0000899689-21-000029 | 10-Q | XBRL Viewer

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Cover	3 Months Ended
Cover	Mar. 31, 2021 shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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	191,464,658
Entity Central Index Key	0000899689
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
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
5.25% Series N \| New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	5.25% Series N
Entity Trading Symbol	VNO/PN
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	2021

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Real estate, at cost:
Land	$ 2,420,054	$ 2,420,054
Buildings and improvements	7,953,933	7,933,030
Development costs and construction in progress	1,701,401	1,604,637
Leasehold improvements and equipment	132,597	130,222
Total	12,207,985	12,087,943
Less accumulated depreciation and amortization	(3,220,993)	(3,169,446)
Real estate, net	8,986,992	8,918,497
Right-of-use assets	365,929	367,365
Cash and cash equivalents	1,636,093	1,624,482
Restricted cash	119,517	105,887
Tenant and other receivables	74,590	77,658
Investments in partially owned entities	3,363,657	3,491,107
Real estate fund investments	3,739	3,739
220 Central Park South condominium units ready for sale	130,954	128,215
Receivable arising from the straight-lining of rents	668,799	674,075
Deferred leasing costs, net of accumulated amortization of $198,723 and $196,972	375,138	372,919
Identified intangible assets, net of accumulated amortization of $90,508 and $93,113	22,390	23,856
Other assets	397,339	434,022
Assets	16,145,137	16,221,822
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net	5,573,626	5,580,549
Senior unsecured notes, net	446,888	446,685
Unsecured term loan, net	797,024	796,762
Unsecured revolving credit facilities	575,000	575,000
Lease liabilities	400,974	401,008
Accounts payable and accrued expenses	432,035	427,202
Deferred revenue	36,925	40,110
Deferred compensation plan	107,889	105,564
Other liabilities	286,961	294,520
Total liabilities	8,657,322	8,667,400
Commitments and contingencies
Redeemable noncontrolling interests:
Total redeemable noncontrolling interests	734,630	606,267
Shareholders' / Partner's Equity
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 48,793,402 shares	1,182,311	1,182,339
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 191,464,658 and 191,354,679 shares	7,638	7,633
Additional capital	8,080,392	8,192,507
Earnings less than distributions	(2,871,681)	(2,774,182)
Accumulated other comprehensive loss	(60,753)	(75,099)
Total Vornado shareholders' / partners equity	6,337,907	6,533,198
Noncontrolling interests in consolidated subsidiaries	415,278	414,957
Total equity	6,753,185	6,948,155
Total liabilities, redeemable noncontrolling interests / partnership units and equity	16,145,137	16,221,822
Vornado Realty L.P.
Real estate, at cost:
Land	2,420,054	2,420,054
Buildings and improvements	7,953,933	7,933,030
Development costs and construction in progress	1,701,401	1,604,637
Leasehold improvements and equipment	132,597	130,222
Total	12,207,985	12,087,943
Less accumulated depreciation and amortization	(3,220,993)	(3,169,446)
Real estate, net	8,986,992	8,918,497
Right-of-use assets	365,929	367,365
Cash and cash equivalents	1,636,093	1,624,482
Restricted cash	119,517	105,887
Tenant and other receivables	74,590	77,658
Investments in partially owned entities	3,363,657	3,491,107
Real estate fund investments	3,739	3,739
220 Central Park South condominium units ready for sale	130,954	128,215
Receivable arising from the straight-lining of rents	668,799	674,075
Deferred leasing costs, net of accumulated amortization of $198,723 and $196,972	375,138	372,919
Identified intangible assets, net of accumulated amortization of $90,508 and $93,113	22,390	23,856
Other assets	397,339	434,022
Assets	16,145,137	16,221,822
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net	5,573,626	5,580,549
Senior unsecured notes, net	446,888	446,685
Unsecured term loan, net	797,024	796,762
Unsecured revolving credit facilities	575,000	575,000
Lease liabilities	400,974	401,008
Accounts payable and accrued expenses	432,035	427,202
Deferred revenue	36,925	40,110
Deferred compensation plan	107,889	105,564
Other liabilities	286,961	294,520
Total liabilities	8,657,322	8,667,400
Commitments and contingencies
Redeemable noncontrolling interests:
Total redeemable noncontrolling interests	734,630	606,267
Shareholders' / Partner's Equity
Partners' capital	9,270,341	9,382,479
Earnings less than distributions	(2,871,681)	(2,774,182)
Accumulated other comprehensive loss	(60,753)	(75,099)
Total Vornado shareholders' / partners equity	6,337,907	6,533,198
Noncontrolling interests in consolidated subsidiaries	415,278	414,957
Total equity	6,753,185	6,948,155
Total liabilities, redeemable noncontrolling interests / partnership units and equity	16,145,137	16,221,822
Partnership Interest
Redeemable noncontrolling interests:
Class A units - 14,004,370 and 13,583,607 units outstanding	635,658	507,212
Series D cumulative redeemable preferred units - 141,401 units outstanding	4,535	4,535
Total redeemable noncontrolling interests	640,193	511,747
Partnership Interest \| Vornado Realty L.P.
Redeemable noncontrolling interests:
Class A units - 14,004,370 and 13,583,607 units outstanding	635,658	507,212
Series D cumulative redeemable preferred units - 141,401 units outstanding	4,535	4,535
Total redeemable noncontrolling interests	640,193	511,747
Subsidiary
Redeemable noncontrolling interests:
Total redeemable noncontrolling interests	94,437	94,520
Subsidiary \| Vornado Realty L.P.
Redeemable noncontrolling interests:
Total redeemable noncontrolling interests	$ 94,437	$ 94,520

Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Deferred leasing costs, accumulated amortization	$ 198,723	$ 196,972
Identified intangible assets, accumulated amortization	$ 90,508	$ 93,113
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)	48,793,402	48,793,402
Preferred shares of beneficial interest: outstanding shares (shares)	48,793,402	48,793,402
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)	191,464,658	191,354,679
Common shares of beneficial interest: outstanding shares (shares)	191,464,658	191,354,679
Class A Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding Partnership Units held by Third Parties (shares)	14,004,370	13,583,607
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	$ 198,723	$ 196,972
Identified intangible assets, accumulated amortization	$ 90,508	$ 93,113
Vornado Realty L.P. \| Class A Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding Partnership Units held by Third Parties (shares)	14,004,370	13,583,607
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 Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
REVENUES:
Revenues	$ 379,977	$ 444,532
EXPENSES:
Operating	(190,979)	(230,007)
Depreciation and amortization	(95,354)	(92,793)
General and administrative	(44,186)	(52,834)
(Expense) benefit from deferred compensation plan liability	(3,245)	11,245
Transaction related costs and other	(843)	(71)
Total expenses	(334,607)	(364,460)
Income from partially owned entities	29,073	19,103
Loss from real estate fund investments	(169)	(183,463)
Interest and other investment income (loss), net	1,522	(5,904)
Income (loss) from deferred compensation plan assets	3,245	(11,245)
Interest and debt expense	(50,064)	(58,842)
Net gains on disposition of wholly owned and partially owned assets	0	68,589
Income (loss) before income taxes	28,977	(91,690)
Income tax expense	(1,984)	(12,813)
Net income (loss)	26,993	(104,503)
Less net loss (income) attributable to noncontrolling interests / consolidated subsidiaries in:
Consolidated subsidiaries	(6,114)	122,387
Operating Partnership	(329)	(390)
Net income attributable to Vornado / Vornado Realty L.P.	20,550	17,494
Preferred share dividends / unit distributions	(16,467)	(12,531)
NET INCOME attributable to common shareholders / Class A unitholders	$ 4,083	$ 4,963
INCOME PER COMMON SHARE - BASIC:
Net income per common share (in dollars per share)	$ 0.02	$ 0.03
Weighted average shares outstanding, basic (in shares)	191,418	191,038
INCOME PER COMMON SHARE - DILUTED:
Net income per common share (in dollars per share)	$ 0.02	$ 0.03
Weighted average shares outstanding, diluted (in shares)	192,031	191,113
Vornado Realty L.P.
REVENUES:
Revenues	$ 379,977	$ 444,532
EXPENSES:
Operating	(190,979)	(230,007)
Depreciation and amortization	(95,354)	(92,793)
General and administrative	(44,186)	(52,834)
(Expense) benefit from deferred compensation plan liability	(3,245)	11,245
Transaction related costs and other	(843)	(71)
Total expenses	(334,607)	(364,460)
Income from partially owned entities	29,073	19,103
Loss from real estate fund investments	(169)	(183,463)
Interest and other investment income (loss), net	1,522	(5,904)
Income (loss) from deferred compensation plan assets	3,245	(11,245)
Interest and debt expense	(50,064)	(58,842)
Net gains on disposition of wholly owned and partially owned assets	0	68,589
Income (loss) before income taxes	28,977	(91,690)
Income tax expense	(1,984)	(12,813)
Net income (loss)	26,993	(104,503)
Less net loss (income) attributable to noncontrolling interests / consolidated subsidiaries in:
Consolidated subsidiaries	(6,114)	122,387
Operating Partnership	(329)	(390)
Net income attributable to Vornado / Vornado Realty L.P.	20,879	17,884
Preferred share dividends / unit distributions	(16,508)	(12,572)
NET INCOME attributable to common shareholders / Class A unitholders	$ 4,371	$ 5,312
INCOME PER CLASS A UNIT - BASIC:
Net income per Class A unit (in dollars per unit)	$ 0.02	$ 0
Weighted average units outstanding, basic (in shares)	204,072	203,370
INCOME PER CLASS A UNIT - DILUTED:
Net income per Class A unit (in dollars per unit)	$ 0.02	$ 0
Weighted average units outstanding, diluted (in shares)	204,901	203,516
Rental revenues
REVENUES:
Revenues	$ 339,317	$ 401,274
Rental revenues \| Vornado Realty L.P.
REVENUES:
Revenues	339,317	401,274
Fee and other income
REVENUES:
Revenues	40,660	43,258
Fee and other income \| Vornado Realty L.P.
REVENUES:
Revenues	$ 40,660	$ 43,258

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net income (loss)	$ 26,993	$ (104,503)
Other comprehensive income (loss):
Increase (reduction) in value of interest rate swaps and other	11,641	(45,477)
Other comprehensive income of nonconsolidated subsidiaries	3,591	8
Comprehensive income (loss)	42,225	(149,972)
Less comprehensive loss (income) loss attributable to noncontrolling interests in noncontrolling interests / consolidated subsidiaries	(7,329)	124,980
Comprehensive (loss) income attributable to Vornado / Vornado Realty L.P.	34,896	(24,992)
Vornado Realty L.P.
Net income (loss)	26,993	(104,503)
Other comprehensive income (loss):
Increase (reduction) in value of interest rate swaps and other	11,641	(45,477)
Other comprehensive income of nonconsolidated subsidiaries	3,591	8
Comprehensive income (loss)	42,225	(149,972)
Less comprehensive loss (income) loss attributable to noncontrolling interests in noncontrolling interests / consolidated subsidiaries	(6,114)	122,387
Comprehensive (loss) income attributable to Vornado / Vornado Realty L.P.	$ 36,111	$ (27,585)

- 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.

+ References

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+ 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, 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 income attributable to Vornado / Vornado Realty L.P.	17,494						17,494					17,884					17,884
Net income attributable to redeemable partnership units	(390)											(390)					(390)
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries	(122,387)								(122,387)			(122,387)							(122,387)
Dividends on common shares	(126,106)						(126,106)
Distributions to Vornado												(126,106)					(126,106)
Distributions to preferred shareholders / unitholders (see Note 13 for distributions per unit amounts)	(12,531)						(12,531)					(12,531)					(12,531)
Common shares issued: / Class A Units issued to Vornado
Upon redemption of Class A units, at redemption value, shares					27											27
Upon redemption of Class A units, at redemption value, value	1,640				$ 1	1,639						1,640				$ 1,640
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					21											21
Under dividend reinvestment plan, value	1,382				$ 1	1,381						1,382				$ 1,382
Contributions:
Contributions		$ 3,389	$ 1,397							$ 3,389	$ 1,397		$ 3,389	$ 1,397						$ 3,389	$ 1,397
Distributions:
Distributions	(5,235)								(5,235)			(5,235)							(5,235)
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, value	0			$ (3)		3						0			$ (3)	$ 3
Deferred compensation shares and options, shares					13											13
Deferred compensation shares and options	161				$ 1	297	(137)					161				$ 298	(137)
Other comprehensive income of nonconsolidated subsidiaries	8							8				8						8
Increase (reduction) in value of interest rate swaps	(45,477)							(45,477)				(45,477)						(45,477)
Unearned Out-Performance Plan awards acceleration	10,824					10,824						10,824				10,824
Redeemable Class A unit measurement adjustment	267,170					267,170						267,170				267,170
Redeemable noncontrolling interests' share of above adjustments	2,983							2,983				2,983						2,983
Other, value	69					(2)	(2)		73			69				$ (2)	(2)		73
Ending balance, shares at Mar. 31, 2020				36,796	191,116										36,796	191,116
Ending balance, value at Mar. 31, 2020	7,293,212			$ 891,211	$ 7,624	8,112,523	(2,091,612)	(82,719)	456,185			7,293,212			$ 891,211	$ 8,120,147	(2,091,612)	(82,719)	456,185
Beginning balance, shares at Dec. 31, 2020				48,793	191,355										48,793	191,355
Beginning balance, value at Dec. 31, 2020	6,948,155			$ 1,182,339	$ 7,633	8,192,507	(2,774,182)	(75,099)	414,957			6,948,155			$ 1,182,339	$ 8,200,140	(2,774,182)	(75,099)	414,957
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Vornado / Vornado Realty L.P.	20,550						20,550					20,879					20,879
Net income attributable to redeemable partnership units	(329)											(329)					(329)
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries	6,197								6,197			6,197							6,197
Dividends on common shares	(101,467)						(101,467)
Distributions to Vornado												(101,467)					(101,467)
Distributions to preferred shareholders / unitholders (see Note 13 for distributions per unit amounts)	(16,467)						(16,467)					(16,467)					(16,467)
Common shares issued: / Class A Units issued to Vornado
Upon redemption of Class A units, at redemption value, shares					107											107
Upon redemption of Class A units, at redemption value, value	4,103				$ 4	4,099						4,103				$ 4,103
Under employees' share option plan, value	4					4						4				$ 4
Under dividend reinvestment plan, shares					6											6
Under dividend reinvestment plan, value	211					211						211				$ 211
Distributions:
Distributions	(5,877)								(5,877)			(5,877)							(5,877)
Deferred compensation shares and options, shares					(3)											(3)
Deferred compensation shares and options	110					224	(114)					110				$ 224	(114)
Other comprehensive income of nonconsolidated subsidiaries	3,591							3,591				3,591						3,591
Increase (reduction) in value of interest rate swaps	11,642							11,642				11,642						11,642
Unearned Out-Performance Plan awards acceleration	10,283					10,283						10,283				10,283
Redeemable Class A unit measurement adjustment	(126,936)					(126,936)						(126,936)				(126,936)
Redeemable noncontrolling interests' share of above adjustments	(886)							(886)				(886)						(886)
Other, value	(28)			$ (28)	$ 1		(1)	(1)	1			(28)			$ (28)	$ 1	(1)		1
Ending balance, shares at Mar. 31, 2021				48,793	191,465										48,793	191,465
Ending balance, value at Mar. 31, 2021	$ 6,753,185			$ 1,182,311	$ 7,638	$ 8,080,392	$ (2,871,681)	$ (60,753)	$ 415,278			$ 6,753,185			$ 1,182,311	$ 8,088,030	$ (2,871,681)	$ (60,753)	$ 415,278

