Vornado Realty (VNOD) 10-Q 1 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2017shares
Document and Entity Information [Line Items]
Entity Registrant Name	VORNADO REALTY TRUST
Entity Central Index Key	899,689
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	189,343,482
Entity Well Known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Trading Symbol	vno
Vornado Realty L.P.
Document and Entity Information [Line Items]
Entity Registrant Name	VORNADO REALTY LP
Entity Central Index Key	1,040,765
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	0
Entity Well Known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Real estate, at cost:
Land	$ 4,056,666	$ 4,065,142
Buildings and improvements	12,727,776	12,727,980
Development costs and construction in progress	1,564,647	1,430,276
Leasehold improvements and equipment	117,246	116,560
Total	18,466,335	18,339,958
Less accumulated depreciation and amortization	(3,604,348)	(3,513,574)
Real estate, net	14,861,987	14,826,384
Cash and cash equivalents	1,484,814	1,501,027
Restricted cash	98,191	98,295
Marketable securities	188,695	203,704
Tenant and other receivables, net of allowance for doubtful accounts of $10,711 and $10,920	86,753	94,467
Investments in partially owned entities	1,415,747	1,428,019
Real estate fund investments	454,946	462,132
Receivable arising from the straight-lining of rents, net of allowance of $1,744 and $2,227	1,048,940	1,032,736
Deferred leasing costs, net of accumulated amortization of $239,415 and $228,862	452,187	454,345
Identified intangible assets, net of accumulated amortization of $203,668 and $207,330	184,009	192,731
Assets related to discontinued operations	4,416	5,570
Other assets	450,763	515,437
Assets	20,731,448	20,814,847
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Mortgages payable, net	9,281,280	9,278,263
Senior unsecured notes, net	845,932	845,577
Unsecured term loan, net	372,595	372,215
Unsecured revolving credit facilities	115,630	115,630
Accounts payable and accrued expenses	451,156	458,694
Deferred revenue	274,477	287,846
Deferred compensation plan	124,933	121,374
Liabilities related to discontinued operations	2,670	2,870
Other liabilities	433,374	435,436
Total liabilities	11,902,047	11,917,905
Commitments and contingencies
Redeemable noncontrolling interests / partnership units:
Class A units - 12,567,493 and 12,197,162 units outstanding	1,260,646	1,273,018
Series D cumulative redeemable preferred units - 177,101 units outstanding	5,428	5,428
Total redeemable noncontrolling interests / partnership units	1,266,074	1,278,446
Equity:
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 42,824,829 shares	1,038,049	1,038,055
Common shares of beneficial interest: $.04 par value per share; authorized 250,000,000 shares; issued and outstanding 189,343,482 and 189,100,876 shares	7,551	7,542
Additional capital	7,183,324	7,153,332
Earnings less than distributions	(1,506,236)	(1,419,382)
Accumulated other comprehensive income	119,019	118,972
Total Vornado / Vornado Realty L.P. shareholders' equity	6,841,707	6,898,519
Noncontrolling interests in consolidated subsidiaries	721,620	719,977
Total equity	7,563,327	7,618,496
Total liabilities, redeemable noncontrolling interests / partnership units and equity	20,731,448	20,814,847
Vornado Realty L.P.
Real estate, at cost:
Land	4,056,666	4,065,142
Buildings and improvements	12,727,776	12,727,980
Development costs and construction in progress	1,564,647	1,430,276
Leasehold improvements and equipment	117,246	116,560
Total	18,466,335	18,339,958
Less accumulated depreciation and amortization	(3,604,348)	(3,513,574)
Real estate, net	14,861,987	14,826,384
Cash and cash equivalents	1,484,814	1,501,027
Restricted cash	98,191	98,295
Marketable securities	188,695	203,704
Tenant and other receivables, net of allowance for doubtful accounts of $10,711 and $10,920	86,753	94,467
Investments in partially owned entities	1,415,747	1,428,019
Real estate fund investments	454,946	462,132
Receivable arising from the straight-lining of rents, net of allowance of $1,744 and $2,227	1,048,940	1,032,736
Deferred leasing costs, net of accumulated amortization of $239,415 and $228,862	452,187	454,345
Identified intangible assets, net of accumulated amortization of $203,668 and $207,330	184,009	192,731
Assets related to discontinued operations	4,416	5,570
Other assets	450,763	515,437
Assets	20,731,448	20,814,847
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Mortgages payable, net	9,281,280	9,278,263
Senior unsecured notes, net	845,932	845,577
Unsecured term loan, net	372,595	372,215
Unsecured revolving credit facilities	115,630	115,630
Accounts payable and accrued expenses	451,156	458,694
Deferred revenue	274,477	287,846
Deferred compensation plan	124,933	121,374
Liabilities related to discontinued operations	2,670	2,870
Other liabilities	433,374	435,436
Total liabilities	11,902,047	11,917,905
Commitments and contingencies
Redeemable noncontrolling interests / partnership units:
Class A units - 12,567,493 and 12,197,162 units outstanding	1,260,646	1,273,018
Series D cumulative redeemable preferred units - 177,101 units outstanding	5,428	5,428
Total redeemable noncontrolling interests / partnership units	1,266,074	1,278,446
Equity:
Partners' capital	8,228,924	8,198,929
Earnings less than distributions	(1,506,236)	(1,419,382)
Accumulated other comprehensive income	119,019	118,972
Total Vornado / Vornado Realty L.P. shareholders' equity	6,841,707	6,898,519
Noncontrolling interests in consolidated subsidiaries	721,620	719,977
Total equity	7,563,327	7,618,496
Total liabilities, redeemable noncontrolling interests / partnership units and equity	$ 20,731,448	$ 20,814,847

