0000899689-20-000007 | 10-K | XBRL Viewer

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Outstanding as of December 31, 2019

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Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
Document and Entity Information - USD ($) $ in Thousands	Dec. 31, 2019	Jun. 30, 2019
Entity Information [Line Items]
Document Type	10-K
Document Transition Report	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Entity Registrant Name	Vornado Realty Trust
Entity File Number	001-11954
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	22-1657560
Entity Address, Address Line One	888 Seventh Avenue,
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	(212)
Local Phone Number	894-7000
Title of 12(g) Security	Series A Convertible Preferred Shares of beneficial interest, liquidation preference $50.00 per share
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Public Float		$ 11,264,516
Entity Common Stock, Shares Outstanding	190,985,677
Documents Incorporated by Reference	Part III: Portions of Proxy Statement for Annual Meeting of Vornado Realty Trust’s Shareholders to be held on May 14, 2020.
Entity Central Index Key	0000899689
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Vornado Realty L.P.
Entity Information [Line Items]
Entity Registrant Name	Vornado Realty L.P.
Entity File Number	001-34482
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3925979
Title of 12(g) Security	Class A Units of Limited Partnership Interest
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Public Float		$ 670,609
Entity Central Index Key	0001040765
Document Fiscal Year Focus	2019
Current Fiscal Year End Date	--12-31
Common Shares of beneficial interest, $.04 par value per share \| New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	Common Shares of beneficial interest, $.04 par value per share
Trading Symbol	VNO
Security Exchange Name	NYSE
5.70% Series K \| New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	5.70% Series K
Trading Symbol	VNO/PK
Security Exchange Name	NYSE
5.40% Series L \| New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	5.40% Series L
Trading Symbol	VNO/PL
Security Exchange Name	NYSE
5.25% Series M \| New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	5.25% Series M
Trading Symbol	VNO/PM
Security Exchange Name	NYSE

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Real estate, at cost:
Land	$ 2,591,261	$ 3,306,280
Buildings and improvements	7,953,163	10,110,992
Development costs and construction in progress	1,490,614	2,266,491
Moynihan Train Hall development expenditures	914,960	445,693
Leasehold improvements and equipment	124,014	108,427
Total	13,074,012	16,237,883
Less accumulated depreciation and amortization	(3,015,958)	(3,180,175)
Real estate, net	10,058,054	13,057,708
Right-of-use assets	379,546	0
Cash and cash equivalents	1,515,012	570,916
Restricted cash	92,119	145,989
Marketable securities	33,313	152,198
Tenant and other receivables	95,733	73,322
Investments in partially owned entities	3,999,165	858,113
Real estate fund investments	222,649	318,758
220 Central Park South condominium units ready for sale	408,918	99,627
Receivable arising from the straight-lining of rents	742,206	935,131
Deferred leasing costs, net of accumulated amortization of $196,229 and $207,529	353,986	400,313
Identified intangible assets, net of accumulated amortization of $98,587 and $172,114	30,965	136,781
Other assets	355,347	431,938
Assets	18,287,013	17,180,794
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net	5,639,897	8,167,798
Senior unsecured notes, net	445,872	844,002
Unsecured term loan, net	745,840	744,821
Unsecured revolving credit facilities	575,000	80,000
Lease liabilities	498,254	0
Moynihan Train Hall obligation	914,960	445,693
Special dividend/distribution payable on January 15, 2020	398,292	0
Accounts payable and accrued expenses	440,049	430,976
Deferred revenue	59,429	167,730
Deferred compensation plan	103,773	96,523
Other liabilities	265,754	311,806
Total liabilities	10,087,120	11,289,349
Commitments and contingencies
Redeemable noncontrolling interests / partnership units:
Class A units - 13,298,956 and 12,544,477 units outstanding	884,380	778,134
Series D cumulative redeemable preferred units - 141,401 and 177,101 units outstanding	4,535	5,428
Total redeemable noncontrolling interests / partnership units	888,915	783,562
Shareholders' / Partners' equity:
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 36,795,640 and 36,798,580 shares	891,214	891,294
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 190,985,677 and 190,535,499 shares	7,618	7,600
Additional capital	7,827,697	7,725,857
Earnings less than distributions	(1,954,266)	(4,167,184)
Accumulated other comprehensive (loss) income	(40,233)	7,664
Total Vornado and Vornado Realty L.P. shareholders' equity	6,732,030	4,465,231
Noncontrolling interests in consolidated subsidiaries	578,948	642,652
Total equity	7,310,978	5,107,883
Total liabilities, redeemable noncontrolling interests / partnership units and equity	18,287,013	17,180,794
Vornado Realty L.P.
Real estate, at cost:
Land	2,591,261	3,306,280
Buildings and improvements	7,953,163	10,110,992
Development costs and construction in progress	1,490,614	2,266,491
Moynihan Train Hall development expenditures	914,960	445,693
Leasehold improvements and equipment	124,014	108,427
Total	13,074,012	16,237,883
Less accumulated depreciation and amortization	(3,015,958)	(3,180,175)
Real estate, net	10,058,054	13,057,708
Right-of-use assets	379,546	0
Cash and cash equivalents	1,515,012	570,916
Restricted cash	92,119	145,989
Marketable securities	33,313	152,198
Tenant and other receivables	95,733	73,322
Investments in partially owned entities	3,999,165	858,113
Real estate fund investments	222,649	318,758
220 Central Park South condominium units ready for sale	408,918	99,627
Receivable arising from the straight-lining of rents	742,206	935,131
Deferred leasing costs, net of accumulated amortization of $196,229 and $207,529	353,986	400,313
Identified intangible assets, net of accumulated amortization of $98,587 and $172,114	30,965	136,781
Other assets	355,347	431,938
Assets	18,287,013	17,180,794
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net	5,639,897	8,167,798
Senior unsecured notes, net	445,872	844,002
Unsecured term loan, net	745,840	744,821
Unsecured revolving credit facilities	575,000	80,000
Lease liabilities	498,254	0
Moynihan Train Hall obligation	914,960	445,693
Special dividend/distribution payable on January 15, 2020	398,292	0
Accounts payable and accrued expenses	440,049	430,976
Deferred revenue	59,429	167,730
Deferred compensation plan	103,773	96,523
Other liabilities	265,754	311,806
Total liabilities	10,087,120	11,289,349
Commitments and contingencies
Redeemable noncontrolling interests / partnership units:
Class A units - 13,298,956 and 12,544,477 units outstanding	884,380	778,134
Series D cumulative redeemable preferred units - 141,401 and 177,101 units outstanding	4,535	5,428
Total redeemable noncontrolling interests / partnership units	888,915	783,562
Shareholders' / Partners' equity:
Partners' capital	8,726,529	8,624,751
Earnings less than distributions	(1,954,266)	(4,167,184)
Accumulated other comprehensive (loss) income	(40,233)	7,664
Total Vornado and Vornado Realty L.P. shareholders' equity	6,732,030	4,465,231
Noncontrolling interests in consolidated subsidiaries	578,948	642,652
Total equity	7,310,978	5,107,883
Total liabilities, redeemable noncontrolling interests / partnership units and equity	$ 18,287,013	$ 17,180,794

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
ASSETS
Deferred leasing costs, accumulated amortization (in US dollars)	$ 196,229	$ 207,529
Identified intangible assets, accumulated amortization (in US dollars)	$ 98,587	$ 172,114
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Preferred stock, par value per share (in dollars per share)	$ 0	$ 0
Preferred shares of beneficial interest: authorized shares	110,000,000	110,000,000
Preferred shares of beneficial interest: issued shares	36,795,640	36,798,580
Preferred shares of beneficial interest: outstanding shares	36,795,640	36,798,580
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	190,985,677	190,535,499
Common shares of beneficial interest: outstanding shares	190,985,677	190,535,499
Vornado Realty L.P.
ASSETS
Deferred leasing costs, accumulated amortization (in US dollars)	$ 196,229	$ 207,529
Identified intangible assets, accumulated amortization (in US dollars)	$ 98,587	$ 172,114
Class A
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding Partnership Units held by Third Parties	13,298,956	12,544,477
Class A \| Vornado Realty L.P.
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Common shares of beneficial interest: outstanding shares	190,985,677
Outstanding Partnership Units held by Third Parties	13,298,956	12,544,477
Series D Cumulative Redeemable Preferred Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding Partnership Units held by Third Parties	141,401	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	141,401	177,101

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
REVENUES:
Total revenues	$ 1,924,700	$ 2,163,720	$ 2,084,126
EXPENSES:
Operating	(917,981)	(963,478)	(886,596)
Depreciation and amortization	(419,107)	(446,570)	(429,389)
General and administrative	(169,920)	(141,871)	(150,782)
(Expense) benefit from deferred compensation plan liability	(11,609)	2,480	(6,932)
Transaction related costs, impairment losses and other	(106,538)	(31,320)	(1,776)
Total expenses	(1,625,155)	(1,580,759)	(1,475,475)
Income from partially owned entities	78,865	9,149	15,200
(Loss) income from real estate fund investments	(104,082)	(89,231)	3,240
Interest and other investment income, net	21,819	17,057	30,861
Income (loss) from deferred compensation plan assets	11,609	(2,480)	6,932
Interest and debt expense	(286,623)	(347,949)	(345,654)
Net gain on transfer to Fifth Avenue and Times Square JV	2,571,099	0	0
Purchase price fair value adjustment	0	44,060	0
Net gains on disposition of wholly owned and partially owned assets	845,499	246,031	501
Income before income taxes	3,437,731	459,598	319,731
Income tax expense	(103,439)	(37,633)	(42,375)
Income from continuing operations	3,334,292	421,965	277,356
(Loss) income from discontinued operations	(30)	638	(13,228)
Net income	3,334,262	422,603	264,128
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	24,547	53,023	(25,802)
Operating Partnership	(210,872)	(25,672)	(10,910)
Net income attributable to Vornado / Vornado Realty L.P.	3,147,937	449,954	227,416
Preferred share dividends / unit distributions	(50,131)	(50,636)	(65,399)
Preferred share / unit issuance costs	0	(14,486)	0
NET INCOME attributable to common shareholders / Class A unitholders	$ 3,097,806	$ 384,832	$ 162,017
INCOME PER COMMON SHARE - BASIC:
Income from continuing operations, net (in dollars per share)	$ 16.23	$ 2.02	$ 0.92
Loss from discontinued operations, net (in dollars per share)	0	0	(0.07)
Net income per common share (in dollars per share)	$ 16.23	$ 2.02	$ 0.85
Weighted average shares outstanding	190,801	190,219	189,526
INCOME PER COMMON SHARE - DILUTED:
Income from continuing operations, net (in dollars per share)	$ 16.21	$ 2.01	$ 0.91
Loss from discontinued operations, net (in dollars per share)	0	0	(0.06)
Net income per common share (in dollars per share)	$ 16.21	$ 2.01	$ 0.85
Weighted average shares outstanding	191,053	191,290	191,258
Vornado Realty L.P.
REVENUES:
Total revenues	$ 1,924,700	$ 2,163,720	$ 2,084,126
EXPENSES:
Operating	(917,981)	(963,478)	(886,596)
Depreciation and amortization	(419,107)	(446,570)	(429,389)
General and administrative	(169,920)	(141,871)	(150,782)
(Expense) benefit from deferred compensation plan liability	(11,609)	2,480	(6,932)
Transaction related costs, impairment losses and other	(106,538)	(31,320)	(1,776)
Total expenses	(1,625,155)	(1,580,759)	(1,475,475)
Income from partially owned entities	78,865	9,149	15,200
(Loss) income from real estate fund investments	(104,082)	(89,231)	3,240
Interest and other investment income, net	21,819	17,057	30,861
Income (loss) from deferred compensation plan assets	11,609	(2,480)	6,932
Interest and debt expense	(286,623)	(347,949)	(345,654)
Net gain on transfer to Fifth Avenue and Times Square JV	2,571,099	0	0
Purchase price fair value adjustment	0	44,060	0
Net gains on disposition of wholly owned and partially owned assets	845,499	246,031	501
Income before income taxes	3,437,731	459,598	319,731
Income tax expense	(103,439)	(37,633)	(42,375)
Income from continuing operations	3,334,292	421,965	277,356
(Loss) income from discontinued operations	(30)	638	(13,228)
Net income	3,334,262	422,603	264,128
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	24,547	53,023	(25,802)
Operating Partnership	(210,872)	(25,672)	(10,910)
Net income attributable to Vornado / Vornado Realty L.P.	3,358,809	475,626	238,326
Preferred share dividends / unit distributions	(50,296)	(50,830)	(65,593)
Preferred share / unit issuance costs	0	(14,486)	0
NET INCOME attributable to common shareholders / Class A unitholders	$ 3,308,513	$ 410,310	$ 172,733
INCOME PER CLASS A UNIT - BASIC:
Income from continuing operations, net (in dollars per share)	$ 16.22	$ 2.01	$ 0.91
Income (loss) from discontinued operations, net (in dollars per share)	0	0.01	(0.07)
Net income per Class A unit (in dollars per share)	$ 16.22	$ 2.02	$ 0.84
Weighted average units outstanding	202,947	202,068	201,214
INCOME PER CLASS A UNIT - DILUTED:
Income from continuing operations, net (in dollars per share)	$ 16.19	$ 2.00	$ 0.90
Loss from discontinued operations, net (in dollars per share)	0	0	(0.07)
Net income per Class A unit (in dollars per share)	$ 16.19	$ 2.00	$ 0.83
Weighted average units outstanding	203,248	203,412	203,300
Rental revenues
REVENUES:
Total revenues	$ 1,767,222	$ 2,007,333	$ 1,948,376
Rental revenues \| Vornado Realty L.P.
REVENUES:
Total revenues	1,767,222	2,007,333	1,948,376
Fee and other income
REVENUES:
Total revenues	157,478	156,387	135,750
Fee and other income \| Vornado Realty L.P.
REVENUES:
Total revenues	$ 157,478	$ 156,387	$ 135,750

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net income	$ 3,334,262	$ 422,603	$ 264,128
Other comprehensive (loss) income:
(Reduction) increase in value of interest rate swaps and other	(47,883)	(14,635)	15,477
Amounts reclassified from accumulated other comprehensive (loss) income relating to nonconsolidated subsidiaries	(2,311)	0	14,402
Other comprehensive (loss) income of nonconsolidated subsidiaries	(938)	1,155	1,425
Reduction in unrealized net gain on available-for-sale securities	0	0	(20,951)
Comprehensive income	3,283,130	409,123	274,481
Less comprehensive (income) loss attributable to noncontrolling interests in consolidated subsidiaries	(183,090)	28,187	(37,356)
Comprehensive income attributable to Vornado	3,100,040	437,310	237,125
Vornado Realty L.P.
Net income	3,334,262	422,603	264,128
Other comprehensive (loss) income:
(Reduction) increase in value of interest rate swaps and other	(47,883)	(14,635)	15,477
Amounts reclassified from accumulated other comprehensive (loss) income relating to nonconsolidated subsidiaries	(2,311)	0	14,402
Other comprehensive (loss) income of nonconsolidated subsidiaries	(938)	1,155	1,425
Reduction in unrealized net gain on available-for-sale securities	0	0	(20,951)
Comprehensive income	3,283,130	409,123	274,481
Less comprehensive (income) loss attributable to noncontrolling interests in consolidated subsidiaries	24,547	53,023	(25,802)
Comprehensive income attributable to Vornado	$ 3,307,677	$ 462,146	$ 248,679

Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Thousands	Total	JBG SMITH Properties	Real estate fund investments	Other	Preferred Shares / Units	Common Shares	Additional Capital	Earnings Less Than Distributions	Earnings Less Than Distributions JBG SMITH Properties	Accumulated Other Comprehensive Income (Loss)	Non- controlling Interests in Consolidated Subsidiaries	Non- controlling Interests in Consolidated Subsidiaries JBG SMITH Properties	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. JBG SMITH Properties	Vornado Realty L.P. Real estate fund investments	Vornado Realty L.P. Other	Vornado Realty L.P. Preferred Shares / Units	Vornado Realty L.P. Class A Units Owned by Vornado	Vornado Realty L.P. Earnings Less Than Distributions	Vornado Realty L.P. Earnings Less Than Distributions JBG SMITH Properties	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	Series G & I Preferred Stock	Series G & I Preferred Stock Preferred Shares / Units	Series G & I Preferred Stock Earnings Less Than Distributions	Series G & I Preferred Stock Vornado Realty L.P.	Series G & I Preferred Stock Vornado Realty L.P. Preferred Shares / Units	Series G & I Preferred Stock Vornado Realty L.P. Earnings Less Than Distributions	Series M	Series M Preferred Shares / Units	Series M Vornado Realty L.P.	Series M Vornado Realty L.P. Preferred Shares / Units
Beginning balance, shares at Dec. 31, 2016					42,825	189,101													42,825	189,101
Beginning balance, value at Dec. 31, 2016	$ 7,618,496				$ 1,038,055	$ 7,542	$ 7,153,332	$ (1,419,382)		$ 118,972	$ 719,977				$ 7,618,496				$ 1,038,055	$ 7,160,874	$ (1,419,382)		$ 118,972	$ 719,977
Increase (Decrease) in Stockholders' Equity [Roll Forward]
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 income (loss) attributable to noncontrolling interests in consolidated subsidiaries	25,802		$ 14,044								25,802				25,802									25,802
Distributions to Vornado															(496,490)						(496,490)
Dividends on common shares	(496,490)							(496,490)
Dividends on preferred shares / Distributions to preferred unitholders (see Note 12 for dividends per share amounts)	(65,399)							(65,399)							(65,399)						(65,399)
Series M cumulative redeemable preferred units issuance costs, shares																																		12,780		12,780
Series M cumulative redeemable preferred units issuance																																	$ 309,609	$ 309,609	$ 309,609	$ 309,609
Series G and Series I cumulative redeemable preferred units called for redemption, shares																												(18,800)			(18,800)
Series G and Series I cumulative redeemable preferred units called for redemption																											$ (455,514)	$ (455,514)		$ (455,514)	$ (455,514)
Common shares issued:
Upon redemption of redeemable Class A units, at redemption value, shares						403														403
Upon redemption of redeemable Class A units, at redemption 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	28,253					$ 18	28,235								28,253					$ 28,253
Under Vornado's dividend reinvestment plan, shares						17														17
Under Vornado's dividend reinvestment plan	1,459					$ 1	1,458								1,459					$ 1,459
Contributions:
Contributions:	1,044										1,044				1,044									1,044
Distributions:
Distributions		$ (2,428,345)	(73,850)	$ (2,618)					$ (2,428,345)			$ 0	$ (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, shares					(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												$ (162)	$ 162
Deferred compensation shares / units and options, Shares																				0
Deferred compensation shares / units and options, Value	1,828						2,246	(418)							1,828					$ 2,246	(418)
Reduction in unrealized net gain on available-for-sale securities	(20,951)									(20,951)					(20,951)								(20,951)
Amounts reclassified related to a nonconsolidated subsidiary	14,402									14,402					14,402								14,402
Other comprehensive (loss) income of nonconsolidated subsidiaries	1,425									1,425					1,425								1,425
(Reduction) increase in value of interest rate swaps and other	15,477									15,477					15,477								15,477
Adjustments to carry redeemable Class A units at redemption value	268,494						268,494								268,494					$ 268,494			0
Redeemable noncontrolling interests / partnership units' share of above adjustments	(642)									(642)					(642)								(642)
Other, shares						4														4
Other, value	(942)					$ 0		(635)		(1)	(306)				(942)					$ 0	(635)		(1)	(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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting change	14,519							122,893		(108,374)					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 income (loss) attributable to noncontrolling interests in consolidated subsidiaries	(53,023)		(61,230)								(53,023)				(53,023)									(53,023)
Distributions to Vornado															(479,348)						(479,348)
Dividends on common shares	(479,348)							(479,348)
Dividends on preferred shares / Distributions to preferred unitholders (see Note 12 for dividends per share amounts)	(50,636)							(50,636)							(50,636)						(50,636)
Series G and Series I cumulative redeemable preferred shares issuance costs (shares)																												0			0
Series G and Series I cumulative redeemable preferred shares issuance costs																											$ (15,149)	$ (663)	$ (14,486)	$ (15,149)	$ (663)	$ (14,486)
Common shares issued:
Upon redemption of redeemable Class A units, at redemption value, shares						244														244
Upon redemption of redeemable Class A units, at redemption 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	(6,266)					$ 12	5,907	(12,185)							(6,266)					$ 5,919	(12,185)
Under Vornado's dividend reinvestment plan, shares						20														20
Under Vornado's dividend reinvestment plan	1,390					$ 1	1,389								1,390					$ 1,390
Contributions:
Contributions:			46,942	15,715									46,942	15,715			46,942	15,715							46,942	15,715
Distributions:
Distributions			(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, shares					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 in unrealized net gain on available-for-sale securities	0														0
Amounts reclassified related to a nonconsolidated subsidiary	0														0
Other comprehensive (loss) income of nonconsolidated subsidiaries	1,155									1,155					1,155								1,155
(Reduction) increase in value of interest rate swaps and other	(14,634)									(14,634)					(14,634)								(14,634)
Unearned 2015/2016 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
Redeemable noncontrolling interests / partnership units' share of above adjustments	836									836					836								836
Consolidation of the Farley joint venture	8,720										8,720				8,720									8,720
Other, value	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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Vornado / Vornado Realty L.P.	3,147,937							3,147,937							3,358,809						3,358,809
Net income attributable to redeemable partnership units	(210,872)														(210,872)						(210,872)
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries	(24,547)		(55,274)								(24,547)				(24,547)									(24,547)
Special dividend ($1.95 per share)	(372,380)							(372,380)							(372,380)						(372,380)
Distributions to Vornado															(503,785)						(503,785)
Dividends on common shares	(503,785)							(503,785)
Dividends on preferred shares / Distributions to preferred unitholders (see Note 12 for dividends per share amounts)	(50,131)							(50,131)							(50,131)						(50,131)
Common shares issued:
Upon redemption of redeemable Class A units, at redemption value, shares						171														171
Upon redemption of redeemable Class A units, at redemption value	11,250					$ 7	11,243								11,250					$ 11,250
Under Vornado's employees' share option plan, shares						245														245
Under Vornado's employees' share option plan	(3,098)					$ 10	5,479	(8,587)							(3,098)					$ 5,489	(8,587)
Under Vornado's dividend reinvestment plan, shares						22														22
Under Vornado's dividend reinvestment plan	1,414					$ 1	1,413								1,414					$ 1,414
Contributions:
Contributions:			$ 9,023	$ 8,848									$ 9,023	$ 8,848			$ 9,023	$ 8,848							$ 9,023	$ 8,848
Distributions:
Distributions	(45,587)										(45,587)				(45,587)									(45,587)
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, shares					(2)	6													(2)	6
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, value	0				$ (80)	$ 0	80								0				$ (80)	$ 80
Deferred compensation shares / units and options, Shares						7														7
Deferred compensation shares / units and options, Value	990					$ 0	1,095	(105)							990					$ 1,095	(105)
Reduction in unrealized net gain on available-for-sale securities	0														0
Amounts reclassified related to a nonconsolidated subsidiary	(2,311)									(2,311)					(2,311)								(2,311)
Other comprehensive (loss) income of nonconsolidated subsidiaries	(938)									(938)					(938)								(938)
(Reduction) increase in value of interest rate swaps and other	(47,885)									(47,885)					(47,885)								(47,885)
Unearned 2015/2016 Out-Performance Plan awards acceleration	11,720						11,720								11,720					11,720
Adjustments to carry redeemable Class A units at redemption value	70,810						70,810								70,810					$ 70,810
Redeemable noncontrolling interests / partnership units' share of above adjustments	3,235									3,235					3,235								3,235
Deconsolidation of partially owned entity	(11,441)										(11,441)				(11,441)									(11,441)
Other, shares					(2)														(2)
Other, value	(29)				$ 0			(31)		2					(29)				$ 0		(31)		2
Ending balance, shares at Dec. 31, 2019					36,796	190,986													36,796	190,986
Ending balance, value at Dec. 31, 2019	$ 7,310,978				$ 891,214	$ 7,618	$ 7,827,697	$ (1,954,266)		$ (40,233)	$ 578,948				$ 7,310,978				$ 891,214	$ 7,835,315	$ (1,954,266)		$ (40,233)	$ 578,948

Consolidated Statements of Changes in Equity - Parenthetical - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Common shares/units, dividends (in dollars per share)	$ 1.95	$ 2.52	$ 2.62
Vornado Realty L.P.
Common shares/units, dividends (in dollars per share)	$ 1.95	$ 2.52	$ 2.62

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash Flows from Operating Activities:
Net income	$ 3,334,262	$ 422,603	$ 264,128
Adjustments to reconcile net income to net cash provided by operating activities:
Net gain on transfer to Fifth Avenue and Times Square JV	(2,571,099)	0	0
Net gains on disposition of wholly owned and partially owned assets	(845,499)	(246,031)	(501)
Depreciation and amortization (including amortization of deferred financing costs)	438,933	472,785	529,826
Distributions of income from partially owned entities	116,826	78,831	82,095
Net realized and unrealized loss on real estate fund investments	106,109	84,706	15,267
Equity in net income of partially owned entities	(78,865)	(9,149)	(15,635)
Non-cash impairment loss on 608 Fifth Avenue right-of-use asset	75,220	0	0
Stock-based compensation expense	53,908	31,722	32,829
Real estate impairment losses and related write-offs	26,705	12,000	0
Prepayment penalty on redemption of senior unsecured notes due 2022	22,058	0	0
Amortization of below-market leases, net	(19,830)	(38,573)	(46,790)
Straight-lining of rents	9,679	(7,605)	(45,792)
Decrease in fair value of marketable securities	5,533	26,453	0
Purchase price fair value adjustment	0	(44,060)	0
Return of capital from real estate fund investments	0	20,290	91,606
Change in valuation of deferred tax assets and liabilities	0	12,835	34,800
Net gains on real estate and other	0	0	(3,489)
Other non-cash adjustments	13,765	7,499	23,651
Changes in operating assets and liabilities:
Real estate fund investments	(10,000)	(68,950)	0
Tenant and other receivables, net	(25,988)	(14,532)	1,183
Prepaid assets	7,558	151,533	(12,292)
Other assets	(4,302)	(84,222)	(79,199)
Accounts payable and accrued expenses	5,940	5,869	3,760
Other liabilities	1,626	(11,363)	(15,305)
Net cash provided by operating activities	662,539	802,641	860,142
Cash Flows from Investing Activities:
Proceeds from sale of condominium units at 220 Central Park South	1,605,356	214,776	0
Proceeds from transfer of interest in Fifth Avenue and Times Square JV (net of $35,562 of transaction costs and $10,899 of deconsolidated cash and restricted cash)	1,248,743	0	0
Development costs and construction in progress	(649,056)	(418,186)	(355,852)
Proceeds from redemption of 640 Fifth Avenue preferred equity	500,000	0	0
Moynihan Train Hall expenditures	(438,935)	(74,609)	0
Proceeds from sale of real estate and related investments	324,201	219,731	9,543
Additions to real estate	(233,666)	(234,602)	(271,308)
Proceeds from sales of marketable securities	168,314	4,101	0
Acquisitions of real estate and other	(69,699)	(574,812)	(30,607)
Distributions of capital from partially owned entities	24,880	100,178	366,155
Investments in partially owned entities	(18,257)	(37,131)	(40,537)
Proceeds from repayments of loans receivable	1,395	25,757	659
Investments in loans receivable	0	(105,000)	0
Net consolidation of Farley Office and Retail Building	0	2,075	0
Proceeds from the repayment of JBG SMITH Properties loan receivable	0	0	115,630
Net cash provided by (used in) investing activities	2,463,276	(877,722)	(206,317)
Cash Flows from Financing Activities:
Repayments of borrowings	(2,718,987)	(685,265)	(631,681)
Proceeds from borrowings	1,108,156	526,766	1,055,872
Dividends paid on common shares / Distributions to Vornado	(503,785)	(479,348)	(496,490)
Moynihan Train Hall reimbursement from Empire State Development	438,935	74,609	0
Purchase of marketable securities in connection with defeasance of mortgage payable	(407,126)	0	0
Distribution to noncontrolling interests / redeemable security holders and noncontrolling interests in consolidated subsidiaries	(80,194)	(76,149)	(109,697)
Dividends paid on preferred shares / Distributions to preferred unitholders	(50,131)	(55,115)	(64,516)
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries	17,871	61,062	1,044
Prepayment penalty on redemption of senior unsecured notes due 2022	(22,058)	0	0
Debt issuance costs	(15,588)	(12,908)	(12,325)
Repurchase of shares (Class A units) related to stock compensation agreements and related tax withholdings and other	(8,692)	(12,969)	(418)
Proceeds received from exercise of employee share options (Vornado stock options) and other	6,903	7,309	29,712
Redemption of preferred shares / units	(893)	(470,000)	0
Debt prepayment and extinguishment costs	0	(818)	(3,217)
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	0	(416,237)
Proceeds from issuance of preferred shares / units	0	0	309,609
Net cash used in financing activities	(2,235,589)	(1,122,826)	(338,344)
Net increase (decrease) in cash and cash equivalents and restricted cash	890,226	(1,197,907)	315,481
Cash and cash equivalents and restricted cash at beginning of period	716,905	1,914,812	1,599,331
Cash and cash equivalents and restricted cash at end of period	1,607,131	716,905	1,914,812
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	570,916	1,817,655	1,501,027
Restricted cash at beginning of period	145,989	97,157	95,032
Restricted cash included in discontinued operations at beginning of period	0	0	3,272
Cash and cash equivalents and restricted cash at beginning of period	716,905	1,914,812	1,599,331
Restricted cash at end of period	92,119	145,989	97,157
Cash and cash equivalents and restricted cash at end of period	1,607,131	716,905	1,914,812
Cash and cash equivalents at end of period	1,515,012	570,916	1,817,655
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest, excluding capitalized interest of $67,980, $67,402 and $43,071	283,613	311,835	338,983
Cash payments for income taxes	59,834	62,225	6,727
Non-Cash Investing and Financing Activities:
Preferred equity	2,327,750	0	0
Common equity	1,449,495	0	0
Reclassification of condominium units from development costs and construction in progress to 220 Central Park South condominium units ready for sale	1,311,468	233,179	0
Lease liabilities arising from the recognition of right-of-use assets	526,866	0	0
Marketable securities transferred in connection with the defeasance of mortgage payable	(407,126)	0	0
Special dividend/distribution declared and payable on January 15, 2020	398,292	0	0
Defeased mortgage payable	390,000	0	0
Write-off of fully depreciated assets	(122,813)	(86,064)	(58,810)
Accrued capital expenditures included in accounts payable and accrued expenses	109,975	88,115	102,976
Adjustments to carry redeemable Class A units at redemption value	70,810	198,064	268,494
Recognition of negative basis related to the sale of our investment in 330 Madison Avenue	60,052	0	0
Amounts related to our investment in Pennsylvania Real Estate Investment Trust reclassified from investments in partially owned entities and accumulated other comprehensive (loss) income to marketable securities upon conversion of operating partnership units to common shares	54,962	0	0
Non-cash distribution to JBG SMITH Properties:
Reclassification of Series G and Series I cumulative redeemable preferred shares to liabilities upon call for redemption	0	0	455,514
Loan receivable established upon the spin-off of JBG SMITH Properties	0	0	115,630
Reduction in unrealized net gain on available-for-sale securities	0	0	(20,951)
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 distribution to JBG SMITH Properties:
Assets	0	0	3,432,738
Liabilities	0	0	(1,414,186)
Equity	0	0	(2,018,552)
Vornado Realty L.P.
Cash Flows from Operating Activities:
Net income	3,334,262	422,603	264,128
Adjustments to reconcile net income to net cash provided by operating activities:
Net gain on transfer to Fifth Avenue and Times Square JV	(2,571,099)	0	0
Net gains on disposition of wholly owned and partially owned assets	(845,499)	(246,031)	(501)
Depreciation and amortization (including amortization of deferred financing costs)	438,933	472,785	529,826
Distributions of income from partially owned entities	116,826	78,831	82,095
Net realized and unrealized loss on real estate fund investments	106,109	84,706	15,267
Equity in net income of partially owned entities	(78,865)	(9,149)	(15,635)
Non-cash impairment loss on 608 Fifth Avenue right-of-use asset	75,220	0	0
Stock-based compensation expense	53,908	31,722	32,829
Real estate impairment losses and related write-offs	26,705	12,000	0
Prepayment penalty on redemption of senior unsecured notes due 2022	22,058	0	0
Amortization of below-market leases, net	(19,830)	(38,573)	(46,790)
Straight-lining of rents	9,679	(7,605)	(45,792)
Decrease in fair value of marketable securities	5,533	26,453	0
Purchase price fair value adjustment	0	(44,060)	0
Return of capital from real estate fund investments	0	20,290	91,606
Change in valuation of deferred tax assets and liabilities	0	12,835	34,800
Net gains on real estate and other	0	0	(3,489)
Other non-cash adjustments	13,765	7,499	23,651
Changes in operating assets and liabilities:
Real estate fund investments	(10,000)	(68,950)	0
Tenant and other receivables, net	(25,988)	(14,532)	1,183
Prepaid assets	7,558	151,533	(12,292)
Other assets	(4,302)	(84,222)	(79,199)
Accounts payable and accrued expenses	5,940	5,869	3,760
Other liabilities	1,626	(11,363)	(15,305)
Net cash provided by operating activities	662,539	802,641	860,142
Cash Flows from Investing Activities:
Proceeds from sale of condominium units at 220 Central Park South	1,605,356	214,776	0
Proceeds from transfer of interest in Fifth Avenue and Times Square JV (net of $35,562 of transaction costs and $10,899 of deconsolidated cash and restricted cash)	1,248,743	0	0
Development costs and construction in progress	(649,056)	(418,186)	(355,852)
Proceeds from redemption of 640 Fifth Avenue preferred equity	500,000	0	0
Moynihan Train Hall expenditures	(438,935)	(74,609)	0
Proceeds from sale of real estate and related investments	324,201	219,731	9,543
Additions to real estate	(233,666)	(234,602)	(271,308)
Proceeds from sales of marketable securities	168,314	4,101	0
Acquisitions of real estate and other	(69,699)	(574,812)	(30,607)
Distributions of capital from partially owned entities	24,880	100,178	366,155
Investments in partially owned entities	(18,257)	(37,131)	(40,537)
Proceeds from repayments of loans receivable	1,395	25,757	659
Investments in loans receivable	0	(105,000)	0
Net consolidation of Farley Office and Retail Building	0	2,075	0
Proceeds from the repayment of JBG SMITH Properties loan receivable	0	0	115,630
Net cash provided by (used in) investing activities	2,463,276	(877,722)	(206,317)
Cash Flows from Financing Activities:
Repayments of borrowings	(2,718,987)	(685,265)	(631,681)
Proceeds from borrowings	1,108,156	526,766	1,055,872
Dividends paid on common shares / Distributions to Vornado	(503,785)	(479,348)	(496,490)
Moynihan Train Hall reimbursement from Empire State Development	438,935	74,609	0
Purchase of marketable securities in connection with defeasance of mortgage payable	(407,126)	0	0
Distribution to noncontrolling interests / redeemable security holders and noncontrolling interests in consolidated subsidiaries	(80,194)	(76,149)	(109,697)
Dividends paid on preferred shares / Distributions to preferred unitholders	(50,131)	(55,115)	(64,516)
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries	17,871	61,062	1,044
Prepayment penalty on redemption of senior unsecured notes due 2022	(22,058)	0	0
Debt issuance costs	(15,588)	(12,908)	(12,325)
Repurchase of shares (Class A units) related to stock compensation agreements and related tax withholdings and other	(8,692)	(12,969)	(418)
Proceeds received from exercise of employee share options (Vornado stock options) and other	6,903	7,309	29,712
Redemption of preferred shares / units	(893)	(470,000)	0
Debt prepayment and extinguishment costs	0	(818)	(3,217)
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	0	(416,237)
Proceeds from issuance of preferred shares / units	0	0	309,609
Net cash used in financing activities	(2,235,589)	(1,122,826)	(338,344)
Net increase (decrease) in cash and cash equivalents and restricted cash	890,226	(1,197,907)	315,481
Cash and cash equivalents and restricted cash at beginning of period	716,905	1,914,812	1,599,331
Cash and cash equivalents and restricted cash at end of period	1,607,131	716,905	1,914,812
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	570,916	1,817,655	1,501,027
Restricted cash at beginning of period	145,989	97,157	95,032
Restricted cash included in discontinued operations at beginning of period	0	0	3,272
Cash and cash equivalents and restricted cash at beginning of period	716,905	1,914,812	1,599,331
Restricted cash at end of period	92,119	145,989	97,157
Cash and cash equivalents and restricted cash at end of period	1,607,131	716,905	1,914,812
Cash and cash equivalents at end of period	1,515,012	570,916	1,817,655
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest, excluding capitalized interest of $67,980, $67,402 and $43,071	283,613	311,835	338,983
Cash payments for income taxes	59,834	62,225	6,727
Non-Cash Investing and Financing Activities:
Preferred equity	2,327,750	0	0
Common equity	1,449,495	0	0
Reclassification of condominium units from development costs and construction in progress to 220 Central Park South condominium units ready for sale	1,311,468	233,179	0
Lease liabilities arising from the recognition of right-of-use assets	526,866	0	0
Marketable securities transferred in connection with the defeasance of mortgage payable	(407,126)	0	0
Special dividend/distribution declared and payable on January 15, 2020	398,292	0	0
Defeased mortgage payable	390,000	0	0
Write-off of fully depreciated assets	(122,813)	(86,064)	(58,810)
Accrued capital expenditures included in accounts payable and accrued expenses	109,975	88,115	102,976
Adjustments to carry redeemable Class A units at redemption value	70,810	198,064	268,494
Recognition of negative basis related to the sale of our investment in 330 Madison Avenue	60,052	0	0
Amounts related to our investment in Pennsylvania Real Estate Investment Trust reclassified from investments in partially owned entities and accumulated other comprehensive (loss) income to marketable securities upon conversion of operating partnership units to common shares	54,962	0	0
Non-cash distribution to JBG SMITH Properties:
Reclassification of Series G and Series I cumulative redeemable preferred shares to liabilities upon call for redemption	0	0	455,514
Loan receivable established upon the spin-off of JBG SMITH Properties	0	0	115,630
Reduction in unrealized net gain on available-for-sale securities	0	0	(20,951)
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 distribution to JBG SMITH Properties:
Assets	0	0	3,432,738
Liabilities	0	0	(1,414,186)
Equity	0	0	(2,018,552)
Farley Post Office Joint Venture
Increase in assets and liabilities resulting from the consolidation of Moynihan Train Hall
Real estate, net	0	401,708	0
Mortgage payable, net	0	249,459	0
Farley Post Office Joint Venture \| Vornado Realty L.P.
Increase in assets and liabilities resulting from the consolidation of Moynihan Train Hall
Real estate, net	0	401,708	0
Mortgage payable, net	0	249,459	0
Moynihan Train Hall
Increase in assets and liabilities resulting from the consolidation of Moynihan Train Hall
Real estate, net	0	346,926	0
Moynihan Train Hall obligation	0	346,926	0
Moynihan Train Hall \| Vornado Realty L.P.
Increase in assets and liabilities resulting from the consolidation of Moynihan Train Hall
Real estate, net	0	346,926	0
Moynihan Train Hall obligation	$ 0	$ 346,926	$ 0

Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Capitalized interest	$ 67,980	$ 67,402	$ 43,071
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	0	(416,237)
Transaction related costs	4,613	6,217	1,776
Vornado Realty L.P.
Capitalized interest	67,980	67,402	43,071
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	$ 0	(416,237)
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)
Fifth Avenue and Times Square JV
Deconsolidated restricted cash	10,899
Transaction related costs	35,562
Fifth Avenue and Times Square JV \| Vornado Realty L.P.
Deconsolidated restricted cash	10,899
Transaction related costs	$ 35,562

Organization and Business

12 Months Ended

Dec. 31, 2019

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 are dependent upon the cash flow of the Operating Partnership and the ability of its direct and indirect subsidiaries to first satisfy their obligations to creditors. Vornado is the sole general partner of, and owned approximately 93.1% of the common limited partnership interest in the Operating Partnership as of December 31, 2019. All references to the “Company,” “we,” “us” and “our” mean collectively Vornado, the Operating Partnership and those subsidiaries consolidated by Vornado.

