			7.90%
Our share of net income (loss)			$ (3,015)	(53,325)	(5,213)
Non-cash impairment loss				44,465
Other investments
Schedule of Equity Method Investments [Line Items]
Our share of net income (loss)			(4,256)	7,235	128,309
One Park Avenue
Schedule of Equity Method Investments [Line Items]
Real estate tax expense	$ 3,000		4,978
666 Fifth Avenue (Office)
Schedule of Equity Method Investments [Line Items]
Equity in net income (loss)			4,873	$ 25,414	41,532
85 Tenth Avenue
Schedule of Equity Method Investments [Line Items]
Equity in net income (loss)					$ 160,843
Debt term					10 years
Debt instrument, interest rate, stated percentage					4.55%
Long-term Debt					$ 625,000
Debt repayment					$ 191,779
Alexanders Inc
Schedule of Equity Method Investments [Line Items]
Non-cash straight line rent write off			1,085
Litigation settlement, expense			518
Interest expense		$ 3,882
Alexanders Inc \| Kings Plaza Regional Shopping Center
Schedule of Equity Method Investments [Line Items]
Real estate tax expense			$ 7,708

Investments in Partially Owned Entities (Summary of Debt) (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2016	Dec. 31, 2018	Oct. 30, 2018	Oct. 29, 2018	Dec. 31, 2017	May 01, 2016
Partially Owned Office Buildings
Schedule of Equity Method Investments [Line Items]
Debt instrument, interest rate, effective percentage		4.18%
Maturity, range, start		2019
Maturity, range, end		2026
Equity method investment debt of partially owned entities		$ 3,985,855			$ 3,934,894
PREIT
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage		7.90%
Debt instrument, interest rate, effective percentage		3.81%
Maturity, range, start		2020
Maturity, range, end		2025
Equity method investment debt of partially owned entities		$ 1,642,408			1,586,045
Urban Edge Properties
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage		4.50%
Debt instrument, interest rate, effective percentage		4.09%
Maturity, range, start		2021
Maturity, range, end		2034
Equity method investment debt of partially owned entities		$ 1,563,375			1,415,806
Alexanders Inc
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage		32.40%
Debt instrument, interest rate, effective percentage		3.67%
Maturity, range, start		2021
Maturity, range, end		2025
Equity method investment debt of partially owned entities		$ 1,170,544			1,252,440
Other equity method investments
Schedule of Equity Method Investments [Line Items]
Debt instrument, interest rate, effective percentage		4.57%
Maturity, range, start		2019
Maturity, range, end		2025
Equity method investment debt of partially owned entities		$ 1,358,706			8,601,383
7 West 34th Street
Schedule of Equity Method Investments [Line Items]
Sale of ownership interest percent	47.00%
Mortgage loans on real estate, face amount of mortgages						$ 300,000
Partially Owned Properties
Schedule of Equity Method Investments [Line Items]
Equity method investment pro rata share debt of partially owned entities		$ 2,682,865			$ 5,288,276
Farley Office and Retail Building
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage			95.00%	50.10%
Equity method additional ownership percentage		44.90%	44.90%

Investments in Partially Owned Entities (Summary of Condensed Combined Financial Information) (Details) - Partially Owned Properties - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Assets	$ 13,258	$ 24,812
Liabilities	10,456	22,739
Noncontrolling interests	139	140
Equity	2,663	1,933
Total revenue	1,798	12,991	$ 13,600
Net loss	$ 52	$ (542)	$ (65)

220 Central Park South - Narrative (Details) ft² in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2018 USD ($) ft²	Dec. 31, 2018 USD ($) ft² unit	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Real Estate [Line Items]
Income tax expense		$ 37,633	$ 42,375	$ 7,923
Repayments of construction loan		74,609	0	0
Cash payments for income taxes		$ 62,225	$ 6,727	$ 9,716
220 Central Park South
Real Estate [Line Items]
Square footage of real estate property \| ft²	397	397
Development costs, cumulative	$ 1,400,000	$ 1,400,000
Development costs expended	1,200,000	$ 1,200,000
Number of units sold \| unit		11
Cash proceeds from sale of real estate		$ 214,776
Net gains on sale of real estate		81,224
Income tax expense		13,888
Repayments of construction loan		213,000
Construction loan	950,000	$ 950,000
Cash payments for income taxes	$ 52,200
Percentage of condominiums under sales contracts	83.00%	83.00%

Dispositions (Narrative) (Details) ft² in Thousands				1 Months Ended		3 Months Ended	12 Months Ended
Dispositions (Narrative) (Details) ft² in Thousands	Jun. 21, 2018 USD ($)	Jul. 17, 2017 USD ($) ft² development_asset myAptUnit myProperty	Dec. 21, 2016 USD ($)	Jul. 17, 2017 USD ($) ft² development_asset myAptUnit myProperty	Jun. 20, 2017 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Jun. 30, 2016	Mar. 15, 2016 USD ($)
Dispositions
Net gains on sale of real estate and other							$ 0	$ 3,489,000	$ 5,074,000
Cash, cash equivalents, restricted cash and restricted cash equivalents, included in spin-off							0	416,237,000	0
Real estate impairment losses							$ (246,031,000)	$ (501,000)	(175,735,000)
Washington DC \| Skyline Properties
Dispositions
Mortgage loan outstanding											$ 678,000,000
Real estate impairment losses						$ 160,700,000
Interest expense									$ 7,823,000
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff \| Washington DC
Dispositions
Disposal group, including discontinued operation, cash and proceeds from refinancing		$ 275,000,000		$ 275,000,000
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff \| Washington DC \| Office
Dispositions
Number of real estate properties \| myProperty		37		37
Net rentable area \| ft²		11,100		11,100
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff \| Washington DC \| Multifamily
Dispositions
Number of real estate properties \| myProperty		5		5
Number of units in real estate property (in number of residential units) \| myAptUnit		3,133		3,133
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff \| Washington DC \| Other Property
Dispositions
Number of real estate properties \| myProperty		5		5
Net rentable area \| ft²		406		406
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff \| Washington DC \| Future development assets
Dispositions
Number of development assets \| development_asset		18		18
Square footage of real estate property \| ft²		10,400		10,400
Discontinued Operations \| Washington DC \| Skyline Properties
Dispositions
Assets related to discontinued operations			$ 236,535,000
Liabilities related to discontinued operations			724,412,000
Gain on disposition of assets			$ 487,877,000
27 Washington Square North
Dispositions
Cash proceeds from sale of real estate	$ 45,000,000
Net gains on sale of real estate and other	$ 23,559,000
The Bartlett
Dispositions
Loans payable					$ 220,000,000
Debt term					5 years
The Bartlett \| Washington DC
Dispositions
Cash, cash equivalents, restricted cash and restricted cash equivalents, included in spin-off		$ 412,500,000
LIBOR \| The Bartlett
Dispositions
Spread Over LIBOR (in percentage)					1.70%
JBGS \| Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff \| Washington DC
Dispositions
Repayments of debt		$ 43,581,000
JBGS \| The Bartlett \| Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff \| Washington DC
Dispositions
Net proceeds from debt				$ 217,000,000
JBGS \| LIBOR \| Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff \| Washington DC
Dispositions
Spread Over LIBOR (in percentage)		1.25%
Minimum
Dispositions
Weighted average interest rate										3.00%
Maximum
Dispositions
Weighted average interest rate										4.50%
Measurement Input, Cap Rate \| Discontinued Operations \| Washington DC \| Skyline Properties
Dispositions
Real estate, measurement input						0.080
Measurement Input, Discount Rate \| Discontinued Operations \| Washington DC \| Skyline Properties
Dispositions
Real estate, measurement input						0.082

Dispositions (Assets and liabilities related to dispositions) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Dispositions
Assets related to discontinued operations (included in other assets)	$ 113	$ 1,357
Liabilities related to discontinued operations (included in other liabilities)	55	3,620
Income (loss) from discontinued operations:
Total revenues	1,114	261,290	$ 521,084
Total expenses	1,094	212,169	442,032
Income from discontinued operations before gain on sale of real estate	20	49,121	79,052
Net gains on sale of real estate, a lease position and other	618	6,605	20,376
JBGS spin-off transaction costs	0	(68,662)	(16,586)
Income (loss) from partially-owned entities	0	435	(3,559)
Net gain on early extinguishment of debt	0	0	487,877
Impairment losses	0	0	(161,165)
Pretax income (loss) from discontinued operations	638	(12,501)	405,995
Income tax expense	0	(727)	(1,083)
Income (loss) from discontinued operations	638	(13,228)	404,912
Cash flows related to discontinued operations:
Cash flows from operating activities	(1,683)	42,578	157,484
Cash flows from investing activities	$ 0	$ (48,377)	$ (216,125)

Identified Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets and Liabilities
Gross amount	$ 308,895	$ 310,097
Accumulated amortization	(172,114)	(150,837)
Net	136,781	159,260
Gross amount	503,373	530,497
Accumulated amortization	(341,779)	(324,897)
Net	161,594	205,600
Below Market Leases Net Of Above Market Leases
Finite-Lived Intangible Assets and Liabilities
Increase to rental income	38,573	46,103	$ 51,849
2019	24,661
2020	23,591
2021	18,857
2022	15,746
2023	13,215
Other Identified Intangible Assets
Finite-Lived Intangible Assets and Liabilities
Amortization of intangible assets	18,018	25,057	28,897
2019	13,726
2020	13,513
2021	11,974
2022	10,244
2023	10,157
Tenant Under Ground Leases
Finite-Lived Intangible Assets and Liabilities
Amortization of intangible assets		$ 1,747	$ 1,747
Increase to rent expense	1,747
2019	1,747
2020	1,747
2021	1,747
2022	1,747
2023	$ 1,747

