0000899689-20-000049 | 10-Q | XBRL Viewer

Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2020

The table below summarizes the changes of our investment in PREIT.


(Amounts in thousands)	For the Nine Months Ended September 30, 2020
Balance as of December 31, 2019	$	33,313
Sale of marketable securities on January 23, 2020	(28,375)
Decrease in fair value of marketable securities(1)	(4,938)
Balance as of September 30, 2020	$	—

____________________

(1)Included in “interest and other investment income (loss), net” on our consolidated statements of income (see Note 18 - Interest and Other Investment Income (Loss), Net).

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Real estate, at cost:
Land	$ 2,589,452	$ 2,591,261
Buildings and improvements	8,004,206	7,953,163
Development costs and construction in progress	1,514,941	1,490,614
Moynihan Train Hall development expenditures	1,223,600	914,960
Leasehold improvements and equipment	128,642	124,014
Total	13,460,841	13,074,012
Less accumulated depreciation and amortization	(3,155,416)	(3,015,958)
Real estate, net	10,305,425	10,058,054
Right-of-use assets	374,805	379,546
Cash and cash equivalents	1,411,047	1,515,012
Restricted cash	79,291	92,119
Marketable securities	0	33,313
Tenant and other receivables	103,051	95,733
Investments in partially owned entities	3,504,328	3,999,165
Real estate fund investments	3,739	222,649
220 Central Park South condominium units ready for sale	181,041	408,918
Receivable arising from the straight-lining of rents	678,381	742,206
Deferred leasing costs, net of accumulated amortization of $191,093 and $196,229	385,089	353,986
Identified intangible assets, net of accumulated amortization of $95,567 and $98,587	25,746	30,965
Other assets	510,955	355,347
Assets	17,562,898	18,287,013
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net	5,639,151	5,639,897
Senior unsecured notes, net	446,482	445,872
Unsecured term loan, net	796,499	745,840
Unsecured revolving credit facilities	575,000	575,000
Lease liabilities	425,646	498,254
Moynihan Train Hall obligation	1,223,600	914,960
Special dividend/distribution payable	0	398,292
Accounts payable and accrued expenses	430,446	440,049
Deferred revenue	45,473	59,429
Deferred compensation plan	98,543	103,773
Other liabilities	302,622	265,754
Total liabilities	9,983,462	10,087,120
Commitments and contingencies
Redeemable noncontrolling interests:
Total redeemable noncontrolling interests	693,751	888,915
Shareholders' / Partner's Equity
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 36,793,402 and 36,795,640 shares	891,156	891,214
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 191,260,981 and 190,985,677 shares	7,629	7,618
Additional capital	8,123,524	7,827,697
Earnings less than distributions	(2,463,635)	(1,954,266)
Accumulated other comprehensive loss	(89,834)	(40,233)
Total Vornado shareholders' / partners equity	6,468,840	6,732,030
Noncontrolling interests in consolidated subsidiaries	416,845	578,948
Total equity	6,885,685	7,310,978
Total liabilities, redeemable noncontrolling interests / partnership units and equity	17,562,898	18,287,013
Vornado Realty L.P.
Real estate, at cost:
Land	2,589,452	2,591,261
Buildings and improvements	8,004,206	7,953,163
Development costs and construction in progress	1,514,941	1,490,614
Moynihan Train Hall development expenditures	1,223,600	914,960
Leasehold improvements and equipment	128,642	124,014
Total	13,460,841	13,074,012
Less accumulated depreciation and amortization	(3,155,416)	(3,015,958)
Real estate, net	10,305,425	10,058,054
Right-of-use assets	374,805	379,546
Cash and cash equivalents	1,411,047	1,515,012
Restricted cash	79,291	92,119
Marketable securities	0	33,313
Tenant and other receivables	103,051	95,733
Investments in partially owned entities	3,504,328	3,999,165
Real estate fund investments	3,739	222,649
220 Central Park South condominium units ready for sale	181,041	408,918
Receivable arising from the straight-lining of rents	678,381	742,206
Deferred leasing costs, net of accumulated amortization of $191,093 and $196,229	385,089	353,986
Identified intangible assets, net of accumulated amortization of $95,567 and $98,587	25,746	30,965
Other assets	510,955	355,347
Assets	17,562,898	18,287,013
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net	5,639,151	5,639,897
Senior unsecured notes, net	446,482	445,872
Unsecured term loan, net	796,499	745,840
Unsecured revolving credit facilities	575,000	575,000
Lease liabilities	425,646	498,254
Moynihan Train Hall obligation	1,223,600	914,960
Special dividend/distribution payable	0	398,292
Accounts payable and accrued expenses	430,446	440,049
Deferred revenue	45,473	59,429
Deferred compensation plan	98,543	103,773
Other liabilities	302,622	265,754
Total liabilities	9,983,462	10,087,120
Commitments and contingencies
Redeemable noncontrolling interests:
Total redeemable noncontrolling interests	693,751	888,915
Shareholders' / Partner's Equity
Partners' capital	9,022,309	8,726,529
Earnings less than distributions	(2,463,635)	(1,954,266)
Accumulated other comprehensive loss	(89,834)	(40,233)
Total Vornado shareholders' / partners equity	6,468,840	6,732,030
Noncontrolling interests in consolidated subsidiaries	416,845	578,948
Total equity	6,885,685	7,310,978
Total liabilities, redeemable noncontrolling interests / partnership units and equity	17,562,898	18,287,013
Partnership Interest
Redeemable noncontrolling interests:
Class A units - 13,670,466 and 13,298,956 units outstanding	594,934
Series D cumulative redeemable preferred units - 141,401 units outstanding	4,535	4,535
Total redeemable noncontrolling interests	599,469	888,915
Partnership Interest \| Vornado Realty L.P.
Redeemable noncontrolling interests:
Class A units - 13,670,466 and 13,298,956 units outstanding	594,934	884,380
Series D cumulative redeemable preferred units - 141,401 units outstanding	4,535	4,535
Total redeemable noncontrolling interests	599,469	888,915
Subsidiary
Redeemable noncontrolling interests:
Total redeemable noncontrolling interests	94,282	0
Subsidiary \| Vornado Realty L.P.
Redeemable noncontrolling interests:
Total redeemable noncontrolling interests	$ 94,282	$ 0

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net income (loss)	$ 68,736	$ 363,849	$ (253,119)	$ 3,173,586
Other comprehensive (loss) income:
Other comprehensive (loss) income of nonconsolidated subsidiaries	(15,634)	11	(15,626)	(949)
Increase (reduction) in value of interest rate swaps and other	7,926	(9,954)	(37,473)	(55,495)
Amounts reclassified from accumulated other comprehensive loss relating to a nonconsolidated subsidiary	0	0	0	(2,311)
Comprehensive income (loss)	61,028	353,906	(306,218)	3,114,831
Less comprehensive loss (income) loss attributable to noncontrolling interests in noncontrolling interests / consolidated subsidiaries	(2,516)	(27,761)	154,591	(227,667)
Comprehensive (loss) income attributable to Vornado / Vornado Realty L.P.	58,512	326,145	(151,627)	2,887,164
Vornado Realty L.P.
Net income (loss)	68,736	363,849	(253,119)	3,173,586
Other comprehensive (loss) income:
Other comprehensive (loss) income of nonconsolidated subsidiaries	(15,634)	11	(15,626)	(949)
Increase (reduction) in value of interest rate swaps and other	7,926	(9,954)	(37,473)	(55,495)
Amounts reclassified from accumulated other comprehensive loss relating to a nonconsolidated subsidiary	0	0	0	(2,311)
Comprehensive income (loss)	61,028	353,906	(306,218)	3,114,831
Less comprehensive loss (income) loss attributable to noncontrolling interests in noncontrolling interests / consolidated subsidiaries	848	(5,774)	141,003	(34,045)
Comprehensive (loss) income attributable to Vornado / Vornado Realty L.P.	$ 61,876	$ 348,132	$ (165,215)	$ 3,080,786

- Definition

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

+ References + Details

- Definition

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

+ References + Details

- Definition

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

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Revenue Recognition (Components of Lease Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Fixed lease revenues	$ 306,319	$ 351,426	$ 955,650	$ 1,159,037
Variable lease revenues	6,429	62,917	56,632	151,844
Total lease revenues	$ 312,748	$ 414,343	$ 1,012,282	$ 1,310,881

Variable Interest Entities (VIEs) (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Variable Interest Entities
Assets	$ 17,562,898	$ 18,287,013
Liabilities	9,983,462	10,087,120
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entities
Assets	222,924	217,451
Variable Interest Entity, Primary Beneficiary
Variable Interest Entities
Assets	5,254,102	4,923,656
Liabilities	$ 2,962,558	$ 2,646,623

- Definition

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

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Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

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Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash Flows from Operating Activities:
Net (loss) income	$ (253,119)	$ 3,173,586
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Equity in net loss (income) of partially owned entities	353,679	(56,139)
Net gains on disposition of wholly owned and partially owned assets	(338,862)	(641,664)
Depreciation and amortization (including amortization of deferred financing costs)	305,905	341,951
Net unrealized loss on real estate fund investments	225,412	16,162
Distributions of income from partially owned entities	132,850	66,252
Non-cash (gain on extinguishment of 608 Fifth Avenue lease liability) impairment loss on 608 Fifth Avenue right-of-use asset	(70,260)	75,220
Write-off of lease receivables deemed uncollectible	60,766	16,488
Stock-based compensation expense	39,638	48,045
Straight-lining of rents	20,021	8,446
Credit losses on loans receivable	13,369	0
Amortization of below-market leases, net	(13,054)	(15,561)
Decrease in fair value of marketable securities	4,938	3,095
Net gain on transfer to Fifth Avenue and Times Square JV	0	(2,571,099)
Real estate impairment losses	0	26,140
Prepayment penalty on redemption of senior unsecured notes due 2022	0	22,058
Other non-cash adjustments	7,544	3,406
Changes in operating assets and liabilities:
Real estate fund investments	(6,502)	(4,000)
Tenant and other receivables, net	(27,093)	(28,110)
Prepaid assets	(215,645)	(74,502)
Other assets	(41,328)	(10,195)
Accounts payable and accrued expenses	(4,058)	1,496
Other liabilities	(2,841)	(3,104)
Net cash provided by operating activities	191,360	397,971
Cash Flows from Investing Activities:
Proceeds from sale of condominium units at 220 Central Park South	939,292	1,039,493
Development costs and construction in progress	(448,167)	(448,281)
Moynihan Train Hall expenditures	(277,128)	(352,211)
Additions to real estate	(112,906)	(189,579)
Proceeds from sales of marketable securities	28,375	168,314
Investments in partially owned entities	(6,156)	(16,480)
Distributions of capital from partially owned entities	1,090	24,880
Acquisitions of real estate and other	(985)	(3,260)
Proceeds from transfer of interest in Fifth Avenue and Times Square JV (net of $35,562 of transaction costs and $10,899 of deconsolidated cash and restricted cash)	0	1,248,743
Proceeds from redemption of 640 Fifth Avenue preferred equity	0	500,000
Proceeds from sale of real estate and related investments	0	255,534
Proceeds from repayments of loans receivable	0	1,395
Net cash provided by investing activities	123,415	2,228,548
Cash Flows from Financing Activities:
Dividends paid on common shares / Distributions to Vornado	(725,938)	(377,750)
Proceeds from borrowings	555,918	1,107,852
Repayments of borrowings	(514,493)	(2,635,028)
Moynihan Train Hall reimbursement from Empire State Development	277,128	352,211
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries	98,626	9,223
Distribution to noncontrolling interests / redeemable security holders and noncontrolling interests in consolidated subsidiaries	(76,759)	(65,084)
Dividends paid on preferred shares / Distributions to preferred unitholders	(50,123)	(37,598)
Proceeds received from exercise of employee share options (Vornado stock options) and other	5,567	2,403
Debt issuance costs	(1,357)	(15,328)
Repurchase of shares (Class A units) related to stock compensation arrangements and related tax withholdings	(137)	(8,692)
Purchase of marketable securities in connection with defeasance of mortgage payable	0	(407,126)
Prepayment penalty on redemption of senior unsecured notes due 2022	0	(22,058)
Redemption of preferred shares / units	0	(893)
Net cash used in financing activities	(431,568)	(2,097,868)
Net (decrease) increase in cash and cash equivalents and restricted cash	(116,793)	528,651
Cash and cash equivalents and restricted cash at beginning of period	1,607,131	716,905
Cash and cash equivalents and restricted cash at end of period	1,490,338	1,245,556
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	1,515,012	570,916
Restricted cash at beginning of period	92,119	145,989
Cash and cash equivalents and restricted cash at beginning of period	1,607,131	716,905
Cash and cash equivalents at end of period	1,411,047	1,132,491
Restricted cash at end of period	79,291	113,065
Cash and cash equivalents and restricted cash at end of period	1,490,338	1,245,556
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest, excluding capitalized interest of $30,649 and $55,186	164,752	227,310
Cash payments for income taxes	14,252	47,345
Non-Cash Investing and Financing Activities:
Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale"	370,850	825,520
Redeemable Class A unit measurement adjustment	272,436	123,635
Accrued capital expenditures included in accounts payable and accrued expenses	118,672	117,205
Write-off of fully depreciated assets	(111,863)	(113,261)
Investments received in exchange for transfer to Fifth Avenue and Times Square JV:
Preferred equity	0	2,327,750
Common equity	0	1,449,495
Lease liabilities arising from the recognition of right-of-use assets	0	526,866
Marketable securities transferred in connection with the defeasance of mortgage payable	0	(407,126)
Defeasance of mortgage payable	0	390,000
Amounts related to our investment in Pennsylvania Real Estate Investment Trust reclassified from "investments in partially owned entities" and "accumulated other comprehensive loss" to "marketable securities" upon conversion of operating partnership units to common shares	0	54,962
Vornado Realty L.P.
Cash Flows from Operating Activities:
Net (loss) income	(253,119)	3,173,586
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Equity in net loss (income) of partially owned entities	353,679	(56,139)
Net gains on disposition of wholly owned and partially owned assets	(338,862)	(641,664)
Depreciation and amortization (including amortization of deferred financing costs)	305,905	341,951
Net unrealized loss on real estate fund investments	225,412	16,162
Distributions of income from partially owned entities	132,850	66,252
Non-cash (gain on extinguishment of 608 Fifth Avenue lease liability) impairment loss on 608 Fifth Avenue right-of-use asset	(70,260)	75,220
Write-off of lease receivables deemed uncollectible	60,766	16,488
Stock-based compensation expense	39,638	48,045
Straight-lining of rents	20,021	8,446
Credit losses on loans receivable	13,369	0
Amortization of below-market leases, net	(13,054)	(15,561)
Decrease in fair value of marketable securities	4,938	3,095
Net gain on transfer to Fifth Avenue and Times Square JV	0	(2,571,099)
Real estate impairment losses	0	26,140
Prepayment penalty on redemption of senior unsecured notes due 2022	0	22,058
Other non-cash adjustments	7,544	3,406
Changes in operating assets and liabilities:
Real estate fund investments	(6,502)	(4,000)
Tenant and other receivables, net	(27,093)	(28,110)
Prepaid assets	(215,645)	(74,502)
Other assets	(41,328)	(10,195)
Accounts payable and accrued expenses	(4,058)	1,496
Other liabilities	(2,841)	(3,104)
Net cash provided by operating activities	191,360	397,971
Cash Flows from Investing Activities:
Proceeds from sale of condominium units at 220 Central Park South	939,292	1,039,493
Development costs and construction in progress	(448,167)	(448,281)
Moynihan Train Hall expenditures	(277,128)	(352,211)
Additions to real estate	(112,906)	(189,579)
Proceeds from sales of marketable securities	28,375	168,314
Investments in partially owned entities	(6,156)	(16,480)
Distributions of capital from partially owned entities	1,090	24,880
Acquisitions of real estate and other	(985)	(3,260)
Proceeds from transfer of interest in Fifth Avenue and Times Square JV (net of $35,562 of transaction costs and $10,899 of deconsolidated cash and restricted cash)	0	1,248,743
Proceeds from redemption of 640 Fifth Avenue preferred equity	0	500,000
Proceeds from sale of real estate and related investments	0	255,534
Proceeds from repayments of loans receivable	0	1,395
Net cash provided by investing activities	123,415	2,228,548
Cash Flows from Financing Activities:
Dividends paid on common shares / Distributions to Vornado	(725,938)	(377,750)
Proceeds from borrowings	555,918	1,107,852
Repayments of borrowings	(514,493)	(2,635,028)
Moynihan Train Hall reimbursement from Empire State Development	277,128	352,211
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries	98,626	9,223
Distribution to noncontrolling interests / redeemable security holders and noncontrolling interests in consolidated subsidiaries	(76,759)	(65,084)
Dividends paid on preferred shares / Distributions to preferred unitholders	(50,123)	(37,598)
Proceeds received from exercise of employee share options (Vornado stock options) and other	5,567	2,403
Debt issuance costs	(1,357)	(15,328)
Repurchase of shares (Class A units) related to stock compensation arrangements and related tax withholdings	(137)	(8,692)
Purchase of marketable securities in connection with defeasance of mortgage payable	0	(407,126)
Prepayment penalty on redemption of senior unsecured notes due 2022	0	(22,058)
Redemption of preferred shares / units	0	(893)
Net cash used in financing activities	(431,568)	(2,097,868)
Net (decrease) increase in cash and cash equivalents and restricted cash	(116,793)	528,651
Cash and cash equivalents and restricted cash at beginning of period	1,607,131	716,905
Cash and cash equivalents and restricted cash at end of period	1,490,338	1,245,556
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	1,515,012	570,916
Restricted cash at beginning of period	92,119	145,989
Cash and cash equivalents and restricted cash at beginning of period	1,607,131	716,905
Cash and cash equivalents at end of period	1,411,047	1,132,491
Restricted cash at end of period	79,291	113,065
Cash and cash equivalents and restricted cash at end of period	1,490,338	1,245,556
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest, excluding capitalized interest of $30,649 and $55,186	164,752	227,310
Cash payments for income taxes	14,252	47,345
Non-Cash Investing and Financing Activities:
Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale"	370,850	825,520
Redeemable Class A unit measurement adjustment	272,436	123,635
Accrued capital expenditures included in accounts payable and accrued expenses	118,672	117,205
Write-off of fully depreciated assets	(111,863)	(113,261)
Investments received in exchange for transfer to Fifth Avenue and Times Square JV:
Preferred equity	0	2,327,750
Common equity	0	1,449,495
Lease liabilities arising from the recognition of right-of-use assets	0	526,866
Marketable securities transferred in connection with the defeasance of mortgage payable	0	(407,126)
Defeasance of mortgage payable	0	390,000
Amounts related to our investment in Pennsylvania Real Estate Investment Trust reclassified from "investments in partially owned entities" and "accumulated other comprehensive loss" to "marketable securities" upon conversion of operating partnership units to common shares	$ 0	$ 54,962

Debt (Summary of Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Feb. 28, 2020	Feb. 27, 2020	Dec. 31, 2019
Debt Instrument
Deferred financing costs, net and other	$ (29,000)			$ (38,407)
Long term debt	$ 1,817,981			1,766,712
Mortgages
Debt Instrument
Interest rate, end of period (percent)	3.10%
Long-term debt, gross	$ 5,661,132			5,670,016
Deferred financing costs, net and other	(21,981)			(30,119)
Long term debt	$ 5,639,151			5,639,897
Mortgages \| Fixed Rate
Debt Instrument
Interest rate, end of period (percent)	3.69%
Long-term debt, gross	$ 3,886,714			4,601,516
Mortgages \| Variable Rate
Debt Instrument
Interest rate, end of period (percent)	1.81%
Long-term debt, gross	$ 1,774,418			1,068,500
Senior Unsecured Notes
Debt Instrument
Interest rate, end of period (percent)	3.50%
Long-term debt, gross	$ 450,000			450,000
Deferred financing costs, net and other	(3,518)			(4,128)
Long term debt	$ 446,482			445,872
Unsecured term loan
Debt Instrument
Interest rate, end of period (percent)	3.70%
Long-term debt, gross	$ 800,000	$ 800,000	$ 750,000	750,000
Deferred financing costs, net and other	(3,501)			(4,160)
Long term debt	$ 796,499			745,840
Unsecured Revolving Credit Facilities
Debt Instrument
Interest rate, end of period (percent)	1.05%
Long term debt	$ 575,000			$ 575,000

Fair Value Measurements (Changes in the Fair Value of Loans Receivable) (Details) - Loans Receivable - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 46,675	$ 59,251
Credit losses	0	(13,369)
Interest accrual	834	1,627
Ending balance	$ 47,509	$ 47,509

COVID-19 Pandemic (Narrative) (Details)	3 Months Ended		9 Months Ended
COVID-19 Pandemic (Narrative) (Details)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Oct. 31, 2020	Apr. 30, 2020 employee	Apr. 01, 2020 USD ($)
Unusual or Infrequent Item, or Both [Line Items]
Income tax benefit	$ (23,781,000)	$ (23,885,000)	$ (38,431,000)	$ (80,542,000)
Hotel Pennsylvania
Unusual or Infrequent Item, or Both [Line Items]
Restructuring reserve, accrual	9,246,000		9,246,000
Income tax benefit	$ 3,145,000		3,145,000
COVID-19
Unusual or Infrequent Item, or Both [Line Items]
Number of employees furloughed \| employee						1,803
Rent collected, percent	93.00%
Rent collected (including deferrals), percent	95.00%
Write off of tenant receivables deemed uncollectible	$ 12,364,000		21,186,000
COVID-19 \| Office Space
Unusual or Infrequent Item, or Both [Line Items]
Rent collected, percent	95.00%
Rent collected (including deferrals), percent	97.00%
COVID-19 \| Retail
Unusual or Infrequent Item, or Both [Line Items]
Rent collected, percent	82.00%
Rent collected (including deferrals), percent	85.00%
COVID-19 \| 330 West 34th Street
Unusual or Infrequent Item, or Both [Line Items]
Write off of receivables arising from the straight-lining of rents	$ 13,873,000		$ 50,170,000
COVID-19 \| Non-Management Member Board of Trustees
Unusual or Infrequent Item, or Both [Line Items]
Annual cash retainer forgone							$ 75,000
COVID-19 \| Hotel Pennsylvania
Unusual or Infrequent Item, or Both [Line Items]
Number of employees furloughed \| employee						414
COVID-19 \| Building Maintenance Service LLC
Unusual or Infrequent Item, or Both [Line Items]
Number of employees furloughed \| employee						1,293
COVID-19 \| Vornado Realty Trust
Unusual or Infrequent Item, or Both [Line Items]
Number of employees furloughed \| employee						96
COVID-19 \| Vornado Realty Trust \| Subsequent Event
Unusual or Infrequent Item, or Both [Line Items]
Percentage of employees returned from furlough					40.00%

Real Estate Fund Investments

9 Months Ended

Sep. 30, 2020

Real Estate Fund Investments [Abstract]

Real Estate Fund Investments

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

We are the general partner and investment manager of the Crowne Plaza Times Square Hotel Joint Venture (the “Crowne Plaza Joint Venture”) and own a 57.1% interest in the joint venture which owns the 24.7% 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 June 9, 2020, the joint venture between the Fund and the Crowne Plaza Joint Venture defaulted on the $274,355,000 non-recourse loan on the Crowne Plaza Times Square Hotel. The interest-only loan, which bears interest at a floating rate of LIBOR plus 3.69% (3.90% as of September 30, 2020) and provides for additional default interest of 3.00%, was scheduled to mature on July 9, 2020. We are in negotiations with the lenders and there can be no assurance as to the timing and ultimate resolution of these negotiations.