We currently own all or portions of:

New York:


•	19.1 million square feet of Manhattan office in 35 properties;


•	2.3 million square feet of Manhattan street retail in 70 properties;


•	1,991 units in 10 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 Investments:


•	The 3.7 million square foot theMART in Chicago;


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


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

•

Other real estate and investments.

Basis of Presentation and Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

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, 2018 and 2017, "property rentals" of $1,760,205,000 and $1,714,952,000, respectively, and "tenant expense reimbursements" of $247,128,000 and $233,424,000 , respectively, were grouped into "rental revenues" on our consolidated statements of income in accordance with Accounting Standards Codification ("ASC") Topic 205, Presentation of Financial Statements.

Recently Issued Accounting Literature

In February 2016, the Financial Accounting Standards Board ("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 ("ROU") asset and a lease liability for all leases with a term of greater than 12 months. Lease liabilities equal the present value of future lease payments. Right-of-use assets equal the lease liabilities adjusted for accrued rent expense, initial direct costs, lease incentives and prepaid lease payments. Leases with a term of 12 months or less will be accounted for similar to the previously existing lease guidance under ASC Topic 840, Leases ("ASC 840"). Lease expense is recognized 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 ASC 840. We adopted this standard effective January 1, 2019. In transitioning to ASC 842, we elected to use the practical expedient package available to us and did not elect to use hindsight. As of January 1, 2019, we had 12 ground leases classified as operating leases, for which we were required to record a right-of-use asset and a lease liability equal to the present value of the future lease payments. We will continue to recognize expense on a straight-line basis for these leases. We recorded an aggregate of $526,866,000 of ROU assets and a corresponding $526,866,000 of lease liabilities as a result of the adoption of this standard (see Note 20 - Leases).


2.	Basis of Presentation and Significant Accounting Policies - continued

Recently Issued Accounting Literature - continued

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, beginning January 1, 2019, we no longer capitalize internal leasing costs and instead expense these costs as incurred, as a component of "general and administrative" expense on our consolidated statements of income. For the years ended December 31, 2018 and 2017, we capitalized $5,538,000 and $5,243,000, respectively, of internal leasing costs.

In June 2016, the FASB issued an update (“ASU 2016-13”) Measurement of Credit Losses on Financial Instruments establishing ASC Topic 326, Financial Instruments - Credit Losses, as amended by subsequent ASUs on the topic. ASU 2016-13 changes how entities will account for credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance replaces the current “incurred loss” model with an “expected loss” model that requires consideration of a broader range of information to estimate expected credit losses over the lifetime of the financial asset. ASU 2016-13 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2019. We are currently evaluating the impact of the adoption of ASU 2016-13 on our consolidated financial statements, but do not believe the adoption of this standard will have a material impact on our consolidated financial statements.

In August 2018, the FASB issued an update (“ASU 2018-13”) Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement to ASC Topic 820, Fair Value Measurement (“ASC 820”). ASU 2018-13 modifies the disclosure requirements for fair value measurements by removing, modifying, and/or adding certain disclosures. ASU 2018-13 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2019. We elected to early adopt ASU 2018-13 effective January 1, 2019. The adoption of this update did not have a material impact 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 Topic 815, Derivatives and Hedging. 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. We adopted this update effective January 1, 2019. The adoption of this update did not have any impact on our consolidated financial statements.


2.	Basis of Presentation and Significant Accounting Policies - continued

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 $72,200,000 and $73,166,000 for the years ended December 31, 2019 and 2018, 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 right-of-use assets and intangible assets, are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis. An impairment loss is measured based on the excess of the property’s carrying amount over its estimated fair value. Impairment analyses are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. If our estimates of the projected future cash flows, 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 estimates and assumptions regarding future occupancy, rental rates, capital requirements, capitalization rates and discount rates 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 $107,221,000 and $12,000,000 for the years ended December 31, 2019 and 2018, respectively. There were no impairment losses in the year ended December 31, 2017.

Our 95.0% joint venture (the remaining 5.0% is owned by the Related Companies ("Related")) which is developing the Farley Office and Retail Building has entered into a development agreement with Empire State Development (“ESD”), an entity of New York State, 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 842-40-55, 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, 2019 and 2018 of $914,960,000 and $445,693,000, respectively, 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.

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


2.	Basis of Presentation and Significant Accounting Policies - continued

Significant Accounting Policies - continued

Partially Owned Entities - continued: 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 value and we conclude such decline is other-than-temporary. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment analyses are based on current plans, intended holding periods and available information at the time the analyses are prepared. In the year ended December 31, 2017, we recognized non-cash impairment losses on investments in partially owned entities aggregating $44,465,000. There were no non-cash impairment losses on investments in partially owned entities in the years ended December 31, 2019 and 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 and is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. As of December 31, 2019 and 2018, none of the 220 CPS condominium units ready for sale had a carrying value that exceeded fair value.

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

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

Deferred Charges: Direct financing costs are deferred and amortized over the terms of the related agreements as a component of interest expense. Direct 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.

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, 2019, were characterized, for federal income tax purposes, as 62.1% ordinary income and 37.9% long-term capital gain. 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.

On December 18, 2019, Vornado's Board of Trustees declared a special dividend of $1.95 per share which was paid on January 15, 2020 to common shareholders of record on December 30, 2019 (the "Record Date"). Class A unitholders of the Operating Partnership as of the Record Date received the same distribution amount per unit on January 15, 2020. Approximately $1.74 per share of the special dividend was a long-term capital gain. The dividend was the result of gains from the transfer of a 45.4% common equity interest in the Fifth Avenue and Times Square JV(see Note 6 - Investments in Partially Owned Entities), the sale of our 25% interest in 330 Madison Avenue (see Note 6 - Investments in Partially Owned Entities) and other previously disclosed asset sales, partially offset by a tax deduction resulting from our former investment in Toys "R" Us (see Note 6 - Investments in Partially Owned Entities).

We have elected to treat certain consolidated subsidiaries, and may in the future elect to treat newly formed subsidiaries, as taxable REIT subsidiaries pursuant to an amendment to the Internal Revenue Code that became effective January 1, 2001. Taxable REIT subsidiaries may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to Federal and State income tax at regular corporate tax rates. Our 220 Central Park South condominium project is held through a taxable REIT subsidiary.


2.	Basis of Presentation and Significant Accounting Policies - continued

Significant Accounting Policies - continued

At December 31, 2019 and 2018, our taxable REIT subsidiaries had deferred tax assets, net of valuation allowances, of $57,226,000 and $109,949,000, respectively, and are included in “other assets” on our consolidated balance sheets. At December 31, 2019 and 2018, our taxable REIT subsidiaries had deferred tax liabilities of $29,444,000 and $28,676,000, respectively, which are included in "other liabilities" on our consolidated balance sheets. The deferred tax assets and liabilities relate to net operating loss carry forwards and temporary differences between the book and tax basis of asset and liabilities. During 2019, we utilized $10,257,000 of deferred tax assets related to net operating loss carry forwards associated with our 220 CPS project.

For the years ended December 31, 2019, 2018 and 2017, we recognized $103,439,000, $37,633,000 and $42,375,000 of income tax expense, respectively, based on effective tax rates of approximately 3.0%, 8.2% and 13.3%, 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, 2019 included $101,828,000 of income tax expense recognized on the sale of 220 CPS condominium units. 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 CPS units. The Company has no uncertain tax positions recognized as of December 31, 2019 and 2018.

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, 2019, 2018 and 2017.



(Amounts in thousands)	For the Year Ended December 31,
	2019			2018			2017
Net income attributable to Vornado common shareholders	$	3,097,806		$	384,832		$	162,017
Book to tax differences (unaudited):
Sale of real estate and other capital transactions	(2,575,435		)	31,527			11,991
Depreciation and amortization	200,913			234,325			213,083
Earnings of partially owned entities	150,550			15,711			(3,054		)
Impairment losses	95,371			11,260			49,062
Tangible property regulations	(57,078		)	(86,040		)	—
Vornado stock options	(16,597		)	(22,992		)	(6,383		)
Straight-line rent adjustments	9,057			(7,133		)	(36,696		)
Tax expense related to the reduction of our taxable REIT subsidiaries' deferred tax assets	—			—			32,663
Other, net	12,575			18,956			25,057
Estimated taxable income (unaudited)	$	917,162		$	580,446		$	447,740

The net basis of Vornado’s assets and liabilities for tax reporting purposes is approximately $4.0 billion lower than the amounts reported in Vornado’s consolidated balance sheet at December 31, 2019.

Revenue Recognition

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Our revenues primarily consist of rental revenues 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:


•	Rental revenues include revenues from the leasing of space at our properties to tenants, lease termination income, revenues from the Hotel Pennsylvania, trade shows and tenant services.

◦

Revenues from the leasing of space at our properties to tenants includes (i) lease components, including fixed and variable lease payments, and nonlease components which include reimbursement of common area maintenance expenses, and (ii) reimbursement of real estate taxes and insurance expenses. As lessor, we have elected to combine the lease and nonlease components of our operating lease agreements and account for the components as a single lease component in accordance with ASC 842. Lease revenues and reimbursement of common area maintenance, real estate taxes and insurance are presented in the following tables as "property rentals." Revenues derived from fixed lease payments are recognized on a straight-line basis over the non-cancelable period of the lease, together with renewal options that are reasonably certain of being exercised. We commence rental revenue recognition when the underlying asset is available for use by the lessee. Revenue derived from the reimbursement of real estate taxes, insurance expenses and common area maintenance expenses are generally recognized in the same period as the related expenses are incurred.


◦	Lease termination income is recognized immediately if a tenant vacates or is recognized on a straight-line basis over the shortened remaining lease term in accordance with ASC 842.


◦	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 the rooms are made available for the guest, in accordance with ASC 842.


◦	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 when the trade show booths are made available for use by the exhibitors, in accordance with ASC 842.


◦	Tenant services revenue arises 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 in accordance with ASC Topic 606, Revenue from Contracts with Customers ("ASC 606").


•	Fee and other income includes management, leasing and other revenue arising from contractual agreements with third parties or with partially owned entities and includes Building Maintenance Services LLC (“BMS”) cleaning, engineering and security services. This revenue is recognized as the services are transferred in accordance with ASC 606.

Below is a summary of our revenues by segment. Additional financial information related to these reportable segments for the years ended December 31, 2019, 2018 and 2017 is set forth in Note 25 - Segment Information.



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

____________________

See note on the following page.


3.	Revenue Recognition - continued



(Amounts in thousands)	For the Year Ended December 31, 2018
	Total		New York		Other
Property rentals	$	1,816,329	$	1,548,226	$	268,103
Hotel Pennsylvania	94,399		94,399		—
Trade shows	42,684		—		42,684
Lease revenues	1,953,412		1,642,625		310,787
Tenant services	53,921		41,351		12,570
Rental revenues	2,007,333		1,683,976		323,357
BMS cleaning fees	120,357		129,088		(8,731		)	⁽¹⁾
Management and leasing fees	13,324		12,203		1,121
Other income	22,706		10,769		11,937
Fee and other income	156,387		152,060		4,327
Total revenues	$	2,163,720	$	1,836,036	$	327,684

____________________


(1)	See note below.



(Amounts in thousands)	For the Year Ended December 31, 2017
	Total		New York		Other
Property rentals	$	1,762,824	$	1,512,617	$	250,207
Hotel Pennsylvania	89,302		89,302		—
Trade shows	42,207		—		42,207
Lease revenues	1,894,333		1,601,919		292,414
Tenant services	54,043		42,273		11,770
Rental revenues	1,948,376		1,644,192		304,184
BMS cleaning fees	104,143		110,986		(6,843		)	⁽¹⁾
Management and leasing fees	10,087		8,599		1,488
Other income	21,520		15,530		5,990
Fee and other income	135,750		135,115		635
Total revenues	$	2,084,126	$	1,779,307	$	304,819

____________________

(1)

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

Real Estate Fund Investments

12 Months Ended

Dec. 31, 2019

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 November 6, 2019, the Fund completed a $145,075,000 refinancing of Lucida, a 155,000 square foot Manhattan retail and residential property. The three-year interest-only loan carries a rate of LIBOR plus 1.85% (3.54% as of December 31, 2019) with two one-year extension options. The loan replaces the previous $146,000,000 loan that bore interest at LIBOR plus 1.55% and was scheduled to mature in December 2019.

As of December 31, 2019, we had four real estate fund investments through the Fund and the Crowne Plaza Joint Venture with an aggregate fair value of $222,649,000, or $112,915,000 below cost, and had remaining unfunded commitments of $35,194,000, of which our share was $11,242,000. At December 31, 2018, the Fund had four real estate fund investments with an aggregate fair value of $318,758,000.

Below is a summary of (loss) income from the Fund and the Crowne Plaza Joint Venture for the years ended December 31, 2019, 2018 and 2017.



(Amounts in thousands)	For the Year Ended December 31,
	2019			2018				2017
Net investment income	$	2,027		$	6,105			$	18,507
Net unrealized loss on held investments	(106,109		)	(83,794		)		(25,807		)
Net realized (loss) gain on exited investments	—			(912		)		36,078
Previously recorded unrealized gain on exited investment	—			—				(25,538		)
New York City real property transfer tax (the "Transfer Tax")	—			(10,630		)	⁽¹⁾	—
(Loss) income from real estate fund investments	(104,082		)	(89,231		)		3,240
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries	55,274			61,230				(14,044		)
Loss from real estate fund investments net of controlling interests in consolidated subsidiaries⁽²⁾	$	(48,808	)	$	(28,001	)		$	(10,804	)

____________________

(1)

Due to the additional Transfer Tax related to the March 2011 acquisition of One Park Avenue which was recognized as a result of the New York City Tax Appeals Tribunal (the "Tax Tribunal") decision in the first quarter of 2018. We appealed the Tax Tribunal's decision to the New York State Supreme Court, Appellate Division, First Department ("Appellate Division"). Our appeal was heard on April 2, 2019. On April 25, 2019, the Appellate Division entered a unanimous decision and order that confirmed the decision of the Tax Tribunal and dismissed our appeal. On June 20, 2019, we filed a motion to reargue the Appellate Division's decision or for leave to appeal to the New York State Court of Appeals. That motion was denied on December 12, 2019 and can no longer be appealed.

(2)

2018 includes $4,252 of loss related to One Park Avenue additional transfer taxes and reduction in carried interest.

Marketable Securities

12 Months Ended

Dec. 31, 2019

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. Our marketable securities are accounted for in accordance with ASC Topic 321, Investments - Equity Securities ("ASC 321"), which requires changes in the fair value of our marketable securities to be recorded in current period earnings. Changes in the fair value are recorded to "interest and other investment income, net" on our consolidated statements of income (see Note 17 - Interest and Other Investment Income, Net).

Lexington Realty Trust ("Lexington") (NYSE: LXP)

On March 1, 2019, we sold all of our 18,468,969 common shares of Lexington, realizing net proceeds of $167,698,000. We recorded a $16,068,000 gain (mark-to-market increase), which is included in "interest and other investment income, net" on our consolidated statements of income for the year ended December 31, 2019.


5.	Marketable Securities - continued

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

On March 12, 2019 (the "Conversion Date"), we converted all of our 6,250,000 PREIT operating partnership units into common shares and began accounting for our investment as a marketable security in accordance with ASC 321. Prior to the Conversion Date, we accounted for our investment under the equity method. For the year ended December 31, 2019 we recorded a decrease of $21,649,000 in the value of our investment based on PREIT's year ended closing share price, which is included in "interest and other investment income, net" on our consolidated statements of income.

On January 23, 2020, we sold all of our 6,250,000 common shares of PREIT, realizing net proceeds of $28,375,000. A $4,938,000 loss (mark-to-market decrease) will be recorded in the first quarter of 2020.

The table below summarizes the changes of our marketable securities portfolio for the years ended December 31, 2019 and 2018.



(Amounts in thousands)
	Total			Lexington			PREIT			Other
Balance as of December 31, 2017	$	182,752		$	178,226		$	—		$	4,526
(Decrease) increase in fair value of marketable securities	(26,453		)	(26,596		)	—			143
Sale of marketable securities	(4,101		)	—			—			(4,101		)
Balance as of December 31, 2018	152,198			151,630			—			568
Sale of marketable securities	(168,314		)	(167,698		)	—			(616		)
Transfer of PREIT investment balance at Conversion Date	54,962			—			54,962			—
(Decrease) increase in fair value of marketable securities	(5,533		)	16,068			(21,649		)	48
Balance as of December 31, 2019	$	33,313		$	—		$	33,313		$	—

Investments in Partially Owned Entities

12 Months Ended

Dec. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

Investments in Partially Owned Entities

Fifth Avenue and Times Square JV

On April 18, 2019 (the “Closing Date”), we entered into a transaction agreement (the “Transaction Agreement”) with a group of institutional investors (the “Investors”). The Transaction Agreement provides for a series of transactions (collectively, the “Transaction”) pursuant to which (i) prior to the Closing Date, we contributed our interests in properties located at 640 Fifth Avenue, 655 Fifth Avenue, 666 Fifth Avenue, 689 Fifth Avenue, 697-703 Fifth Avenue, 1535 Broadway and 1540 Broadway (collectively, the “Properties”) to subsidiaries of a newly formed joint venture (“Fifth Avenue and Times Square JV”) and (ii) on the Closing Date, transferred a 48.5% common interest in Fifth Avenue and Times Square JV to the Investors. The 48.5% common interest in the joint venture represents an effective 47.2% interest in the Properties (of which 45.4% was transferred from Vornado). The Properties include approximately 489,000 square feet of retail space, 327,000 square feet of office space, signage associated with 1535 and 1540 Broadway, the parking garage at 1540 Broadway and the theater at 1535 Broadway.

We retained the remaining 51.5% common interest in Fifth Avenue and Times Square JV which represents an effective 51.0% interest in the Properties and an aggregate $1.828 billion of preferred equity interests in certain of the properties. We also provided $500,000,000 of temporary preferred equity on 640 Fifth Avenue until May 23, 2019 when mortgage financing was completed. All of the preferred equity has an annual coupon of 4.25% for the first five years, increasing to 4.75% for the next five years and thereafter at a formulaic rate. It can be redeemed under certain conditions on a tax deferred basis.

Net cash proceeds from the Transaction were $1.179 billion, after (i) deductions for the defeasance of a $390,000,000 mortgage loan on 666 Fifth Avenue and the repayment of a $140,000,000 mortgage loan on 655 Fifth Avenue, (ii) proceeds from a $500,000,000 mortgage loan on 640 Fifth Avenue, described below, (iii) approximately $23,000,000 used to purchase noncontrolling investors' interests and (iv) approximately $53,000,000 of transaction costs (including $17,000,000 of costs related to the defeasance of the 666 Fifth Avenue mortgage loan).

We continue to manage and lease the Properties. We share control with the Investors over major decisions of the joint venture, including decisions regarding leasing, operating and capital budgets, and refinancings. Accordingly, we no longer hold a controlling financial interest in the Properties which has been transferred to the joint venture. As a result, our investment in Fifth Avenue and Times Square JV is accounted for under the equity method from the date of transfer. The Transaction valued the Properties at $5.556 billion resulting in a financial statement net gain of $2.571 billion, before noncontrolling interest of $11,945,000, including the related step up in our basis of the retained portion of the assets to fair value. The net gain is included in "net gain on transfer to Fifth Avenue and Times Square JV" on our consolidated statements of income for the year ended December 31, 2019. The gain for tax purposes was approximately $735,000,000.


6.	Investments in Partially Owned Entities - continued

Fifth Avenue and Times Square JV - continued

On May 23, 2019, we received $500,000,000 from the redemption of our temporary preferred equity in 640 Fifth Avenue. The temporary preferred equity was redeemed from the proceeds of a $500,000,000 mortgage financing that was completed on the property. The five-year loan, which is guaranteed by us, is interest-only at LIBOR plus 1.01%. The interest rate was swapped for four years to a fixed rate of 3.07%.

Management, Development, Leasing and Other Agreements

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

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

BMS, our wholly-owned subsidiary, supervises cleaning, security and engineering services at certain of the Properties. During the year ended December 31, 2019, we recognized $3,087,000 of income for these services which is included in "fee and other income" on our consolidated statements of income.

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

Alexander’s, Inc

As of December 31, 2019, 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, 2019 and 2018, Alexander’s owed us an aggregate of $1,426,000 and $708,000, respectively, pursuant to such agreements.

As of December 31, 2019 the market value (“fair value” pursuant to ASC 820) of our investment in Alexander’s, based on Alexander’s December 31, 2019 closing share price of $330.35, was $546,421,000, or $447,878,000 in excess of the carrying amount on our consolidated balance sheet. As of December 31, 2019, 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 $38,838,000. The majority of this basis difference resulted from the excess of our purchase price for the Alexander’s common stock acquired over the book value of Alexander’s net assets. Substantially all of this basis difference was allocated, based on our estimates of the fair values of Alexander’s assets and liabilities, to real estate (land and buildings). We are amortizing the basis difference related to the buildings into earnings as additional depreciation expense over their estimated useful lives. This depreciation is not material to our share of equity in Alexander’s net income. The basis difference related to the land will be recognized upon disposition of our investment.

Management, Development, 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) $324,000, escalating at 3% per annum, for managing the common area of 731 Lexington Avenue. In addition, we are entitled to a development fee of 6% of development costs, as defined.

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

BMS, our wholly-owned subsidiary, supervises (i) cleaning, engineering and security services at Alexander’s 731 Lexington Avenue property and (ii) security services at Alexander’s Rego Park I, Rego Park II properties and The Alexander apartment tower. During the years ended December 31, 2019, 2018 and 2017, we recognized $3,613,000, $2,705,000 and $2,678,000 of income, respectively, for these services.


6.	Investments in Partially Owned Entities - continued

61 Ninth Avenue

On January 28, 2019, a joint venture in which we have a 45.1% interest, completed a $167,500,000 refinancing of 61 Ninth Avenue, a 166,000 square foot Manhattan office and retail property. The seven-year interest-only loan carries a rate of LIBOR plus 1.35% (3.07% as of December 31, 2019) and matures in January 2026. We realized net proceeds of approximately $31,000,000. The loan replaces the previous $90,000,000 construction loan that bore interest at LIBOR plus 3.05% and was scheduled to mature in December 2021.

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

On March 4, 2019, we converted to common shares and sold all of our 5,717,184 partnership units of UE, realizing net proceeds of $108,512,000. The sale resulted in a net gain of $62,395,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income for the year ended December 31, 2019.

512 West 22nd Street

On June 28, 2019, a joint venture in which we have a 55% interest, completed a $145,700,000 refinancing of 512 West 22nd Street, a 173,000 square foot Manhattan office building, of which $109,565,000 was outstanding as of December 31, 2019. The four-year interest-only loan carries a rate of LIBOR plus 2.00% (3.72% as of December 31, 2019) and matures in June 2023 with a one-year extension option. The loan replaces the previous $126,000,000 construction loan that bore interest at LIBOR plus 2.65% and was scheduled to mature in November 2019.

330 Madison Avenue

On July 11, 2019, we sold our 25% interest in 330 Madison Avenue to our joint venture partner. We received net proceeds of approximately $100,000,000 after deducting our share of the existing $500,000,000 mortgage loan resulting in a financial statement net gain of $159,292,000. The net gain is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income for the year ended December 31, 2019. The gain for tax purposes was approximately $139,000,000.

825 Seventh Avenue

On July 25, 2019, a joint venture in which we have a 50% interest, completed a $60,000,000 refinancing of 825 Seventh Avenue, a 165,000 square foot Manhattan office building, of which $31,889,000 was outstanding as of December 31, 2019. The interest-only loan carries a rate of LIBOR plus 1.65% (3.40% as of December 31, 2019) and matures in July 2022 with a one-year extension option. The loan replaces the previous $20,500,000 loan that bore interest at LIBOR plus 1.40% and was scheduled to mature in September 2019.

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, in which we owned a 32.5% interest, was declared effective, and our stock in Toys was canceled. At December 31, 2018, we carried our Toys investment at zero. The canceling of our stock in Toys resulted in approximately a $420,000,000 capital loss deduction which was utilized in 2019 to partially offset taxable gains resulting from the transfer of our 45.4% common equity interest in Fifth Avenue and Times Square JV, the sale of our 25% interest in 330 Madison Avenue and sales of other assets.

650 Madison Avenue

On November 26, 2019, a joint venture in which we have a 20.1% interest, completed a $800,000,000 refinancing of 650 Madison Avenue, a 601,000 square foot Manhattan office and retail property. The ten-year interest-only loan carries a fixed rate of 3.49% and matures in December 2029. The loan replaces the previous $800,000,000 loan that bore interest at a fixed rate of 4.39% and was scheduled to mature in October 2020.

50-70 West 93rd Street

On December 23, 2019, a joint venture in which we have a 49.9% interest, completed a $85,500,000 refinancing, of which $82,500,000 was outstanding as of December 31, 2019, of 50-70 West 93rd Street, a 325-unit Manhattan residential complex. The five-year interest-only loan carries an interest rate of LIBOR plus 1.53%, which was swapped to a fixed rate of 3.14%, and matures in December 2024. The loan replaces the previous $80,000,000 loan that bore interest at LIBOR plus 1.70% and was scheduled to mature in August 2021, as extended.


6.	Investments in Partially Owned Entities – continued

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



(Amounts in thousands)	Percentage Ownership at December 31, 2019	As of December 31,
	Percentage Ownership at December 31, 2019	2019			2018
Investments:
Fifth Avenue and Times Square JV (see pages 110 and 111 for details)	51.5%	$	3,291,231		$	—
Partially owned office buildings/land⁽¹⁾	Various	464,109			499,005
Alexander’s	32.4%	98,543			107,983
PREIT⁽²⁾	N/A	—			59,491
UE⁽³⁾	N/A	—			45,344
Other investments⁽⁴⁾	Various	145,282			146,290
		$	3,999,165		$	858,113
Investments in partially owned entities included in other liabilities⁽⁵⁾:
7 West 34th Street	53.0%	$	(54,004	)	$	(51,579	)
85 Tenth Avenue	49.9%	(6,186		)	—
330 Madison Avenue⁽⁶⁾	N/A	—			(58,117		)
		$	(60,190	)	$	(109,696	)

____________________


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


(2)	On March 12, 2019, we converted all of our PREIT operating partnership units into common shares and began accounting for our investment as a marketable security in accordance with ASC 321 (see Note 5 - Marketable Securities).


(3)	Sold on March 4, 2019 (see page 112 for details).


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


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


(6)	Sold on July 11, 2019 (see page 112 for details).

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



(Amounts in thousands)	Percentage Ownership at December 31, 2019	For the Year Ended December 31,
	Percentage Ownership at December 31, 2019	2019			2018			2017
Our share of net income (loss):
Fifth Avenue and Times Square JV (see pages 110 and 111 for details):
Equity in net income	51.5%	$	31,130		$	—		$	—
Return on preferred equity, net of our share of the expense		27,586			—			—
		58,716			—			—

Alexander's (see page 111 for details):
Equity in net income⁽¹⁾	32.4%	19,204			10,485			25,820
Management, leasing and development fees		4,575			4,560			6,033
		23,779			15,045			31,853

Partially owned office buildings⁽²⁾	Various	(3,443		)	(3,085		)	2,109

Other investments⁽³⁾	Various	(187		)	(2,811		)	(18,762		)

		$	78,865		$	9,149		$	15,200

____________________


(1)	2018 includes our $7,708 share of Alexander's additional Transfer Tax related to the November 2012 sale of Kings Plaza Regional Shopping Center. Alexander's recorded this expense based on the precedent established by the Tax Tribunal's decision regarding One Park Avenue (see Note 4 - Real Estate Fund Investments).


(2)	Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 7 West 34th Street, 330 Madison Avenue (sold on July 11, 2019), 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others. 2018 includes our $4,978 share of additional Transfer Tax related to the March 2011 acquisition of One Park Avenue (see Note 4 - Real Estate Fund Investments).

(3)

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), UE (sold on March 4, 2019), PREIT (accounted as a marketable security from March 12, 2019) and others. In 2018 and 2017, we recognized net losses of $4,873 and $25,414, respectively, from our 666 Fifth Avenue Office Condominium joint venture as a result of our share of depreciation expense. 2017 includes (i) a $44,465 non-cash impairment loss on our investment in PREIT (ii) $21,100 of net gains resulting from UE operating partnership unit issuances and (iii) $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.


6.	Investments in Partially Owned Entities – continued

Below is a summary of the debt of our partially owned entities as of December 31, 2019 and 2018.



(Amounts in thousands)	Percentage Ownership at December 31, 2019	Maturity	Interest Rate at December 31, 2019	100% Partially Owned Entities’ Debt at December 31,⁽¹⁾
	Percentage Ownership at December 31, 2019	Maturity	Interest Rate at December 31, 2019	2019		2018
Partially owned office buildings⁽²⁾:
Mortgages payable	Various	2021-2029	3.68%	$	3,604,104	$	3,985,855

Alexander's:
Mortgages payable	32.4%	2021-2025	2.98%	974,836		1,170,544

Fifth Avenue and Times Square JV:
Mortgages payable	51.5%	2022-2024	3.31%	950,000		—

Other⁽³⁾:
Mortgages payable and other	Various	2021-2025	4.36%	1,290,227		4,564,489

________________________________________


(1)	All amounts are non-recourse to us except (i) the $500,000 mortgage loan on 640 Fifth Avenue, included in the Fifth Avenue and Times Square JV, and (ii) the $300,000 mortgage loan on 7 West 34th Street which we guaranteed in connection with the sale of a 47.0% equity interest in May 2016.


(2)	Includes 280 Park Avenue, 85 Tenth Avenue, One Park Avenue, 650 Madison Avenue, 7 West 34th Street, 61 Ninth Avenue, 512 West 22nd Street, 330 Madison Avenue (in 2018 only) and others.


(3)	Includes Independence Plaza, Rosslyn Plaza, Fashion Centre Mall/Washington Tower, 50-70 West 93rd Street, UE (in 2018 only), PREIT (in 2018 only) and others.

Based on our ownership interest in the partially owned entities above, our pro rata share of the debt of these partially owned entities was $2,802,859,000 and $2,682,865,000 as of December 31, 2019 and 2018, respectively.

Summary of Condensed Combined Financial Information

The following is a summary of condensed combined financial information for all of our partially owned entities as of December 31, 2019 and 2018 and for the years ended December 31, 2019, 2018 and 2017.



(Amounts in thousands)	As of December 31,
	2019		2018
Balance Sheet:
Assets	$	13,384,000	$	13,258,000
Liabilities	7,548,000		10,456,000
Noncontrolling interests	2,054,000		139,000
Equity	3,782,000		2,663,000



(Amounts in thousands)	For the Year Ended December 31,
	2019		2018		2017
Income Statement:
Total revenue	$	1,504,000	$	1,798,000	$	12,991,000
Net income (loss)	39,000		52,000		(542,000		)

220 Central Park South	12 Months Ended
220 Central Park South	Dec. 31, 2019
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 $1.450 billion, of which $1.373 billion has been expended as of December 31, 2019. During the year ended December 31, 2019, we closed on the sale of 54 condominium units at 220 CPS for net proceeds of $1,605,356,000 resulting in a financial statement net gain of $604,393,000 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, $101,828,000 of income tax expense was recognized on our consolidated statements of income. From inception to December 31, 2019, we closed on the sale of 65 units for aggregate net proceeds of $1,820,132,000. During the year ended December 31, 2019, we repaid the remaining $737,000,000 of the $950,000,000 220 CPS loan. As of December 31, 2019, 91% of the condominium units are sold or under sales contracts, with closings scheduled through 2020.