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
ASSETS
Tenant and other receivables, allowance for doubtful accounts (in US dollars)	$ 10,711	$ 10,920
Receivable arising from the straight-lining of rents, allowance (in US dollars)	1,744	2,227
Deferred leasing costs, accumulated amortization (in US dollars)	239,415	228,862
Identified intangible assets, accumulated amortization (in US dollars)	$ 203,668	$ 207,330
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Preferred Stock, Par Value Per Share	$ 0	$ 0
Preferred shares of beneficial interest: authorized shares	110,000,000	110,000,000
Preferred shares of beneficial interest: issued shares	42,824,829	42,824,829
Preferred shares of beneficial interest: outstanding shares	42,824,829	42,824,829
Common shares of beneficial interest: par value per share (in dollars per share)	$ 0.04	$ 0.04
Common shares of beneficial interest: authorized shares	250,000,000	250,000,000
Common shares of beneficial interest: issued shares	189,343,482	189,100,876
Common shares of beneficial interest: outstanding shares	189,343,482	189,100,876
Class A Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Outstanding Partnership Units held by Third Parties	12,567,493	12,197,162
Series D Cumulative Redeemable Preferred Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Outstanding Partnership Units held by Third Parties	177,101	177,101
Vornado Realty L.P.
ASSETS
Tenant and other receivables, allowance for doubtful accounts (in US dollars)	$ 10,711	$ 10,920
Receivable arising from the straight-lining of rents, allowance (in US dollars)	1,744	2,227
Deferred leasing costs, accumulated amortization (in US dollars)	239,415	228,862
Identified intangible assets, accumulated amortization (in US dollars)	$ 203,668	$ 207,330
Vornado Realty L.P. | Class A Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Outstanding Partnership Units held by Third Parties	12,567,493	12,197,162
Vornado Realty L.P. | Series D Cumulative Redeemable Preferred Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Outstanding Partnership Units held by Third Parties	177,101	177,101

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
REVENUES:
Property rentals	$ 513,818	$ 519,492
Tenant expense reimbursements	67,670	59,575
Fee and other income	39,360	33,970
Total revenues	620,848	613,037
EXPENSES:
Operating	260,907	256,349
Depreciation and amortization	138,811	142,957
General and administrative	56,658	48,704
Acquisition and transaction related costs	8,005	4,607
Skyline properties impairment loss	0	160,700
Total expenses	464,381	613,317
Operating income (loss)	156,467	(280)
Income (loss) from partially owned entities	1,445	(4,240)
Income from real estate fund investments	268	11,284
Interest and other investment income, net	9,228	3,518
Interest and debt expense	(94,285)	(100,489)
Net gains on disposition of wholly owned and partially owned assets	501	714
Income (loss) before income taxes	73,624	(89,493)
Income tax expense	(2,205)	(2,831)
Income (loss) from continuing operations	71,419	(92,324)
Income from discontinued operations	2,428	716
Net income (loss)	73,847	(91,608)
Less net (income) loss attributable to noncontrolling interests in:
Consolidated subsidiaries	(6,737)	(9,678)
Operating Partnership	(3,229)	7,487
Net income (loss) attributable to Vornado / Vornado Realty L.P.	63,881	(93,799)
Preferred share dividends / Preferred unit distributions	(16,129)	(20,364)
NET INCOME (LOSS) attributable to common shareholders / Class A unitholders	$ 47,752	$ (114,163)
INCOME (LOSS) PER COMMON SHARE / CLASS A UNIT - BASIC:
Income (loss) from continuing operations, net (in dollars per share)	$ 0.24	$ (0.61)
Income from discontinued operations, net (in dollars per share)	0.01	0
Net income (loss) per common share (in dollars per share)	$ 0.25	$ (0.61)
Weighted average shares outstanding	189,210	188,658
INCOME (LOSS) PER COMMON SHARE / CLASS A UNIT - DILUTED:
Income (loss) from continuing operations, net (in dollars per share)	$ 0.24	$ (0.61)
Income from discontinued operations, net (in dollars per share)	0.01	0
Net income (loss) per common share (in dollars per share)	$ 0.25	$ (0.61)
Weighted average shares outstanding	190,372	188,658
DIVIDENDS PER COMMON SHARE (in dollars per share)	$ 0.71	$ 0.63
Vornado Realty L.P.
REVENUES:
Property rentals	$ 513,818	$ 519,492
Tenant expense reimbursements	67,670	59,575
Fee and other income	39,360	33,970
Total revenues	620,848	613,037
EXPENSES:
Operating	260,907	256,349
Depreciation and amortization	138,811	142,957
General and administrative	56,658	48,704
Acquisition and transaction related costs	8,005	4,607
Skyline properties impairment loss	0	160,700
Total expenses	464,381	613,317
Operating income (loss)	156,467	(280)
Income (loss) from partially owned entities	1,445	(4,240)
Income from real estate fund investments	268	11,284
Interest and other investment income, net	9,228	3,518
Interest and debt expense	(94,285)	(100,489)
Net gains on disposition of wholly owned and partially owned assets	501	714
Income (loss) before income taxes	73,624	(89,493)
Income tax expense	(2,205)	(2,831)
Income (loss) from continuing operations	71,419	(92,324)
Income from discontinued operations	2,428	716
Net income (loss)	73,847	(91,608)
Less net (income) loss attributable to noncontrolling interests in:
Consolidated subsidiaries	(6,737)	(9,678)
Operating Partnership	3,229	(7,487)
Net income (loss) attributable to Vornado / Vornado Realty L.P.	67,110	(101,286)
Preferred share dividends / Preferred unit distributions	(16,178)	(20,412)
NET INCOME (LOSS) attributable to common shareholders / Class A unitholders	$ 50,932	$ (121,698)
INCOME (LOSS) PER COMMON SHARE / CLASS A UNIT - BASIC:
Income (loss) from continuing operations, net	$ 0.24	$ (0.61)
Income from discontinued operations, net	0.01	0
Net income (loss) per Class A unit	$ 0.25	$ (0.61)
Weighted average units outstanding	200,845	200,072
INCOME (LOSS) PER COMMON SHARE / CLASS A UNIT - DILUTED:
Income (loss) from continuing operations, net	$ 0.24	$ (0.61)
Income from discontinued operations, net	0.01	0
Net income (loss) per Class A unit	$ 0.25	$ (0.61)
Weighted average units outstanding	202,647	200,072
DISTRIBUTIONS PER CLASS A UNIT	$ 0.71	$ 0.63