As of September 30, 2020, we had four real estate fund investments through the Fund and the Crowne Plaza Joint Venture with an aggregate fair value of $3,739,000, $338,327,000 below cost, and had remaining unfunded commitments of $28,692,000, of which our share was $9,140,000. As of December 31, 2019, those four real estate fund investments had an aggregate fair value of $222,649,000.

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


(Amounts in thousands)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Net unrealized loss on held investments	$	(14,216)	$	—	$	(225,412)	$	(16,162)
Net investment income	393		2,190		84		2,382



(Loss) income from real estate fund investments	(13,823)		2,190		(225,328)		(13,780)
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries	11,299		(735)		160,557		(8,427)
(Loss) income from real estate fund investments net of noncontrolling interests in consolidated subsidiaries	$	(2,524)	$	1,455	$	(64,771)	$	(22,207)

Identified Intangible Assets and Liabilities (Schedule of Future Amortization Expense of Intangible Assets) (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Below Market Leases Net Of Above Market Leases
Finite-Lived Intangible Assets and Liabilities
2021	$ 10,909
2022	9,366
2023	6,837
2024	3,092
2025	1,539
Other Identified Intangible Assets
Finite-Lived Intangible Assets and Liabilities
2021	4,327
2022	3,789
2023	3,703
2024	3,089
2025	$ 2,173

(Expense from Transaction Related Costs and Impairment Losses) and Gain from Lease Liability Extinguishment, Net (Schedule of Lease Liability Extinguishment Gain (Transaction Related Costs and Impairment Losses)) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Transaction Related Costs, Impairment Losses and Lease Termination Gain [Line Items]
Other non-cash impairment loss	$ 0	$ 0	$ 0	$ (7,500)
Transaction related costs, impairment losses and other	(584)	(1,576)	68,566	(103,315)
608 Fifth Avenue
Transaction Related Costs, Impairment Losses and Lease Termination Gain [Line Items]
Transaction related costs	(584)	(1,576)	(1,694)	(1,955)
608 Fifth Avenue non-cash lease liability extinguishment gain (impairment loss)	$ 0	$ 0	$ 70,260	$ (93,860)

Income (Loss) Per Share/Income (Loss) Per Class A Unit (Narrative) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Antidilutive Securities Excluded From Computation Of Earnings Per Share
Weighted average common share / class A unit equivalents of excluded dilutive securities due to anti-dilutive effect	14,159	13,431	14,007	13,067
Vornado Realty L.P.
Antidilutive Securities Excluded From Computation Of Earnings Per Share
Weighted average common share / class A unit equivalents of excluded dilutive securities due to anti-dilutive effect	1,767	905	1,629	678

Fair Value Measurements (Carrying amounts and fair value of financial instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured revolving credit facilities	$ 575,000	$ 575,000
Deferred financing costs, net and other	29,000	38,407
Senior Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, Carrying Amount	450,000	450,000
Deferred financing costs, net and other	3,518	4,128
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents, carrying amount	1,248,051	1,276,815
Mortgages payable, gross	5,661,132	5,670,016
Unsecured revolving credit facilities	575,000	575,000
Debt, Carrying Amount	7,486,132	7,445,016
Carrying Amount \| Senior Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured debt, gross	450,000	450,000
Carrying Amount \| Unsecured Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured debt, gross	800,000	750,000
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, Fair Value	7,503,000	7,507,000
Fair Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents, fair value	1,248,000	1,277,000
Unsecured revolving credit facilities	575,000	575,000
Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages payable, gross	5,660,000	5,714,000
Fair Value \| Senior Unsecured Notes \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured debt, gross	468,000	468,000
Fair Value \| Unsecured Term Loan \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured debt, gross	$ 800,000	$ 750,000

Real Estate Fund Investments (Narrative) (Details) $ in Thousands		9 Months Ended
	Dec. 31, 2019 USD ($) investment	Sep. 30, 2020 USD ($) investment	Jun. 09, 2020 USD ($)
Investment Holdings
Aggregate fair value of Real Estate Fund investments (in US Dollars)	$ 222,649	$ 3,739
Vornado Capital Partners Real Estate Fund
Investment Holdings
Equity method ownership percentage		25.00%
Investment fund period expiration date		2013-07
Investment fund, extension of term		2023-02
Term of the Fund, years		8 years
Investment period for commitments of the Fund, years		3 years
Crowne Plaza Times Square Hotel Joint Venture
Investment Holdings
Default amount			$ 274,355
Debt instrument, interest rate, stated percentage (percent)		3.90%
Debt instrument, default interest, percentage		3.00%
Real estate fund investments
Investment Holdings
Number of investments held by fund (investment) \| investment	4	4
Aggregate fair value of Real Estate Fund investments (in US Dollars)	$ 222,649	$ 3,739
Fair value below cost		338,327
Unfunded commitments of fund		$ 28,692
Joint Venture \| Crowne Plaza Times Square Hotel Joint Venture
Investment Holdings
Equity method ownership percentage		57.10%
Crowne Plaza Time Square Hotel \| Joint Venture \| Crowne Plaza Times Square Hotel Joint Venture
Investment Holdings
Ownership percentage by noncontrolling owners		24.70%
Vornado Realty Trust \| Real estate fund investments
Investment Holdings
Unfunded commitments of fund		$ 9,140
LIBOR \| Crowne Plaza Times Square Hotel Joint Venture
Investment Holdings
Spread over LIBOR (percent)		3.69%

Redeemable Noncontrolling Interests (Activity of Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Redeemable Noncontrolling Interests Rollforward
Beginning balance			$ 888,915
Net income (loss)	$ 3,884	$ 22,637	(10,090)	$ 197,354
Other comprehensive loss	(520)	(650)	(3,498)	(3,732)
Ending balance	693,751		693,751
Partnership Interest
Redeemable Noncontrolling Interests Rollforward
Beginning balance	624,804	862,062	888,915	783,562
Net income (loss)	3,884	22,637	(10,090)	197,354
Other comprehensive loss	(520)	(650)	(3,498)	(3,732)
Distributions	(7,332)	(8,852)	(25,330)	(25,788)
Other, net	5,776	5,363	27,958	34,700
Ending balance	599,469	854,333	599,469	854,333
Partnership Interest \| Class A Unit
Redeemable Noncontrolling Interests Rollforward
Redemption of Class A units for Vornado common shares, at redemption value	(3,586)	(1,999)	(6,050)	(8,128)
Redeemable Class A unit measurement adjustment	(23,557)	$ (24,228)	(272,436)	$ (123,635)
Subsidiary
Redeemable Noncontrolling Interests Rollforward
Beginning balance	94,112		0
Net income (loss)	171		307
Contributions	0		92,400
Other, net	(1)		1,575
Ending balance	$ 94,282		$ 94,282

Fair Value Measurements

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

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

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

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


(Amounts in thousands)	As of September 30, 2020
	Total		Level 1		Level 2		Level 3
Real estate fund investments	$	3,739	$	—	$	—	$	3,739
Deferred compensation plan assets ($9,703 included in restricted cash and $88,840 in other assets)	98,543		59,597		—		38,946
Loans receivable ($42,174 included in investments in partially owned entities and $5,335 in other assets)	47,509		—		—		47,509
Interest rate swaps (included in other assets)	17		—		17		—
Total assets	$	149,808	$	59,597	$	17	$	90,194

Mandatorily redeemable instruments (included in other liabilities)	$	49,947	$	49,947	$	—	$	—
Interest rate swaps (included in other liabilities)	73,536		—		73,536		—
Total liabilities	$	123,483	$	49,947	$	73,536	$	—

(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	$	—

15. Fair Value Measurements - continued

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

Real Estate Fund Investments

As of September 30, 2020, we had four real estate fund investments with an aggregate fair value of $3,739,000, $338,327,000 below cost. These investments are classified as Level 3.

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

Range

Weighted Average
(based on fair value of investments)

Unobservable Quantitative Input

September 30, 2020

December 31, 2019

September 30, 2020

December 31, 2019

Discount rates

7.8% to 15.0%

8.2% to 12.0%

10.0%

9.3%

Terminal capitalization rates

5.5% to 10.1%

4.6% to 8.2%

10.1%

5.3%

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

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


(Amounts in thousands)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Beginning balance	$	17,453	$	306,596	$	222,649	$	318,758
Purchases/additional fundings	502		—		6,502		4,000
Net unrealized loss on held investments	(14,216)		—		(225,412)		(16,162)
Ending balance	$	3,739	$	306,596	$	3,739	$	306,596

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.


(Amounts in thousands)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Beginning balance	$	36,172	$	21,991	$	32,435	$	37,808
Purchases	666		5,437		7,615		8,314
Sales	—		(652)		(2,832)		(20,807)
Realized and unrealized gains	2,116		116		925		854
Other, net	(8)		285		803		1,008
Ending balance	$	38,946	$	27,177	$	38,946	$	27,177

15. Fair Value Measurements - continued

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

Loans Receivable

Loans receivable consist of loan investments in real estate related assets for which we have elected the fair value option under ASC 825-10 as of January 1, 2020. These investments are classified as Level 3.


	September 30, 2020
	Range	Weighted Average (based on fair value of investments)
Unobservable Quantitative Input
Discount rates	6.0% to 6.5%	6.1%
Terminal capitalization rates	5.0%	5.0%

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


(Amounts in thousands)	For the Three Months Ended September 30, 2020		For the Nine Months Ended September 30, 2020
Beginning balance	$	46,675	$	59,251
Credit losses	—		(13,369)
Interest accrual	834		1,627
Ending balance	$	47,509	$	47,509

Derivatives and Hedging

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

The following tables summarize our consolidated derivative instruments, all of which hedge variable rate debt, as of September 30, 2020 and December 31, 2019.


(Amounts in thousands)	As of September 30, 2020
						Variable Rate
Hedged Item (Interest rate swaps)	Fair Value		Notional Amount			Spread over LIBOR	Interest Rate	Swapped Rate	Expiration Date
Included in other assets:
Other	$	17	$	175,000

Included in other liabilities:
Unsecured term loan	$	63,437	$	750,000	(1)	L+100	1.15%	3.87%	10/23
33-00 Northern Boulevard mortgage loan	9,065		100,000			L+180	1.96%	4.14%	1/25
888 Seventh Avenue mortgage loan	1,034		375,000			L+170	1.84%	3.25%	12/20
	$	73,536	$	1,225,000

____________________

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

15. Fair Value Measurements - continued

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

Derivatives and Hedging - continued


(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

Fair Value Measurements on a Nonrecurring Basis

As of September 30, 2020, assets measured at fair value on a nonrecurring basis (for impairment purposes) on our consolidated balance sheet consisted of our investment in Fifth Avenue and Times Square JV. There were no assets measured at fair value on a nonrecurring basis on our consolidated balance sheet as of December 31, 2019.

Our estimate of the fair value of our investment in Fifth Avenue and Times Square JV was measured using a discounted cash flow analysis based upon market conditions and expectations of growth and utilized unobservable quantitative inputs, including a capitalization rate of 4.50% and discount rate of 6.25%. See Note 8 - Investments in Partially Owned Entities for details of non-cash impairment losses recognized during the three and nine months ended September 30, 2020.


(Amounts in thousands)	As of September 30, 2020
	Total		Level 1		Level 2		Level 3
Investment in Fifth Avenue and Times Square JV	$	2,811,374	$	—	$	—	$	2,811,374

Financial Assets and Liabilities not Measured at Fair Value

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


(Amounts in thousands)		As of September 30, 2020					As of December 31, 2019
		Carrying Amount			Fair Value		Carrying Amount			Fair Value
Cash equivalents		$	1,248,051		$	1,248,000	$	1,276,815		$	1,277,000
Debt:
	Mortgages payable	$	5,661,132		$	5,660,000	$	5,670,016		$	5,714,000
	Senior unsecured notes	450,000			468,000		450,000			468,000
	Unsecured term loan	800,000			800,000		750,000			750,000
	Unsecured revolving credit facilities	575,000			575,000		575,000			575,000
	Total	$	7,486,132	(1)	$	7,503,000	$	7,445,016	(1)	$	7,507,000

____________________

(1)Excludes $29,000 and $38,407 of deferred financing costs, net and other as of September 30, 2020 and December 31, 2019, respectively.

- Definition

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

+ References + Details

Interest and Debt Expense (Tables)

9 Months Ended

Sep. 30, 2020

Interest and Debt Expense [Abstract]

Interest And Debt Expense

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


(Amounts in thousands)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Interest expense(1)	$	61,793	$	72,345	$	191,973	$	266,597
Capitalized interest and debt expense	(9,328)		(16,047)		(30,829)		(59,184)
Amortization of deferred financing costs	4,906		5,150		13,474		19,527
	$	57,371	$	61,448	$	174,618	$	226,940

____________________

(1)The nine months ended September 30, 2019 includes $22,540 of debt prepayment costs in connection with the redemption of $400,000 5.00% senior unsecured notes which were scheduled to mature in January 2022.

Debt (Narrative) (Details) ft² in Millions	Nov. 02, 2020 USD ($)	Oct. 15, 2020 USD ($) ft² extension	Feb. 28, 2020 USD ($)	Oct. 14, 2020 USD ($)	Sep. 30, 2020 USD ($)	Aug. 12, 2020 USD ($) ft²	Feb. 27, 2020 USD ($)	Dec. 31, 2019 USD ($)
Unsecured term loan
Debt Instrument
Long-term debt, gross			$ 800,000,000		$ 800,000,000		$ 750,000,000	$ 750,000,000
Long-term debt, interest accrued at fixed rate			$ 750,000,000
Debt instrument, interest rate, stated percentage (percent)			3.87%		1.15%
Long-term debt, interest accrued at floating rate			$ 50,000,000
Unsecured term loan \| LIBOR
Debt Instrument
Spread over LIBOR (percent)			1.00%
Maturing in March 2022 \| Office \| 770 Broadway mortgage loan
Debt Instrument
Debt instrument, amount						$ 700,000,000
Square footage of real estate property (in sqft) \| ft²						1.2
Maturing in October 2023 \| Office \| PENN11 \| Subsequent Event
Debt Instrument
Debt instrument, interest rate, stated percentage (percent)		2.90%		3.95%
Spread over LIBOR (percent)		2.75%
Debt instrument, amount		$ 500,000,000		$ 450,000,000
Square footage of real estate property (in sqft) \| ft²		1.2
Number of extensions \| extension		2
Length of extension available (years)		1 year
Maturing in February 2021 \| Borgata Hotel and Casino \| Subsequent Event
Debt Instrument
Debt instrument, interest rate, stated percentage (percent)	5.14%
Repayment of debt	$ 52,476,000
Debt term (in years)	10 years

Variable Interest Entities (VIEs)	9 Months Ended
Variable Interest Entities (VIEs)	Sep. 30, 2020
Variable Interest Entities [Abstract]
Variable Interest Entities (VIEs)	Variable Interest Entities ("VIEs") Unconsolidated VIEs As of September 30, 2020 and December 31, 2019, we have several unconsolidated VIEs. We do not consolidate these entities because we are not the primary beneficiary and the nature of our involvement in the activities of these entities does not give us power over decisions that significantly affect these entities’ economic performance. We account for our investment in these entities under the equity method (see Note 8 – Investments in Partially Owned Entities). As of September 30, 2020 and December 31, 2019, the net carrying amount of our investments in these entities was $222,924,000 and $217,451,000, respectively, and our maximum exposure to loss in these entities is limited to the carrying amount of our investments. Consolidated VIEs Our most significant consolidated VIEs are the Operating Partnership (for Vornado), the Farley joint venture and certain properties that have non-controlling interests. These entities are VIEs because the non-controlling interests do not have substantive kick-out or participating rights. We consolidate these entities because we control all significant business activities. As of September 30, 2020, the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $5,254,102,000 and $2,962,558,000, respectively. 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.

Recently Issued Accounting Literature (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounting Standards Update [Extensible List]			us-gaap:AccountingStandardsUpdate201613Member
Stockholders' equity	$ 6,885,685	$ 7,710,256	$ 6,885,685	$ 7,710,256	$ 6,928,909	$ 7,310,978	$ 7,496,144	$ 5,107,883
Credit losses on loans receivable	0	0	13,369	0
Earnings Less Than Distributions
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity	$ (2,463,635)	$ (1,649,035)	$ (2,463,635)	$ (1,649,035)	$ (2,415,500)	(1,954,266)	$ (1,845,995)	$ (4,167,184)
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity						(16,064)
Cumulative Effect, Period of Adoption, Adjustment \| Earnings Less Than Distributions
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity						$ (16,064)

- Definition

Indicates amendment to accounting standards.

+ References

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+ Details

- Definition

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

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+ Details

Marketable Securities (Narrative) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jan. 23, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in fair value of marketable securities		$ 0	$ (4,868)	$ (4,938)	$ (3,095)
PREIT
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Shares sold (shares)	6,250,000
Proceeds from sale of equity method investments	$ 28,375
Decrease in fair value of marketable securities		$ 0	$ (4,875)	$ (4,938)	$ (19,211)

Marketable Securities (Marketable Securities Portfolio) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Marketable Securities [Roll Forward]
Beginning balance			$ 33,313
Decrease in fair value of marketable securities	$ 0	$ (4,868)	(4,938)	$ (3,095)
Ending balance	0		0
PREIT
Marketable Securities [Roll Forward]
Beginning balance			33,313
Sale of marketable securities on January 23, 2020			(28,375)
Decrease in fair value of marketable securities	0	$ (4,875)	(4,938)	$ (19,211)
Ending balance	$ 0		$ 0

Segment Information (Tables)

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Schedule of Segment Information

Below is a reconciliation of net income (loss) to NOI at share and NOI at share - cash basis for the three and nine months ended September 30, 2020 and 2019.


(Amounts in thousands)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Net income (loss)	$	68,736	$	363,849	$	(253,119)	$	3,173,586
Depreciation and amortization expense	107,013		96,437		292,611		326,181
General and administrative expense	32,407		33,237		120,255		130,129
Expense from transaction related costs and impairment losses and (gain from lease liability extinguishment), net	584		1,576		(68,566)		103,315
Loss (income) from partially owned entities	80,909		(25,946)		353,679		(56,139)
Loss (income) from real estate fund investments	13,823		(2,190)		225,328		13,780
Interest and other investment (income) loss, net	(1,729)		(3,045)		7,068		(15,930)
Interest and debt expense	57,371		61,448		174,618		226,940
Net gain on transfer to Fifth Avenue and Times Square JV	—		—		—		(2,571,099)

Net gains on disposition of wholly owned and partially owned assets	(214,578)		(309,657)		(338,862)		(641,664)
Income tax expense	23,781		23,885		38,431		80,542
Loss from discontinued operations	—		8		—		85
NOI from partially owned entities	78,175		86,024		229,543		236,400
NOI attributable to noncontrolling interests in consolidated subsidiaries	(25,959)		(18,096)		(56,900)		(51,915)
NOI at share	220,533		307,530		724,086		954,211
Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	10,981		(4,037)		48,247		530
NOI at share - cash basis	$	231,514	$	303,493	$	772,333	$	954,741

22. Segment Information - continued

Below is a summary of NOI at share and NOI at share - cash basis by segment for the three and nine months ended September 30, 2020 and 2019.