Dispositions	12 Months Ended
Dispositions	Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	Dispositions 3040 M Street On September 18, 2019, we completed the $49,750,000 sale of 3040 M Street, a 44,000 square foot retail building in Washington, DC, which resulted in a net gain of $19,477,000 which is included in “net gains on disposition of wholly owned and partially owned assets” on our consolidated statements of income for year ended December 31, 2019. The gain for tax purposes was approximately $19,000,000.

Identified Intangible Assets and Liabilities

12 Months Ended

Dec. 31, 2019

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Identified Intangible Assets and Liabilities

The following summarizes our identified intangible assets (primarily above-market leases) and liabilities (primarily below-market leases) as of December 31, 2019 and 2018.



(Amounts in thousands)	As of December 31,
	2019			2018
Identified intangible assets:
Gross amount	$	129,552		$	308,895
Accumulated amortization	(98,587		)	(172,114		)
Total, net	$	30,965		$	136,781
Identified intangible liabilities (included in deferred revenue):
Gross amount	$	316,119		$	503,373
Accumulated amortization	(262,580		)	(341,779		)
Total, net	$	53,539		$	161,594

Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental revenues of $19,830,000, $38,573,000 and $46,103,000 for the years ended December 31, 2019, 2018 and 2017, respectively. Estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding years commencing January 1, 2020 is as follows:



(Amounts in thousands)
2020	$	16,643
2021	11,934
2022	8,792
2023	6,261
2024	2,518

9. Identified Intangible Assets and Liabilities - continued

Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $8,666,000, $18,018,000 and $25,057,000 for the years ended December 31, 2019, 2018 and 2017, respectively. Estimated annual amortization of all other identified intangible assets including acquired in-place leases for each of the five succeeding years commencing January 1, 2020 is as follows:



(Amounts in thousands)
2020	$	6,235
2021	4,697
2022	2,985
2023	2,898
2024	2,286

Debt

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Debt

Secured Debt

On February 4, 2019, we completed a $95,700,000 refinancing of 435 Seventh Avenue, a 43,000 square foot Manhattan retail property. The interest-only loan carries a rate of LIBOR plus 1.30% (3.00% as of December 31, 2019) and matures in February 2024. The recourse loan replaces the previous $95,700,000 loan that bore interest at LIBOR plus 2.25% and was scheduled to mature in August 2019.

On February 12, 2019, we completed a $580,000,000 refinancing of 100 West 33rd Street, a 1.1 million square foot Manhattan property comprised of 859,000 square feet of office space and the 256,000 square foot Manhattan Mall. The interest-only loan carries a rate of LIBOR plus 1.55% (3.25% as of December 31, 2019) and matures in April 2024, with two one-year extension options. The loan replaces the previous $580,000,000 loan that bore interest at LIBOR plus 1.65% and was scheduled to mature in July 2020.

On May 24, 2019, we extended our $375,000,000 mortgage loan on 888 Seventh Avenue, a 885,000 square foot Manhattan office building, from December 2020 to December 2025. The interest rate on the new amortizing mortgage loan is LIBOR plus 1.70% (3.44% as of December 31, 2019). Pursuant to an existing swap agreement, the interest rate on the $375,000,000 mortgage loan has been swapped to 3.25% through December 2020.

On September 5, 2019, a consolidated joint venture, in which we have a 50% interest, completed a $75,000,000 refinancing of 606 Broadway, a 36,000 square foot Manhattan office and retail building, of which $67,804,000 was outstanding as of December 31, 2019. The interest-only loan carries a rate of LIBOR plus 1.80% (3.52% as of December 31, 2019) and matures in September 2024. In connection therewith, the joint venture purchased an interest rate cap that caps LIBOR at a rate of 4.00%. The loan replaces the previous $65,000,000 construction loan. The construction loan bore interest at LIBOR plus 3.00% and was scheduled to mature in May 2021.

On September 27, 2019, we repaid the $575,000,000 mortgage loan on PENN2 with proceeds from our unsecured revolving credit facilities. The mortgage loan was scheduled to mature in December 2019. PENN2 is a 1,795,000 square foot (as expanded) Manhattan office building currently under redevelopment.

Senior Unsecured Notes

On March 1, 2019, we called for redemption all of our $400,000,000 5.00% senior unsecured notes. The notes, which were scheduled to mature in January 2022, were redeemed on April 1, 2019 at a redemption price of 105.51% of the principal amount plus accrued interest. In connection therewith, we expensed $22,540,000 relating to debt prepayment costs which is included in "interest and debt expense" on our consolidated statements of income for the year ended December 31, 2019.


10.	Debt - continued

Unsecured Revolving Credit

On March 26, 2019, we increased to $1.5 billion (from $1.25 billion) and extended to March 2024 (as fully extended) from February 2022 one of our two unsecured revolving credit facilities. The interest rate on the extended facility was lowered from LIBOR plus 1.00% to LIBOR plus 0.90%. The facility fee remains unchanged at 20 basis points.

The following is a summary of our debt:



(Amounts in thousands)	Weighted Average Interest Rate at December 31, 2019	Balance as of December 31,
	Weighted Average Interest Rate at December 31, 2019	2019			2018
Mortgages Payable:
Fixed rate	3.52%	$	4,601,516		$	5,003,465
Variable rate	3.30%	1,068,500			3,212,382
Total	3.48%	5,670,016			8,215,847
Deferred financing costs, net and other		(30,119		)	(48,049		)
Total, net		$	5,639,897		$	8,167,798
Unsecured Debt:
Senior unsecured notes	3.50%	$	450,000		$	850,000
Deferred financing costs, net and other		(4,128		)	(5,998		)
Senior unsecured notes, net		445,872			844,002

Unsecured term loan	3.87%	750,000			750,000
Deferred financing costs, net and other		(4,160		)	(5,179		)
Unsecured term loan, net		745,840			744,821

Unsecured revolving credit facilities	2.70%	575,000			80,000

Total, net		$	1,766,712		$	1,668,823

The net carrying amount of properties collateralizing the above indebtedness amounted to $5.6 billion as of December 31, 2019.

As of December 31, 2019, the principal repayments required for the next five years and thereafter are as follows:



(Amounts in thousands)	Mortgages Payable		Senior Unsecured Notes, Unsecured Term Loan and Unsecured Revolving Credit Facilities
Year Ended December 31,
2020	$	1,541,567	$	—
2021	1,635,549		—
2022	971,600		—
2023	23,400		575,000
2024	766,900		750,000
Thereafter	731,000		450,000

Redeemable Noncontrolling Interests / Redeemable Partnership Units

12 Months Ended

Dec. 31, 2019

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, 2019 and 2018.



(Amounts in thousands, except units and per unit amounts)	Balance as of December 31,				Units Outstanding as of December 31,		Per Unit Liquidation Preference		Preferred or Annual Distribution Rate
Unit Series	2019		2018		2019	2018	Per Unit Liquidation Preference		Preferred or Annual Distribution Rate
Common:
Class A units held by third parties	$	884,380	$	778,134	13,298,956	12,544,477	n/a		$	2.64

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	$	3,535	$	4,428	141,400	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)	For the Year Ended December 31,
	2019			2018
Beginning balance	$	783,562		$	984,937
Net income	210,872			25,672
Other comprehensive loss	(3,235		)	(836		)
Distributions	(34,607		)	(31,828		)
Special distribution declared on December 18, 2019 (see Note 12 - Shareholders' Equity/Partners' Capital)	(25,912		)	—
Redemption of Class A units for Vornado common shares, at redemption value	(11,250		)	(17,068		)
Adjustments to carry redeemable Class A units at redemption value	(70,810		)	(198,064		)
Other, net	40,295			20,749
Ending balance	$	888,915		$	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 Topic 480, Distinguishing Liabilities and Equity, because of their possible settlement by issuing a variable number of Vornado common shares. Accordingly, the fair value of these units is included as a component of “other liabilities” on our consolidated balance sheets and aggregated $50,561,000 as of December 31, 2019 and 2018. 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, 2019

Equity [Abstract]

Shareholders' Equity/Partners' Capital

Common Shares (Vornado Realty Trust)

As of December 31, 2019, there were 190,985,677 common shares outstanding. During 2019, we paid an aggregate of $503,785,000 of common dividends comprised of quarterly common dividends of $0.66 per share.

On December 18, 2019, Vornado's Board of Trustees declared a special dividend of $1.95 per share, or $372,380,000 in the aggregate, which was paid on January 15, 2020 to common shareholders as of the Record Date.

Class A Units (Vornado Realty L.P.)

As of December 31, 2019, there were 190,985,677 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, 2019, there were 13,298,956 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 11 – Redeemable Noncontrolling Interests/Redeemable Partnership Units). During 2019, the Operating Partnership paid an aggregate of $503,785,000 of distributions to Vornado comprised of quarterly common distributions of $0.66 per unit.

On January 15, 2020, distributions of $1.95 per unit, or $398,292,000 in the aggregate, were paid to Class A unitholders of the Operating Partnership as of the Record Date, of which $372,380,000 was distributed to Vornado, in connection with the special dividend declared on December 18, 2019 by Vornado's Board of Trustees.

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, 2019 and 2018.



(Amounts in thousands, except share/unit and per share/per unit amounts)
							Per Share/Unit
	Balance as of December 31,				Shares/Units Outstanding as of December 31,		Liquidation Preference		Annual Dividend/ Distribution⁽¹⁾
Preferred Shares/Units	2019		2018		2019	2018	Liquidation Preference		Annual Dividend/ Distribution⁽¹⁾
Convertible Preferred:
6.5% Series A: authorized 15,640 shares/units⁽²⁾	$	991	$	1,071	15,640	18,580	$	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 13,800,000 shares/units⁽³⁾	290,306		290,306		12,000,000	12,000,000	25.00		1.35
5.25% Series M: authorized 13,800,000 shares/units⁽³⁾	308,946		308,946		12,780,000	12,780,000	25.00		1.3125
	$	891,214	$	891,294	36,795,640	36,798,580

________________________________________


(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 2019, we paid an aggregate of $50,131,000 of preferred dividends.

Accumulated Other Comprehensive (Loss) Income

The following table sets forth the changes in accumulated other comprehensive (loss) income by component for the year ended December 31, 2019.



(Amounts in thousands)
	Total			Accumulated other comprehensive income of nonconsolidated subsidiaries			Interest rate swaps			Other
Accumulated other comprehensive income (loss) as of December 31, 2018	$	7,664		$	3,253		$	11,759		$	(7,348	)
Other comprehensive (loss) income	(45,586		)	(938		)	(47,885		)	3,237
Amount reclassified from accumulated other comprehensive income⁽¹⁾	(2,311		)	(2,311		)	—			—
Accumulated other comprehensive (loss) income as of December 31, 2019	$	(40,233	)	$	4		$	(36,126	)	$	(4,111	)

________________________________________

(1)

Amount reclassified related to the conversion of our PREIT operating partnership units into common shares.

Variable Interest Entities	12 Months Ended
Variable Interest Entities	Dec. 31, 2019
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities Unconsolidated VIEs As of December 31, 2019 and 2018, 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 6 – Investments in Partially Owned Entities). As of December 31, 2019 and 2018, the net carrying amount of our investments in these entities was $217,451,000 and $257,882,000, 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, 2019, the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $4,923,656,000 and $2,646,623,000 respectively. 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.

Fair Value Measurements

12 Months Ended

Dec. 31, 2019

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.


14.	Fair Value Measurements - continued

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). 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, 2019 and 2018, respectively.



(Amounts in thousands)	As of December 31, 2019
	Total		Level 1		Level 2		Level 3
Marketable securities	$	33,313	$	33,313	$	—	$	—
Real estate fund investments	222,649		—		—		222,649
Deferred compensation plan assets ($11,819 included in restricted cash and $91,954 in other assets)	103,773		71,338		—		32,435
Interest rate swaps (included in other assets)	4,327		—		4,327		—
Total assets	$	364,062	$	104,651	$	4,327	$	255,084

Mandatorily redeemable instruments (included in other liabilities)	$	50,561	$	50,561	$	—	$	—
Interest rate swaps (included in other liabilities)	40,354		—		40,354		—
Total liabilities	$	90,915	$	50,561	$	40,354	$	—



(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	$	—

Real Estate Fund Investments

As of December 31, 2019, we had four real estate fund investments with an aggregate fair value of $222,649,000, or $112,915,000 below cost. These investments are classified as Level 3.

Significant unobservable quantitative inputs used in determining the fair value of each investment include capitalization rates and discount rates. These rates are based on the location, type and nature of each property, current and anticipated market conditions, industry publications and from the experience of our Acquisitions and Capital Markets departments. Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of these real estate fund investments as of December 31, 2019 and 2018.



	Range		Weighted Average (based on fair value of investments)
Unobservable Quantitative Input	December 31, 2019	December 31, 2018	December 31, 2019	December 31, 2018
Discount rates	8.2% to 12.0%	10.0% to 15.0%	9.3%	13.4%
Terminal capitalization rates	4.6% to 8.2%	5.4% to 7.7%	5.3%	5.7%


14.	Fair Value Measurements - continued

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

Real Estate Fund Investments - continued

The inputs on the previous page 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, 2019 and 2018.



(Amounts in thousands)	For the Year Ended December 31,
	2019			2018
Beginning balance	$	318,758		$	354,804
Net unrealized loss on held investments	(106,109		)	(83,794		)
Purchases/additional fundings	10,000			68,950
Dispositions	—			(20,290		)
Net realized loss on exited investments	—			(912		)
Ending balance	$	222,649		$	318,758

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 period of time over which these underlying assets are expected to be liquidated is unknown. The third-party administrator does not adjust these values in determining our share of the net assets and we do not adjust these values when reported in our consolidated financial statements.

The table below summarizes the changes in the fair value of deferred compensation plan assets that are classified as Level 3, for the years ended December 31, 2019 and 2018.



(Amounts in thousands)	For the Year Ended December 31,
	2019			2018
Beginning balance	$	37,808		$	40,128
Sales	(27,053		)	(12,621		)
Purchases	18,494			9,183
Realized and unrealized gains (losses)	1,947			(274		)
Other, net	1,239			1,392
Ending balance	$	32,435		$	37,808

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. The fair values of real estate assets required to be measured for impairment were determined using comparable sales activity. There were no assets measured at fair value on a nonrecurring basis on our consolidated balance sheets at December 31, 2019.



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


14.	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, 2019 and 2018.



(Amounts in thousands)	As of December 31, 2019					As of December 31, 2018
	Carrying Amount			Fair Value		Carrying Amount			Fair Value
Cash equivalents	$	1,276,815		$	1,277,000	$	261,981		$	262,000
Debt:
Mortgages payable	$	5,670,016		$	5,714,000	$	8,215,847		$	8,179,000
Senior unsecured notes	450,000			468,000		850,000			847,000
Unsecured term loan	750,000			750,000		750,000			750,000
Unsecured revolving credit facilities	575,000			575,000		80,000			80,000
Total	$	7,445,016	⁽¹⁾	$	7,507,000	$	9,895,847	⁽¹⁾	$	9,856,000

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(1)	Excludes $38,407 and $59,226 of deferred financing costs, net and other as of December 31, 2019 and 2018 respectively.

Derivatives and Hedging

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

The following table summarizes our consolidated derivative instruments, all of which hedge variable rate debt, as of December 31, 2019.



(Amounts in thousands)	As of December 31, 2019
					Variable Rate
Hedged Item (Interest rate swaps)	Fair Value		Notional Amount		Spread over LIBOR	Interest Rate	Swapped Rate	Expiration Date
Included in other assets:
770 Broadway mortgage loan	$	4,045	$	700,000	L+175	3.46%	2.56%	9/20
888 Seventh Avenue mortgage loan	218		375,000		L+170	3.44%	3.25%	12/20
Other	64		175,000
	$	4,327	$	1,250,000

Included in other liabilities:
Unsecured term loan	$	36,809	$	750,000	L+100	2.80%	3.87%	10/23
33-00 Northern Boulevard mortgage loan	3,545		100,000		L+180	3.52%	4.14%	1/25
	$	40,354	$	850,000

- 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, 2019

Share-based Payment Arrangement [Abstract]

Stock-based Compensation

On May 16, 2019, our shareholders approved the 2019 Omnibus Share Plan (the “Plan"), which replaces the 2010 Omnibus Share Plan. Under the Plan, the Compensation Committee of Vornado's Board of Trustees (the "Committee") may grant incentive and non-qualified Vornado stock options, restricted stock, restricted Operating Partnership units ("OP units"), out-performance plan awards ("OPPs"), appreciation-only long-term incentive plan units (“AO LTIP Units”) and Performance Conditioned AO LTIP Units to certain of our employees and officers. Awards may be granted up to a maximum 5,500,000 shares, if all awards granted are Full Value awards, as defined in the Plan, and up to 11,000,000 shares, if all of the awards granted are Not Full Value Awards, as defined in the Plan. Full Value Awards are awards of securities, such as restricted shares, that, if all vesting requirements are met, do not require the payment of an exercise price or strike price to acquire the securities. Not Full Value Awards are awards of securities, such as options, that do require the payment of an exercise price or strike price. As of December 31, 2019, Vornado has approximately 5,207,000 shares available for future grants under the Plan, if all awards granted are Full Value Awards, as defined.

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



(Amounts in thousands)	For the Year Ended December 31,
	2019		2018		2017
OP Units	$	39,969	$	17,763	$	20,630
Performance Conditioned AO LTIP Units	8,263		—		—
AO LTIP Units	2,636		2,113		—
OPPs	1,944		10,689		10,723
Vornado restricted stock	549		570		729
Vornado stock options	547		587		747
	$	53,908	$	31,722	$	32,829

Stock-based compensation expense in the first quarter of 2019 included $16,211,000 from the accelerated vesting of previously issued OP units and Vornado restricted stock due to the removal of the time-based vesting requirement for participants who have reached 65 years of age. The right to sell such awards remains subject to original terms of grant. The increase in expense in the first quarter of 2019 was partially offset by lower stock-based compensation expense of $2,578,000 in each of the second, third and fourth quarter of 2019 and will be completely offset by lower stock-based compensation expense of $8,477,000 thereafter.

Stock-based compensation expense for the year ended December 31, 2019 also includes $8,143,000 for OP units granted outside of the Plan to an executive officer in connection with his employment in reliance on the employment inducement exception to shareholder approval provided under the New York Stock Exchange Listing Rule 303A.08; and $2,304,000 for the year ended December 31, 2019 for OP units granted under the Plan to certain executive officers as a result of promotions. The award granted outside of the Plan has a grant date fair value of $25,500,000 and vests 20% on the grant date, 40% on the three-year anniversary of the date of grant, and 40% on the four-year anniversary of the date of grant. The awards granted under the Plan have an aggregate grant date fair value of $15,000,000 and cliff vest after four years. Compensation expense related to OP unit grants are recognized ratably over the vesting period. Additional non-cash expense associated with these awards will be $9,603,000 in each of 2020 and 2021, $7,718,000 in 2022 and $2,655,000 in 2023.

Below is a summary of unrecognized compensation expense for the year ended December 31, 2019.



(Amounts in thousands)	As of December 31, 2019		Weighted-Average Remaining Contractual Term
OP Units	$	36,390	2.0
AO LTIP Units	2,029		1.5
OPPs	1,783		1.6
Vornado restricted stock	833		1.7
Vornado stock options	832		1.7
Performance Conditioned AO LTIP Units	720		1.6
	$	42,587	1.9


15.	Stock-based Compensation - continued

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 2018 OPP may be earned if Vornado (i) achieves a TSR level greater than 21% over the Performance Period (the “Absolute Component”) 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 “Relative Component”).

The value of awards under the Relative Component and Absolute Component will be calculated separately and will each be subject to an aggregate $35,000,000 maximum award cap for all participants. The two components will be added together to determine the aggregate award size, which shall also be subject to the aggregate $35,000,000 maximum award cap for all participants. In the event awards are earned under the Absolute Component, but Vornado underperforms the index by more than 200 basis points per annum over the Performance Period (600 basis points over the three years), the amount earned under the Absolute Component will be reduced (and potentially fully negated) based on the degree by which the index exceeds Vornado’s TSR. In the event these awards are earned under the Relative Component, but Vornado fails to achieve a TSR of at least 3% per annum, awards earned under the Relative Component will be reduced on a ratable sliding scale based on Vornado’s absolute TSR performance, with awards earned under the Relative Component being reduced by a maximum of 50% in the event Vornado’s TSR during the applicable measurement period is 0% or negative.

If the designated performance objectives are achieved, awards under the 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 5, 2019) are required to hold any earned and vested awards for one year following each such vesting date. Dividends on awards granted under the 2018 OPP accrue during the Performance Period and are paid to participants if awards are ultimately earned based on the achievement of the designated performance objectives.

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		Not earned
2016	40,000,000		86.7	%	11,800,000		Not earned

________________________________________


(1)	During the years ended December 31, 2018 and 2017, $8,040,000, and $7,558,000, 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).


15.	Stock-based Compensation - continued

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, 2019.



	Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding as of December 31, 2018	2,280,126		$	50.81
Granted	35,106		62.68
Exercised	(534,972	)	29.25
Cancelled or expired	(11,383	)	78.07
Outstanding as of December 31, 2019	1,768,877		$	57.39	1.1	$	16,247,000
Options vested and expected to vest as of December 31, 2019	1,767,546		$	57.37	1.1	$	16,246,000
Options exercisable as of December 31, 2019	1,693,192		$	56.87	0.8	$	16,133,000

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, 2019, 2018 and 2017.



	As of December 31,
	2019	2018	2017
Expected volatility	35%	35%	35%
Expected life	5.0 years	5.0 years	5.0 years
Risk free interest rate	2.50%	2.25%	1.95%
Expected dividend yield	2.9%	2.9%	3.0%

The weighted average grant date fair value of options granted during the years ended December 31, 2019, 2018 and 2017 was $16.64, $18.42 and $25.84, respectively. Cash received from option exercises for the years ended December 31, 2019, 2018 and 2017 was $5,495,000, $5,927,000 and $28,253,000, respectively. The total intrinsic value of options exercised during the years ended December 31, 2019, 2018 and 2017 was $18,954,000, $25,820,000 and $9,178,000, respectively.


15.	Stock-based Compensation - continued

Performance Conditioned AOLTIP Units

On January 14, 2019, the Committee approved the issuance of performance conditioned appreciation-only long-term incentive plan units ("Performance Conditioned AO LTIP Units") pursuant to the 2010 Omnibus Share Plan to our named executive officers ("NEOs") in our 2019 proxy statement. Performance Conditioned AO LTIP Units are AO LTIP Units that require the achievement of certain performance conditions by a specified date or they are forfeited. The performance-based condition is met if Vornado common shares trade at or above 110% of the $64.48 grant price per share for any 20 consecutive days on or before the fourth anniversary following the date of grant. If the performance conditions are not met, the awards are forfeited. If the performance conditions are met, once vested, the awards may be converted into Class A Operating Partnership units in the same manner as AO LTIP Units until ten years from the date of grant.

The fair value of the Performance Conditioned AO LTIP Units on the date of grant was $8,983,000, of which $7,481,000 was immediately expensed due to the acceleration of vesting for employees who are retirement eligible. The remaining $1,502,000 is being amortized into expense over a four-year period from the date of grant using a graded vesting attribution model.



	As of December 31, 2019
Expected volatility	35%
Expected life	8.0 years
Risk free interest rate	2.76%
Expected dividend yield	3.1%

AO LTIP Units

AO LTIP Units are a class of partnership interests in the Operating Partnership that are intended to qualify as “profits interests” for federal income tax purposes and generally only allow the recipient to realize value to the extent the fair market value of a Vornado common share exceeds the threshold level set at the time the AO LTIP Units are granted, subject to any vesting conditions applicable to the award. The threshold level is intended to be equal to 100% of the then fair market value of a Vornado common share on the date of grant. The value of vested AO LTIP Units is realized through conversion of the AO LTIP Units into Class A Operating Partnership units. The number of Class A Units into which vested AO LTIP Units may be converted is determined based on the quotient of (i) the excess of the conversion value on the conversion date over the threshold value designated at the time the AO LTIP Unit was granted, divided by (ii) the conversion value on the conversion date. The “conversion value” is the value of a Vornado common share on the conversion date multiplied by the Conversion Factor as defined in the Partnership Agreement, which is currently one. AO LTIP Units have a term of 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, 2019.



	Units		Weighted-Average Grant-Date Fair Value
Outstanding as of December 31, 2018	183,233		$	70.34
Granted	207,808		62.66
Vested	(46,285	)	70.31
Cancelled or expired	(7,058	)	67.59
Outstanding as of December 31, 2019	337,698		65.67


15.	Stock-based Compensation - continued

AO LTIP Units - continued

AO LTIP Units granted during the years ended December 31, 2019 and 2018 had a fair value of $3,429,000 and $3,484,000, respectively. 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, 2019.



	As of December 31,
	2019	2018
Expected volatility	35%	35%
Expected life	5.0 years	5.0 years
Risk free interest rate	2.50%	2.25%
Expected dividend yield	2.9%	2.9%

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 $4,070,000, $2,559,000 and $2,310,000 in the years ended December 31, 2019, 2018 and 2017, respectively.

Below is a summary of restricted OP unit activity for the year ended December 31, 2019.



Unvested Units	Units		Weighted-Average Grant-Date Fair Value
Unvested as of December 31, 2018	641,844		$	72.79
Granted	927,812		63.30
Vested	(418,692	)	66.45
Cancelled or expired	(2,651	)	68.34
Unvested as of December 31, 2019	1,148,313		67.45

OP Units granted in 2019, 2018 and 2017 had a fair value of $58,732,000, $17,463,000 and $24,927,000, respectively. The fair value of OP Units that vested during the years ended December 31, 2019, 2018 and 2017 was $27,821,000, $18,037,000 and $20,903,000, 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 $51,000, $44,000 and $46,000 for the years ended December 31, 2019, 2018 and 2017, respectively.

Below is a summary of Vornado’s restricted stock activity for the year ended December 31, 2019.



Unvested Shares	Shares		Weighted-Average Grant-Date Fair Value
Unvested as of December 31, 2018	16,686		$	77.54
Granted	8,805		64.48
Vested	(5,996	)	79.47
Cancelled or expired	(568	)	73.98
Unvested as of December 31, 2019	18,927		70.96

Vornado restricted stock awards granted in 2019, 2018 and 2017 had a fair value of $568,000, $623,000 and $601,000, respectively. The fair value of restricted stock that vested during the years ended December 31, 2019, 2018 and 2017 was $477,000, $492,000 and $645,000, respectively.

Transaction Related Costs, Impairment Losses and Other

12 Months Ended

Dec. 31, 2019

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



(Amounts in thousands)	For the Year Ended December 31,
	2019		2018		2017
Non-cash impairment losses and related write-offs⁽¹⁾	$	101,925	$	12,000	$	—
Transaction related costs	4,613		6,217		1,776
Transfer tax⁽²⁾	—		13,103		—
	$	106,538	$	31,320	$	1,776

____________________


(1)	2019 primarily from 608 Fifth Avenue (see below).


(2)	Additional Transfer Tax recorded in the first quarter 2018 related to the acquisition of Independence Plaza. The joint venture, in which we have a 50.1% economic interest, that owns Independence Plaza recognized this expense based on the precedent established by the Tax Tribunal's decision regarding One Park Avenue (see Note 4 - Real Estate Fund Investments).

608 Fifth Avenue

During the second quarter of 2019, Arcadia Group US Ltd ("Arcadia Group"), the operator of Topshop, our retail tenant at 608 Fifth Avenue, filed for Chapter 15 bankruptcy protection in the United States. On June 28, 2019, Arcadia Group closed all of its stores in the United States. 608 Fifth Avenue is subject to a land and building lease which expires in 2033. The non-recourse lease calls for fixed lease payments through the term, plus payments for real estate taxes, insurance and operating expenses. Consequently, based on projected future cash flows we concluded that the excess of the carrying amount of the property, which includes our right-of-use asset, over our estimate of fair value was not recoverable resulting in a write down to zero. Our estimate of fair value of the property was derived from a discounted cash flow model using a 7% discount rate and based upon market conditions and expectations of growth. We recognized a $93,860,000 non-cash impairment loss on our consolidated statements of income in the second quarter of 2019, of which $75,220,000 resulted from the impairment of our right-of-use asset. As of December 31, 2019, a $71,582,000 lease liability remains, which will be recognized as income when the non-recourse lease is terminated. In August 2019, we delivered the required nine month notice to the ground lessor that we will surrender the property in May 2020.

Interest and Other Investment Income, Net

12 Months Ended

Dec. 31, 2019

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,
	2019			2018				2017
(Decrease) increase in fair value of marketable securities:
PREIT (see page 110 for details)	$	(21,649	)	$	—			$	—
Lexington (see page 109 for details)	16,068			(26,596		)		—
Other	48			143				—
	(5,533		)	(26,453		)		—
Interest on cash and cash equivalents and restricted cash	13,380			15,827				8,171
Interest on loans receivable	6,326			10,298			⁽¹⁾	4,352
Dividends on marketable securities	3,938			13,339				13,276
Other, net	3,708			4,046				5,062
	$	21,819		$	17,057			$	30,861

________________________________________

(1)

Includes $6,707 of profit participation in connection with an investment in a mezzanine loan which was previously repaid to us.

Interest and Debt Expense

12 Months Ended

Dec. 31, 2019

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,
	2019				2018			2017
Interest expense	$	335,016		⁽¹⁾	$	389,136		$	359,819
Capitalized interest and debt expense	(72,200		)		(73,166		)	(48,231		)
Amortization of deferred financing costs	23,807				31,979			34,066
	$	286,623			$	347,949		$	345,654

_________________

(1) Includes $22,540 debt prepayment costs in connection with the redemption of $400,000 5.00% senior unsecured noted which were scheduled to mature in January 2022.

Income Per Share / Income Per Class A Unit

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Income Per Share / Income Per Class A Unit

Income Per Share/Income Per Class A Unit

Vornado Realty Trust

The following table presents the calculations 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. Unvested share-based payment awards that contain nonforfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. Earnings are allocated to participating securities, which include restricted stock awards, based on the two-class method. Other potential dilutive share equivalents such as our employee stock options, OP Units, OPPs, AO LTIP Units and Performance Conditioned AO LTIP Units are included in the computation of diluted Earnings Per Share ("EPS") using the treasury stock method, while the dilutive effect of our Series A convertible preferred shares is reflected in diluted EPS by application of the if-converted method.



(Amounts in thousands, except per share amounts)	For the Year Ended December 31,
	2019			2018			2017
Numerator:
Income from continuing operations, net of income attributable to noncontrolling interests	$	3,147,965		$	449,356		$	239,824
(Loss) income from discontinued operations, net of income attributable to noncontrolling interests	(28		)	598			(12,408		)
Net income attributable to Vornado	3,147,937			449,954			227,416
Preferred share dividends	(50,131		)	(50,636		)	(65,399		)
Preferred share issuance costs	—			(14,486		)	—
Net income attributable to common shareholders	3,097,806			384,832			162,017
Earnings allocated to unvested participating securities	(309		)	(44		)	(46		)
Numerator for basic income per share	3,097,497			384,788			161,971
Impact of assumed conversions:
Convertible preferred share dividends	57			62			—
Earnings allocated to Out-Performance Plan units	9			174			230
Numerator for diluted income per share	$	3,097,563		$	385,024		$	162,201

Denominator:
Denominator for basic income per share – weighted average shares	190,801			190,219			189,526
Effect of dilutive securities ⁽¹⁾:
Employee stock options and restricted stock awards	216			933			1,448
Convertible preferred shares	34			37			—
Out-Performance Plan units	2			101			284
Denominator for diluted income per share – weighted average shares and assumed conversions	191,053			191,290			191,258

INCOME PER COMMON SHARE - BASIC:
Income from continuing operations, net	$	16.23		$	2.02		$	0.92
Loss from discontinued operations, net	—			—			(0.07		)
Net income per common share	$	16.23		$	2.02		$	0.85

INCOME PER COMMON SHARE - DILUTED:
Income from continuing operations, net	$	16.21		$	2.01		$	0.91
Loss from discontinued operations, net	—			—			(0.06		)
Net income per common share	$	16.21		$	2.01		$	0.85

________________________________________


(1)	The effect of dilutive securities in the years ended December 31, 2019, 2018 and 2017 excludes an aggregate of 13,020, 12,232 and 12,165 weighted average common share equivalents, respectively, as their effect was anti-dilutive.


19.	Income Per Share/Income Per Class A Unit – continued

Vornado Realty L.P.

The following table presents the calculations 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 unit and dilutive Class A unit equivalents. Unvested share-based payment awards that contain non-forfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. Earnings are allocated to participating securities, which include Vornado restricted stock awards, OP Units and OPPs, based on the two-class method. Other potential dilutive unit equivalents such as Vornado stock options, AO LTIP Units and Performance Conditioned AO LTIP Units are included in the computation of diluted income per unit ("EPU") using the treasury stock method, while the dilutive effect of our Series A convertible preferred units is reflected in diluted EPU by application of the if-converted method.



(Amounts in thousands, except per unit amounts)	For the Year Ended December 31,
	2019			2018			2017
Numerator:
Income from continuing operations, net of income attributable to noncontrolling interests in consolidated subsidiaries	$	3,358,839		$	474,988		$	251,554
(Loss) income from discontinued operations	(30		)	638			(13,228		)
Net income attributable to Vornado Realty L.P.	3,358,809			475,626			238,326
Preferred unit distributions	(50,296		)	(50,830		)	(65,593		)
Preferred unit issuance costs	—			(14,486		)	—
Net income attributable to Class A unitholders	3,308,513			410,310			172,733
Earnings allocated to unvested participating securities	(17,296		)	(2,973		)	(3,232		)
Numerator for basic income per Class A unit	3,291,217			407,337			169,501
Impact of assumed conversions:
Convertible preferred unit distributions	57			62			—
Numerator for diluted income per Class A unit	$	3,291,274		$	407,399		$	169,501

Denominator:
Denominator for basic income per Class A unit – weighted average units	202,947			202,068			201,214
Effect of dilutive securities ⁽¹⁾:
Vornado stock options, Vornado restricted stock awards, OP Units and OPPs	267			1,307			2,086
Convertible preferred units	34			37			—
Denominator for diluted income per Class A unit – weighted average units and assumed conversions	203,248			203,412			203,300

INCOME PER CLASS A UNIT - BASIC:
Income from continuing operations, net	$	16.22		$	2.01		$	0.91
Income (loss) from discontinued operations, net	—			0.01			(0.07		)
Net income per Class A unit	$	16.22		$	2.02		$	0.84

INCOME PER CLASS A UNIT - DILUTED:
Income from continuing operations, net	$	16.19		$	2.00		$	0.90
Loss from discontinued operations, net	—			—			(0.07		)
Net income per Class A unit	$	16.19		$	2.00		$	0.83

________________________________________

(1)

The effect of dilutive securities in the years ended December 31, 2019, 2018 and 2017 excludes an aggregate of 825, 110 and 124 weighted average Class A unit equivalents, respectively, as their effect was anti-dilutive.

Leases

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

As lessor

We lease space to tenants under operating leases. Most of the leases provide for the payment of fixed base rent payable monthly in advance. Office building leases generally require 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 their share of real estate taxes, insurance and common area maintenance. Certain leases also require additional variable rent payments based on a percentage of the tenants’ sales. None of our tenants accounted for more than 10% of total revenues in any of the years ended December 31, 2019, 2018 and 2017. We have elected to account for lease revenues (including base and variable rent) and the reimbursement of common area maintenance expenses as a single lease component recorded as "rental revenues" on our consolidated statements of income.