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net income (loss)	$ 73,847	$ (91,608)
Other comprehensive (loss) income:
(Reduction) increase in unrealized net gain on available-for-sale securities	(15,009)	11,094
Pro rata share of amounts reclassified from accumulated other comprehensive income of a nonconsolidated subsidiary	9,268	0
Pro rata share of other comprehensive (loss) income of nonconsolidated subsidiaries	(51)	6
Increase (reduction) in value of interest rate swaps and other	5,842	(4,195)
Comprehensive income (loss)	73,897	(84,703)
Less comprehensive income attributable to noncontrolling interests / in consolidated subsidiaries	(9,969)	(2,618)
Comprehensive income (loss) attributable to Vornado / Vornado Realty L.P.	63,928	(87,321)
Vornado Realty L.P.
Net income (loss)	73,847	(91,608)
Other comprehensive (loss) income:
(Reduction) increase in unrealized net gain on available-for-sale securities	(15,009)	11,094
Pro rata share of amounts reclassified from accumulated other comprehensive income of a nonconsolidated subsidiary	9,268	0
Pro rata share of other comprehensive (loss) income of nonconsolidated subsidiaries	(51)	6
Increase (reduction) in value of interest rate swaps and other	5,842	(4,195)
Comprehensive income (loss)	73,897	(84,703)
Less comprehensive income attributable to noncontrolling interests / in consolidated subsidiaries	(6,737)	(9,678)
Comprehensive income (loss) attributable to Vornado / Vornado Realty L.P.	$ 67,160	$ (94,381)

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Thousands	Total	Real estate fund investments	Other	Preferred Shares / Units	Common Shares	Additional Capital	Earnings Less Than Distributions	Accumulated Other Comprehensive Income	Non-controlling Interests in Consolidated Subsidiaries	Non-controlling Interests in Consolidated SubsidiariesReal estate fund investments	Non-controlling Interests in Consolidated SubsidiariesOther	Vornado Realty L.P.	Vornado Realty L.P.Real estate fund investments	Vornado Realty L.P.Other	Vornado Realty L.P.Preferred Shares / Units	Vornado Realty L.P.Class A Units Owned by Vornado	Vornado Realty L.P.Earnings Less Than Distributions	Vornado Realty L.P.Accumulated Other Comprehensive Income	Vornado Realty L.P.Non-controlling Interests in Consolidated Subsidiaries	Vornado Realty L.P.Non-controlling Interests in Consolidated SubsidiariesReal estate fund investments	Vornado Realty L.P.Non-controlling Interests in Consolidated SubsidiariesOther
Beginning balance, Shares / Units at Dec. 31, 2015				52,677	188,577										52,677	188,577
Beginning balance, Value at Dec. 31, 2015	$ 7,476,078			$ 1,276,954	$ 7,521	$ 7,132,979	$ (1,766,780)	$ 46,921	$ 778,483			$ 7,476,078			$ 1,276,954	$ 7,140,500	$ (1,766,780)	$ 46,921	$ 778,483
Net income (loss) attributable to Vornado / Vornado Realty L.P.	(93,799)						(93,799)					(101,286)					(101,286)
Net income (loss) attributable to redeemable partnership units	(7,487)											7,487					7,487
Net income attributable to noncontrolling interests in consolidated subsidiaries	9,678								9,678			9,678							9,678
Dividends on common shares	(118,867)						(118,867)
Distributions to Vornado												(118,867)					(118,867)
Dividends on preferred shares / Distributions to preferred unitholders	(20,364)						(20,364)					(20,364)					(20,364)
Class A Units issued to Vornado / Common shares issued:
Upon redemption of Class A units, at redemption value, Shares					157											157
Upon redemption of Class A units, at redemption value, Value	14,482				$ 6	14,476						14,482				$ 14,482
Under Vornado's employees' share option plan, Shares					26											26
Under Vornado's employees' share option plan, Value	2,166				$ 1	2,165	0					2,166				$ 2,166
Under Vornado's dividend reinvestment plan, Shares					4											4
Under Vornado's dividend reinvestment plan, Value	357				$ 0	357						357				$ 357
Distributions:
Distributions	(7,835)	$ (13,487)	$ (152)							$ (13,487)	$ (152)		$ (13,487)	$ (152)						$ (13,487)	$ (152)
Deferred compensation shares / units and options, Shares					7											7
Deferred compensation shares / units and options, Value	350				$ 1	535	(186)					350				$ 536	(186)
(Reduction) increase in unrealized net gain on available-for-sale securities	11,094							11,094				11,094						11,094
Pro rata share of amounts reclassified related to a nonconsolidated subsidiary	0											0
Pro rata share of other comprehensive (loss) income of nonconsolidated subsidiaries	6							6				6						6
Reduction in value of interest rate swap	(4,195)							(4,195)				(4,195)						(4,195)
Adjustments to carry redeemable Class A units at redemption value	36,524					36,524						36,524				$ 36,524
Redeemable noncontrolling interests' / parnership units' share of above adjustments	(427)							(427)				(427)						(427)
Other	112						2	0	110			112					2		110
Ending balance, Shares / Units at Mar. 31, 2016				52,677	188,771										52,677	188,771
Ending balance, Value at Mar. 31, 2016	7,299,556			$ 1,276,954	$ 7,529	7,187,036	(1,999,994)	53,399	774,632			7,299,556			$ 1,276,954	$ 7,194,565	(1,999,994)	53,399	774,632
Beginning balance, Shares / Units at Dec. 31, 2016				42,825	189,101										42,825	189,101
Beginning balance, Value at Dec. 31, 2016	7,618,496			$ 1,038,055	$ 7,542	7,153,332	(1,419,382)	118,972	719,977			7,618,496			$ 1,038,055	$ 7,160,874	(1,419,382)	118,972	719,977
Net income (loss) attributable to Vornado / Vornado Realty L.P.	63,881						63,881					67,110					67,110
Net income (loss) attributable to redeemable partnership units	3,229											(3,229)					(3,229)
Net income attributable to noncontrolling interests in consolidated subsidiaries	6,737								6,737			6,737							6,737
Dividends on common shares	(134,332)						(134,332)
Distributions to Vornado												(134,332)					(134,332)
Dividends on preferred shares / Distributions to preferred unitholders	(16,129)						(16,129)					(16,129)					(16,129)
Class A Units issued to Vornado / Common shares issued:
Upon redemption of Class A units, at redemption value, Shares					140											140
Upon redemption of Class A units, at redemption value, Value	14,739				$ 6	14,733						14,739				$ 14,739
Under Vornado's employees' share option plan, Shares					96											96
Under Vornado's employees' share option plan, Value	8,097				$ 3	8,094						8,097				$ 8,097
Under Vornado's dividend reinvestment plan, Shares					3											3
Under Vornado's dividend reinvestment plan, Value	387				$ 0	387						387				$ 387
Contributions:
Contributions	75								75			75							75
Distributions:
Distributions	(9,163)	$ (4,528)	$ (590)							$ (4,528)	$ (590)		$ (4,528)	$ (590)						$ (4,528)	$ (590)
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units				0											0	0
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, Value	0			$ (6)		6						0			$ (6)	$ 6
Deferred compensation shares / units and options, Shares					3											3
Deferred compensation shares / units and options, Value	311				$ 0	575	(264)					311				$ 575	(264)
(Reduction) increase in unrealized net gain on available-for-sale securities	(15,009)							(15,009)				(15,009)						(15,009)
Pro rata share of amounts reclassified related to a nonconsolidated subsidiary	9,268							9,268				9,268						9,268
Pro rata share of other comprehensive (loss) income of nonconsolidated subsidiaries	(51)							(51)				(51)						(51)
Reduction in value of interest rate swap	5,842							5,842				5,842						5,842
Adjustments to carry redeemable Class A units at redemption value	6,197					6,197						6,197				$ 6,197
Redeemable noncontrolling interests' / parnership units' share of above adjustments	(3)							(3)				(3)						(3)
Other, Shares					0
Other	(61)			$ 0	$ 0	0	(10)		(51)			(61)					(10)		(51)
Ending balance, Shares / Units at Mar. 31, 2017				42,825	189,343										42,825	189,343
Ending balance, Value at Mar. 31, 2017	$ 7,563,327			$ 1,038,049	$ 7,551	$ 7,183,324	$ (1,506,236)	$ 119,019	$ 721,620			$ 7,563,327			$ 1,038,049	$ 7,190,875	$ (1,506,236)	$ 119,019	$ 721,620