Debt (Narrative) (Details) ft² in Thousands								12 Months Ended
Debt (Narrative) (Details) ft² in Thousands	Nov. 16, 2018 USD ($) ft²	Nov. 15, 2018	Oct. 26, 2018 USD ($)	Oct. 25, 2018	Aug. 09, 2018 USD ($) ft²	Aug. 08, 2018 USD ($)	Jan. 05, 2018 USD ($) ft²	Dec. 31, 2018
Mortgages
Debt Instrument
Debt instrument, interest rate, effective percentage								3.84%
Unsecured Debt
Debt Instrument
Debt instrument, interest rate, effective percentage								3.87%
Term Loan Maturing in February 2024 \| Unsecured Debt
Debt Instrument
Debt instrument, interest rate, stated percentage								3.52%
Carrying amount			$ 750,000,000
Term Loan Maturing in February 2024 \| Unsecured Debt \| LIBOR
Debt Instrument
Spread Over LIBOR (in percentage)			1.00%
Maturing in October 2020 \| Unsecured Debt \| LIBOR
Debt Instrument
Spread Over LIBOR (in percentage)				1.15%
Office \| 33-00 Northern Boulevard
Debt Instrument
Loans payable							$ 100,000,000
Square footage of real estate property \| ft²							471
Debt term							7 years
Debt instrument, interest rate, stated percentage							4.14%
Debt repayment							$ 37,200,000
Office \| 33-00 Northern Boulevard \| LIBOR
Debt Instrument
Spread Over LIBOR (in percentage)							1.80%
Office \| 33-00 Northern Boulevard \| Mortgages
Debt Instrument
Debt instrument, interest rate, effective percentage							4.43%
Net proceeds from debt							$ 59,800,000
Retail \| 4 Union Square South \| Matures in 2025
Debt Instrument
Loans payable					$ 120,000,000
Square footage of real estate property \| ft²					206
Debt instrument, interest rate, stated percentage								3.75%
Retail \| 4 Union Square South \| Matures in 2025 \| LIBOR
Debt Instrument
Spread Over LIBOR (in percentage)					1.40%
Retail \| 4 Union Square South \| Maturing in 2019
Debt Instrument
Loans payable						$ 113,000,000
Retail \| 4 Union Square South \| Maturing in 2019 \| LIBOR
Debt Instrument
Spread Over LIBOR (in percentage)						2.15%
Retail \| 150 W 34th Street \| LIBOR
Debt Instrument
Spread Over LIBOR (in percentage)		2.25%
Retail \| 150 W 34th Street \| Matures in 2024
Debt Instrument
Loans payable	$ 205,000,000
Square footage of real estate property \| ft²	78
Debt instrument, interest rate, stated percentage								4.26%
Retail \| 150 W 34th Street \| Matures in 2024 \| LIBOR
Debt Instrument
Spread Over LIBOR (in percentage)	1.88%
Retail \| 150 W 34th Street \| Matures in 2024 \| Participating Mortgage
Debt Instrument
Loans payable	$ 105,000,000
Debt instrument, interest rate, stated percentage								4.38%
Retail \| 150 W 34th Street \| Matures in 2024 \| Participating Mortgage \| LIBOR
Debt Instrument
Spread Over LIBOR (in percentage)	2.00%
Interest rate Swap \| Term Loan Maturing in February 2024 \| Unsecured Debt \| LIBOR
Debt Instrument
Spread Over LIBOR (in percentage)								1.00%
Interest rate Swap \| Term Loan Maturing in October 2023 \| Unsecured Debt
Debt Instrument
Debt instrument, interest rate, stated percentage								3.87%

Debt (Summary of Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument
Deferred financing costs, net and other	$ (59,226)	$ (74,352)
Total, net	8,167,798	8,137,139
Unsecured debt, net	844,002	843,614
Unsecured term loan, net	744,821	748,734
Revolving credit facilities	80,000	0
Long-term Debt	1,668,823	1,592,348
Collateral property, net carrying value	9,100,000
Mortgages
Debt Instrument
Mortgages payable, gross	8,215,847	8,203,839
Deferred financing costs, net and other	(48,049)	(66,700)
Total, net	$ 8,167,798	8,137,139
Interest rate, end of period (in percentage)	3.84%
Mortgages \| Fixed Rate
Debt Instrument
Mortgages payable, gross	$ 5,003,465	5,461,706
Interest rate, end of period (in percentage)	3.53%
Mortgages \| Variable Rate
Debt Instrument
Mortgages payable, gross	$ 3,212,382	2,742,133
Interest rate, end of period (in percentage)	4.33%
Senior Unsecured Notes
Debt Instrument
Deferred financing costs, net and other	$ (5,998)	(6,386)
Unsecured debt, gross	850,000	850,000
Unsecured debt, net	$ 844,002	843,614
Interest rate, end of period (in percentage)	4.21%
Unsecured Debt
Debt Instrument
Deferred financing costs, net and other	$ (5,179)	(1,266)
Unsecured debt, gross	750,000	750,000
Unsecured term loan, net	$ 744,821	748,734
Interest rate, end of period (in percentage)	3.87%
Unsecured Revolving Credit Facilities
Debt Instrument
Revolving credit facilities	$ 80,000	$ 0
Interest rate, end of period (in percentage)	3.46%

Debt (Principal repayments required in the next five years) (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Mortgages
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract]
2019	$ 2,569,332
2020	2,192,567
2021	1,613,948
2022	950,000
2023	391,800
Thereafter	498,200
Senior Unsecured Debt And Unsecured Revolving Credit Facilities
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract]
2019	0
2020	0
2021	80,000
2022	400,000
2023	0
Thereafter	$ 1,200,000

Redeemable Noncontrolling Interests / Redeemable Partnership Units (Details of Redeemable Noncontrolling Interest Units) (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Redeemable Noncontrolling Interest
Class A common units, carrying amount	$ 778,134	$ 979,509
Series D cumulative redeemable preferred, carrying amount	5,428	5,428
Class A
Redeemable Noncontrolling Interest
Class A common units, carrying amount	$ 778,134	$ 979,509
Outstanding Partnership Units held by Third Parties	12,544,477	12,528,899
Preferred or annual distribution rate (in dollars per share)	$ 2.52
D16 Cumulative Redeemable
Redeemable Noncontrolling Interest
Series D cumulative redeemable preferred, carrying amount	$ 1,000	$ 1,000
Outstanding Partnership Units held by Third Parties	1	1
Par or stated value per share	$ 1,000,000.00
Preferred or annual distribution rate (in dollars per share)	$ 50,000.00
D17 Cumulative Redeemable
Redeemable Noncontrolling Interest
Series D cumulative redeemable preferred, carrying amount	$ 4,428	$ 4,428
Outstanding Partnership Units held by Third Parties	177,100	177,100
Par or stated value per share	$ 25.00
Preferred or annual distribution rate (in dollars per share)	$ 0.8125

Redeemable Noncontrolling Interests / Redeemable Partnership Units (Activity of Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Redeemable Noncontrolling Interests Rollforward
Redeemable Noncontrolling Interest, Beginning Balance	$ 984,937	$ 1,278,446
Net income	25,672	10,910	$ 53,654
Other comprehensive income (loss)	(836)	643
Distributions	(31,828)	(33,229)
Other, net	20,749	35,408
Redeemable Noncontrolling Interest, Ending Balance	783,562	984,937	$ 1,278,446
Class A
Redeemable Noncontrolling Interests Rollforward
Redemption of Class A units for Vornado common shares, at redemption value	(17,068)	(38,747)
Adjustments to carry redeemable Class A units at redemption value (including $224,069 attributable to the spin-off of JBGS)	$ (198,064)	(268,494)
JBGS \| Class A
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 (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract]
Fair value of Series G convertible preferred units and Series D-13 cumulative redeemable preferred units	$ 50,561	$ 50,561

Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended			12 Months Ended
	Jan. 04, 2018	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Common Stock Number Of Shares Par Value And Other Disclosures
Common shares of beneficial interest: outstanding shares		190,535,499			190,535,499	189,983,858
Dividends paid on common shares					$ 479,348	$ 496,490	$ 475,961
Dividends per common share		$ 0.63	$ 0.63	$ 0.63
Preferred Stock, Number of Shares, Par Value and Other Disclosures
Preferred share / unit issuance cost					14,486	0	7,408
Preferred dividends					$ 55,115	$ 64,516	80,137
Class A
Common Stock Number Of Shares Par Value And Other Disclosures
Outstanding Partnership Units held by Third Parties		12,544,477			12,544,477	12,528,899
Preferred Stock, Number of Shares, Par Value and Other Disclosures
Convertible shares					1.9531
Series G & I
Preferred Stock, Number of Shares, Par Value and Other Disclosures
Preferred stock dividend rate	6.625%
Preferred stock, redemption price per share	$ 25.00
Preferred stock, redemption amount	$ 470,000
Preferred share / unit issuance cost					$ 14,486
Vornado Realty L.P.
Common Stock Number Of Shares Par Value And Other Disclosures
Dividends paid on common shares					$ 479,348	$ 496,490	475,961
Outstanding Partnership Units held by Third Parties		12,544,477			12,544,477
Preferred Stock, Number of Shares, Par Value and Other Disclosures
Preferred share / unit issuance cost					$ 14,486	0	7,408
Preferred dividends					$ 55,115	$ 64,516	$ 80,137
Vornado Realty L.P. \| Class A
Common Stock Number Of Shares Par Value And Other Disclosures
Common shares of beneficial interest: outstanding shares		190,535,499			190,535,499
Dividends paid on common shares					$ 479,348
Dividends per common share		$ 0.63	$ 0.63	$ 0.63
Outstanding Partnership Units held by Third Parties		12,544,477			12,544,477	12,528,899
Redeemable Preferred Stock
Preferred Stock, Number of Shares, Par Value and Other Disclosures
Preferred stock, liquidation preference per share		$ 25.00			$ 25.00