Under ASC 842, we assess on an individual lease basis whether it is probable that we will collect the future lease payments. We consider the tenant's payment history and current credit status when assessing collectability. When collectability is not deemed probable we write-off the tenant's receivables, including straight-line rent receivables, and limit lease income to cash received. Changes to the collectability of our operating leases are recorded as adjustments to "rental revenues" on our consolidated statements of income, which resulted in a decrease in income of $17,237,000 for the year ended December 31, 2019. As a result, there is no allowance for doubtful accounts as of December 31, 2019. Prior to the adoption of ASC 842, we maintained an allowance for doubtful accounts for estimated losses on receivables under our lease agreements, including receivables arising from the straight-lining of rent. As of December 31, 2018 and 2017 our allowance for doubtful accounts were as follows:



(Amounts in thousands)
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

As of December 31, 2019, under ASC 842, future undiscounted cash flows under non-cancelable operating leases were as follows:



(Amounts in thousands)	As of December 31, 2019
For the year ended December 31,
2020	$	1,285,867
2021	1,248,659
2022	1,181,887
2023	1,067,014
2024	894,362
Thereafter	4,435,225

As of December 31, 2018, under ASC 840, future undiscounted cash flows under non-cancelable operating leases were as follows:



(Amounts in thousands)	As of December 31, 2018
For the year ended 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

The components of lease revenues for the year ended December 31, 2019 were as follows:



(Amounts in thousands)	For the Year Ended December 31, 2019
Fixed lease revenues	$	1,513,033
Variable lease revenues	206,677
Lease revenues	$	1,719,710

20. Leases - continued

As lessee

We have a number of ground leases which are classified as operating leases. On January 1, 2019, we recorded $526,866,000 of ROU assets and lease liabilities. Our ROU assets were reduced by $37,269,000 of accrued rent expense reclassified from “other liabilities” and $4,267,000 of acquired above-market lease liabilities, net, reclassified from “deferred revenue” and increased by $23,665,000 of acquired below-market lease assets, net, reclassified from “identified intangible assets, net of accumulated amortization” and $1,584,000 of prepaid lease payments reclassified from "other assets." During the second quarter of 2019, we recorded a $75,220,000 impairment loss on our 608 Fifth Avenue ROU Asset (See Note 16 – Transaction Related Costs, Impairment Losses and Other). As of December 31, 2019, our ROU assets and lease liabilities were $379,546,000 and $498,254,000, respectively.

The discount rate applied to measure each ROU asset and lease liability is based on our incremental borrowing rate ("IBR"). We consider the general economic environment and our credit rating and factor in various financing and asset specific adjustments to ensure the IBR is appropriate to the intended use of the underlying lease. As we did not elect to apply hindsight, lease term assumptions determined under ASC 840 were carried forward and applied in calculating the lease liabilities recorded under ASC 842. Certain of our ground leases offer renewal options which we assess against relevant economic factors to determine whether we are reasonably certain of exercising or not exercising the option. Lease payments associated with renewal periods that we are reasonably certain will be exercised are included in the measurement of the corresponding lease liability and ROU asset.

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



(Amounts in thousands)	As of December 31, 2019
Weighted average remaining lease term (in years)	40.20
Weighted average discount rate	4.84		%
Cash paid for operating leases	$	27,817

We recognize rent expense as a component of "operating" expenses on our consolidated statements of income. Rent expense is comprised of fixed and variable lease payments. Variable lease payments include percentage rent and rent resets based on an index or rate. The following table sets forth the details of rent expense for the year ended December 31, 2019:



(Amounts in thousands)	For the Year Ended December 31, 2019
Fixed rent expense	$	33,738
Variable rent expense	1,978
Rent expense	$	35,716

As of December 31, 2019, future lease payments under operating ground leases were as follows:



(Amounts in thousands)	As of December 31, 2019
For the year ended December 31,
2020	$	28,192
2021	29,711
2022	30,640
2023	31,085
2024	31,551
Thereafter	1,054,881
Total undiscounted cash flows	1,206,060
Present value discount	(707,806		)
Lease liabilities	$	498,254

20. Leases - continued

As lessee - continued

As of December 31, 2018, under ASC 840, future lease payments under operating ground leases were as follows:



(Amounts in thousands)	As of December 31, 2018
For the year ended December 31,
2019	$	46,147
2020	45,258
2021	42,600
2022	43,840
2023	44,747
Thereafter	1,612,627

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

Farley Office and Retail Building

The future lease payments detailed previously exclude the ground and building lease at the Farley Office and Retail Building (the "Project"). We have a 95.0% ownership interest in a joint venture with Related which was designated by ESD, an entity of New York State, to develop the Project. The Project will include a new Moynihan Train Hall and approximately 844,000 rentable square feet of commercial space, comprised of approximately 730,000 square feet of office space and approximately 114,000 square feet of retail space. The joint venture has a 99-year triple-net lease with ESD for the commercial space at the Project. For GAAP purposes the lease has not yet commenced since construction of the Project is ongoing. The lease calls for annual rent payments of $5,000,000 plus fixed payments in lieu of real estate taxes ("PILOT") through June 2030. Following the fixed PILOT payment period, the PILOT is calculated in a manner consistent with buildings subject to New York City real estate taxes and assessments. As of December 31, 2019, future rent and fixed PILOT payments are $556,852,000.

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. As a result of our involvement in the construction of the asset, we have been deemed the accounting owner of the property in accordance with ASC 842-40-55.

Leases

As lessor



(Amounts in thousands)
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

As of December 31, 2019, under ASC 842, future undiscounted cash flows under non-cancelable operating leases were as follows:



(Amounts in thousands)	As of December 31, 2019
For the year ended December 31,
2020	$	1,285,867
2021	1,248,659
2022	1,181,887
2023	1,067,014
2024	894,362
Thereafter	4,435,225

As of December 31, 2018, under ASC 840, future undiscounted cash flows under non-cancelable operating leases were as follows:



(Amounts in thousands)	As of December 31, 2018
For the year ended 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

The components of lease revenues for the year ended December 31, 2019 were as follows:



(Amounts in thousands)	For the Year Ended December 31, 2019
Fixed lease revenues	$	1,513,033
Variable lease revenues	206,677
Lease revenues	$	1,719,710

20. Leases - continued

As lessee

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



(Amounts in thousands)	As of December 31, 2019
Weighted average remaining lease term (in years)	40.20
Weighted average discount rate	4.84		%
Cash paid for operating leases	$	27,817



(Amounts in thousands)	For the Year Ended December 31, 2019
Fixed rent expense	$	33,738
Variable rent expense	1,978
Rent expense	$	35,716

As of December 31, 2019, future lease payments under operating ground leases were as follows:



(Amounts in thousands)	As of December 31, 2019
For the year ended December 31,
2020	$	28,192
2021	29,711
2022	30,640
2023	31,085
2024	31,551
Thereafter	1,054,881
Total undiscounted cash flows	1,206,060
Present value discount	(707,806		)
Lease liabilities	$	498,254

20. Leases - continued

As lessee - continued

As of December 31, 2018, under ASC 840, future lease payments under operating ground leases were as follows:



(Amounts in thousands)	As of December 31, 2018
For the year ended December 31,
2019	$	46,147
2020	45,258
2021	42,600
2022	43,840
2023	44,747
Thereafter	1,612,627

Farley Office and Retail Building

Multiemployer Benefit Plans	12 Months Ended
Multiemployer Benefit Plans	Dec. 31, 2019
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, 2019, our subsidiaries’ participation in these plans was not significant to our consolidated financial statements. In the years ended December 31, 2019, 2018 and 2017, we contributed $10,793,000, $10,377,000 and $10,113,000, 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, 2019, 2018 and 2017. 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, 2019, 2018 and 2017, our subsidiaries contributed $32,407,000, $30,354,000 and $29,549,000, 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, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Insurance

For our properties except the Farley Office and Retail Building, 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 $350,000,000 per occurrence and in the aggregate, subject to a deductible in the amount of 5% of the value of the affected property. We maintain coverage for certified terrorism acts with limits of $6.0 billion per occurrence and in the aggregate (as listed below), $1.2 billion for non-certified acts of terrorism, and $5.0 billion per occurrence and in the aggregate for terrorism involving nuclear, biological, chemical and radiological (“NBCR”) terrorism events, as defined by the Terrorism Risk Insurance Act of 2002, as amended to date and which has been extended through December 2027.

Penn Plaza Insurance Company, LLC (“PPIC”), our wholly owned consolidated subsidiary, acts as a re-insurer with respect to a portion of all risk property and rental value insurance and a portion of our earthquake insurance coverage, and as a direct insurer for coverage for acts of terrorism including NBCR acts. Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third party insurance companies and the Federal government with no exposure to PPIC. For NBCR acts, PPIC is responsible for a deductible of $1,430,413 and 20% of the balance of a covered loss and the Federal government is responsible for the remaining portion of a covered loss. We are ultimately responsible for any loss incurred by PPIC.

For the Farley Office and Retail Building, we maintain general liability insurance with limits of $100,000,000 per occurrence, and builder’s risk insurance including coverage for existing property and development activities of $2.8 billion per occurrence and in the aggregate. We maintain coverage for certified and non-certified terrorism acts with limits of $1.0 billion per occurrence and in the aggregate.

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

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

Other Commitments and Contingencies

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

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

In July 2018, we leased 78,000 square feet at 345 Montgomery Street in San Francisco, CA, to a subsidiary of Regus PLC, for an initial term of 15 years. The obligations under the lease were guaranteed by Regus PLC in an amount of up to $90,000,000. The tenant purported to terminate the lease prior to space delivery. We commenced a suit on October 23, 2019 seeking to enforce the lease and the guarantee.

Our mortgage loans are non-recourse to us, except for the mortgage loans secured by 640 Fifth Avenue, 7 West 34th Street and 435 Seventh Avenue, which we guaranteed and therefore are part of our tax basis. In certain cases we have provided guarantees or master leased tenant space. These guarantees and master leases terminate either upon the satisfaction of specified circumstances or repayment of the underlying loans. In addition, we have guaranteed the rent and payments in lieu of real estate taxes due to ESD, an entity of New York State, for the Farley Office and Retail Building. As of December 31, 2019, the aggregate dollar amount of these guarantees and master leases is approximately $1,524,000,000.

As of December 31, 2019, $15,880,000 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.


22.	Commitments and Contingencies – continued

Other Commitments and Contingencies - continued

The joint venture in which we own a 95.0% ownership interest was designated by ESD to develop the Farley Office and Retail Building. The joint venture entered into a development agreement with ESD and a design-build contract with Skanska Moynihan Train Hall Builders. Under the development agreement with ESD, the joint venture is obligated to build the Moynihan Train Hall, with Vornado and Related each guaranteeing the joint venture’s obligations. Under the design-build agreement, Skanska Moynihan Train Hall Builders is obligated to fulfill all of the joint venture’s obligations. The obligations of Skanska Moynihan Train Hall Builders have been bonded by Skanska USA and bear a full guaranty from Skanska AB.

As of December 31, 2019, we expect to fund additional capital to certain of our partially owned entities aggregating approximately $12,700,000.

As of December 31, 2019, we have construction commitments aggregating approximately $627,000,000.

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2019
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 6 - 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, 2019, Interstate and its partners beneficially owned an aggregate of approximately 7.1% of the common shares of beneficial interest of Vornado and 26.1% of Alexander’s common stock. We manage and lease the real estate assets of Interstate pursuant to a management agreement for which we receive an annual fee equal to 4% of annual base rent and percentage rent. The management agreement has a term of one year and is automatically renewable unless terminated by either of the parties on 60 days’ notice at the end of the term. We believe, based upon comparable fees charged by other real estate companies, that the management agreement terms are fair to us. We earned $300,000, $453,000, and $501,000 of management fees under the agreement for the years ended December 31, 2019, 2018 and 2017, respectively. Urban Edge Properties On March 4, 2019, we converted to common shares and sold all of our 5,717,184 partnership units of UE. In prior years, we provided UE with information technology support. UE is providing us with leasing and property management services for (i) certain small retail properties 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. 220 Central Park South We are constructing a residential condominium tower at 220 CPS. Of the condominium units closed during the year ended December 31, 2019, one was sold to a limited liability company owned by the spouse of a related party, David Mandelbaum, a Trustee and a Director of Alexander’s, and another was sold to Mr. Mandelbaum’s brother. The net proceeds were $23,357,000 and $16,099,000, respectively. Fifth Avenue and Times Square JV We provide various services to Fifth Avenue and Times Square JV in accordance with management, development, leasing and other agreements. These agreements are described in Note 6 - Investments in Partially Owned Entities. Haim Chera, Executive Vice President - Head of Retail, has an investment in Crown, a company controlled by Mr. Chera's family. Crown has a nominal minority interest in Fifth Avenue and Times Square JV. Additionally, we have other investments with Crown.

Summary of Quarterly Results (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Results (Unaudited)

Vornado Realty Trust

The following summary represents the results of operations for each quarter in 2019 and 2018:



(Amounts in thousands, except per share amounts)	For the Three Months Ended
	March 31, 2019			June 30, 2019		September 30, 2019		December 31, 2019
Revenues	$	534,668		$	463,103	$	465,961	$	460,968
Net income attributable to common shareholders⁽¹⁾	181,488			2,400,195		322,906		193,217
Per share - basic⁽²⁾	0.95			12.58		1.69		1.01
Per share - diluted⁽²⁾	0.95			12.56		1.69		1.01

(Amounts in thousands, except per share amounts)	For the Three Months Ended
	March 31, 2018			June 30, 2018		September 30, 2018		December 31, 2018
Revenues	$	536,437		$	541,818	$	542,048	$	543,417
Net (loss) income attributable to common shareholders⁽¹⁾	(17,841		)	111,534		190,645		100,494
Per share - basic⁽²⁾	(0.09		)	0.59		1.00		0.53
Per share - diluted⁽²⁾	(0.09		)	0.58		1.00		0.53

____________________


(1)	Fluctuations among quarters resulted primarily from non-cash impairment losses, net gain on transfer to Fifth Avenue and Times Square JV, 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.

The following summary represents the results of operations for each quarter in 2019 and 2018:



(Amounts in thousands, except per share amounts)	For the Three Months Ended
	March 31, 2019			June 30, 2019		September 30, 2019		December 31, 2019
Revenues	$	534,668		$	463,103	$	465,961	$	460,968
Net income attributable to Class A unitholders⁽¹⁾	193,649			2,562,669		345,501		206,694
Per unit - basic⁽²⁾	0.95			12.58		1.69		1.01
Per unit - diluted⁽²⁾	0.95			12.54		1.69		1.01

(Amounts in thousands, except per share amounts)	For the Three Months Ended
	March 31, 2018			June 30, 2018		September 30, 2018		December 31, 2018
Revenues	$	536,437		$	541,818	$	542,048	$	543,417
Net (loss) income attributable to Class A unitholders⁽¹⁾	(19,014		)	118,931		203,268		107,125
Per unit - basic⁽²⁾	(0.10		)	0.58		1.00		0.53
Per unit - diluted⁽²⁾	(0.10		)	0.58		0.99		0.52

____________________


(1)	Fluctuations among quarters resulted primarily from non-cash impairment losses, net gain on transfer to Fifth Avenue and Times Square JV, 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, 2019

Segment Reporting [Abstract]

Segment Information

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

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

Below is a reconciliation of net income to NOI at share and NOI at share - cash basis for the years ended December 31, 2019, 2018 and 2017.



(Amounts in thousands)	For the Year Ended December 31,
	2019			2018			2017
Net income	$	3,334,262		$	422,603		$	264,128
Depreciation and amortization expense	419,107			446,570			429,389
General and administrative expense	169,920			141,871			150,782
Transaction related costs, impairment losses and other	106,538			31,320			1,776
Income from partially owned entities	(78,865		)	(9,149		)	(15,200		)
Loss (income) from real estate fund investments	104,082			89,231			(3,240		)
Interest and other investment income, net	(21,819		)	(17,057		)	(30,861		)
Interest and debt expense	286,623			347,949			345,654
Net gain on transfer to Fifth Avenue and Times Square JV	(2,571,099		)	—			—
Purchase price fair value adjustment	—			(44,060		)	—
Net gains on disposition of wholly owned and partially owned assets	(845,499		)	(246,031		)	(501		)
Income tax expense	103,439			37,633			42,375
Loss (income) from discontinued operations	30			(638		)	13,228
NOI from partially owned entities	322,390			253,564			269,164
NOI attributable to noncontrolling interests in consolidated subsidiaries	(69,332		)	(71,186		)	(65,311		)
NOI at share	1,259,777			1,382,620			1,401,383
Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(6,060		)	(44,704		)	(86,842		)
NOI at share - cash basis	$	1,253,717		$	1,337,916		$	1,314,541

25. Segment Information - continued

Below is a summary of NOI at share, NOI at share - cash basis and selected balance sheet data by segment for the years ended December 31, 2019, 2018 and 2017.



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

Balance Sheet Data:
Real estate, at cost	$	13,074,012		$	10,272,458		$	2,801,554
Investments in partially owned entities	3,999,165			3,964,289			34,876
Total assets	18,287,013			16,429,159			1,857,854



(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: 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

SEC Schedule III Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2019

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

Schedule III Real Estate and Accumulated Depreciation



COLUMN A	COLUMN B			COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
	Encumbrances (1)			Initial cost to company				Costs capitalized subsequent to acquisition		Gross amount at which carried at close of period						Accumulated depreciation and amortization		Date of construction (3)	Date acquired	Life on which depreciation in latest income statement is computed
	Encumbrances (1)			Land		Buildings and improvements		Costs capitalized subsequent to acquisition		Land		Buildings and improvements		Total (2)		Accumulated depreciation and amortization		Date of construction (3)	Date acquired
New York
Manhattan
1290 Avenue of the Americas	$	950,000		$	518,244	$	926,992	$	245,488	$	518,244	$	1,172,480	$	1,690,724	$	371,498	1963	2007	(4)
350 Park Avenue	400,000			265,889		363,381		50,983		265,889		414,364		680,253		142,819		1960	2006	(4)
PENN1	—			—		412,169		355,815		—		767,984		767,984		313,467		1972	1998	(4)
100 West 33rd Street	398,402			242,776		247,970		36,785		242,776		284,755		527,531		96,665		1911	2007	(4)
150 West 34th Street	205,000			119,657		268,509		—		119,657		268,509		388,166		30,767		1900	2015	(4)
PENN2	575,000		(5)	53,615		164,903		139,650		52,689		305,479		358,168		156,464		1968	1997	(4)
90 Park Avenue	—			8,000		175,890		195,597		8,000		371,487		379,487		144,841		1964	1997	(4)
Manhattan Mall	181,598			88,595		113,473		66,604		88,595		180,077		268,672		64,806		2009	2007	(4)
770 Broadway	700,000			52,898		95,686		146,545		52,898		242,231		295,129		100,740		1907	1998	(4)
888 Seventh Avenue	375,000			—		117,269		154,252		—		271,521		271,521		132,586		1980	1998	(4)
PENN11	450,000			40,333		85,259		110,048		40,333		195,307		235,640		85,014		1923	1997	(4)
909 Third Avenue	350,000			—		120,723		122,351		—		243,074		243,074		105,540		1969	1999	(4)
150 East 58th Street	—			39,303		80,216		52,036		39,303		132,252		171,555		64,382		1969	1998	(4)
595 Madison Avenue	—			62,731		62,888		44,762		62,731		107,650		170,381		45,576		1968	1999	(4)
330 West 34th Street	—			—		8,599		154,874		—		163,473		163,473		37,686		1925	1998	(4)
828-850 Madison Avenue	—			107,937		28,261		6,225		107,937		34,486		142,423		10,365			2005	(4)
715 Lexington Avenue	—			—		26,903		65,078		63,000		28,981		91,981		10,048		1923	2001	(4)
478-486 Broadway	—			30,000		20,063		36,562		30,000		56,625		86,625		15,186		2009	2007	(4)
4 Union Square South	120,000			24,079		55,220		3,509		24,079		58,729		82,808		22,579		1965/2004	1993	(4)
Farley Office and Retail Building	—			—		476,235		321,046		—		797,281		797,281		—		1912	2018	(4)
Moynihan Train Hall	—			—		346,926		568,034		—		914,960		914,960		—		1912	2018	(4)
260 Eleventh Avenue	—			—		80,482		4,378		—		84,860		84,860		9,998		1911	2015	(4)
510 Fifth Avenue	—			34,602		18,728		32,300		48,403		37,227		85,630		8,754			2010	(4)
606 Broadway	67,804			45,406		8,993		46,535		45,298		55,636		100,934		564			2016	(4)
40 Fulton Street	—			15,732		26,388		35,050		15,732		61,438		77,170		19,976		1987	1998	(4)
443 Broadway	—			11,187		41,186		—		11,187		41,186		52,373		6,864			2013	(4)
40 East 66th Street	—			13,616		34,635		159		13,616		34,794		48,410		12,220			2005	(4)
155 Spring Street	—			13,700		30,544		6,976		13,700		37,520		51,220		11,127			2007	(4)
435 Seventh Avenue	95,696			19,893		19,091		2,073		19,893		21,164		41,057		8,571		2002	1997	(4)
608 Fifth Avenue (6)	—			—		—		—		—		—		—		—		1932	2012	(4)
692 Broadway	—			6,053		22,908		3,739		6,053		26,647		32,700		9,965			2005	(4)
131-135 West 33rd Street	—			8,315		21,312		316		8,315		21,628		29,943		1,971			2016	(4)



COLUMN A	COLUMN B		COLUMN C				COLUMN D			COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
	Encumbrances (1)		Initial cost to company				Costs capitalized subsequent to acquisition			Gross amount at which carried at close of period						Accumulated depreciation and amortization		Date of construction (3)	Date acquired	Life on which depreciation in latest income statement is computed
			Land		Buildings and improvements					Land		Buildings and improvements		Total (2)
New York - continued
Manhattan - continued
265 West 34th Street	$	—	$	28,500	$	—	$	295		$	28,500	$	295	$	28,795	$	—	1920	2015	(4)
304 Canal Street	—		3,511		12,905		(684		)	3,511		12,221		15,732		986		1910	2014	(4)
677-679 Madison Avenue	—		13,070		9,640		556			13,070		10,196		23,266		3,425			2006	(4)
1131 Third Avenue	—		7,844		7,844		5,708			7,844		13,552		21,396		2,299			1997	(4)
486 Eighth Avenue	—		20,000		71		244			20,000		315		20,315		—		1928	2016	(4)
431 Seventh Avenue	—		16,700		2,751		—			16,700		2,751		19,451		877			2007	(4)
138-142 West 32nd Street	—		9,252		9,936		968			9,252		10,904		20,156		1,223		1920	2015	(4)
334 Canal Street	—		1,693		6,507		7,609			1,693		14,116		15,809		1,682			2011	(4)
267 West 34th Street	—		5,099		10,037		(9,760		)	5,099		277		5,376		—			2013	(4)
966 Third Avenue	—		8,869		3,631		—			8,869		3,631		12,500		575			2013	(4)
148 Spring Street	—		3,200		8,112		398			3,200		8,510		11,710		2,491			2008	(4)
150 Spring Street	—		3,200		5,822		274			3,200		6,096		9,296		1,776			2008	(4)
137 West 33rd Street	—		6,398		1,550		—			6,398		1,550		7,948		184		1932	2015	(4)
488 Eighth Avenue	—		10,650		1,767		(4,643		)	6,859		915		7,774		267			2007	(4)
484 Eighth Avenue	—		3,856		762		773			3,856		1,535		5,391		—			1997	(4)
825 Seventh Avenue	—		1,483		697		2,697			1,483		3,394		4,877		419			1997	(4)
537 West 26th Street	—		10,370		17,632		16,301			26,631		17,672		44,303		866			2018	(4)
339 Greenwich	—		2,622		12,333		—			2,622		12,333		14,955		898			2017	(4)
Other (Including Signage)	—		72,372		19,135		88,457			72,372		107,592		179,964		18,952
Total Manhattan	4,868,500		2,051,250		4,632,934		3,116,963			2,139,487		7,661,660		9,801,147		2,077,959

Other Properties
Hotel Pennsylvania, New York	—		29,903		121,712		125,590			29,903		247,302		277,205		129,258		1919	1997	(4)
33-00 Northern Boulevard, Queens, New York	100,000		46,505		86,226		9,808			46,505		96,034		142,539		12,491		1915	2015	(4)
Paramus, New Jersey	—		—		—		23,392			1,036		22,356		23,392		16,964		1967	1987	(4)
Total Other Properties	100,000		76,408		207,938		158,790			77,444		365,692		443,136		158,713

Total New York	4,968,500		2,127,658		4,840,872		3,275,753			2,216,931		8,027,352		10,244,283		2,236,672



COLUMN A	COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
	Encumbrances (1)		Initial cost to company				Costs capitalized subsequent to acquisition		Gross amount at which carried at close of period						Accumulated depreciation and amortization		Date of construction (3)	Date acquired	Life on which depreciation in latest income statement is computed
	Encumbrances (1)		Land		Buildings and improvements		Costs capitalized subsequent to acquisition		Land		Buildings and improvements		Total (2)		Accumulated depreciation and amortization		Date of construction (3)	Date acquired
Other
theMART
theMART, Illinois	$	675,000	$	64,528	$	319,146	$	414,558	$	64,535	$	733,697	$	798,232	$	329,198	1930	1998	(4)
527 West Kinzie, Illinois	—		5,166		—		67		5,166		67		5,233		—			1998	(4)
Piers 92 and 94, New York	—		—		—		16,961		—		16,961		16,961		3,335			2008	(4)
Total theMART	675,000		69,694		319,146		431,586		69,701		750,725		820,426		332,533

555 California Street, California	548,075		223,446		895,379		227,455		211,459		1,134,821		1,346,280		326,893		1922,1969 -1970	2007	(4)
220 Central Park South, New York	—		115,720		16,445		200,598		—		332,763		332,763		—			2005	(4)
Borgata Land, Atlantic City, NJ	53,441		83,089		—		—		83,089		—		83,089		—			2010
40 East 66th Residential, New York	—		8,454		13,321		—		8,454		13,321		21,775		4,231			2005	(4)
677-679 Madison Avenue, New York	—		1,462		1,058		285		1,627		1,178		2,805		510			2006	(4)
Annapolis, Maryland	—		—		9,652		—		—		9,652		9,652		4,211			2005	(4)
Wayne Towne Center, New Jersey	—		—		26,137		57,453		—		83,590		83,590		25,103			2010	(4)
Other	—		—		—		5,335		—		5,335		5,335		1,536				(4)
Total Other	1,276,516		501,865		1,281,138		922,712		374,330		2,331,385		2,705,715		695,017

Leasehold improvements equipment and other	—		—		—		124,014		—		124,014		124,014		84,269

December 31, 2019	$	6,245,016	$	2,629,523	$	6,122,010	$	4,322,479	$	2,591,261	$	10,482,751	$	13,074,012	$	3,015,958

________________________________________


(1)	Represents contractual debt obligations.


(2)	The net basis of Vornado's assets and liabilities for tax reporting purposes is approximately $4.0 billion lower than the amounts reported for financial statement purposes.


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


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


(5)	Secured amount outstanding on revolving credit facilities.

(6)

In August 2019, we delivered notice to the ground lessor that we will surrender the property in May 2020.

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



	Year Ended December 31,
	2019		2018		2017
Real Estate
Balance at beginning of period	$	16,237,883	$	14,756,295	$	14,187,820
Additions during the period:
Land	46,074		170,065		21,298
Buildings & improvements and other	1,391,784		1,665,684		598,820
	17,675,741		16,592,044		14,807,938
Less: Assets sold, written-off, reclassified to ready for sale and deconsolidated	4,601,729		354,161		51,643
Balance at end of period	$	13,074,012	$	16,237,883	$	14,756,295

Accumulated Depreciation
Balance at beginning of period	$	3,180,175	$	2,885,283	$	2,581,514
Additions charged to operating expenses	360,194		381,500		360,391
	3,540,369		3,266,783		2,941,905
Less: Accumulated depreciation on assets sold, written-off and deconsolidated	524,411		86,608		56,622
Balance at end of period	$	3,015,958	$	3,180,175	$	2,885,283

SEC Schedule III Rollforward of Real Estate Assets and Accumulated Depreciation

12 Months Ended

Dec. 31, 2019

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

Schedule III Real Estate and Accumulated Depreciation



COLUMN A	COLUMN B			COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
	Encumbrances (1)			Initial cost to company				Costs capitalized subsequent to acquisition		Gross amount at which carried at close of period						Accumulated depreciation and amortization		Date of construction (3)	Date acquired	Life on which depreciation in latest income statement is computed
	Encumbrances (1)			Land		Buildings and improvements		Costs capitalized subsequent to acquisition		Land		Buildings and improvements		Total (2)		Accumulated depreciation and amortization		Date of construction (3)	Date acquired
New York
Manhattan
1290 Avenue of the Americas	$	950,000		$	518,244	$	926,992	$	245,488	$	518,244	$	1,172,480	$	1,690,724	$	371,498	1963	2007	(4)
350 Park Avenue	400,000			265,889		363,381		50,983		265,889		414,364		680,253		142,819		1960	2006	(4)
PENN1	—			—		412,169		355,815		—		767,984		767,984		313,467		1972	1998	(4)
100 West 33rd Street	398,402			242,776		247,970		36,785		242,776		284,755		527,531		96,665		1911	2007	(4)
150 West 34th Street	205,000			119,657		268,509		—		119,657		268,509		388,166		30,767		1900	2015	(4)
PENN2	575,000		(5)	53,615		164,903		139,650		52,689		305,479		358,168		156,464		1968	1997	(4)
90 Park Avenue	—			8,000		175,890		195,597		8,000		371,487		379,487		144,841		1964	1997	(4)
Manhattan Mall	181,598			88,595		113,473		66,604		88,595		180,077		268,672		64,806		2009	2007	(4)
770 Broadway	700,000			52,898		95,686		146,545		52,898		242,231		295,129		100,740		1907	1998	(4)
888 Seventh Avenue	375,000			—		117,269		154,252		—		271,521		271,521		132,586		1980	1998	(4)
PENN11	450,000			40,333		85,259		110,048		40,333		195,307		235,640		85,014		1923	1997	(4)
909 Third Avenue	350,000			—		120,723		122,351		—		243,074		243,074		105,540		1969	1999	(4)
150 East 58th Street	—			39,303		80,216		52,036		39,303		132,252		171,555		64,382		1969	1998	(4)
595 Madison Avenue	—			62,731		62,888		44,762		62,731		107,650		170,381		45,576		1968	1999	(4)
330 West 34th Street	—			—		8,599		154,874		—		163,473		163,473		37,686		1925	1998	(4)
828-850 Madison Avenue	—			107,937		28,261		6,225		107,937		34,486		142,423		10,365			2005	(4)
715 Lexington Avenue	—			—		26,903		65,078		63,000		28,981		91,981		10,048		1923	2001	(4)
478-486 Broadway	—			30,000		20,063		36,562		30,000		56,625		86,625		15,186		2009	2007	(4)
4 Union Square South	120,000			24,079		55,220		3,509		24,079		58,729		82,808		22,579		1965/2004	1993	(4)
Farley Office and Retail Building	—			—		476,235		321,046		—		797,281		797,281		—		1912	2018	(4)
Moynihan Train Hall	—			—		346,926		568,034		—		914,960		914,960		—		1912	2018	(4)
260 Eleventh Avenue	—			—		80,482		4,378		—		84,860		84,860		9,998		1911	2015	(4)
510 Fifth Avenue	—			34,602		18,728		32,300		48,403		37,227		85,630		8,754			2010	(4)
606 Broadway	67,804			45,406		8,993		46,535		45,298		55,636		100,934		564			2016	(4)
40 Fulton Street	—			15,732		26,388		35,050		15,732		61,438		77,170		19,976		1987	1998	(4)
443 Broadway	—			11,187		41,186		—		11,187		41,186		52,373		6,864			2013	(4)
40 East 66th Street	—			13,616		34,635		159		13,616		34,794		48,410		12,220			2005	(4)
155 Spring Street	—			13,700		30,544		6,976		13,700		37,520		51,220		11,127			2007	(4)
435 Seventh Avenue	95,696			19,893		19,091		2,073		19,893		21,164		41,057		8,571		2002	1997	(4)
608 Fifth Avenue (6)	—			—		—		—		—		—		—		—		1932	2012	(4)
692 Broadway	—			6,053		22,908		3,739		6,053		26,647		32,700		9,965			2005	(4)
131-135 West 33rd Street	—			8,315		21,312		316		8,315		21,628		29,943		1,971			2016	(4)



COLUMN A	COLUMN B		COLUMN C				COLUMN D			COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
	Encumbrances (1)		Initial cost to company				Costs capitalized subsequent to acquisition			Gross amount at which carried at close of period						Accumulated depreciation and amortization		Date of construction (3)	Date acquired	Life on which depreciation in latest income statement is computed
			Land		Buildings and improvements					Land		Buildings and improvements		Total (2)
New York - continued
Manhattan - continued
265 West 34th Street	$	—	$	28,500	$	—	$	295		$	28,500	$	295	$	28,795	$	—	1920	2015	(4)
304 Canal Street	—		3,511		12,905		(684		)	3,511		12,221		15,732		986		1910	2014	(4)
677-679 Madison Avenue	—		13,070		9,640		556			13,070		10,196		23,266		3,425			2006	(4)
1131 Third Avenue	—		7,844		7,844		5,708			7,844		13,552		21,396		2,299			1997	(4)
486 Eighth Avenue	—		20,000		71		244			20,000		315		20,315		—		1928	2016	(4)
431 Seventh Avenue	—		16,700		2,751		—			16,700		2,751		19,451		877			2007	(4)
138-142 West 32nd Street	—		9,252		9,936		968			9,252		10,904		20,156		1,223		1920	2015	(4)
334 Canal Street	—		1,693		6,507		7,609			1,693		14,116		15,809		1,682			2011	(4)
267 West 34th Street	—		5,099		10,037		(9,760		)	5,099		277		5,376		—			2013	(4)
966 Third Avenue	—		8,869		3,631		—			8,869		3,631		12,500		575			2013	(4)
148 Spring Street	—		3,200		8,112		398			3,200		8,510		11,710		2,491			2008	(4)
150 Spring Street	—		3,200		5,822		274			3,200		6,096		9,296		1,776			2008	(4)
137 West 33rd Street	—		6,398		1,550		—			6,398		1,550		7,948		184		1932	2015	(4)
488 Eighth Avenue	—		10,650		1,767		(4,643		)	6,859		915		7,774		267			2007	(4)
484 Eighth Avenue	—		3,856		762		773			3,856		1,535		5,391		—			1997	(4)
825 Seventh Avenue	—		1,483		697		2,697			1,483		3,394		4,877		419			1997	(4)
537 West 26th Street	—		10,370		17,632		16,301			26,631		17,672		44,303		866			2018	(4)
339 Greenwich	—		2,622		12,333		—			2,622		12,333		14,955		898			2017	(4)
Other (Including Signage)	—		72,372		19,135		88,457			72,372		107,592		179,964		18,952
Total Manhattan	4,868,500		2,051,250		4,632,934		3,116,963			2,139,487		7,661,660		9,801,147		2,077,959

Other Properties
Hotel Pennsylvania, New York	—		29,903		121,712		125,590			29,903		247,302		277,205		129,258		1919	1997	(4)
33-00 Northern Boulevard, Queens, New York	100,000		46,505		86,226		9,808			46,505		96,034		142,539		12,491		1915	2015	(4)
Paramus, New Jersey	—		—		—		23,392			1,036		22,356		23,392		16,964		1967	1987	(4)
Total Other Properties	100,000		76,408		207,938		158,790			77,444		365,692		443,136		158,713

Total New York	4,968,500		2,127,658		4,840,872		3,275,753			2,216,931		8,027,352		10,244,283		2,236,672



COLUMN A	COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
	Encumbrances (1)		Initial cost to company				Costs capitalized subsequent to acquisition		Gross amount at which carried at close of period						Accumulated depreciation and amortization		Date of construction (3)	Date acquired	Life on which depreciation in latest income statement is computed
	Encumbrances (1)		Land		Buildings and improvements		Costs capitalized subsequent to acquisition		Land		Buildings and improvements		Total (2)		Accumulated depreciation and amortization		Date of construction (3)	Date acquired
Other
theMART
theMART, Illinois	$	675,000	$	64,528	$	319,146	$	414,558	$	64,535	$	733,697	$	798,232	$	329,198	1930	1998	(4)
527 West Kinzie, Illinois	—		5,166		—		67		5,166		67		5,233		—			1998	(4)
Piers 92 and 94, New York	—		—		—		16,961		—		16,961		16,961		3,335			2008	(4)
Total theMART	675,000		69,694		319,146		431,586		69,701		750,725		820,426		332,533

555 California Street, California	548,075		223,446		895,379		227,455		211,459		1,134,821		1,346,280		326,893		1922,1969 -1970	2007	(4)
220 Central Park South, New York	—		115,720		16,445		200,598		—		332,763		332,763		—			2005	(4)
Borgata Land, Atlantic City, NJ	53,441		83,089		—		—		83,089		—		83,089		—			2010
40 East 66th Residential, New York	—		8,454		13,321		—		8,454		13,321		21,775		4,231			2005	(4)
677-679 Madison Avenue, New York	—		1,462		1,058		285		1,627		1,178		2,805		510			2006	(4)
Annapolis, Maryland	—		—		9,652		—		—		9,652		9,652		4,211			2005	(4)
Wayne Towne Center, New Jersey	—		—		26,137		57,453		—		83,590		83,590		25,103			2010	(4)
Other	—		—		—		5,335		—		5,335		5,335		1,536				(4)
Total Other	1,276,516		501,865		1,281,138		922,712		374,330		2,331,385		2,705,715		695,017

Leasehold improvements equipment and other	—		—		—		124,014		—		124,014		124,014		84,269

December 31, 2019	$	6,245,016	$	2,629,523	$	6,122,010	$	4,322,479	$	2,591,261	$	10,482,751	$	13,074,012	$	3,015,958

________________________________________


(1)	Represents contractual debt obligations.