Consolidated Statements of Changes in Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Common shares/units, dividends (in dollars per share)	$ 0.53	$ 0.66
Vornado Realty L.P.
Common shares/units, dividends (in dollars per share)	$ 0.53	$ 0.66

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash Flows from Operating Activities:
Net income (loss)	$ 26,993	$ (104,503)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs)	100,034	96,913
Distributions of income from partially owned entities	61,157	48,568
Equity in net income of partially owned entities	(29,073)	(19,103)
Stock-based compensation expense	21,225	25,765
Straight-lining of rents	5,073	10,165
Write-off of lease receivables deemed uncollectible	3,670	1,044
Amortization of below-market leases, net	(3,166)	(4,206)
Net unrealized loss on real estate fund investments	494	183,520
Net gains on disposition of wholly owned and partially owned assets	0	(68,589)
Credit losses on loans receivable	0	7,261
Decrease in fair value of marketable securities	0	4,938
Other non-cash adjustments	1,348	3,112
Changes in operating assets and liabilities:
Real estate fund investments	(494)	(6,000)
Tenant and other receivables	(1,077)	(20,938)
Prepaid assets	48,599	(91,878)
Other assets	(20,693)	(8,051)
Accounts payable and accrued expenses	9,842	(7,659)
Other liabilities	253	1,089
Net cash provided by operating activities	224,185	51,448
Cash Flows from Investing Activities:
Development costs and construction in progress	(130,318)	(169,845)
Distributions of capital from partially owned entities	106,005	1,090
Additions to real estate	(27,410)	(49,251)
Investments in partially owned entities	(4,816)	(2,130)
Proceeds from sale of condominium units at 220 Central Park South	0	191,216
Moynihan Train Hall expenditures	0	(98,794)
Proceeds from sales of marketable securities	0	28,375
Net cash used in investing activities	(56,539)	(99,339)
Cash Flows from Financing Activities:
Repayments of borrowings	(358,331)	(2,150)
Proceeds from borrowings	350,000	553,062
Dividends paid on common shares / Distributions to Vornado	(101,467)	(498,486)
Dividends paid on preferred shares / Distributions to preferred unitholders	(16,467)	(12,531)
Distribution to noncontrolling interests / redeemable security holders and noncontrolling interests in consolidated subsidiaries	(13,338)	(40,045)
Debt issuance costs	(2,904)	(124)
Proceeds received from exercise of employee share options (Vornado stock options) and other	215	4,899
Repurchase of shares / Class A units related to stock compensation agreements and related tax withholdings	(113)	(137)
Moynihan Train Hall reimbursement from Empire State Development	0	98,794
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries	0	4,786
Net cash (used in) provided by financing activities	(142,405)	108,068
Net increase in cash and cash equivalents and restricted cash	25,241	60,177
Cash and cash equivalents and restricted cash at beginning of period	1,730,369	1,607,131
Cash and cash equivalents and restricted cash at end of period	1,755,610	1,667,308
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	1,624,482	1,515,012
Restricted cash at beginning of period	105,887	92,119
Cash and cash equivalents and restricted cash at beginning of period	1,730,369	1,607,131
Cash and Cash Equivalents, at Carrying Value, Ending Balance	1,636,093	1,586,738
Restricted cash at end of period	119,517	80,570
Cash and cash equivalents and restricted cash at end of period	1,755,610	1,667,308
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest, excluding capitalized interest of $10,267 and $11,913	50,394	53,997
Cash payments for income taxes	4,002	6,089
Non-Cash Investing and Financing Activities:
Redeemable Class A unit measurement adjustment	(126,936)	267,170
Accrued capital expenditures included in accounts payable and accrued expenses	68,986	65,926
Write-off of fully depreciated assets	(30,782)	(45,115)
Reclassification from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale"	2,739	106,479
Vornado Realty L.P.
Cash Flows from Operating Activities:
Net income (loss)	26,993	(104,503)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs)	100,034	96,913
Distributions of income from partially owned entities	61,157	48,568
Equity in net income of partially owned entities	(29,073)	(19,103)
Stock-based compensation expense	21,225	25,765
Straight-lining of rents	5,073	10,165
Write-off of lease receivables deemed uncollectible	3,670	1,044
Amortization of below-market leases, net	(3,166)	(4,206)
Net unrealized loss on real estate fund investments	494	183,520
Net gains on disposition of wholly owned and partially owned assets	0	(68,589)
Credit losses on loans receivable	0	7,261
Decrease in fair value of marketable securities	0	4,938
Other non-cash adjustments	1,348	3,112
Changes in operating assets and liabilities:
Real estate fund investments	(494)	(6,000)
Tenant and other receivables	(1,077)	(20,938)
Prepaid assets	48,599	(91,878)
Other assets	(20,693)	(8,051)
Accounts payable and accrued expenses	9,842	(7,659)
Other liabilities	253	1,089
Net cash provided by operating activities	224,185	51,448
Cash Flows from Investing Activities:
Development costs and construction in progress	(130,318)	(169,845)
Distributions of capital from partially owned entities	106,005	1,090
Additions to real estate	(27,410)	(49,251)
Investments in partially owned entities	(4,816)	(2,130)
Proceeds from sale of condominium units at 220 Central Park South	0	191,216
Moynihan Train Hall expenditures	0	(98,794)
Proceeds from sales of marketable securities	0	28,375
Net cash used in investing activities	(56,539)	(99,339)
Cash Flows from Financing Activities:
Repayments of borrowings	(358,331)	(2,150)
Proceeds from borrowings	350,000	553,062
Dividends paid on common shares / Distributions to Vornado	(101,467)	(498,486)
Dividends paid on preferred shares / Distributions to preferred unitholders	(16,467)	(12,531)
Distribution to noncontrolling interests / redeemable security holders and noncontrolling interests in consolidated subsidiaries	(13,338)	(40,045)
Debt issuance costs	(2,904)	(124)
Proceeds received from exercise of employee share options (Vornado stock options) and other	215	4,899
Repurchase of shares / Class A units related to stock compensation agreements and related tax withholdings	(113)	(137)
Moynihan Train Hall reimbursement from Empire State Development	0	98,794
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries	0	4,786
Net cash (used in) provided by financing activities	(142,405)	108,068
Net increase in cash and cash equivalents and restricted cash	25,241	60,177
Cash and cash equivalents and restricted cash at beginning of period	1,730,369	1,607,131
Cash and cash equivalents and restricted cash at end of period	1,755,610	1,667,308
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	1,624,482	1,515,012
Restricted cash at beginning of period	105,887	92,119
Cash and cash equivalents and restricted cash at beginning of period	1,730,369	1,607,131
Cash and Cash Equivalents, at Carrying Value, Ending Balance	1,636,093	1,586,738
Restricted cash at end of period	119,517	80,570
Cash and cash equivalents and restricted cash at end of period	1,755,610	1,667,308
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest, excluding capitalized interest of $10,267 and $11,913	50,394	53,997
Cash payments for income taxes	4,002	6,089
Non-Cash Investing and Financing Activities:
Redeemable Class A unit measurement adjustment	(126,936)	267,170
Accrued capital expenditures included in accounts payable and accrued expenses	68,986	65,926
Write-off of fully depreciated assets	(30,782)	(45,115)
Reclassification from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale"	$ 2,739	$ 106,479

Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - Fifth Avenue and Times Square JV - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Capitalized interest	$ 10,267	$ 11,913
Vornado Realty L.P.
Capitalized interest	$ 10,267	$ 11,913

Organization	3 Months Ended
Organization	Mar. 31, 2021
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 March 31, 2021. All references to the “Company,” “we,” “us” and “our” mean, collectively, Vornado, the Operating Partnership and those subsidiaries consolidated by Vornado.

COVID-19 Pandemic	3 Months Ended
COVID-19 Pandemic	Mar. 31, 2021
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, however, there continue to be limitations on occupancy and other restrictions that affect their ability to resume full operations. •While our buildings remain open, many of our office tenants are working remotely. •We temporarily closed the Hotel Pennsylvania on April 1, 2020 and on April 5, 2021, we announced that we permanently closed the hotel. •We cancelled trade shows at theMART beginning late March of 2020 and expect to resume trade shows in the third quarter of 2021. •As of April 30, 2021, approximately 70% of the 1,293 Building Maintenance Services LLC ("BMS") employees that had been placed on furlough in 2020 have returned to work. While we believe our tenants are required to pay rent under their leases and we have commenced legal proceedings against certain tenants that have failed to pay 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. For the quarter ended March 31, 2021, we collected 96% of rent due from our tenants, comprised of 97% from our office tenants and 90% from our retail tenants. Based on our assessment of the probability of rent collection of our lease receivables, we have written off $1,001,000 of receivables arising from the straight-lining of rents for the three months ended March 31, 2021. In addition, we have written off $2,910,000 of tenant receivables deemed uncollectible for the three months ended March 31, 2021. These write-offs resulted in a reduction of lease revenues and our share of income from partially owned entities. Prospectively, revenue recognition for lease receivables deemed uncollectible will be based on actual amounts received.

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2021
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, 2020, as filed with the SEC. We have made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the operating results for the full year. In addition, certain prior year balances have been reclassified in order to conform to the current period presentation.

Recently Issued Accounting Literature	3 Months Ended
Recently Issued Accounting Literature	Mar. 31, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recently Issued Accounting Literature	Recently Issued Accounting Literature In March 2020, the Financial Accounting Standards Board ("FASB") issued an update ("ASU 2020-04") establishing Accounting Standards Codification ("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. We have 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 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.

+ References

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-Paragraph 8
-Subparagraph (e)(3)

+ Details

Revenue Recognition

3 Months Ended

Mar. 31, 2021

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 months ended March 31, 2021 and 2020 is set forth in Note 19 - Segment Information.


(Amounts in thousands)	For the Three Months Ended March 31, 2021
	Total		New York		Other
Property rentals	$	332,058	$	261,691	$	70,367

Trade shows(1)	—		—		—
Lease revenues(2)	332,058		261,691		70,367
Tenant services	7,259		5,009		2,250
Rental revenues	339,317		266,700		72,617
BMS cleaning fees	28,477		29,948		(1,471)		(3)
Management and leasing fees	5,369		5,522		(153)
Other income	6,814		1,801		5,013
Fee and other income	40,660		37,271		3,389
Total revenues	$	379,977	$	303,971	$	76,006

____________________

See notes below.


(Amounts in thousands)	For the Three Months Ended March 31, 2020
	Total		New York		Other
Property rentals	$	371,174	$	298,612	$	72,562
Hotel Pennsylvania(4)	8,741		8,741		—
Trade shows	11,303		—		11,303
Lease revenues(2)	391,218		307,353		83,865
Tenant services	10,056		7,380		2,676
Rental revenues	401,274		314,733		86,541
BMS cleaning fees	32,466		34,429		(1,963)		(3)
Management and leasing fees	2,867		2,874		(7)
Other income	7,925		3,579		4,346
Fee and other income	43,258		40,882		2,376
Total revenues	$	444,532	$	355,615	$	88,917

____________________

(1)We cancelled trade shows at theMART beginning late March of 2020 due to the COVID-19 pandemic.

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


	For the Three Months Ended March 31,
	2021		2020
Fixed billings	$	309,860	$	354,314
Variable billings	31,649		45,221
Total contractual operating lease billings	341,509		399,535
Adjustment for straight-line rents and amortization of acquired below-market leases and other, net	(5,781)		(7,273)
Less: write-off of straight-line rent and tenant receivables deemed uncollectible	(3,670)		(1,044)
Lease revenues	$	332,058	$	391,218

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

(4)We temporarily closed the Hotel Pennsylvania on April 1, 2020 and on April 5, 2021, we announced that we permanently closed the hotel.

- 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
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-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

Real Estate Fund Investments

3 Months Ended

Mar. 31, 2021

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 March 31, 2021) and provides for additional default interest of 3.00%, was scheduled to mature on July 9, 2020.

As of March 31, 2021, 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, $339,516,000 below cost, and had remaining unfunded commitments of $29,194,000, of which our share was $9,266,000. As of December 31, 2020, those four real estate fund investments had an aggregate fair value of $3,739,000.

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


(Amounts in thousands)	For the Three Months Ended March 31,
	2021		2020
Net unrealized loss on held investments	$	(494)	$	(183,520)
Net investment income	325		57



Loss from real estate fund investments	(169)		(183,463)
Less loss attributable to noncontrolling interests in consolidated subsidiaries	429		127,305
Income (loss) from real estate fund investments net of noncontrolling interests in consolidated subsidiaries	$	260	$	(56,158)

Investments in Partially Owned Entities

3 Months Ended

Mar. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Investments in Partially Owned Entities

Fifth Avenue and Times Square JV

As of March 31, 2021, 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 provide various services to Fifth Avenue and Times Square JV in accordance with management, development, leasing and other agreements.