Shareholders' Equity (Preferred shares of beneficial interest) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Details Of Preferred Shares Of Beneficial Interest
Preferred stock, value	$ 891,294	$ 891,988
Preferred shares of beneficial interest: outstanding shares	36,798,580	36,799,573
Preferred shares of beneficial interest: authorized shares	110,000,000	110,000,000
Cumulative redeemable preferred shares called for redemption	$ 0	$ 455,514
Redeemable Preferred Stock
Details Of Preferred Shares Of Beneficial Interest
Preferred stock, liquidation preference per share	$ 25.00
Series A \| Convertible Preferred Stock
Details Of Preferred Shares Of Beneficial Interest
Preferred stock, value	$ 1,071	$ 1,102
Preferred shares of beneficial interest: outstanding shares	18,580	19,573
Preferred stock, liquidation preference per share	$ 50.00
Preferred stock, dividend rate, per-dollar-amount	$ 3.25
Preferred shares of beneficial interest: authorized shares	83,977
Preferred stock dividend rate	6.50%
Series K \| Redeemable Preferred Stock
Details Of Preferred Shares Of Beneficial Interest
Preferred stock, value	$ 290,971	$ 290,971
Preferred shares of beneficial interest: outstanding shares	12,000,000	12,000,000
Preferred stock, liquidation preference per share	$ 25.00
Preferred stock, dividend rate, per-dollar-amount	$ 1.425
Preferred shares of beneficial interest: authorized shares	12,000,000
Preferred stock dividend rate	5.70%
Series L \| Redeemable Preferred Stock
Details Of Preferred Shares Of Beneficial Interest
Preferred stock, value	$ 290,306	$ 290,306
Preferred shares of beneficial interest: outstanding shares	12,000,000	12,000,000
Preferred stock, liquidation preference per share	$ 25.00
Preferred stock, dividend rate, per-dollar-amount	$ 1.35
Preferred shares of beneficial interest: authorized shares	12,000,000
Preferred stock dividend rate	5.40%
Series M \| Redeemable Preferred Stock
Details Of Preferred Shares Of Beneficial Interest
Preferred stock, value	$ 308,946	$ 309,609
Preferred shares of beneficial interest: outstanding shares	12,780,000	12,780,000
Preferred stock, liquidation preference per share	$ 25.00
Preferred stock, dividend rate, per-dollar-amount	$ 1.3125
Preferred shares of beneficial interest: authorized shares	12,780,000
Preferred stock dividend rate	5.25%

Shareholders' Equity (AOCI by component) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, Value	$ 5,007,701
Cumulative effect of accounting change (see Note 2)	14,519
Ending balance, Value	5,107,883
Interest rate Swap
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, Value	23,542
Cumulative effect of accounting change (see Note 2)	2,851
Net current period other comprehensive income	(14,634)
Ending balance, Value	11,759
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, Value	128,682
Cumulative effect of accounting change (see Note 2)	(108,374)
Net current period other comprehensive income	(12,644)
Ending balance, Value	7,664
Securities available for sale
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, Value	109,554
Cumulative effect of accounting change (see Note 2)	(109,554)
Net current period other comprehensive income	0
Ending balance, Value	0
Pro-rata share of non consolidated subsidiaries' OCI
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, Value	3,769
Cumulative effect of accounting change (see Note 2)	(1,671)
Net current period other comprehensive income	1,155
Ending balance, Value	3,253
Other
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, Value	(8,183)
Cumulative effect of accounting change (see Note 2)	0
Net current period other comprehensive income	835
Ending balance, Value	$ (7,348)

Variable Interest Entities ("VIEs") (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Unconsolidated VIEs
Variable Interest Entity
Net carrying amount of our investments in nonconsolidated VIEs	$ 257,882	$ 352,925
Consolidated VIEs
Variable Interest Entity
Total assets of our consolidated VIEs, excluding the Operating Partnership	4,445,436	3,561,062
Total liabilities of our consolidated VIEs, excluding the Operating Partnership	$ 2,533,753	$ 1,753,798

Fair Value Measurements (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($) investment	Dec. 31, 2017 USD ($) investment
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate fund investments	$ 318,758	$ 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	5
Real estate fund investments	$ 318,758	$ 354,804
Excess of fair value below cost	6,806
Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate fund investments	318,758	354,804
Recurring \| Level 3
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate fund investments	$ 318,758	$ 354,804
Recurring \| Level 3 \| Minimum
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Anticipated holding period of investments	3 months 18 days
Recurring \| Level 3 \| Maximum
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Anticipated holding period of investments	4 years
Recurring \| Level 3 \| Real estate fund investments
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Number of investments held by fund \| investment	4
Real estate fund investments	$ 318,758
Excess of fair value below cost	$ 6,806
Redeemable Preferred Stock \| Series G
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Preferred stock dividend rate	6.625%

Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	$ 152,198	$ 182,752
Real estate fund investments	318,758	354,804
Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	152,198	182,752
Real estate fund investments	318,758	354,804
Deferred compensation plan assets ($8,402 included in restricted cash and $88,122 in other assets)	96,524	109,177
Interest rate swaps (included in other assets)	27,033	27,472
Total assets	594,513	674,205
Mandatorily redeemable instruments (included in other liabilities)	50,561	520,561
Interest rate swaps (included in other liabilities)	15,236	1,052
Total liabilities	65,797	521,613
Recurring \| Level 1
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	152,198	182,752
Real estate fund investments	0	0
Deferred compensation plan assets ($8,402 included in restricted cash and $88,122 in other assets)	58,716	69,049
Interest rate swaps (included in other assets)	0	0
Total assets	210,914	251,801
Mandatorily redeemable instruments (included in other liabilities)	50,561	520,561
Interest rate swaps (included in other liabilities)	0	0
Total liabilities	50,561	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 ($8,402 included in restricted cash and $88,122 in other assets)	0	0
Interest rate swaps (included in other assets)	27,033	27,472
Total assets	27,033	27,472
Mandatorily redeemable instruments (included in other liabilities)	0	0
Interest rate swaps (included in other liabilities)	15,236	1,052
Total liabilities	15,236	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	318,758	354,804
Deferred compensation plan assets ($8,402 included in restricted cash and $88,122 in other assets)	37,808	40,128
Interest rate swaps (included in other assets)	0	0
Total assets	356,566	394,932
Mandatorily redeemable instruments (included in other liabilities)	0	0
Interest rate swaps (included in other liabilities)	0	0
Total liabilities	0	0
Other Assets \| Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Deferred compensation plan assets ($8,402 included in restricted cash and $88,122 in other assets)	88,122	97,632
Restricted Cash \| Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Deferred compensation plan assets ($8,402 included in restricted cash and $88,122 in other assets)	$ 8,402	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) - Level 3 - Recurring - Real estate fund investments	Dec. 31, 2018	Dec. 31, 2017
Measurement Input, Discount Rate \| Minimum
Unobservable Quantitative Input
Real estate, measurement input	0.100	0.020
Measurement Input, Discount Rate \| Maximum
Unobservable Quantitative Input
Real estate, measurement input	0.150	0.149
Measurement Input, Discount Rate \| Weighted Average
Unobservable Quantitative Input
Real estate, measurement input	0.134	0.119
Measurement Input, Cap Rate \| Minimum
Unobservable Quantitative Input
Real estate, measurement input	0.054	0.047
Measurement Input, Cap Rate \| Maximum
Unobservable Quantitative Input
Real estate, measurement input	0.077	0.067
Measurement Input, Cap Rate \| Weighted Average
Unobservable Quantitative Input
Real estate, measurement input	0.057	0.055

Fair Value Measurements (Changes in the Fair Value of Real Estate Fund Investments and Deferred Compensation Plan Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Real estate fund investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 354,804	$ 462,132
Net unrealized loss on held investments	(83,794)	(25,807)
Purchases/additional fundings	68,950	0
Dispositions/sales	(20,290)	(91,606)
Net realized (loss) gain on exited investments	(912)	36,078
Previously recorded unrealized gain on exited investment	0	(25,538)
Other, net	0	(455)
Ending balance	318,758	354,804
Deferred Compensation Plan Assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	40,128	57,444
Purchases/additional fundings	9,183	5,786
Dispositions/sales	(12,621)	(27,715)
Realized and unrealized (losses) gains	(274)	2,519
Other, net	(1,392)	(2,094)
Ending balance	$ 37,808	$ 40,128

Fair Value Measurements (Fair Value Measurements on a Nonrecurring Basis) (Details) - Fair Value, Measurements, Nonrecurring $ in Thousands	Dec. 31, 2018 USD ($)
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate assets	$ 14,971
Level 3
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate assets	$ 14,971

Fair Value Measurements (Carrying amounts and fair value of financial instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Unsecured revolving credit facilities - Carrying Amount	$ 80,000	$ 0
Deferred financing costs, net and other	59,226	74,352
Senior Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Unsecured debt, gross	850,000	850,000
Deferred financing costs, net and other	5,998	6,386
Unsecured Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Unsecured debt, gross	750,000	750,000
Deferred financing costs, net and other	5,179	1,266
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Cash equivalents - Carrying Amount	261,981	1,500,227
Mortgages payable, gross	8,215,847	8,203,839
Unsecured revolving credit facilities - Carrying Amount	80,000	0
Long-term debt - Carrying Amount	9,895,847	9,803,839
Carrying Amount \| Senior Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Unsecured debt, gross	850,000	850,000
Carrying Amount \| Unsecured Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Unsecured debt, gross	750,000	750,000
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Long-term debt - Fair Value	9,856,000	9,822,000
Fair Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Cash Equivalents - Fair Value	262,000	1,500,000
Unsecured revolving credit facilities - Fair Value	80,000	0
Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Mortgages payable, gross	8,179,000	8,194,000
Fair Value \| Senior Unsecured Notes \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Unsecured debt, gross	847,000	878,000
Fair Value \| Unsecured Debt \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Unsecured debt, gross	$ 750,000	$ 750,000

Stock-based Compensation (Out Performance Plans Narrative) (Details)		12 Months Ended
	Mar. 15, 2018 USD ($) component	Dec. 31, 2018 USD ($) shares	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Full Value Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares) \| shares		1,848,000
Full Value Awards \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares) \| shares		6,000,000
Not Full Value Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares) \| shares		12,000,000
Out Performance Plan
Out Performance Plan
Share-based compensation expense		$ 8,040,000	$ 7,558,000	$ 7,250,000
Amortized share based compensation		10,052,000
Out Performance Plan 2018
Out Performance Plan
Out of performance plan notional amount	$ 35,000,000	$ 35,000,000
Number of components of out performance plan \| component	2
Percentage of notional amount granted		78.20%
Amount of basis points by which vornado underperforms the index, total	6.00%
Amount of basis points by which vornado underperforms the index	2.00%
Grant-date fair value		$ 10,300,000
OPP Units Earned, String		To be determined in 2021
Out Performance Plan 2017
Out Performance Plan
Out of performance plan notional amount		$ 35,000,000
Percentage of notional amount granted		86.60%
Grant-date fair value		$ 10,800,000
OPP Units Earned, String		To be determined in 2020
Out Performance Plan 2016
Out Performance Plan
Out of performance plan notional amount		$ 40,000,000
Percentage of notional amount granted		86.70%
Grant-date fair value		$ 11,800,000
OPP Units Earned, String		Not earned
Award Amortization Period		5 years
Absolute \| Out Performance Plan 2018
Out Performance Plan
Duration of performance measurement period	3 years
Required shareholder return three year	21.00%
Absolute \| Out Performance Plan 2017
Out Performance Plan
Required shareholder return three year	21.00%
Relative \| Out Performance Plan 2018
Out Performance Plan
Required shareholder return under relative component	3.00%		3.00%
Percentage of shareholder return under which no awards will be earned	0.00%
Relative \| Out Performance Plan 2018 \| Maximum
Out Performance Plan
Percentage awards will be reduced if total shareholder return is zero or negative	50.00%
SNL US Office REIT Index \| Relative \| Out Performance Plan 2018
Out Performance Plan
Required shareholder return per year	70.00%
SNL US Retail Index \| Relative \| Out Performance Plan 2018
Out Performance Plan
Required shareholder return per year	30.00%