(2)	The net basis of Vornado's assets and liabilities for tax reporting purposes is approximately $4.0 billion lower than the amounts reported for financial statement purposes.


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


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


(5)	Secured amount outstanding on revolving credit facilities.

(6)

In August 2019, we delivered notice to the ground lessor that we will surrender the property in May 2020.

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



	Year Ended December 31,
	2019		2018		2017
Real Estate
Balance at beginning of period	$	16,237,883	$	14,756,295	$	14,187,820
Additions during the period:
Land	46,074		170,065		21,298
Buildings & improvements and other	1,391,784		1,665,684		598,820
	17,675,741		16,592,044		14,807,938
Less: Assets sold, written-off, reclassified to ready for sale and deconsolidated	4,601,729		354,161		51,643
Balance at end of period	$	13,074,012	$	16,237,883	$	14,756,295

Accumulated Depreciation
Balance at beginning of period	$	3,180,175	$	2,885,283	$	2,581,514
Additions charged to operating expenses	360,194		381,500		360,391
	3,540,369		3,266,783		2,941,905
Less: Accumulated depreciation on assets sold, written-off and deconsolidated	524,411		86,608		56,622
Balance at end of period	$	3,015,958	$	3,180,175	$	2,885,283

Basis of Presentation and Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Basis of Presentation

Recently Issued Accounting Literature


2.	Basis of Presentation and Significant Accounting Policies - continued

Recently Issued Accounting Literature - 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


2.	Basis of Presentation and Significant Accounting Policies - continued

Significant Accounting Policies - continued

220 Central Park South Condominium Units Ready For Sale

Cash And Cash Equivalents

Restricted Cash

Deferred Charges

Income Taxes


2.	Basis of Presentation and Significant Accounting Policies - continued

Significant Accounting Policies - continued

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

Revenue Recognition

Rental revenues include revenues from the leasing of space at our properties to tenants, lease termination income, revenues from the Hotel Pennsylvania, trade shows and tenant services.

◦


◦	Lease termination income is recognized immediately if a tenant vacates or is recognized on a straight-line basis over the shortened remaining lease term in accordance with ASC 842.


◦	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 the rooms are made available for the guest, in accordance with ASC 842.


◦	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 when the trade show booths are made available for use by the exhibitors, in accordance with ASC 842.


◦	Tenant services revenue arises 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 in accordance with ASC Topic 606, Revenue from Contracts with Customers ("ASC 606").

•

Fee and other income includes management, leasing and other revenue arising from contractual agreements with third parties or with partially owned entities and includes Building Maintenance Services LLC (“BMS”) cleaning, engineering and security services. This revenue is recognized as the services are transferred in accordance with ASC 606.

Redeemable Noncontrolling Interests

Variable Interest Entities

Unconsolidated VIEs

As of December 31, 2019 and 2018, 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.

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.

Fair Value Measurement

Basis of Presentation and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

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, 2019, 2018 and 2017.



(Amounts in thousands)	For the Year Ended December 31,
	2019			2018			2017
Net income attributable to Vornado common shareholders	$	3,097,806		$	384,832		$	162,017
Book to tax differences (unaudited):
Sale of real estate and other capital transactions	(2,575,435		)	31,527			11,991
Depreciation and amortization	200,913			234,325			213,083
Earnings of partially owned entities	150,550			15,711			(3,054		)
Impairment losses	95,371			11,260			49,062
Tangible property regulations	(57,078		)	(86,040		)	—
Vornado stock options	(16,597		)	(22,992		)	(6,383		)
Straight-line rent adjustments	9,057			(7,133		)	(36,696		)
Tax expense related to the reduction of our taxable REIT subsidiaries' deferred tax assets	—			—			32,663
Other, net	12,575			18,956			25,057
Estimated taxable income (unaudited)	$	917,162		$	580,446		$	447,740

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue



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

____________________

See note on the following page.


3.	Revenue Recognition - continued



(Amounts in thousands)	For the Year Ended December 31, 2018
	Total		New York		Other
Property rentals	$	1,816,329	$	1,548,226	$	268,103
Hotel Pennsylvania	94,399		94,399		—
Trade shows	42,684		—		42,684
Lease revenues	1,953,412		1,642,625		310,787
Tenant services	53,921		41,351		12,570
Rental revenues	2,007,333		1,683,976		323,357
BMS cleaning fees	120,357		129,088		(8,731		)	⁽¹⁾
Management and leasing fees	13,324		12,203		1,121
Other income	22,706		10,769		11,937
Fee and other income	156,387		152,060		4,327
Total revenues	$	2,163,720	$	1,836,036	$	327,684

____________________


(1)	See note below.



(Amounts in thousands)	For the Year Ended December 31, 2017
	Total		New York		Other
Property rentals	$	1,762,824	$	1,512,617	$	250,207
Hotel Pennsylvania	89,302		89,302		—
Trade shows	42,207		—		42,207
Lease revenues	1,894,333		1,601,919		292,414
Tenant services	54,043		42,273		11,770
Rental revenues	1,948,376		1,644,192		304,184
BMS cleaning fees	104,143		110,986		(6,843		)	⁽¹⁾
Management and leasing fees	10,087		8,599		1,488
Other income	21,520		15,530		5,990
Fee and other income	135,750		135,115		635
Total revenues	$	2,084,126	$	1,779,307	$	304,819

____________________

(1)

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

Real Estate Fund Investments (Tables)

12 Months Ended

Dec. 31, 2019

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, 2019, 2018 and 2017.



(Amounts in thousands)	For the Year Ended December 31,
	2019			2018				2017
Net investment income	$	2,027		$	6,105			$	18,507
Net unrealized loss on held investments	(106,109		)	(83,794		)		(25,807		)
Net realized (loss) gain on exited investments	—			(912		)		36,078
Previously recorded unrealized gain on exited investment	—			—				(25,538		)
New York City real property transfer tax (the "Transfer Tax")	—			(10,630		)	⁽¹⁾	—
(Loss) income from real estate fund investments	(104,082		)	(89,231		)		3,240
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries	55,274			61,230				(14,044		)
Loss from real estate fund investments net of controlling interests in consolidated subsidiaries⁽²⁾	$	(48,808	)	$	(28,001	)		$	(10,804	)

____________________

(1)

(2)

2018 includes $4,252 of loss related to One Park Avenue additional transfer taxes and reduction in carried interest.

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2019

Marketable Securities [Abstract]

Unrealized Gain (Loss) on Investments

The table below summarizes the changes of our marketable securities portfolio for the years ended December 31, 2019 and 2018.



(Amounts in thousands)
	Total			Lexington			PREIT			Other
Balance as of December 31, 2017	$	182,752		$	178,226		$	—		$	4,526
(Decrease) increase in fair value of marketable securities	(26,453		)	(26,596		)	—			143
Sale of marketable securities	(4,101		)	—			—			(4,101		)
Balance as of December 31, 2018	152,198			151,630			—			568
Sale of marketable securities	(168,314		)	(167,698		)	—			(616		)
Transfer of PREIT investment balance at Conversion Date	54,962			—			54,962			—
(Decrease) increase in fair value of marketable securities	(5,533		)	16,068			(21,649		)	48
Balance as of December 31, 2019	$	33,313		$	—		$	33,313		$	—

Investments in Partially Owned Entities (Tables)

12 Months Ended

Dec. 31, 2019

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, 2019	As of December 31,
	Percentage Ownership at December 31, 2019	2019			2018
Investments:
Fifth Avenue and Times Square JV (see pages 110 and 111 for details)	51.5%	$	3,291,231		$	—
Partially owned office buildings/land⁽¹⁾	Various	464,109			499,005
Alexander’s	32.4%	98,543			107,983
PREIT⁽²⁾	N/A	—			59,491
UE⁽³⁾	N/A	—			45,344
Other investments⁽⁴⁾	Various	145,282			146,290
		$	3,999,165		$	858,113
Investments in partially owned entities included in other liabilities⁽⁵⁾:
7 West 34th Street	53.0%	$	(54,004	)	$	(51,579	)
85 Tenth Avenue	49.9%	(6,186		)	—
330 Madison Avenue⁽⁶⁾	N/A	—			(58,117		)
		$	(60,190	)	$	(109,696	)

____________________


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


(2)	On March 12, 2019, we converted all of our PREIT operating partnership units into common shares and began accounting for our investment as a marketable security in accordance with ASC 321 (see Note 5 - Marketable Securities).


(3)	Sold on March 4, 2019 (see page 112 for details).


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


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


(6)	Sold on July 11, 2019 (see page 112 for details).

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



(Amounts in thousands)	Percentage Ownership at December 31, 2019	For the Year Ended December 31,
	Percentage Ownership at December 31, 2019	2019			2018			2017
Our share of net income (loss):
Fifth Avenue and Times Square JV (see pages 110 and 111 for details):
Equity in net income	51.5%	$	31,130		$	—		$	—
Return on preferred equity, net of our share of the expense		27,586			—			—
		58,716			—			—

Alexander's (see page 111 for details):
Equity in net income⁽¹⁾	32.4%	19,204			10,485			25,820
Management, leasing and development fees		4,575			4,560			6,033
		23,779			15,045			31,853

Partially owned office buildings⁽²⁾	Various	(3,443		)	(3,085		)	2,109

Other investments⁽³⁾	Various	(187		)	(2,811		)	(18,762		)

		$	78,865		$	9,149		$	15,200

____________________


(1)	2018 includes our $7,708 share of Alexander's additional Transfer Tax related to the November 2012 sale of Kings Plaza Regional Shopping Center. Alexander's recorded this expense based on the precedent established by the Tax Tribunal's decision regarding One Park Avenue (see Note 4 - Real Estate Fund Investments).


(2)	Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 7 West 34th Street, 330 Madison Avenue (sold on July 11, 2019), 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others. 2018 includes our $4,978 share of additional Transfer Tax related to the March 2011 acquisition of One Park Avenue (see Note 4 - Real Estate Fund Investments).

(3)


6.	Investments in Partially Owned Entities – continued

Below is a summary of the debt of our partially owned entities as of December 31, 2019 and 2018.



(Amounts in thousands)	Percentage Ownership at December 31, 2019	Maturity	Interest Rate at December 31, 2019	100% Partially Owned Entities’ Debt at December 31,⁽¹⁾
	Percentage Ownership at December 31, 2019	Maturity	Interest Rate at December 31, 2019	2019		2018
Partially owned office buildings⁽²⁾:
Mortgages payable	Various	2021-2029	3.68%	$	3,604,104	$	3,985,855

Alexander's:
Mortgages payable	32.4%	2021-2025	2.98%	974,836		1,170,544

Fifth Avenue and Times Square JV:
Mortgages payable	51.5%	2022-2024	3.31%	950,000		—

Other⁽³⁾:
Mortgages payable and other	Various	2021-2025	4.36%	1,290,227		4,564,489

________________________________________


(1)	All amounts are non-recourse to us except (i) the $500,000 mortgage loan on 640 Fifth Avenue, included in the Fifth Avenue and Times Square JV, and (ii) the $300,000 mortgage loan on 7 West 34th Street which we guaranteed in connection with the sale of a 47.0% equity interest in May 2016.


(2)	Includes 280 Park Avenue, 85 Tenth Avenue, One Park Avenue, 650 Madison Avenue, 7 West 34th Street, 61 Ninth Avenue, 512 West 22nd Street, 330 Madison Avenue (in 2018 only) and others.


(3)	Includes Independence Plaza, Rosslyn Plaza, Fashion Centre Mall/Washington Tower, 50-70 West 93rd Street, UE (in 2018 only), PREIT (in 2018 only) and others.

Summary of Condensed Combined Financial Information



(Amounts in thousands)	As of December 31,
	2019		2018
Balance Sheet:
Assets	$	13,384,000	$	13,258,000
Liabilities	7,548,000		10,456,000
Noncontrolling interests	2,054,000		139,000
Equity	3,782,000		2,663,000



(Amounts in thousands)	For the Year Ended December 31,
	2019		2018		2017
Income Statement:
Total revenue	$	1,504,000	$	1,798,000	$	12,991,000
Net income (loss)	39,000		52,000		(542,000		)

Identified Intangible Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Finite-Lived Intangible Assets [Line Items]

Schedule of Identified Intangible Assets and Intangible Liabilities

The following summarizes our identified intangible assets (primarily above-market leases) and liabilities (primarily below-market leases) as of December 31, 2019 and 2018.



(Amounts in thousands)	As of December 31,
	2019			2018
Identified intangible assets:
Gross amount	$	129,552		$	308,895
Accumulated amortization	(98,587		)	(172,114		)
Total, net	$	30,965		$	136,781
Identified intangible liabilities (included in deferred revenue):
Gross amount	$	316,119		$	503,373
Accumulated amortization	(262,580		)	(341,779		)
Total, net	$	53,539		$	161,594

Below Market Leases Net Of Above Market Leases

Finite-Lived Intangible Assets [Line Items]

Schedule of future amortization expense of intangible assets

Estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding years commencing January 1, 2020 is as follows:



(Amounts in thousands)
2020	$	16,643
2021	11,934
2022	8,792
2023	6,261
2024	2,518

Other Identified Intangible Assets

Finite-Lived Intangible Assets [Line Items]

Schedule of future amortization expense of intangible assets

Estimated annual amortization of all other identified intangible assets including acquired in-place leases for each of the five succeeding years commencing January 1, 2020 is as follows:



(Amounts in thousands)
2020	$	6,235
2021	4,697
2022	2,985
2023	2,898
2024	2,286

Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Debt

The following is a summary of our debt:



(Amounts in thousands)	Weighted Average Interest Rate at December 31, 2019	Balance as of December 31,
	Weighted Average Interest Rate at December 31, 2019	2019			2018
Mortgages Payable:
Fixed rate	3.52%	$	4,601,516		$	5,003,465
Variable rate	3.30%	1,068,500			3,212,382
Total	3.48%	5,670,016			8,215,847
Deferred financing costs, net and other		(30,119		)	(48,049		)
Total, net		$	5,639,897		$	8,167,798
Unsecured Debt:
Senior unsecured notes	3.50%	$	450,000		$	850,000
Deferred financing costs, net and other		(4,128		)	(5,998		)
Senior unsecured notes, net		445,872			844,002

Unsecured term loan	3.87%	750,000			750,000
Deferred financing costs, net and other		(4,160		)	(5,179		)
Unsecured term loan, net		745,840			744,821

Unsecured revolving credit facilities	2.70%	575,000			80,000

Total, net		$	1,766,712		$	1,668,823

Schedule of Maturities of Long-Term Debt

As of December 31, 2019, the principal repayments required for the next five years and thereafter are as follows:



(Amounts in thousands)	Mortgages Payable		Senior Unsecured Notes, Unsecured Term Loan and Unsecured Revolving Credit Facilities
Year Ended December 31,
2020	$	1,541,567	$	—
2021	1,635,549		—
2022	971,600		—
2023	23,400		575,000
2024	766,900		750,000
Thereafter	731,000		450,000

- Definition

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

+ References

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+ Details

Redeemable Noncontrolling Interests / Redeemable Partnership Units (Tables)

12 Months Ended

Dec. 31, 2019

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, 2019 and 2018.



(Amounts in thousands, except units and per unit amounts)	Balance as of December 31,				Units Outstanding as of December 31,		Per Unit Liquidation Preference		Preferred or Annual Distribution Rate
Unit Series	2019		2018		2019	2018	Per Unit Liquidation Preference		Preferred or Annual Distribution Rate
Common:
Class A units held by third parties	$	884,380	$	778,134	13,298,956	12,544,477	n/a		$	2.64

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	$	3,535	$	4,428	141,400	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)	For the Year Ended December 31,
	2019			2018
Beginning balance	$	783,562		$	984,937
Net income	210,872			25,672
Other comprehensive loss	(3,235		)	(836		)
Distributions	(34,607		)	(31,828		)
Special distribution declared on December 18, 2019 (see Note 12 - Shareholders' Equity/Partners' Capital)	(25,912		)	—
Redemption of Class A units for Vornado common shares, at redemption value	(11,250		)	(17,068		)
Adjustments to carry redeemable Class A units at redemption value	(70,810		)	(198,064		)
Other, net	40,295			20,749
Ending balance	$	888,915		$	783,562

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2019

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, 2019 and 2018.



(Amounts in thousands, except share/unit and per share/per unit amounts)
							Per Share/Unit
	Balance as of December 31,				Shares/Units Outstanding as of December 31,		Liquidation Preference		Annual Dividend/ Distribution⁽¹⁾
Preferred Shares/Units	2019		2018		2019	2018	Liquidation Preference		Annual Dividend/ Distribution⁽¹⁾
Convertible Preferred:
6.5% Series A: authorized 15,640 shares/units⁽²⁾	$	991	$	1,071	15,640	18,580	$	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 13,800,000 shares/units⁽³⁾	290,306		290,306		12,000,000	12,000,000	25.00		1.35
5.25% Series M: authorized 13,800,000 shares/units⁽³⁾	308,946		308,946		12,780,000	12,780,000	25.00		1.3125
	$	891,214	$	891,294	36,795,640	36,798,580

________________________________________


(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.

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table sets forth the changes in accumulated other comprehensive (loss) income by component for the year ended December 31, 2019.



(Amounts in thousands)
	Total			Accumulated other comprehensive income of nonconsolidated subsidiaries			Interest rate swaps			Other
Accumulated other comprehensive income (loss) as of December 31, 2018	$	7,664		$	3,253		$	11,759		$	(7,348	)
Other comprehensive (loss) income	(45,586		)	(938		)	(47,885		)	3,237
Amount reclassified from accumulated other comprehensive income⁽¹⁾	(2,311		)	(2,311		)	—			—
Accumulated other comprehensive (loss) income as of December 31, 2019	$	(40,233	)	$	4		$	(36,126	)	$	(4,111	)

________________________________________

(1)

Amount reclassified related to the conversion of our PREIT operating partnership units into common shares.

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

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

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

The tables below aggregate the fair values of these financial assets and liabilities by their levels in the fair value hierarchy as of December 31, 2019 and 2018, respectively.



(Amounts in thousands)	As of December 31, 2019
	Total		Level 1		Level 2		Level 3
Marketable securities	$	33,313	$	33,313	$	—	$	—
Real estate fund investments	222,649		—		—		222,649
Deferred compensation plan assets ($11,819 included in restricted cash and $91,954 in other assets)	103,773		71,338		—		32,435
Interest rate swaps (included in other assets)	4,327		—		4,327		—
Total assets	$	364,062	$	104,651	$	4,327	$	255,084

Mandatorily redeemable instruments (included in other liabilities)	$	50,561	$	50,561	$	—	$	—
Interest rate swaps (included in other liabilities)	40,354		—		40,354		—
Total liabilities	$	90,915	$	50,561	$	40,354	$	—



(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	$	—

Fair value measurements, nonrecurring



(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, 2019 and 2018.



(Amounts in thousands)	As of December 31, 2019					As of December 31, 2018
	Carrying Amount			Fair Value		Carrying Amount			Fair Value
Cash equivalents	$	1,276,815		$	1,277,000	$	261,981		$	262,000
Debt:
Mortgages payable	$	5,670,016		$	5,714,000	$	8,215,847		$	8,179,000
Senior unsecured notes	450,000			468,000		850,000			847,000
Unsecured term loan	750,000			750,000		750,000			750,000
Unsecured revolving credit facilities	575,000			575,000		80,000			80,000
Total	$	7,445,016	⁽¹⁾	$	7,507,000	$	9,895,847	⁽¹⁾	$	9,856,000

____________________

(1)

Excludes $38,407 and $59,226 of deferred financing costs, net and other as of December 31, 2019 and 2018 respectively.

Schedule of Derivative Assets at Fair Value

The following table summarizes our consolidated derivative instruments, all of which hedge variable rate debt, as of December 31, 2019.



(Amounts in thousands)	As of December 31, 2019
					Variable Rate
Hedged Item (Interest rate swaps)	Fair Value		Notional Amount		Spread over LIBOR	Interest Rate	Swapped Rate	Expiration Date
Included in other assets:
770 Broadway mortgage loan	$	4,045	$	700,000	L+175	3.46%	2.56%	9/20
888 Seventh Avenue mortgage loan	218		375,000		L+170	3.44%	3.25%	12/20
Other	64		175,000
	$	4,327	$	1,250,000

Included in other liabilities:
Unsecured term loan	$	36,809	$	750,000	L+100	2.80%	3.87%	10/23
33-00 Northern Boulevard mortgage loan	3,545		100,000		L+180	3.52%	4.14%	1/25
	$	40,354	$	850,000

Schedule of Derivative Liabilities at Fair Value

The following table summarizes our consolidated derivative instruments, all of which hedge variable rate debt, as of December 31, 2019.



(Amounts in thousands)	As of December 31, 2019
					Variable Rate
Hedged Item (Interest rate swaps)	Fair Value		Notional Amount		Spread over LIBOR	Interest Rate	Swapped Rate	Expiration Date
Included in other assets:
770 Broadway mortgage loan	$	4,045	$	700,000	L+175	3.46%	2.56%	9/20
888 Seventh Avenue mortgage loan	218		375,000		L+170	3.44%	3.25%	12/20
Other	64		175,000
	$	4,327	$	1,250,000

Included in other liabilities:
Unsecured term loan	$	36,809	$	750,000	L+100	2.80%	3.87%	10/23
33-00 Northern Boulevard mortgage loan	3,545		100,000		L+180	3.52%	4.14%	1/25
	$	40,354	$	850,000

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, 2019 and 2018.



	Range		Weighted Average (based on fair value of investments)
Unobservable Quantitative Input	December 31, 2019	December 31, 2018	December 31, 2019	December 31, 2018
Discount rates	8.2% to 12.0%	10.0% to 15.0%	9.3%	13.4%
Terminal capitalization rates	4.6% to 8.2%	5.4% to 7.7%	5.3%	5.7%

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, 2019 and 2018.



(Amounts in thousands)	For the Year Ended December 31,
	2019			2018
Beginning balance	$	318,758		$	354,804
Net unrealized loss on held investments	(106,109		)	(83,794		)
Purchases/additional fundings	10,000			68,950
Dispositions	—			(20,290		)
Net realized loss on exited investments	—			(912		)
Ending balance	$	222,649		$	318,758

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, 2019 and 2018.



(Amounts in thousands)	For the Year Ended December 31,
	2019			2018
Beginning balance	$	37,808		$	40,128
Sales	(27,053		)	(12,621		)
Purchases	18,494			9,183
Realized and unrealized gains (losses)	1,947			(274		)
Other, net	1,239			1,392
Ending balance	$	32,435		$	37,808

Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Schedule Of Other Share Based Compensation, Activity

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



(Amounts in thousands)	For the Year Ended December 31,
	2019		2018		2017
OP Units	$	39,969	$	17,763	$	20,630
Performance Conditioned AO LTIP Units	8,263		—		—
AO LTIP Units	2,636		2,113		—
OPPs	1,944		10,689		10,723
Vornado restricted stock	549		570		729
Vornado stock options	547		587		747
	$	53,908	$	31,722	$	32,829

Schedule of Unrecognized Compensation Expense

Below is a summary of unrecognized compensation expense for the year ended December 31, 2019.



(Amounts in thousands)	As of December 31, 2019		Weighted-Average Remaining Contractual Term
OP Units	$	36,390	2.0
AO LTIP Units	2,029		1.5
OPPs	1,783		1.6
Vornado restricted stock	833		1.7
Vornado stock options	832		1.7
Performance Conditioned AO LTIP Units	720		1.6
	$	42,587	1.9

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		Not earned
2016	40,000,000		86.7	%	11,800,000		Not earned

________________________________________

(1)

During the years ended December 31, 2018 and 2017, $8,040,000, and $7,558,000, respectively, was immediately expensed on the respective grant date due to acceleration of vesting for employees who are retirement eligible (have reached age 65 or age 60 with at least 20 years of service).

Schedule Of Share Based Compensation Stock Options Activity

Below is a summary of Vornado’s stock option activity for the year ended December 31, 2019.



	Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding as of December 31, 2018	2,280,126		$	50.81
Granted	35,106		62.68
Exercised	(534,972	)	29.25
Cancelled or expired	(11,383	)	78.07
Outstanding as of December 31, 2019	1,768,877		$	57.39	1.1	$	16,247,000
Options vested and expected to vest as of December 31, 2019	1,767,546		$	57.37	1.1	$	16,246,000
Options exercisable as of December 31, 2019	1,693,192		$	56.87	0.8	$	16,133,000

Below is a summary of AO LTIP Units activity for the year ended December 31, 2019.



	Units		Weighted-Average Grant-Date Fair Value
Outstanding as of December 31, 2018	183,233		$	70.34
Granted	207,808		62.66
Vested	(46,285	)	70.31
Cancelled or expired	(7,058	)	67.59
Outstanding as of December 31, 2019	337,698		65.67

Schedule Of Share Based Payment Award Stock Options Valuation Assumptions



	As of December 31, 2019
Expected volatility	35%
Expected life	8.0 years
Risk free interest rate	2.76%
Expected dividend yield	3.1%

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



	As of December 31,
	2019	2018
Expected volatility	35%	35%
Expected life	5.0 years	5.0 years
Risk free interest rate	2.50%	2.25%
Expected dividend yield	2.9%	2.9%



	As of December 31,
	2019	2018	2017
Expected volatility	35%	35%	35%
Expected life	5.0 years	5.0 years	5.0 years
Risk free interest rate	2.50%	2.25%	1.95%
Expected dividend yield	2.9%	2.9%	3.0%

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, 2019.



Unvested Units	Units		Weighted-Average Grant-Date Fair Value
Unvested as of December 31, 2018	641,844		$	72.79
Granted	927,812		63.30
Vested	(418,692	)	66.45
Cancelled or expired	(2,651	)	68.34
Unvested as of December 31, 2019	1,148,313		67.45

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, 2019.



Unvested Shares	Shares		Weighted-Average Grant-Date Fair Value
Unvested as of December 31, 2018	16,686		$	77.54
Granted	8,805		64.48
Vested	(5,996	)	79.47
Cancelled or expired	(568	)	73.98
Unvested as of December 31, 2019	18,927		70.96

Transaction Related Costs, Impairment Losses and Other (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Transaction Related Costs, Impairment Losses and Other

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



(Amounts in thousands)	For the Year Ended December 31,
	2019		2018		2017
Non-cash impairment losses and related write-offs⁽¹⁾	$	101,925	$	12,000	$	—
Transaction related costs	4,613		6,217		1,776
Transfer tax⁽²⁾	—		13,103		—
	$	106,538	$	31,320	$	1,776

____________________


(1)	2019 primarily from 608 Fifth Avenue (see below).

(2)

Additional Transfer Tax recorded in the first quarter 2018 related to the acquisition of Independence Plaza. The joint venture, in which we have a 50.1% economic interest, that owns Independence Plaza recognized this expense based on the precedent established by the Tax Tribunal's decision regarding One Park Avenue (see Note 4 - Real Estate Fund Investments).

Interest and Other Investment Income, Net (Tables)

12 Months Ended

Dec. 31, 2019

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,
	2019			2018				2017
(Decrease) increase in fair value of marketable securities:
PREIT (see page 110 for details)	$	(21,649	)	$	—			$	—
Lexington (see page 109 for details)	16,068			(26,596		)		—
Other	48			143				—
	(5,533		)	(26,453		)		—
Interest on cash and cash equivalents and restricted cash	13,380			15,827				8,171
Interest on loans receivable	6,326			10,298			⁽¹⁾	4,352
Dividends on marketable securities	3,938			13,339				13,276
Other, net	3,708			4,046				5,062
	$	21,819		$	17,057			$	30,861

________________________________________

(1)

Includes $6,707 of profit participation in connection with an investment in a mezzanine loan which was previously repaid to us

Interest and Debt Expense (Tables)

12 Months Ended

Dec. 31, 2019

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,
	2019				2018			2017
Interest expense	$	335,016		⁽¹⁾	$	389,136		$	359,819
Capitalized interest and debt expense	(72,200		)		(73,166		)	(48,231		)
Amortization of deferred financing costs	23,807				31,979			34,066
	$	286,623			$	347,949		$	345,654

_________________

(1) Includes $22,540 debt prepayment costs in connection with the redemption of $400,000 5.00% senior unsecured noted which were scheduled to mature in January 2022.

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

12 Months Ended

Dec. 31, 2019

Earnings per share

Schedule of Earnings Per Share Basic and Diluted

Vornado Realty Trust



(Amounts in thousands, except per share amounts)	For the Year Ended December 31,
	2019			2018			2017
Numerator:
Income from continuing operations, net of income attributable to noncontrolling interests	$	3,147,965		$	449,356		$	239,824
(Loss) income from discontinued operations, net of income attributable to noncontrolling interests	(28		)	598			(12,408		)
Net income attributable to Vornado	3,147,937			449,954			227,416
Preferred share dividends	(50,131		)	(50,636		)	(65,399		)
Preferred share issuance costs	—			(14,486		)	—
Net income attributable to common shareholders	3,097,806			384,832			162,017
Earnings allocated to unvested participating securities	(309		)	(44		)	(46		)
Numerator for basic income per share	3,097,497			384,788			161,971
Impact of assumed conversions:
Convertible preferred share dividends	57			62			—
Earnings allocated to Out-Performance Plan units	9			174			230
Numerator for diluted income per share	$	3,097,563		$	385,024		$	162,201

Denominator:
Denominator for basic income per share – weighted average shares	190,801			190,219			189,526
Effect of dilutive securities ⁽¹⁾:
Employee stock options and restricted stock awards	216			933			1,448
Convertible preferred shares	34			37			—
Out-Performance Plan units	2			101			284
Denominator for diluted income per share – weighted average shares and assumed conversions	191,053			191,290			191,258

INCOME PER COMMON SHARE - BASIC:
Income from continuing operations, net	$	16.23		$	2.02		$	0.92
Loss from discontinued operations, net	—			—			(0.07		)
Net income per common share	$	16.23		$	2.02		$	0.85

INCOME PER COMMON SHARE - DILUTED:
Income from continuing operations, net	$	16.21		$	2.01		$	0.91
Loss from discontinued operations, net	—			—			(0.06		)
Net income per common share	$	16.21		$	2.01		$	0.85

________________________________________

(1)

The effect of dilutive securities in the years ended December 31, 2019, 2018 and 2017 excludes an aggregate of 13,020, 12,232 and 12,165 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)	For the Year Ended December 31,
	2019			2018			2017
Numerator:
Income from continuing operations, net of income attributable to noncontrolling interests in consolidated subsidiaries	$	3,358,839		$	474,988		$	251,554
(Loss) income from discontinued operations	(30		)	638			(13,228		)
Net income attributable to Vornado Realty L.P.	3,358,809			475,626			238,326
Preferred unit distributions	(50,296		)	(50,830		)	(65,593		)
Preferred unit issuance costs	—			(14,486		)	—
Net income attributable to Class A unitholders	3,308,513			410,310			172,733
Earnings allocated to unvested participating securities	(17,296		)	(2,973		)	(3,232		)
Numerator for basic income per Class A unit	3,291,217			407,337			169,501
Impact of assumed conversions:
Convertible preferred unit distributions	57			62			—
Numerator for diluted income per Class A unit	$	3,291,274		$	407,399		$	169,501

Denominator:
Denominator for basic income per Class A unit – weighted average units	202,947			202,068			201,214
Effect of dilutive securities ⁽¹⁾:
Vornado stock options, Vornado restricted stock awards, OP Units and OPPs	267			1,307			2,086
Convertible preferred units	34			37			—
Denominator for diluted income per Class A unit – weighted average units and assumed conversions	203,248			203,412			203,300

INCOME PER CLASS A UNIT - BASIC:
Income from continuing operations, net	$	16.22		$	2.01		$	0.91
Income (loss) from discontinued operations, net	—			0.01			(0.07		)
Net income per Class A unit	$	16.22		$	2.02		$	0.84

INCOME PER CLASS A UNIT - DILUTED:
Income from continuing operations, net	$	16.19		$	2.00		$	0.90
Loss from discontinued operations, net	—			—			(0.07		)
Net income per Class A unit	$	16.19		$	2.00		$	0.83

________________________________________

(1)

Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Allowance for Doubtful Accounts

As of December 31, 2018 and 2017 our allowance for doubtful accounts were as follows:



(Amounts in thousands)
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

Lessor, Operating Lease, Payments to be Received, Maturity

As of December 31, 2018, under ASC 840, future undiscounted cash flows under non-cancelable operating leases were as follows:



(Amounts in thousands)	As of December 31, 2018
For the year ended 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

As of December 31, 2019, under ASC 842, future undiscounted cash flows under non-cancelable operating leases were as follows:



(Amounts in thousands)	As of December 31, 2019
For the year ended December 31,
2020	$	1,285,867
2021	1,248,659
2022	1,181,887
2023	1,067,014
2024	894,362
Thereafter	4,435,225

Components of Fixed and Variable Lease Revenues

The components of lease revenues for the year ended December 31, 2019 were as follows:



(Amounts in thousands)	For the Year Ended December 31, 2019
Fixed lease revenues	$	1,513,033
Variable lease revenues	206,677
Lease revenues	$	1,719,710

Schedule of Amounts Included in Measurement of Lease Liability

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



(Amounts in thousands)	As of December 31, 2019
Weighted average remaining lease term (in years)	40.20
Weighted average discount rate	4.84		%
Cash paid for operating leases	$	27,817

Schedule of Rent Expense

The following table sets forth the details of rent expense for the year ended December 31, 2019:



(Amounts in thousands)	For the Year Ended December 31, 2019
Fixed rent expense	$	33,738
Variable rent expense	1,978
Rent expense	$	35,716

Lessee, Operating Lease, Liability, Maturity

As of December 31, 2019, future lease payments under operating ground leases were as follows:



(Amounts in thousands)	As of December 31, 2019
For the year ended December 31,
2020	$	28,192
2021	29,711
2022	30,640
2023	31,085
2024	31,551
Thereafter	1,054,881
Total undiscounted cash flows	1,206,060
Present value discount	(707,806		)
Lease liabilities	$	498,254

Schedule of Future Minimum Rental Payments for Operating Leases

As of December 31, 2018, under ASC 840, future lease payments under operating ground leases were as follows:



(Amounts in thousands)	As of December 31, 2018
For the year ended 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, 2019

Quarterly Financial Data

Schedule Of Quarterly Financial Information

Vornado Realty Trust

The following summary represents the results of operations for each quarter in 2019 and 2018:



(Amounts in thousands, except per share amounts)	For the Three Months Ended
	March 31, 2019			June 30, 2019		September 30, 2019		December 31, 2019
Revenues	$	534,668		$	463,103	$	465,961	$	460,968
Net income attributable to common shareholders⁽¹⁾	181,488			2,400,195		322,906		193,217
Per share - basic⁽²⁾	0.95			12.58		1.69		1.01
Per share - diluted⁽²⁾	0.95			12.56		1.69		1.01

(Amounts in thousands, except per share amounts)	For the Three Months Ended
	March 31, 2018			June 30, 2018		September 30, 2018		December 31, 2018
Revenues	$	536,437		$	541,818	$	542,048	$	543,417
Net (loss) income attributable to common shareholders⁽¹⁾	(17,841		)	111,534		190,645		100,494
Per share - basic⁽²⁾	(0.09		)	0.59		1.00		0.53
Per share - diluted⁽²⁾	(0.09		)	0.58		1.00		0.53

____________________


(1)	Fluctuations among quarters resulted primarily from non-cash impairment losses, net gain on transfer to Fifth Avenue and Times Square JV, 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

Vornado Realty L.P.