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash Flows from Operating Activities:
Net income (loss)	$ 73,847	$ (91,608)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs)	145,886	150,648
Distributions of income from partially owned entities	18,226	24,747
Other non-cash adjustments	17,535	15,248
Straight-lining of rents	(15,522)	(41,626)
Amortization of below-market leases, net	(11,459)	(17,507)
Net realized and unrealized loss (gain) on real estate fund investments	6,946	(6,611)
Net gains on sale of real estate and other	(2,267)	0
Equity in net (income) loss of partially owned entities	(1,445)	4,240
Net gains on disposition of wholly owned and partially owned assets	(501)	(714)
Skyline properties impairment loss	0	160,700
Return of capital from real estate fund investments	0	14,676
Changes in operating assets and liabilities:
Tenant and other receivables, net	6,947	800
Prepaid assets	68,445	64,851
Other assets	(12,766)	(20,113)
Accounts payable and accrued expenses	8,315	12,774
Other liabilities	(902)	1,027
Net cash provided by operating activities	301,285	271,532
Cash Flows from Investing Activities:
Development costs and construction in progress	(98,227)	(127,283)
Additions to real estate	(67,363)	(77,243)
Distributions of capital from partially owned entities	11,592	30,637
Investments in partially owned entities	(6,679)	(63,188)
Proceeds from sales of real estate and related investments	5,180	2,867
Acquisitions of real estate and other	(1,171)	(938)
Proceeds from repayments of mortgage loans receivable	14	11
Net cash used in investing activities	(156,654)	(235,137)
Cash Flows from Financing Activities:
Dividends paid on common shares / Distributions to Vornado	(134,332)	(118,867)
Dividends paid on preferred shares / Distributions to preferred unitholders	(16,129)	(20,364)
Distributions to noncontrolling interests / Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries	(14,281)	(21,474)
Proceeds received from exercise of employee share options / Vornado stock options	8,484	2,523
Repayments of borrowings	(6,987)	(909,617)
Proceeds from borrowings	2,529	887,500
Repurchase of shares / Class A units related to stock compensation agreements and related tax withholdings and other	(264)	(185)
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries	75	0
Debt issuance and other costs	(43)	(16,704)
Net cash used in financing activities	(160,948)	(197,188)
Net decrease in cash and cash equivalents and restricted cash	(16,317)	(160,793)
Cash and cash equivalents and restricted cash at beginning of period	1,599,322	1,943,506
Cash and cash equivalents and restricted cash at end of period	1,583,005	1,782,713
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	1,501,027	1,835,707
Restricted cash at beginning of period	98,295	107,799
Cash and cash equivalents and restricted cash at beginning of period	1,599,322	1,943,506
Cash and cash equivalents at end of period	1,484,814	1,673,566
Restricted cash at end of period	98,191	109,147
Cash and cash equivalents and restricted cash at end of period	1,583,005	1,782,713
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest, excluding capitalized interest of $9,364 and $7,497	88,078	91,719
Cash payments for income taxes	1,512	2,193
Non-Cash Investing and Financing Activities:
Accrued capital expenditures included in accounts payable and accrued expenses	57,993	113,755
Write-off of fully depreciated assets	(15,809)	(187,419)
(Reduction) increase in unrealized net gain on available-for-sale securities	(15,009)	11,094
Adjustments to carry redeemable Class A units at redemption value	6,197	36,524
Vornado Realty L.P.
Cash Flows from Operating Activities:
Net income (loss)	73,847	(91,608)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs)	145,886	150,648
Distributions of income from partially owned entities	18,226	24,747
Other non-cash adjustments	17,535	15,248
Straight-lining of rents	(15,522)	(41,626)
Amortization of below-market leases, net	(11,459)	(17,507)
Net realized and unrealized loss (gain) on real estate fund investments	6,946	(6,611)
Net gains on sale of real estate and other	(2,267)	0
Equity in net (income) loss of partially owned entities	(1,445)	4,240
Net gains on disposition of wholly owned and partially owned assets	(501)	(714)
Skyline properties impairment loss	0	160,700
Return of capital from real estate fund investments	0	14,676
Changes in operating assets and liabilities:
Tenant and other receivables, net	6,947	800
Prepaid assets	68,445	64,851
Other assets	(12,766)	(20,113)
Accounts payable and accrued expenses	8,315	12,774
Other liabilities	(902)	1,027
Net cash provided by operating activities	301,285	271,532
Cash Flows from Investing Activities:
Development costs and construction in progress	(98,227)	(127,283)
Additions to real estate	(67,363)	(77,243)
Distributions of capital from partially owned entities	11,592	30,637
Investments in partially owned entities	(6,679)	(63,188)
Proceeds from sales of real estate and related investments	5,180	2,867
Acquisitions of real estate and other	(1,171)	(938)
Proceeds from repayments of mortgage loans receivable	14	11
Net cash used in investing activities	(156,654)	(235,137)
Cash Flows from Financing Activities:
Dividends paid on common shares / Distributions to Vornado	(134,332)	(118,867)
Dividends paid on preferred shares / Distributions to preferred unitholders	(16,129)	(20,364)
Distributions to noncontrolling interests / Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries	(14,281)	(21,474)
Proceeds received from exercise of employee share options / Vornado stock options	8,484	2,523
Repayments of borrowings	(6,987)	(909,617)
Proceeds from borrowings	2,529	887,500
Repurchase of shares / Class A units related to stock compensation agreements and related tax withholdings and other	(264)	(185)
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries	75	0
Debt issuance and other costs	(43)	(16,704)
Net cash used in financing activities	(160,948)	(197,188)
Net decrease in cash and cash equivalents and restricted cash	(16,317)	(160,793)
Cash and cash equivalents and restricted cash at beginning of period	1,599,322	1,943,506
Cash and cash equivalents and restricted cash at end of period	1,583,005	1,782,713
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	1,501,027	1,835,707
Restricted cash at beginning of period	98,295	107,799
Cash and cash equivalents and restricted cash at beginning of period	1,599,322	1,943,506
Cash and cash equivalents at end of period	1,484,814	1,673,566
Restricted cash at end of period	98,191	109,147
Cash and cash equivalents and restricted cash at end of period	1,583,005	1,782,713
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest, excluding capitalized interest of $9,364 and $7,497	88,078	91,719
Cash payments for income taxes	1,512	2,193
Non-Cash Investing and Financing Activities:
Accrued capital expenditures included in accounts payable and accrued expenses	57,993	113,755
Write-off of fully depreciated assets	(15,809)	(187,419)
(Reduction) increase in unrealized net gain on available-for-sale securities	(15,009)	11,094
Adjustments to carry redeemable Class A units at redemption value	$ 6,197	$ 36,524