(Amounts in thousands)	For the Three Months Ended September 30, 2020
	Total		New York		Other
Total revenues	$	363,962	$	293,145	$	70,817
Operating expenses	(195,645)		(161,386)		(34,259)
NOI - consolidated	168,317		131,759		36,558
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(25,959)		(17,776)		(8,183)
Add: NOI from partially owned entities	78,175		75,837		2,338
NOI at share	220,533		189,820		30,713
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	10,981		6,261		4,720
NOI at share - cash basis	$	231,514	$	196,081	$	35,433


(Amounts in thousands)	For the Three Months Ended September 30, 2019
	Total		New York		Other
Total revenues	$	465,961	$	380,568	$	85,393
Operating expenses	(226,359)		(188,159)		(38,200)
NOI - consolidated	239,602		192,409		47,193
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(18,096)		(9,574)		(8,522)
Add: NOI from partially owned entities	86,024		82,649		3,375
NOI at share	307,530		265,484		42,046
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(4,037)		(5,560)		1,523
NOI at share - cash basis	$	303,493	$	259,924	$	43,569


(Amounts in thousands)	For the Nine Months Ended September 30, 2020
	Total		New York		Other
Total revenues	$	1,151,520	$	919,388	$	232,132
Operating expenses	(600,077)		(484,624)		(115,453)
NOI - consolidated	551,443		434,764		116,679
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(56,900)		(34,713)		(22,187)
Add: NOI from partially owned entities	229,543		221,296		8,247
NOI at share	724,086		621,347		102,739
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	48,247		40,310		7,937
NOI at share - cash basis	$	772,333	$	661,657	$	110,676


(Amounts in thousands)	For the Nine Months Ended September 30, 2019
	Total		New York		Other
Total revenues	$	1,463,732	$	1,200,234	$	263,498
Operating expenses	(694,006)		(574,073)		(119,933)
NOI - consolidated	769,726		626,161		143,565
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(51,915)		(31,011)		(20,904)
Add: NOI from partially owned entities	236,400		211,394		25,006
NOI at share	954,211		806,544		147,667
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	530		(3,741)		4,271
NOI at share - cash basis	$	954,741	$	802,803	$	151,938

220 Central Park South 220 CPS (Narrative) (Details) ft² in Thousands, $ in Thousands	3 Months Ended		9 Months Ended		24 Months Ended
	Sep. 30, 2020 USD ($) ft² unit	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) ft² unit	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) ft² unit
Real Estate [Line Items]
Net gain on sale of real estate			$ 0	$ 2,571,099
Income tax expense	$ 23,781	$ 23,885	$ 38,431	$ 80,542
220 Central Park South
Real Estate [Line Items]
Square footage of real estate property (in sqft) \| ft²	397		397		397
Development costs	$ 1,450,000		$ 1,450,000		$ 1,450,000
Development costs expended	$ 1,436,000		$ 1,436,000		$ 1,436,000
Number of condominium units sold (unit) \| unit	19		30		95
Cash proceeds from the sale of real estate	$ 591,104		$ 939,292		$ 2,759,424
Net gain on sale of real estate	214,578		338,862		$ 1,024,479
Income tax expense	$ 27,669		$ 43,037

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
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-Subparagraph (SX 210.7-04(3)(a))
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 360
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=117337397&loc=d3e23415-158514

+ Details

- Definition

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

+ References + Details

Shareholders' Equity/Partners' Capital (AOCI by Component) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance, value	$ 6,928,909	$ 7,496,144	$ 7,310,978	$ 5,107,883
Other comprehensive (loss) income	(7,188)	(9,293)	(49,601)	(52,712)
Amount reclassified from accumulated other comprehensive loss				(2,311)
Ending balance, value	6,885,685	7,710,256	6,885,685	7,710,256
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance, value	(82,646)	(38,066)	(40,233)	7,664
Ending balance, value	(89,834)	(47,359)	(89,834)	(47,359)
Accumulated other comprehensive income (loss) of nonconsolidated subsidiaries
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance, value	12	(18)	4	3,253
Other comprehensive (loss) income	(15,634)	11	(15,626)	(949)
Amount reclassified from accumulated other comprehensive loss				(2,311)
Ending balance, value	(15,622)	(7)	(15,622)	(7)
Interest rate swaps
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance, value	(81,525)	(33,785)	(36,126)	11,759
Other comprehensive (loss) income	7,926	(9,953)	(37,473)	(55,497)
Amount reclassified from accumulated other comprehensive loss				0
Ending balance, value	(73,599)	(43,738)	(73,599)	(43,738)
Other
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance, value	(1,133)	(4,263)	(4,111)	(7,348)
Other comprehensive (loss) income	520	649	3,498	3,734
Amount reclassified from accumulated other comprehensive loss				0
Ending balance, value	$ (613)	$ (3,614)	$ (613)	$ (3,614)

- Definition

+ References

+ Details

220 Central Park South 220 CPS	9 Months Ended
220 Central Park South 220 CPS	Sep. 30, 2020
Real Estate [Abstract]
220 Central Park South 220 CPS	220 Central Park South ("220 CPS") We are completing construction of 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 $1.436 billion has been expended as of September 30, 2020. During the three months ended September 30, 2020, we closed on the sale of 19 condominium units at 220 CPS for net proceeds of $591,104,000 resulting in a financial statement net gain of $214,578,000 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, $27,669,000 of income tax expense was recognized on our consolidated statements of income. During the nine months ended September 30, 2020, we closed on the sale of 30 condominium units at 220 CPS for net proceeds of $939,292,000 resulting in a financial statement net gain of $338,862,000. In connection with these sales, $43,037,000 of income tax expense was recognized on our consolidated statements of income. From inception to September 30, 2020, we have closed on the sale of 95 units for net proceeds of $2,759,424,000 resulting in financial statement net gains of $1,024,479,000.

Stock-based Compensation (Narrative) (Details)		3 Months Ended		9 Months Ended
Stock-based Compensation (Narrative) (Details)	Mar. 30, 2020 USD ($) component	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)
Out Performance Plan 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Out of performance plan notional amount	$ 35,000,000
Grant-Date Fair Value	11,686,000
Amount expensed immediately	$ 7,583,000
Revised age limit fo awards vesting criteria	65 years
Revised age for vesting with years of service	60 years
Years of service	20 years
Out performance plan notional amount remaining	$ 4,103,000
Award vesting period	5 years
Number of components of out performance plan \| component	2
Amount of basis points by which vornado underperforms the index	2.00%
Amount of basis points by which vornado underperforms the index, total	6.00%
Executive Officer \| Out Performance Plan 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Out of performance plan notional amount granted	$ 32,930,000
Absolute \| Out Performance Plan 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Duration of performance measurement period	3 years
Required shareholder return three year	21.00%
Absolute \| Maximum \| Out Performance Plan 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage awards will be reduced if total shareholder return Is zero or negative	50.00%
Relative \| Out Performance Plan 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Required shareholder return under relative component	2.00%
Percentage of shareholder return under which no awards will be earned	0.00%
Relative \| Maximum \| Out Performance Plan 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage awards will be reduced if total shareholder return Is zero or negative	50.00%
Relative \| SNL US Office REIT Index \| Out Performance Plan 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Required shareholder return per year	80.00%
Relative \| SNL US Retail Index \| Out Performance Plan 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Required shareholder return per year	20.00%
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 6,170,000	$ 5,871,000	$ 39,638,000	$ 48,045,000

Organization (Narrative) (Details)	9 Months Ended
Organization (Narrative) (Details)	Sep. 30, 2020
Operating Partnership
Organization [Line Items]
Common limited partnership interest in the Operating Partnership (percent)	92.70%

Interest and Debt Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Interest and Debt Expense [Abstract]
Interest expense	$ 61,793	$ 72,345	$ 191,973	$ 266,597
Capitalized interest and debt expense	(9,328)	(16,047)	(30,829)	(59,184)
Amortization of deferred financing costs	4,906	5,150	13,474	19,527
Interest and debt expense, Total	$ 57,371	$ 61,448	$ 174,618	$ 226,940

Segment Information (Summary of NOI by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Information
Total revenues	$ 363,962	$ 465,961	$ 1,151,520	$ 1,463,732
Operating expenses	(195,645)	(226,359)	(600,077)	(694,006)
NOI - consolidated	168,317	239,602	551,443	769,726
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(25,959)	(18,096)	(56,900)	(51,915)
Add: NOI from partially owned entities	78,175	86,024	229,543	236,400
NOI at share	220,533	307,530	724,086	954,211
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	10,981	(4,037)	48,247	530
NOI at share - cash basis	231,514	303,493	772,333	954,741
New York
Segment Information
Total revenues	293,145	380,568	919,388	1,200,234
Operating expenses	(161,386)	(188,159)	(484,624)	(574,073)
NOI - consolidated	131,759	192,409	434,764	626,161
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(17,776)	(9,574)	(34,713)	(31,011)
Add: NOI from partially owned entities	75,837	82,649	221,296	211,394
NOI at share	189,820	265,484	621,347	806,544
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	6,261	(5,560)	40,310	(3,741)
NOI at share - cash basis	196,081	259,924	661,657	802,803
Other
Segment Information
Total revenues	70,817	85,393	232,132	263,498
Operating expenses	(34,259)	(38,200)	(115,453)	(119,933)
NOI - consolidated	36,558	47,193	116,679	143,565
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(8,183)	(8,522)	(22,187)	(20,904)
Add: NOI from partially owned entities	2,338	3,375	8,247	25,006
NOI at share	30,713	42,046	102,739	147,667
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	4,720	1,523	7,937	4,271
NOI at share - cash basis	$ 35,433	$ 43,569	$ 110,676	$ 151,938

Recently Issued Accounting Literature	9 Months Ended
Recently Issued Accounting Literature	Sep. 30, 2020
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recently Issued Accounting Literature	Recently Issued Accounting Literature In June 2016, the FASB issued an update ("ASU 2016-13") Measurement of Credit Losses on Financial Instruments establishing Accounting Standards Codification ("ASC") Topic 326, Financial Instruments - Credit Losses ("ASC 326"), as amended by subsequent ASUs on the topic. ASU 2016-13 changes how entities 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. In May 2019, the FASB issued ASU 2019-05 Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief to allow companies to irrevocably elect, upon adoption of ASU 2016-13, the fair value option for financial instruments that were previously recorded at amortized cost and are within the scope of ASC Subtopic 326-20 if the instruments are eligible for the fair value option under ASC Subtopic 825-10, Financial Instruments ("ASC 825-10"). We elected to apply the fair value option on an instrument-by-instrument basis to our loans receivable. We adopted this standard effective January 1, 2020 and recorded a $16,064,000 cumulative-effect adjustment to beginning accumulated deficit to recognize credit losses on loans receivable recorded on our consolidated balance sheets. For the nine months ended September 30, 2020, we recorded $13,369,000 of credit losses on our loans receivable which are included in "interest and other investment income (loss), net" on our consolidated statements of income. In March 2020, the FASB issued an update ("ASU 2020-04") establishing ASC Topic 848, Reference Rate Reform. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the nine months ended September 30, 2020, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In April 2020, the FASB issued a Staff Q&A on accounting for leases during the COVID-19 pandemic, focused on the application of lease guidance in ASC Topic 842, Leases ("ASC 842"). The Q&A states that it would be acceptable to make a policy election regarding rent concessions resulting from COVID-19, which would not require entities to account for these rent concessions as lease modifications when total cash flows resulting from the modified contract are “substantially the same or less” than the cash flows in the original contract. During the three and nine months ended September 30, 2020, in limited circumstances, we granted rent deferrals and rent abatements for certain of our tenants. We have made a policy election in accordance with the Staff Q&A for our portfolio allowing us to not account for the concessions as lease modifications. Accordingly, rent abatements are recognized as reductions to “rental revenues” during the period in which they were granted. Rent deferrals result in an increase to "tenant and other receivables" during the deferral period with no impact on rental revenue recognition. For any concessions that do not meet the guidance contained in the Q&A, the modification guidance in accordance with ASC 842 will be applied. See Note 2 - COVID-19 Pandemic for further details. In August 2020, the FASB issued an update ("ASU 2020-06") Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40). ASU 2020-06 simplifies the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock, removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and also simplifies the diluted earnings per share calculation in certain areas. ASU 2020-06 is effective for reporting periods beginning after December 15, 2021, with early adoption permitted. We are currently evaluating the impact of the adoption of ASU 2020-06 on our consolidated financial statements, but do not believe the adoption of this standard will have a material impact on our consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Interest and Debt Expense (Footnote) (Details) - Senior Unsecured Notes - Senior Unsecured Notes Due 2022	9 Months Ended
	Sep. 30, 2019 USD ($)
Debt Instrument, Redemption [Line Items]
Debt prepayment costs	$ 22,540,000
Debt instrument, redeemed	$ 400,000,000
Debt instrument, interest rate, stated percentage (percent)	5.00%

Fair Value Measurements (Fair Value Measurements on a Nonrecurring Basis) (Details) - Real estate assets - Nonrecurring $ in Thousands	Sep. 30, 2020 USD ($)
Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
Investment in Fifth Avenue and Times Square JV	$ 2,811,374
Level 1
Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
Investment in Fifth Avenue and Times Square JV	0
Level 2
Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
Investment in Fifth Avenue and Times Square JV	0
Level 3
Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
Investment in Fifth Avenue and Times Square JV	$ 2,811,374

Redeemable Noncontrolling Interests

9 Months Ended

Sep. 30, 2020

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interests

Redeemable Noncontrolling Partnership Units

Redeemable noncontrolling partnership units are primarily comprised of Class A Operating Partnership units held by third parties and are recorded at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’ capital” on the consolidated balance sheets of the Operating Partnership.

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


(Amounts in thousands)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Beginning balance	$	624,804	$	862,062	$	888,915	$	783,562
Net income (loss)	3,884		22,637		(10,090)		197,354
Other comprehensive loss	(520)		(650)		(3,498)		(3,732)
Distributions	(7,332)		(8,852)		(25,330)		(25,788)
Redemption of Class A units for Vornado common shares, at redemption value	(3,586)		(1,999)		(6,050)		(8,128)
Redeemable Class A unit measurement adjustment	(23,557)		(24,228)		(272,436)		(123,635)
Other, net	5,776		5,363		27,958		34,700
Ending balance	$	599,469	$	854,333	$	599,469	$	854,333

As of September 30, 2020 and December 31, 2019, the aggregate redemption value of redeemable Class A units of the Operating Partnership, which are those units held by third parties, was $460,831,000 and $884,380,000, respectively, based on Vornado's quarter-end closing common share price.

Redeemable noncontrolling partnership units exclude our Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units, as they are accounted for as liabilities in accordance with ASC Topic 480, Distinguishing Liabilities and Equity, because of their possible settlement by issuing a variable number of Vornado common shares. Accordingly, the fair value of these units is included as a component of “other liabilities” on our consolidated balance sheets and aggregated $49,947,000 and $50,561,000 as of September 30, 2020 and December 31, 2019, respectively. Changes in the value from period to period, if any, are charged to “interest and debt expense” on our consolidated statements of income.

Redeemable Noncontrolling Interest in a Consolidated Subsidiary

The consolidated joint venture in which we own a 95% interest (the remaining 5% is owned by the Related Companies ("Related")) is developing Farley Office and Retail (the "Project"). During the second quarter of 2020, a historic tax credit investor (the "Tax Credit Investor") funded $92,400,000 of capital contributions. The Tax Credit Investor is projected to have $142,000,000 of net capital contributed after making an estimated $185,000,000 in total contributions and receiving an estimated $43,000,000 in distributions from the joint venture, which includes amounts paid upon the potential exercise of their put option, as discussed below.

The arrangement includes a put option whereby the joint venture may be obligated to purchase the Tax Credit Investor’s ownership interest in the Project at a future date. The put price is calculated based on a pre-determined formula. As exercise of the put option is outside of the joint venture’s control, the Tax Credit Investor’s interest, together with the put option, have been recorded to “redeemable noncontrolling interest in a consolidated subsidiary” on our consolidated balance sheet as of September 30, 2020. The redeemable noncontrolling interest is recorded at the greater of the carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’ capital” on the consolidated balance sheets of the Operating Partnership. There was no adjustment required for the three and nine months ended September 30, 2020.

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


(Amounts in thousands)	For the Three Months Ended September 30, 2020		For the Nine Months Ended September 30, 2020
Beginning balance	$	94,112	$	—
Net income	171		307
Contributions	—		92,400
Other, net	(1)		1,575
Ending balance	$	94,282	$	94,282

Commitments and Contingencies (Narrative) (Details) ft² in Thousands	1 Months Ended	9 Months Ended
	Nov. 30, 2011 extension	Sep. 30, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jul. 31, 2018 USD ($) ft²
Other Commitments
Lease liabilities		$ 425,646,000	$ 498,254,000
Right-of-use assets		374,805,000	$ 379,546,000
Guarantees and master leases		1,745,000,000
Clawback payment		33,900,000
Commitment to fund additional capital to partially owned entities		11,000,000
Construction commitment		504,000,000
General Liability
Insurance
Insurance limit per property		300,000,000
Insurance limit per occurrence		300,000,000
Disease Coverage
Insurance
Insurance limit per property		235,000,000
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
Insurance maximum coverage limit in aggregate		$ 350,000,000
Vornado deductible, percentage of property value		5.00%
Non-Certified Acts of Terrorism
Insurance
Insurance maximum coverage limit in aggregate		$ 1,200,000,000
Terrorism Acts
Insurance
Insurance limit per occurrence		6,000,000,000.0
Insurance maximum coverage limit in aggregate		6,000,000,000.0
NBCR Acts
Insurance
Insurance limit per occurrence		5,000,000,000.0
Insurance maximum coverage limit in aggregate		5,000,000,000.0
PPIC \| NBCR Acts
Insurance
Insurance deductible		$ 1,430,413
Insurance deductible percentage of balance of covered loss		20.00%
Farley Office and Retail \| General Liability
Insurance
Insurance limit per occurrence		$ 100,000,000
Farley Office and Retail \| 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 \| 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 \| Property and Development Activities
Insurance
Insurance limit per occurrence		2,800,000,000
Insurance maximum coverage limit in aggregate		$ 2,800,000,000
Joint Venture \| Farley Office and Retail
Other Commitments
Equity method ownership percentage		95.00%
Capital contributions		$ 92,400,000
345 Montgomery Street \| Regus PLC
Other Commitments
Guarantor obligations, maximum exposure, undiscounted				$ 90,000,000
Subsidiary of Regus PLC \| 345 Montgomery Street
Other Commitments
Square footage of real estate property (in sqft) \| ft²				78
Lessor, operating lease, lease not yet commenced, term of contract				15 years
New York City Economic Development Corporation
Other Commitments
Operating lease, term of contract	49 years
Leases, number of renewal terms \| extension	5
Lease, term (in years)	10 years
Annual rent payments		2,000,000
Lease liabilities		46,911,000
Right-of-use assets		34,563,000
Unsecured Revolving Credit Facilities
Other Commitments
Outstanding letters of credit		$ 14,080,000

Revenue Recognition

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Below is a summary of our revenues by segment. Additional financial information related to these reportable segments for the three and nine months ended September 30, 2020 and 2019 is set forth in Note 22 - Segment Information.


(Amounts in thousands)	For the Three Months Ended September 30, 2020							For the Three Months Ended September 30, 2019
	Total		New York		Other			Total		New York		Other
Property rentals(1)	$	312,748	$	248,328	$	64,420		$	381,740	$	308,933	$	72,807
Hotel Pennsylvania(2)	—		—		—			24,499		24,499		—
Trade shows(3)	—		—		—			8,104		—		8,104
Lease revenues(4)	312,748		248,328		64,420			414,343		333,432		80,911
Tenant services	9,505		6,589		2,916			13,295		9,342		3,953
Rental revenues	322,253		254,917		67,336			427,638		342,774		84,864
BMS cleaning fees	24,054		25,592		(1,538)		(5)	30,677		32,787		(2,110)		(5)
Management and leasing fees	11,649		11,732		(83)			3,326		3,746		(420)
Other income	6,006		904		5,102			4,320		1,261		3,059
Fee and other income	41,709		38,228		3,481			38,323		37,794		529
Total revenues	$	363,962	$	293,145	$	70,817		$	465,961	$	380,568	$	85,393

____________________

See notes below.


(Amounts in thousands)	For the Nine Months Ended September 30, 2020							For the Nine Months Ended September 30, 2019
	Total		New York		Other			Total		New York		Other
Property rentals(1)	$	992,238	$	788,248	$	203,990		$	1,211,641	$	995,661	$	215,980
Hotel Pennsylvania(2)	8,741		8,741		—			62,633		62,633		—
Trade shows(3)	11,303		—		11,303			36,607		—		36,607
Lease revenues(4)	1,012,282		796,989		215,293			1,310,881		1,058,294		252,587
Tenant services	26,439		18,310		8,129			37,933		27,904		10,029
Rental revenues	1,038,721		815,299		223,422			1,348,814		1,086,198		262,616
BMS cleaning fees	77,635		82,426		(4,791)		(5)	93,032		99,488		(6,456)		(5)
Management and leasing fees	16,353		16,307		46			10,063		10,469		(406)
Other income	18,811		5,356		13,455			11,823		4,079		7,744
Fee and other income	112,799		104,089		8,710			114,918		114,036		882
Total revenues	$	1,151,520	$	919,388	$	232,132		$	1,463,732	$	1,200,234	$	263,498

____________________

(1)Reduced by $22,135 and $1,106 for the three months ended September 30, 2020 and 2019, respectively, and $60,766 and $16,488 for the nine months ended September 30, 2020 and 2019, respectively, for the write-off of lease receivables deemed uncollectible (primarily write-offs of receivables arising from the straight-lining of rents).

(2)Closed since April 1, 2020 as a result of the pandemic.

(3)Cancelled trade shows at theMART from late March 2020 through the remainder of the year as a result of the pandemic.

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Fixed lease revenues	$	306,319	$	351,426	$	955,650	$	1,159,037
Variable lease revenues	6,429		62,917		56,632		151,844
Lease revenues	$	312,748	$	414,343	$	1,012,282	$	1,310,881

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Fair Value Measurements (Unobservable Quantitative Input Ratios) (Details) - Recurring - Level 3	Sep. 30, 2020	Dec. 31, 2019
Discount Rate \| Real estate fund investments \| Minimum
Unobservable Quantitative Input
Other real estate owned, measurement input	0.078	0.082
Discount Rate \| Real estate fund investments \| Maximum
Unobservable Quantitative Input
Other real estate owned, measurement input	0.150	0.120
Discount Rate \| Real estate fund investments \| Weighted Average
Unobservable Quantitative Input
Other real estate owned, measurement input	0.100	0.093
Terminal Capitalization Rate \| Real estate fund investments \| Minimum
Unobservable Quantitative Input
Other real estate owned, measurement input	0.055	0.046
Terminal Capitalization Rate \| Real estate fund investments \| Maximum
Unobservable Quantitative Input
Other real estate owned, measurement input	0.101	0.082
Terminal Capitalization Rate \| Real estate fund investments \| Weighted Average
Unobservable Quantitative Input
Other real estate owned, measurement input	0.101	0.053
Loans Receivable \| Discount Rate \| Minimum
Unobservable Quantitative Input
Loans receivable, measurement input	0.060
Loans Receivable \| Discount Rate \| Maximum
Unobservable Quantitative Input
Loans receivable, measurement input	0.065
Loans Receivable \| Discount Rate \| Weighted Average
Unobservable Quantitative Input
Loans receivable, measurement input	0.061
Loans Receivable \| Terminal Capitalization Rate
Unobservable Quantitative Input
Loans receivable, measurement input	0.050
Loans Receivable \| Terminal Capitalization Rate \| Weighted Average
Unobservable Quantitative Input
Loans receivable, measurement input	0.050

Real Estate Fund Investments (Income from the Fund and the Co-Investment) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Investment Holdings
(Loss) income from real estate fund investments	$ (13,823)	$ 2,190	$ (225,328)	$ (13,780)
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries	848	(5,774)	141,003	(34,045)
Real estate fund investments
Investment Holdings
Net unrealized loss on held investments	(14,216)	0	(225,412)	(16,162)
Net investment income	393	2,190	84	2,382
(Loss) income from real estate fund investments	(13,823)	2,190	(225,328)	(13,780)
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries	11,299	(735)	160,557	(8,427)
(Loss) income from real estate fund investments net of noncontrolling interests in consolidated subsidiaries	$ (2,524)	$ 1,455	$ (64,771)	$ (22,207)

Redeemable Noncontrolling Interests (Tables)

9 Months Ended

Sep. 30, 2020

Noncontrolling Interest [Abstract]

Summary Of Activity Of Redeemable Noncontrolling Interests

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


(Amounts in thousands)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Beginning balance	$	624,804	$	862,062	$	888,915	$	783,562
Net income (loss)	3,884		22,637		(10,090)		197,354
Other comprehensive loss	(520)		(650)		(3,498)		(3,732)
Distributions	(7,332)		(8,852)		(25,330)		(25,788)
Redemption of Class A units for Vornado common shares, at redemption value	(3,586)		(1,999)		(6,050)		(8,128)
Redeemable Class A unit measurement adjustment	(23,557)		(24,228)		(272,436)		(123,635)
Other, net	5,776		5,363		27,958		34,700
Ending balance	$	599,469	$	854,333	$	599,469	$	854,333

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


(Amounts in thousands)	For the Three Months Ended September 30, 2020		For the Nine Months Ended September 30, 2020
Beginning balance	$	94,112	$	—
Net income	171		307
Contributions	—		92,400
Other, net	(1)		1,575
Ending balance	$	94,282	$	94,282

Real Estate Fund Investments (Tables)

9 Months Ended

Sep. 30, 2020

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.