The following summary represents the results of operations for each quarter in 2019 and 2018:



(Amounts in thousands, except per share amounts)	For the Three Months Ended
	March 31, 2019			June 30, 2019		September 30, 2019		December 31, 2019
Revenues	$	534,668		$	463,103	$	465,961	$	460,968
Net income attributable to Class A unitholders⁽¹⁾	193,649			2,562,669		345,501		206,694
Per unit - basic⁽²⁾	0.95			12.58		1.69		1.01
Per unit - diluted⁽²⁾	0.95			12.54		1.69		1.01

(Amounts in thousands, except per share amounts)	For the Three Months Ended
	March 31, 2018			June 30, 2018		September 30, 2018		December 31, 2018
Revenues	$	536,437		$	541,818	$	542,048	$	543,417
Net (loss) income attributable to Class A unitholders⁽¹⁾	(19,014		)	118,931		203,268		107,125
Per unit - basic⁽²⁾	(0.10		)	0.58		1.00		0.53
Per unit - diluted⁽²⁾	(0.10		)	0.58		0.99		0.52

____________________


(1)	Fluctuations among quarters resulted primarily from non-cash impairment losses, net gain on transfer to Fifth Avenue and Times Square JV, 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, 2019

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, 2019, 2018 and 2017.



(Amounts in thousands)	For the Year Ended December 31,
	2019			2018			2017
Net income	$	3,334,262		$	422,603		$	264,128
Depreciation and amortization expense	419,107			446,570			429,389
General and administrative expense	169,920			141,871			150,782
Transaction related costs, impairment losses and other	106,538			31,320			1,776
Income from partially owned entities	(78,865		)	(9,149		)	(15,200		)
Loss (income) from real estate fund investments	104,082			89,231			(3,240		)
Interest and other investment income, net	(21,819		)	(17,057		)	(30,861		)
Interest and debt expense	286,623			347,949			345,654
Net gain on transfer to Fifth Avenue and Times Square JV	(2,571,099		)	—			—
Purchase price fair value adjustment	—			(44,060		)	—
Net gains on disposition of wholly owned and partially owned assets	(845,499		)	(246,031		)	(501		)
Income tax expense	103,439			37,633			42,375
Loss (income) from discontinued operations	30			(638		)	13,228
NOI from partially owned entities	322,390			253,564			269,164
NOI attributable to noncontrolling interests in consolidated subsidiaries	(69,332		)	(71,186		)	(65,311		)
NOI at share	1,259,777			1,382,620			1,401,383
Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(6,060		)	(44,704		)	(86,842		)
NOI at share - cash basis	$	1,253,717		$	1,337,916		$	1,314,541

25. Segment Information - continued

Below is a summary of NOI at share, NOI at share - cash basis and selected balance sheet data by segment for the years ended December 31, 2019, 2018 and 2017.



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

Balance Sheet Data:
Real estate, at cost	$	13,074,012		$	10,272,458		$	2,801,554
Investments in partially owned entities	3,999,165			3,964,289			34,876
Total assets	18,287,013			16,429,159			1,857,854



(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: 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

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

12 Months Ended

Dec. 31, 2019

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,
	2019		2018		2017
Real Estate
Balance at beginning of period	$	16,237,883	$	14,756,295	$	14,187,820
Additions during the period:
Land	46,074		170,065		21,298
Buildings & improvements and other	1,391,784		1,665,684		598,820
	17,675,741		16,592,044		14,807,938
Less: Assets sold, written-off, reclassified to ready for sale and deconsolidated	4,601,729		354,161		51,643
Balance at end of period	$	13,074,012	$	16,237,883	$	14,756,295

Accumulated Depreciation
Balance at beginning of period	$	3,180,175	$	2,885,283	$	2,581,514
Additions charged to operating expenses	360,194		381,500		360,391
	3,540,369		3,266,783		2,941,905
Less: Accumulated depreciation on assets sold, written-off and deconsolidated	524,411		86,608		56,622
Balance at end of period	$	3,015,958	$	3,180,175	$	2,885,283

Organization and Business - (Narrative) (Details) ft² in Millions	12 Months Ended
	Dec. 31, 2019 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 Building
Real Estate Properties
Square footage of real estate property (in sqft)	19.1
Number of real estate properties \| property	35
New York \| Manhattan \| Retail
Real Estate Properties
Square footage of real estate property (in sqft)	2.3
Number of real estate properties \| property	70
New York \| Manhattan \| Residential Properties
Real Estate Properties
Number of real estate properties \| property	10
Number of units in real estate property (in number of residential units) \| unit	1,991
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 (in sqft)	1.3
Other \| Real estate fund investments
Real Estate Properties
Equity method ownership percentage	25.00%
Other \| Chicago \| the Mart, Chicago
Real Estate Properties
Square footage of real estate property (in sqft)	3.7
Other \| San Francisco \| 555 California Street \| Office Building
Real Estate Properties
Square footage of real estate property (in sqft)	1.8
Equity method ownership percentage	70.00%
Number of buildings \| building	3
Operating Partnership
Real Estate Properties
Common limited partnership interest in the Operating Partnership	93.10%

Basis of Presentation and Significant Accounting Policies (Basis of Presentation) (Details) - Accounting Standards Update 2016-02 - Rental revenues - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Basis of Presentation [Line Items]
Property rentals	$ 1,760,205	$ 1,714,952
Tenant expense reimbursement	$ 247,128	$ 233,424

Basis of Presentation and Significant Accounting Policies (Recently Issued Accounting Literature) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2019 USD ($)	Jan. 01, 2019 USD ($) ground_lease
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of properties subject to ground leases \| ground_lease				12
Right-of-use assets	$ 0		$ 379,546
Lease liabilities	0		$ 498,254
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use assets				$ 526,866
Lease liabilities				$ 526,866
Capitalized leasing costs	$ 5,538	$ 5,243

Basis of Presentation and Significant Accounting Policies (Real Estate) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Real Estate [Line Items]
Real estate and accumulated depreciation life used for depreciation	40 years
Capitalized interest and debt expense during construction	$ 72,200,000	$ 73,166,000
Real estate impairment losses	107,221,000	12,000,000	$ 0
Moynihan Train Hall development expenditures	$ 914,960,000	445,693,000
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
Farley Office and Retail Building
Real Estate [Line Items]
Equity method ownership percentage	95.00%
Estimated Moynihan Train Hall development expenditures	$ 1,600,000,000
Moynihan Train Hall development expenditures	$ 914,960,000	$ 445,693,000
Joint Venture \| Farley Office and Retail Building
Real Estate [Line Items]
Equity method ownership percentage	95.00%
Affiliated Entity \| Farley Office and Retail Building
Real Estate [Line Items]
Equity method ownership percentage	5.00%

Basis of Presentation and Significant Accounting Policies (Partially Owned Entities) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Non cash impairment losses	$ 0	$ 0	$ 44,465,000

Basis of Presentation and Significant Accounting Policies (Income Taxes) (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 15, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jul. 11, 2019	Apr. 18, 2019
Income Tax Contingency [Line Items]
Minimum percentage of taxable income distributed as dividends		90.00%
Percentage of taxable income distributed		100.00%
Deferred tax assets related to net operating loss carryforward utilized		$ 57,226	$ 109,949
Deferred tax liabilities		29,444	28,676
Income tax expense		$ 103,439	$ 37,633	$ 42,375
Effective income tax reconcilation, percent		3.00%	8.20%	13.30%
Income tax expense relating to purchase price fair value adjustment			$ 16,771
Net basis difference of assets and liabilities between tax basis and GAAP basis		$ 4,000,000
Ordinary Income
Income Tax Contingency [Line Items]
Percentage of taxable income distributed		62.10%	91.70%
Long Term Capital Gain
Income Tax Contingency [Line Items]
Percentage of taxable income distributed		37.90%	8.30%
220 Central Park South
Income Tax Contingency [Line Items]
Deferred tax assets related to net operating loss carryforward utilized		$ 10,257
Income tax expense		$ 101,828	$ 13,888
Farley Office and Retail Building
Income Tax Contingency [Line Items]
Equity method additional ownership percentage			44.90%
Fifth Avenue and Times Square JV
Income Tax Contingency [Line Items]
Equity method ownership percentage		51.50%
Fifth Avenue and Times Square JV \| Joint Venture \| Investors
Income Tax Contingency [Line Items]
Equity method ownership percentage						48.50%
Fifth Avenue and Times Square JV \| Vornado Realty Trust \| Joint Venture
Income Tax Contingency [Line Items]
Equity method ownership percentage						51.50%
Fifth Avenue and Times Square JV \| Vornado Realty Trust \| Joint Venture \| Investors
Income Tax Contingency [Line Items]
Equity method investment, effective ownership transferred percentage						45.40%
330 Madison Avenue \| Joint Venture
Income Tax Contingency [Line Items]
Equity method ownership percentage					25.00%
Subsequent Event
Income Tax Contingency [Line Items]
Dividends per common share (usd per share)	$ 1.95
Amount of dividend considered long-term capital gain (in usd per share)	$ 1.74

Basis of Presentation and Significant Accounting Policies (Estimated Taxable Income) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Net income attributable to Vornado common shareholders / Class A unit holders	$ 193,217	$ 322,906	$ 2,400,195	$ 181,488	$ 100,494	$ 190,645	$ 111,534	$ (17,841)	$ 3,097,806	$ 384,832	$ 162,017
Sale of real estate and other capital transactions									(2,575,435)	31,527	11,991
Depreciation and amortization									200,913	234,325	213,083
Earnings of partially owned entities									150,550	15,711	(3,054)
Impairment losses									95,371	11,260	49,062
Tangible property regulations									(57,078)	(86,040)	0
Vornado stock options									(16,597)	(22,992)	(6,383)
Straight-line rent adjustments									9,057	(7,133)	(36,696)
Tax expense related to the reduction of our taxable REIT subsidiaries' deferred tax assets									0	0	32,663
Other, net									12,575	18,956	25,057
Estimated taxable income (unaudited)									$ 917,162	$ 580,446	$ 447,740

Revenue Recognition - Narrative (Details) - 12 months ended Dec. 31, 2019	Total	segment
Revenue from Contract with Customer [Abstract]
Number of reportable segments (segment)	2	2

Revenue Recognition - Revenue by Segment (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Lease income									$ 1,719,710
Total revenues	$ 460,968	$ 465,961	$ 463,103	$ 534,668	$ 543,417	$ 542,048	$ 541,818	$ 536,437	1,924,700	$ 2,163,720	$ 2,084,126
Rental revenues
Disaggregation of Revenue [Line Items]
Total revenues									1,767,222	2,007,333	1,948,376
Lease revenues
Disaggregation of Revenue [Line Items]
Lease income									1,719,710	1,953,412	1,894,333
Property rentals
Disaggregation of Revenue [Line Items]
Lease income									1,589,539	1,816,329	1,762,824
Hotel Pennsylvania
Disaggregation of Revenue [Line Items]
Lease income									89,594	94,399	89,302
Trade shows
Disaggregation of Revenue [Line Items]
Lease income									40,577	42,684	42,207
Tenant services
Disaggregation of Revenue [Line Items]
Revenues									47,512	53,921	54,043
Fee and other income
Disaggregation of Revenue [Line Items]
Revenues									157,478	156,387	135,750
Total revenues									157,478	156,387	135,750
BMS cleaning fees
Disaggregation of Revenue [Line Items]
Revenues									124,674	120,357	104,143
Management and leasing fees
Disaggregation of Revenue [Line Items]
Revenues									13,542	13,324	10,087
Other income
Disaggregation of Revenue [Line Items]
Revenues									19,262	22,706	21,520
New York
Disaggregation of Revenue [Line Items]
Total revenues									1,577,860	1,836,036	1,779,307
New York \| Rental revenues
Disaggregation of Revenue [Line Items]
Total revenues									1,424,990	1,683,976	1,644,192
New York \| Lease revenues
Disaggregation of Revenue [Line Items]
Lease income									1,389,979	1,642,625	1,601,919
New York \| Property rentals
Disaggregation of Revenue [Line Items]
Lease income									1,300,385	1,548,226	1,512,617
New York \| Hotel Pennsylvania
Disaggregation of Revenue [Line Items]
Lease income									89,594	94,399	89,302
New York \| Trade shows
Disaggregation of Revenue [Line Items]
Lease income									0	0	0
New York \| Tenant services
Disaggregation of Revenue [Line Items]
Revenues									35,011	41,351	42,273
New York \| Fee and other income
Disaggregation of Revenue [Line Items]
Revenues									152,870	152,060	135,115
New York \| BMS cleaning fees
Disaggregation of Revenue [Line Items]
Revenues									133,358	129,088	110,986
New York \| Management and leasing fees
Disaggregation of Revenue [Line Items]
Revenues									13,694	12,203	8,599
New York \| Other income
Disaggregation of Revenue [Line Items]
Revenues									5,818	10,769	15,530
Other
Disaggregation of Revenue [Line Items]
Total revenues									346,840	327,684	304,819
Other \| Rental revenues
Disaggregation of Revenue [Line Items]
Total revenues									342,232	323,357	304,184
Other \| Lease revenues
Disaggregation of Revenue [Line Items]
Lease income									329,731	310,787	292,414
Other \| Property rentals
Disaggregation of Revenue [Line Items]
Lease income									289,154	268,103	250,207
Other \| Hotel Pennsylvania
Disaggregation of Revenue [Line Items]
Lease income									0	0	0
Other \| Trade shows
Disaggregation of Revenue [Line Items]
Lease income									40,577	42,684	42,207
Other \| Tenant services
Disaggregation of Revenue [Line Items]
Revenues									12,501	12,570	11,770
Other \| Fee and other income
Disaggregation of Revenue [Line Items]
Revenues									4,608	4,327	635
Other \| BMS cleaning fees
Disaggregation of Revenue [Line Items]
Revenues									(8,684)	(8,731)	(6,843)
Other \| Management and leasing fees
Disaggregation of Revenue [Line Items]
Revenues									(152)	1,121	1,488
Other \| Other income
Disaggregation of Revenue [Line Items]
Revenues									$ 13,444	$ 11,937	$ 5,990

Real Estate Fund Investments (Narrative) (Details) ft² in Thousands, $ in Thousands			12 Months Ended
	Nov. 06, 2019 USD ($) ft² extension	Nov. 05, 2019 USD ($)	Dec. 31, 2019 USD ($) investment	Dec. 31, 2018 USD ($) investment
Investment Holdings
Real estate fund investments			$ 222,649	$ 318,758
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
Real estate fund investments
Investment Holdings
Equity method ownership percentage			25.00%
Number of investments held by fund \| investment			4	4
Real estate fund investments			$ 222,649	$ 318,758
Excess of fair value below cost			112,915
Unfunded commitments of Fund			$ 35,194
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			$ 11,242
Joint Venture \| Crowne Plaza Time Square Hotel
Investment Holdings
Equity method ownership percentage			57.10%
Lucida
Investment Holdings
Refinancing	$ 145,075	$ 146,000
Square footage of real estate property (in sqft) \| ft²	155
Debt term (years)	3 years
Number of extensions (extension) \| extension	2
Length of extension available (years)	1 year
Debt instrument, interest rate, effective percentage			3.54%
LIBOR \| Lucida
Investment Holdings
Spread Over LIBOR (in percentage)	1.85%
Matures in December 2019 \| LIBOR \| Lucida
Investment Holdings
Spread Over LIBOR (in percentage)		1.55%

Real Estate Fund Investments (Income from the Fund and the Co-Investment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Details Of Income From Real Estate Funds
Loss (income) from real estate fund investments	$ (104,082)	$ (89,231)	$ 3,240
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries	24,547	53,023	(25,802)
Real estate fund investments
Details Of Income From Real Estate Funds
Net investment income	2,027	6,105	18,507
Net unrealized loss on held investments	(106,109)	(83,794)	(25,807)
Net realized (loss) gain on exited investments	0	(912)	36,078
Previously recorded unrealized gain on exited investment	0	0	(25,538)
New York City real property transfer tax (the Transfer Tax)	0	(10,630)	0
Loss (income) from real estate fund investments	(104,082)	(89,231)	3,240
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries	55,274	61,230	(14,044)
Loss from real estate fund investments net of controlling interests in consolidated subsidiaries(2)	$ (48,808)	(28,001)	$ (10,804)
One Park Avenue \| Real estate fund investments
Details Of Income From Real Estate Funds
Loss from real estate fund investments net of controlling interests in consolidated subsidiaries(2)		$ 4,252

Marketable Securities (Narrative) (Details) - USD ($)				1 Months Ended	12 Months Ended
Marketable Securities (Narrative) (Details) - USD ($)	Jan. 23, 2020	Mar. 12, 2019	Mar. 01, 2019	Jan. 23, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Marketable Securities [Line Items]
(Decrease) increase in fair value of marketable securities					$ (5,533,000)	$ (26,453,000)	$ 0
Lexington Realty Trust
Marketable Securities [Line Items]
Shares sold (shares)			18,468,969
Proceeds from sale of equity method investments			$ 167,698,000
(Decrease) increase in fair value of marketable securities					16,068,000	(26,596,000)	0
PREIT
Marketable Securities [Line Items]
Shares issued upon conversion of operating partnership units (shares)		6,250,000
(Decrease) increase in fair value of marketable securities					(21,649,000)	$ 0	$ 0
Interest and Other Investment Income, Net \| PREIT
Marketable Securities [Line Items]
(Decrease) increase in fair value of marketable securities					$ (21,649,000)
Subsequent Event \| PREIT
Marketable Securities [Line Items]
Shares sold (shares)	6,250,000			6,250,000
Proceeds from sale of equity method investments	$ 28,375,000
(Decrease) increase in fair value of marketable securities				$ (4,938,000)

Marketable Securities (Marketable securities portfolio) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Marketable Securities [Roll Forward]
Beginning balance	$ 152,198	$ 182,752
(Decrease) increase in fair value of marketable securities	(5,533)	(26,453)	$ 0
Sale of marketable securities	(168,314)	(4,101)
Transfer of PREIT investment balance at Conversion Date	54,962
Ending balance	33,313	152,198	182,752
Lexington Realty Trust
Marketable Securities [Roll Forward]
Beginning balance	151,630	178,226
(Decrease) increase in fair value of marketable securities	16,068	(26,596)	0
Sale of marketable securities	(167,698)	0
Transfer of PREIT investment balance at Conversion Date	0
Ending balance	0	151,630	178,226
PREIT
Marketable Securities [Roll Forward]
Beginning balance	0	0
(Decrease) increase in fair value of marketable securities	(21,649)	0	0
Sale of marketable securities	0	0
Transfer of PREIT investment balance at Conversion Date	54,962
Ending balance	33,313	0	0
Other
Marketable Securities [Roll Forward]
Beginning balance	568	4,526
(Decrease) increase in fair value of marketable securities	48	143
Sale of marketable securities	(616)	(4,101)
Transfer of PREIT investment balance at Conversion Date	0
Ending balance	$ 0	$ 568	$ 4,526

Investments in Partially Owned Entities (Fifth Avenue and Times Square JV) (Details) ft² in Thousands, $ in Thousands			12 Months Ended
	May 23, 2019 USD ($)	Apr. 18, 2019 USD ($) ft²	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	May 24, 2019
Schedule of Equity Method Investments [Line Items]
Real estate held-for-sale			$ 408,918	$ 99,627
Net gain on transfer to Fifth Avenue and Times Square JV			2,571,099	0	$ 0
Proceeds from redemption of preferred equity			$ 500,000	$ 0	$ 0
Fifth Avenue and Times Square JV
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage			51.50%
Payments to acquire noncontrolling interest in joint venture		$ 23,000
Payments for transaction costs for joint venture		53,000
Real estate held-for-sale		5,556,000
Net gain on transfer to Fifth Avenue and Times Square JV			$ 2,571,000
Tax gain from real estate joint venture		735,000
Joint Venture \| Fifth Avenue and Times Square JV
Schedule of Equity Method Investments [Line Items]
Aggregate of preferred equity interests		$ 1,828,000
Temporary equity, value	$ 500,000
Debt instrument, interest rate, stated percentage		4.25%
Investors \| Joint Venture \| Fifth Avenue and Times Square JV
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage		48.50%
Equity method investment, effective ownership percentage		47.20%
Vornado Realty Trust \| Joint Venture \| Fifth Avenue and Times Square JV
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage		51.50%
Equity method investment, effective ownership percentage		51.00%
Proceeds from real estate joint ventures		$ 1,179,000
Net gain from real estate investment partnership, attributable to noncontrolling interest			$ 11,945
Vornado Realty Trust \| Investors \| Joint Venture \| Fifth Avenue and Times Square JV
Schedule of Equity Method Investments [Line Items]
Equity method investment, effective ownership transferred percentage		45.40%
Retail \| Fifth Avenue and Times Square JV
Schedule of Equity Method Investments [Line Items]
Square footage of real estate property (in sqft) \| ft²		489
Office Space \| Fifth Avenue and Times Square JV
Schedule of Equity Method Investments [Line Items]
Square footage of real estate property (in sqft) \| ft²		327
Increase in Percentage After Fifth Anniversary \| Joint Venture \| Fifth Avenue and Times Square JV
Schedule of Equity Method Investments [Line Items]
Debt instrument, interest rate, stated percentage		4.75%
666 Fifth Avenue (Retail Condo) \| Fifth Avenue and Times Square JV
Schedule of Equity Method Investments [Line Items]
Payments for mortgage loans held-for-sale		$ 390,000
Payments for transaction costs for joint venture		17,000
655 Fifth Avenue \| Fifth Avenue and Times Square JV
Schedule of Equity Method Investments [Line Items]
Payments for mortgage loans held-for-sale		140,000
640 Fifth Avenue \| Fifth Avenue and Times Square JV
Schedule of Equity Method Investments [Line Items]
Debt instrument, interest rate, stated percentage						3.07%
Proceeds from mortgage loan	500,000	$ 500,000
Proceeds from redemption of preferred equity	$ 500,000
Long-term debt, term (years)	5 years					4 years
LIBOR \| 640 Fifth Avenue \| Fifth Avenue and Times Square JV
Schedule of Equity Method Investments [Line Items]
Spread Over LIBOR (in percentage)	1.01%

Investments in Partially Owned Entities (Related Party Transactions) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Joint Venture \| Fifth Avenue and Times Square JV
Schedule of Equity Method Investments [Line Items]
Related party transaction annual fee percentage	2.00%
Supervisory fee, percentage	1.50%
Vornado Realty Trust \| Joint Venture \| Fifth Avenue and Times Square JV
Schedule of Equity Method Investments [Line Items]
Supervisory fee, percentage	5.00%
Fee and other income from related parties (in US dollars)	$ 3,085
Building Maintenance Service \| Majority-Owned Subsidiary, Unconsolidated
Schedule of Equity Method Investments [Line Items]
Revenue from related parties	$ 3,087

Investments in Partially Owned Entities (Alexander's Inc.) (Details) - Alexanders Inc - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Equity Method Investments And Income From Equity Method Investments
Investment owned, balance, shares	1,654,068
Equity method ownership percentage	32.40%
Amount Alexander owed	$ 1,426	$ 708
Closing share price (in dollars per share)	$ 330.35
Equity method investment, quoted market value	$ 546,421
Excess of investee's fair value over carrying amount	447,878
Excess of investee's carrying amount over equity in net assets	$ 38,838

Investments in Partially Owned Entities (Management, Development, Leasing and Other Agreements) (Details) - Alexanders Inc	12 Months Ended
	Dec. 31, 2019 USD ($) $ / ft²	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Managment Agreement [Abstract]
Management fee income	$ 2,800,000
Development fee percent	6.00%
Leasing Agreement [Abstract]
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%
Rego Park 2 Property
Managment Agreement [Abstract]
Property management fee agreement percentage of income	2.00%
Lexington Avenue 731
Managment Agreement [Abstract]
Property management fee agreement price per square foot \| $ / ft²	0.50
Common Area 731 Lexington Avenue
Managment Agreement [Abstract]
Management fee income	$ 324,000
Property management fee agreement escalation percentage of income	3.00%
Building Maintenance Service
Other Agreements [Abstract]
Fee income recognized by equity method investees for building maintenance services	$ 3,613,000	$ 2,705,000	$ 2,678,000

Investments in Partially Owned Entities (61 Ninth Avenue, Urban Edge Properties and 512 22nd Street) (Details) ft² in Thousands, $ in Thousands							12 Months Ended
	Dec. 23, 2019	Jun. 28, 2019 USD ($) ft²	Jun. 27, 2019 USD ($)	Mar. 04, 2019 USD ($) shares	Jan. 28, 2019 USD ($) ft²	Jan. 27, 2019 USD ($)	Dec. 31, 2019 USD ($)
Urban Edge Properties
Schedule of Equity Method Investments [Line Items]
Shares sold (shares) \| shares				5,717,184
Proceeds from sale of equity method investments				$ 108,512
Gain (loss) on sale of equity investments							$ 62,395
Joint Venture \| 61 9th Avenue
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage					45.10%
Joint Venture \| 512 West 22nd Street
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage		55.00%
Office and Retail Property \| 61 9th Avenue
Schedule of Equity Method Investments [Line Items]
Debt proceeds, net					$ 31,000
Maturing in January 2026 \| Office and Retail Property \| 61 9th Avenue
Schedule of Equity Method Investments [Line Items]
Loans repaid					$ 167,500
Square footage of real estate property (in sqft) \| ft²					166
Debt instrument, interest rate, stated percentage							3.07%
Debt term (years)	7 years
Maturing in 2021 \| Office and Retail Property \| 61 9th Avenue
Schedule of Equity Method Investments [Line Items]
Loans repaid						$ 90,000
Matures in June 2023 \| Office Building \| 512 West 22nd Street
Schedule of Equity Method Investments [Line Items]
Loans repaid		$ 145,700					$ 109,565
Square footage of real estate property (in sqft) \| ft²		173
Debt instrument, interest rate, stated percentage							3.72%
Debt term (years)		4 years
Length of extension available (years)		1 year
Matures in 2019 \| Office Building \| 512 West 22nd Street
Schedule of Equity Method Investments [Line Items]
Loans repaid			$ 126,000
LIBOR \| Maturing in January 2026 \| Office and Retail Property \| 61 9th Avenue
Schedule of Equity Method Investments [Line Items]
Spread Over LIBOR (in percentage)					1.35%
LIBOR \| Maturing in 2021 \| Office and Retail Property \| 61 9th Avenue
Schedule of Equity Method Investments [Line Items]
Spread Over LIBOR (in percentage)						3.05%
LIBOR \| Matures in June 2023 \| Office Building \| 512 West 22nd Street
Schedule of Equity Method Investments [Line Items]
Spread Over LIBOR (in percentage)		2.00%
LIBOR \| Matures in 2019 \| Office Building \| 512 West 22nd Street
Schedule of Equity Method Investments [Line Items]
Spread Over LIBOR (in percentage)			2.65%

Investments in Partially Owned Entities (330 Madison Avenue, 825 Seventh Avenue, Toys R Us, Inc., 650 Madison Avenue and 50-70 West 93rd Street) (Details) ft² in Thousands	Dec. 23, 2019 USD ($) unit	Dec. 22, 2019 USD ($)	Nov. 26, 2019 USD ($) ft²	Jul. 25, 2019 USD ($) ft²	Jul. 24, 2019 USD ($)	Jul. 11, 2019 USD ($)	Dec. 31, 2019 USD ($)	Nov. 25, 2019 USD ($)	Apr. 18, 2019	Feb. 01, 2019	Dec. 31, 2018 USD ($)
330 Madison Avenue
Schedule of Equity Method Investments [Line Items]
Gain (loss) on sale of equity investments						$ 159,292,000
Realized gain on disposal						139,000,000
Toys R Us
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage										32.50%
Total equity method investment											$ 0
Tax basis of investments, cost for income tax purposes							$ 420,000,000
Fifth Avenue and Times Square JV
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage							51.50%
330 Madison Avenue
Schedule of Equity Method Investments [Line Items]
Debt proceeds, net						100,000,000
Loans repaid						$ 500,000,000
Residential Properties \| 50-70 West 93rd Street
Schedule of Equity Method Investments [Line Items]
Number of units (units) \| unit	325
Matures in 2022 \| Office Building \| 825 Seventh Avenue
Schedule of Equity Method Investments [Line Items]
Loans repaid				$ 60,000,000			$ 31,889,000
Square footage of real estate property (in sqft) \| ft²				165
Debt instrument, interest rate, stated percentage							3.40%
Length of extension available (years)				1 year
Maturing in September 2019 \| Office Building \| 825 Seventh Avenue
Schedule of Equity Method Investments [Line Items]
Loans repaid					$ 20,500,000
Matures in December 2029 \| Office and Retail Property \| 650 Madison Avenue
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage			20.10%
Loans repaid			$ 800,000,000
Square footage of real estate property (in sqft) \| ft²			601
Debt instrument, interest rate, stated percentage			3.49%
Debt term (years)			10 years
Matures in October 2020 \| Office and Retail Property \| 650 Madison Avenue
Schedule of Equity Method Investments [Line Items]
Loans repaid								$ 800,000,000
Debt instrument, interest rate, stated percentage								4.39%
Matures in December 2024 \| Office and Retail Property \| 50-70 West 93rd Street
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage	49.90%
Loans repaid	$ 85,500,000						$ 82,500,000
Debt term (years)	5 years
Matures in December 2024 \| Residential Properties \| 50-70 West 93rd Street
Schedule of Equity Method Investments [Line Items]
Debt instrument, interest rate, stated percentage	3.14%
Matures in August 2020 \| Office and Retail Property \| 50-70 West 93rd Street
Schedule of Equity Method Investments [Line Items]
Loans repaid		$ 80,000,000
Joint Venture \| 330 Madison Avenue
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage						25.00%
Joint Venture \| 825 Seventh Avenue
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage				50.00%
Joint Venture \| Fifth Avenue and Times Square JV
Schedule of Equity Method Investments [Line Items]
Debt instrument, interest rate, stated percentage									4.25%
LIBOR \| Matures in 2022 \| Office Building \| 825 Seventh Avenue
Schedule of Equity Method Investments [Line Items]
Spread Over LIBOR (in percentage)				1.65%
LIBOR \| Maturing in September 2019 \| Office Building \| 825 Seventh Avenue
Schedule of Equity Method Investments [Line Items]
Spread Over LIBOR (in percentage)					1.40%
LIBOR \| Matures in December 2024 \| Office and Retail Property \| 50-70 West 93rd Street
Schedule of Equity Method Investments [Line Items]
Spread Over LIBOR (in percentage)	1.53%
LIBOR \| Matures in August 2020 \| Office and Retail Property \| 50-70 West 93rd Street
Schedule of Equity Method Investments [Line Items]
Spread Over LIBOR (in percentage)		1.70%
Vornado Realty Trust \| Joint Venture \| Fifth Avenue and Times Square JV
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage									51.50%
Investors \| Joint Venture \| Fifth Avenue and Times Square JV
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage									48.50%
Investors \| Vornado Realty Trust \| Joint Venture \| Fifth Avenue and Times Square JV
Schedule of Equity Method Investments [Line Items]
Equity method investment, effective ownership transferred percentage									45.40%

Investments in Partially Owned Entities (Summary of Investments) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Carrying amount of investments in partially owned entities	$ 3,999,165	$ 858,113
Fifth Avenue and Times Square JV
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage	51.50%
Carrying amount of investments in partially owned entities	$ 3,291,231	0
Partially Owned Office Buildings
Schedule of Equity Method Investments [Line Items]
Carrying amount of investments in partially owned entities	$ 464,109	499,005
Alexanders Inc
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage	32.40%
Carrying amount of investments in partially owned entities	$ 98,543	107,983
PREIT
Schedule of Equity Method Investments [Line Items]
Carrying amount of investments in partially owned entities	0	59,491
UE
Schedule of Equity Method Investments [Line Items]
Carrying amount of investments in partially owned entities	0	45,344
Other investments
Schedule of Equity Method Investments [Line Items]
Carrying amount of investments in partially owned entities	145,282	146,290
Other Liabilities
Schedule of Equity Method Investments [Line Items]
Carrying amount of investments in partially owned entities	$ (60,190)	(109,696)
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	$ (54,004)	(51,579)
Other Liabilities \| 85 Tenth Avenue
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage	49.90%
Carrying amount of investments in partially owned entities	$ (6,186)	0
Other Liabilities \| 330 Madison Avenue
Schedule of Equity Method Investments [Line Items]
Carrying amount of investments in partially owned entities	$ 0	$ (58,117)

Investments in Partially Owned Entities (Summary of Income (Loss) ) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Our share of net income (loss)	$ 78,865	$ 9,149	$ 15,200
Transfer tax expense	$ 0	13,103	0
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
Fifth Avenue and Times Square JV
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage	51.50%
Equity in net income (loss)	$ 31,130	0	0
Return on preferred equity, net of our share of the expense	27,586	0	0
Our share of net income (loss)	$ 58,716	0	0
Alexanders Inc
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage	32.40%
Equity in net income (loss)	$ 19,204	10,485	25,820
Management, leasing and development fees	4,575	4,560	6,033
Our share of net income (loss)	23,779	15,045	31,853
Partially Owned Office Buildings
Schedule of Equity Method Investments [Line Items]
Our share of net income (loss)	(3,443)	(3,085)	2,109
Other investments
Schedule of Equity Method Investments [Line Items]
Our share of net income (loss)	$ (187)	(2,811)	(18,762)
One Park Avenue
Schedule of Equity Method Investments [Line Items]
Transfer tax expense		4,978
666 Fifth Avenue (Office)
Schedule of Equity Method Investments [Line Items]
Equity in net income (loss)		(4,873)	(25,414)
PREIT
Schedule of Equity Method Investments [Line Items]
Equity in net income (loss)			(44,465)
Urban Edge Properties
Schedule of Equity Method Investments [Line Items]
Equity in net income (loss)			$ 21,100
Alexanders Inc \| Kings Plaza Regional Shopping Center
Schedule of Equity Method Investments [Line Items]
Transfer 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, 2019	Apr. 18, 2019	Dec. 31, 2018
Partially Owned Office Buildings
Schedule of Equity Method Investments [Line Items]
Debt instrument, interest rate, effective percentage		3.68%
Maturity, range, start		2021
Maturity, range, end		2029
Equity method investment debt of partially owned entities		$ 3,604,104		$ 3,985,855
Alexanders Inc
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage		32.40%
Debt instrument, interest rate, effective percentage		2.98%
Maturity, range, start		2021
Maturity, range, end		2025
Equity method investment debt of partially owned entities		$ 974,836		1,170,544
Fifth Avenue and Times Square JV
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage		51.50%
Debt instrument, interest rate, effective percentage		3.31%
Maturity, range, start		2022
Maturity, range, end		2024
Equity method investment debt of partially owned entities		$ 950,000		0
Other equity method investments
Schedule of Equity Method Investments [Line Items]
Debt instrument, interest rate, effective percentage		4.36%
Maturity, range, start		2021
Maturity, range, end		2025
Equity method investment debt of partially owned entities		$ 1,290,227		4,564,489
7 West 34th Street
Schedule of Equity Method Investments [Line Items]
Mortgage loans on real estate, face amount of mortgages	$ 300,000
Sale of ownership interest percent	47.00%
640 Fifth Avenue
Schedule of Equity Method Investments [Line Items]
Mortgage loans on real estate, face amount of mortgages			$ 500,000
Partially Owned Properties
Schedule of Equity Method Investments [Line Items]
Equity method investment pro rata share debt of partially owned entities		$ 2,802,859		$ 2,682,865