Consolidated Statements of Cas8

Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Capitalized interest	$ 9,364	$ 7,497
Vornado Realty L.P.
Capitalized interest	$ 9,364	$ 7,497

Organization

Organization	3 Months Ended
	Mar. 31, 2017
Organization
Organization	1. Organization Vornado Realty Trust (“Vornado”) is a fully integrated real estate investment trust (“REIT”) and conducts its business through, and substantially all of its interests in properties are held by, Vornado Realty L.P., a Delaware limited partnership (the “Operating Partnership”). Vornado is the sole general partner of, and owned approximately 93.6 % of the common limited partnership interest in, the Operating Partnership at March 31, 2017 . All references to the “Company,” “we,” “us,” and “our ” mean collectively Vornado, the Operating Partnership and those entities/subsidiaries consolidated by Vornado. On October 31, 2016, Vornado’s Board of Trustees approved the tax-free spin-off of our Washington, DC segment and we entered into a definitive agreement to combine it with the management business and certain Washington, DC assets of The JBG Companies (“JBG”), a Washington, DC real estate company. Steven Roth, the Chairman of the Board of Trustees and Chief Executive Officer of Vorna do, will be Chairman of the Board of Trustees of the new company, which will be named JBG SMITH Properties. Mitchell Schear, President of our Washington, DC business, will be a member of the Board of Trustees of the new company. The pro rata distribution to Vornado common shareholders and Class A Operating Partnership unitholders is intended to be treated as a tax-free spin-off for U.S. federal income tax purposes. It is expected to be made on a pro rata 1:2 basis. We expect the spin-off and merger to be completed by the end of the second quarter of 2017, subject to certain conditions, including the SEC declaring the Form 10 registration statement effective, filing and approval of the new company’s listing application, receipt of regulatory approvals and third party consents by each of the Company and JBG, and formal declaration of the distribution by Vornado’s Board of Trustees. The distribution and combination are not subject to a vote by Vornado’s shareholders or Operating Partnership unitholders. Vorna do’s Board of Trustees has approved the transaction. JBG has obtained all requisite approvals from its investment funds for this transaction. There can be no assurance that this transaction will be completed.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2017
Basis of Presentation
Basis Of Presentation	2. Basis of Presentation The accompanying consolidated financial statements are unaudited and include the accounts of Vornado and the Operating Partnership and their consolidated subsidiaries. All inter - company amounts have been eliminated. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally includ ed 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 wit h 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, as amended, for the year ended December 31, 2016 , 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 stat ements 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, 2017 are not necessarily i ndicative of the operating results for the full year.