(Amounts in thousands)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Net unrealized loss on held investments	$	(14,216)	$	—	$	(225,412)	$	(16,162)
Net investment income	393		2,190		84		2,382



(Loss) income from real estate fund investments	(13,823)		2,190		(225,328)		(13,780)
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries	11,299		(735)		160,557		(8,427)
(Loss) income from real estate fund investments net of noncontrolling interests in consolidated subsidiaries	$	(2,524)	$	1,455	$	(64,771)	$	(22,207)

(Expense from Transaction Related Costs and Impairment Losses) and Gain from Lease Liability Extinguishment, Net (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Transaction Related Costs, Impairment Losses and Other [Line Items]
Non-cash impairment loss	$ 0	$ 0		$ 0	$ 7,500
608 Fifth Avenue
Transaction Related Costs, Impairment Losses and Other [Line Items]
Non-cash impairment loss			$ 93,860
Non-cash impairment loss on 608 Fifth Avenue right-of-use asset			$ 75,220
Gain from termination of lease				$ 70,260

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

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

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

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


(Amounts in thousands)	As of September 30, 2020
	Total		Level 1		Level 2		Level 3
Real estate fund investments	$	3,739	$	—	$	—	$	3,739
Deferred compensation plan assets ($9,703 included in restricted cash and $88,840 in other assets)	98,543		59,597		—		38,946
Loans receivable ($42,174 included in investments in partially owned entities and $5,335 in other assets)	47,509		—		—		47,509
Interest rate swaps (included in other assets)	17		—		17		—
Total assets	$	149,808	$	59,597	$	17	$	90,194

Mandatorily redeemable instruments (included in other liabilities)	$	49,947	$	49,947	$	—	$	—
Interest rate swaps (included in other liabilities)	73,536		—		73,536		—
Total liabilities	$	123,483	$	49,947	$	73,536	$	—

(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	$	—

Schedule of derivative assets at fair value

The following tables summarize our consolidated derivative instruments, all of which hedge variable rate debt, as of September 30, 2020 and December 31, 2019.


(Amounts in thousands)	As of September 30, 2020
						Variable Rate
Hedged Item (Interest rate swaps)	Fair Value		Notional Amount			Spread over LIBOR	Interest Rate	Swapped Rate	Expiration Date
Included in other assets:
Other	$	17	$	175,000

Included in other liabilities:
Unsecured term loan	$	63,437	$	750,000	(1)	L+100	1.15%	3.87%	10/23
33-00 Northern Boulevard mortgage loan	9,065		100,000			L+180	1.96%	4.14%	1/25
888 Seventh Avenue mortgage loan	1,034		375,000			L+170	1.84%	3.25%	12/20
	$	73,536	$	1,225,000

____________________

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

15. Fair Value Measurements - continued

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

Derivatives and Hedging - continued


(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 tables summarize our consolidated derivative instruments, all of which hedge variable rate debt, as of September 30, 2020 and December 31, 2019.


(Amounts in thousands)	As of September 30, 2020
						Variable Rate
Hedged Item (Interest rate swaps)	Fair Value		Notional Amount			Spread over LIBOR	Interest Rate	Swapped Rate	Expiration Date
Included in other assets:
Other	$	17	$	175,000

Included in other liabilities:
Unsecured term loan	$	63,437	$	750,000	(1)	L+100	1.15%	3.87%	10/23
33-00 Northern Boulevard mortgage loan	9,065		100,000			L+180	1.96%	4.14%	1/25
888 Seventh Avenue mortgage loan	1,034		375,000			L+170	1.84%	3.25%	12/20
	$	73,536	$	1,225,000

____________________

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

15. Fair Value Measurements - continued

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

Derivatives and Hedging - continued


(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

Fair value measurements, nonrecurring


(Amounts in thousands)	As of September 30, 2020
	Total		Level 1		Level 2		Level 3
Investment in Fifth Avenue and Times Square JV	$	2,811,374	$	—	$	—	$	2,811,374

Schedule of carrying amounts and fair values of financial instruments

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


(Amounts in thousands)		As of September 30, 2020					As of December 31, 2019
		Carrying Amount			Fair Value		Carrying Amount			Fair Value
Cash equivalents		$	1,248,051		$	1,248,000	$	1,276,815		$	1,277,000
Debt:
	Mortgages payable	$	5,661,132		$	5,660,000	$	5,670,016		$	5,714,000
	Senior unsecured notes	450,000			468,000		450,000			468,000
	Unsecured term loan	800,000			800,000		750,000			750,000
	Unsecured revolving credit facilities	575,000			575,000		575,000			575,000
	Total	$	7,486,132	(1)	$	7,503,000	$	7,445,016	(1)	$	7,507,000

____________________

(1)Excludes $29,000 and $38,407 of deferred financing costs, net and other as of September 30, 2020 and December 31, 2019, respectively.

Real estate fund investments

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

Fair value inputs quantitative information

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

Range

Weighted Average
(based on fair value of investments)

Unobservable Quantitative Input

September 30, 2020

December 31, 2019

September 30, 2020

December 31, 2019

Discount rates

7.8% to 15.0%

8.2% to 12.0%

10.0%

9.3%

Terminal capitalization rates

5.5% to 10.1%

4.6% to 8.2%

10.1%

5.3%

Summary of changes in level 3 plan assets

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


(Amounts in thousands)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Beginning balance	$	17,453	$	306,596	$	222,649	$	318,758
Purchases/additional fundings	502		—		6,502		4,000
Net unrealized loss on held investments	(14,216)		—		(225,412)		(16,162)
Ending balance	$	3,739	$	306,596	$	3,739	$	306,596

Deferred Compensation Plan Assets

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

Schedule of changes in fair value of plan assets

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


(Amounts in thousands)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Beginning balance	$	36,172	$	21,991	$	32,435	$	37,808
Purchases	666		5,437		7,615		8,314
Sales	—		(652)		(2,832)		(20,807)
Realized and unrealized gains	2,116		116		925		854
Other, net	(8)		285		803		1,008
Ending balance	$	38,946	$	27,177	$	38,946	$	27,177

Loans Receivable

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 loans receivable.


	September 30, 2020
	Range	Weighted Average (based on fair value of investments)
Unobservable Quantitative Input
Discount rates	6.0% to 6.5%	6.1%
Terminal capitalization rates	5.0%	5.0%

Summary of changes in level 3 plan assets

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


(Amounts in thousands)	For the Three Months Ended September 30, 2020		For the Nine Months Ended September 30, 2020
Beginning balance	$	46,675	$	59,251
Credit losses	—		(13,369)
Interest accrual	834		1,627
Ending balance	$	47,509	$	47,509

Cover	9 Months Ended
Cover	Sep. 30, 2020 shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-11954
Entity Registrant Name	Vornado Realty Trust
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
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	191,260,981
Entity Central Index Key	0000899689
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020
Amendment Flag	false
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
Entity 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
Entity 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
Entity 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
Entity Trading Symbol	VNO/PM
Security Exchange Name	NYSE
Vornado Realty L.P.
Entity Information [Line Items]
Entity File Number	001-34482
Entity Registrant Name	VORNADO REALTY LP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3925979
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001040765
Document Fiscal Year Focus	2020

Segment Information

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Segment Information

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

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

Below is a reconciliation of net income (loss) to NOI at share and NOI at share - cash basis for the three and nine months ended September 30, 2020 and 2019.


(Amounts in thousands)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Net income (loss)	$	68,736	$	363,849	$	(253,119)	$	3,173,586
Depreciation and amortization expense	107,013		96,437		292,611		326,181
General and administrative expense	32,407		33,237		120,255		130,129
Expense from transaction related costs and impairment losses and (gain from lease liability extinguishment), net	584		1,576		(68,566)		103,315
Loss (income) from partially owned entities	80,909		(25,946)		353,679		(56,139)
Loss (income) from real estate fund investments	13,823		(2,190)		225,328		13,780
Interest and other investment (income) loss, net	(1,729)		(3,045)		7,068		(15,930)
Interest and debt expense	57,371		61,448		174,618		226,940
Net gain on transfer to Fifth Avenue and Times Square JV	—		—		—		(2,571,099)

Net gains on disposition of wholly owned and partially owned assets	(214,578)		(309,657)		(338,862)		(641,664)
Income tax expense	23,781		23,885		38,431		80,542
Loss from discontinued operations	—		8		—		85
NOI from partially owned entities	78,175		86,024		229,543		236,400
NOI attributable to noncontrolling interests in consolidated subsidiaries	(25,959)		(18,096)		(56,900)		(51,915)
NOI at share	220,533		307,530		724,086		954,211
Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	10,981		(4,037)		48,247		530
NOI at share - cash basis	$	231,514	$	303,493	$	772,333	$	954,741

22. Segment Information - continued

Below is a summary of NOI at share and NOI at share - cash basis by segment for the three and nine months ended September 30, 2020 and 2019.


(Amounts in thousands)	For the Three Months Ended September 30, 2020
	Total		New York		Other
Total revenues	$	363,962	$	293,145	$	70,817
Operating expenses	(195,645)		(161,386)		(34,259)
NOI - consolidated	168,317		131,759		36,558
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(25,959)		(17,776)		(8,183)
Add: NOI from partially owned entities	78,175		75,837		2,338
NOI at share	220,533		189,820		30,713
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	10,981		6,261		4,720
NOI at share - cash basis	$	231,514	$	196,081	$	35,433


(Amounts in thousands)	For the Three Months Ended September 30, 2019
	Total		New York		Other
Total revenues	$	465,961	$	380,568	$	85,393
Operating expenses	(226,359)		(188,159)		(38,200)
NOI - consolidated	239,602		192,409		47,193
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(18,096)		(9,574)		(8,522)
Add: NOI from partially owned entities	86,024		82,649		3,375
NOI at share	307,530		265,484		42,046
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(4,037)		(5,560)		1,523
NOI at share - cash basis	$	303,493	$	259,924	$	43,569


(Amounts in thousands)	For the Nine Months Ended September 30, 2020
	Total		New York		Other
Total revenues	$	1,151,520	$	919,388	$	232,132
Operating expenses	(600,077)		(484,624)		(115,453)
NOI - consolidated	551,443		434,764		116,679
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(56,900)		(34,713)		(22,187)
Add: NOI from partially owned entities	229,543		221,296		8,247
NOI at share	724,086		621,347		102,739
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	48,247		40,310		7,937
NOI at share - cash basis	$	772,333	$	661,657	$	110,676


(Amounts in thousands)	For the Nine Months Ended September 30, 2019
	Total		New York		Other
Total revenues	$	1,463,732	$	1,200,234	$	263,498
Operating expenses	(694,006)		(574,073)		(119,933)
NOI - consolidated	769,726		626,161		143,565
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(51,915)		(31,011)		(20,904)
Add: NOI from partially owned entities	236,400		211,394		25,006
NOI at share	954,211		806,544		147,667
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	530		(3,741)		4,271
NOI at share - cash basis	$	954,741	$	802,803	$	151,938

- Definition

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

+ References

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+ Details

Debt

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Debt

On February 28, 2020, we increased our unsecured term loan balance to $800,000,000 (from $750,000,000) by exercising an accordion feature. Pursuant to an existing swap agreement, $750,000,000 of the loan bears interest at a fixed rate of 3.87% through October 2023, and the balance of $50,000,000 floats at a rate of LIBOR plus 1.00% (1.15% as of September 30, 2020). The entire $800,000,000 will float thereafter for the duration of the loan through February 2024.

On August 12, 2020, we amended the $700,000,000 mortgage loan on 770 Broadway, a 1.2 million square foot Manhattan office building, to extend the term one year through March 2022.

On October 15, 2020, we completed a $500,000,000 refinancing of PENN11, a 1.2 million square foot Manhattan office building. The interest-only loan carries a rate of LIBOR plus 2.75% (currently 2.90%) and matures in October 2023, with two one-year extension options. The loan replaces the previous $450,000,000 loan that bore interest at a fixed rate of 3.95% and was scheduled to mature in December 2020.

On November 2, 2020, we repaid the $52,476,000 mortgage loan on our land under a portion of the Borgata Hotel and Casino complex. The 10-year fixed rate amortizing loan bore interest at 5.14% and was scheduled to mature in February 2021.

The following is a summary of our debt:


(Amounts in thousands)	Weighted Average Interest Rate at September 30, 2020	Balance as of
		September 30, 2020		December 31, 2019
Mortgages Payable:
Fixed rate	3.69%	$	3,886,714	$	4,601,516
Variable rate	1.81%	1,774,418		1,068,500
Total	3.10%	5,661,132		5,670,016
Deferred financing costs, net and other		(21,981)		(30,119)
Total, net		$	5,639,151	$	5,639,897
Unsecured Debt:
Senior unsecured notes	3.50%	$	450,000	$	450,000
Deferred financing costs, net and other		(3,518)		(4,128)
Senior unsecured notes, net		446,482		445,872

Unsecured term loan	3.70%	800,000		750,000
Deferred financing costs, net and other		(3,501)		(4,160)
Unsecured term loan, net		796,499		745,840

Unsecured revolving credit facilities	1.05%	575,000		575,000

Total, net		$	1,817,981	$	1,766,712

Fair Value Measurements (Changes in the Fair Value of Real Estate Fund Investments and Deferred Compensation Plan Assets) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Real estate fund investments
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 17,453	$ 306,596	$ 222,649	$ 318,758
Purchases/additional fundings	502	0	6,502	4,000
Net unrealized loss on held investments	(14,216)	0	(225,412)	(16,162)
Ending balance	3,739	306,596	3,739	306,596
Deferred Compensation Plan Assets
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	36,172	21,991	32,435	37,808
Purchases/additional fundings	666	5,437	7,615	8,314
Sales	0	(652)	(2,832)	(20,807)
Realized and unrealized gains	2,116	116	925	854
Other, net	(8)	285	803	1,008
Ending balance	$ 38,946	$ 27,177	$ 38,946	$ 27,177

Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
ASSETS
Deferred leasing costs, accumulated amortization	$ 191,093	$ 196,229
Identified intangible assets, accumulated amortization	$ 95,567	$ 98,587
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Preferred shares of beneficial interest: par value per share (in dollars per share)	$ 0	$ 0
Preferred shares of beneficial interest: authorized shares (shares)	110,000,000	110,000,000
Preferred shares of beneficial interest: issued shares (shares)	36,793,402	36,795,640
Preferred shares of beneficial interest: outstanding shares (shares)	36,793,402	36,795,640
Common shares of beneficial interest: par value per share (in dollars per share)	$ 0.04	$ 0.04
Common shares of beneficial interest: authorized shares (shares)	250,000,000	250,000,000
Common shares of beneficial interest: issued shares (shares)	191,260,981	190,985,677
Common shares of beneficial interest: outstanding shares (shares)	191,260,981	190,985,677
Class A Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding Partnership Units held by Third Parties (shares)	13,670,466	13,298,956
Cumulative Redeemable Preferred Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding Partnership Units held by Third Parties (shares)	141,401	141,401
Vornado Realty L.P.
ASSETS
Deferred leasing costs, accumulated amortization	$ 191,093	$ 196,229
Identified intangible assets, accumulated amortization	$ 95,567	$ 98,587
Vornado Realty L.P. \| Class A Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding Partnership Units held by Third Parties (shares)	13,670,466	13,298,956
Vornado Realty L.P. \| Cumulative Redeemable Preferred Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding Partnership Units held by Third Parties (shares)	141,401	141,401

Consolidated Statements of Changes in Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Common shares/units, dividends (in dollars per share)	$ 0.53	$ 0.66	$ 1.85	$ 1.98
Vornado Realty L.P.
Common shares/units, dividends (in dollars per share)	$ 0.53	$ 0.66	$ 1.85	$ 1.98

Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of Debt

The following is a summary of our debt:


(Amounts in thousands)	Weighted Average Interest Rate at September 30, 2020	Balance as of
		September 30, 2020		December 31, 2019
Mortgages Payable:
Fixed rate	3.69%	$	3,886,714	$	4,601,516
Variable rate	1.81%	1,774,418		1,068,500
Total	3.10%	5,661,132		5,670,016
Deferred financing costs, net and other		(21,981)		(30,119)
Total, net		$	5,639,151	$	5,639,897
Unsecured Debt:
Senior unsecured notes	3.50%	$	450,000	$	450,000
Deferred financing costs, net and other		(3,518)		(4,128)
Senior unsecured notes, net		446,482		445,872

Unsecured term loan	3.70%	800,000		750,000
Deferred financing costs, net and other		(3,501)		(4,160)
Unsecured term loan, net		796,499		745,840

Unsecured revolving credit facilities	1.05%	575,000		575,000

Total, net		$	1,817,981	$	1,766,712

- Definition

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

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+ Details

Stock-based Compensation	9 Months Ended
Stock-based Compensation	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation We account for all equity-based compensation in accordance with ASC Topic 718, Compensation - Stock Compensation. Stock-based compensation expense, a component of "general and administrative" expense on our consolidated statements of income, was $6,170,000 and $5,871,000 for the three months ended September 30, 2020 and 2019, respectively, and $39,638,000 and $48,045,000 for the nine months ended September 30, 2020 and 2019, respectively. 2020 Outperformance Plan ("2020 OPP") On March 30, 2020, the Compensation Committee of Vornado's Board of Trustees (the "Committee") approved the 2020 OPP, a multi-year, $35,000,000 performance-based equity compensation plan of which $32,930,000 was granted to senior executives. The fair value of the 2020 OPP granted was $11,686,000, of which $7,583,000 was immediately expensed due to the acceleration of vesting for employees who are retirement eligible (have reached age 65 or age 60 with at least 20 years of service). The remaining $4,103,000 is being amortized into expense over a five-year period from the date of grant using a graded vesting attribution model. Under the 2020 OPP, participants have the opportunity to earn compensation payable in the form of equity awards if Vornado common shares outperform a predetermined total shareholder return (“TSR”) and/or outperform the market with respect to relative total TSR during the three-year performance period (the “Performance Period”) from March 30, 2020 to March 30, 2023 (the “Measurement Date”). Specifically, awards under the 2020 OPP may potentially be earned if Vornado (i) achieves a TSR above a benchmark weighted index (the “Index”) comprised 80% of the SNL US Office REIT Index and 20% of the SNL US Retail Index over the Performance Period (the “Relative Component”), and/or (ii) achieves a TSR greater than 21% over the Performance Period (the “Absolute Component”). The value of awards under the Relative Component and Absolute Component will be calculated separately and will each be subject to an aggregate $35,000,000 maximum award cap for all participants. The two components will be added together to determine the aggregate award size, which shall also be subject to the aggregate $35,000,000 maximum award cap for all participants. In the event awards are earned under the Absolute Component, but Vornado underperforms the Index by more than 200 basis points per annum over the Performance Period (600 basis points over the three years), the amount earned under the Absolute Component will be reduced based on the degree by which the Index exceeds Vornado’s TSR with the maximum payout being 50% under the Absolute Component. In the event awards are earned under the Relative Component, but Vornado fails to achieve a TSR of at least 2% per annum, awards earned under the Relative Component will be reduced on a ratable sliding scale based on Vornado’s absolute TSR performance, with awards earned under the Relative Component being reduced by a maximum of 50% in the event Vornado’s TSR during the Measurement Period is 0% or negative. If the designated performance objectives are achieved, awards earned under the 2020 OPP will vest ratably on the Measurement Date and the first and second anniversary of the Measurement Date. In addition, all of Vornado’s Named Executive Officers (as defined in Vornado’s Proxy Statement filed on Schedule 14A with the Securities and Exchange Commission on April 3, 2020) are required to hold any earned and vested awards for one year following each such vesting date. Dividends on awards granted under the 2020 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.

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Summary of Revenue Sources by Segment


(Amounts in thousands)	For the Three Months Ended September 30, 2020							For the Three Months Ended September 30, 2019
	Total		New York		Other			Total		New York		Other
Property rentals(1)	$	312,748	$	248,328	$	64,420		$	381,740	$	308,933	$	72,807
Hotel Pennsylvania(2)	—		—		—			24,499		24,499		—
Trade shows(3)	—		—		—			8,104		—		8,104
Lease revenues(4)	312,748		248,328		64,420			414,343		333,432		80,911
Tenant services	9,505		6,589		2,916			13,295		9,342		3,953
Rental revenues	322,253		254,917		67,336			427,638		342,774		84,864
BMS cleaning fees	24,054		25,592		(1,538)		(5)	30,677		32,787		(2,110)		(5)
Management and leasing fees	11,649		11,732		(83)			3,326		3,746		(420)
Other income	6,006		904		5,102			4,320		1,261		3,059
Fee and other income	41,709		38,228		3,481			38,323		37,794		529
Total revenues	$	363,962	$	293,145	$	70,817		$	465,961	$	380,568	$	85,393

____________________

See notes below.


(Amounts in thousands)	For the Nine Months Ended September 30, 2020							For the Nine Months Ended September 30, 2019
	Total		New York		Other			Total		New York		Other
Property rentals(1)	$	992,238	$	788,248	$	203,990		$	1,211,641	$	995,661	$	215,980
Hotel Pennsylvania(2)	8,741		8,741		—			62,633		62,633		—
Trade shows(3)	11,303		—		11,303			36,607		—		36,607
Lease revenues(4)	1,012,282		796,989		215,293			1,310,881		1,058,294		252,587
Tenant services	26,439		18,310		8,129			37,933		27,904		10,029
Rental revenues	1,038,721		815,299		223,422			1,348,814		1,086,198		262,616
BMS cleaning fees	77,635		82,426		(4,791)		(5)	93,032		99,488		(6,456)		(5)
Management and leasing fees	16,353		16,307		46			10,063		10,469		(406)
Other income	18,811		5,356		13,455			11,823		4,079		7,744
Fee and other income	112,799		104,089		8,710			114,918		114,036		882
Total revenues	$	1,151,520	$	919,388	$	232,132		$	1,463,732	$	1,200,234	$	263,498

____________________

(2)Closed since April 1, 2020 as a result of the pandemic.