We also own $1.828 billion of preferred equity security interests in certain of the properties. The preferred equity has an annual coupon of 4.25% through April 2024, increasing to 4.75% for the subsequent five years and thereafter at a formulaic rate. It can be redeemed under certain conditions on a tax deferred basis.

As of March 31, 2021, the carrying amount of our investment in the joint venture was less than our share of the equity in the net assets of the joint venture by approximately $399,434,000, the basis difference primarily resulting from non-cash impairment losses recognized during 2020. Substantially all of this basis difference was allocated, based on our estimates of the fair values of Fifth Avenue and Times Square JV’s assets and liabilities, to real estate (land and buildings). We are amortizing the basis difference related to the buildings into earnings as a reduction to depreciation expense over their estimated useful lives.

7. Investments in Partially Owned Entities - continued

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

As of March 31, 2021, 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 March 31, 2021, 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 March 31, 2021 closing share price of $277.30, was $458,673,000, or $375,445,000 in excess of the carrying amount on our consolidated balance sheet. As of March 31, 2021, 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 $38,430,000. 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.

One Park Avenue

On February 26, 2021, a joint venture in which we have a 55.0% interest completed a $525,000,000 refinancing of One Park Avenue, a 943,000 square foot Manhattan office building. The interest-only loan bears a rate of LIBOR plus 1.11% (1.21% as of March 31, 2021) and matures in March 2023, with three one-year extension options. We realized net proceeds of $105,000,000. The loan replaces the previous $300,000,000 loan that bore interest at LIBOR plus 1.75% and was scheduled to mature in March 2021.

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


(Amounts in thousands)	Percentage Ownership at March 31, 2021	Balance as of
		March 31, 2021		December 31, 2020
Investments:
Fifth Avenue and Times Square JV (see page 23 for details):	51.5%	$	2,787,865	$	2,798,413
Partially owned office buildings/land(1)	Various	358,155		473,285
Alexander’s	32.4%	83,228		82,902
Other investments(2)	Various	134,409		136,507
		$	3,363,657	$	3,491,107

Investments in partially owned entities included in other liabilities(3):
7 West 34th Street	53.0%	$	(55,195)	$	(55,340)
85 Tenth Avenue	49.9%	(15,728)		(13,080)
		$	(70,923)	$	(68,420)

____________________

(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.

7. Investments in Partially Owned Entities - continued

Below is a schedule of income from partially owned entities.


(Amounts in thousands)	Percentage Ownership at March 31, 2021	For the Three Months Ended March 31,
		2021		2020
Our share of net income (loss):
Fifth Avenue and Times Square JV (see page 23 for details):

Equity in net income	51.5%	$	9,606	$	5,496
Return on preferred equity, net of our share of the expense		9,226		9,166
		18,832		14,662
Alexander's (see page 24 for details):
Equity in net income	32.4%	5,729		1,416
Management, leasing and development fees		575		1,260
		6,304		2,676

Partially owned office buildings(1)	Various	5,972		1,322

Other investments(2)	Various	(2,035)		443

		$	29,073	$	19,103

____________________

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

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

Identified Intangible Assets and Liabilities

3 Months Ended

Mar. 31, 2021

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
	March 31, 2021		December 31, 2020
Identified intangible assets:
Gross amount	$	112,898	$	116,969
Accumulated amortization	(90,508)		(93,113)
Total, net	$	22,390	$	23,856
Identified intangible liabilities (included in deferred revenue):
Gross amount	$	272,337	$	273,902
Accumulated amortization	(240,283)		(238,541)
Total, net	$	32,054	$	35,361

Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental revenues of $3,166,000 and $4,206,000 for the three months ended March 31, 2021 and 2020, 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, 2022 is as follows:


(Amounts in thousands)
2022	$	9,160
2023	6,620
2024	2,872
2025	1,444
2026	801

Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $1,326,000 and $1,727,000 for the three months ended March 31, 2021 and 2020, 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, 2022 is as follows:


(Amounts in thousands)
2022	$	3,707
2023	3,620
2024	3,006
2025	2,132
2026	1,982

Debt

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Debt

Secured Debt

On March 7, 2021, we entered into an interest rate swap agreement for our $500,000,000 PENN 11 mortgage loan, to swap the interest rate on the mortgage loan from LIBOR plus 2.75% (2.85% as of March 31, 2021) to a fixed rate of 3.03% through March 2024.

On March 26, 2021, we completed a $350,000,000 refinancing of 909 Third Avenue, a 1.4 million square foot Manhattan office building. The interest-only loan bears a fixed rate of 3.23% and matures in April 2031. The loan replaces the previous $350,000,000 loan that bore interest at a fixed rate of 3.91% and was scheduled to mature in May 2021.

Unsecured Revolving Credit Facility

On April 15, 2021, we extended our $1.25 billion unsecured revolving credit facility from January 2023 (as fully extended) to April 2026 (as fully extended). The interest rate on the extended facility was lowered to LIBOR plus 0.90% from LIBOR plus 1.00%. The facility fee remains at 20 basis points. Our $1.50 billion unsecured revolving credit facility matures in March 2024 (as fully extended) and also has an interest rate of LIBOR plus 0.90% and a facility fee of 20 basis points.

The following is a summary of our debt:


(Amounts in thousands)	Weighted Average Interest Rate at March 31, 2021	Balance as of
		March 31, 2021		December 31, 2020
Mortgages Payable:
Fixed rate	3.52%	$	3,509,712	$	3,012,643
Variable rate	1.77%	2,090,415		2,595,815
Total	2.87%	5,600,127		5,608,458
Deferred financing costs, net and other		(26,501)		(27,909)
Total, net		$	5,573,626	$	5,580,549
Unsecured Debt:
Senior unsecured notes	3.50%	$	450,000	$	450,000
Deferred financing costs, net and other		(3,112)		(3,315)
Senior unsecured notes, net		446,888		446,685

Unsecured term loan	3.70%	800,000		800,000
Deferred financing costs, net and other		(2,976)		(3,238)
Unsecured term loan, net		797,024		796,762

Unsecured revolving credit facilities	1.01%	575,000		575,000

Total, net		$	1,818,912	$	1,818,447

Redeemable Noncontrolling Interests

3 Months Ended

Mar. 31, 2021

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 March 31,
	2021		2020
Beginning balance	$	511,747	$	888,915
Net income	329		390
Other comprehensive income (loss)	886		(2,983)
Distributions	(7,461)		(8,898)
Redemption of Class A units for Vornado common shares, at redemption value	(4,103)		(1,640)
Redeemable Class A unit measurement adjustment	126,936		(267,170)
Other, net	11,859		15,185
Ending balance	$	640,193	$	623,799

As of March 31, 2021 and December 31, 2020, the aggregate redemption value of redeemable Class A units of the Operating Partnership, which are those units held by third parties, was $635,658,000 and $507,212,000, 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 $50,249,000 and $50,002,000 as of March 31, 2021 and December 31, 2020, 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 is developing Farley Office and Retail (the "Project"). During 2020, a historic tax credit investor (the "Tax Credit Investor") funded $92,400,000 of capital contributions and is expected to make additional capital contributions in future periods.

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 sheets as of March 31, 2021 and December 31, 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 months ended March 31, 2021.

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


(Amounts in thousands)	For the Three Months Ended March 31, 2021
Beginning balance	$	94,520
Net loss	(83)


Ending balance	$	94,437

Shareholders' Equity/Partners' Capital

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Shareholders' Equity/Partners' Capital

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 March 31,
	2021		2020
Shares/Units:
Common shares/Class A units held by Vornado: authorized 250,000,000 shares/units	$	0.53	$	0.66
Convertible Preferred(1):
6.5% Series A: authorized 13,402 and 15,540 shares/units(2)	0.8125		0.8125
Cumulative Redeemable Preferred(1):
5.70% Series K: authorized 12,000,000 shares/units(3)	0.3563		0.3563
5.40% Series L: authorized 13,800,000 shares/units(3)	0.3375		0.3375
5.25% Series M: authorized 13,800,000 shares/units(3)	0.3281		0.3281
5.25% Series N: authorized 12,000,000 shares/units(3)(4)	0.3281		N/A

____________________

(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.

(4)Issued in November 2020.

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 (loss) income of nonconsolidated subsidiaries		Interest rate swaps		Other

Balance as of December 31, 2020	$	(75,099)	$	(14,338)	$	(66,098)	$	5,337
Other comprehensive income (loss)	14,346		3,591		11,642		(887)

Balance as of March 31, 2021	$	(60,753)	$	(10,747)	$	(54,456)	$	4,450

Balance as of December 31, 2019	$	(40,233)	$	4	$	(36,126)	$	(4,111)
Other comprehensive (loss) income	(42,486)		8		(45,477)		2,983
Balance as of March 31, 2020	$	(82,719)	$	12	$	(81,603)	$	(1,128)

Variable Interest Entities (VIEs)	3 Months Ended
Variable Interest Entities (VIEs)	Mar. 31, 2021
Variable Interest Entities [Abstract]
Variable Interest Entities (VIEs)	Variable Interest Entities ("VIEs") Unconsolidated VIEs As of March 31, 2021 and December 31, 2020, we have several unconsolidated VIEs. We do not consolidate these entities because we are not the primary beneficiary and the nature of our involvement in the activities of these entities does not give us power over decisions that significantly affect these entities’ economic performance. We account for our investment in these entities under the equity method (see Note 7 – Investments in Partially Owned Entities). As of March 31, 2021 and December 31, 2020, the net carrying amount of our investments in these entities was $104,866,000 and $224,754,000, 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 March 31, 2021, the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $4,101,742,000 and $1,720,045,000, respectively. As of December 31, 2020, the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $4,053,841,000 and $1,722,719,000, respectively.

Fair Value Measurements

3 Months Ended

Mar. 31, 2021

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) real estate fund investments, (ii) the assets in our deferred compensation plan (for which there is a corresponding liability on our consolidated balance sheets), (iii) loans receivable (for which we have elected the fair value option under ASC Subtopic 825-10, Financial Instruments ("ASC 825-10")), (iv) interest rate swaps and (v) 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 March 31, 2021
	Total		Level 1		Level 2		Level 3
Real estate fund investments	$	3,739	$	—	$	—	$	3,739
Deferred compensation plan assets ($9,773 included in restricted cash and $98,116 in other assets)	107,889		66,250		—		41,639
Loans receivable ($43,849 included in investments in partially owned entities and $4,360 in other assets)	48,209		—		—		48,209
Interest rate swaps (included in other assets)	1,900		—		1,900		—
Total assets	$	161,737	$	66,250	$	1,900	$	93,587

Mandatorily redeemable instruments (included in other liabilities)	$	50,249	$	50,249	$	—	$	—
Interest rate swaps (included in other liabilities)	56,275		—		56,275		—
Total liabilities	$	106,524	$	50,249	$	56,275	$	—

(Amounts in thousands)	As of December 31, 2020
	Total		Level 1		Level 2		Level 3
Real estate fund investments	$	3,739	$	—	$	—	$	3,739
Deferred compensation plan assets ($10,813 included in restricted cash and $94,751 in other assets)	105,564		65,636		—		39,928
Loans receivable ($43,008 included in investments in partially owned entities and $4,735 in other assets)	47,743		—		—		47,743
Interest rate swaps (included in other assets)	17		—		17		—
Total assets	$	157,063	$	65,636	$	17	$	91,410

Mandatorily redeemable instruments (included in other liabilities)	$	50,002	$	50,002	$	—	$	—
Interest rate swaps (included in other liabilities)	66,033		—		66,033		—
Total liabilities	$	116,035	$	50,002	$	66,033	$	—

13. Fair Value Measurements - continued

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

Real Estate Fund Investments

As of March 31, 2021, we had four real estate fund investments with an aggregate fair value of $3,739,000, $339,516,000 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 assets)

Unobservable Quantitative Input

March 31, 2021

December 31, 2020

March 31, 2021

December 31, 2020

Discount rates

7.1% to 15.0%

7.6% to 15.0%

11.9%

12.7%

Terminal capitalization rates

5.3% to 10.6%

5.5% to 10.3%

7.3%

7.9%

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 March 31,
	2021		2020
Beginning balance	$	3,739	$	222,649
Purchases/additional fundings	494		6,000
Net unrealized loss on held investments	(494)		(183,520)
Ending balance	$	3,739	$	45,129

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 March 31,
	2021		2020
Beginning balance	$	39,928	$	32,435
Purchases	449		1,293
Sales	(145)		(2,475)
Realized and unrealized gains (losses)	1,293		(1,229)
Other, net	114		544
Ending balance	$	41,639	$	30,568

13. 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. These investments are classified as Level 3.


	Range		Weighted Average (based on fair value of investments)
Unobservable Quantitative Input	March 31, 2021	December 31, 2020	March 31, 2021	December 31, 2020
Discount rates	6.5%	6.5%	6.5%	6.5%
Terminal capitalization rates	5.0%	5.0%	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 March 31,
	2021		2020
Beginning balance	$	47,743	$	59,251
Credit losses	—		(7,261)
Interest accrual	841		—
Paydowns	(375)		—
Ending balance	$	48,209	$	51,990

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 March 31, 2021 and December 31, 2020.


(Amounts in thousands)	As of March 31, 2021
						Variable Rate
Hedged Item	Fair Value		Notional Amount			Spread over LIBOR	Interest Rate	Swapped Rate	Expiration Date
Included in other assets:
PENN 11 mortgage loan interest rate swap(1)	$	1,812	$	500,000		L+275	2.85%	3.03%	3/24
Various interest rate caps	88		175,000
	$	1,900	$	675,000

Included in other liabilities:
Unsecured term loan interest rate swap	$	49,827	$	750,000	(2)	L+100	1.11%	3.87%	10/23
33-00 Northern Boulevard mortgage loan interest rate swap	6,448		100,000			L+180	1.91%	4.14%	1/25
	$	56,275	$	850,000

____________________

(1)Entered into on March 7, 2021.