Investments in Partially Owned Entities (Summary of Condensed Combined Financial Information) (Details) - Partially Owned Properties - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Assets	$ 13,384,000	$ 13,258,000
Liabilities	7,548,000	10,456,000
Noncontrolling interests	2,054,000	139,000
Equity	3,782,000	2,663,000
Total revenue	1,504	1,798	$ 12,991
Net income (loss)	$ 39	$ 52	$ (542)

220 Central Park South - Narrative (Details) ft² in Thousands, $ in Thousands	12 Months Ended			15 Months Ended
	Dec. 31, 2019 USD ($) ft² unit	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2019 USD ($) ft² unit
Real Estate [Line Items]
Net gains on sale of real estate	$ 2,571,099	$ 0	$ 0
Income tax expense	103,439	37,633	42,375
Repayments of construction loans payable	$ 438,935	74,609	$ 0
220 Central Park South
Real Estate [Line Items]
Square footage of real estate property (in sqft) \| ft²	397			397
Development costs, cumulative	$ 1,450,000			$ 1,450,000
Development costs expended	$ 1,373,000			$ 1,373,000
Number of units sold \| unit	54			65
Cash proceeds from sale of real estate	$ 1,605,356			$ 1,820,132
Net gains on sale of real estate	604,393
Income tax expense	101,828	$ 13,888
Repayments of construction loans payable	737,000
Construction loan	$ 950,000			$ 950,000
Percentage of units sold or under sales contract	91.00%

Dispositions (Narrative) (Details) - 3040 M Street ft² in Thousands, $ in Thousands	Sep. 18, 2019 USD ($) ft²
Dispositions
Cash proceeds from sale of real estate	$ 49,750
Net gains on sale of real estate and other	19,477
Tax gain	$ 19,000
Retail
Dispositions
Square footage of real estate property (in sqft) \| ft²	44

Identified Intangible Assets and Liabilities - Schedule of Identified Intangible Assets and Intangible Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross amount	$ 129,552	$ 308,895
Accumulated amortization	(98,587)	(172,114)
Net	30,965	136,781
Identified intangible liabilities (included in deferred revenue):
Gross amount	316,119	503,373
Accumulated amortization	(262,580)	(341,779)
Net	$ 53,539	$ 161,594

Identified Intangible Assets and Liabilities - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Below Market Leases Net Of Above Market Leases
Finite-Lived Intangible Assets [Line Items]
Increase to rental income	$ 19,830	$ 38,573	$ 46,103
Other Identified Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 8,666	$ 18,018	$ 25,057

Identified Intangible Assets and Liabilities - Schedule of Future Amortization Expense of Intangible Assets (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Below Market Leases Net Of Above Market Leases
Finite-Lived Intangible Assets [Line Items]
2020	$ 16,643
2021	11,934
2022	8,792
2023	6,261
2024	2,518
Other Identified Intangible Assets
Finite-Lived Intangible Assets [Line Items]
2020	6,235
2021	4,697
2022	2,985
2023	2,898
2024	$ 2,286

Debt (Narrative) (Details) ft² in Thousands	Sep. 27, 2019 USD ($) ft²	Sep. 05, 2019 USD ($) ft²	Sep. 04, 2019 USD ($)	May 24, 2019 USD ($) ft²	Mar. 26, 2019 USD ($)	Mar. 25, 2019 USD ($) credit_facility	Mar. 01, 2019 USD ($)	Feb. 12, 2019 USD ($) ft² extension	Feb. 11, 2019 USD ($)	Feb. 04, 2019 USD ($) ft²	Feb. 03, 2019 USD ($)	Dec. 31, 2019 USD ($)	May 23, 2019 USD ($)	Dec. 31, 2018 USD ($)
Debt Instrument
Unsecured revolving credit facilities												$ 575,000,000		$ 80,000,000
Senior Unsecured Notes
Debt Instrument
Debt instrument, interest rate, effective percentage												3.50%
Senior Unsecured Notes Due 2022 \| Senior Unsecured Notes
Debt Instrument
Debt instrument, interest rate, stated percentage							5.00%					5.00%
Debt instrument, redeemed							$ 400,000,000					$ 400,000,000
Debt instrument, redemption price, percentage							105.51%
Charge related to prepayment and unamortized financing costs												$ 22,540,000
Retail \| 435 Seventh Avenue \| Maturing in February 2024
Debt Instrument
Refinancing										$ 95,700,000
Square footage of real estate property (in sqft) \| ft²										43
Debt instrument, interest rate, effective percentage												3.00%
Retail \| 435 Seventh Avenue \| Maturing in February 2024 \| LIBOR
Debt Instrument
Spread Over LIBOR (in percentage)										1.30%
Retail \| 435 Seventh Avenue \| Maturing in August 2019
Debt Instrument
Repayments of debt											$ 95,700,000
Retail \| 435 Seventh Avenue \| Maturing in August 2019 \| LIBOR
Debt Instrument
Spread Over LIBOR (in percentage)											2.25%
Retail \| 100 West 33rd Street \| Maturing in April 2024
Debt Instrument
Square footage of real estate property (in sqft) \| ft²								256
Retail \| 100 West 33rd Street \| Maturing in April 2024 \| LIBOR
Debt Instrument
Length of extension available (years)								1 year
Office and Retail Property \| 100 West 33rd Street \| Maturing in April 2024
Debt Instrument
Refinancing								$ 580,000,000
Square footage of real estate property (in sqft) \| ft²								1,100
Debt instrument, interest rate, effective percentage												3.25%
Number of extensions (extension) \| extension								2
Office and Retail Property \| 100 West 33rd Street \| Maturing in April 2024 \| LIBOR
Debt Instrument
Spread Over LIBOR (in percentage)								1.55%
Office and Retail Property \| 100 West 33rd Street \| Maturing in July 2020
Debt Instrument
Repayments of debt									$ 580,000,000
Office and Retail Property \| 100 West 33rd Street \| Maturing in July 2020 \| LIBOR
Debt Instrument
Spread Over LIBOR (in percentage)									1.65%
Office and Retail Property \| 606 Broadway \| Matures in 2024
Debt Instrument
Refinancing		$ 75,000,000										$ 67,804,000
Square footage of real estate property (in sqft) \| ft²		36
Debt instrument, interest rate, stated percentage												3.52%
Office and Retail Property \| 606 Broadway \| Matures in 2024 \| LIBOR
Debt Instrument
Spread Over LIBOR (in percentage)		1.80%
Office and Retail Property \| 606 Broadway \| Matures in 2021
Debt Instrument
Refinancing			$ 65,000,000
Office and Retail Property \| 606 Broadway \| Matures in 2021 \| LIBOR
Debt Instrument
Spread Over LIBOR (in percentage)			3.00%
Office Space \| 100 West 33rd Street \| Maturing in April 2024
Debt Instrument
Square footage of real estate property (in sqft) \| ft²								859
Office Building \| 888 Seventh Avenue \| Maturing in December 2025
Debt Instrument
Refinancing				$ 375,000,000
Square footage of real estate property (in sqft) \| ft²				885
Debt instrument, interest rate, effective percentage												3.44%
Office Building \| 888 Seventh Avenue \| Maturing in December 2025 \| LIBOR
Debt Instrument
Spread Over LIBOR (in percentage)				1.70%
Office Building \| 888 Seventh Avenue \| Fixed Through December 2020
Debt Instrument
Refinancing													$ 375,000,000
Debt instrument, interest rate, stated percentage													3.25%
Office Building \| PENN2 \| Matures in December 2021
Debt Instrument
Square footage of real estate property (in sqft) \| ft²	1,795
Repayments of loan	$ 575,000,000
Interest Rate Cap \| Office and Retail Property \| 606 Broadway \| Matures in 2024 \| LIBOR
Debt Instrument
Spread Over LIBOR (in percentage)		4.00%
606 Broadway \| Joint Venture
Debt Instrument
Equity method ownership percentage		50.00%
Revolving Credit Facility \| Maturing in March 2024 \| Line of Credit
Debt Instrument
Unsecured revolving credit facilities					$ 1,500,000,000
Number of revolving credit facility \| credit_facility						2
Revolving Credit Facility \| Maturing in March 2024 \| Line of Credit \| LIBOR
Debt Instrument
Spread Over LIBOR (in percentage)					0.90%
Revolving Credit Facility \| Maturing in February 2022 \| Line of Credit
Debt Instrument
Unsecured revolving credit facilities						$ 1,250,000,000
Facility fee, percentage					0.20%
Revolving Credit Facility \| Maturing in February 2022 \| Line of Credit \| LIBOR
Debt Instrument
Spread Over LIBOR (in percentage)						1.00%

Debt (Summary of Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument
Deferred financing costs, net and other	$ (38,407)	$ (59,226)
Total, net	5,639,897	8,167,798
Unsecured debt, net	445,872	844,002
Unsecured term loan, net	745,840	744,821
Revolving credit facilities	575,000	80,000
Long-term debt	1,766,712	1,668,823
Collateral property, net carrying value	5,600,000
Mortgages
Debt Instrument
Mortgages payable, gross	5,670,016	8,215,847
Deferred financing costs, net and other	(30,119)	(48,049)
Total, net	$ 5,639,897	8,167,798
Interest rate, end of period (in percentage)	3.48%
Mortgages \| Fixed Rate
Debt Instrument
Mortgages payable, gross	$ 4,601,516	5,003,465
Interest rate, end of period (in percentage)	3.52%
Mortgages \| Variable Rate
Debt Instrument
Mortgages payable, gross	$ 1,068,500	3,212,382
Interest rate, end of period (in percentage)	3.30%
Senior Unsecured Notes
Debt Instrument
Deferred financing costs, net and other	$ (4,128)	(5,998)
Unsecured debt, gross	450,000	850,000
Unsecured debt, net	$ 445,872	844,002
Interest rate, end of period (in percentage)	3.50%
Unsecured Debt
Debt Instrument
Deferred financing costs, net and other	$ (4,160)	(5,179)
Unsecured debt, gross	750,000	750,000
Unsecured term loan, net	$ 745,840	744,821
Interest rate, end of period (in percentage)	3.87%
Unsecured Revolving Credit Facilities
Debt Instrument
Revolving credit facilities	$ 575,000	$ 80,000
Interest rate, end of period (in percentage)	2.70%

Debt (Principal repayments required in the next five years) (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Mortgages
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract]
2020	$ 1,541,567
2021	1,635,549
2022	971,600
2023	23,400
2024	766,900
Thereafter	731,000
Senior Unsecured Debt And Unsecured Revolving Credit Facilities
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract]
2020	0
2021	0
2022	0
2023	575,000
2024	750,000
Thereafter	$ 450,000

Redeemable Noncontrolling Interests / Redeemable Partnership Units (Details of Redeemable Noncontrolling Interest Units) (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Redeemable Noncontrolling Interest
Class A common units, carrying amount	$ 884,380	$ 778,134
Series D cumulative redeemable preferred, carrying amount	4,535	5,428
Class A
Redeemable Noncontrolling Interest
Class A common units, carrying amount	$ 884,380	$ 778,134
Outstanding Partnership Units held by Third Parties	13,298,956	12,544,477
Preferred or annual distribution rate (in dollars per share)	$ 2.64
D16 Cumulative Redeemable
Redeemable Noncontrolling Interest
Debt instrument, interest rate, stated percentage	5.00%
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
Debt instrument, interest rate, stated percentage	3.25%
Series D cumulative redeemable preferred, carrying amount	$ 3,535	$ 4,428
Outstanding Partnership Units held by Third Parties	141,400	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, 2019	Dec. 31, 2018	Dec. 31, 2017
Redeemable Noncontrolling Interests Rollforward
Redeemable Noncontrolling Interest, Beginning Balance	$ 783,562	$ 984,937
Net income	210,872	25,672	$ 10,910
Other comprehensive loss	(3,235)	(836)	642
Distributions	(34,607)	(31,828)
Special distribution declared on December 18, 2019 (see Note 12 - Shareholders' Equity/Partners' Capital)	(25,912)	0
Other, net	40,295	20,749
Redeemable Noncontrolling Interest, Ending Balance	888,915	783,562	$ 984,937
Class A
Redeemable Noncontrolling Interests Rollforward
Redemption of Class A units for Vornado common shares, at redemption value	(11,250)	(17,068)
Adjustments to carry redeemable Class A units at redemption value	$ (70,810)	$ (198,064)

Redeemable Noncontrolling Interests / Redeemable Partnership Units (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
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		12 Months Ended
	Jan. 15, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Common Stock Number Of Shares Par Value And Other Disclosures
Common shares / Class A units of beneficial interest: outstanding shares		190,985,677	190,535,499
Dividends / Distributions paid on common shares / Class A units		$ 503,785	$ 479,348	$ 496,490
Dividends per common share (usd per share)		$ 0.66			$ 0.66	$ 0.66	$ 0.66
Dividends Payable, Date Declared		Dec. 18, 2019
Preferred Stock, Number of Shares, Par Value and Other Disclosures
Preferred dividends		$ 50,131	$ 55,115	64,516
Preferred stock, redemption price per share (in usd per share)		$ 1.9531
Class A
Common Stock Number Of Shares Par Value And Other Disclosures
Outstanding Partnership Units held by Third Parties		13,298,956	12,544,477
Preferred Stock, Number of Shares, Par Value and Other Disclosures
Preferred stock, redemption price per share (in usd per share)		$ 1.9531
Vornado Realty L.P.
Common Stock Number Of Shares Par Value And Other Disclosures
Dividends / Distributions paid on common shares / Class A units		$ 503,785	$ 479,348	496,490
Preferred Stock, Number of Shares, Par Value and Other Disclosures
Preferred dividends		$ 50,131	$ 55,115	$ 64,516
Vornado Realty L.P. \| Class A
Common Stock Number Of Shares Par Value And Other Disclosures
Common shares / Class A units of beneficial interest: outstanding shares		190,985,677
Dividends / Distributions paid on common shares / Class A units		$ 503,785
Dividends per common share (usd per share)		$ 0.66
Outstanding Partnership Units held by Third Parties		13,298,956	12,544,477
Redeemable Preferred Stock
Preferred Stock, Number of Shares, Par Value and Other Disclosures
Preferred stock, liquidation preference per share		$ 25.00
Subsequent Event
Common Stock Number Of Shares Par Value And Other Disclosures
Dividends per common share (usd per share)	$ 1.95
Dividends Payable, Date to be Paid	Jan. 15, 2020
Payments of special dividend	$ 372,380
Subsequent Event \| Vornado Realty L.P. \| Class A
Common Stock Number Of Shares Par Value And Other Disclosures
Dividends per common share (usd per share)	$ 1.95
Payments of special dividend	$ 398,292

Shareholders' Equity (Preferred shares of beneficial interest) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Details Of Preferred Shares Of Beneficial Interest
Preferred stock, value	$ 891,214	$ 891,294
Preferred shares/units of beneficial interest: outstanding shares	36,795,640	36,798,580
Preferred shares/units of beneficial interest: authorized shares	110,000,000	110,000,000
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	$ 991	$ 1,071
Preferred shares/units of beneficial interest: outstanding shares	15,640	18,580
Preferred stock, liquidation preference per share	$ 50.00
Preferred stock, dividend rate, per-dollar-amount	$ 3.25
Preferred shares/units of beneficial interest: authorized shares	15,640
Preferred stock dividend rate	6.50%
5.70% Series K \| Redeemable Preferred Stock
Details Of Preferred Shares Of Beneficial Interest
Preferred stock, value	$ 290,971	$ 290,971
Preferred shares/units of beneficial interest: outstanding shares	12,000,000	12,000,000
Preferred stock, liquidation preference per share	$ 25.00
Preferred stock, dividend rate, per-dollar-amount	$ 1.425
Preferred shares/units 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/units of beneficial interest: outstanding shares	12,000,000	12,000,000
Preferred stock, liquidation preference per share	$ 25.00
Preferred stock, dividend rate, per-dollar-amount	$ 1.35
Preferred shares/units of beneficial interest: authorized shares	13,800,000
Preferred stock dividend rate	5.40%
Series M \| Redeemable Preferred Stock
Details Of Preferred Shares Of Beneficial Interest
Preferred stock, value	$ 308,946	$ 308,946
Preferred shares/units of beneficial interest: outstanding shares	12,780,000	12,780,000
Preferred stock, liquidation preference per share	$ 25.00
Preferred stock, dividend rate, per-dollar-amount	$ 1.3125
Preferred shares/units of beneficial interest: authorized shares	13,800,000
Preferred stock dividend rate	5.25%

Shareholders' Equity (AOCI by component) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, value	$ 5,107,883
Ending balance, value	7,310,978
Total
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, value	7,664
Other comprehensive (loss) income	(45,586)
Amount reclassified from accumulated other comprehensive income	(2,311)
Ending balance, value	(40,233)
Accumulated other comprehensive income of nonconsolidated subsidiaries
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, value	3,253
Other comprehensive (loss) income	(938)
Amount reclassified from accumulated other comprehensive income	(2,311)
Ending balance, value	4
Interest rate swaps
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, value	11,759
Other comprehensive (loss) income	(47,885)
Amount reclassified from accumulated other comprehensive income	0
Ending balance, value	(36,126)
Other
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, value	(7,348)
Other comprehensive (loss) income	3,237
Amount reclassified from accumulated other comprehensive income	0
Ending balance, value	$ (4,111)

Variable Interest Entities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Unconsolidated VIEs
Variable Interest Entity
Net carrying amount of our investments in nonconsolidated VIEs	$ 217,451	$ 257,882
Consolidated VIEs
Variable Interest Entity
Total assets of our consolidated VIEs, excluding the Operating Partnership	4,923,656	4,445,436
Total liabilities of our consolidated VIEs, excluding the Operating Partnership	$ 2,646,623	$ 2,533,753

Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	$ 33,313	$ 152,198	$ 182,752
Real estate fund investments	222,649	318,758
Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	33,313	152,198
Real estate fund investments	222,649	318,758
Deferred compensation plan assets	103,773	96,524
Interest rate swaps (included in other assets)	4,327	27,033
Total assets	364,062	594,513
Mandatorily redeemable instruments (included in other liabilities)	50,561	50,561
Interest rate swaps (included in other liabilities)	40,354	15,236
Total liabilities	90,915	65,797
Recurring \| Level 1
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	33,313	152,198
Real estate fund investments	0	0
Deferred compensation plan assets	71,338	58,716
Interest rate swaps (included in other assets)	0	0
Total assets	104,651	210,914
Mandatorily redeemable instruments (included in other liabilities)	50,561	50,561
Interest rate swaps (included in other liabilities)	0	0
Total liabilities	50,561	50,561
Recurring \| Level 2
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	0	0
Real estate fund investments	0	0
Deferred compensation plan assets	0	0
Interest rate swaps (included in other assets)	4,327	27,033
Total assets	4,327	27,033
Mandatorily redeemable instruments (included in other liabilities)	0	0
Interest rate swaps (included in other liabilities)	40,354	15,236
Total liabilities	40,354	15,236
Recurring \| Level 3
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	0	0
Real estate fund investments	222,649	318,758
Deferred compensation plan assets	32,435	37,808
Interest rate swaps (included in other assets)	0	0
Total assets	255,084	356,566
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	91,954	88,122
Restricted Cash \| Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Deferred compensation plan assets	$ 11,819	$ 8,402

Fair Value Measurements (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) investment	Dec. 31, 2018 USD ($) investment
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate fund investments	$ 222,649	$ 318,758
Real estate fund investments
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Number of investments held by fund \| investment	4	4
Real estate fund investments	$ 222,649	$ 318,758
Excess of fair value below cost	112,915
Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate fund investments	222,649	318,758
Recurring \| Level 3
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate fund investments	$ 222,649	$ 318,758
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

Fair Value Measurements (Unobervable Quantitative Input Ratios) (Details) - Level 3 - Recurring - Real estate fund investments	Dec. 31, 2019	Dec. 31, 2018
Measurement Input, Discount Rate \| Minimum
Unobservable Quantitative Input
Real estate, measurement input	0.082	0.100
Measurement Input, Discount Rate \| Maximum
Unobservable Quantitative Input
Real estate, measurement input	0.120	0.150
Measurement Input, Discount Rate \| Weighted Average
Unobservable Quantitative Input
Real estate, measurement input	0.093	0.134
Measurement Input, Cap Rate \| Minimum
Unobservable Quantitative Input
Real estate, measurement input	0.0460	0.054
Measurement Input, Cap Rate \| Maximum
Unobservable Quantitative Input
Real estate, measurement input	0.0820	0.077
Measurement Input, Cap Rate \| Weighted Average
Unobservable Quantitative Input
Real estate, measurement input	0.053	0.057

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, 2019	Dec. 31, 2018
Real estate fund investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 318,758	$ 354,804
Net unrealized loss on held investments	(106,109)	(83,794)
Purchases/additional fundings	10,000	68,950
Dispositions/sales	0	(20,290)
Net realized loss on exited investments	0	(912)
Ending balance	222,649	318,758
Deferred Compensation Plan Assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	37,808	40,128
Purchases/additional fundings	18,494	9,183
Dispositions/sales	(27,053)	(12,621)
Realized and unrealized gains (losses)	1,947	(274)
Other, net	1,239	1,392
Ending balance	$ 32,435	$ 37,808

Fair Value Measurements (Fair Value Measurements on a Nonrecurring Basis) (Details) - Real Estate - 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 1
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate assets	0
Level 2
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate assets	0
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, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Unsecured revolving credit facilities - Carrying Amount	$ 575,000	$ 80,000
Deferred financing costs, net and other	38,407	59,226
Senior Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Unsecured debt, gross	450,000	850,000
Deferred financing costs, net and other	4,128	5,998
Unsecured Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Unsecured debt, gross	750,000	750,000
Deferred financing costs, net and other	4,160	5,179
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Cash equivalents - Carrying Amount	1,276,815	261,981
Mortgages payable, gross	5,670,016	8,215,847
Unsecured revolving credit facilities - Carrying Amount	575,000	80,000
Long-term debt - Carrying Amount	7,445,016	9,895,847
Carrying Amount \| Senior Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Unsecured debt, gross	450,000	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	7,507,000	9,856,000
Fair Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Cash Equivalents - Fair Value	1,277,000	262,000
Unsecured revolving credit facilities - Fair Value	575,000	80,000
Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Mortgages payable, gross	5,714,000	8,179,000
Fair Value \| Senior Unsecured Notes \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Unsecured debt, gross	468,000	847,000
Fair Value \| Unsecured Debt \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Unsecured debt, gross	$ 750,000	$ 750,000

Fair Value Measurements (Summary of Derivative Instruments) (Details) - Interest Rate Swap - Designated as Hedging Instrument	Dec. 31, 2019 USD ($)
Other Assets
Derivative [Line Items]
Derivative Asset, Fair Value	$ 4,327,000
Derivative Asset, Notional Amount	1,250,000,000
Other Liabilities
Derivative [Line Items]
Derivative Liability, Fair Value	40,354,000
Derivative Liability, Notional Amount	850,000,000
770 Broadway mortgage loan \| Other Assets
Derivative [Line Items]
Derivative Asset, Fair Value	4,045,000
Derivative Asset, Notional Amount	$ 700,000,000
Derivative, Interest Rate	3.46%
Derivative, Swap Rate	2.56%
888 Seventh Avenue mortgage loan \| Other Assets
Derivative [Line Items]
Derivative Asset, Fair Value	$ 218,000
Derivative Asset, Notional Amount	$ 375,000,000
Derivative, Interest Rate	3.44%
Derivative, Swap Rate	3.25%
Other \| Other Assets
Derivative [Line Items]
Derivative Asset, Fair Value	$ 64,000
Derivative Asset, Notional Amount	175,000,000
Unsecured term loan \| Other Liabilities
Derivative [Line Items]
Derivative Liability, Fair Value	36,809,000
Derivative Liability, Notional Amount	$ 750,000,000
Derivative, Interest Rate	2.80%
Derivative, Swap Rate	3.87%
33-00 Northern Boulevard mortgage loan \| Other Liabilities
Derivative [Line Items]
Derivative Liability, Fair Value	$ 3,545,000
Derivative Liability, Notional Amount	$ 100,000,000
Derivative, Interest Rate	3.52%
Derivative, Swap Rate	4.14%
LIBOR \| 770 Broadway mortgage loan \| Other Assets
Derivative [Line Items]
Derivative, Average Basis Spread on Variable Rate	1.75%
LIBOR \| 888 Seventh Avenue mortgage loan \| Other Assets
Derivative [Line Items]
Derivative, Average Basis Spread on Variable Rate	1.70%
LIBOR \| Unsecured term loan \| Other Liabilities
Derivative [Line Items]
Derivative, Average Basis Spread on Variable Rate	1.00%
LIBOR \| 33-00 Northern Boulevard mortgage loan \| Other Liabilities
Derivative [Line Items]
Derivative, Average Basis Spread on Variable Rate	1.80%

Stock-based Compensation (Out Performance Plans Narrative) (Details)		3 Months Ended				12 Months Ended
	Mar. 15, 2018	Dec. 31, 2019 USD ($) shares	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 USD ($) component	Dec. 31, 2017 USD ($)	May 16, 2019 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated cost					$ 16,211,000
Share-based compensation expense		$ (2,578,000)	$ (2,578,000)	$ (2,578,000)						$ 53,908,000	$ 31,722,000	$ 32,829,000
Full Value Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares) \| shares		5,207,000								5,207,000
OPPs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense										$ 1,944,000	10,689,000	10,723,000
Out Performance Plan
Share-based compensation expense											8,040,000	$ 7,558,000
Out Performance Plan 2018
Out Performance Plan
Out of performance plan notional amount		$ 35,000,000								$ 35,000,000	$ 35,000,000
Number of components of out performance plan \| component											2
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%
Percentage of notional amount granted										78.20%
Grant-date fair value		10,300,000								$ 10,300,000
OPP Units Earned										To be determined in 2021
Out Performance Plan 2017
Out Performance Plan
Out of performance plan notional amount		35,000,000								$ 35,000,000
Percentage of notional amount granted										86.60%
Grant-date fair value		10,800,000								$ 10,800,000
OPP Units Earned										Not earned
Out Performance Plan 2016
Out Performance Plan
Out of performance plan notional amount		40,000,000								$ 40,000,000
Percentage of notional amount granted										86.70%
Grant-date fair value		11,800,000								$ 11,800,000
OPP Units Earned										Not earned
Award Amortization Period										5 years
Absolute \| Out Performance Plan 2018
Out Performance Plan
Duration of performance measurement period	3 years										3 years
Required shareholder return three year											21.00%
Relative \| Out Performance Plan 2018
Out Performance Plan
Required shareholder return under relative component											3.00%
Percentage awards will be reduced if total shareholder return is zero or negative											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%
2019 Omnibus Share Plan \| Full Value Awards \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares) \| shares													5,500,000
2019 Omnibus Share Plan \| Not Full Value Awards \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares) \| shares													11,000,000
Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense									$ (8,477,000)
Forecast \| 2019 Omnibus Share Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense						$ 2,655,000	$ 7,718,000	$ 9,603,000	$ 9,603,000
Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense										$ 8,143,000
Out Performance Plan
Grant-date fair value		25,500,000								25,500,000
Executive Officer \| 2019 Omnibus Share Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense										2,304,000
Out Performance Plan
Grant-date fair value		$ 15,000,000								$ 15,000,000
Share-based Payment Arrangement, Tranche One \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage										20.00%
Share-based Payment Arrangement, Tranche Two \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage										40.00%
Share-based Payment Arrangement, Tranche Three \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage										40.00%

Stock-based Compensation (Summary of Share Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ (2,578)	$ (2,578)	$ (2,578)	$ 53,908	$ 31,722	$ 32,829
OP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense				39,969	17,763	20,630
Performance Conditioned AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense				8,263	0	0
AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense				2,636	2,113	0
OPPs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense				1,944	10,689	10,723
Vornado restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense				549	570	729
Vornado stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense				$ 547	$ 587	$ 747

Stock-based Compensation (Summary of Unrecognized Compensation Expense) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 42,587
Weighted-Average Remaining Contractual Term	1 year 10 months 24 days
OP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 36,390
Weighted-Average Remaining Contractual Term	2 years
AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 2,029
Weighted-Average Remaining Contractual Term	1 year 6 months
OPPs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 1,783
Weighted-Average Remaining Contractual Term	1 year 7 months 6 days
Vornado restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 833
Weighted-Average Remaining Contractual Term	1 year 8 months 12 days
Vornado stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 832
Weighted-Average Remaining Contractual Term	1 year 8 months 12 days
Performance Conditioned AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 720
Weighted-Average Remaining Contractual Term	1 year 7 months 6 days

Stock-based Compensation (Performance Conditioned AO LTIP Units & Vornado Stock Options Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds received from exercise of employee share options and other	$ 6,903	$ 7,309	$ 29,712
Vornado stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (years)	4 years
Stock options expiration term	10 years
Grants in period, weighted average grant date fair value (usd per share)	$ 16.64	$ 18.42	$ 25.84
Proceeds received from exercise of employee share options and other	$ 5,495	$ 5,927	$ 28,253
Exercises in period, intrinsic value	$ 18,954	25,820	$ 9,178
Performance Conditioned AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period, weighted average grant date fair value (usd per share)	$ 64.48
Threshold percentage to satisfy performance based condition	110.00%
Threshold period to satisfy performance based condition	20 days
Share-based compensation expense	$ 7,481
Share-based payment arrangement, amount capitalized	1,502
Grant-date fair value	$ 8,983
AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options expiration term	10 years
Threshold level, percent	100.00%
Special allocation, percent	10.00%
Special distribution, percent	10.00%
Grant-date fair value	$ 3,429	$ 3,484

Stock-based Compensation (Performance Conditioned AO LTIP Units Vornado Stock Options) (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) $ / shares shares
Vornado stock options
Shares
Options outstanding at beginning of period (shares) \| shares	2,280,126
Granted (shares) \| shares	35,106
Exercised (shares) \| shares	(534,972)
Cancelled or expired (shares) \| shares	(11,383)
Options outstanding at end of period (shares) \| shares	1,768,877
Options vested and expected to vest at end of period (shares) \| shares	1,767,546
Option exercisable at end of period (shares) \| shares	1,693,192
Weighted- Average Exercise Price
Options outstanding at beginning of period (in usd per share) \| $ / shares	$ 50.81
Granted (in usd per share) \| $ / shares	62.68
Exercised (in usd per share) \| $ / shares	29.25
Cancelled or expired (in usd per share) \| $ / shares	78.07
Options outstanding at end of period (in usd per share) \| $ / shares	57.39
Options vested and expected to vest at end of period (in usd per share) \| $ / shares	57.37
Options exercisable at end of period (in usd per share) \| $ / shares	$ 56.87
Weighted- Average Remaining Contractual Term
Options outstanding, Weighted Average Remaining Contractual Term	1 year 1 month 6 days
Options vested and expected to vest, Weighted Average Remaining Contractual Term	1 year 1 month 6 days
Options exercisable, Weighted Average Remaining Contractual Term	9 months 18 days
Aggregate Intrinsic Value
Options outstanding, Aggregate Intrinsic Value \| $	$ 16,247
Options vested and expected to vest, Aggregate Intrinsic Value \| $	16,246
Options exercisable, Aggregate Intrinsic Value \| $	$ 16,133
Performance Conditioned AO LTIP Units
Shares
Granted (shares) \| shares	496,762
Options outstanding at end of period (shares) \| shares	496,762
Weighted- Average Exercise Price
Granted (in usd per share) \| $ / shares	$ 62.62
Options outstanding at end of period (in usd per share) \| $ / shares	$ 62.62
AO LTIP Units
Shares
Options outstanding at beginning of period (shares) \| shares	183,233
Granted (shares) \| shares	207,808
Vested (shares) \| shares	(46,285)
Cancelled or expired (shares) \| shares	(7,058)
Options outstanding at end of period (shares) \| shares	337,698
Weighted- Average Exercise Price
Options outstanding at beginning of period (in usd per share) \| $ / shares	$ 70.34
Granted (in usd per share) \| $ / shares	62.66
Vested (in usd per share) \| $ / shares	70.31
Cancelled or expired (in usd per share) \| $ / shares	67.59
Options outstanding at end of period (in usd per share) \| $ / shares	$ 65.67

Stock-based Compensation (Schedule of AO LTIP Units & Share Based Payment Award Stock Options Valuation Assumptions) (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Vornado 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	2.50%	2.25%	1.95%
Expected dividend yield (percentage)	2.90%	2.90%	3.00%
Performance Conditioned AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	35.00%
Expected life (years)	8 years
Risk free interest rate	2.76%
Expected dividend yield (percentage)	3.10%
AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	35.00%	35.00%
Expected life (years)	5 years	5 years
Risk free interest rate	2.50%	2.25%
Expected dividend yield (percentage)	2.90%	2.90%

Stock-based Compensation (Vornado Restricted Stock or Operating Partnership Units Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restricted Operating Partnership Units Plan
Share Based Compensation Equity Instruments Other Than Stock Options And Restricted Stock Units Summary
Award vesting period (years)		4 years
Distributions, share-based compensation		$ 4,070	$ 2,559	$ 2,310
Grant-date fair value		58,732	17,463	24,927
Vested in period, fair value		27,821	18,037	20,903
Restricted Stock Units RSU
Share Based Compensation Equity Instruments Other Than Stock Options And Restricted Stock Units Summary
Award vesting period (years)	4 years
Distributions, share-based compensation		51	44	46
Grant-date fair value		568	623	601
Vested in period, fair value		$ 477	$ 492	$ 645

Stock-based Compensation (Summary of Restricted Stock or Restricted Operating Partnership Units) (Details)	12 Months Ended
	Dec. 31, 2019 $ / 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	641,844
Granted (shares) \| shares	927,812
Vested (shares) \| shares	(418,692)
Cancelled or expired (shares) \| shares	(2,651)
Unvested at end of period (shares) \| shares	1,148,313
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	$ 72.79
Granted (in usd per share) \| $ / shares	63.30
Vested (in usd per share) \| $ / shares	66.45
Cancelled or expired (in usd per share) \| $ / shares	68.34
Unvested at end of period (in usd per share) \| $ / shares	$ 67.45
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	16,686
Granted (shares) \| shares	8,805
Vested (shares) \| shares	(5,996)
Cancelled or expired (shares) \| shares	(568)
Unvested at end of period (shares) \| shares	18,927
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	$ 77.54
Granted (in usd per share) \| $ / shares	64.48
Vested (in usd per share) \| $ / shares	79.47
Cancelled or expired (in usd per share) \| $ / shares	73.98
Unvested at end of period (in usd per share) \| $ / shares	$ 70.96

Transaction Related Costs, Impairment Losses and Other - Schedule of Transaction Related Costs, Impairment Losses and Other (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Transaction Related Costs, Impairment Losses and Other [Line Items]
Non-cash impairment loss and related write-offs	$ 101,925	$ 12,000	$ 0
Transaction related costs	4,613	6,217	1,776
Transfer tax	0	13,103	0
Transaction Related Costs, Impairment Losses and Other	$ 106,538	$ 31,320	$ 1,776
Independence Plaza
Transaction Related Costs, Impairment Losses and Other [Line Items]
Equity method ownership percentage	50.10%

Transaction Related Costs, Impairment Losses and Other - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Transaction Related Costs, Impairment Losses and Other [Line Items]
Non-cash impairment loss and related write-offs		$ 101,925	$ 12,000	$ 0
Operating lease, impairment loss		75,220	0	$ 0
Lease liabilities		498,254	$ 0
608 Fifth Avenue
Transaction Related Costs, Impairment Losses and Other [Line Items]
Non-cash impairment loss and related write-offs	$ 93,860
Operating lease, impairment loss	$ 75,220
Lease liabilities		$ 71,582
Valuation Technique, Discounted Cash Flow
Transaction Related Costs, Impairment Losses and Other [Line Items]
Real estate, measurement input		0.07