(3)Cancelled trade shows at theMART from late March 2020 through the remainder of the year as a result of the pandemic.

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Fixed lease revenues	$	306,319	$	351,426	$	955,650	$	1,159,037
Variable lease revenues	6,429		62,917		56,632		151,844
Lease revenues	$	312,748	$	414,343	$	1,012,282	$	1,310,881

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

Components of Fixed and Variable Lease Revenues

The components of lease revenues were as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Fixed lease revenues	$	306,319	$	351,426	$	955,650	$	1,159,037
Variable lease revenues	6,429		62,917		56,632		151,844
Lease revenues	$	312,748	$	414,343	$	1,012,282	$	1,310,881

Investments in Partially Owned Entities

9 Months Ended

Sep. 30, 2020

Equity Method Investments and Joint Ventures [Abstract]

Investments in Partially Owned Entities

Fifth Avenue and Times Square JV

As of September 30, 2020, we own a 51.5% common interest in a joint venture ("Fifth Avenue and Times Square JV") which owns interests in properties located at 640 Fifth Avenue, 655 Fifth Avenue, 666 Fifth Avenue, 689 Fifth Avenue, 697-703 Fifth Avenue, 1535 Broadway and 1540 Broadway (collectively, the "Properties"). The remaining 48.5% common interest in the joint venture is owned by a group of institutional investors (the "Investors"). Our 51.5% common interest in the joint venture represents an effective 51.0% interest in the Properties. The 48.5% common interest in the joint venture owned by the Investors represents an effective 47.2% interest in the Properties.

We also own $1.828 billion of preferred equity interests in certain of the properties. 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.

Fifth Avenue and Times Square JV was formed in April 2019, when we contributed our interests in the Properties to the joint venture and transferred a 48.5% common interest in the joint venture to the Investors (the “Transaction”). The Transaction valued the Properties at $5.556 billion, resulting in a $2.571 billion net gain, before noncontrolling interests of $11,945,000, including a gain related to the step up in our basis of the retained portion of the assets to fair value. Subsequent to the Transaction, Manhattan street retail suffered negative market conditions and was further stressed by the COVID-19 pandemic. This has resulted in a decrease in cash flows. On June 30, 2020, we estimated that the fair value of our investment in Fifth Avenue and Times Square JV was approximately $2,955,957,000, or $306,326,000 less than the carrying amount, and concluded that the decline in the value of our investment was "other-than-temporary," resulting in the recognition of a non-cash impairment loss of $306,326,000, before noncontrolling interests of $467,000, for the three months ended June 30, 2020. On September 30, 2020, we estimated that the fair value of our investment in Fifth Avenue and Times Square JV was approximately $2,811,374,000, or $107,023,000 less than the carrying amount as of September 30, 2020 (after recognition of the June 30, 2020 impairment loss), and further concluded that the decline in the value of our investment was "other-than-temporary." Our conclusions were based on, among other factors, the significant challenges facing the retail sector and our inability to forecast a recovery over our anticipated holding period. Accordingly, we recognized a non-cash impairment loss of $107,023,000, before noncontrolling interests of $3,822,000, for the three months ended September 30, 2020 and $413,349,000, before noncontrolling interests of $4,289,000, for the nine months ended September 30, 2020. In determining the fair value of our investment, we considered, among other inputs, a discounted cash flow analysis based upon market conditions and expectations of growth. The impairment losses are included in “(loss) income from partially owned entities” on our consolidated statements of income for the three and nine months ended September 30, 2020.

We provide various services to Fifth Avenue and Times Square JV in accordance with management, development, leasing and other agreements. We recognized property management fee income, included in "fee and other income" on our consolidated statements of income, of $1,219,000 and $1,104,000 for the three months ended September 30, 2020 and 2019, respectively, and $2,880,000 and $1,934,000 for the nine months ended September 30, 2020 and 2019, respectively.

BMS, our wholly-owned subsidiary, supervises cleaning, security and engineering services at certain of the Properties. We recognized income for these services, included in "fee and other income" on our consolidated statements of income, of $792,000 and $1,161,000 for the three months ended September 30, 2020 and 2019, respectively, and $2,565,000 and $1,952,000 for the nine months ended September 30, 2020 and 2019, respectively.

Below is a summary of financial information for Fifth Avenue and Times Square JV.


(Amounts in thousands)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Income statement:
Revenues	$	80,627	$	85,294	$	227,413	$	158,182
Net income	6,750		18,669		16,839		40,135
Net (loss) income attributable to Fifth Avenue and Times Square JV (after allocation to our preferred equity interests)	(13,008)		(1,559)		(41,412)		2,520

8. Investments in Partially Owned Entities - continued

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

As of September 30, 2020, 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 September 30, 2020, the market value ("fair value" pursuant to ASC Topic 820, Fair Value Measurements ("ASC 820")) of our investment in Alexander’s, based on Alexander’s September 30, 2020 closing share price of $245.22, was $405,611,000, or $321,077,000 in excess of the carrying amount on our consolidated balance sheet. As of September 30, 2020, the carrying amount of our investment in Alexander’s, excluding amounts owed to us, exceeded our share of the equity in the net assets of Alexander’s by approximately $38,511,000. 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.

On September 14, 2020, Alexander's amended and extended the $350,000,000 mortgage loan on the retail condominium of 731 Lexington Avenue. Under the terms of the agreement, Alexander's paid down the loan by $50,000,000 to $300,000,000, extended the maturity date to August 2025 and guaranteed the interest payments and certain leasing costs. The principal of the loan is non-recourse to Alexander's. The interest-only loan remains at the same rate, LIBOR plus 1.40% (1.56% as of September 30, 2020).

On October 23, 2020, Alexander's completed a $94,000,000 financing of The Alexander, a 312-unit residential building that is part of Alexander's residential and retail complex located in Rego Park, Queens, New York. The interest-only loan has a fixed rate of 2.63% and matures in November 2027.

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


(Amounts in thousands)	Percentage Ownership at September 30, 2020	Balance as of
		September 30, 2020		December 31, 2019
Investments:
Fifth Avenue and Times Square JV	51.5%	$	2,811,374	$	3,291,231
Partially owned office buildings/land(1)	Various	467,498		464,109
Alexander’s	32.4%	84,534		98,543
Other investments(2)	Various	140,922		145,282
		$	3,504,328	$	3,999,165

Investments in partially owned entities included in other liabilities(3):
7 West 34th Street	53.0%	$	(54,096)	$	(54,004)
85 Tenth Avenue	49.9%	(11,142)		(6,186)
		$	(65,238)	$	(60,190)

____________________

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

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

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

8. Investments in Partially Owned Entities - continued

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


(Amounts in thousands)	Percentage Ownership at September 30, 2020	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
		2020		2019		2020			2019
Our share of net (loss) income:
Fifth Avenue and Times Square JV (see page 28 for details)(1):
Non-cash impairment loss		$	(107,023)	$	—	$	(413,349)		$	—
Return on preferred equity, net of our share of the expense		9,430		9,545		27,926			18,131
Equity in net income	51.5%	7,694		9,891		13,631		(2)	21,108
		(89,899)		19,436		(371,792)			39,239
Alexander's (see page 29 for details):
Equity in net income(3)	32.4%	2,075		5,393		7,420			14,707
Management, leasing and development fees		1,296		1,299		3,778			3,478
		3,371		6,692		11,198			18,185

Partially owned office buildings(4)	Various	6,418		(186)		8,550			(1,531)

Other investments(5)	Various	(799)		4		(1,635)			246

		$	(80,909)	$	25,946	$	(353,679)		$	56,139

____________________

(1)Entered into on April 18, 2019.

(2)Includes a $10,047 reduction in income related to a Forever 21 lease modification at 1540 Broadway and $2,997 of write-offs of lease receivables deemed uncollectible during 2020.

(3)The three and nine months ended September 30, 2020 include $3,139 and $4,846, respectively, of our share of write-offs of lease receivables deemed uncollectible.

(4)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.

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

(Expense from Transaction Related Costs and Impairment Losses) and Gain from Lease Liability Extinguishment, Net

9 Months Ended

Sep. 30, 2020

(Expense from Transaction Related Costs and Impairment Losses) and Gain from Lease Liability Extinguishment, Net

The following table sets forth the details of (expense from transaction related costs and impairment losses) and gain from lease liability extinguishment, net:


(Amounts in thousands)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Transaction related costs	$	(584)	$	(1,576)	$	(1,694)	$	(1,955)
608 Fifth Avenue non-cash lease liability extinguishment gain (impairment loss) (see below for details)	—		—		70,260		(93,860)
Other non-cash impairment losses	—		—		—		(7,500)

	$	(584)	$	(1,576)	$	68,566	$	(103,315)

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 was subject to a land and building lease which was set to expire in 2033. During the second quarter of 2019, we concluded that the carrying amount of the property was not recoverable and recognized a $93,860,000 non-cash impairment loss on our consolidated statements of income, of which $75,220,000 resulted from the impairment of our right-of-use asset.

On May 20, 2020, we entered into an agreement with the land and building lessor at 608 Fifth Avenue to surrender the property. Per the terms of the agreement, we were released from our obligations under the lease and assigned all of our right, title and interest in the tenant leases of 608 Fifth Avenue to the land and building lessor. In connection therewith, we removed the lease liability from our consolidated balance sheets which resulted in a $70,260,000 gain recorded on our consolidated statements of income during the nine months ended September 30, 2020.

Marketable Securities

9 Months Ended

Sep. 30, 2020

Marketable Securities [Abstract]

Marketable Securities

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

On January 23, 2020, we sold all of our 6,250,000 common shares of PREIT, realizing net proceeds of $28,375,000. We recorded a $4,938,000 loss (mark-to-market decrease) for the nine months ended September 30, 2020.

The table below summarizes the changes of our investment in PREIT.


(Amounts in thousands)	For the Nine Months Ended September 30, 2020
Balance as of December 31, 2019	$	33,313
Sale of marketable securities on January 23, 2020	(28,375)
Decrease in fair value of marketable securities(1)	(4,938)
Balance as of September 30, 2020	$	—

____________________

(1)Included in “interest and other investment income (loss), net” on our consolidated statements of income (see Note 18 - Interest and Other Investment Income (Loss), Net).

Shareholders' Equity/Partners' Capital

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Shareholders' Equity/Partners' Capital

Common Shares (Vornado Realty Trust)

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 of record on December 30, 2019 (the "Record Date").

Class A Units (Vornado Realty L.P.)

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 dividends/distributions per common share/Class A unit and dividends/distributions per share/unit for each class of preferred shares/units of beneficial interest.


(Per share/unit)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Shares/Units:
Common shares/Class A units held by Vornado: authorized 250,000,000 shares/units	$	0.53	$	0.66	$	1.85	$	1.98
Convertible Preferred(1):
6.5% Series A: authorized 13,402 and 83,977 shares/units(2)	0.8125		0.8125		2.4375		2.4375
Cumulative Redeemable Preferred(1):
5.70% Series K: authorized 12,000,000 shares/units(3)	0.3563		0.3563		1.0689		1.0689
5.40% Series L: authorized 13,800,000 shares/units(3)	0.3375		0.3375		1.0125		1.0125
5.25% Series M: authorized 13,800,000 shares/units(3)	0.3281		0.3281		0.9843		0.9843

____________________

(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.

13. Shareholders' Equity/Partners' Capital - continued

Accumulated Other Comprehensive Loss

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


(Amounts in thousands)	Total		Accumulated other comprehensive income (loss) of nonconsolidated subsidiaries		Interest rate swaps		Other
For the Three Months Ended September 30, 2020:
Balance as of June 30, 2020	$	(82,646)	$	12	$	(81,525)	$	(1,133)
Other comprehensive (loss) income	(7,188)		(15,634)		7,926		520

Balance as of September 30, 2020	$	(89,834)	$	(15,622)	$	(73,599)	$	(613)

For the Three Months Ended September 30, 2019:
Balance as of June 30, 2019	$	(38,066)	$	(18)	$	(33,785)	$	(4,263)
Other comprehensive (loss) income	(9,293)		11		(9,953)		649

Balance as of September 30, 2019	$	(47,359)	$	(7)	$	(43,738)	$	(3,614)

For the Nine Months Ended September 30, 2020:
Balance as of December 31, 2019	$	(40,233)	$	4	$	(36,126)	$	(4,111)
Other comprehensive (loss) income	(49,601)		(15,626)		(37,473)		3,498

Balance as of September 30, 2020	$	(89,834)	$	(15,622)	$	(73,599)	$	(613)

For the Nine Months Ended September 30, 2019:
Balance as of December 31, 2018	$	7,664	$	3,253	$	11,759	$	(7,348)
Other comprehensive (loss) income	(52,712)		(949)		(55,497)		3,734
Amount reclassified from accumulated other comprehensive loss	(2,311)		(2,311)		—		—
Balance as of September 30, 2019	$	(47,359)	$	(7)	$	(43,738)	$	(3,614)

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
REVENUES:
Revenues	$ 363,962	$ 465,961	$ 1,151,520	$ 1,463,732
EXPENSES:
Operating	(195,645)	(226,359)	(600,077)	(694,006)
Depreciation and amortization	(107,013)	(96,437)	(292,611)	(326,181)
General and administrative	(32,407)	(33,237)	(120,255)	(130,129)
(Expense) benefit from deferred compensation plan liability	(4,341)	(974)	548	(7,722)
(Expense from transaction related costs and impairment losses) and gain from lease liability extinguishment, net	(584)	(1,576)	68,566	(103,315)
Total expenses	(339,990)	(358,583)	(943,829)	(1,261,353)
(Loss) income from partially owned entities	(80,909)	25,946	(353,679)	56,139
(Loss) income from real estate fund investments	(13,823)	2,190	(225,328)	(13,780)
Interest and other investment income (loss), net	1,729	3,045	(7,068)	15,930
Income (loss) from deferred compensation plan assets	4,341	974	(548)	7,722
Interest and debt expense	(57,371)	(61,448)	(174,618)	(226,940)
Net gain on transfer to Fifth Avenue and Times Square JV	0	0	0	2,571,099
Net gains on disposition of wholly owned and partially owned assets	214,578	309,657	338,862	641,664
Income (loss) before income taxes	92,517	387,742	(214,688)	3,254,213
Income tax expense	(23,781)	(23,885)	(38,431)	(80,542)
Income (loss) from continuing operations	68,736	363,857	(253,119)	3,173,671
Loss from discontinued operations	0	(8)	0	(85)
Net income (loss)	68,736	363,849	(253,119)	3,173,586
Less net loss (income) attributable to noncontrolling interests / consolidated subsidiaries in:
Consolidated subsidiaries	848	(5,774)	141,003	(34,045)
Operating Partnership	(3,884)	(22,637)	10,090	(197,354)
Net (loss) income attributable to Vornado / Vornado Realty L.P.	65,700	335,438	(102,026)	2,942,187
Preferred share dividends / unit distributions	(12,530)	(12,532)	(37,591)	(37,598)
NET (LOSS) INCOME attributable to common shareholders / Class A unitholders	$ 53,170	$ 322,906	$ (139,617)	$ 2,904,589
INCOME (LOSS) PER COMMON SHARE - BASIC:
Net income (loss) per common share (in dollars per share)	$ 0.28	$ 1.69	$ (0.73)	$ 15.22
Weighted average shares outstanding, basic (in shares)	191,162	190,814	191,102	190,762
INCOME (LOSS) PER COMMON SHARE - DILUTED:
Net income (loss) per common share (in dollars per share)	$ 0.28	$ 1.69	$ (0.73)	$ 15.20
Weighted average shares outstanding, diluted (in shares)	191,162	191,024	191,102	191,027
Vornado Realty L.P.
REVENUES:
Revenues	$ 363,962	$ 465,961	$ 1,151,520	$ 1,463,732
EXPENSES:
Operating	(195,645)	(226,359)	(600,077)	(694,006)
Depreciation and amortization	(107,013)	(96,437)	(292,611)	(326,181)
General and administrative	(32,407)	(33,237)	(120,255)	(130,129)
(Expense) benefit from deferred compensation plan liability	(4,341)	(974)	548	(7,722)
(Expense from transaction related costs and impairment losses) and gain from lease liability extinguishment, net	(584)	(1,576)	68,566	(103,315)
Total expenses	(339,990)	(358,583)	(943,829)	(1,261,353)
(Loss) income from partially owned entities	(80,909)	25,946	(353,679)	56,139
(Loss) income from real estate fund investments	(13,823)	2,190	(225,328)	(13,780)
Interest and other investment income (loss), net	1,729	3,045	(7,068)	15,930
Income (loss) from deferred compensation plan assets	4,341	974	(548)	7,722
Interest and debt expense	(57,371)	(61,448)	(174,618)	(226,940)
Net gain on transfer to Fifth Avenue and Times Square JV	0	0	0	2,571,099
Net gains on disposition of wholly owned and partially owned assets	214,578	309,657	338,862	641,664
Income (loss) before income taxes	92,517	387,742	(214,688)	3,254,213
Income tax expense	(23,781)	(23,885)	(38,431)	(80,542)
Income (loss) from continuing operations	68,736	363,857	(253,119)	3,173,671
Loss from discontinued operations	0	(8)	0	(85)
Net income (loss)	68,736	363,849	(253,119)	3,173,586
Less net loss (income) attributable to noncontrolling interests / consolidated subsidiaries in:
Consolidated subsidiaries	848	(5,774)	141,003	(34,045)
Operating Partnership	(3,884)	(22,637)	10,090	(197,354)
Net (loss) income attributable to Vornado / Vornado Realty L.P.	69,584	358,075	(112,116)	3,139,541
Preferred share dividends / unit distributions	(12,572)	(12,574)	(37,715)	(37,722)
NET (LOSS) INCOME attributable to common shareholders / Class A unitholders	$ 57,012	$ 345,501	$ (149,831)	$ 3,101,819
INCOME (LOSS) PER CLASS A UNIT - BASIC:
Net income (loss) per Class A unit (in dollars per unit)	$ 0.28	$ 1.69	$ (0.76)	$ 15.21
Weighted average units outstanding, basic (in shares)	203,554	203,009	203,480	202,903
INCOME (LOSS) PER CLASS A UNIT - DILUTED:
Net income (loss) per Class A unit (in dollars per unit)	$ 0.28	$ 1.69	$ (0.76)	$ 15.18
Weighted average units outstanding, diluted (in shares)	203,554	203,550	203,480	203,416
Rental revenues
REVENUES:
Revenues	$ 322,253	$ 427,638	$ 1,038,721	$ 1,348,814
Rental revenues \| Vornado Realty L.P.
REVENUES:
Revenues	322,253	427,638	1,038,721	1,348,814
Fee and other income
REVENUES:
Revenues	41,709	38,323	112,799	114,918
Fee and other income \| Vornado Realty L.P.
REVENUES:
Revenues	$ 41,709	$ 38,323	$ 112,799	$ 114,918

Investments in Partially Owned Entities (Latest Financial Information of Fifth Avenue and Times Square JV) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Schedule Of Equity Method Investments
Revenues	$ 363,962	$ 465,961	$ 1,151,520	$ 1,463,732
Net income	65,700	335,438	(102,026)	2,942,187
Fifth Avenue and Times Square JV
Schedule Of Equity Method Investments
Revenues	80,627	85,294	227,413	158,182
Net income	6,750	18,669	16,839	40,135
Net (loss) income attributable to Fifth Avenue and Times Square JV (after allocation to our preferred equity interests)	$ (13,008)	$ (1,559)	$ (41,412)	$ 2,520

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
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-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 825
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-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

+ Details

Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	$ 0	$ 33,313
Real estate fund investments	3,739	222,649
Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities		33,313
Real estate fund investments	3,739	222,649
Deferred compensation plan assets (included in restricted cash and other assets)	98,543	103,773
Loans receivable (included in investments in partially owned entities and in other assets)	47,509
Interest rate swaps (included in other assets)	17	4,327
Total assets	149,808	364,062
Mandatorily redeemable instruments (included in other liabilities)	49,947	50,561
Interest rate swaps (included in other liabilities)	73,536	40,354
Total liabilities	123,483	90,915
Recurring \| Level 1
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities		33,313
Real estate fund investments	0	0
Deferred compensation plan assets (included in restricted cash and other assets)	59,597	71,338
Loans receivable (included in investments in partially owned entities and in other assets)	0
Interest rate swaps (included in other assets)	0	0
Total assets	59,597	104,651
Mandatorily redeemable instruments (included in other liabilities)	49,947	50,561
Interest rate swaps (included in other liabilities)	0	0
Total liabilities	49,947	50,561
Recurring \| Level 2
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities		0
Real estate fund investments	0	0
Deferred compensation plan assets (included in restricted cash and other assets)	0	0
Loans receivable (included in investments in partially owned entities and in other assets)	0
Interest rate swaps (included in other assets)	17	4,327
Total assets	17	4,327
Mandatorily redeemable instruments (included in other liabilities)	0	0
Interest rate swaps (included in other liabilities)	73,536	40,354
Total liabilities	73,536	40,354
Recurring \| Level 3
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities		0
Real estate fund investments	3,739	222,649
Deferred compensation plan assets (included in restricted cash and other assets)	38,946	32,435
Loans receivable (included in investments in partially owned entities and in other assets)	47,509
Interest rate swaps (included in other assets)	0	0
Total assets	90,194	255,084
Mandatorily redeemable instruments (included in other liabilities)	0	0
Interest rate swaps (included in other liabilities)	0	0
Total liabilities	0	0
Restricted Cash \| Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Deferred compensation plan assets (included in restricted cash and other assets)	9,703	11,819
Other Assets \| Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Deferred compensation plan assets (included in restricted cash and other assets)	88,840	$ 91,954
Loans receivable (included in investments in partially owned entities and in other assets)	5,335
Investments in Partially Owned Properties \| Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Loans receivable (included in investments in partially owned entities and in other assets)	$ 42,174

Shareholders' Equity/Partners' Capital (Narrative) (Details) $ / shares in Units, $ in Thousands	Jan. 15, 2020 USD ($) $ / shares
Class of Stock [Line Items]
Dividends payable, amount per share (in usd per share) \| $ / shares	$ 1.95
Payments of special dividend, common stock	$ 372,380
Vornado Realty L.P.
Class of Stock [Line Items]
Payments of special dividend, common stock	$ 372,380
Class A Unit \| Vornado Realty L.P.
Class of Stock [Line Items]
Dividends payable, amount per share (in usd per share) \| $ / shares	$ 1.95
Payments of special dividend, common stock	$ 398,292