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

13. 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, 2020
						Variable Rate
Hedged Item	Fair Value		Notional Amount			Spread over LIBOR	Interest Rate	Swapped Rate	Expiration Date
Included in other assets:
Various interest rate caps	$	17	$	175,000

Included in other liabilities:
Unsecured term loan interest rate swap	$	57,723	$	750,000	(1)	L+100	1.15%	3.87%	10/23
33-00 Northern Boulevard mortgage loan interest rate swap	8,310		100,000			L+180	1.95%	4.14%	1/25
	$	66,033	$	850,000

____________________

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

Fair Value Measurements on a Nonrecurring Basis

There were no assets measured at fair value on a nonrecurring basis on our consolidated balance sheet as of March 31, 2021. As of December 31, 2020, assets measured at fair value on a nonrecurring basis on our consolidated balance sheet consisted of real estate assets that have been written down to estimated fair value for impairment purposes. The impairment losses primarily relate to wholly owned street retail assets.

Our estimate of the fair value of these assets was measured using widely accepted valuation techniques including (i) discounted cash flow analyses based upon market conditions and expectations of growth and utilized unobservable quantitative inputs, including a capitalization rate of 5.0% and discount rate of 7.0%, and (ii) comparable sales activity.


(Amounts in thousands)	As of December 31, 2020
	Total		Level 1		Level 2		Level 3
Real estate assets	$	191,116	$	—	$	—	$	191,116

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 March 31, 2021					As of December 31, 2020
		Carrying Amount			Fair Value		Carrying Amount			Fair Value
Cash equivalents		$	1,275,625		$	1,276,000	$	1,476,427		$	1,476,000
Debt:
	Mortgages payable	$	5,600,127		$	5,624,000	$	5,608,458		$	5,612,000
	Senior unsecured notes	450,000			474,000		450,000			476,000
	Unsecured term loan	800,000			800,000		800,000			800,000
	Unsecured revolving credit facilities	575,000			575,000		575,000			575,000
	Total	$	7,425,127	(1)	$	7,473,000	$	7,433,458	(1)	$	7,463,000

____________________

(1)Excludes $32,589 and $34,462 of deferred financing costs, net and other as of March 31, 2021 and December 31, 2020, respectively.

- Definition

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

+ References + Details

Stock-based Compensation	3 Months Ended
Stock-based Compensation	Mar. 31, 2021
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 $21,225,000 and $25,765,000 for the three months ended March 31, 2021 and 2020, respectively. 2021 Outperformance Plan ("2021 OPP") On January 12, 2021, the Compensation Committee of Vornado's Board of Trustees approved the 2021 OPP, a multi-year, $30,000,000 performance-based equity compensation plan. Awards under the 2021 OPP may potentially be earned if Vornado (i) achieves a total shareholder return ("TSR") greater than 28% over a four-year performance period (the “2021 OPP Absolute Component”), and /or (ii) achieves a TSR above the Index comprised 80% of the SNL US Office REIT Index and 20% of the SNL US Retail Index over the Performance Period (the “2021 OPP Relative Component”). The value of awards under the 2021 OPP Absolute Component and 2021 OPP Relative Component will be calculated separately and will each be subject to an aggregate $30,000,000 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 $30,000,000 maximum award cap for all participants. In the event awards are earned under the 2021 OPP Absolute Component, but Vornado underperforms the Index by more than 200 basis points per annum over the Performance Period (800 basis points over the four years), the amount earned under the 2021 OPP 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 2021 OPP Absolute Component. In the event awards are earned under the 2021 OPP Relative Component, but Vornado fails to achieve a TSR of at least 2% per annum, awards earned under the 2021 OPP Relative Component will be reduced on a ratable sliding scale based on Vornado’s absolute TSR performance, with the maximum payout being 50% under the 2021 OPP Relative Component in the event Vornado’s TSR during the four-year measurement period is 0% or negative. If the designated performance objectives are achieved, awards earned under 2021 OPP will vest 50% in year four and 50% in year five. In addition, all of Vornado’s senior executives are required to hold any earned and vested awards for one year following each such vesting date. Dividends on awards granted under the 2021 OPP accrue during the four-year performance period and are paid to participants if awards are ultimately earned based on the achievement of the designated performance objectives.

Interest and Other Investment Income (Loss), Net

3 Months Ended

Mar. 31, 2021

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 March 31,
	2021		2020



Interest on loans receivable	$	560	$	1,426
Interest on cash and cash equivalents and restricted cash	62		3,966
Credit losses on loans receivable	—		(7,261)
Market-to-market decrease in the fair value of marketable security (sold on January 23, 2020)	—		(4,938)
Other, net	900		903
Total	$	1,522	$	(5,904)

Interest and Debt Expense

3 Months Ended

Mar. 31, 2021

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 March 31,
	2021		2020
Interest expense	$	55,651	$	66,635
Capitalized interest and debt expense	(10,267)		(12,055)
Amortization of deferred financing costs	4,680		4,262
	$	50,064	$	58,842

Income Per Share/Income Per Class A Unit

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Income Per Share/Income Per Class A Unit

Vornado Realty Trust

The following table presents the calculations of (i) basic income per common share which includes the weighted average number of common shares outstanding without regard to dilutive potential common shares and (ii) diluted income per common share which includes the weighted average common shares and dilutive share equivalents. Unvested share-based payment awards that contain nonforfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. Earnings are allocated to participating securities, which include restricted stock awards, based on the two-class method. Other potential dilutive share equivalents such as our employee stock options, 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 March 31,
	2021		2020
Numerator:


Net income attributable to Vornado	$	20,550	$	17,494
Preferred share dividends	(16,467)		(12,531)
Net income attributable to common shareholders	4,083		4,963
Earnings allocated to unvested participating securities	(9)		(51)




Numerator for diluted income per share	$	4,074	$	4,912

Denominator:
Denominator for basic income per share – weighted average shares	191,418		191,038
Effect of dilutive securities(1):
Out-Performance Plan units	608		—
AO LTIP units	4		—
Employee stock options and restricted stock awards	1		75

Denominator for diluted income per share – weighted average shares and assumed conversions	192,031		191,113

INCOME PER COMMON SHARE - BASIC:


Net income per common share	$	0.02	$	0.03

INCOME PER COMMON SHARE - DILUTED:


Net income per common share	$	0.02	$	0.03

____________________

(1)The effect of dilutive securities excluded an aggregate of 13,485 and 13,543 weighted average common share equivalents for the three months ended March 31, 2021 and 2020, respectively, as their effect was anti-dilutive.

17. Income Per Share/Income Per Class A Unit - continued

Vornado Realty L.P.

The following table presents the calculations of (i) basic income per Class A unit which includes the weighted average number of Class A units outstanding without regard to dilutive potential Class A units and (ii) diluted income per Class A unit which includes the weighted average Class A units 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 March 31,
	2021		2020
Numerator:


Net income attributable to Vornado Realty L.P.	$	20,879	$	17,884
Preferred unit distributions	(16,508)		(12,572)
Net income attributable to Class A unitholders	4,371		5,312
Earnings allocated to unvested participating securities	(721)		(4,918)



Numerator for diluted income per Class A unit	$	3,650	$	394

Denominator:
Denominator for basic income per Class A unit – weighted average units	204,072		203,370
Effect of dilutive securities(1):
Vornado stock options, Vornado restricted stock awards, OP Units, AO LTIP Units and OPPs	829		146

Denominator for diluted income per Class A unit – weighted average units and assumed conversions	204,901		203,516

INCOME PER CLASS A UNIT - BASIC:


Net income per Class A unit	$	0.02	$	—

INCOME PER CLASS A UNIT - DILUTED:


Net income per Class A unit	$	0.02	$	—

____________________

(1)The effect of dilutive securities excluded an aggregate of 615 and 1,140 weighted average Class A unit equivalents for the three months ended March 31, 2021 and 2020, respectively, as their effect was anti-dilutive.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Insurance For our properties (except Farley), 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 we maintain 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 and effective February 15, 2021, excluding communicable disease coverage. For the period February 15, 2020 through February 14, 2021, we and the insurance carriers for our all risk property policy have disagreements as to the applicability of a $2,300,000 sub-limit for communicable disease coverage across our properties. 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 $1,759,257 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, 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 $1.85 billion and $1.17 billion per occurrence, respectively, and in the aggregate. We continue to monitor the state of the insurance market and the scope and costs of coverage for acts of terrorism and other events. However, we cannot anticipate what coverage will be available on commercially reasonable terms in the future. We are responsible for uninsured losses and for deductibles and losses in excess of our insurance coverage, which could be material. Our debt instruments, consisting of mortgage loans secured by our properties, senior unsecured notes and revolving credit agreements contain customary covenants requiring us to maintain insurance. Although we believe that we have adequate insurance coverage for purposes of these agreements, we may not be able to obtain an equivalent amount of coverage at reasonable costs in the future. Further, if lenders insist on greater coverage than we are able to obtain it could adversely affect our ability to finance or refinance our properties and expand our portfolio. Other Commitments and Contingencies We are from time to time involved in legal actions arising in the ordinary course of business. In our opinion, after consultation with legal counsel, the outcome of such matters is not currently expected to have a material adverse effect on our financial position, results of operations or cash flows. Each of our properties has been subjected to varying degrees of environmental assessment at various times. The environmental assessments did not reveal any material environmental contamination. However, there can be no assurance that the identification of new areas of contamination, changes in the extent or known scope of contamination, the discovery of additional sites, or changes in cleanup requirements would not result in significant costs to us. In July 2018, we leased 78,000 square feet at 345 Montgomery Street in San Francisco, CA, to a subsidiary of Regus PLC, for an initial term of 15 years. The obligations under the lease were guaranteed by Regus PLC in an amount of up to $90,000,000. The tenant purported to terminate the lease prior to space delivery. We commenced a suit on October 23, 2019 seeking to enforce the lease and the guaranty. In December 2020, following a trial, the court issued a tentative ruling in our favor and on April 7, 2021 the court issued a written proposed statement of decision and proposed judgement in our favor. On October 9, 2020, the successor to Regus PLC filed for bankruptcy in Luxembourg. We are actively pursuing claims relating to the guaranty against the successor to Regus PLC and its parent, in Luxembourg and other jurisdictions. 18. Commitments and Contingencies - continued Other Commitments and Contingencies - continued 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 March 31, 2021, we have a $48,036,000 lease liability and a $34,400,000 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 Empire State Development, an entity of New York State, for Farley Office and Retail. As of March 31, 2021, the aggregate dollar amount of these guarantees and master leases is approximately $1,724,000,000. As of March 31, 2021, $13,549,000 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. Our 95% consolidated joint venture (5% is owned by Related Companies ("Related")) is developing Farley Office and Retail. In connection with the development of the property, the joint venture took in a historic Tax Credit Investor. 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 March 31, 2021, 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. 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 March 31, 2021 fair value of the Fund assets, at liquidation we would be required to make a $29,400,000 payment to the limited partners, net of amounts owed to us, representing a clawback of previously paid incentive allocations, which would have no income statement impact as it was previously accrued. As of March 31, 2021, we expect to fund additional capital to certain of our partially owned entities aggregating approximately $10,700,000. As of March 31, 2021, we have construction commitments aggregating approximately $441,000,000.

Segment Information

3 Months Ended

Mar. 31, 2021

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.

19. Segment Information - continued

Below is a reconciliation of net income (loss) to NOI at share and NOI at share - cash basis for the three months ended March 31, 2021 and 2020.


(Amounts in thousands)	For the Three Months Ended March 31,
	2021		2020
Net income (loss)	$	26,993	$	(104,503)
Depreciation and amortization expense	95,354		92,793
General and administrative expense	44,186		52,834
Transaction related costs and other	843		71
Income from partially owned entities	(29,073)		(19,103)
Loss from real estate fund investments	169		183,463
Interest and other investment (income) loss, net	(1,522)		5,904
Interest and debt expense	50,064		58,842


Net gains on disposition of wholly owned and partially owned assets	—		(68,589)
Income tax expense	1,984		12,813

NOI from partially owned entities	78,756		81,881
NOI attributable to noncontrolling interests in consolidated subsidiaries	(17,646)		(15,493)
NOI at share	250,108		280,913
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(1,198)		3,076
NOI at share - cash basis	$	248,910	$	283,989

Below is a summary of NOI at share and NOI at share - cash basis by segment for the three months ended March 31, 2021 and 2020.


(Amounts in thousands)	For the Three Months Ended March 31, 2021
	Total		New York		Other
Total revenues	$	379,977	$	303,971	$	76,006
Operating expenses	(190,979)		(160,985)		(29,994)
NOI - consolidated	188,998		142,986		46,012
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(17,646)		(8,621)		(9,025)
Add: NOI from partially owned entities	78,756		76,773		1,983
NOI at share	250,108		211,138		38,970
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(1,198)		(973)		(225)
NOI at share - cash basis	$	248,910	$	210,165	$	38,745


(Amounts in thousands)	For the Three Months Ended March 31, 2020
	Total		New York		Other
Total revenues	$	444,532	$	355,615	$	88,917
Operating expenses	(230,007)		(183,031)		(46,976)
NOI - consolidated	214,525		172,584		41,941
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(15,493)		(8,433)		(7,060)
Add: NOI from partially owned entities	81,881		78,408		3,473
NOI at share	280,913		242,559		38,354
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	3,076		1,106		1,970
NOI at share - cash basis	$	283,989	$	243,665	$	40,324

- Definition

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

+ References

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

Recently Issued Accounting Literature (Policies)	3 Months Ended
Recently Issued Accounting Literature (Policies)	Mar. 31, 2021
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, 2020, as filed with the SEC. We have made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the operating results for the full year. In addition, certain prior year balances have been reclassified in order to conform to the current period presentation.
Recently Issued Accounting Literature	Recently Issued Accounting Literature In March 2020, the Financial Accounting Standards Board ("FASB") issued an update ("ASU 2020-04") establishing Accounting Standards Codification ("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. We have 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 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 $21,225,000 and $25,765,000 for the three months ended March 31, 2021 and 2020, respectively.

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Summary of Revenue Sources by Segment


(Amounts in thousands)	For the Three Months Ended March 31, 2021
	Total		New York		Other
Property rentals	$	332,058	$	261,691	$	70,367

Trade shows(1)	—		—		—
Lease revenues(2)	332,058		261,691		70,367
Tenant services	7,259		5,009		2,250
Rental revenues	339,317		266,700		72,617
BMS cleaning fees	28,477		29,948		(1,471)		(3)
Management and leasing fees	5,369		5,522		(153)
Other income	6,814		1,801		5,013
Fee and other income	40,660		37,271		3,389
Total revenues	$	379,977	$	303,971	$	76,006

____________________

See notes below.