Stock-based Compensation (Summary of Share Based Compensation Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 31,722	$ 32,829	$ 33,979
Out Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	17,763	20,630	21,136
Out Performance Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	10,689	10,723	11,055
AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	2,113	0	0
Employee Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	587	747	937
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 570	$ 729	$ 851

Stock-based Compensation (Summary of Unrecognized Compensation Expense) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 24,914
Unrecognized compensation expense, Weighted Average Remaining Contractual Term	1 year 219 days
Out Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 17,930
Unrecognized compensation expense, Weighted Average Remaining Contractual Term	1 year 219 days
Out Performance Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 3,798
Unrecognized compensation expense, Weighted Average Remaining Contractual Term	1 year 292 days
AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 1,371
Unrecognized compensation expense, Weighted Average Remaining Contractual Term	1 year 219 days
Employee Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 902
Unrecognized compensation expense, Weighted Average Remaining Contractual Term	1 year 255 days
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 913
Unrecognized compensation expense, Weighted Average Remaining Contractual Term	1 year 255 days

Stock-based Compensation (AO LTIP Units & Vornado Stock Options Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 12, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (years)		4 years
Proceeds received from exercise of employee share options and other		$ 7,309	$ 29,712	$ 8,269
AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Threshold level, percent		100.00%
Special allocation, percent	10.00%
Special distribution, percent	10.00%
Stock options expiration term		10 years
Grant-date fair value		$ 3,484
Employee Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (years)		4 years
Stock options expiration term		10 years
Grants in period, weighted average grant date fair value		$ 18.42	$ 25.84	$ 22.14
Proceeds received from exercise of employee share options and other		$ 5,927	$ 28,253	$ 6,825
Exercises in period, intrinsic value		$ 25,820	$ 9,178	$ 5,519

Stock-based Compensation (AO LTIP Units Vornado Stock Options) (Details)	12 Months Ended
	Dec. 31, 2018 USD ($) $ / shares shares
AO LTIP Units
Shares
Options outstanding at beginning of period (shares) \| shares	185,046
Cancelled or expired (shares) \| shares	(6,200)
Options outstanding at end of period (shares) \| shares	178,846
Weighted- Average Exercise Price
Options outstanding at beginning of period (in usd per share) \| $ / shares	$ 72.40
Cancelled or expired (in usd per share) \| $ / shares	72.40
Options outstanding at end of period (in usd per share) \| $ / shares	$ 72.40
Employee Stock Options
Shares
Options outstanding at beginning of period (shares) \| shares	2,823,900
Granted (shares) \| shares	33,897
Exercised (shares) \| shares	(620,157)
Cancelled or expired (shares) \| shares	(7,347)
Options outstanding at end of period (shares) \| shares	2,230,293
Options vested and expected to vest at end of period (shares) \| shares	2,240,526
Option exercisable at end of period (shares) \| shares	2,162,843
Weighted- Average Exercise Price
Options outstanding at beginning of period (in usd per share) \| $ / shares	$ 46.62
Granted (in usd per share) \| $ / shares	72.40
Exercised (in usd per share) \| $ / shares	28.52
Cancelled or expired (in usd per share) \| $ / shares	75.25
Options outstanding at end of period (in usd per share) \| $ / shares	51.95
Options vested and expected to vest at end of period (in usd per share) \| $ / shares	52.13
Options exercisable at end of period (in usd per share) \| $ / shares	$ 51.15
Weighted- Average Remaining Contractual Term
Options outstanding, Weighted Average Remaining Contractual Term	1 year 219 days
Options vested and expected to vest, Weighted Average Remaining Contractual Term	1 year 219 days
Options exercisable, Weighted Average Remaining Contractual Term	1 year 146 days
Aggregate Intrinsic Value
Options outstanding, Aggregate Intrinsic Value \| $	$ 26,464,877
Options vested and expected to vest, Aggregate Intrinsic Value \| $	26,472,765
Options exercisable, Aggregate Intrinsic Value \| $	$ 26,464,877

Stock-based Compensation (Schedule of AO LTIP Units & Share Based Payment Award Stock Options Valuation Assumptions) (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Employee Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	35.00%	35.00%	35.00%
Expected life (years)	5 years	5 years	5 years
Risk free interest rate	2.25%	1.95%	1.76%
Expected dividend yield (percentage)	2.90%	3.00%	3.20%
AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	35.00%
Expected life (years)	5 years
Risk free interest rate	2.25%
Expected dividend yield (percentage)	2.90%

Stock-based Compensation (Vornado Restricted Stock or Restricted Operating Partnership Units Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (years)	4 years
Restricted Operating Partnership Units Plan
Share Based Compensation Equity Instruments Other Than Stock Options And Restricted Stock Units Summary
Dividends, share-based compensation	$ 2,559	$ 2,310	$ 1,968
Grant-date fair value	17,463	24,927	18,492
Vested in period, fair value	18,037	20,903	22,701
Restricted Stock Units RSU
Share Based Compensation Equity Instruments Other Than Stock Options And Restricted Stock Units Summary
Dividends, share-based compensation	44	46	56
Grant-date fair value	623	601	927
Vested in period, fair value	$ 492	$ 645	$ 641

Stock-based Compensation (Summary of Restricted Stock or Restricted Operating Partnership Units) (Details)	12 Months Ended
	Dec. 31, 2018 $ / shares shares
Restricted Operating Partnership Units Plan
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested at beginning of period (shares) \| shares	628,962
Granted (shares) \| shares	267,203
Vested (shares) \| shares	(246,670)
Cancelled or expired (shares) \| shares	(7,651)
Unvested at end of period (shares) \| shares	641,844
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested at beginning of period (in usd per share) \| $ / shares	$ 76.13
Granted (in usd per share) \| $ / shares	65.36
Vested (in usd per share) \| $ / shares	73.12
Cancelled or expired (in usd per share) \| $ / shares	76.62
Unvested at end of period (in usd per share) \| $ / shares	$ 72.79
Restricted Stock Units RSU
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested at beginning of period (shares) \| shares	14,845
Granted (shares) \| shares	8,602
Vested (shares) \| shares	(6,247)
Cancelled or expired (shares) \| shares	(514)
Unvested at end of period (shares) \| shares	16,686
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested at beginning of period (in usd per share) \| $ / shares	$ 81.05
Granted (in usd per share) \| $ / shares	72.40
Vested (in usd per share) \| $ / shares	78.75
Cancelled or expired (in usd per share) \| $ / shares	78.38
Unvested at end of period (in usd per share) \| $ / shares	$ 77.54

Interest and Other Investment Income, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net Investment Income [Line Items]
(Decrease) increase in fair value of marketable securities	$ (26,453)	$ 0	$ 0
Interest on cash and cash equivalents and restricted cash	15,827	8,171	3,622
Dividends on marketable securities	13,339	13,276	13,135
Interest on loans receivable	10,298	4,352	3,890
Other, net	4,046	5,062	3,688
Interest and other investment income, net	17,057	30,861	24,335
Lexington Realty Trust
Net Investment Income [Line Items]
(Decrease) increase in fair value of marketable securities	(26,596)	0	0
Other
Net Investment Income [Line Items]
(Decrease) increase in fair value of marketable securities	143	$ 0	$ 0
Mezzanine Loan
Net Investment Income [Line Items]
Interest on loans receivable	$ 6,707

Interest and Debt Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Interest and Debt Expense [Abstract]
Interest expense	$ 389,136	$ 359,819	$ 328,398
Amortization of deferred financing costs	31,979	34,066	32,185
Capitalized interest and debt expense	(73,166)	(48,231)	(30,343)
Interest and debt expense	$ 347,949	$ 345,654	$ 330,240