Interest and Other Investment Income, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net Investment Income [Line Items]
(Decrease) increase in fair value of marketable securities	$ (5,533)	$ (26,453)	$ 0
Interest on cash and cash equivalents and restricted cash	13,380	15,827	8,171
Interest on loans receivable	6,326	10,298	4,352
Dividends on marketable securities	3,938	13,339	13,276
Other, net	3,708	4,046	5,062
Interest and other investment income, net	21,819	17,057	30,861
PREIT
Net Investment Income [Line Items]
(Decrease) increase in fair value of marketable securities	(21,649)	0	0
Lexington Realty Trust
Net Investment Income [Line Items]
(Decrease) increase in fair value of marketable securities	16,068	(26,596)	0
Other
Net Investment Income [Line Items]
(Decrease) increase in fair value of marketable securities	$ 48	143	$ 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, 2019	Dec. 31, 2018	Dec. 31, 2017
Interest and Debt Expense [Abstract]
Interest expense	$ 335,016	$ 389,136	$ 359,819
Capitalized interest and debt expense	(72,200)	(73,166)	(48,231)
Amortization of deferred financing costs	23,807	31,979	34,066
Interest and debt expense	$ 286,623	$ 347,949	$ 345,654

Interest and Debt Expense - Footnote (Details) - Senior Unsecured Notes - Senior Unsecured Notes Due 2022 - USD ($)	Dec. 31, 2019	Mar. 01, 2019
Debt Instrument, Redemption [Line Items]
Charge related to prepayment and unamortized financing costs	$ 22,540,000
Debt instrument, redeemed	$ 400,000,000	$ 400,000,000
Debt instrument, interest rate, stated percentage	5.00%	5.00%

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, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Numerator:
Income from continuing operations, net of income attributable to noncontrolling interests									$ 3,147,965	$ 449,356	$ 239,824
(Loss) income from discontinued operations, net of income attributable to noncontrolling interests									(28)	598	(12,408)
Net income attributable to Vornado / Vornado Realty L.P.									3,147,937	449,954	227,416
Preferred share dividends / unit distributions									(50,131)	(50,636)	(65,399)
Preferred share / unit issuance cost									0	(14,486)	0
NET INCOME attributable to common shareholders / Class A unitholders	$ 193,217	$ 322,906	$ 2,400,195	$ 181,488	$ 100,494	$ 190,645	$ 111,534	$ (17,841)	3,097,806	384,832	162,017
Earnings allocated to unvested participating securities									(309)	(44)	(46)
Numerator for basic income per share / per Class A unit									3,097,497	384,788	161,971
Convertible preferred share dividends / unit distributions									57	62	0
Earnings allocated to Out-Performance Plan units									9	174	230
Numerator for diluted income per share / per Class A unit									$ 3,097,563	$ 385,024	$ 162,201
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Denominator for basic income per share - weighted average shares (in shares)									190,801	190,219	189,526
Vornado stock options and restricted share awards (in shares)									216	933	1,448
Employee stock options and restricted stock awards									34	37	0
Out-Performance Plan units									2	101	284
Denominator for diluted income per share - weighted average shares and assumed conversions (in shares)									191,053	191,290	191,258
INCOME PER COMMON SHARE - BASIC:
Income from continuing operations, net (in dollars per share)									$ 16.23	$ 2.02	$ 0.92
Loss from discontinued operations, net (in dollars per share)									0	0	(0.07)
Net income per common share (in dollars per share)	$ 1.01	$ 1.69	$ 12.58	$ 0.95	$ 0.53	$ 1.00	$ 0.59	$ (0.09)	16.23	2.02	0.85
INCOME PER COMMON SHARE - DILUTED:
Income (loss) from continuing operations, net (in dollars per share)									16.21	2.01	0.91
Loss from discontinued operations, net (in dollars per share)									0	0	(0.06)
Net income per common share (in dollars per share)	$ 1.01	$ 1.69	$ 12.56	$ 0.95	$ 0.53	$ 1.00	$ 0.58	$ (0.09)	$ 16.21	$ 2.01	$ 0.85
Vornado Realty L.P.
Numerator:
Income from continuing operations, net of income attributable to noncontrolling interests									$ 3,358,839	$ 474,988	$ 251,554
(Loss) income from discontinued operations, net of income attributable to noncontrolling interests									(30)	638	(13,228)
Net income attributable to Vornado / Vornado Realty L.P.									3,358,809	475,626	238,326
Preferred share dividends / unit distributions									(50,296)	(50,830)	(65,593)
Preferred share / unit issuance cost									0	(14,486)	0
NET INCOME attributable to common shareholders / Class A unitholders	$ 206,694	$ 345,501	$ 2,562,669	$ 193,649	$ 107,125	$ 203,268	$ 118,931	$ (19,014)	3,308,513	410,310	172,733
Earnings allocated to unvested participating securities									(17,296)	(2,973)	(3,232)
Numerator for basic income per share / per Class A unit									3,291,217	407,337	169,501
Convertible preferred share dividends / unit distributions									57	62	0
Numerator for diluted income per share / per Class A unit									$ 3,291,274	$ 407,399	$ 169,501
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Denominator for basic income per Class A unit - weighted average units and assumed conversions									202,947	202,068	201,214
Vornado stock options and restricted share awards (in shares)									267	1,307	2,086
Employee stock options and restricted stock awards									34	37	0
Denominator for diluted income per Class A unit - weighted average units and assumed conversions									203,248	203,412	203,300
INCOME PER CLASS A UNIT - BASIC:
Income from continuing operations, net (in dollars per share)									$ 16.22	$ 2.01	$ 0.91
Income (loss) from discontinued operations, net (in dollars per share)									0	0.01	(0.07)
Net income per Class A unit (in dollars per share)	$ 1.01	$ 1.69	$ 12.58	$ 0.95	$ 0.53	$ 1.00	$ 0.58	$ (0.10)	16.22	2.02	0.84
INCOME PER CLASS A UNIT - DILUTED:
Income from continuing operations, net (in dollars per share)									16.19	2.00	0.90
Loss from discontinued operations, net (in dollars per share)									0	0	(0.07)
Net income per Class A unit (in dollars per share)	$ 1.01	$ 1.69	$ 12.54	$ 0.95	$ 0.52	$ 0.99	$ 0.58	$ (0.10)	$ 16.19	$ 2.00	$ 0.83

Income Per Share / Income Per Class A Unit (Narrative) (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Antidilutive Securities Excluded From Computation Of Earnings Per Share
Weighted average common share equivalents of excluded dilutive securities due to anti-dilutive effect	13,020	12,232	12,165
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	825	110	124

Leases - Narrative (Details) ft² in Thousands	3 Months Ended								12 Months Ended
Leases - Narrative (Details) ft² in Thousands	Dec. 31, 2019 USD ($) ft²	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2019 USD ($) ft²	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Jan. 01, 2019 USD ($)	Dec. 31, 2016 USD ($)
Leases [Line Items]
Decrease in income	$ 193,217,000	$ 322,906,000	$ 2,400,195,000	$ 181,488,000	$ 100,494,000	$ 190,645,000	$ 111,534,000	$ (17,841,000)	$ 3,097,806,000	$ 384,832,000	$ 162,017,000
Allowance for doubtful accounts	0				5,798,000				0	5,798,000	6,480,000		$ 8,621,000
Operating lease liabilities	498,254,000				0				498,254,000	0
Other liabilities	265,754,000				311,806,000				265,754,000	311,806,000
Deferred revenue	59,429,000				167,730,000				59,429,000	167,730,000
Identified intangible assets, net	30,965,000				136,781,000				30,965,000	136,781,000
Other assets	355,347,000				431,938,000				355,347,000	431,938,000
Operating lease, impairment loss									75,220,000	0	$ 0
Operating lease, right-of-use asset	$ 379,546,000				$ 0				379,546,000	$ 0
Accounting Standards Update 2016-02
Leases [Line Items]
Decrease in income									$ (17,237,000)
Operating lease liabilities												$ 526,866,000
Other liabilities												37,269,000
Deferred revenue												4,267,000
Identified intangible assets, net												23,665,000
Other assets												1,584,000
Operating lease, right-of-use asset												$ 526,866,000
Farley Office and Retail Building
Leases [Line Items]
Equity method ownership percentage	95.00%								95.00%
Square footage of real estate property (in sqft) \| ft²	844								844
Lessee, operating lease, lease not yet commenced, term (years)	99 years								99 years
Lessee, operating lease, lease not yet commenced, rent expense									$ 5,000,000
PILOT payments	$ 556,852,000								$ 556,852,000
Farley Office and Retail Building \| Office Space
Leases [Line Items]
Square footage of real estate property (in sqft) \| ft²	730								730
Farley Office and Retail Building \| Retail
Leases [Line Items]
Square footage of real estate property (in sqft) \| ft²	114								114
608 Fifth Avenue
Leases [Line Items]
Operating lease liabilities	$ 71,582,000								$ 71,582,000
Operating lease, impairment loss			$ 75,220,000

Leases - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Year	$ 6,480	$ 8,621
Additions Charged Against Operations	1,910	26
Uncollectible Accounts Written-off	(2,592)	(2,167)
Balance at End of Year	$ 5,798	$ 6,480

Leases - Lessor, Operating Lease, Payments to be Received (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]
2020	$ 1,285,867
2021	1,248,659
2022	1,181,887
2023	1,067,014
2024	894,362
Thereafter	$ 4,435,225
Under ASC 840
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 - Components of Fixed and Variable Lease Revenues (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Leases [Abstract]
Fixed lease revenues	$ 1,513,033
Variable lease revenues	206,677
Lease revenues	$ 1,719,710

Leases - Schedule of Amounts Included in the Measurement of Lease Liability (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Leases [Abstract]
Weighted average remaining lease term (in years)	40 years 2 months 12 days
Weighted average discount rate (percent)	4.84%
Cash paid for operating leases	$ 27,817

Leases - Schedule of Components of Rent Expense (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Leases [Abstract]
Fixed rent expense	$ 33,738
Variable rent expense	1,978
Rent expense	$ 35,716

Leases - Lessee, Operating Lease, Liability, Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Leases [Abstract]
2020	$ 28,192
2021	29,711
2022	30,640
2023	31,085
2024	31,551
Thereafter	1,054,881
Total undiscounted cash flows	1,206,060
Present value discount	(707,806)
Lease liabilities	$ 498,254	$ 0

Leases - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
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, 2019	Dec. 31, 2018	Dec. 31, 2017
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	$ 10,793	$ 10,377	$ 10,113
Multiemployer Health Plans
Multiemployer Benefit Plans
Multiemployer plan, period contributions	$ 32,407	$ 30,354	$ 29,549

Commitments and Contingencies (Details) ft² in Thousands	12 Months Ended
Commitments and Contingencies (Details) ft² in Thousands	Dec. 31, 2019 USD ($) ft²	Jul. 31, 2018 USD ($) ft²
Other Commitments
Guarantees and master leases	$ 1,524,000,000
Outstanding letters of credit	15,880,000
Commitment to fund additional capital to partially owned entities	12,700,000
Other commitment	627,000,000
General Liability
Insurance
Insurance limit per property	300,000,000
Insurance limit per occurrence	300,000,000
All Risk And Rental Value
Insurance
Insurance limit per occurrence	2,000,000,000.0
Earthquake California Properties
Insurance
Insurance limit per occurrence	$ 350,000,000
Vornado deductible, percentage of property value	5.00%
Insurance maximum coverage limit in aggregate	$ 350,000,000
Terrorism Acts
Insurance
Insurance limit per occurrence	6,000,000,000.0
Insurance maximum coverage limit in aggregate	6,000,000,000.0
Non-Certified Acts of Terrorism
Insurance
Insurance maximum coverage limit in aggregate	1,200,000,000
NBCR
Insurance
Insurance limit per occurrence	5,000,000,000.0
Insurance maximum coverage limit in aggregate	5,000,000,000.0
PPIC \| NBCR
Insurance
Insurance deductible	$ 1,430,413
Insurance deductible percentage of balance of covered loss	20.00%
Farley Office and Retail Building
Other Commitments
Square footage of real estate property (in sqft) \| ft²	844
Equity method ownership percentage	95.00%
Farley Office and Retail Building \| General Liability
Insurance
Insurance limit per occurrence	$ 100,000,000
Farley Office and Retail Building \| Terrorism Acts
Insurance
Insurance limit per occurrence	1,000,000,000.0
Insurance maximum coverage limit in aggregate	1,000,000,000.0
Farley Office and Retail Building \| Non-Certified Acts of Terrorism
Insurance
Insurance limit per occurrence	1,000,000,000.0
Insurance maximum coverage limit in aggregate	1,000,000,000.0
Farley Office and Retail Building \| Property and Development Activities
Insurance
Insurance limit per occurrence	2,800,000,000
Insurance maximum coverage limit in aggregate	$ 2,800,000,000.0
Farley Office and Retail Building \| Joint Venture
Other Commitments
Equity method ownership percentage	95.00%
345 Montgomery Street \| Regus PLC
Other Commitments
Contractual obligation (up to)		$ 90,000,000
Subsidiary of Regus PLC \| 345 Montgomery Street
Other Commitments
Square footage of real estate property (in sqft) \| ft²		78
Lessor, lease not yet commenced, term of contract (years)		15 years

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended			15 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019	Mar. 04, 2019
Alexanders Inc
Related Party Transaction
Percentage of affiliated entity owned by company	32.40%			32.40%
Percentage of affiliated entity owned by related parties	26.10%
Interstate Properties
Related Party Transaction
Percentage of company owned by related party	7.10%			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)	$ 300	$ 453	$ 501
Urban Edge Properties
Related Party Transaction
Shares sold (shares)					5,717,184
220 Central Park South
Related Party Transaction
Cash proceeds from sale of real estate	1,605,356			$ 1,820,132
220 Central Park South \| Investor
Related Party Transaction
Cash proceeds from sale of real estate	16,099
Director \| 220 Central Park South \| Immediate Family Member of Management or Principal Owner
Related Party Transaction
Cash proceeds from sale of real estate	$ 23,357

Summary of Quarterly Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure
Revenues	$ 460,968	$ 465,961	$ 463,103	$ 534,668	$ 543,417	$ 542,048	$ 541,818	$ 536,437	$ 1,924,700	$ 2,163,720	$ 2,084,126
Net income attributable to Vornado common shareholders / Class A unit holders	$ 193,217	$ 322,906	$ 2,400,195	$ 181,488	$ 100,494	$ 190,645	$ 111,534	$ (17,841)	$ 3,097,806	$ 384,832	$ 162,017
Net income per common share - Basic (in dollars per share)	$ 1.01	$ 1.69	$ 12.58	$ 0.95	$ 0.53	$ 1.00	$ 0.59	$ (0.09)	$ 16.23	$ 2.02	$ 0.85
Net income per common share - Diluted (in dollars per share)	$ 1.01	$ 1.69	$ 12.56	$ 0.95	$ 0.53	$ 1.00	$ 0.58	$ (0.09)	$ 16.21	$ 2.01	$ 0.85
Vornado Realty L.P.
Quarterly Financial Information Disclosure
Revenues	$ 460,968	$ 465,961	$ 463,103	$ 534,668	$ 543,417	$ 542,048	$ 541,818	$ 536,437	$ 1,924,700	$ 2,163,720	$ 2,084,126
Net income attributable to Vornado common shareholders / Class A unit holders	$ 206,694	$ 345,501	$ 2,562,669	$ 193,649	$ 107,125	$ 203,268	$ 118,931	$ (19,014)	$ 3,308,513	$ 410,310	$ 172,733
Net income per Class A unit - Basic (in dollars per share)	$ 1.01	$ 1.69	$ 12.58	$ 0.95	$ 0.53	$ 1.00	$ 0.58	$ (0.10)	$ 16.22	$ 2.02	$ 0.84
Net income per Class A unit - Diluted (in dollars per share)	$ 1.01	$ 1.69	$ 12.54	$ 0.95	$ 0.52	$ 0.99	$ 0.58	$ (0.10)	$ 16.19	$ 2.00	$ 0.83

- 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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- 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 - Narrative (Details) - 12 months ended Dec. 31, 2019	Total	segment
Segment Reporting [Abstract]
Number of reportable segments (segment)	2	2

Segment Information (Reconciliation of Net Income to NOI) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting [Abstract]
Net income (loss)	$ 3,334,262	$ 422,603	$ 264,128
Depreciation and amortization expense	419,107	446,570	429,389
General and administrative expense	169,920	141,871	150,782
Transaction related costs, impairment losses and other	106,538	31,320	1,776
Income from partially owned entities	(78,865)	(9,149)	(15,200)
Loss (income) from real estate fund investments	104,082	89,231	(3,240)
Interest and other investment income, net	(21,819)	(17,057)	(30,861)
Interest and debt expense	286,623	347,949	345,654
Net gain on transfer to Fifth Avenue and Times Square JV	(2,571,099)	0	0
Purchase price fair value adjustment	0	(44,060)	0
Net gains on disposition of wholly owned and partially owned assets	(845,499)	(246,031)	(501)
Income tax expense	103,439	37,633	42,375
Loss (income) from discontinued operations	30	(638)	13,228
NOI from partially owned entities	322,390	253,564	269,164
NOI attributable to noncontrolling interests in consolidated subsidiaries	(69,332)	(71,186)	(65,311)
NOI at share	1,259,777	1,382,620	1,401,383
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(6,060)	(44,704)	(86,842)
NOI at share - cash basis	$ 1,253,717	$ 1,337,916	$ 1,314,541

Segment Information (Summary of NOI by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Total revenues	$ 460,968	$ 465,961	$ 463,103	$ 534,668	$ 543,417	$ 542,048	$ 541,818	$ 536,437	$ 1,924,700	$ 2,163,720	$ 2,084,126
Operating expenses									(917,981)	(963,478)	(886,596)
NOI - consolidated									1,006,719	1,200,242	1,197,530
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries									(69,332)	(71,186)	(65,311)
Add: Our share of NOI from partially owned entities									322,390	253,564	269,164
NOI at share									1,259,777	1,382,620	1,401,383
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other									(6,060)	(44,704)	(86,842)
NOI at share - cash basis									1,253,717	1,337,916	1,314,541
Balance Sheet Data:
Real estate, at cost	13,074,012				16,237,883				13,074,012	16,237,883	14,756,295	$ 14,187,820
Investments in partially owned entities	3,999,165				858,113				3,999,165	858,113
Assets	18,287,013				17,180,794				18,287,013	17,180,794
New York
Segment Reporting Information [Line Items]
Total revenues									1,577,860	1,836,036	1,779,307
Operating expenses									(758,304)	(806,464)	(756,670)
NOI - consolidated									819,556	1,029,572	1,022,637
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries									(40,896)	(48,490)	(45,899)
Add: Our share of NOI from partially owned entities									294,168	195,908	189,327
NOI at share									1,072,828	1,176,990	1,166,065
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other									(12,318)	(45,427)	(79,202)
NOI at share - cash basis									1,060,510	1,131,563	1,086,863
Balance Sheet Data:
Real estate, at cost	10,272,458				12,351,943				10,272,458	12,351,943
Investments in partially owned entities	3,964,289				719,456				3,964,289	719,456
Assets	16,429,159				14,628,712				16,429,159	14,628,712
Other
Segment Reporting Information [Line Items]
Total revenues									346,840	327,684	304,819
Operating expenses									(159,677)	(157,014)	(129,926)
NOI - consolidated									187,163	170,670	174,893
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries									(28,436)	(22,696)	(19,412)
Add: Our share of NOI from partially owned entities									28,222	57,656	79,837
NOI at share									186,949	205,630	235,318
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other									6,258	723	(7,640)
NOI at share - cash basis									193,207	206,353	$ 227,678
Balance Sheet Data:
Real estate, at cost	2,801,554				3,885,940				2,801,554	3,885,940
Investments in partially owned entities	34,876				138,657				34,876	138,657
Assets	$ 1,857,854				$ 2,552,082				$ 1,857,854	$ 2,552,082

SEC Schedule III Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real Estate And Accumulated Depreciation
Encumbrances	$ 6,245,016
Initial cost to company
Land	2,629,523
Buildings and improvements	6,122,010
Costs capitalized subsequent to acquisition	4,322,479
Gross amount at which carried at close of period
Land	2,591,261
Buildings and improvements	10,482,751
Total	13,074,012
Accumulated depreciation and amortization	3,015,958	$ 3,180,175	$ 2,885,283	$ 2,581,514
Net basis difference of assets and liabilities between tax basis and GAAP basis	$ 4,000,000
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	124,014
Gross amount at which carried at close of period
Land	0
Buildings and improvements	124,014
Total	124,014
Accumulated depreciation and amortization	84,269
New York
Real Estate And Accumulated Depreciation
Encumbrances	4,968,500
Initial cost to company
Land	2,127,658
Buildings and improvements	4,840,872
Costs capitalized subsequent to acquisition	3,275,753
Gross amount at which carried at close of period
Land	2,216,931
Buildings and improvements	8,027,352
Total	10,244,283
Accumulated depreciation and amortization	2,236,672
New York \| Manhattan
Real Estate And Accumulated Depreciation
Encumbrances	4,868,500
Initial cost to company
Land	2,051,250
Buildings and improvements	4,632,934
Costs capitalized subsequent to acquisition	3,116,963
Gross amount at which carried at close of period
Land	2,139,487
Buildings and improvements	7,661,660
Total	9,801,147
Accumulated depreciation and amortization	2,077,959
New York \| Manhattan \| 1290 Avenue of the Americas
Real Estate And Accumulated Depreciation
Encumbrances	950,000
Initial cost to company
Land	518,244
Buildings and improvements	926,992
Costs capitalized subsequent to acquisition	245,488
Gross amount at which carried at close of period
Land	518,244
Buildings and improvements	1,172,480
Total	1,690,724
Accumulated depreciation and amortization	$ 371,498
Date of construction	1963
Date acquired	2007
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	50,983
Gross amount at which carried at close of period
Land	265,889
Buildings and improvements	414,364
Total	680,253
Accumulated depreciation and amortization	$ 142,819
Date of construction	1960
Date acquired	2006
New York \| Manhattan \| PENN1
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	412,169
Costs capitalized subsequent to acquisition	355,815
Gross amount at which carried at close of period
Land	0
Buildings and improvements	767,984
Total	767,984
Accumulated depreciation and amortization	$ 313,467
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	36,785
Gross amount at which carried at close of period
Land	242,776
Buildings and improvements	284,755
Total	527,531
Accumulated depreciation and amortization	$ 96,665
Date of construction	1911
Date acquired	2007
New York \| Manhattan \| 150 West 34th Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 205,000
Initial cost to company
Land	119,657
Buildings and improvements	268,509
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	119,657
Buildings and improvements	268,509
Total	388,166
Accumulated depreciation and amortization	$ 30,767
Date of construction	1900
Date acquired	2015
New York \| Manhattan \| PENN2
Real Estate And Accumulated Depreciation
Encumbrances	$ 575,000
Initial cost to company
Land	53,615
Buildings and improvements	164,903
Costs capitalized subsequent to acquisition	139,650
Gross amount at which carried at close of period
Land	52,689
Buildings and improvements	305,479
Total	358,168
Accumulated depreciation and amortization	$ 156,464
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	195,597
Gross amount at which carried at close of period
Land	8,000
Buildings and improvements	371,487
Total	379,487
Accumulated depreciation and amortization	$ 144,841
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	66,604
Gross amount at which carried at close of period
Land	88,595
Buildings and improvements	180,077
Total	268,672
Accumulated depreciation and amortization	$ 64,806
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	146,545
Gross amount at which carried at close of period
Land	52,898
Buildings and improvements	242,231
Total	295,129
Accumulated depreciation and amortization	$ 100,740
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	154,252
Gross amount at which carried at close of period
Land	0
Buildings and improvements	271,521
Total	271,521
Accumulated depreciation and amortization	$ 132,586
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	110,048
Gross amount at which carried at close of period
Land	40,333
Buildings and improvements	195,307
Total	235,640
Accumulated depreciation and amortization	$ 85,014
Date of construction	1923
Date acquired	1997
New York \| Manhattan \| 909 Third Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 350,000
Initial cost to company
Land	0
Buildings and improvements	120,723
Costs capitalized subsequent to acquisition	122,351
Gross amount at which carried at close of period
Land	0
Buildings and improvements	243,074
Total	243,074
Accumulated depreciation and amortization	$ 105,540
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	52,036
Gross amount at which carried at close of period
Land	39,303
Buildings and improvements	132,252
Total	171,555
Accumulated depreciation and amortization	$ 64,382
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	44,762
Gross amount at which carried at close of period
Land	62,731
Buildings and improvements	107,650
Total	170,381
Accumulated depreciation and amortization	$ 45,576
Date of construction	1968
Date acquired	1999
New York \| Manhattan \| 330 West 34th Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	8,599
Costs capitalized subsequent to acquisition	154,874
Gross amount at which carried at close of period
Land	0
Buildings and improvements	163,473
Total	163,473
Accumulated depreciation and amortization	$ 37,686
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	6,225
Gross amount at which carried at close of period
Land	107,937
Buildings and improvements	34,486
Total	142,423
Accumulated depreciation and amortization	$ 10,365
Date acquired	2005
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	65,078
Gross amount at which carried at close of period
Land	63,000
Buildings and improvements	28,981
Total	91,981
Accumulated depreciation and amortization	$ 10,048
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	36,562
Gross amount at which carried at close of period
Land	30,000
Buildings and improvements	56,625
Total	86,625
Accumulated depreciation and amortization	$ 15,186
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	3,509
Gross amount at which carried at close of period
Land	24,079
Buildings and improvements	58,729
Total	82,808
Accumulated depreciation and amortization	$ 22,579
Date of construction	1965/2004
Date acquired	1993
New York \| Manhattan \| Farley Office and Retail Building
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	476,235
Costs capitalized subsequent to acquisition	321,046
Gross amount at which carried at close of period
Land	0
Buildings and improvements	797,281
Total	797,281
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	568,034
Gross amount at which carried at close of period
Land	0
Buildings and improvements	914,960
Total	914,960
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	4,378
Gross amount at which carried at close of period
Land	0
Buildings and improvements	84,860
Total	84,860
Accumulated depreciation and amortization	$ 9,998
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	32,300
Gross amount at which carried at close of period
Land	48,403
Buildings and improvements	37,227
Total	85,630
Accumulated depreciation and amortization	$ 8,754
Date acquired	2010
New York \| Manhattan \| 606 Broadway
Real Estate And Accumulated Depreciation
Encumbrances	$ 67,804
Initial cost to company
Land	45,406
Buildings and improvements	8,993
Costs capitalized subsequent to acquisition	46,535
Gross amount at which carried at close of period
Land	45,298
Buildings and improvements	55,636
Total	100,934
Accumulated depreciation and amortization	$ 564
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	35,050
Gross amount at which carried at close of period
Land	15,732
Buildings and improvements	61,438
Total	77,170
Accumulated depreciation and amortization	$ 19,976
Date of construction	1987
Date acquired	1998
New York \| Manhattan \| 443 Broadway
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	11,187
Buildings and improvements	41,186
Costs capitalized subsequent to acquisition	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	$ 6,864
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	159
Gross amount at which carried at close of period
Land	13,616
Buildings and improvements	34,794
Total	48,410
Accumulated depreciation and amortization	$ 12,220
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	6,976
Gross amount at which carried at close of period
Land	13,700
Buildings and improvements	37,520
Total	51,220
Accumulated depreciation and amortization	$ 11,127
Date acquired	2007
New York \| Manhattan \| 435 7th Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 95,696
Initial cost to company
Land	19,893
Buildings and improvements	19,091
Costs capitalized subsequent to acquisition	2,073
Gross amount at which carried at close of period
Land	19,893
Buildings and improvements	21,164
Total	41,057
Accumulated depreciation and amortization	$ 8,571
Date of construction	2002
Date acquired	1997
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	0
Gross amount at which carried at close of period
Land	0
Buildings and improvements	0
Total	0
Accumulated depreciation and amortization	$ 0
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	3,739
Gross amount at which carried at close of period
Land	6,053
Buildings and improvements	26,647
Total	32,700
Accumulated depreciation and amortization	$ 9,965
Date acquired	2005
New York \| Manhattan \| 131-135 West 33rd Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	8,315
Buildings and improvements	21,312
Costs capitalized subsequent to acquisition	316
Gross amount at which carried at close of period
Land	8,315
Buildings and improvements	21,628
Total	29,943
Accumulated depreciation and amortization	$ 1,971
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	(684)
Gross amount at which carried at close of period
Land	3,511
Buildings and improvements	12,221
Total	15,732
Accumulated depreciation and amortization	$ 986
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	556
Gross amount at which carried at close of period
Land	13,070
Buildings and improvements	10,196
Total	23,266
Accumulated depreciation and amortization	$ 3,425
Date acquired	2006
New York \| Manhattan \| 1131 Third Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	7,844
Buildings and improvements	7,844
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	$ 2,299
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	$ 877
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	968
Gross amount at which carried at close of period
Land	9,252
Buildings and improvements	10,904
Total	20,156
Accumulated depreciation and amortization	$ 1,223
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	7,609
Gross amount at which carried at close of period
Land	1,693
Buildings and improvements	14,116
Total	15,809
Accumulated depreciation and amortization	$ 1,682
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 \| 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	$ 575
Date acquired	2013
New York \| Manhattan \| 148 Spring Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	3,200
Buildings and improvements	8,112
Costs capitalized subsequent to acquisition	398
Gross amount at which carried at close of period
Land	3,200
Buildings and improvements	8,510
Total	11,710
Accumulated depreciation and amortization	$ 2,491
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	274
Gross amount at which carried at close of period
Land	3,200
Buildings and improvements	6,096
Total	9,296
Accumulated depreciation and amortization	$ 1,776
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	$ 184
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	(4,643)
Gross amount at which carried at close of period
Land	6,859
Buildings and improvements	915
Total	7,774
Accumulated depreciation and amortization	$ 267
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	773
Gross amount at which carried at close of period
Land	3,856
Buildings and improvements	1,535
Total	5,391
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	2,697
Gross amount at which carried at close of period
Land	1,483
Buildings and improvements	3,394
Total	4,877
Accumulated depreciation and amortization	$ 419
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	16,301
Gross amount at which carried at close of period
Land	26,631
Buildings and improvements	17,672
Total	44,303
Accumulated depreciation and amortization	$ 866
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	$ 898
Date acquired	2017
New York \| Manhattan \| Other (Including Signage)
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	72,372
Buildings and improvements	19,135
Costs capitalized subsequent to acquisition	88,457
Gross amount at which carried at close of period
Land	72,372
Buildings and improvements	107,592
Total	179,964
Accumulated depreciation and amortization	18,952
Other \| Hotel Pennsylvania/Paramus
Real Estate And Accumulated Depreciation
Encumbrances	100,000
Initial cost to company
Land	76,408
Buildings and improvements	207,938
Costs capitalized subsequent to acquisition	158,790
Gross amount at which carried at close of period
Land	77,444
Buildings and improvements	365,692
Total	443,136
Accumulated depreciation and amortization	$ 158,713
Other \| Manhattan \| Hotel Pennsylvania
Gross amount at which carried at close of period
Date of construction	1919
Date acquired	1997
Other \| Manhattan \| Paramus
Gross amount at which carried at close of period
Date of construction	1967
Date acquired	1987
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	414,558
Gross amount at which carried at close of period
Land	64,535
Buildings and improvements	733,697
Total	798,232
Accumulated depreciation and amortization	$ 329,198
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	67
Gross amount at which carried at close of period
Land	5,166
Buildings and improvements	67
Total	5,233
Accumulated depreciation and amortization	$ 0
Date acquired	1998
Other \| New York
Real Estate And Accumulated Depreciation
Encumbrances	$ 1,276,516
Initial cost to company
Land	501,865
Buildings and improvements	1,281,138
Costs capitalized subsequent to acquisition	922,712
Gross amount at which carried at close of period
Land	374,330
Buildings and improvements	2,331,385
Total	2,705,715
Accumulated depreciation and amortization	695,017
Other \| New York \| Hotel Pennsylvania
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	29,903
Buildings and improvements	121,712
Costs capitalized subsequent to acquisition	125,590
Gross amount at which carried at close of period
Land	29,903
Buildings and improvements	247,302
Total	277,205
Accumulated depreciation and amortization	129,258
Other \| New York \| 33-00 Northern Boulevard
Real Estate And Accumulated Depreciation
Encumbrances	100,000
Initial cost to company
Land	46,505
Buildings and improvements	86,226
Costs capitalized subsequent to acquisition	9,808
Gross amount at which carried at close of period
Land	46,505
Buildings and improvements	96,034
Total	142,539
Accumulated depreciation and amortization	$ 12,491
Date of construction	1915
Date acquired	2015
Other \| New York \| Piers 92 and 94
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	0
Costs capitalized subsequent to acquisition	16,961
Gross amount at which carried at close of period
Land	0
Buildings and improvements	16,961
Total	16,961
Accumulated depreciation and amortization	$ 3,335
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	431,586
Gross amount at which carried at close of period
Land	69,701
Buildings and improvements	750,725
Total	820,426
Accumulated depreciation and amortization	332,533
Other \| New York \| 220 Central Park South
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	115,720
Buildings and improvements	16,445
Costs capitalized subsequent to acquisition	200,598
Gross amount at which carried at close of period
Land	0
Buildings and improvements	332,763
Total	332,763
Accumulated depreciation and amortization	$ 0
Date acquired	2005
Other \| New York \| 40 East 66th Residential
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	8,454
Buildings and improvements	13,321
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	8,454
Buildings and improvements	13,321
Total	21,775
Accumulated depreciation and amortization	$ 4,231
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	285
Gross amount at which carried at close of period
Land	1,627
Buildings and improvements	1,178
Total	2,805
Accumulated depreciation and amortization	$ 510
Date acquired	2006
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	5,335
Gross amount at which carried at close of period
Land	0
Buildings and improvements	5,335
Total	5,335
Accumulated depreciation and amortization	1,536
Other \| Maryland \| Annapolis
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	0
Buildings and improvements	9,652
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	0
Buildings and improvements	9,652
Total	9,652
Accumulated depreciation and amortization	$ 4,211
Date acquired	2005
Other \| New Jersey \| Paramus
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	0
Costs capitalized subsequent to acquisition	23,392
Gross amount at which carried at close of period
Land	1,036
Buildings and improvements	22,356
Total	23,392
Accumulated depreciation and amortization	16,964
Other \| New Jersey \| Borgata Land, Atlantic City, NJ
Real Estate And Accumulated Depreciation
Encumbrances	53,441
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 Jersey \| 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	57,453
Gross amount at which carried at close of period
Land	0
Buildings and improvements	83,590
Total	83,590
Accumulated depreciation and amortization	$ 25,103
Date acquired	2010
Other \| California \| 555 California Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 548,075
Initial cost to company
Land	223,446
Buildings and improvements	895,379
Costs capitalized subsequent to acquisition	227,455
Gross amount at which carried at close of period
Land	211,459
Buildings and improvements	1,134,821
Total	1,346,280
Accumulated depreciation and amortization	$ 326,893
Date of construction	1922,1969 -1970
Date acquired	2007

SEC Schedule III Rollforward of Real Estate Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Real estate, balance at beginning of period	$ 16,237,883	$ 14,756,295	$ 14,187,820
Additions during the period	17,675,741	16,592,044	14,807,938
Less: Assets sold, written-off and deconsolidated	4,601,729	354,161	51,643
Real estate, balance at end of period	13,074,012	16,237,883	14,756,295
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Accumulated depreciation, balance at beginning of period	3,180,175	2,885,283	2,581,514
Additions charged to operating expenses	360,194	381,500	360,391
Real estate accumulated depreciation	3,540,369	3,266,783	2,941,905
Less: Accumulated depreciation on assets sold, written-off and deconsolidated	524,411	86,608	56,622
Accumulated depreciation, balance at end of period	3,015,958	3,180,175	2,885,283
Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Additions during the period	46,074	170,065	21,298
Buildings & improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Additions during the period	$ 1,391,784	$ 1,665,684	$ 598,820