(Amounts in thousands)	For the Three Months Ended March 31, 2020
	Total		New York		Other
Property rentals	$	371,174	$	298,612	$	72,562
Hotel Pennsylvania(4)	8,741		8,741		—
Trade shows	11,303		—		11,303
Lease revenues(2)	391,218		307,353		83,865
Tenant services	10,056		7,380		2,676
Rental revenues	401,274		314,733		86,541
BMS cleaning fees	32,466		34,429		(1,963)		(3)
Management and leasing fees	2,867		2,874		(7)
Other income	7,925		3,579		4,346
Fee and other income	43,258		40,882		2,376
Total revenues	$	444,532	$	355,615	$	88,917

____________________

(1)We cancelled trade shows at theMART beginning late March of 2020 due to the COVID-19 pandemic.

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


	For the Three Months Ended March 31,
	2021		2020
Fixed billings	$	309,860	$	354,314
Variable billings	31,649		45,221
Total contractual operating lease billings	341,509		399,535
Adjustment for straight-line rents and amortization of acquired below-market leases and other, net	(5,781)		(7,273)
Less: write-off of straight-line rent and tenant receivables deemed uncollectible	(3,670)		(1,044)
Lease revenues	$	332,058	$	391,218

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

(4)We temporarily closed the Hotel Pennsylvania on April 1, 2020 and on April 5, 2021, we announced that we permanently closed the hotel.

Components of Fixed and Variable Lease Revenues

The components of lease revenues were as follows:


	For the Three Months Ended March 31,
	2021		2020
Fixed billings	$	309,860	$	354,314
Variable billings	31,649		45,221
Total contractual operating lease billings	341,509		399,535
Adjustment for straight-line rents and amortization of acquired below-market leases and other, net	(5,781)		(7,273)
Less: write-off of straight-line rent and tenant receivables deemed uncollectible	(3,670)		(1,044)
Lease revenues	$	332,058	$	391,218

Real Estate Fund Investments (Tables)

3 Months Ended

Mar. 31, 2021

Real Estate Fund Investments [Abstract]

Schedule Of Income And Loss From The Fund

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


(Amounts in thousands)	For the Three Months Ended March 31,
	2021		2020
Net unrealized loss on held investments	$	(494)	$	(183,520)
Net investment income	325		57



Loss from real estate fund investments	(169)		(183,463)
Less loss attributable to noncontrolling interests in consolidated subsidiaries	429		127,305
Income (loss) from real estate fund investments net of noncontrolling interests in consolidated subsidiaries	$	260	$	(56,158)

Investments in Partially Owned Entities (Tables)

3 Months Ended

Mar. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

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


(Amounts in thousands)	Percentage Ownership at March 31, 2021	Balance as of
		March 31, 2021		December 31, 2020
Investments:
Fifth Avenue and Times Square JV (see page 23 for details):	51.5%	$	2,787,865	$	2,798,413
Partially owned office buildings/land(1)	Various	358,155		473,285
Alexander’s	32.4%	83,228		82,902
Other investments(2)	Various	134,409		136,507
		$	3,363,657	$	3,491,107

Investments in partially owned entities included in other liabilities(3):
7 West 34th Street	53.0%	$	(55,195)	$	(55,340)
85 Tenth Avenue	49.9%	(15,728)		(13,080)
		$	(70,923)	$	(68,420)

____________________

(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.

7. Investments in Partially Owned Entities - continued

Below is a schedule of income from partially owned entities.


(Amounts in thousands)	Percentage Ownership at March 31, 2021	For the Three Months Ended March 31,
		2021		2020
Our share of net income (loss):
Fifth Avenue and Times Square JV (see page 23 for details):

Equity in net income	51.5%	$	9,606	$	5,496
Return on preferred equity, net of our share of the expense		9,226		9,166
		18,832		14,662
Alexander's (see page 24 for details):
Equity in net income	32.4%	5,729		1,416
Management, leasing and development fees		575		1,260
		6,304		2,676

Partially owned office buildings(1)	Various	5,972		1,322

Other investments(2)	Various	(2,035)		443

		$	29,073	$	19,103

____________________

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

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

Identified Intangible Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2021

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
	March 31, 2021		December 31, 2020
Identified intangible assets:
Gross amount	$	112,898	$	116,969
Accumulated amortization	(90,508)		(93,113)
Total, net	$	22,390	$	23,856
Identified intangible liabilities (included in deferred revenue):
Gross amount	$	272,337	$	273,902
Accumulated amortization	(240,283)		(238,541)
Total, net	$	32,054	$	35,361

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, 2022 is as follows:


(Amounts in thousands)
2022	$	9,160
2023	6,620
2024	2,872
2025	1,444
2026	801

Estimated annual amortization of all other identified intangible assets including acquired in-place leases for each of the five succeeding years commencing January 1, 2022 is as follows:


(Amounts in thousands)
2022	$	3,707
2023	3,620
2024	3,006
2025	2,132
2026	1,982

Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt

The following is a summary of our debt:


(Amounts in thousands)	Weighted Average Interest Rate at March 31, 2021	Balance as of
		March 31, 2021		December 31, 2020
Mortgages Payable:
Fixed rate	3.52%	$	3,509,712	$	3,012,643
Variable rate	1.77%	2,090,415		2,595,815
Total	2.87%	5,600,127		5,608,458
Deferred financing costs, net and other		(26,501)		(27,909)
Total, net		$	5,573,626	$	5,580,549
Unsecured Debt:
Senior unsecured notes	3.50%	$	450,000	$	450,000
Deferred financing costs, net and other		(3,112)		(3,315)
Senior unsecured notes, net		446,888		446,685

Unsecured term loan	3.70%	800,000		800,000
Deferred financing costs, net and other		(2,976)		(3,238)
Unsecured term loan, net		797,024		796,762

Unsecured revolving credit facilities	1.01%	575,000		575,000

Total, net		$	1,818,912	$	1,818,447

- Definition

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

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+ Details

Redeemable Noncontrolling Interests (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31,
	2021		2020
Beginning balance	$	511,747	$	888,915
Net income	329		390
Other comprehensive income (loss)	886		(2,983)
Distributions	(7,461)		(8,898)
Redemption of Class A units for Vornado common shares, at redemption value	(4,103)		(1,640)
Redeemable Class A unit measurement adjustment	126,936		(267,170)
Other, net	11,859		15,185
Ending balance	$	640,193	$	623,799

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


(Amounts in thousands)	For the Three Months Ended March 31, 2021
Beginning balance	$	94,520
Net loss	(83)


Ending balance	$	94,437

Shareholders' Equity/Partners' Capital (Tables)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Schedule of Dividends


(Per share/unit)	For the Three Months Ended March 31,
	2021		2020
Shares/Units:
Common shares/Class A units held by Vornado: authorized 250,000,000 shares/units	$	0.53	$	0.66
Convertible Preferred(1):
6.5% Series A: authorized 13,402 and 15,540 shares/units(2)	0.8125		0.8125
Cumulative Redeemable Preferred(1):
5.70% Series K: authorized 12,000,000 shares/units(3)	0.3563		0.3563
5.40% Series L: authorized 13,800,000 shares/units(3)	0.3375		0.3375
5.25% Series M: authorized 13,800,000 shares/units(3)	0.3281		0.3281
5.25% Series N: authorized 12,000,000 shares/units(3)(4)	0.3281		N/A

____________________

(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.

(4)Issued in November 2020.

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 (loss) income of nonconsolidated subsidiaries		Interest rate swaps		Other

Balance as of December 31, 2020	$	(75,099)	$	(14,338)	$	(66,098)	$	5,337
Other comprehensive income (loss)	14,346		3,591		11,642		(887)

Balance as of March 31, 2021	$	(60,753)	$	(10,747)	$	(54,456)	$	4,450

Balance as of December 31, 2019	$	(40,233)	$	4	$	(36,126)	$	(4,111)
Other comprehensive (loss) income	(42,486)		8		(45,477)		2,983
Balance as of March 31, 2020	$	(82,719)	$	12	$	(81,603)	$	(1,128)

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31, 2021
	Total		Level 1		Level 2		Level 3
Real estate fund investments	$	3,739	$	—	$	—	$	3,739
Deferred compensation plan assets ($9,773 included in restricted cash and $98,116 in other assets)	107,889		66,250		—		41,639
Loans receivable ($43,849 included in investments in partially owned entities and $4,360 in other assets)	48,209		—		—		48,209
Interest rate swaps (included in other assets)	1,900		—		1,900		—
Total assets	$	161,737	$	66,250	$	1,900	$	93,587

Mandatorily redeemable instruments (included in other liabilities)	$	50,249	$	50,249	$	—	$	—
Interest rate swaps (included in other liabilities)	56,275		—		56,275		—
Total liabilities	$	106,524	$	50,249	$	56,275	$	—

(Amounts in thousands)	As of December 31, 2020
	Total		Level 1		Level 2		Level 3
Real estate fund investments	$	3,739	$	—	$	—	$	3,739
Deferred compensation plan assets ($10,813 included in restricted cash and $94,751 in other assets)	105,564		65,636		—		39,928
Loans receivable ($43,008 included in investments in partially owned entities and $4,735 in other assets)	47,743		—		—		47,743
Interest rate swaps (included in other assets)	17		—		17		—
Total assets	$	157,063	$	65,636	$	17	$	91,410

Mandatorily redeemable instruments (included in other liabilities)	$	50,002	$	50,002	$	—	$	—
Interest rate swaps (included in other liabilities)	66,033		—		66,033		—
Total liabilities	$	116,035	$	50,002	$	66,033	$	—

Schedule of derivative assets at fair value

The following tables summarize our consolidated derivative instruments, all of which hedge variable rate debt, as of March 31, 2021 and December 31, 2020.


(Amounts in thousands)	As of March 31, 2021
						Variable Rate
Hedged Item	Fair Value		Notional Amount			Spread over LIBOR	Interest Rate	Swapped Rate	Expiration Date
Included in other assets:
PENN 11 mortgage loan interest rate swap(1)	$	1,812	$	500,000		L+275	2.85%	3.03%	3/24
Various interest rate caps	88		175,000
	$	1,900	$	675,000

Included in other liabilities:
Unsecured term loan interest rate swap	$	49,827	$	750,000	(2)	L+100	1.11%	3.87%	10/23
33-00 Northern Boulevard mortgage loan interest rate swap	6,448		100,000			L+180	1.91%	4.14%	1/25
	$	56,275	$	850,000

____________________

(1)Entered into on March 7, 2021.

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

13. 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, 2020
						Variable Rate
Hedged Item	Fair Value		Notional Amount			Spread over LIBOR	Interest Rate	Swapped Rate	Expiration Date
Included in other assets:
Various interest rate caps	$	17	$	175,000

Included in other liabilities:
Unsecured term loan interest rate swap	$	57,723	$	750,000	(1)	L+100	1.15%	3.87%	10/23
33-00 Northern Boulevard mortgage loan interest rate swap	8,310		100,000			L+180	1.95%	4.14%	1/25
	$	66,033	$	850,000

____________________

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

Schedule of derivative liabilities at fair value

The following tables summarize our consolidated derivative instruments, all of which hedge variable rate debt, as of March 31, 2021 and December 31, 2020.


(Amounts in thousands)	As of March 31, 2021
						Variable Rate
Hedged Item	Fair Value		Notional Amount			Spread over LIBOR	Interest Rate	Swapped Rate	Expiration Date
Included in other assets:
PENN 11 mortgage loan interest rate swap(1)	$	1,812	$	500,000		L+275	2.85%	3.03%	3/24
Various interest rate caps	88		175,000
	$	1,900	$	675,000

Included in other liabilities:
Unsecured term loan interest rate swap	$	49,827	$	750,000	(2)	L+100	1.11%	3.87%	10/23
33-00 Northern Boulevard mortgage loan interest rate swap	6,448		100,000			L+180	1.91%	4.14%	1/25
	$	56,275	$	850,000

____________________

(1)Entered into on March 7, 2021.

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

13. 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, 2020
						Variable Rate
Hedged Item	Fair Value		Notional Amount			Spread over LIBOR	Interest Rate	Swapped Rate	Expiration Date
Included in other assets:
Various interest rate caps	$	17	$	175,000

Included in other liabilities:
Unsecured term loan interest rate swap	$	57,723	$	750,000	(1)	L+100	1.15%	3.87%	10/23
33-00 Northern Boulevard mortgage loan interest rate swap	8,310		100,000			L+180	1.95%	4.14%	1/25
	$	66,033	$	850,000

____________________

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

Fair value measurements, nonrecurring


(Amounts in thousands)	As of December 31, 2020
	Total		Level 1		Level 2		Level 3
Real estate assets	$	191,116	$	—	$	—	$	191,116

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 March 31, 2021					As of December 31, 2020
		Carrying Amount			Fair Value		Carrying Amount			Fair Value
Cash equivalents		$	1,275,625		$	1,276,000	$	1,476,427		$	1,476,000
Debt:
	Mortgages payable	$	5,600,127		$	5,624,000	$	5,608,458		$	5,612,000
	Senior unsecured notes	450,000			474,000		450,000			476,000
	Unsecured term loan	800,000			800,000		800,000			800,000
	Unsecured revolving credit facilities	575,000			575,000		575,000			575,000
	Total	$	7,425,127	(1)	$	7,473,000	$	7,433,458	(1)	$	7,463,000

____________________

(1)Excludes $32,589 and $34,462 of deferred financing costs, net and other as of March 31, 2021 and December 31, 2020, 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 assets)

Unobservable Quantitative Input

March 31, 2021

December 31, 2020

March 31, 2021

December 31, 2020

Discount rates

7.1% to 15.0%

7.6% to 15.0%

11.9%

12.7%

Terminal capitalization rates

5.3% to 10.6%

5.5% to 10.3%

7.3%

7.9%

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 March 31,
	2021		2020
Beginning balance	$	3,739	$	222,649
Purchases/additional fundings	494		6,000
Net unrealized loss on held investments	(494)		(183,520)
Ending balance	$	3,739	$	45,129

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 March 31,
	2021		2020
Beginning balance	$	39,928	$	32,435
Purchases	449		1,293
Sales	(145)		(2,475)
Realized and unrealized gains (losses)	1,293		(1,229)
Other, net	114		544
Ending balance	$	41,639	$	30,568

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.