Income Per Share / Income Per Class A Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Numerator:
Income from continuing operations, net of income attributable to noncontrolling interests									$ 449,356	$ 239,824	$ 526,686
Income (loss) from discontinued operations, net of income attributable to noncontrolling interests									598	(12,408)	380,231
Net income attributable to Vornado / Vornado Realty L.P.									449,954	227,416	906,917
Preferred share dividends / unit distributions									(50,636)	(65,399)	(75,903)
Preferred share / unit issuance cost									(14,486)	0	(7,408)
NET INCOME attributable to common shareholders / Class A unitholders	$ 100,494	$ 190,645	$ 111,534	$ (17,841)	$ 27,319	$ (29,026)	$ 115,972	$ 47,752	384,832	162,017	823,606
Earnings allocated to unvested participating securities									(44)	(46)	(96)
Numerator for basic (loss) income per share / per Class A unit									384,788	161,971	823,510
Earnings allocated to Out-Performance Plan units									174	230	806
Convertible preferred share dividends / unit distributions									62	0	86
Numerator for diluted income per share / per Class A unit									$ 385,024	$ 162,201	$ 824,402
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Denominator for basic income per share - weighted average shares (in shares)									190,219	189,526	188,837
Vornado stock options and restricted share awards (in shares)									933	1,448	1,064
Out-Performance Plan units									101	284	230
Convertible preferred shares / units									37	0	42
Denominator for diluted income per share - weighted average shares and assumed conversions (in shares)									191,290	191,258	190,173
INCOME PER COMMON SHARE – BASIC:
Income from continuing operations, net (in dollars per share)									$ 2.02	$ 0.92	$ 2.35
Income (loss) from discontinued operations, net (in dollars per share)									0.00	(0.07)	2.01
Net income per common share (in dollars per share)	$ 0.53	$ 1.00	$ 0.59	$ (0.09)	$ 0.14	$ (0.15)	$ 0.61	$ 0.25	2.02	0.85	4.36
INCOME PER COMMON SHARE – DILUTED:
Income (loss) from continuing operations, net (in dollars per share)									2.01	0.91	2.34
Income (loss) from discontinued operations, net (in dollars per share)									0.00	(0.06)	2.00
Net income per common share (in dollars per share)	$ 0.53	$ 1.00	$ 0.58	$ (0.09)	$ 0.14	$ (0.15)	$ 0.61	$ 0.25	$ 2.01	$ 0.85	$ 4.34
Vornado Realty L.P.
Numerator:
Income from continuing operations, net of income attributable to noncontrolling interests									$ 474,988	$ 251,554	$ 555,659
Income (loss) from discontinued operations, net of income attributable to noncontrolling interests									638	(13,228)	404,912
Net income attributable to Vornado / Vornado Realty L.P.									475,626	238,326	960,571
Preferred share dividends / unit distributions									(50,830)	(65,593)	(76,097)
Preferred share / unit issuance cost									(14,486)	0	(7,408)
NET INCOME attributable to common shareholders / Class A unitholders	$ 107,125	$ 203,268	$ 118,931	$ (19,014)	$ 29,123	$ (30,952)	$ 123,630	$ 50,932	410,310	172,733	877,066
Earnings allocated to unvested participating securities									(2,973)	(3,232)	(4,177)
Numerator for basic (loss) income per share / per Class A unit									407,337	169,501	872,889
Convertible preferred share dividends / unit distributions									62	0	86
Numerator for diluted income per share / per Class A unit									$ 407,399	$ 169,501	$ 872,975
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Denominator for basic income per Class A unit - weighted average units and assumed conversions									202,068	201,214	200,350
Vornado stock options and restricted share awards (in shares)									1,307	2,086	1,625
Out-Performance Plan units									37	0	42
Denominator for diluted income per Class A unit - weighted average units and assumed conversions									203,412	203,300	202,017
INCOME PER CLASS A UNIT – BASIC:
Income from continuing operations, net (in dollars per share)									$ 2.01	$ 0.91	$ 2.34
Income (loss) from discontinued operations, net (in dollars per share)									0.01	(0.07)	2.02
Net income per Class A unit (in dollars per share)	$ 0.53	$ 1.00	$ 0.58	$ (0.10)	$ 0.14	$ (0.16)	$ 0.61	$ 0.25	2.02	0.84	4.36
INCOME PER CLASS A UNIT – DILUTED:
Income from continuing operations, net (in dollars per share)									2.00	0.90	2.32
Income (loss) from discontinued operations, net (in dollars per share)									0.00	(0.07)	2.00
Net income per Class A unit (in dollars per share)	$ 0.52	$ 0.99	$ 0.58	$ (0.10)	$ 0.14	$ (0.16)	$ 0.61	$ 0.25	$ 2.00	$ 0.83	$ 4.32

Income Per Share / Income Per Class A Unit (Narrative) (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Antidilutive Securities Excluded From Computation Of Earnings Per Share
Weighted average common share equivalents of excluded dilutive securities due to anti-dilutive effect	12,232	12,165	12,022
Vornado Realty L.P.
Antidilutive Securities Excluded From Computation Of Earnings Per Share
Weighted average common share equivalents of excluded dilutive securities due to anti-dilutive effect	110	124	178

Leases (Schedule of Future Base Rental) (Details) $ in Thousands	Dec. 31, 2018 USD ($)
As lessor: Operating Leases Future Minimum Payments Receivable
2019	$ 1,547,162
2020	1,510,097
2021	1,465,024
2022	1,407,615
2023	1,269,141
Thereafter	$ 5,832,467

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Concentration Risk
Percentage rent	$ 4,746	$ 4,062	$ 3,590
Rent expense	$ 41,063	$ 40,219	$ 40,170
Sales Revenue, Net \| Customer Concentration Risk
Concentration Risk
Percentage of total revenues that none of our tenants accounted for	10.00%	10.00%	10.00%

Leases (Schedule of Future Minimum Rental Payments for Operating Leases) (Details) $ in Thousands	Dec. 31, 2018 USD ($)
As lessee: Operating Leases Future Minimum Payments Due
2019	$ 46,147
2020	45,258
2021	42,600
2022	43,840
2023	44,747
Thereafter	$ 1,612,627

Multiemployer Benefit Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Multiemployer Benefit Plans
Multiemployer plans contributions represent more than 5% of total employer contributions	false	false	false
Multiemployer Pension Plans
Multiemployer Benefit Plans
Multiemployer plan, period contributions	$ 10,377	$ 10,113	$ 9,479
Multiemployer Health Plans
Multiemployer Benefit Plans
Multiemployer plan, period contributions	$ 30,354	$ 29,549	$ 32,998

Commitments and Contingencies (Details)	12 Months Ended
Commitments and Contingencies (Details)	Dec. 31, 2018 USD ($)
Other Commitments
Guarantees and master leases	$ 660,000,000
Outstanding letters of credit	13,337,000
Commitment to fund additional capital to partially owned entities	18,000,000
Other commitment	404,000,000
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
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	4,000,000,000.0
NBCR Acts
Insurance
Insurance limit per occurrence	2,000,000,000
Insurance maximum coverage limit in aggregate	2,000,000,000.0
PPIC \| NBCR Acts
Insurance
Insurance deductible	$ 1,453,000
Insurance deductible percentage of balance of covered loss	19.00%
Farley Office and Retail Building \| Joint Venture
Other Commitments
Equity method ownership percentage	95.00%

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Urban Edge Properties
Related Party Transaction
Percentage of affiliated entity owned by company	4.50%
Alexanders Inc
Related Party Transaction
Percentage of affiliated entity owned by company	32.40%
Percentage of affiliated entity owned by related parties	26.20%
Interstate Properties
Related Party Transaction
Percentage of company owned by related party	7.10%
Related party transaction annual fee percentage	4.00%
Term of management agreement	1 year
Period allowed for termination of automatic renewal of management agreement	60 days
Fee and other income from related parties (in US dollars)	$ 453	$ 501	$ 521

Summary of Quarterly Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information Disclosure
Revenues	$ 543,417	$ 542,048	$ 541,818	$ 536,437	$ 536,226	$ 528,755	$ 511,087	$ 508,058	$ 2,163,720	$ 2,084,126	$ 2,003,742
Net income attributable to Vornado common shareholders / Class A unit holders	$ 100,494	$ 190,645	$ 111,534	$ (17,841)	$ 27,319	$ (29,026)	$ 115,972	$ 47,752	$ 384,832	$ 162,017	$ 823,606
Net income per common share - Basic (in dollars per share)	$ 0.53	$ 1.00	$ 0.59	$ (0.09)	$ 0.14	$ (0.15)	$ 0.61	$ 0.25	$ 2.02	$ 0.85	$ 4.36
Net income per common share - Diluted (in dollars per share)	$ 0.53	$ 1.00	$ 0.58	$ (0.09)	$ 0.14	$ (0.15)	$ 0.61	$ 0.25	$ 2.01	$ 0.85	$ 4.34
Vornado Realty L.P.
Quarterly Financial Information Disclosure
Revenues	$ 543,417	$ 542,048	$ 541,818	$ 536,437	$ 536,226	$ 528,755	$ 511,087	$ 508,058	$ 2,163,720	$ 2,084,126	$ 2,003,742
Net income attributable to Vornado common shareholders / Class A unit holders	$ 107,125	$ 203,268	$ 118,931	$ (19,014)	$ 29,123	$ (30,952)	$ 123,630	$ 50,932	$ 410,310	$ 172,733	$ 877,066
Net income per Class A unit - Basic (in dollars per share)	$ 0.53	$ 1.00	$ 0.58	$ (0.10)	$ 0.14	$ (0.16)	$ 0.61	$ 0.25	$ 2.02	$ 0.84	$ 4.36
Net income per Class A unit - Diluted (in dollars per share)	$ 0.52	$ 0.99	$ 0.58	$ (0.10)	$ 0.14	$ (0.16)	$ 0.61	$ 0.25	$ 2.00	$ 0.83	$ 4.32

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

Segment Information (Reconciliation of Net Income to NOI) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Net income	$ 422,603	$ 264,128	$ 981,922
Income from partially owned entities	(9,149)	(15,200)	(168,948)
Loss (income) from real estate fund investments	89,231	(3,240)	23,602
Interest and other investment income, net	(17,057)	(30,861)	(24,335)
Net gain on disposition of wholly owned and partially owned assets	(246,031)	(501)	(160,433)
Purchase price fair value adjustment	(44,060)	0	0
(Income) loss from discontinued operations	(638)	13,228	(404,912)
NOI attributable to noncontrolling interests in consolidated subsidiaries	(71,186)	(65,311)	(66,182)
Depreciation and amortization expense	446,570	429,389	421,023
General and administrative	141,871	150,782	143,643
Transaction related costs, impairment loss and other	31,320	1,776	9,451
NOI from partially owned entities	253,564	269,164	271,114
Interest and debt expense	347,949	345,654	330,240
Income tax expense	37,633	42,375	7,923
NOI at share	1,382,620	1,401,383	1,364,108
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(44,704)	(86,842)	(170,477)
NOI at share - cash basis	1,337,916	1,314,541	1,193,631
Real estate fund investments
Segment Reporting Information [Line Items]
Income from partially owned entities	89,231	(3,240)	23,602
Loss (income) from real estate fund investments	$ 89,231	$ (3,240)	$ 23,602