Recently Issued Accounting Lite

Recently Issued Accounting Literature	3 Months Ended
	Mar. 31, 2017
Recently Issued Accounting Literature [Abstract]
Recently Issued Accounting Literature	3 . Recently Issued Accounting Literature In May 2014, the Financial Accounting Standards Board (“ FASB”) issued an update ("ASU 2014-09") establishing Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). ASU 2014-09, as amended by subsequent ASUs on the topic, establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. This standard, which is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2017, requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. When adopting this standard, we are permitted to use either the full retrospective method or the modified retrospective method. We will adopt this standa rd effective as of January 1, 2018 and currently expect to utilize the modified retrospective method of adoption. We have commenced the execution of our project plan for adopting this standard, which consists of gathering and evaluating the inventory of ou r revenue streams. We expect this standard will have an impact on the presentation of certain lease and non-lease components of revenue from leases upon the adoption of (“ASU 2016-02”) Leases with no impact on “total revenues.” We expect this standard wi ll have an impact on the timing of gains on certain sales of real estate. We are continuing to evaluate the impact of this standard on our consolidated financial statements. In January 2016, the FASB issued an update (“ASU 2016-01”) Recognition and Measurement of Financial Assets and Financial Liabilities to ASC Topic 825 , Financial Instruments . ASU 2016-01 amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. While the adoption of this standard requires us to continue to measure “marketable securities” at f air value at each reporting date, the changes in fair value will be recognized in current period earnings as opposed to “other comprehensive income.” In February 2016, the FASB issued an update ASU 2016-02 establishing ASC Topic 842, Leases , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. ASU 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase. Lessees are required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months. Leases with a term of 12 months or less will be a ccounted for similar to existing guidance for operating leases. Lessees will recognize expense based on the effective interest method for finance leases or on a straight-line basis for operating leases. ASU 2016-02 is effective for reporting periods begi nning after December 15, 2018, with early adoption permitted. We are currently evaluating the overall impact of the adoption of ASU 2016-02 on our consolidated financial statements, including the timing of adopting this standard. ASU 2016-02 will more sig nificantly impact the accounting for leases in which we are a lessee. We have a number of ground leases for which we will be required to record a right-of-use asset and lease liability equal to the present value of the remaining minimum lease payments upo n adoption of this standard. We also expect that this standard will have an impact on the presentation of certain lease and non-lease components of revenue from leases with no impact on “total revenues .” In particular, lease components, such as reimbursabl e real estate taxes and insurance expenses, will be presented in “property rentals” and non-lease components, such as reimbursable operating expenses, will be presented in “expense reimbursem ents” on our consolidated statements of income . In March 2016, the FASB issued an update (“ASU 2016-09”) Improvements to Employee Share-Based Payment Accounting to ASC Topic 718, Compensation – Stock Compensation . ASU 2016-09 amends several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for interim and annual reporting periods in fiscal years beginning a fter December 15, 2016. The adoption of this update as of January 1, 2017, did not have a material impact on our consolidated financial statements. In August 2016, the FASB issued an update (“ASU 2016-15”) Classification of Certain Cash Receipts and Cash Payments to ASC Topic 230, Statement of Cash Flows . ASU 2016-15 clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows to reduce diversity in practice with respect to (i) debt prepayment or debt extinguishment costs, (ii) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in rel ation to the effective interest rate of the borrowing, (iii) contingent consideration payments made after a business combination, (iv) proceeds from the settlement of insurance claims, (v) proceeds from the settlement of corporate-owned life insurance poli cies, including bank-owned life insurance policies, (vi) distributions received from equity method investees, (vii) beneficial interests in securitization transactions, and (viii) separately identifiable cash flows and application of the predominance princ iple. ASU 2016-15 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017, with early adoption permitted. We elected to early adopt ASU 2016-15 effective January 1, 2017, with retrospective application to o ur consolidated statements of cash flows. The adoption of ASU 2016-15 impacted our classification of distributions received from equity method investees. We selected the nature of earnings approach for classifying distributions. Under this approach, the di stributions from equity method investees are classified on the basis of the nature of the activity of the investee that generated the distribution. The retrospective application of ASU 2016-15 resulted in the reclassification of certain distributions of i ncome from partially owned entities to distributions of capital from partially owned entities, which reduced net cash provided by operating activities and net cash used in investing activities by $ 5,113,000 for the three months ended March 31, 2016. In November 2016, the FASB issued an update (“ASU 2016-18”) Restricted Cash to ASC Topic 230, Statement of Cash Flows . ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Restricted cash and restricted cash equivalents will be included with cash and cash equivalents when reconciling the beginning of period and end of period balances on the state ment of cash flows upon adoption of this standard. ASU 2016-18 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017, with early adoption permitted. We elected to early adopt ASU 2016-18 effective January 1, 2017, with retrospective application to our consolidated statements of cash flows. Accordingly, the consolidated statements of cash flows present a reconc iliation of the changes in cash and cash equivalents and restricted cash. Restricted cash primaril y consists of security deposits, cash restricted for the purposes of facilit ating a Section 1031 Like-Kind E xchange, cash restricted in connection with our deferred compensation plan and cash escrowed under loan agreements for debt service, real estate tax es, property insurance and capital improvements . In February 2017, the FASB issued an update (“ASU 2017-05”) Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets to ASC Subtopic 610-20, Other Income–Gains and Losses from the Derecognition of Nonfinancial Assets . ASU 2017-05 clarifies the scope of recently established guidance on nonfinancial asset derecognition as well as the accounting for partial sales of nonfinancial assets. This update conforms the derecognition guidance on nonfinancia l assets with the model for transactions in ASC 606. ASU 2017-05 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. The adoption of this standard is not expected to have an impact on our consolidated fi nancial statements.