	Range		Weighted Average (based on fair value of investments)
Unobservable Quantitative Input	March 31, 2021	December 31, 2020	March 31, 2021	December 31, 2020
Discount rates	6.5%	6.5%	6.5%	6.5%
Terminal capitalization rates	5.0%	5.0%	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 March 31,
	2021		2020
Beginning balance	$	47,743	$	59,251
Credit losses	—		(7,261)
Interest accrual	841		—
Paydowns	(375)		—
Ending balance	$	48,209	$	51,990

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

3 Months Ended

Mar. 31, 2021

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 March 31,
	2021		2020



Interest on loans receivable	$	560	$	1,426
Interest on cash and cash equivalents and restricted cash	62		3,966
Credit losses on loans receivable	—		(7,261)
Market-to-market decrease in the fair value of marketable security (sold on January 23, 2020)	—		(4,938)
Other, net	900		903
Total	$	1,522	$	(5,904)

Interest and Debt Expense (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31,
	2021		2020
Interest expense	$	55,651	$	66,635
Capitalized interest and debt expense	(10,267)		(12,055)
Amortization of deferred financing costs	4,680		4,262
	$	50,064	$	58,842

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

3 Months Ended

Mar. 31, 2021

Earnings per share

Schedule Of Earnings Per Share Basic And Diluted

Vornado Realty Trust


(Amounts in thousands, except per share amounts)	For the Three Months Ended March 31,
	2021		2020
Numerator:


Net income attributable to Vornado	$	20,550	$	17,494
Preferred share dividends	(16,467)		(12,531)
Net income attributable to common shareholders	4,083		4,963
Earnings allocated to unvested participating securities	(9)		(51)




Numerator for diluted income per share	$	4,074	$	4,912

Denominator:
Denominator for basic income per share – weighted average shares	191,418		191,038
Effect of dilutive securities(1):
Out-Performance Plan units	608		—
AO LTIP units	4		—
Employee stock options and restricted stock awards	1		75

Denominator for diluted income per share – weighted average shares and assumed conversions	192,031		191,113

INCOME PER COMMON SHARE - BASIC:


Net income per common share	$	0.02	$	0.03

INCOME PER COMMON SHARE - DILUTED:


Net income per common share	$	0.02	$	0.03

____________________

Vornado Realty L.P.

Earnings per share

Schedule Of Earnings Per Share Basic And Diluted

Vornado Realty L.P.


(Amounts in thousands, except per unit amounts)	For the Three Months Ended March 31,
	2021		2020
Numerator:


Net income attributable to Vornado Realty L.P.	$	20,879	$	17,884
Preferred unit distributions	(16,508)		(12,572)
Net income attributable to Class A unitholders	4,371		5,312
Earnings allocated to unvested participating securities	(721)		(4,918)



Numerator for diluted income per Class A unit	$	3,650	$	394

Denominator:
Denominator for basic income per Class A unit – weighted average units	204,072		203,370
Effect of dilutive securities(1):
Vornado stock options, Vornado restricted stock awards, OP Units, AO LTIP Units and OPPs	829		146

Denominator for diluted income per Class A unit – weighted average units and assumed conversions	204,901		203,516

INCOME PER CLASS A UNIT - BASIC:


Net income per Class A unit	$	0.02	$	—

INCOME PER CLASS A UNIT - DILUTED:


Net income per Class A unit	$	0.02	$	—

____________________

Segment Information (Tables)

3 Months Ended

Mar. 31, 2021

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 months ended March 31, 2021 and 2020.


(Amounts in thousands)	For the Three Months Ended March 31,
	2021		2020
Net income (loss)	$	26,993	$	(104,503)
Depreciation and amortization expense	95,354		92,793
General and administrative expense	44,186		52,834
Transaction related costs and other	843		71
Income from partially owned entities	(29,073)		(19,103)
Loss from real estate fund investments	169		183,463
Interest and other investment (income) loss, net	(1,522)		5,904
Interest and debt expense	50,064		58,842


Net gains on disposition of wholly owned and partially owned assets	—		(68,589)
Income tax expense	1,984		12,813

NOI from partially owned entities	78,756		81,881
NOI attributable to noncontrolling interests in consolidated subsidiaries	(17,646)		(15,493)
NOI at share	250,108		280,913
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(1,198)		3,076
NOI at share - cash basis	$	248,910	$	283,989

Below is a summary of NOI at share and NOI at share - cash basis by segment for the three months ended March 31, 2021 and 2020.


(Amounts in thousands)	For the Three Months Ended March 31, 2021
	Total		New York		Other
Total revenues	$	379,977	$	303,971	$	76,006
Operating expenses	(190,979)		(160,985)		(29,994)
NOI - consolidated	188,998		142,986		46,012
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(17,646)		(8,621)		(9,025)
Add: NOI from partially owned entities	78,756		76,773		1,983
NOI at share	250,108		211,138		38,970
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(1,198)		(973)		(225)
NOI at share - cash basis	$	248,910	$	210,165	$	38,745


(Amounts in thousands)	For the Three Months Ended March 31, 2020
	Total		New York		Other
Total revenues	$	444,532	$	355,615	$	88,917
Operating expenses	(230,007)		(183,031)		(46,976)
NOI - consolidated	214,525		172,584		41,941
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(15,493)		(8,433)		(7,060)
Add: NOI from partially owned entities	81,881		78,408		3,473
NOI at share	280,913		242,559		38,354
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	3,076		1,106		1,970
NOI at share - cash basis	$	283,989	$	243,665	$	40,324

Organization (Narrative) (Details)	3 Months Ended
Organization (Narrative) (Details)	Mar. 31, 2021
Operating Partnership
Organization [Line Items]
Common limited partnership interest in the Operating Partnership (percent)	92.70%

COVID-19 Pandemic (Narrative) (Details) - COVID-19 $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)	Apr. 30, 2021 employee
Unusual or Infrequent Item, or Both [Line Items]
Rent collected, percent	96.00%
Write off of receivables arising from the straight-lining of rents	$ 1,001
Write off of tenant receivables deemed uncollectible	$ 2,910
Office
Unusual or Infrequent Item, or Both [Line Items]
Rent collected, percent	97.00%
Retail
Unusual or Infrequent Item, or Both [Line Items]
Rent collected, percent	90.00%
Building Maintenance Service LLC \| Subsequent Event
Unusual or Infrequent Item, or Both [Line Items]
Percentage of employees returned from furlough		70.00%
Number of employees furloughed \| employee		1,293

Revenue Recognition (Revenues by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Lease income	$ 332,058	$ 391,218
Total revenues	379,977	444,532
New York
Disaggregation of Revenue [Line Items]
Total revenues	303,971	355,615
Other
Disaggregation of Revenue [Line Items]
Total revenues	76,006	88,917
Rental revenues
Disaggregation of Revenue [Line Items]
Total revenues	339,317	401,274
Rental revenues \| New York
Disaggregation of Revenue [Line Items]
Total revenues	266,700	314,733
Rental revenues \| Other
Disaggregation of Revenue [Line Items]
Total revenues	72,617	86,541
Lease revenues
Disaggregation of Revenue [Line Items]
Lease income	332,058	391,218
Lease revenues \| New York
Disaggregation of Revenue [Line Items]
Lease income	261,691	307,353
Lease revenues \| Other
Disaggregation of Revenue [Line Items]
Lease income	70,367	83,865
Property rentals
Disaggregation of Revenue [Line Items]
Lease income	332,058	371,174
Property rentals \| New York
Disaggregation of Revenue [Line Items]
Lease income	261,691	298,612
Property rentals \| Other
Disaggregation of Revenue [Line Items]
Lease income	70,367	72,562
Hotel Pennsylvania
Disaggregation of Revenue [Line Items]
Lease income		8,741
Hotel Pennsylvania \| New York
Disaggregation of Revenue [Line Items]
Lease income		8,741
Hotel Pennsylvania \| Other
Disaggregation of Revenue [Line Items]
Lease income		0
Trade shows
Disaggregation of Revenue [Line Items]
Lease income	0	11,303
Trade shows \| New York
Disaggregation of Revenue [Line Items]
Lease income	0	0
Trade shows \| Other
Disaggregation of Revenue [Line Items]
Lease income	0	11,303
Tenant services
Disaggregation of Revenue [Line Items]
Revenue	7,259	10,056
Tenant services \| New York
Disaggregation of Revenue [Line Items]
Revenue	5,009	7,380
Tenant services \| Other
Disaggregation of Revenue [Line Items]
Revenue	2,250	2,676
Fee and other income
Disaggregation of Revenue [Line Items]
Revenue	40,660	43,258
Total revenues	40,660	43,258
Fee and other income \| New York
Disaggregation of Revenue [Line Items]
Revenue	37,271	40,882
Fee and other income \| Other
Disaggregation of Revenue [Line Items]
Revenue	3,389	2,376
BMS cleaning fees
Disaggregation of Revenue [Line Items]
Revenue	28,477	32,466
BMS cleaning fees \| New York
Disaggregation of Revenue [Line Items]
Revenue	29,948	34,429
BMS cleaning fees \| Other
Disaggregation of Revenue [Line Items]
Revenue	(1,471)	(1,963)
Management and leasing fees
Disaggregation of Revenue [Line Items]
Revenue	5,369	2,867
Management and leasing fees \| New York
Disaggregation of Revenue [Line Items]
Revenue	5,522	2,874
Management and leasing fees \| Other
Disaggregation of Revenue [Line Items]
Revenue	(153)	(7)
Other income
Disaggregation of Revenue [Line Items]
Revenue	6,814	7,925
Other income \| New York
Disaggregation of Revenue [Line Items]
Revenue	1,801	3,579
Other income \| Other
Disaggregation of Revenue [Line Items]
Revenue	$ 5,013	$ 4,346

Revenue Recognition (Components of Lease Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Fixed billings	$ 309,860	$ 354,314
Variable billings	31,649	45,221
Total contractual operating lease billings	341,509	399,535
Adjustment for straight-line rents and amortization of acquired below-market leases and other, net	(5,781)	(7,273)
Less: write-off of straight-line rent and tenant receivables deemed uncollectible	(3,670)	(1,044)
Lease revenues	$ 332,058	$ 391,218

Real Estate Fund Investments (Narrative) (Details) $ in Thousands			3 Months Ended
	Mar. 31, 2021 USD ($) investment	Dec. 31, 2020 USD ($) investment	Mar. 31, 2021 USD ($) investment	Jun. 09, 2020 USD ($)
Investment Holdings
Aggregate fair value of Real Estate Fund investments (in US Dollars)	$ 3,739	$ 3,739	$ 3,739
Vornado Capital Partners Real Estate Fund
Investment Holdings
Equity method ownership percentage	25.00%		25.00%
Term of the Fund, years			8 years
Investment period for commitments of the Fund, years			3 years
Investment fund period expiration date			2013-07
Investment fund, extension of term			2023-02
Crowne Plaza Times Square Hotel Joint Venture
Investment Holdings
Default amount				$ 274,355
Debt instrument, interest rate, stated percentage (percent)	3.90%		3.90%
Debt instrument, default interest, percentage	3.00%		3.00%
Crowne Plaza Times Square Hotel Joint Venture \| LIBOR
Investment Holdings
Spread over LIBOR (percent)			3.69%
Crowne Plaza Times Square Hotel Joint Venture \| Joint Venture
Investment Holdings
Equity method ownership percentage	57.10%		57.10%
Crowne Plaza Times Square Hotel Joint Venture \| Joint Venture \| Crowne Plaza Time Square Hotel
Investment Holdings
Ownership percentage by noncontrolling owners	24.70%		24.70%
Real estate fund investments
Investment Holdings
Number of investments held by fund (investment) \| investment	4	4	4
Aggregate fair value of Real Estate Fund investments (in US Dollars)	$ 3,739	$ 3,739	$ 3,739
Fair value below cost	339,516		339,516
Unfunded commitments of fund	29,194		29,194
Real estate fund investments \| Vornado Realty Trust
Investment Holdings
Unfunded commitments of fund	$ 9,266		$ 9,266

Real Estate Fund Investments (Income from the Fund and the Co-Investment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Investment Holdings
Loss from real estate fund investments	$ (169)	$ (183,463)
Less loss attributable to noncontrolling interests in consolidated subsidiaries	(6,114)	122,387
Real estate fund investments
Investment Holdings
Net unrealized loss on held investments	(494)	(183,520)
Net investment income	325	57
Loss from real estate fund investments	(169)	(183,463)
Less loss attributable to noncontrolling interests in consolidated subsidiaries	429	127,305
Income (loss) from real estate fund investments net of noncontrolling interests in consolidated subsidiaries	$ 260	$ (56,158)

Investments in Partially Owned Entities (Fifth Avenue and Times Square JV) (Details) - Fifth Avenue and Times Square JV $ in Thousands	Mar. 31, 2021 USD ($)
Schedule Of Equity Method Investments
Equity method ownership percentage	51.50%
Real estate basis difference, carrying amount	$ 399,434
Joint Venture
Schedule Of Equity Method Investments
Aggregate of preferred equity interests	$ 1,828,000
Joint Venture \| Investors
Schedule Of Equity Method Investments
Equity method ownership percentage	48.50%
Equity method effective ownership percentage	47.20%
Joint Venture \| Percentage For First Five Years
Schedule Of Equity Method Investments
Debt instrument, interest rate, stated percentage (percent)	4.25%
Joint Venture \| Percentage After Fifth Anniversary
Schedule Of Equity Method Investments
Debt instrument, interest rate, stated percentage (percent)	4.75%
Vornado Realty Trust
Schedule Of Equity Method Investments
Equity method ownership percentage	51.50%
Equity method effective ownership percentage	51.00%

Investments in Partially Owned Entities (Alexander's Inc.) (Details) - Alexanders Inc $ / shares in Units, $ in Thousands	Mar. 31, 2021 USD ($) $ / shares shares
Schedule Of 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	$ 277.30
Equity method investment fair value	$ 458,673
Excess of investee's fair value over carrying amount	375,445
Excess of investee's carrying amount over equity in net assets	$ 38,430