Segment Information (Summary of NOI by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Total revenues	$ 543,417	$ 542,048	$ 541,818	$ 536,437	$ 536,226	$ 528,755	$ 511,087	$ 508,058	$ 2,163,720	$ 2,084,126	$ 2,003,742
NOI - consolidated									1,200,242	1,197,530	1,159,176
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries									(71,186)	(65,311)	(66,182)
Add: Our share of NOI from partially owned entities									253,564	269,164	271,114
NOI at share									1,382,620	1,401,383	1,364,108
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other									(44,704)	(86,842)	(170,477)
NOI at share - cash basis									1,337,916	1,314,541	1,193,631
Balance Sheet Data:
Real estate, at cost	16,237,883				14,756,295				16,237,883	14,756,295	14,187,820	$ 13,545,295
Investments in partially owned entities	858,113				1,056,829				858,113	1,056,829
Assets	17,180,794				17,397,934				17,180,794	17,397,934
New York
Segment Reporting Information [Line Items]
Total revenues									1,836,036	1,779,307	1,713,374
NOI - consolidated									1,029,572	1,022,637	996,620
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries									(48,490)	(45,899)	(47,480)
Add: Our share of NOI from partially owned entities									195,908	189,327	159,386
NOI at share									1,176,990	1,166,065	1,108,526
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other									(45,427)	(79,202)	(143,239)
NOI at share - cash basis									1,131,563	1,086,863	965,287
Balance Sheet Data:
Real estate, at cost	12,351,943				11,025,092				12,351,943	11,025,092
Investments in partially owned entities	719,456				861,430				719,456	861,430
Assets	14,628,712				13,780,817				14,628,712	13,780,817
Other
Segment Reporting Information [Line Items]
Total revenues									327,684	304,819	290,368
NOI - consolidated									170,670	174,893	162,556
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries									(22,696)	(19,412)	(18,702)
Add: Our share of NOI from partially owned entities									57,656	79,837	111,728
NOI at share									205,630	235,318	255,582
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other									723	(7,640)	(27,238)
NOI at share - cash basis									206,353	227,678	228,344
Balance Sheet Data:
Real estate, at cost	3,885,940				3,731,203				3,885,940	3,731,203
Investments in partially owned entities	138,657				195,399				138,657	195,399
Assets	$ 2,552,082				$ 3,617,117				2,552,082	3,617,117
Real Estate
Segment Reporting Information [Line Items]
Total revenues									2,163,720	2,084,126	2,003,742
Real Estate \| New York
Segment Reporting Information [Line Items]
Total revenues									1,836,036	1,779,307	1,713,374
Real Estate \| Other
Segment Reporting Information [Line Items]
Total revenues									327,684	304,819	290,368
Management Service
Segment Reporting Information [Line Items]
Operating expenses									963,478	886,596	844,566
Management Service \| New York
Segment Reporting Information [Line Items]
Operating expenses									806,464	756,670	716,754
Management Service \| Other
Segment Reporting Information [Line Items]
Operating expenses									$ 157,014	$ 129,926	$ 127,812

SEC Schedule II Valuation and Qualifying Accounts (Details) - Allowance For Doubtful Accounts - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 6,480	$ 8,621	$ 10,075
Additions Charged Against Operations	1,910	26	1,827
Uncollectible Accounts Written-off	(2,592)	(2,167)	(3,281)
Balance at End of Year	$ 5,798	$ 6,480	$ 8,621