Real Estate Fund Investments

Real Estate Fund Investments	3 Months Ended
	Mar. 31, 2017
Real Estate Fund Investments [Abstract]
Real Estate Fund Investments	4. 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 has an eight-year term and a three-year investment period that ended in July 2013 . The Fund is accounted for under ASC 946, Financial Services – Investment Companies (“ASC 946”) and its investments are reported on its balance sheet at fair value, with changes in value each period recognized in earnings. We cons olidate the accounts of the Fund into our consolidated financial statements, retaining the fair value basis of accounting. We are also the general partner and investment manager of the Crowne Plaza Times Square Hotel Joint Venture (the “ Crowne Plaza Joint Venture”) and own a 57.1% interest in the joint venture which owns the 24.7% interest in the Cro wne Plaza Times Square Hotel not owned by t he Fund . The Crowne Plaza Joint Venture is also accounted for under ASC 946 and w e consolidate the accounts of the joint venture into our consolidated financial statements, retaining the fair value basis of accounting. At March 31, 2017 , we had six real estate fund investments through the Fund and the Crowne Plaza Joint Venture with an aggregate fair value of $ 454,946 ,000, or $ 142,346,000 in excess of cost, and had remaining unfunded commitments of $ 117,907,000 , of which our share was $ 34,422,000 . Below is a summary of income from the Fund and the Crowne Plaza Joint Venture for the three months ended March 31, 2017 and 2016 . (Amounts in thousands) For the Three Months Ended March 31, 2017 2016 Net investment income $ 7,214 $ 4,673 Net realized gains on exited investments 241 14,676 Previously recorded unrealized gain on exited investment - (14,254) Net unrealized (loss) gain on held investments (7,187) 6,189 Income from real estate fund investments (1) 268 11,284 Less income attributable to noncontrolling interests in consolidated subsidiaries (3,503) (5,973) (Loss) income from real estate fund investments attributable to the Operating Partnership (3,235) 5,311 Less loss (income) attributable to noncontrolling interests in the Operating Partnership 202 (329) (Loss) income from real estate fund investments attributable to Vornado $ (3,033) $ 4,982 (1) Excludes $1,000 and $760 of management and leasing fees for the three months ended March 31, 2017 and 2016, respectively, which are included as a component of "fee and other income" on our consolidated statements of income.

Marketable Securities

Marketable Securities	3 Months Ended
	Mar. 31, 2017
Marketable Securities
Marketable Securities	5. Marketable Securities Below is a summary of our marketable securities portfolio as of March 31, 2017 and December 31, 2016 . (Amounts in thousands) As of March 31, 2017 As of December 31, 2016 GAAP Unrealized GAAP Unrealized Fair Value Cost Gain Fair Value Cost Gain Equity securities: Lexington Realty Trust $ 184,320 $ 72,549 $ 111,771 $ 199,465 $ 72,549 $ 126,916 Other 4,375 650 3,725 4,239 650 3,589 $ 188,695 $ 73,199 $ 115,496 $ 203,704 $ 73,199 $ 130,505

Investments in Partially Owned

Investments in Partially Owned Entities	3 Months Ended
	Mar. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Investments in Partially Owned Entities	for details): Equity in net income 32.4 % $ 6,892 $ 6,937 Management, leasing and development fees 1,509 1,725 8,401 8,662 UE (see page ##PRS for details): Equity in net income 5.4 % 1,091 876 Management fees 209 209 1,300 1,085 Partially owned office buildings (1) Various (10,054) (14,249) India real estate ventures 4.1%-36.5% 1,654 (686) PREIT (see page ##PRS for details) 8.0 % (2,830) (4,288) Other investments (2) Various 2,974 5,236 $ 1,445 $ (4,240) (1) Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 666 Fifth Avenue (Office), 7 West 34th Street, 330 Madison Avenue, 512 West 22nd Street, 85 Tenth Avenue and others. (2) Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, 50-70 West 93rd Street, Toys "R" Us, Inc. and others." id="sjs-B4">6. Investments in Partially Owned Entities Alexander’s, Inc. (“Alexander’s”) (NYSE: ALX) As of March 31, 2017 , we own 1,654,068 Alexander’s common shares, representing a 32.4% interest in Alexander’s. We account for our investment in Alexander’s under the equity method. We manage, lease and develop Alexander’s properties pursuant to agreements which expire in March of each year and are automatically renewable. As of March 31, 2017 , 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, 2017 closing share price of $431.86, was $714,326,000, or $5 86,418,000 in excess of the carrying amount on our consolidated balance sheet. As of March 31, 2017 , the carrying amount of our investment in Alexander’s, excluding amounts owed to us, exceeds our share of the equity in the net assets of Alexander’s by approximately $39,651 ,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 ba sis 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 ex pense over their estimated useful lives. This depreciation is not material to our share of e quity in Alexander’s net income . The basis difference related to the land will be recognized upon disposition of our investment . Urban Edge Properties (“UE”) (NYSE: UE) As of March 31, 2017 , we own 5,717,184 UE operating partnership units, representing a 5.4% ownership interest in UE. We account for our investment in UE under the equity method and record our share of UE’s net income or loss on a one-quarter lag basis. In 2017 and 2016, we provided UE with information technology support. UE is providing us with leasing and property management services for (i) certain small retail properties that we plan to sell, and (ii) our affiliate, Alexander’s , Rego Park retail assets. As of March 31, 2017 , the fair value of our investment in UE, based on UE’s March 31, 2017 closing share price of $26.30, was $150,362,000, or $126,004,000 in excess of the ca rrying amount on our consolidated balance sheet. Pennsylvania Real Estate Investment Trust (“PREIT”) (NYSE: P EI) As of March 31, 2017 , we own 6,250,000 PREIT operating partnership units, representing an 8.0% interest in PREIT. We account for our investment in PREIT under the equity method and record our share of PREIT’s net income or loss on a one-quarter lag basis. As of March 31, 2017 , the fair value of our investment in PREIT, based on PREIT’s March 31, 2017 closing share price of $15.14, was $94,625,000, or $25,018 ,000 below the carrying amount on our consolidated balance sheet. As of March 31, 2017 , the carrying amount of our investment in PREIT exceeds our share of the equity in the net assets of PREIT by approximately $68,845 ,000 . The majority of this basis difference resulted from the excess of the fair value of the PREIT operating units received over our share of the book value of PREIT’s net assets. Substantially all of this basis difference was allocated, based on our estimates of the fair values of PREIT’s assets and liabilities, to real estate (land and buildings). We are amortizing the basis difference related to the buildings into earnings as additional depreciation expense over their estimated useful lives. This depreciation is not ma terial to our share of equity in PREIT’s net loss. The basis difference related to the land wi ll be recognized upon disposition of our investment . Below are schedules summarizing our investments in, and income (loss) from, partially owned entities. (Amounts in thousands) Percentage Ownership at Balance as of March 31, 2017 March 31, 2017 December 31, 2016 Investments: Partially owned office buildings (1) Various $ 786,387 $ 797,205 Alexander’s 32.4 % 127,908 129,324 PREIT 8.0 % 119,643 122,883 India real estate ventures 4.1%-36.5% 31,519 30,290 UE 5.4 % 24,358 24,523 Other investments (2) Various 325,932 323,794 $ 1,415,747 $ 1,428,019 7 West 34th Street (3) 53.0 % $ (44,291) $ (43,022) (1) Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 666 Fifth Avenue (Office), 330 Madison Avenue, 512 West 22nd Street, 85 Tenth Avenue and others. (2) Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, 50-70 West 93rd Street, Toys "R" Us, Inc. (which has a carrying amount of zero) and others. (3) Our negative basis results from a deferred gain from the sale of a 47.0% ownership interest in the property and is included in "other liabilities" on our consolidated balance sheet. (Amounts in thousands) Percentage Ownership at For the Three Months Ended March 31, March 31, 2017 2017 2016 Our Share of Net Income (Loss): Alexander's (see page ##PRS<ALXPAR> for details): Equity in net income 32.4 % $ 6,892 $ 6,937 Management, leasing and development fees 1,509 1,725 8,401 8,662 UE (see page ##PRS<UEPAR> for details): Equity in net income 5.4 % 1,091 876 Management fees 209 209 1,300 1,085 Partially owned office buildings (1) Various (10,054) (14,249) India real estate ventures 4.1%-36.5% 1,654 (686) PREIT (see page ##PRS<PREITPAR> for details) 8.0 % (2,830) (4,288) Other investments (2) Various 2,974 5,236 $ 1,445 $ (4,240) (1) Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 666 Fifth Avenue (Office), 7 West 34th Street, 330 Madison Avenue, 512 West 22nd Street, 85 Tenth Avenue and others. (2) Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, 50-70 West 93rd Street, Toys "R" Us, Inc. and others.