Investments in Partially Owned Entities (One Park Avenue) (Details) ft² in Thousands, $ in Thousands				3 Months Ended
	Mar. 31, 2021	Feb. 26, 2021 USD ($) ft² extension	Feb. 25, 2021 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)
Schedule Of Equity Method Investments
Proceeds from borrowings				$ 350,000	$ 553,062
Office \| One Park Avenue \| Maturing in March 2026
Schedule Of Equity Method Investments
Debt instrument, amount		$ 525,000
Square footage of real estate property (in sqft) \| ft²		943
Number of extensions \| extension		3
Length of extension available (years)		1 year
Proceeds from borrowings		$ 105,000
Office \| One Park Avenue \| Maturing in March 2026 \| LIBOR
Schedule Of Equity Method Investments
Spread over LIBOR (percent)	1.21%	1.11%
Office \| One Park Avenue \| Matures in March 2021
Schedule Of Equity Method Investments
Debt instrument, amount			$ 300,000
Office \| One Park Avenue \| Matures in March 2021 \| LIBOR
Schedule Of Equity Method Investments
Spread over LIBOR (percent)			1.75%
One Park Avenue
Schedule Of Equity Method Investments
Equity method ownership percentage	55.00%			55.00%

Investments in Partially Owned Entities (Summary of Investments) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ 3,363,657	$ 3,491,107
Other liabilities
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ (70,923)	(68,420)
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	$ (55,195)	(55,340)
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	$ (15,728)	(13,080)
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	$ 2,787,865	2,798,413
Partially Owned Office Buildings
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ 358,155	473,285
Alexanders Inc
Schedule Of Equity Method Investments
Equity method ownership percentage	32.40%
Carrying amount of investments in partially owned entities	$ 83,228	82,902
Other investments
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ 134,409	$ 136,507

Investments in Partially Owned Entities (Summary of Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Schedule Of Equity Method Investments
Our share of net income (loss)	$ 29,073	$ 19,103
Fifth Avenue and Times Square JV
Schedule Of Equity Method Investments
Equity method ownership percentage	51.50%
Equity in net income (loss)	$ 9,606	5,496
Return on preferred equity, net of our share of the expense	9,226	9,166
Our share of net income (loss)	$ 18,832	14,662
Alexanders Inc
Schedule Of Equity Method Investments
Equity method ownership percentage	32.40%
Equity in net income (loss)	$ 5,729	1,416
Management, leasing and development fees	575	1,260
Our share of net income (loss)	6,304	2,676
Partially Owned Office Buildings
Schedule Of Equity Method Investments
Our share of net income (loss)	5,972	1,322
Other investments
Schedule Of Equity Method Investments
Our share of net income (loss)	$ (2,035)	$ 443

Identified Intangible Assets and Liabilities (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Below Market Leases Net Of Above Market Leases
Finite-Lived Intangible Assets and Liabilities
Amortization of intangible assets	$ 3,166	$ 4,206
Other Identified Intangible Assets
Finite-Lived Intangible Assets and Liabilities
Amortization of intangible assets	$ 1,326	$ 1,727

Identified Intangible Assets and Liabilities (Schedule of Identified Intangible Assets and Intangible Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross amount	$ 112,898	$ 116,969
Accumulated amortization	(90,508)	(93,113)
Total, net	22,390	23,856
Identified intangible liabilities (included in deferred revenue):
Gross amount	272,337	273,902
Accumulated amortization	(240,283)	(238,541)
Total, net	$ 32,054	$ 35,361

Identified Intangible Assets and Liabilities (Schedule of Future Amortization Expense of Intangible Assets) (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Below Market Leases Net Of Above Market Leases
Finite-Lived Intangible Assets and Liabilities
2022	$ 9,160
2023	6,620
2024	2,872
2025	1,444
2026	801
Other Identified Intangible Assets
Finite-Lived Intangible Assets and Liabilities
2022	3,707
2023	3,620
2024	3,006
2025	2,132
2026	$ 1,982

Debt (Narrative) (Details) $ in Thousands, ft² in Millions	Apr. 15, 2021 USD ($)	Mar. 31, 2021 USD ($)	Mar. 06, 2021	Mar. 26, 2021 USD ($) ft²	Mar. 25, 2021 USD ($)	Mar. 07, 2021 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument
Unsecured revolving credit facilities		$ 575,000					$ 575,000
Matures in March 2024 \| Subsequent Event \| Revolving Credit Facility
Debt Instrument
Unsecured revolving credit facilities	$ 1,500,000
Facility fee (percent)	0.20%
Matures in March 2024 \| LIBOR \| Subsequent Event \| Revolving Credit Facility
Debt Instrument
Debt instrument, interest rate, stated percentage (percent)	0.90%
Matures in March 2024 \| PENN11
Debt Instrument
Debt instrument, amount						$ 500,000
Debt instrument, interest rate, stated percentage (percent)						3.03%
Matures in March 2024 \| PENN11 \| LIBOR
Debt Instrument
Spread over LIBOR (percent)		2.85%	2.75%
Matures in April 2031 \| 909 Third Avenue
Debt Instrument
Debt instrument, amount				$ 350,000
Matures in April 2031 \| 909 Third Avenue \| Office
Debt Instrument
Debt instrument, interest rate, stated percentage (percent)				3.23%
Square footage of real estate property (in sqft) \| ft²				1.4
Matures in May 2021 \| 909 Third Avenue \| Office
Debt Instrument
Debt instrument, amount					$ 350,000
Debt instrument, interest rate, stated percentage (percent)					3.91%
Matures in April 2026 \| Subsequent Event \| Revolving Credit Facility
Debt Instrument
Unsecured revolving credit facilities	$ 1,250,000
Facility fee (percent)	0.20%
Matures in April 2026 \| LIBOR \| Subsequent Event \| Revolving Credit Facility
Debt Instrument
Spread over LIBOR (percent)	1.00%
Debt instrument, interest rate, stated percentage (percent)	0.90%

Debt (Summary of Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument
Deferred financing costs, net and other	$ (32,589)	$ (34,462)
Long term debt	$ 1,818,912	1,818,447
Mortgages
Debt Instrument
Interest rate, end of period (percent)	2.87%
Long-term debt, gross	$ 5,600,127	5,608,458
Deferred financing costs, net and other	(26,501)	(27,909)
Long term debt	$ 5,573,626	5,580,549
Mortgages \| Fixed Rate
Debt Instrument
Interest rate, end of period (percent)	3.52%
Long-term debt, gross	$ 3,509,712	3,012,643
Mortgages \| Variable Rate
Debt Instrument
Interest rate, end of period (percent)	1.77%
Long-term debt, gross	$ 2,090,415	2,595,815
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	(3,112)	(3,315)
Long term debt	$ 446,888	446,685
Unsecured term loan
Debt Instrument
Interest rate, end of period (percent)	3.70%
Long-term debt, gross	$ 800,000	800,000
Deferred financing costs, net and other	(2,976)	(3,238)
Long term debt	$ 797,024	796,762
Unsecured Revolving Credit Facilities
Debt Instrument
Interest rate, end of period (percent)	1.01%
Long term debt	$ 575,000	$ 575,000

Redeemable Noncontrolling Interests (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Farley Office and Retail \| Joint Venture
Redeemable Noncontrolling Interest
Equity method ownership percentage	95.00%
Capital contributions		$ 92,400
Cumulative Redeemable Preferred Unit
Redeemable Noncontrolling Interest
Fair value of Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units	$ 50,249	50,002
Partnership Interest
Redeemable Noncontrolling Interest
Redemption value of redeemable Class A units	$ 635,658	$ 507,212

Redeemable Noncontrolling Interests (Activity of Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Redeemable Noncontrolling Interests Rollforward
Beginning balance	$ 606,267
Net income	329	$ 390
Other comprehensive income (loss)	886	(2,983)
Ending balance	734,630
Partnership Interest
Redeemable Noncontrolling Interests Rollforward
Beginning balance	511,747	888,915
Net income	329	390
Other comprehensive income (loss)	886	(2,983)
Distributions	(7,461)	(8,898)
Other, net	11,859	15,185
Ending balance	640,193	623,799
Partnership Interest \| Class A Unit
Redeemable Noncontrolling Interests Rollforward
Redemption of Class A units for Vornado common shares, at redemption value	(4,103)	(1,640)
Redeemable Class A unit measurement adjustment	126,936	$ (267,170)
Subsidiary
Redeemable Noncontrolling Interests Rollforward
Beginning balance	94,520
Net income	(83)
Ending balance	$ 94,437

Shareholders' Equity/Partners' Capital (Schedule of Dividends) (Details) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Class of Stock [Line Items]
Common shares, dividends (in dollars per share)	$ 0.53	$ 0.66
Common shares of beneficial interest: authorized shares (shares)	250,000,000		250,000,000
Preferred shares of beneficial interest: authorized shares (shares)	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
Convertible Preferred Stock \| Common Class A
Class of Stock [Line Items]
Common shares, dividends (in dollars per share)	$ 0.53	$ 0.66
Convertible Preferred Stock \| Series A Preferred Stock
Class of Stock [Line Items]
Common shares, dividends (in dollars per share)	0.53	0.66
Preferred stock, dividend rate, per-dollar-amount (in dollars per share)	$ 0.8125	$ 0.8125
Preferred stock, dividend rate, percentage (percent)	6.50%	6.50%
Preferred shares of beneficial interest: authorized shares (shares)	13,402	15,540
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
Preferred stock, dividend rate, percentage (percent)	5.70%	5.70%
Preferred shares of beneficial interest: authorized shares (shares)	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
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
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
Preferred stock, dividend rate, percentage (percent)	5.25%	5.25%
Preferred shares of beneficial interest: authorized shares (shares)	13,800,000	13,800,000
Redeemable Preferred Stock \| Series N Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate, per-dollar-amount (in dollars per share)	$ 0.3281
Preferred stock, dividend rate, percentage (percent)	5.25%	5.25%
Preferred shares of beneficial interest: authorized shares (shares)	12,000,000,000	12,000,000,000
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

Shareholders' Equity/Partners' Capital (AOCI by Component) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance, value	$ 6,948,155	$ 7,310,978
Ending balance, value	6,753,185	7,293,212
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance, value	(75,099)	(40,233)
Other comprehensive income (loss)	14,346	(42,486)
Ending balance, value	(60,753)	(82,719)
Accumulated other comprehensive (loss) income of nonconsolidated subsidiaries
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance, value	(14,338)	4
Other comprehensive income (loss)	3,591	8
Ending balance, value	(10,747)	12
Interest rate swaps
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance, value	(66,098)	(36,126)
Other comprehensive income (loss)	11,642	(45,477)
Ending balance, value	(54,456)	(81,603)
Other
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance, value	5,337	(4,111)
Other comprehensive income (loss)	(887)	2,983
Ending balance, value	$ 4,450	$ (1,128)

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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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

Variable Interest Entities (VIEs) (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Variable Interest Entities
Assets	$ 16,145,137	$ 16,221,822
Liabilities	8,657,322	8,667,400
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entities
Assets	104,866	224,754
Variable Interest Entity, Primary Beneficiary
Variable Interest Entities
Assets	4,101,742	4,053,841
Liabilities	$ 1,720,045	$ 1,722,719

- 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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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 25
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=116870748&loc=SL6758485-165988

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
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-Section 50
-Paragraph 28
-Subparagraph (f)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Fair Value Measurements (Narrative) (Details) $ in Thousands			3 Months Ended
	Mar. 31, 2021 USD ($) investment	Dec. 31, 2020 USD ($) investment	Mar. 31, 2021 USD ($) investment
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Real estate fund investments	$ 3,739	$ 3,739	$ 3,739
Real estate fund investments
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Number of investments held by fund (investment) \| investment	4	4	4
Real estate fund investments	$ 3,739	$ 3,739	$ 3,739
Excess of fair value below cost	339,516		339,516
Level 3 \| Real estate fund investments
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Excess of fair value below cost	$ 339,516		$ 339,516
Capitalization Rate \| Fifth Avenue and Times Square JV
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Other real estate owned, measurement input		0.050
Discount Rate
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Other real estate owned, measurement input		0.070

Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Real estate fund investments	$ 3,739	$ 3,739
Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Real estate fund investments	3,739	3,739
Deferred compensation plan assets (included in restricted cash and other assets)	107,889	105,564
Loans receivable (included in investments in partially owned entities and in other assets)	48,209	47,743
Interest rate swaps (included in other assets)	1,900	17
Total assets	161,737	157,063
Mandatorily redeemable instruments (included in other liabilities)	50,249	50,002
Interest rate swaps (included in other liabilities)	56,275	66,033
Total liabilities	106,524	116,035
Recurring \| Level 1
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Real estate fund investments	0	0
Deferred compensation plan assets (included in restricted cash and other assets)	66,250	65,636
Loans receivable (included in investments in partially owned entities and in other assets)	0	0
Interest rate swaps (included in other assets)	0	0
Total assets	66,250	65,636
Mandatorily redeemable instruments (included in other liabilities)	50,249	50,002
Interest rate swaps (included in other liabilities)	0	0
Total liabilities	50,249	50,002
Recurring \| Level 2
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
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	0
Interest rate swaps (included in other assets)	1,900	17
Total assets	1,900	17
Mandatorily redeemable instruments (included in other liabilities)	0	0
Interest rate swaps (included in other liabilities)	56,275	66,033
Total liabilities	56,275	66,033
Recurring \| Level 3
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Real estate fund investments	3,739	3,739
Deferred compensation plan assets (included in restricted cash and other assets)	41,639	39,928
Loans receivable (included in investments in partially owned entities and in other assets)	48,209	47,743
Interest rate swaps (included in other assets)	0	0
Total assets	93,587	91,410
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 and Nonrecurring Basis
Deferred compensation plan assets (included in restricted cash and other assets)	9,773	10,813
Other Assets \| Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Deferred compensation plan assets (included in restricted cash and other assets)	98,116	94,751
Loans receivable (included in investments in partially owned entities and in other assets)	4,360	4,735
Investments in Partially Owned Properties \| Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Loans receivable (included in investments in partially owned entities and in other assets)	$ 43,849	$ 43,008