SEC Schedule III Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate And Accumulated Depreciation
Encumbrances	$ 8,215,847
Initial cost to company
Land	3,410,579
Buildings and improvements	8,070,300
Costs capitalized subsequent to acquisition	4,757,004
Gross amount at which carried at close of period
Land	3,306,280
Buildings and improvements	12,931,603
Total	16,237,883
Accumulated depreciation and amortization	3,180,175	$ 2,885,283	$ 2,581,514	$ 2,356,728
Net basis difference of assets and liabilities between tax basis and GAAP basis	$ 1,900,000
Real estate and accumulated depreciation life used for depreciation	40 years
Leasehold Improvements Equipment and Other
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	0
Costs capitalized subsequent to acquisition	108,427
Gross amount at which carried at close of period
Land	0
Buildings and improvements	108,427
Total	108,427
Accumulated depreciation and amortization	80,220
New York
Real Estate And Accumulated Depreciation
Encumbrances	6,190,013
Initial cost to company
Land	2,889,512
Buildings and improvements	6,718,740
Costs capitalized subsequent to acquisition	2,723,095
Gross amount at which carried at close of period
Land	2,933,494
Buildings and improvements	9,397,853
Total	12,331,347
Accumulated depreciation and amortization	2,461,158
New York \| Manhattan
Real Estate And Accumulated Depreciation
Encumbrances	6,190,013
Initial cost to company
Land	2,859,609
Buildings and improvements	6,597,028
Costs capitalized subsequent to acquisition	2,586,992
Gross amount at which carried at close of period
Land	2,902,555
Buildings and improvements	9,141,074
Total	12,043,629
Accumulated depreciation and amortization	2,325,315
New York \| Manhattan \| 1290 Avenue of the Americas
Real Estate And Accumulated Depreciation
Encumbrances	950,000
Initial cost to company
Land	515,539
Buildings and improvements	923,653
Costs capitalized subsequent to acquisition	231,245
Gross amount at which carried at close of period
Land	515,539
Buildings and improvements	1,154,898
Total	1,670,437
Accumulated depreciation and amortization	$ 336,807
Date of construction	1963
Date acquired	2007
New York \| Manhattan \| 697-703 Fifth Avenue (St. Regis)
Real Estate And Accumulated Depreciation
Encumbrances	$ 450,000
Initial cost to company
Land	152,825
Buildings and improvements	584,230
Costs capitalized subsequent to acquisition	566
Gross amount at which carried at close of period
Land	152,825
Buildings and improvements	584,796
Total	737,621
Accumulated depreciation and amortization	$ 61,014
Date acquired	2014
New York \| Manhattan \| 350 Park Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 400,000
Initial cost to company
Land	265,889
Buildings and improvements	363,381
Costs capitalized subsequent to acquisition	50,265
Gross amount at which carried at close of period
Land	265,889
Buildings and improvements	413,646
Total	679,535
Accumulated depreciation and amortization	$ 130,828
Date of construction	1960
Date acquired	2006
New York \| Manhattan \| 666 Fifth Avenue (Retail Condo)
Real Estate And Accumulated Depreciation
Encumbrances	$ 390,000
Initial cost to company
Land	189,005
Buildings and improvements	471,072
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	189,005
Buildings and improvements	471,072
Total	660,077
Accumulated depreciation and amortization	$ 73,059
Date acquired	2012
New York \| Manhattan \| PENN1
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	412,169
Costs capitalized subsequent to acquisition	257,803
Gross amount at which carried at close of period
Land	0
Buildings and improvements	669,972
Total	669,972
Accumulated depreciation and amortization	$ 300,399
Date of construction	1972
Date acquired	1998
New York \| Manhattan \| 100 West 33rd Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 398,402
Initial cost to company
Land	242,776
Buildings and improvements	247,970
Costs capitalized subsequent to acquisition	35,200
Gross amount at which carried at close of period
Land	242,776
Buildings and improvements	283,170
Total	525,946
Accumulated depreciation and amortization	$ 88,054
Date of construction	1911
Date acquired	2007
New York \| Manhattan \| 1535 Broadway (Marriott Marquis)
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	130,433
Buildings and improvements	322,581
Costs capitalized subsequent to acquisition	161,766
Gross amount at which carried at close of period
Land	130,439
Buildings and improvements	484,341
Total	614,780
Accumulated depreciation and amortization	$ 36,439
Date acquired	2012
New York \| Manhattan \| 150 West 34th Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 205,000
Initial cost to company
Land	119,657
Buildings and improvements	268,509
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	119,657
Buildings and improvements	268,509
Total	388,166
Accumulated depreciation and amortization	$ 24,054
Date of construction	1900
Date acquired	2015
New York \| Manhattan \| 1540 Broadway
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	105,914
Buildings and improvements	214,208
Costs capitalized subsequent to acquisition	28,868
Gross amount at which carried at close of period
Land	105,914
Buildings and improvements	243,076
Total	348,990
Accumulated depreciation and amortization	$ 61,252
Date acquired	2006
New York \| Manhattan \| 655 Fifth Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 140,000
Initial cost to company
Land	102,594
Buildings and improvements	231,903
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	102,594
Buildings and improvements	231,903
Total	334,497
Accumulated depreciation and amortization	$ 30,681
Date acquired	2013
New York \| Manhattan \| PENN2
Real Estate And Accumulated Depreciation
Encumbrances	$ 575,000
Initial cost to company
Land	53,615
Buildings and improvements	164,903
Costs capitalized subsequent to acquisition	119,920
Gross amount at which carried at close of period
Land	52,689
Buildings and improvements	285,749
Total	338,438
Accumulated depreciation and amortization	$ 161,909
Date of construction	1968
Date acquired	1997
New York \| Manhattan \| 90 Park Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	8,000
Buildings and improvements	175,890
Costs capitalized subsequent to acquisition	183,882
Gross amount at which carried at close of period
Land	8,000
Buildings and improvements	359,772
Total	367,772
Accumulated depreciation and amortization	$ 128,983
Date of construction	1964
Date acquired	1997
New York \| Manhattan \| Manhattan Mall
Real Estate And Accumulated Depreciation
Encumbrances	$ 181,598
Initial cost to company
Land	88,595
Buildings and improvements	113,473
Costs capitalized subsequent to acquisition	71,596
Gross amount at which carried at close of period
Land	88,595
Buildings and improvements	185,069
Total	273,664
Accumulated depreciation and amortization	$ 65,646
Date of construction	2009
Date acquired	2007
New York \| Manhattan \| 770 Broadway
Real Estate And Accumulated Depreciation
Encumbrances	$ 700,000
Initial cost to company
Land	52,898
Buildings and improvements	95,686
Costs capitalized subsequent to acquisition	135,290
Gross amount at which carried at close of period
Land	52,898
Buildings and improvements	230,976
Total	283,874
Accumulated depreciation and amortization	$ 93,238
Date of construction	1907
Date acquired	1998
New York \| Manhattan \| 888 Seventh Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 375,000
Initial cost to company
Land	0
Buildings and improvements	117,269
Costs capitalized subsequent to acquisition	142,980
Gross amount at which carried at close of period
Land	0
Buildings and improvements	260,249
Total	260,249
Accumulated depreciation and amortization	$ 122,204
Date of construction	1980
Date acquired	1998
New York \| Manhattan \| PENN11
Real Estate And Accumulated Depreciation
Encumbrances	$ 450,000
Initial cost to company
Land	40,333
Buildings and improvements	85,259
Costs capitalized subsequent to acquisition	110,281
Gross amount at which carried at close of period
Land	40,333
Buildings and improvements	195,540
Total	235,873
Accumulated depreciation and amortization	$ 79,373
Date of construction	1923
Date acquired	1997
New York \| Manhattan \| 640 Fifth Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	38,224
Buildings and improvements	25,992
Costs capitalized subsequent to acquisition	160,092
Gross amount at which carried at close of period
Land	38,224
Buildings and improvements	186,084
Total	224,308
Accumulated depreciation and amortization	$ 61,374
Date of construction	1950
Date acquired	1997
New York \| Manhattan \| 909 Third Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 350,000
Initial cost to company
Land	0
Buildings and improvements	120,723
Costs capitalized subsequent to acquisition	107,457
Gross amount at which carried at close of period
Land	0
Buildings and improvements	228,180
Total	228,180
Accumulated depreciation and amortization	$ 98,992
Date of construction	1969
Date acquired	1999
New York \| Manhattan \| 150 East 58th Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	39,303
Buildings and improvements	80,216
Costs capitalized subsequent to acquisition	47,732
Gross amount at which carried at close of period
Land	39,303
Buildings and improvements	127,948
Total	167,251
Accumulated depreciation and amortization	$ 60,078
Date of construction	1969
Date acquired	1998
New York \| Manhattan \| 595 Madison Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	62,731
Buildings and improvements	62,888
Costs capitalized subsequent to acquisition	40,335
Gross amount at which carried at close of period
Land	62,731
Buildings and improvements	103,223
Total	165,954
Accumulated depreciation and amortization	$ 41,920
Date of construction	1968
Date acquired	1999
New York \| Manhattan \| 330 West 34th Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	8,599
Costs capitalized subsequent to acquisition	145,486
Gross amount at which carried at close of period
Land	0
Buildings and improvements	154,085
Total	154,085
Accumulated depreciation and amortization	$ 30,432
Date of construction	1925
Date acquired	1998
New York \| Manhattan \| 828 To 850 Madison Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	107,937
Buildings and improvements	28,261
Costs capitalized subsequent to acquisition	2,115
Gross amount at which carried at close of period
Land	107,937
Buildings and improvements	30,376
Total	138,313
Accumulated depreciation and amortization	$ 9,658
Date acquired	2005
New York \| Manhattan \| 33-00 Northern Boulevard
Real Estate And Accumulated Depreciation
Encumbrances	$ 100,000
Initial cost to company
Land	46,505
Buildings and improvements	86,226
Costs capitalized subsequent to acquisition	7,518
Gross amount at which carried at close of period
Land	46,505
Buildings and improvements	93,744
Total	140,249
Accumulated depreciation and amortization	$ 9,831
Date of construction	1915
Date acquired	2015
New York \| Manhattan \| 715 Lexington Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	26,903
Costs capitalized subsequent to acquisition	63,249
Gross amount at which carried at close of period
Land	63,000
Buildings and improvements	27,152
Total	90,152
Accumulated depreciation and amortization	$ 9,346
Date of construction	1923
Date acquired	2001
New York \| Manhattan \| 478 To 486 Broadway
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	30,000
Buildings and improvements	20,063
Costs capitalized subsequent to acquisition	36,107
Gross amount at which carried at close of period
Land	30,000
Buildings and improvements	56,170
Total	86,170
Accumulated depreciation and amortization	$ 13,790
Date of construction	2009
Date acquired	2007
New York \| Manhattan \| 4 Union Square South
Real Estate And Accumulated Depreciation
Encumbrances	$ 120,000
Initial cost to company
Land	24,079
Buildings and improvements	55,220
Costs capitalized subsequent to acquisition	3,037
Gross amount at which carried at close of period
Land	24,079
Buildings and improvements	58,257
Total	82,336
Accumulated depreciation and amortization	$ 21,022
Date of construction	1965/2004
Date acquired	1993
New York \| Manhattan \| Farley Office and Retail Building
Real Estate And Accumulated Depreciation
Encumbrances	$ 257,941
Initial cost to company
Land	0
Buildings and improvements	476,235
Costs capitalized subsequent to acquisition	33,988
Gross amount at which carried at close of period
Land	0
Buildings and improvements	510,223
Total	510,223
Accumulated depreciation and amortization	$ 0
Date of construction	1912
Date acquired	2018
New York \| Manhattan \| Moynihan Train Hall
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	346,926
Costs capitalized subsequent to acquisition	98,767
Gross amount at which carried at close of period
Land	0
Buildings and improvements	445,693
Total	445,693
Accumulated depreciation and amortization	$ 0
Date of construction	1912
Date acquired	2018
New York \| Manhattan \| 260 11th Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	80,482
Costs capitalized subsequent to acquisition	1,966
Gross amount at which carried at close of period
Land	0
Buildings and improvements	82,448
Total	82,448
Accumulated depreciation and amortization	$ 7,734
Date of construction	1911
Date acquired	2015
New York \| Manhattan \| 510 5th Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	34,602
Buildings and improvements	18,728
Costs capitalized subsequent to acquisition	35,545
Gross amount at which carried at close of period
Land	48,403
Buildings and improvements	40,472
Total	88,875
Accumulated depreciation and amortization	$ 9,616
Date acquired	2010
New York \| Manhattan \| 606 Broadway
Real Estate And Accumulated Depreciation
Encumbrances	$ 51,290
Initial cost to company
Land	45,406
Buildings and improvements	8,993
Costs capitalized subsequent to acquisition	39,821
Gross amount at which carried at close of period
Land	0
Buildings and improvements	94,220
Total	94,220
Accumulated depreciation and amortization	$ 0
Date acquired	2016
New York \| Manhattan \| 40 Fulton Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	15,732
Buildings and improvements	26,388
Costs capitalized subsequent to acquisition	23,527
Gross amount at which carried at close of period
Land	15,732
Buildings and improvements	49,915
Total	65,647
Accumulated depreciation and amortization	$ 22,146
Date of construction	1987
Date acquired	1998
New York \| Manhattan \| 689 Fifth Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	19,721
Buildings and improvements	13,446
Costs capitalized subsequent to acquisition	25,575
Gross amount at which carried at close of period
Land	19,721
Buildings and improvements	39,021
Total	58,742
Accumulated depreciation and amortization	$ 13,986
Date of construction	1925
Date acquired	1998
New York \| Manhattan \| 443 Broadway
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	11,187
Buildings and improvements	41,186
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	11,187
Buildings and improvements	41,186
Total	52,373
Accumulated depreciation and amortization	$ 5,821
Date acquired	2013
New York \| Manhattan \| 40 East 66th Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	13,616
Buildings and improvements	34,635
Costs capitalized subsequent to acquisition	248
Gross amount at which carried at close of period
Land	13,616
Buildings and improvements	34,883
Total	48,499
Accumulated depreciation and amortization	$ 11,415
Date acquired	2005
New York \| Manhattan \| 155 Spring Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	13,700
Buildings and improvements	30,544
Costs capitalized subsequent to acquisition	4,872
Gross amount at which carried at close of period
Land	13,700
Buildings and improvements	35,416
Total	49,116
Accumulated depreciation and amortization	$ 9,910
Date acquired	2007
New York \| Manhattan \| 435 Seventh Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 95,782
Initial cost to company
Land	19,893