Identified Intangible Assets and Liabilities

9 Months Ended

Sep. 30, 2020

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Identified Intangible Assets and Liabilities

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


(Amounts in thousands)	Balance as of
	September 30, 2020		December 31, 2019
Identified intangible assets:
Gross amount	$	121,313	$	129,552
Accumulated amortization	(95,567)		(98,587)
Total, net	$	25,746	$	30,965
Identified intangible liabilities (included in deferred revenue):
Gross amount	$	292,730	$	316,119
Accumulated amortization	(252,554)		(262,580)
Total, net	$	40,176	$	53,539

Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental revenues of $3,648,000 and $4,393,000 for the three months ended September 30, 2020 and 2019, respectively, and $13,054,000 and $15,561,000 for the nine months ended September 30, 2020 and 2019, respectively. Estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding years commencing January 1, 2021 is as follows:


(Amounts in thousands)
2021	$	10,909
2022	9,366
2023	6,837
2024	3,092
2025	1,539

Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $1,838,000 and $1,597,000 for the three months ended September 30, 2020 and 2019, respectively, and $4,919,000 and $7,077,000 for the nine months ended September 30, 2020 and 2019, respectively. Estimated annual amortization of all other identified intangible assets including acquired in-place leases for each of the five succeeding years commencing January 1, 2021 is as follows:


(Amounts in thousands)
2021	$	4,327
2022	3,789
2023	3,703
2024	3,089
2025	2,173

Investments in Partially Owned Entities (Summary of Investments) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ 3,504,328	$ 3,999,165
Other liabilities
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ (65,238)	(60,190)
7 West 34th Street
Schedule Of Equity Method Investments
Equity method ownership percentage	53.00%
7 West 34th Street \| Other liabilities
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ (54,096)	(54,004)
85 Tenth Avenue
Schedule Of Equity Method Investments
Equity method ownership percentage	49.90%
85 Tenth Avenue \| Other liabilities
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ (11,142)	(6,186)
Fifth Avenue and Times Square JV
Schedule Of Equity Method Investments
Equity method ownership percentage	51.50%
Carrying amount of investments in partially owned entities	$ 2,811,374	3,291,231
Partially Owned Office Buildings
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ 467,498	464,109
Alexanders Inc
Schedule Of Equity Method Investments
Equity method ownership percentage	32.40%
Carrying amount of investments in partially owned entities	$ 84,534	98,543
Other investments
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ 140,922	$ 145,282

Interest and Debt Expense

9 Months Ended

Sep. 30, 2020

Interest and Debt Expense [Abstract]

Interest And Debt Expense

Interest and Debt Expense

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


(Amounts in thousands)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Interest expense(1)	$	61,793	$	72,345	$	191,973	$	266,597
Capitalized interest and debt expense	(9,328)		(16,047)		(30,829)		(59,184)
Amortization of deferred financing costs	4,906		5,150		13,474		19,527
	$	57,371	$	61,448	$	174,618	$	226,940

____________________

Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Capitalized interest	$ 30,649	$ 55,186
Vornado Realty L.P.
Capitalized interest	$ 30,649	55,186
Fifth Avenue and Times Square JV
Transaction related costs		35,562
Deconsolidated restricted cash		10,899
Fifth Avenue and Times Square JV \| Vornado Realty L.P.
Transaction related costs		35,562
Deconsolidated restricted cash		$ 10,899

COVID-19 Pandemic	9 Months Ended
COVID-19 Pandemic	Sep. 30, 2020
Unusual or Infrequent Items, or Both [Abstract]
COVID-19 Pandemic	COVID-19 Pandemic Our business has been adversely affected as a result of the COVID-19 pandemic and the preventive measures taken to curb the spread of the virus. Some of the effects on us include the following: •With the exception of grocery stores and other "essential" businesses, many of our retail tenants closed their stores in March 2020 and began reopening when New York City entered phase two of its state-mandated reopening plan on June 22, 2020. •While our buildings remain open, many of our office tenants are working remotely. •We have closed the Hotel Pennsylvania. In connection with the closure, we accrued $9,246,000 of severance for furloughed Hotel Pennsylvania union employees and recognized a corresponding $3,145,000 income tax benefit for the three and nine months ended September 30, 2020. •We have cancelled trade shows at theMART for the remainder of 2020. •Because certain of our development projects were deemed "non-essential," they were temporarily paused in March 2020 due to New York State executive orders and resumed once New York City entered phase one of its state mandated reopening plan on June 8, 2020. •As of April 30, 2020, we placed 1,803 employees on furlough, which included 1,293 employees of Building Maintenance Services LLC ("BMS"), a wholly owned subsidiary, which provides cleaning, security and engineering services primarily to our New York properties, 414 employees at the Hotel Pennsylvania and 96 corporate staff employees. As of October 31, 2020, 40% of the furloughed employees have returned to work. •Effective April 1, 2020, our executive officers waived portions of their annual base salary for the remainder of 2020. •Effective April 1, 2020, each non-management member of our Board of Trustees agreed to forgo their $75,000 annual cash retainer for the remainder of 2020. While we believe our tenants are required to pay rent under their leases, in limited circumstances, we have agreed to and may continue to agree to rent deferrals and rent abatements for certain of our tenants. We have made a policy election in accordance with the Financial Accounting Standards Board (“FASB”) Staff Q&A which provides relief in accounting for leases during the COVID-19 pandemic, allowing us to continue recognizing rental revenue on a straight-line basis for rent deferrals, with no impact to revenue recognition, and to recognize rent abatements as a reduction to rental revenue in the period granted. See Note 4 - Recently Issued Accounting Literature for additional information. For the quarter ended September 30, 2020, we collected 93% (95% including rent deferrals) of rent due from our tenants, comprised of 95% (97% including rent deferrals) from our office tenants and 82% (85% including rent deferrals) from our retail tenants. Rent deferrals generally require repayment in monthly installments over a period not to exceed twelve months. Based on our assessment of the probability of rent collection of our lease receivables, we have written off $13,873,000 and $50,170,000 of receivables arising from the straight-lining of rents for the three and nine months ended September 30, 2020, respectively, including the JCPenney retail lease at Manhattan Mall and the New York & Company, Inc. office lease at 330 West 34th Street. Both tenants have filed for Chapter 11 bankruptcy. In addition, we have written off $12,364,000 and $21,186,000 of tenant receivables deemed uncollectible for the three and nine months ended September 30, 2020, respectively. These write-offs resulted in a reduction of lease revenues and our share of income from partially owned entities. Prospectively, revenue recognition for these tenants will be based on actual amounts received. See Note 5 - Revenue Recognition and Note 8 - Investments in Partially Owned Entities for additional information.

Investments in Partially Owned Entities (Alexander's Inc.) (Details)	Sep. 14, 2020 USD ($)	Oct. 23, 2020 USD ($) apartment_unit	Sep. 30, 2020 USD ($) $ / shares shares	Sep. 13, 2020 USD ($)
Alexanders Inc
Equity Method Investments And Income From Equity Method Investments
Ownership common shares, investee (in shares) \| shares			1,654,068
Equity method ownership percentage			32.40%
Closing share price (in dollars per share) \| $ / shares			$ 245.22
Equity method investment fair value			$ 405,611,000
Excess of investee's fair value over carrying amount			321,077,000
Excess of investee's carrying amount over equity in net assets			$ 38,511,000
Mortgages
Equity Method Investments And Income From Equity Method Investments
Interest rate, end of period (percent)			3.10%
Lexington Avenue Property \| Mortgages \| Retail \| Alexanders Inc
Equity Method Investments And Income From Equity Method Investments
Debt instrument, amount	$ 300,000,000			$ 350,000,000
Repayment of debt	$ 50,000,000
Spread over LIBOR (percent)	1.40%
Interest rate, end of period (percent)			1.56%
Subsequent Event \| The Alexander \| Mortgages \| Residential \| Alexanders Inc
Equity Method Investments And Income From Equity Method Investments
Notes payable gross		$ 94,000,000
Number of units \| apartment_unit		312
Debt instrument, interest rate, stated percentage (percent)		2.63%

Segment Information (Summary of net income and EBITDA reconciliation by segment) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting [Abstract]
Net income (loss)	$ 68,736	$ 363,849	$ (253,119)	$ 3,173,586
Depreciation and amortization expense	107,013	96,437	292,611	326,181
General and administrative expense	32,407	33,237	120,255	130,129
Expense from transaction related costs and impairment losses and (gain from lease liability extinguishment), net	584	1,576	(68,566)	103,315
Loss (income) from partially owned entities	80,909	(25,946)	353,679	(56,139)
Loss (income) from real estate fund investments	13,823	(2,190)	225,328	13,780
Interest and other investment (income) loss, net	(1,729)	(3,045)	7,068	(15,930)
Interest and debt expense	57,371	61,448	174,618	226,940
Net gain on transfer to Fifth Avenue and Times Square JV	0	0	0	(2,571,099)
Net gains on disposition of wholly owned and partially owned assets	(214,578)	(309,657)	(338,862)	(641,664)
Income tax expense	23,781	23,885	38,431	80,542
Loss from discontinued operations	0	8	0	85
NOI from partially owned entities	78,175	86,024	229,543	236,400
NOI attributable to noncontrolling interests in consolidated subsidiaries	(25,959)	(18,096)	(56,900)	(51,915)
NOI at share	220,533	307,530	724,086	954,211
Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	10,981	(4,037)	48,247	530
NOI at share - cash basis	$ 231,514	$ 303,493	$ 772,333	$ 954,741

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

9 Months Ended

Sep. 30, 2020

Earnings per share

Schedule Of Earnings Per Share Basic And Diluted

Vornado Realty Trust

The following table presents the calculations of (i) basic income (loss) per common share which includes the weighted average number of common shares outstanding without regard to dilutive potential common shares and (ii) diluted income (loss) per common share which includes the weighted average common shares and dilutive share equivalents. Unvested share-based payment awards that contain nonforfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. Earnings are allocated to participating securities, which include restricted stock awards, based on the two-class method. Other potential dilutive share equivalents such as our employee stock options, 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 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 Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Numerator:
Income (loss) from continuing operations, net of (income) loss attributable to noncontrolling interests	$	65,700	$	335,445	$	(102,026)	$	2,942,267
Loss from discontinued operations	—		(7)		—		(80)
Net income (loss) attributable to Vornado	65,700		335,438		(102,026)		2,942,187
Preferred share dividends	(12,530)		(12,532)		(37,591)		(37,598)

Net income (loss) attributable to common shareholders	53,170		322,906		(139,617)		2,904,589
Earnings allocated to unvested participating securities	(15)		(33)		(84)		(291)
Numerator for basic income (loss) per share	53,155		322,873		(139,701)		2,904,298
Impact of assumed conversions:
Convertible preferred share dividends	—		14		—		43
Earnings allocated to Out-Performance Plan units	—		—		—		9

Numerator for diluted income (loss) per share	$	53,155	$	322,887	$	(139,701)	$	2,904,350

Denominator:
Denominator for basic income (loss) per share – weighted average shares	191,162		190,814		191,102		190,762
Effect of dilutive securities(1):
Employee stock options and restricted stock awards	—		176		—		227
Convertible preferred shares	—		34		—		35
Out-Performance Plan units	—		—		—		3


Denominator for diluted income (loss) per share – weighted average shares and assumed conversions	191,162		191,024		191,102		191,027

INCOME (LOSS) PER COMMON SHARE - BASIC:


Net income (loss) per common share	$	0.28	$	1.69	$	(0.73)	$	15.22

INCOME (LOSS) PER COMMON SHARE - DILUTED:


Net income (loss) per common share	$	0.28	$	1.69	$	(0.73)	$	15.20

____________________

(1)The effect of dilutive securities excluded an aggregate of 14,159 and 13,431 weighted average common share equivalents for the three months ended September 30, 2020 and 2019, respectively, and 14,007 and 13,067 weighted average common share equivalents for the nine months ended September 30, 2020 and 2019, 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.

The following table presents the calculations of (i) basic income (loss) per Class A unit which includes the weighted average number of Class A units outstanding without regard to dilutive potential Class A units and (ii) diluted income (loss) per Class A unit which includes the weighted average Class A 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 Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Numerator:
Income (loss) from continuing operations, net of (income) loss attributable to noncontrolling interests in consolidated subsidiaries	$	69,584	$	358,083	$	(112,116)	$	3,139,626
Loss from discontinued operations	—		(8)		—		(85)
Net income (loss) attributable to Vornado Realty L.P.	69,584		358,075		(112,116)		3,139,541
Preferred unit distributions	(12,572)		(12,574)		(37,715)		(37,722)

Net income (loss) attributable to Class A unitholders	57,012		345,501		(149,831)		3,101,819
Earnings allocated to unvested participating securities	(734)		(2,449)		(4,685)		(14,807)
Numerator for basic income (loss) per Class A unit	56,278		343,052		(154,516)		3,087,012
Impact of assumed conversions:
Convertible preferred unit distributions	—		14		—		43
Numerator for diluted income (loss) per Class A unit	$	56,278	$	343,066	$	(154,516)	$	3,087,055

Denominator:
Denominator for basic income (loss) per Class A unit – weighted average units	203,554		203,009		203,480		202,903
Effect of dilutive securities(1):
Vornado stock options, Vornado restricted stock awards, OP Units, AO LTIP Units and OPPs	—		507		—		478
Convertible preferred units	—		34		—		35
Denominator for diluted income (loss) per Class A unit – weighted average units and assumed conversions	203,554		203,550		203,480		203,416

INCOME (LOSS) PER CLASS A UNIT - BASIC:


Net income (loss) per Class A unit	$	0.28	$	1.69	$	(0.76)	$	15.21

INCOME (LOSS) PER CLASS A UNIT - DILUTED:


Net income (loss) per Class A unit	$	0.28	$	1.69	$	(0.76)	$	15.18

____________________

(1)The effect of dilutive securities excluded an aggregate of 1,767 and 905 weighted average Class A unit equivalents for the three months ended September 30, 2020 and 2019, respectively, and 1,629 and 678 weighted average Class A unit equivalents for the nine months ended September 30, 2020 and 2019, respectively, as their effect was anti-dilutive.

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

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

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

Vornado Realty Trust


(Amounts in thousands, except per share amounts)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Numerator:
Income (loss) from continuing operations, net of (income) loss attributable to noncontrolling interests	$	65,700	$	335,445	$	(102,026)	$	2,942,267
Loss from discontinued operations	—		(7)		—		(80)
Net income (loss) attributable to Vornado	65,700		335,438		(102,026)		2,942,187
Preferred share dividends	(12,530)		(12,532)		(37,591)		(37,598)

Net income (loss) attributable to common shareholders	53,170		322,906		(139,617)		2,904,589
Earnings allocated to unvested participating securities	(15)		(33)		(84)		(291)
Numerator for basic income (loss) per share	53,155		322,873		(139,701)		2,904,298
Impact of assumed conversions:
Convertible preferred share dividends	—		14		—		43
Earnings allocated to Out-Performance Plan units	—		—		—		9

Numerator for diluted income (loss) per share	$	53,155	$	322,887	$	(139,701)	$	2,904,350

Denominator:
Denominator for basic income (loss) per share – weighted average shares	191,162		190,814		191,102		190,762
Effect of dilutive securities(1):
Employee stock options and restricted stock awards	—		176		—		227
Convertible preferred shares	—		34		—		35
Out-Performance Plan units	—		—		—		3


Denominator for diluted income (loss) per share – weighted average shares and assumed conversions	191,162		191,024		191,102		191,027

INCOME (LOSS) PER COMMON SHARE - BASIC:


Net income (loss) per common share	$	0.28	$	1.69	$	(0.73)	$	15.22

INCOME (LOSS) PER COMMON SHARE - DILUTED:


Net income (loss) per common share	$	0.28	$	1.69	$	(0.73)	$	15.20

____________________

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

Vornado Realty L.P.


(Amounts in thousands, except per unit amounts)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Numerator:
Income (loss) from continuing operations, net of (income) loss attributable to noncontrolling interests in consolidated subsidiaries	$	69,584	$	358,083	$	(112,116)	$	3,139,626
Loss from discontinued operations	—		(8)		—		(85)
Net income (loss) attributable to Vornado Realty L.P.	69,584		358,075		(112,116)		3,139,541
Preferred unit distributions	(12,572)		(12,574)		(37,715)		(37,722)

Net income (loss) attributable to Class A unitholders	57,012		345,501		(149,831)		3,101,819
Earnings allocated to unvested participating securities	(734)		(2,449)		(4,685)		(14,807)
Numerator for basic income (loss) per Class A unit	56,278		343,052		(154,516)		3,087,012
Impact of assumed conversions:
Convertible preferred unit distributions	—		14		—		43
Numerator for diluted income (loss) per Class A unit	$	56,278	$	343,066	$	(154,516)	$	3,087,055

Denominator:
Denominator for basic income (loss) per Class A unit – weighted average units	203,554		203,009		203,480		202,903
Effect of dilutive securities(1):
Vornado stock options, Vornado restricted stock awards, OP Units, AO LTIP Units and OPPs	—		507		—		478
Convertible preferred units	—		34		—		35
Denominator for diluted income (loss) per Class A unit – weighted average units and assumed conversions	203,554		203,550		203,480		203,416

INCOME (LOSS) PER CLASS A UNIT - BASIC:


Net income (loss) per Class A unit	$	0.28	$	1.69	$	(0.76)	$	15.21

INCOME (LOSS) PER CLASS A UNIT - DILUTED:


Net income (loss) per Class A unit	$	0.28	$	1.69	$	(0.76)	$	15.18

____________________

Investments in Partially Owned Entities (Fifth Avenue and Times Square JV) (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended			9 Months Ended
	Jun. 30, 2020	Apr. 30, 2019	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Schedule Of Equity Method Investments
Real estate held-for-sale			$ 181,041			$ 181,041		$ 408,918
Net gain on transfer to Fifth Avenue and Times Square JV			0		$ 0	0	$ 2,571,099
Non-cash impairment loss						0	(26,140)
Building Maintenance Service
Schedule Of Equity Method Investments
Other real estate revenue from equity method investees			792		1,161	2,565	1,952
Majority-Owned Subsidiary \| Building Maintenance Service
Schedule Of Equity Method Investments
Revenue from related parties			$ 1,219		1,104	$ 2,880	1,934
Fifth Avenue and Times Square JV
Schedule Of Equity Method Investments
Equity method ownership percentage			51.50%			51.50%
Real estate held-for-sale	$ 2,955,957	$ 5,556,000	$ 2,811,374	$ 2,955,957		$ 2,811,374
Net gain on transfer to Fifth Avenue and Times Square JV		$ 2,571,000
Non-cash impairment loss	$ (306,326)		(107,023)	(306,326)	$ 0	(413,349)	$ 0
Non-cash impairment loss related to noncontrolling interest			3,822	$ 467		4,289
Fifth Avenue and Times Square JV \| Joint Venture
Schedule Of Equity Method Investments
Aggregate of preferred equity interests			$ 1,828,000			$ 1,828,000
Fifth Avenue and Times Square JV \| Joint Venture \| Investors
Schedule Of Equity Method Investments
Equity method ownership percentage		48.50%	48.50%			48.50%
Equity method effective ownership percentage			47.20%			47.20%
Fifth Avenue and Times Square JV \| Joint Venture \| Percentage For First Five Years
Schedule Of Equity Method Investments
Debt instrument, interest rate, stated percentage (percent)			4.25%			4.25%
Fifth Avenue and Times Square JV \| Joint Venture \| Percentage After Fifth Anniversary
Schedule Of Equity Method Investments
Debt instrument, interest rate, stated percentage (percent)			4.75%			4.75%
Fifth Avenue and Times Square JV \| Vornado Realty Trust
Schedule Of Equity Method Investments
Equity method ownership percentage			51.50%			51.50%
Equity method effective ownership percentage			51.00%			51.00%
Net gain from real estate investment partnership, attributable to noncontrolling interest		$ 11,945

Interest and Other Investment Income (Loss), Net

9 Months Ended

Sep. 30, 2020

Interest and Other Income [Abstract]

Interest and Other Investment Income (Loss), Net

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


(Amounts in thousands)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
(Decrease) increase in fair value of marketable securities:
PREIT(1)	$	—	$	(4,875)	$	(4,938)	$	(19,211)
Lexington Realty Trust(2)	—		—		—		16,068
Other	—		7		—		48
	—		(4,868)		(4,938)		(3,095)
Interest on loans receivable	574		1,604		2,810		4,845
Interest on cash and cash equivalents and restricted cash	253		4,060		5,717		8,753
Dividends on marketable securities	—		1,312		—		2,625
Credit losses on loans receivable(3)	—		—		(13,369)		—
Other, net	902		937		2,712		2,802
	$	1,729	$	3,045	$	(7,068)	$	15,930

____________________

(1)Sold on January 23, 2020 (see page 27 for details).

(2)Sold on March 1, 2019.

(3)See Note 4 - Recently Issued Accounting Literature and Note 15 - Fair Value Measurements for details.