Fair Value Measurements (Unobservable Quantitative Input Ratios) (Details)	Mar. 31, 2021	Dec. 31, 2020
Discount Rate
Unobservable Quantitative Input
Other real estate owned, measurement input		0.070
Discount Rate \| Recurring \| Level 3 \| Real estate fund investments \| Minimum
Unobservable Quantitative Input
Other real estate owned, measurement input	0.071	0.076
Discount Rate \| Recurring \| Level 3 \| Real estate fund investments \| Maximum
Unobservable Quantitative Input
Other real estate owned, measurement input	0.150	0.150
Discount Rate \| Recurring \| Level 3 \| Real estate fund investments \| Weighted Average
Unobservable Quantitative Input
Other real estate owned, measurement input	0.119	0.127
Terminal Capitalization Rate \| Recurring \| Level 3 \| Real estate fund investments \| Minimum
Unobservable Quantitative Input
Other real estate owned, measurement input	0.053	0.055
Terminal Capitalization Rate \| Recurring \| Level 3 \| Real estate fund investments \| Maximum
Unobservable Quantitative Input
Other real estate owned, measurement input	0.106	0.103
Terminal Capitalization Rate \| Recurring \| Level 3 \| Real estate fund investments \| Weighted Average
Unobservable Quantitative Input
Other real estate owned, measurement input	0.073	0.079
Loans Receivable \| Discount Rate \| Recurring \| Level 3
Unobservable Quantitative Input
Loans receivable, measurement input	0.065	0.065
Loans Receivable \| Discount Rate \| Recurring \| Level 3 \| Weighted Average
Unobservable Quantitative Input
Loans receivable, measurement input	0.065	0.065
Loans Receivable \| Terminal Capitalization Rate \| Recurring \| Level 3
Unobservable Quantitative Input
Loans receivable, measurement input	0.050	0.050
Loans Receivable \| Terminal Capitalization Rate \| Recurring \| Level 3 \| Weighted Average
Unobservable Quantitative Input
Loans receivable, measurement input	0.050	0.050

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
	Mar. 31, 2021	Mar. 31, 2020
Real estate fund investments
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 3,739	$ 222,649
Purchases/additional fundings	494	6,000
Net unrealized loss on held investments	(494)	(183,520)
Ending balance	3,739	45,129
Deferred Compensation Plan Assets
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	39,928	32,435
Purchases/additional fundings	449	1,293
Sales	(145)	(2,475)
Realized and unrealized gains (losses)	1,293	(1,229)
Other, net	114	544
Ending balance	$ 41,639	$ 30,568

Fair Value Measurements (Changes in the Fair Value of Loans Receivable) (Details) - Loans Receivable - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 47,743	$ 59,251
Credit losses	0	(7,261)
Interest accrual	841	0
Paydowns	(375)	0
Ending balance	$ 48,209	$ 51,990

Fair Value Measurements (Summary of Derivative Instruments) (Details) - Designated as Hedging Instrument - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Interest Rate Cap \| Other Assets
Derivative [Line Items]
Derivative Asset, Fair Value	$ 1,900,000
Derivative Asset, Notional Amount	675,000,000
Interest Rate Cap \| PENN 11 mortgage loan interest rate swap \| Other Assets
Derivative [Line Items]
Derivative Asset, Fair Value	1,812,000
Derivative Asset, Notional Amount	$ 500,000,000	$ 500,000,000
Derivative, Interest Rate	2.85%
Derivative, Swap Rate	3.03%
Interest Rate Cap \| Other \| Other Assets
Derivative [Line Items]
Derivative Asset, Fair Value	$ 88,000	17,000
Derivative Asset, Notional Amount	175,000,000	175,000,000
Interest rate swaps \| Other liabilities
Derivative [Line Items]
Derivative Liability, Fair Value	56,275,000	66,033,000
Derivative Liability, Notional Amount	850,000,000	850,000,000
Interest rate swaps \| Unsecured term loan \| Other liabilities
Derivative [Line Items]
Derivative Liability, Fair Value	49,827,000	57,723,000
Derivative Liability, Notional Amount	$ 750,000,000	$ 750,000,000
Derivative, Interest Rate	1.11%	1.15%
Derivative, Swap Rate	3.87%	3.87%
Derivative expiration date	2023-10	2023-10
Interest rate swaps \| 33-00 Northern Boulevard mortgage loan \| Other liabilities
Derivative [Line Items]
Derivative Liability, Fair Value	$ 6,448,000	$ 8,310,000
Derivative Liability, Notional Amount	$ 100,000,000	$ 100,000,000
Derivative, Interest Rate	1.91%	1.95%
Derivative, Swap Rate	4.14%	4.14%
Derivative expiration date	2025-01	2025-01
Interest rate swaps \| LIBOR \| PENN 11 mortgage loan interest rate swap \| Other Assets
Derivative [Line Items]
Derivative, Basis Spread on Variable Rate	2.75%
Derivative expiration date	2024-03
Interest rate swaps \| LIBOR \| Unsecured term loan \| Other liabilities
Derivative [Line Items]
Derivative, Basis Spread on Variable Rate	1.00%	1.00%
Interest rate swaps \| LIBOR \| 33-00 Northern Boulevard mortgage loan \| Other liabilities
Derivative [Line Items]
Derivative, Basis Spread on Variable Rate	1.80%	1.80%
Floating \| Interest rate swaps \| Unsecured term loan \| Other liabilities
Derivative [Line Items]
Derivative Liability, Notional Amount	$ 50,000,000	$ 50,000,000
Floating \| Interest rate swaps \| LIBOR \| Unsecured term loan \| Other liabilities
Derivative [Line Items]
Derivative, Basis Spread on Variable Rate	1.00%	1.00%

Fair Value Measurements (Fair Value Measurements on a Nonrecurring Basis) (Details) - Real estate assets - Nonrecurring $ in Thousands	Dec. 31, 2020 USD ($)
Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
Real estate assets	$ 191,116
Level 1
Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
Real estate assets	0
Level 2
Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
Real estate assets	0
Level 3
Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
Real estate assets	$ 191,116

Fair Value Measurements (Carrying amounts and fair value of financial instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured revolving credit facilities	$ 575,000	$ 575,000
Deferred financing costs, net and other	32,589	34,462
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	3,112	3,315
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents, carrying amount	1,275,625	1,476,427
Mortgages payable, gross	5,600,127	5,608,458
Unsecured revolving credit facilities	575,000	575,000
Debt, Carrying Amount	7,425,127	7,433,458
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	800,000
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, Fair Value	7,473,000	7,463,000
Fair Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents, fair value	1,276,000	1,476,000
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	5,624,000	5,612,000
Fair Value \| Senior Unsecured Notes \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured debt, gross	474,000	476,000
Fair Value \| Unsecured Term Loan \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured debt, gross	$ 800,000	$ 800,000

Stock-based Compensation (Narrative) (Details) $ in Thousands		3 Months Ended
	Jan. 12, 2021 USD ($) component	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)
Out Performance Plan 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Out of performance plan notional amount	$ 30,000
Duration of performance measurement period	4 years
Number of components of out performance plan \| component	2
Maximum award	$ 30,000
Amount of basis points by which vornado underperforms the index	2.00%
Amount of basis points by which vornado underperforms the index, total	8.00%
Absolute \| Out Performance Plan 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Required shareholder return four year	28.00%
Duration of performance measurement period	4 years
Absolute \| Maximum \| Out Performance Plan 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum payout	50.00%
Percent vested, year four	50.00%
Percent vested, year five	50.00%
Relative \| Out Performance Plan 2021
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 50% of awards will be earned	0.00%
Relative \| Maximum \| Out Performance Plan 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum payout	50.00%
Relative \| SNL US Office REIT Index \| Out Performance Plan 2021
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 2021
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		$ 21,225	$ 25,765

Interest and Other Investment Income (Loss), Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Interest and Other Income [Abstract]
Interest on loans receivable	$ 560	$ 1,426
Interest on cash and cash equivalents and restricted cash	62	3,966
Credit losses on loans receivable	0	(7,261)
Market-to-market decrease in the fair value of marketable security (sold on January 23, 2020)	0	(4,938)
Other, net	900	903
Interest and other investment income (loss), net	$ 1,522	$ (5,904)

Interest and Debt Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Interest and Debt Expense [Abstract]
Interest expense	$ 55,651	$ 66,635
Capitalized interest and debt expense	(10,267)	(12,055)
Amortization of deferred financing costs	4,680	4,262
Interest and debt expense, Total	$ 50,064	$ 58,842

Income Per Share/Income Per Class A Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net income attributable to Vornado / Vornado Realty L.P.	$ 20,550	$ 17,494
Preferred share dividends / unit distributions	(16,467)	(12,531)
NET INCOME attributable to common shareholders / Class A unitholders	4,083	4,963
Earnings allocated to unvested participating securities	(9)	(51)
Numerator for diluted income per share / Class A unit	$ 4,074	$ 4,912
Denominator:
Denominator for basic income per share - weighted average shares (in shares)	191,418	191,038
Denominator for diluted income per share - weighted average shares and assumed conversions (in shares)	192,031	191,113
INCOME PER COMMON SHARE - BASIC:
Net income per common share (in dollars per share)	$ 0.02	$ 0.03
INCOME PER COMMON SHARE - DILUTED:
Net income per common share (in dollars per share)	$ 0.02	$ 0.03
Out-Performance Plan units
Denominator:
Effect of dilutive securities	608	0
AO LTIP units
Denominator:
Effect of dilutive securities	4	0
Employee stock options and restricted stock awards
Denominator:
Effect of dilutive securities	1	75
Vornado Realty L.P.
Numerator:
Net income attributable to Vornado / Vornado Realty L.P.	$ 20,879	$ 17,884
Preferred share dividends / unit distributions	(16,508)	(12,572)
NET INCOME attributable to common shareholders / Class A unitholders	4,371	5,312
Earnings allocated to unvested participating securities	(721)	(4,918)
Numerator for diluted income per share / Class A unit	$ 3,650	$ 394
Denominator:
Denominator for basic income per Class A unit - weighted average units and assumed conversions	204,072	203,370
Denominator for diluted income per Class A unit - weighted average units	204,901	203,516
INCOME PER CLASS A UNIT - BASIC:
Net income per Class A unit (in dollars per unit)	$ 0.02	$ 0
INCOME PER CLASS A UNIT - DILUTED:
Net income per Class A unit (in dollars per unit)	$ 0.02	$ 0
Vornado Realty L.P. \| Vornado stock options, Vornado restricted stock awards, OP Units, AO LTIP Units and OPPs
Denominator:
Effect of dilutive securities	829	146

Income Per Share/Income Per Class A Unit - Narrative (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
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	13,485	13,543
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	615	1,140

Commitments and Contingencies (Narrative) (Details) ft² in Thousands	1 Months Ended	3 Months Ended
	Nov. 30, 2011 extension	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jul. 31, 2018 USD ($) ft²
Other Commitments
Lease liabilities		$ 400,974,000	$ 401,008,000
Right-of-use assets		365,929,000	$ 367,365,000
Guarantees and master leases		1,724,000,000
Clawback payment		29,400,000
Commitment to fund additional capital to partially owned entities		10,700,000
Construction commitment		441,000,000
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
Insurance sublimit		2,300,000
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%
Terrorism Acts
Insurance
Insurance limit per occurrence		$ 6,000,000,000.0
Insurance maximum coverage limit in aggregate		6,000,000,000.0
Non-Certified Acts of Terrorism
Insurance
Insurance maximum coverage limit in aggregate		1,200,000,000
NBCR 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		$ 1,759,257
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 \| Terrorism Acts
Insurance
Insurance limit per occurrence		1,850,000,000
Farley Office and Retail \| Non-Certified Acts of Terrorism
Insurance
Insurance limit per occurrence		1,170,000,000
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
Affiliated Entity \| Farley Office and Retail
Other Commitments
Equity method ownership percentage		5.00%
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		48,036,000
Right-of-use assets		34,400,000
Unsecured Revolving Credit Facilities
Other Commitments
Outstanding letters of credit		$ 13,549,000

Segment Information (Narrative) (Details)	3 Months Ended
Segment Information (Narrative) (Details)	Mar. 31, 2021 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Information (Summary of net income and EBITDA reconciliation by segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting [Abstract]
Net income (loss)	$ 26,993	$ (104,503)
Depreciation and amortization expense	95,354	92,793
General and administrative expense	44,186	52,834
Transaction related costs and other	843	71
Income from partially owned entities	(29,073)	(19,103)
Loss from real estate fund investments	169	183,463
Interest and other investment (income) loss, net	(1,522)	5,904
Interest and debt expense	50,064	58,842
Net gains on disposition of wholly owned and partially owned assets	0	(68,589)
Income tax expense	1,984	12,813
NOI from partially owned entities	78,756	81,881
NOI attributable to noncontrolling interests in consolidated subsidiaries	(17,646)	(15,493)
NOI at share	250,108	280,913
Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(1,198)	3,076
NOI at share - cash basis	$ 248,910	$ 283,989

Segment Information (Summary of NOI by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Information
Total revenues	$ 379,977	$ 444,532
Operating expenses	(190,979)	(230,007)
NOI - consolidated	188,998	214,525
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(17,646)	(15,493)
Add: NOI from partially owned entities	78,756	81,881
NOI at share	250,108	280,913
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(1,198)	3,076
NOI at share - cash basis	248,910	283,989
New York
Segment Information
Total revenues	303,971	355,615
Operating expenses	(160,985)	(183,031)
NOI - consolidated	142,986	172,584
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(8,621)	(8,433)
Add: NOI from partially owned entities	76,773	78,408
NOI at share	211,138	242,559
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(973)	1,106
NOI at share - cash basis	210,165	243,665
Other
Segment Information
Total revenues	76,006	88,917
Operating expenses	(29,994)	(46,976)
NOI - consolidated	46,012	41,941
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(9,025)	(7,060)
Add: NOI from partially owned entities	1,983	3,473
NOI at share	38,970	38,354
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(225)	1,970
NOI at share - cash basis	$ 38,745	$ 40,324

Label	Element	Value
Accounting Standards Update [Extensible List]	us-gaap_AccountingStandardsUpdateExtensibleList	us-gaap:AccountingStandardsUpdate201613Member

- Definition

Indicates amendment to accounting standards.

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+ Details