Buildings and improvements	19,091
Costs capitalized subsequent to acquisition	40
Gross amount at which carried at close of period
Land	19,893
Buildings and improvements	19,131
Total	39,024
Accumulated depreciation and amortization	$ 7,903
Date of construction	2002
Date acquired	1997
New York \| Manhattan \| 3040 M Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	7,830
Buildings and improvements	27,490
Costs capitalized subsequent to acquisition	3,583
Gross amount at which carried at close of period
Land	7,830
Buildings and improvements	31,073
Total	38,903
Accumulated depreciation and amortization	$ 10,940
Date acquired	2006
New York \| Manhattan \| 608 Fifth Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	0
Costs capitalized subsequent to acquisition	39,608
Gross amount at which carried at close of period
Land	0
Buildings and improvements	39,608
Total	39,608
Accumulated depreciation and amortization	$ 11,836
Date of construction	1932
Date acquired	2012
New York \| Manhattan \| 692 Broadway
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	6,053
Buildings and improvements	22,908
Costs capitalized subsequent to acquisition	3,690
Gross amount at which carried at close of period
Land	6,053
Buildings and improvements	26,598
Total	32,651
Accumulated depreciation and amortization	$ 9,185
Date acquired	2005
New York \| Manhattan \| 131 to 135 West 33rd Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	8,315
Buildings and improvements	21,312
Costs capitalized subsequent to acquisition	24
Gross amount at which carried at close of period
Land	8,315
Buildings and improvements	21,336
Total	29,651
Accumulated depreciation and amortization	$ 1,424
Date acquired	2016
New York \| Manhattan \| 265 West 34th Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	28,500
Buildings and improvements	0
Costs capitalized subsequent to acquisition	295
Gross amount at which carried at close of period
Land	28,500
Buildings and improvements	295
Total	28,795
Accumulated depreciation and amortization	$ 0
Date of construction	1920
Date acquired	2015
New York \| Manhattan \| 304 Canal Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	3,511
Buildings and improvements	12,905
Costs capitalized subsequent to acquisition	(731)
Gross amount at which carried at close of period
Land	3,511
Buildings and improvements	12,174
Total	15,685
Accumulated depreciation and amortization	$ 714
Date of construction	1910
Date acquired	2014
New York \| Manhattan \| 677 To 679 Madison Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	13,070
Buildings and improvements	9,640
Costs capitalized subsequent to acquisition	541
Gross amount at which carried at close of period
Land	13,070
Buildings and improvements	10,181
Total	23,251
Accumulated depreciation and amortization	$ 3,169
Date acquired	2006
New York \| Manhattan \| 1135 Third Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	7,844
Buildings and improvements	7,844
Costs capitalized subsequent to acquisition	5,708
Gross amount at which carried at close of period
Land	7,844
Buildings and improvements	13,552
Total	21,396
Accumulated depreciation and amortization	$ 1,901
Date acquired	1997
New York \| Manhattan \| 486 Eighth Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	20,000
Buildings and improvements	71
Costs capitalized subsequent to acquisition	244
Gross amount at which carried at close of period
Land	20,000
Buildings and improvements	315
Total	20,315
Accumulated depreciation and amortization	$ 0
Date of construction	1928
Date acquired	2016
New York \| Manhattan \| 431 Seventh Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	16,700
Buildings and improvements	2,751
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	16,700
Buildings and improvements	2,751
Total	19,451
Accumulated depreciation and amortization	$ 808
Date acquired	2007
New York \| Manhattan \| 138-142 West 32nd Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	9,252
Buildings and improvements	9,936
Costs capitalized subsequent to acquisition	37
Gross amount at which carried at close of period
Land	9,252
Buildings and improvements	9,973
Total	19,225
Accumulated depreciation and amortization	$ 973
Date of construction	1920
Date acquired	2015
New York \| Manhattan \| 334 Canal Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	1,693
Buildings and improvements	6,507
Costs capitalized subsequent to acquisition	7,603
Gross amount at which carried at close of period
Land	1,693
Buildings and improvements	14,110
Total	15,803
Accumulated depreciation and amortization	$ 1,300
Date acquired	2011
New York \| Manhattan \| 267 West 34th Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	5,099
Buildings and improvements	10,037
Costs capitalized subsequent to acquisition	(9,760)
Gross amount at which carried at close of period
Land	5,099
Buildings and improvements	277
Total	5,376
Accumulated depreciation and amortization	$ 0
Date acquired	2013
New York \| Manhattan \| 1540 Broadway Garage
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	4,086
Buildings and improvements	8,914
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	4,086
Buildings and improvements	8,914
Total	13,000
Accumulated depreciation and amortization	$ 2,815
Date of construction	1990
Date acquired	2006
New York \| Manhattan \| 966 Third Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	8,869
Buildings and improvements	3,631
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	8,869
Buildings and improvements	3,631
Total	12,500
Accumulated depreciation and amortization	$ 484
Date acquired	2013
New York \| Manhattan \| 148 Spring Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	3,200
Buildings and improvements	8,112
Costs capitalized subsequent to acquisition	406
Gross amount at which carried at close of period
Land	3,200
Buildings and improvements	8,518
Total	11,718
Accumulated depreciation and amortization	$ 2,277
Date acquired	2008
New York \| Manhattan \| 150 Spring Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	3,200
Buildings and improvements	5,822
Costs capitalized subsequent to acquisition	300
Gross amount at which carried at close of period
Land	3,200
Buildings and improvements	6,122
Total	9,322
Accumulated depreciation and amortization	$ 1,664
Date acquired	2008
New York \| Manhattan \| 137 West 33rd Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	6,398
Buildings and improvements	1,550
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	6,398
Buildings and improvements	1,550
Total	7,948
Accumulated depreciation and amortization	$ 145
Date of construction	1932
Date acquired	2015
New York \| Manhattan \| 488 Eighth Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	10,650
Buildings and improvements	1,767
Costs capitalized subsequent to acquisition	(4,653)
Gross amount at which carried at close of period
Land	6,859
Buildings and improvements	905
Total	7,764
Accumulated depreciation and amortization	$ 245
Date acquired	2007
New York \| Manhattan \| 484 Eighth Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	3,856
Buildings and improvements	762
Costs capitalized subsequent to acquisition	758
Gross amount at which carried at close of period
Land	3,856
Buildings and improvements	1,520
Total	5,376
Accumulated depreciation and amortization	$ 0
Date acquired	1997
New York \| Manhattan \| 825 7th Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	1,483
Buildings and improvements	697
Costs capitalized subsequent to acquisition	159
Gross amount at which carried at close of period
Land	1,483
Buildings and improvements	856
Total	2,339
Accumulated depreciation and amortization	$ 400
Date acquired	1997
New York \| Manhattan \| 537 West 26th Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	10,370
Buildings and improvements	17,632
Costs capitalized subsequent to acquisition	16,263
Gross amount at which carried at close of period
Land	26,632
Buildings and improvements	17,633
Total	44,265
Accumulated depreciation and amortization	$ 414
Date acquired	2018
New York \| Manhattan \| 339 Greenwich
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	2,622
Buildings and improvements	12,333
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	2,622
Buildings and improvements	12,333
Total	14,955
Accumulated depreciation and amortization	$ 572
Date acquired	2017
New York \| Manhattan \| Other (Including Signage)
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	86,299
Buildings and improvements	506
Costs capitalized subsequent to acquisition	115,778
Gross amount at which carried at close of period
Land	86,299
Buildings and improvements	116,284
Total	202,583
Accumulated depreciation and amortization	35,135
Other \| Manhattan \| Hotel Pennsylvania
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	29,903
Buildings and improvements	121,712
Costs capitalized subsequent to acquisition	111,168
Gross amount at which carried at close of period
Land	29,903
Buildings and improvements	232,880
Total	262,783
Accumulated depreciation and amortization	$ 118,994
Date of construction	1919
Date acquired	1997
Other \| Manhattan \| Paramus
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	0
Costs capitalized subsequent to acquisition	24,935
Gross amount at which carried at close of period
Land	1,036
Buildings and improvements	23,899
Total	24,935
Accumulated depreciation and amortization	$ 16,849
Date of construction	1967
Date acquired	1987
Other \| Manhattan \| Hotel Pennsylvania/Paramus
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	29,903
Buildings and improvements	121,712
Costs capitalized subsequent to acquisition	136,103
Gross amount at which carried at close of period
Land	30,939
Buildings and improvements	256,779
Total	287,718
Accumulated depreciation and amortization	135,843
Other \| Illinois
Real Estate And Accumulated Depreciation
Encumbrances	675,000
Initial cost to company
Land	69,694
Buildings and improvements	319,146
Costs capitalized subsequent to acquisition	414,852
Gross amount at which carried at close of period
Land	69,701
Buildings and improvements	733,991
Total	803,692
Accumulated depreciation and amortization	311,470
Other \| Illinois \| the Mart, Chicago
Real Estate And Accumulated Depreciation
Encumbrances	675,000
Initial cost to company
Land	64,528
Buildings and improvements	319,146
Costs capitalized subsequent to acquisition	414,820
Gross amount at which carried at close of period
Land	64,535
Buildings and improvements	733,959
Total	798,494
Accumulated depreciation and amortization	$ 311,470
Date of construction	1930
Date acquired	1998
Other \| Illinois \| 527 West Kinzie, Chicago
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	5,166
Buildings and improvements	0
Costs capitalized subsequent to acquisition	32
Gross amount at which carried at close of period
Land	5,166
Buildings and improvements	32
Total	5,198
Accumulated depreciation and amortization	$ 0
Date acquired	1998
Other \| New York
Real Estate And Accumulated Depreciation
Encumbrances	$ 2,025,834
Initial cost to company
Land	521,067
Buildings and improvements	1,351,560
Costs capitalized subsequent to acquisition	1,925,482
Gross amount at which carried at close of period
Land	372,786
Buildings and improvements	3,425,323
Total	3,798,109
Accumulated depreciation and amortization	638,797
Other \| New York \| MMPI Piers
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	0
Buildings and improvements	0
Costs capitalized subsequent to acquisition	16,412
Gross amount at which carried at close of period
Land	0
Buildings and improvements	16,412
Total	16,412
Accumulated depreciation and amortization	$ 3,003
Date acquired	2008
Other \| New York \| Total The Mart
Real Estate And Accumulated Depreciation
Encumbrances	$ 675,000
Initial cost to company
Land	69,694
Buildings and improvements	319,146
Costs capitalized subsequent to acquisition	431,264
Gross amount at which carried at close of period
Land	69,701
Buildings and improvements	750,403
Total	820,104
Accumulated depreciation and amortization	314,473
Other \| New York \| 555 California Street
Real Estate And Accumulated Depreciation
Encumbrances	558,914
Initial cost to company
Land	221,903
Buildings and improvements	893,324
Costs capitalized subsequent to acquisition	186,321
Gross amount at which carried at close of period
Land	209,916
Buildings and improvements	1,091,632
Total	1,301,548
Accumulated depreciation and amortization	$ 294,139
Date of construction	1922,1969 -1970
Date acquired	2007
Other \| New York \| 220 Central Park South
Real Estate And Accumulated Depreciation
Encumbrances	$ 737,369
Initial cost to company
Land	115,720
Buildings and improvements	16,445
Costs capitalized subsequent to acquisition	1,339,283
Gross amount at which carried at close of period
Land	0
Buildings and improvements	1,471,448
Total	1,471,448
Accumulated depreciation and amortization	$ 0
Date acquired	2005
Other \| New York \| Borgata Land, Atlantic City, NJ
Real Estate And Accumulated Depreciation
Encumbrances	$ 54,551
Initial cost to company
Land	83,089
Buildings and improvements	0
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	83,089
Buildings and improvements	0
Total	83,089
Accumulated depreciation and amortization	$ 0
Date acquired	2010
Other \| New York \| 40 East 66th Residential
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	29,199
Buildings and improvements	85,798
Costs capitalized subsequent to acquisition	(93,222)
Gross amount at which carried at close of period
Land	8,454
Buildings and improvements	13,321
Total	21,775
Accumulated depreciation and amortization	$ 3,923
Date acquired	2005
Other \| New York \| 677-679 Madison
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	1,462
Buildings and improvements	1,058
Costs capitalized subsequent to acquisition	284
Gross amount at which carried at close of period
Land	1,626
Buildings and improvements	1,178
Total	2,804
Accumulated depreciation and amortization	$ 478
Date acquired	2006
Other \| New York \| Annapolis
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	9,652
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	0
Buildings and improvements	9,652
Total	9,652
Accumulated depreciation and amortization	$ 3,960
Date acquired	2005
Other \| New York \| Wayne Towne Center
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	26,137
Costs capitalized subsequent to acquisition	56,955
Gross amount at which carried at close of period
Land	0
Buildings and improvements	83,092
Total	83,092
Accumulated depreciation and amortization	$ 20,474
Date acquired	2010
Other \| New York \| Other Property
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	0
Costs capitalized subsequent to acquisition	4,597
Gross amount at which carried at close of period
Land	0
Buildings and improvements	4,597
Total	4,597
Accumulated depreciation and amortization	$ 1,350
Date acquired	2005

SEC Schedule III Rollforward of Real Estate Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Real estate, balance at beginning of period	$ 14,756,295	$ 14,187,820	$ 13,545,295
Additions during the period	16,592,044	14,807,938	14,430,294
Less: Assets sold, written-off and deconsolidated	354,161	51,643	242,474
Real estate, balance at end of period	16,237,883	14,756,295	14,187,820
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Accumulated depreciation, balance at beginning of period	2,885,283	2,581,514	2,356,728
Additions charged to operating expenses	381,500	360,391	346,755
Real estate accumulated depreciation	3,266,783	2,941,905	2,703,483
Less: Accumulated depreciation on assets sold, written-off and deconsolidated	86,608	56,622	121,969
Accumulated depreciation, balance at end of period	3,180,175	2,885,283	2,581,514
Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Additions during the period	170,065	21,298	30,805
Buildings & improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Additions during the period	$ 1,665,684	$ 598,820	$ 854,194