Consolidated Statements of Changes in Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Real estate fund investments	Other	Preferred Shares	Common Shares	Additional Capital	Earnings Less Than Distributions	Accumulated Other Comprehensive Loss	Non-controlling Interests in Consolidated Subsidiaries	Non-controlling Interests in Consolidated Subsidiaries Real estate fund investments	Non-controlling Interests in Consolidated Subsidiaries Other	Vornado Realty L.P.	Vornado Realty L.P. Real estate fund investments	Vornado Realty L.P. Other	Vornado Realty L.P. Preferred Shares	Vornado Realty L.P. Class A Units Owned by Vornado	Vornado Realty L.P. Earnings Less Than Distributions	Vornado Realty L.P. Accumulated Other Comprehensive 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	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, Adjustment Earnings Less Than Distributions	Cumulative Effect, Period of Adoption, Adjustment Vornado Realty L.P.	Cumulative Effect, Period of Adoption, Adjustment Vornado Realty L.P. Earnings Less Than Distributions
Beginning balance, shares at Dec. 31, 2018				36,800	190,535										36,800	190,535
Beginning balance, value at Dec. 31, 2018	$ 5,107,883			$ 891,294	$ 7,600	$ 7,725,857	$ (4,167,184)	$ 7,664	$ 642,652			$ 5,107,883			$ 891,294	$ 7,733,457	$ (4,167,184)	$ 7,664	$ 642,652
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income attributable to Vornado / Vornado Realty L.P.	2,942,187						2,942,187					3,139,541					3,139,541
Net income attributable to redeemable partnership units	(197,354)											(197,354)					(197,354)
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries	34,045								34,045			34,045							34,045
Dividends on common shares	(377,750)						(377,750)
Distributions to Vornado												(377,750)					(377,750)
Distributions to preferred shareholders / unitholders (see Note 13 for distributions per unit amounts)	(37,598)						(37,598)					(37,598)					(37,598)
Common shares issued: / Class A Units issued to Vornado
Upon redemption of Class A units, at redemption value, shares					123											123
Upon redemption of Class A units, at redemption value, value	8,128				$ 5	8,123						8,128				$ 8,128
Under employees' share option plan, shares					165											165
Under employees' share option plan, value	(7,347)				$ 7	1,338	(8,692)					(7,347)				$ 1,345	(8,692)
Under dividend reinvestment plan, shares					16											16
Under dividend reinvestment plan, value	1,058				$ 1	1,057						1,058				$ 1,058
Contributions:
Contributions		$ 3,384	$ 5,839							$ 3,384	$ 5,839		$ 3,384	$ 5,839						$ 3,384	$ 5,839
Distributions:
Distributions		(6)	(39,290)							(6)	(39,290)		(6)	(39,290)						(6)	(39,290)
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, shares				(2)	3
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, value	0			$ (38)		38
Preferred unit issuance, shares															(2)	3
Preferred unit issuance, value												0			$ (38)	$ 38
Deferred compensation shares and options, shares					8											8
Deferred compensation shares and options	829					829						829				$ 829
Amounts reclassified from accumulated other comprehensive loss relating to a nonconsolidated subsidiary	(2,311)							(2,311)				(2,311)						(2,311)
Other comprehensive (loss) income of nonconsolidated subsidiaries	(949)							(949)				(949)						(949)
Increase (reduction) in value of interest rate swaps and other	(55,497)							(55,497)				(55,497)						(55,497)
Unearned Out-Performance Plan awards acceleration	11,720					11,720						11,720				11,720
Redeemable Class A unit measurement adjustment	123,635					123,635						123,635				$ 123,635
Redeemable noncontrolling interests' share of above adjustments	3,732							3,732				3,732						3,732
Deconsolidation of partially owned entity	(11,441)								(11,441)			(11,441)							(11,441)
Other, shares				1											(1)
Other, value	5						2	2	1			5					2	2	1
Ending balance, shares at Sep. 30, 2019				36,797	190,850										36,797	190,850
Ending balance, value at Sep. 30, 2019	7,710,256			$ 891,256	$ 7,613	7,872,597	(1,649,035)	(47,359)	635,184			7,710,256			$ 891,256	$ 7,880,210	(1,649,035)	(47,359)	635,184
Beginning balance, shares at Jun. 30, 2019				36,797	190,813										36,797	190,813
Beginning balance, value at Jun. 30, 2019	7,496,144			$ 891,256	$ 7,611	7,845,748	(1,845,995)	(38,066)	635,590			7,496,144			$ 891,256	$ 7,853,359	(1,845,995)	(38,066)	635,590
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income attributable to Vornado / Vornado Realty L.P.	335,438						335,438					358,075					358,075
Net income attributable to redeemable partnership units	(22,637)											(22,637)					(22,637)
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries	5,774								5,774			5,774							5,774
Dividends on common shares	(125,947)						(125,947)
Distributions to Vornado												(125,947)					(125,947)
Distributions to preferred shareholders / unitholders (see Note 13 for distributions per unit amounts)	(12,532)						(12,532)					(12,532)					(12,532)
Common shares issued: / Class A Units issued to Vornado
Upon redemption of Class A units, at redemption value, shares					31											31
Upon redemption of Class A units, at redemption value, value	1,999				$ 1	1,998						1,999				$ 1,999
Under dividend reinvestment plan, shares					6											6
Under dividend reinvestment plan, value	357				$ 1	356						357				$ 357
Contributions:
Contributions	908								908			908							908
Distributions:
Distributions		(6)	(7,086)							(6)	(7,086)		(6)	(7,086)						(6)	(7,086)
Deferred compensation shares and options	266					266						266				266
Amounts reclassified from accumulated other comprehensive loss relating to a nonconsolidated subsidiary	0											0
Other comprehensive (loss) income of nonconsolidated subsidiaries	11							11				11						11
Increase (reduction) in value of interest rate swaps and other	(9,953)					0		(9,953)				(9,953)						(9,953)
Redeemable Class A unit measurement adjustment	24,228					24,228						24,228				24,228
Redeemable noncontrolling interests' share of above adjustments	650							650				650						650
Other, value	5					1	1	(1)	4			5				$ 1	1	(1)	4
Ending balance, shares at Sep. 30, 2019				36,797	190,850										36,797	190,850
Ending balance, value at Sep. 30, 2019	7,710,256			$ 891,256	$ 7,613	7,872,597	(1,649,035)	(47,359)	635,184			7,710,256			$ 891,256	$ 7,880,210	(1,649,035)	(47,359)	635,184
Beginning balance, shares at Dec. 31, 2019				36,796	190,986										36,796	190,986
Beginning 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			$ (16,064)	$ (16,064)	$ (16,064)	$ (16,064)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income attributable to Vornado / Vornado Realty L.P.	(102,026)						(102,026)					(112,116)					(112,116)
Net income attributable to redeemable partnership units	10,090											10,090					10,090
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries	(141,310)								(141,310)			(141,310)							(141,310)
Dividends on common shares	(353,558)						(353,558)
Distributions to Vornado												(353,558)					(353,558)
Distributions to preferred shareholders / unitholders (see Note 13 for distributions per unit amounts)	(37,591)						(37,591)					(37,591)					(37,591)
Common shares issued: / Class A Units issued to Vornado
Upon redemption of Class A units, at redemption value, shares					149											149
Upon redemption of Class A units, at redemption value, value	6,050				$ 6	6,044						6,050				$ 6,050
Under employees' share option plan, shares					69											69
Under employees' share option plan, value	3,517				$ 3	3,514						3,517				$ 3,517
Under dividend reinvestment plan, shares					40											40
Under dividend reinvestment plan, value	2,050				$ 2	2,048						2,050				$ 2,050
Contributions:
Contributions		$ 3,389	$ 2,837							$ 3,389	$ 2,837		$ 3,389	$ 2,837						$ 3,389	$ 2,837
Distributions:
Distributions	(25,517)								(25,517)			(25,517)							(25,517)
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, shares				(3)	4										(3)	4
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, value	0			$ (57)		57						0			$ (57)	$ 57
Deferred compensation shares and options, shares					13											13
Deferred compensation shares and options	769				$ 1	905	(137)					769				$ 906	(137)
Amounts reclassified from accumulated other comprehensive loss relating to a nonconsolidated subsidiary	0											0
Other comprehensive (loss) income of nonconsolidated subsidiaries	(15,626)							(15,626)				(15,626)						(15,626)
Increase (reduction) in value of interest rate swaps and other	(37,473)							(37,473)				(37,473)						(37,473)
Unearned Out-Performance Plan awards acceleration	10,824					10,824						10,824				10,824
Redeemable Class A unit measurement adjustment	272,436					272,436						272,436				272,436
Redeemable noncontrolling interests' share of above adjustments	3,498							3,498				3,498						3,498
Other, value	(1,498)			$ (1)	$ (1)	(1)	7		(1,502)			(1,498)			$ (1)	$ (2)	7		(1,502)
Ending balance, shares at Sep. 30, 2020				36,793	191,261										36,793	191,261
Ending balance, value at Sep. 30, 2020	6,885,685			$ 891,156	$ 7,629	8,123,524	(2,463,635)	(89,834)	416,845			6,885,685			$ 891,156	$ 8,131,153	(2,463,635)	(89,834)	416,845
Beginning balance, shares at Jun. 30, 2020				36,794	191,151										36,794	191,151
Beginning balance, value at Jun. 30, 2020	6,928,909			$ 891,164	$ 7,625	8,095,774	(2,415,500)	(82,646)	432,492			6,928,909			$ 891,164	$ 8,103,399	(2,415,500)	(82,646)	432,492
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income attributable to Vornado / Vornado Realty L.P.	65,700						65,700					69,584					69,584
Net income attributable to redeemable partnership units	(3,884)											(3,884)					(3,884)
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries	(1,019)								(1,019)			(1,019)							(1,019)
Dividends on common shares	(101,311)						(101,311)
Distributions to Vornado												(101,311)					(101,311)
Distributions to preferred shareholders / unitholders (see Note 13 for distributions per unit amounts)	(12,530)						(12,530)					(12,530)					(12,530)
Common shares issued: / Class A Units issued to Vornado
Upon redemption of Class A units, at redemption value, shares					100											100
Upon redemption of Class A units, at redemption value, value	3,586				$ 4	3,582						3,586				$ 3,586
Under dividend reinvestment plan, shares					9											9
Under dividend reinvestment plan, value	300				$ 1	299						300				$ 300
Contributions:
Contributions	358								358			358							358
Distributions:
Distributions	(14,987)								(14,987)			(14,987)							(14,987)
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, shares				(1)											(1)	0
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, value	0			$ (7)		7						0			$ (7)	$ 7
Deferred compensation shares and options, shares																0
Deferred compensation shares and options	304					304						304				$ 304
Amounts reclassified from accumulated other comprehensive loss relating to a nonconsolidated subsidiary	0											0
Other comprehensive (loss) income of nonconsolidated subsidiaries	(15,634)							(15,634)				(15,634)						(15,634)
Increase (reduction) in value of interest rate swaps and other	7,926							7,926				7,926						7,926
Redeemable Class A unit measurement adjustment	23,557					23,557						23,557				$ 23,557
Redeemable noncontrolling interests' share of above adjustments	520							520				520						520
Other, shares					(1)											(1)
Other, value	6			$ (1)	$ (1)	1	6		1			6			$ (1)		6		1
Ending balance, shares at Sep. 30, 2020				36,793	191,261										36,793	191,261
Ending balance, value at Sep. 30, 2020	$ 6,885,685			$ 891,156	$ 7,629	$ 8,123,524	$ (2,463,635)	$ (89,834)	$ 416,845			$ 6,885,685			$ 891,156	$ 8,131,153	$ (2,463,635)	$ (89,834)	$ 416,845

Shareholders' Equity/Partners' Capital (Tables)

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Schedule of Dividends


(Per share/unit)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Shares/Units:
Common shares/Class A units held by Vornado: authorized 250,000,000 shares/units	$	0.53	$	0.66	$	1.85	$	1.98
Convertible Preferred(1):
6.5% Series A: authorized 13,402 and 83,977 shares/units(2)	0.8125		0.8125		2.4375		2.4375
Cumulative Redeemable Preferred(1):
5.70% Series K: authorized 12,000,000 shares/units(3)	0.3563		0.3563		1.0689		1.0689
5.40% Series L: authorized 13,800,000 shares/units(3)	0.3375		0.3375		1.0125		1.0125
5.25% Series M: authorized 13,800,000 shares/units(3)	0.3281		0.3281		0.9843		0.9843

____________________

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

(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 tables set forth the changes in accumulated other comprehensive loss by component.


(Amounts in thousands)	Total		Accumulated other comprehensive income (loss) of nonconsolidated subsidiaries		Interest rate swaps		Other
For the Three Months Ended September 30, 2020:
Balance as of June 30, 2020	$	(82,646)	$	12	$	(81,525)	$	(1,133)
Other comprehensive (loss) income	(7,188)		(15,634)		7,926		520

Balance as of September 30, 2020	$	(89,834)	$	(15,622)	$	(73,599)	$	(613)

For the Three Months Ended September 30, 2019:
Balance as of June 30, 2019	$	(38,066)	$	(18)	$	(33,785)	$	(4,263)
Other comprehensive (loss) income	(9,293)		11		(9,953)		649

Balance as of September 30, 2019	$	(47,359)	$	(7)	$	(43,738)	$	(3,614)

For the Nine Months Ended September 30, 2020:
Balance as of December 31, 2019	$	(40,233)	$	4	$	(36,126)	$	(4,111)
Other comprehensive (loss) income	(49,601)		(15,626)		(37,473)		3,498

Balance as of September 30, 2020	$	(89,834)	$	(15,622)	$	(73,599)	$	(613)

For the Nine Months Ended September 30, 2019:
Balance as of December 31, 2018	$	7,664	$	3,253	$	11,759	$	(7,348)
Other comprehensive (loss) income	(52,712)		(949)		(55,497)		3,734
Amount reclassified from accumulated other comprehensive loss	(2,311)		(2,311)		—		—
Balance as of September 30, 2019	$	(47,359)	$	(7)	$	(43,738)	$	(3,614)

Recently Issued Accounting Literature (Policies)	9 Months Ended
Recently Issued Accounting Literature (Policies)	Sep. 30, 2020
Accounting Standards Update and Change in Accounting Principle [Abstract]
Basis of Presentation	The accompanying consolidated financial statements are unaudited and include the accounts of Vornado and the Operating Partnership and their consolidated subsidiaries. All inter-company amounts have been eliminated and all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the SEC. 3. Basis of Presentation - continued We have made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the operating results for the full year.
Recently Issued Accounting Literature	Recently Issued Accounting Literature In June 2016, the FASB issued an update ("ASU 2016-13") Measurement of Credit Losses on Financial Instruments establishing Accounting Standards Codification ("ASC") Topic 326, Financial Instruments - Credit Losses ("ASC 326"), as amended by subsequent ASUs on the topic. ASU 2016-13 changes how entities 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. In May 2019, the FASB issued ASU 2019-05 Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief to allow companies to irrevocably elect, upon adoption of ASU 2016-13, the fair value option for financial instruments that were previously recorded at amortized cost and are within the scope of ASC Subtopic 326-20 if the instruments are eligible for the fair value option under ASC Subtopic 825-10, Financial Instruments ("ASC 825-10"). We elected to apply the fair value option on an instrument-by-instrument basis to our loans receivable. We adopted this standard effective January 1, 2020 and recorded a $16,064,000 cumulative-effect adjustment to beginning accumulated deficit to recognize credit losses on loans receivable recorded on our consolidated balance sheets. For the nine months ended September 30, 2020, we recorded $13,369,000 of credit losses on our loans receivable which are included in "interest and other investment income (loss), net" on our consolidated statements of income. In March 2020, the FASB issued an update ("ASU 2020-04") establishing ASC Topic 848, Reference Rate Reform. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the nine months ended September 30, 2020, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In April 2020, the FASB issued a Staff Q&A on accounting for leases during the COVID-19 pandemic, focused on the application of lease guidance in ASC Topic 842, Leases ("ASC 842"). The Q&A states that it would be acceptable to make a policy election regarding rent concessions resulting from COVID-19, which would not require entities to account for these rent concessions as lease modifications when total cash flows resulting from the modified contract are “substantially the same or less” than the cash flows in the original contract. During the three and nine months ended September 30, 2020, in limited circumstances, we granted rent deferrals and rent abatements for certain of our tenants. We have made a policy election in accordance with the Staff Q&A for our portfolio allowing us to not account for the concessions as lease modifications. Accordingly, rent abatements are recognized as reductions to “rental revenues” during the period in which they were granted. Rent deferrals result in an increase to "tenant and other receivables" during the deferral period with no impact on rental revenue recognition. For any concessions that do not meet the guidance contained in the Q&A, the modification guidance in accordance with ASC 842 will be applied. See Note 2 - COVID-19 Pandemic for further details. In August 2020, the FASB issued an update ("ASU 2020-06") Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40). ASU 2020-06 simplifies the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock, removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and also simplifies the diluted earnings per share calculation in certain areas. ASU 2020-06 is effective for reporting periods beginning after December 15, 2021, with early adoption permitted. We are currently evaluating the impact of the adoption of ASU 2020-06 on our consolidated financial statements, but do not believe the adoption of this standard will have a material impact on our consolidated financial statements.
Real Estate Fund Investments	The Fund is accounted for under ASC Topic 946, Financial Services – Investment Companies (“ASC 946”) and its investments are reported on its balance sheet at fair value, with changes in value each period recognized in earnings. We consolidate the accounts of the Fund into our consolidated financial statements, retaining the fair value basis of accounting.We are the general partner and investment manager of the Crowne Plaza Times Square Hotel Joint Venture (the “Crowne Plaza Joint Venture”) and own a 57.1% interest in the joint venture which owns the 24.7% 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.
Redeemable Noncontrolling Interests	Redeemable noncontrolling partnership units are primarily comprised of Class A Operating Partnership units held by third parties and are recorded at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’ capital” on the consolidated balance sheets of the Operating Partnership.Redeemable noncontrolling partnership units exclude our Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units, as they are accounted for as liabilities in accordance with ASC Topic 480, Distinguishing Liabilities and Equity, because of their possible settlement by issuing a variable number of Vornado common shares.
Fair Value Measurement	ASC 820 defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment is necessary to interpret Level 2 and 3 inputs in determining the fair value of our financial and non-financial assets and liabilities. Accordingly, our fair value estimates, which are made at the end of each reporting period, may be different than the amounts that may ultimately be realized upon sale or disposition of these assets.
Stock-based Compensation	We account for all equity-based compensation in accordance with ASC Topic 718, Compensation - Stock Compensation. Stock-based compensation expense, a component of "general and administrative" expense on our consolidated statements of income, was $6,170,000 and $5,871,000 for the three months ended September 30, 2020 and 2019, respectively, and $39,638,000 and $48,045,000 for the nine months ended September 30, 2020 and 2019, respectively.

Interest and Other Investment Income (Loss), Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net Investment Income [Line Items]
Decrease (increase) in fair value of marketable securities	$ 0	$ (4,868)	$ (4,938)	$ (3,095)
Interest on loans receivable	574	1,604	2,810	4,845
Interest on cash and cash equivalents and restricted cash	253	4,060	5,717	8,753
Dividends on marketable securities	0	1,312	0	2,625
Credit losses on loans receivable	0	0	(13,369)	0
Other, net	902	937	2,712	2,802
Interest and other investment income, net	1,729	3,045	(7,068)	15,930
PREIT
Net Investment Income [Line Items]
Decrease (increase) in fair value of marketable securities	0	(4,875)	(4,938)	(19,211)
Lexington Realty Trust
Net Investment Income [Line Items]
Decrease (increase) in fair value of marketable securities	0	0	0	16,068
Other
Net Investment Income [Line Items]
Decrease (increase) in fair value of marketable securities	$ 0	$ 7	$ 0	$ 48

(Expense from Transaction Related Costs and Impairment Losses) and Gain from Lease Liability Extinguishment, Net (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of Lease Liability Extinguishment Gain (Transaction Related Costs and Impairment Losses)

The following table sets forth the details of (expense from transaction related costs and impairment losses) and gain from lease liability extinguishment, net:


(Amounts in thousands)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Transaction related costs	$	(584)	$	(1,576)	$	(1,694)	$	(1,955)
608 Fifth Avenue non-cash lease liability extinguishment gain (impairment loss) (see below for details)	—		—		70,260		(93,860)
Other non-cash impairment losses	—		—		—		(7,500)

	$	(584)	$	(1,576)	$	68,566	$	(103,315)

Fair Value Measurements (Summary of Derivative Instruments) (Details) - Interest rate swaps - Designated as Hedging Instrument - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
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	$ 73,536,000	40,354,000
Derivative Liability, Notional Amount	1,225,000,000	850,000,000
Other \| Other Assets
Derivative [Line Items]
Derivative Asset, Fair Value	17,000	64,000
Derivative Asset, Notional Amount	175,000,000	175,000,000
Unsecured term loan \| Other liabilities
Derivative [Line Items]
Derivative Liability, Fair Value	63,437,000	36,809,000
Derivative Liability, Notional Amount	$ 750,000,000	$ 750,000,000
Derivative, Interest Rate	1.15%	2.80%
Derivative, Swap Rate	3.87%	3.87%
Derivative expiration date	2023-10	2023-10
33-00 Northern Boulevard mortgage loan \| Other liabilities
Derivative [Line Items]
Derivative Liability, Fair Value	$ 9,065,000	$ 3,545,000
Derivative Liability, Notional Amount	$ 100,000,000	$ 100,000,000
Derivative, Interest Rate	1.96%	3.52%
Derivative, Swap Rate	4.14%	4.14%
Derivative expiration date	2025-01	2025-01
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%
888 Seventh Avenue mortgage loan \| Other liabilities
Derivative [Line Items]
Derivative Liability, Fair Value	$ 1,034,000
Derivative Liability, Notional Amount	$ 375,000,000
Derivative, Interest Rate	1.84%
Derivative, Swap Rate	3.25%
Derivative expiration date	2020-12	2020-12
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%
770 Broadway mortgage loan \| Other liabilities
Derivative [Line Items]
Derivative expiration date		2020-09
LIBOR \| Unsecured term loan \| Other liabilities
Derivative [Line Items]
Derivative, Basis Spread on Variable Rate	1.00%	1.00%
LIBOR \| 33-00 Northern Boulevard mortgage loan \| Other liabilities
Derivative [Line Items]
Derivative, Basis Spread on Variable Rate	1.80%	1.80%
LIBOR \| 888 Seventh Avenue mortgage loan \| Other Assets
Derivative [Line Items]
Derivative, Basis Spread on Variable Rate		1.70%
LIBOR \| 888 Seventh Avenue mortgage loan \| Other liabilities
Derivative [Line Items]
Derivative, Basis Spread on Variable Rate	1.70%
LIBOR \| 770 Broadway mortgage loan \| Other Assets
Derivative [Line Items]
Derivative, Basis Spread on Variable Rate		1.75%
Floating \| Unsecured term loan \| Other liabilities
Derivative [Line Items]
Derivative Liability, Notional Amount	$ 50,000,000
Floating \| LIBOR \| Unsecured term loan \| Other liabilities
Derivative [Line Items]
Derivative, Basis Spread on Variable Rate	1.00%

Identified Intangible Assets and Liabilities (Schedule of Identified Intangible Assets and Intangible Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross amount	$ 121,313	$ 129,552
Accumulated amortization	(95,567)	(98,587)
Total, net	25,746	30,965
Identified intangible liabilities (included in deferred revenue):
Gross amount	292,730	316,119
Accumulated amortization	(252,554)	(262,580)
Total, net	$ 40,176	$ 53,539

Investments in Partially Owned Entities (Tables)

9 Months Ended

Sep. 30, 2020

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

Below is a summary of financial information for Fifth Avenue and Times Square JV.


(Amounts in thousands)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Income statement:
Revenues	$	80,627	$	85,294	$	227,413	$	158,182
Net income	6,750		18,669		16,839		40,135
Net (loss) income attributable to Fifth Avenue and Times Square JV (after allocation to our preferred equity interests)	(13,008)		(1,559)		(41,412)		2,520

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


(Amounts in thousands)	Percentage Ownership at September 30, 2020	Balance as of
		September 30, 2020		December 31, 2019
Investments:
Fifth Avenue and Times Square JV	51.5%	$	2,811,374	$	3,291,231
Partially owned office buildings/land(1)	Various	467,498		464,109
Alexander’s	32.4%	84,534		98,543
Other investments(2)	Various	140,922		145,282
		$	3,504,328	$	3,999,165

Investments in partially owned entities included in other liabilities(3):
7 West 34th Street	53.0%	$	(54,096)	$	(54,004)
85 Tenth Avenue	49.9%	(11,142)		(6,186)
		$	(65,238)	$	(60,190)

____________________

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

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

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

8. Investments in Partially Owned Entities - continued

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


(Amounts in thousands)	Percentage Ownership at September 30, 2020	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
		2020		2019		2020			2019
Our share of net (loss) income:
Fifth Avenue and Times Square JV (see page 28 for details)(1):
Non-cash impairment loss		$	(107,023)	$	—	$	(413,349)		$	—
Return on preferred equity, net of our share of the expense		9,430		9,545		27,926			18,131
Equity in net income	51.5%	7,694		9,891		13,631		(2)	21,108
		(89,899)		19,436		(371,792)			39,239
Alexander's (see page 29 for details):
Equity in net income(3)	32.4%	2,075		5,393		7,420			14,707
Management, leasing and development fees		1,296		1,299		3,778			3,478
		3,371		6,692		11,198			18,185

Partially owned office buildings(4)	Various	6,418		(186)		8,550			(1,531)

Other investments(5)	Various	(799)		4		(1,635)			246

		$	(80,909)	$	25,946	$	(353,679)		$	56,139

____________________

(1)Entered into on April 18, 2019.

(2)Includes a $10,047 reduction in income related to a Forever 21 lease modification at 1540 Broadway and $2,997 of write-offs of lease receivables deemed uncollectible during 2020.

(3)The three and nine months ended September 30, 2020 include $3,139 and $4,846, respectively, of our share of write-offs of lease receivables deemed uncollectible.

Revenue Recognition (Revenues by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Lease income	$ 312,748	$ 414,343	$ 1,012,282	$ 1,310,881
Total revenues	363,962	465,961	1,151,520	1,463,732
Write-off of lease receivables deemed uncollectible			60,766	16,488
New York
Disaggregation of Revenue [Line Items]
Total revenues	293,145	380,568	919,388	1,200,234
Other
Disaggregation of Revenue [Line Items]
Total revenues	70,817	85,393	232,132	263,498
Property rentals
Disaggregation of Revenue [Line Items]
Lease income	312,748	381,740	992,238	1,211,641
Write-off of lease receivables deemed uncollectible	22,135	1,106	60,766	16,488
Property rentals \| New York
Disaggregation of Revenue [Line Items]
Lease income	248,328	308,933	788,248	995,661
Property rentals \| Other
Disaggregation of Revenue [Line Items]
Lease income	64,420	72,807	203,990	215,980
Hotel Pennsylvania
Disaggregation of Revenue [Line Items]
Lease income	0	24,499	8,741	62,633
Hotel Pennsylvania \| New York
Disaggregation of Revenue [Line Items]
Lease income	0	24,499	8,741	62,633
Hotel Pennsylvania \| Other
Disaggregation of Revenue [Line Items]
Lease income	0	0	0	0
Trade shows
Disaggregation of Revenue [Line Items]
Lease income	0	8,104	11,303	36,607
Trade shows \| New York
Disaggregation of Revenue [Line Items]
Lease income	0	0	0	0
Trade shows \| Other
Disaggregation of Revenue [Line Items]
Lease income	0	8,104	11,303	36,607
Lease revenues
Disaggregation of Revenue [Line Items]
Lease income	312,748	414,343	1,012,282	1,310,881
Lease revenues \| New York
Disaggregation of Revenue [Line Items]
Lease income	248,328	333,432	796,989	1,058,294
Lease revenues \| Other
Disaggregation of Revenue [Line Items]
Lease income	64,420	80,911	215,293	252,587
Tenant services
Disaggregation of Revenue [Line Items]
Revenue	9,505	13,295	26,439	37,933
Tenant services \| New York
Disaggregation of Revenue [Line Items]
Revenue	6,589	9,342	18,310	27,904
Tenant services \| Other
Disaggregation of Revenue [Line Items]
Revenue	2,916	3,953	8,129	10,029
Rental revenues
Disaggregation of Revenue [Line Items]
Total revenues	322,253	427,638	1,038,721	1,348,814
Rental revenues \| New York
Disaggregation of Revenue [Line Items]
Total revenues	254,917	342,774	815,299	1,086,198
Rental revenues \| Other
Disaggregation of Revenue [Line Items]
Total revenues	67,336	84,864	223,422	262,616
BMS cleaning fees
Disaggregation of Revenue [Line Items]
Revenue	24,054	30,677	77,635	93,032
BMS cleaning fees \| New York
Disaggregation of Revenue [Line Items]
Revenue	25,592	32,787	82,426	99,488
BMS cleaning fees \| Other
Disaggregation of Revenue [Line Items]
Revenue	(1,538)	(2,110)	(4,791)	(6,456)
Management and leasing fees
Disaggregation of Revenue [Line Items]
Revenue	11,649	3,326	16,353	10,063
Management and leasing fees \| New York
Disaggregation of Revenue [Line Items]
Revenue	11,732	3,746	16,307	10,469
Management and leasing fees \| Other
Disaggregation of Revenue [Line Items]
Revenue	(83)	(420)	46	(406)
Other income
Disaggregation of Revenue [Line Items]
Revenue	6,006	4,320	18,811	11,823
Other income \| New York
Disaggregation of Revenue [Line Items]
Revenue	904	1,261	5,356	4,079
Other income \| Other
Disaggregation of Revenue [Line Items]
Revenue	5,102	3,059	13,455	7,744
Fee and other income
Disaggregation of Revenue [Line Items]
Revenue	41,709	38,323	112,799	114,918
Total revenues	41,709	38,323	112,799	114,918
Fee and other income \| New York
Disaggregation of Revenue [Line Items]
Revenue	38,228	37,794	104,089	114,036
Fee and other income \| Other
Disaggregation of Revenue [Line Items]
Revenue	$ 3,481	$ 529	$ 8,710	$ 882

Investments in Partially Owned Entities (Summary of Income (Loss)) (Details) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
	Jun. 30, 2020	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Schedule Of Equity Method Investments
Non-cash impairment loss					$ 0	$ (26,140)
Our share of net income (loss)		$ (80,909)		$ 25,946	$ (353,679)	56,139
Fifth Avenue and Times Square JV
Schedule Of Equity Method Investments
Equity method ownership percentage		51.50%			51.50%
Non-cash impairment loss	$ (306,326)	$ (107,023)	$ (306,326)	0	$ (413,349)	0
Return on preferred equity, net of our share of the expense		9,430		9,545	27,926	18,131
Equity in net income (loss)		7,694		9,891	13,631	21,108
Our share of net income (loss)		$ (89,899)		19,436	$ (371,792)	39,239
Alexanders Inc
Schedule Of Equity Method Investments
Equity method ownership percentage		32.40%			32.40%
Equity in net income (loss)		$ 2,075		5,393	$ 7,420	14,707
Management, leasing and development fees		1,296		1,299	3,778	3,478
Our share of net income (loss)		3,371		6,692	11,198	18,185
Write off of rent receivable		3,139			4,846
Partially Owned Office Buildings
Schedule Of Equity Method Investments
Our share of net income (loss)		6,418		(186)	8,550	(1,531)
Other investments
Schedule Of Equity Method Investments
Our share of net income (loss)		$ (799)		$ 4	(1,635)	$ 246
1540 Broadway \| Fifth Avenue and Times Square JV
Schedule Of Equity Method Investments
Write off of rent receivable					2,997
Rent reduction					$ 10,047

Organization	9 Months Ended
Organization	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Vornado Realty Trust (“Vornado”) is a fully-integrated real estate investment trust (“REIT”) and conducts its business through, and substantially all of its interests in properties are held by, Vornado Realty L.P., a Delaware limited partnership (the “Operating Partnership”). Vornado is the sole general partner of, and owned approximately 92.7% of the common limited partnership interest in the Operating Partnership as of September 30, 2020. All references to the “Company,” “we,” “us” and “our” mean, collectively, Vornado, the Operating Partnership and those subsidiaries consolidated by Vornado.

Identified Intangible Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2020

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Schedule of Identified Intangible Assets and Intangible Liabilities

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


(Amounts in thousands)	Balance as of
	September 30, 2020		December 31, 2019
Identified intangible assets:
Gross amount	$	121,313	$	129,552
Accumulated amortization	(95,567)		(98,587)
Total, net	$	25,746	$	30,965
Identified intangible liabilities (included in deferred revenue):
Gross amount	$	292,730	$	316,119
Accumulated amortization	(252,554)		(262,580)
Total, net	$	40,176	$	53,539

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, 2021 is as follows:


(Amounts in thousands)
2021	$	10,909
2022	9,366
2023	6,837
2024	3,092
2025	1,539

Estimated annual amortization of all other identified intangible assets including acquired in-place leases for each of the five succeeding years commencing January 1, 2021 is as follows:


(Amounts in thousands)
2021	$	4,327
2022	3,789
2023	3,703
2024	3,089
2025	2,173

Redeemable Noncontrolling Interests (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Dec. 31, 2019
Cumulative Redeemable Preferred Unit
Redeemable Noncontrolling Interest
Fair value of Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units	$ 49,947		$ 49,947			$ 50,561
Partnership Interest
Redeemable Noncontrolling Interest
Redemption value of redeemable Class A units	594,934		594,934
Distributions	7,332	$ 8,852	25,330	$ 25,788
Partnership Interest \| Class A Unit
Redeemable Noncontrolling Interest
Redemption value of redeemable Class A units	$ 460,831		$ 460,831			$ 884,380
Farley Office and Retail \| Joint Venture
Redeemable Noncontrolling Interest
Equity method ownership percentage	95.00%		95.00%
Capital contributions					$ 92,400
Net contributed capital	$ 142,000		$ 142,000
Contributed capital	185,000		$ 185,000
Distributions	$ 43,000
Farley Office and Retail \| Affiliated Entity \| Related Companies
Redeemable Noncontrolling Interest
Ownership percentage by noncontrolling owners	5.00%		5.00%

Identified Intangible Assets and Liabilities (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Below Market Leases Net Of Above Market Leases
Finite-Lived Intangible Assets and Liabilities
Increase to rental income	$ 3,648	$ 4,393	$ 13,054	$ 15,561
Other Identified Intangible Assets
Finite-Lived Intangible Assets and Liabilities
Amortization of intangible assets	$ 1,838	$ 1,597	$ 4,919	$ 7,077

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Insurance For our properties except Farley Office and Retail, we maintain general liability insurance with limits of $300,000,000 per occurrence and per property, of which $235,000,000 includes communicable disease coverage, 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 Farley Office and Retail, 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. Farley Office and Retail The consolidated joint venture in which we own a 95% ownership interest was designated by Empire State Development ("ESD") to develop Farley Office and Retail. 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. In connection with the development of the property, the joint venture took in a historic tax credit investor partner. Under the terms of the historic tax credit arrangement, the joint venture is required to comply with various laws, regulations, and contractual provisions. Non-compliance with applicable requirements could result in projected tax benefits not being realized and, therefore, may require a refund or reduction of the Tax Credit Investor’s capital contributions. As of September 30, 2020, the Tax Credit Investor has made $92,400,000 in capital contributions. Vornado and Related have guaranteed certain of the joint venture’s obligations to the Tax Credit Investor. 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. 21. Commitments and Contingencies - continued Other Commitments and Contingencies - continued 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. On October 9, 2020, the successor to Regus PLC filed for bankruptcy in Luxembourg. In November 2011, we entered into an agreement with the New York City Economic Development Corporation ("EDC") to lease Piers 92 and 94 (the "Piers") for a 49-year term with five 10-year renewal options. The non-recourse lease with a single-purpose entity calls for current annual rent payments of $2,000,000 with fixed rent steps through the initial term. We operate trade shows and special events at the Piers (and sublease to others for the same uses). In February 2019, an inspection revealed that the piles supporting Pier 92 were structurally unsound (an obligation of EDC to maintain) and we were issued an order by EDC to vacate the property. We continued to make the required lease payments through February 2020, with no abatement provided by EDC for the loss of our right to use Pier 92 or reimbursement for lost revenues. Beginning March 2020, as no resolution had been reached with EDC, we have not paid the monthly rents due under the non-recourse lease. As of September 30, 2020, we have a $46,911,000 lease liability and a $34,563,000 right-of-use asset recorded for this lease. 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 underlying loans. In addition, we have guaranteed the rent and payments in lieu of real estate taxes due to ESD, an entity of New York State, for Farley Office and Retail. As of September 30, 2020, the aggregate dollar amount of these guarantees and master leases is approximately $1,745,000,000. As of September 30, 2020, $14,080,000 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. As investment manager of the Fund we are entitled to an incentive allocation after the limited partners have received a preferred return on their invested capital. The incentive allocation is subject to catch-up and clawback provisions. Accordingly, based on the September 30, 2020 fair value of the Fund assets, at liquidation we would be required to make a $33,900,000 payment to the limited partners representing a clawback of previously paid incentive allocations, which would have no income statement impact as it was previously accrued. As of September 30, 2020, we expect to fund additional capital to certain of our partially owned entities aggregating approximately $11,000,000. As of September 30, 2020, we have construction commitments aggregating approximately $504,000,000.

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2020
Basis of Presentation [Abstract]
Basis Of Presentation	Basis of Presentation The accompanying consolidated financial statements are unaudited and include the accounts of Vornado and the Operating Partnership and their consolidated subsidiaries. All inter-company amounts have been eliminated and all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the SEC. 3. Basis of Presentation - continued We have made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the operating results for the full year.

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

9 Months Ended

Sep. 30, 2020

Interest and Other Income [Abstract]

Schedule Of Interest And Other Investment Income, Net

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


(Amounts in thousands)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
(Decrease) increase in fair value of marketable securities:
PREIT(1)	$	—	$	(4,875)	$	(4,938)	$	(19,211)
Lexington Realty Trust(2)	—		—		—		16,068
Other	—		7		—		48
	—		(4,868)		(4,938)		(3,095)
Interest on loans receivable	574		1,604		2,810		4,845
Interest on cash and cash equivalents and restricted cash	253		4,060		5,717		8,753
Dividends on marketable securities	—		1,312		—		2,625
Credit losses on loans receivable(3)	—		—		(13,369)		—
Other, net	902		937		2,712		2,802
	$	1,729	$	3,045	$	(7,068)	$	15,930

____________________

(1)Sold on January 23, 2020 (see page 27 for details).

(2)Sold on March 1, 2019.

(3)See Note 4 - Recently Issued Accounting Literature and Note 15 - Fair Value Measurements for details.

Segment Information (Narrative) (Details)	9 Months Ended
Segment Information (Narrative) (Details)	Sep. 30, 2020 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Fair Value Measurements (Narrative) (Details) $ in Thousands		9 Months Ended
	Dec. 31, 2019 USD ($) investment	Sep. 30, 2020 USD ($) investment
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate fund investments	$ 222,649	$ 3,739
Real estate fund investments
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Number of investments held by fund (investment) \| investment	4	4
Real estate fund investments	$ 222,649	$ 3,739
Excess of fair value over cost		338,327
Level 3 \| Real estate fund investments
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate fund investments		3,739
Excess of fair value over cost		$ 338,327
Capitalization Rate \| Fifth Avenue and Times Square JV
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Other real estate owned, measurement input		0.0450
Discount Rate \| Fifth Avenue and Times Square JV
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Other real estate owned, measurement input		0.0625

Income (Loss) Per Share/Income (Loss) Per Class A Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Numerator:
Income (loss) from continuing operations, net of (income) loss attributable to noncontrolling interests in consolidated subsidiaries	$ 65,700	$ 335,445	$ (102,026)	$ 2,942,267
Loss from discontinued operations	0	(7)	0	(80)
Net (loss) income attributable to Vornado / Vornado Realty L.P.	65,700	335,438	(102,026)	2,942,187
Preferred share dividends / unit distributions	(12,530)	(12,532)	(37,591)	(37,598)
NET (LOSS) INCOME attributable to common shareholders / Class A unitholders	53,170	322,906	(139,617)	2,904,589
Earnings allocated to unvested participating securities	(15)	(33)	(84)	(291)
Numerator for basic income (loss) per share / per Class A unit	53,155	322,873	(139,701)	2,904,298
Convertible preferred share dividends / unit distributions	0	14	0	43
Earnings Allocated To Out-Performance Plan units	0	0	0	9
Numerator for diluted (loss) income per share	$ 53,155	$ 322,887	$ (139,701)	$ 2,904,350
Denominator:
Denominator for basic income (loss) per share - weighted average shares (in shares)	191,162	190,814	191,102	190,762
Vornado Stock Options, Vornado Restricted Stock Awards, OP Units, AO LTIP Units and OPPs (in shares)	0	176	0	227
Convertible preferred shares/units (in shares)	0	34	0	35
Out-Performance Plan units (in shares)	0	0	0	3
Denominator for diluted income (loss) per share - weighted average shares and assumed conversions (in shares)	191,162	191,024	191,102	191,027
INCOME (LOSS) PER COMMON SHARE - BASIC:
Net income (loss) per common share (in dollars per share)	$ 0.28	$ 1.69	$ (0.73)	$ 15.22
INCOME (LOSS) PER COMMON SHARE - DILUTED:
Net income (loss) per common share (in dollars per share)	$ 0.28	$ 1.69	$ (0.73)	$ 15.20
Vornado Realty L.P.
Numerator:
Income (loss) from continuing operations, net of (income) loss attributable to noncontrolling interests in consolidated subsidiaries	$ 69,584	$ 358,083	$ (112,116)	$ 3,139,626
Loss from discontinued operations	0	(8)	0	(85)
Net (loss) income attributable to Vornado / Vornado Realty L.P.	69,584	358,075	(112,116)	3,139,541
Preferred share dividends / unit distributions	(12,572)	(12,574)	(37,715)	(37,722)
NET (LOSS) INCOME attributable to common shareholders / Class A unitholders	57,012	345,501	(149,831)	3,101,819
Earnings allocated to unvested participating securities	(734)	(2,449)	(4,685)	(14,807)
Numerator for basic income (loss) per share / per Class A unit	56,278	343,052	(154,516)	3,087,012
Convertible preferred share dividends / unit distributions	0	14	0	43
Numerator for diluted (loss) income per Class A unit	$ 56,278	$ 343,066	$ (154,516)	$ 3,087,055
Denominator:
Denominator for basic (loss) income per Class A unit – weighted average units (in shares)	203,554	203,009	203,480	202,903
Vornado Stock Options, Vornado Restricted Stock Awards, OP Units, AO LTIP Units and OPPs (in shares)	0	507	0	478
Convertible preferred shares/units (in shares)	0	34	0	35
Denominator for diluted income (loss) per Class A unit - weighted average units and assumed conversions (in shares)	203,554	203,550	203,480	203,416
INCOME (LOSS) PER CLASS A UNIT - BASIC:
Net income (loss) per Class A unit (in dollars per unit)	$ 0.28	$ 1.69	$ (0.76)	$ 15.21
INCOME (LOSS) PER CLASS A UNIT - DILUTED:
Net income (loss) per Class A unit (in dollars per unit)	$ 0.28	$ 1.69	$ (0.76)	$ 15.18

Shareholders' Equity/Partners' Capital (Schedule of Dividends) (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Class of Stock [Line Items]
Common shares, dividends (in dollars per share)	$ 0.53	$ 0.66	$ 1.85	$ 1.98
Common shares of beneficial interest: authorized shares (shares)	250,000,000		250,000,000		250,000,000
Preferred shares of beneficial interest: authorized shares (shares)	110,000,000		110,000,000		110,000,000
Common Class A
Class of Stock [Line Items]
Common shares of beneficial interest: authorized shares (shares)	250,000,000	250,000,000	250,000,000	250,000,000
Convertible Preferred Stock \| Common Class A
Class of Stock [Line Items]
Common shares, dividends (in dollars per share)	$ 0.53	$ 0.66	$ 1.85	$ 1.98
Convertible Preferred Stock \| Series A Preferred Stock
Class of Stock [Line Items]
Common shares, dividends (in dollars per share)	0.53	0.66	1.85	1.98
Preferred stock, dividend rate, per-dollar-amount (in dollars per share)	$ 0.8125	$ 0.8125	$ 2.4375	$ 2.4375
Preferred stock, dividend rate, percentage (percent)			6.50%	6.50%
Preferred shares of beneficial interest: authorized shares (shares)	13,402	83,977	13,402	83,977
Preferred stock, redemption price per share (in dollars per share/unit)	$ 1.9531		$ 1.9531
Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred stock, liquidation preference per share (in dollars per share/unit)	25.00		25.00
Redeemable Preferred Stock \| Series K Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate, per-dollar-amount (in dollars per share)	$ 0.3563	$ 0.3563	$ 1.0689	$ 1.0689
Preferred stock, dividend rate, percentage (percent)			5.70%	5.70%
Preferred shares of beneficial interest: authorized shares (shares)	12,000,000	12,000,000	12,000,000	12,000,000
Redeemable Preferred Stock \| Series L Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate, per-dollar-amount (in dollars per share)	$ 0.3375	$ 0.3375	$ 1.0125	$ 1.0125
Preferred stock, dividend rate, percentage (percent)			5.40%	5.40%
Preferred shares of beneficial interest: authorized shares (shares)	13,800,000,000	13,800,000,000	13,800,000,000	13,800,000,000
Redeemable Preferred Stock \| Series M Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate, per-dollar-amount (in dollars per share)	$ 0.3281	$ 0.3281	$ 0.9843	$ 0.9843
Preferred stock, dividend rate, percentage (percent)			5.25%	5.25%
Preferred shares of beneficial interest: authorized shares (shares)	13,800,000	13,800,000	13,800,000	13,800,000
Class A Unit \| Convertible Preferred Stock \| Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, redemption price per share (in dollars per share/unit)	$ 1.9531		$ 1.9531