Dispositions

Dispositions	3 Months Ended
	Mar. 31, 2017
Dispositions [Abstract]
Dispositions	7 . Dispositions Discontinued Operations The tables below set forth the assets and liabilities relat ed to discontinued operations as of March 31, 2017 and December 31, 2016 and their combined results of operations and cash flows for the three months ended March 31, 2017 and 2016 . (Amounts in thousands) Balance as of March 31, 2017 December 31, 2016 Assets related to discontinued operations: Real estate, net $ 1,927 $ 2,642 Other assets 2,489 2,928 $ 4,416 $ 5,570 Liabilities related to discontinued operations: Other liabilities $ 2,670 $ 2,870 (Amounts in thousands) For the Three Months Ended March 31, 2017 2016 Income from discontinued operations: Total revenues $ 324 $ 1,182 Total expenses 163 466 161 716 Net gain on sale of real estate 2,267 - Income from discontinued operations $ 2,428 $ 716 Cash flows related to discontinued operations: Cash flows from operating activities $ (37) $ 1,654 Cash flows from investing activities 3,419 -

Identified Intangible Assets an

Identified Intangible Assets and Liabilities	3 Months Ended
	Mar. 31, 2017
Identified Intangible Assets and Liabilities [Abstract]
Identified Intangible Assets and Liabilities	8. Identified Intangible Assets and Liabilities The following summarizes our identified intangible assets (primarily above-market leases) and liabilities (primarily acquired below-market leases) as of March 31, 2017 and December 31, 2016 . (Amounts in thousands) Balance as of March 31, 2017 December 31, 2016 Identified intangible assets: Gross amount $ 387,677 $ 400,061 Accumulated amortization (203,668) (207,330) Net $ 184,009 $ 192,731 Identified intangible liabilities (included in deferred revenue): Gross amount $ 586,969 $ 586,969 Accumulated amortization (335,798) (323,183) Net $ 251,171 $ 263,786 Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental income of $ 11,459 ,000 and $ 17,507 ,000 for the three months ended March 31, 2017 and 2016 , respectively. Estimated annual amortization of acquired below - market leases, net of acquired above-market leases, for each of the five succeeding years commencing January 1, 2018 is as follows: (Amounts in thousands) 2018 $ 44,346 2019 32,168 2020 23,343 2021 18,159 2022 15,009 Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $ 7,108 ,000 and $ 7,793 ,000 for the three months ended March 31, 2017 and 2016 , respectively. Estimated annual amortization of all other identified intangible assets including acquired in-place leases , customer relationships, and third party contracts for each of the five succeeding years commencing January 1, 2018 is as follows: (Amounts in thousands) 2018 $ 20,059 2019 15,720 2020 12,275 2021 11,177 2022 9,395 We are a tenant under ground leases for certain properties. Amortization of these acquired below-market leases, net of above-market leases, resulted in an increase to rent expense (a component of operating expense) of $ 458 ,000 and $ 458 ,000 for the three months ended March 31, 2017 and 2016 . Estimated annual amortization of these below-market leases, net of above-market leases, for each of the five succeeding years commencing January 1, 2018 is as follows: (Amounts in thousands) 2018 $ 1,832 2019 1,832 2020 1,832 2021 1,832 2022 1,832

Debt

Debt	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Debt	9. Debt The following is a summary of our debt : (Amounts in thousands) Interest Rate at Balance as of March 31, 2017 March 31, 2017 December 31, 2016 Mortgages Payable: Fixed rate 3.84 % $ 6,092,346 $ 6,099,873 Variable rate 2.68 % 3,277,493 3,274,424 Total 3.43 % 9,369,839 9,374,297 Deferred financing costs, net and other (88,559) (96,034) Total, net $ 9,281,280 $ 9,278,263 Unsecured Debt: Senior unsecured notes 3.68 % $ 850,000 $ 850,000 Deferred financing costs, net and other (4,068) (4,423) Senior unsecured notes, net 845,932 845,577 Unsecured term loan 2.11 % 375,000 375,000 Deferred financing costs, net and other (2,405) (2,785) Unsecured term loan, net 372,595 372,215 Unsecured revolving credit facilities 1.88 % 115,630 115,630 Total, net $ 1,334,157 $ 1,333,422

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests / Redeemable Partnership Units	3 Months Ended
	Mar. 31, 2017
Redeemable Noncontrolling Interests / Redeemable Partnership Units [Abstract]
Redeemable Noncontrolling Interests / Redeemable Partnership Units	10. Red eemable Noncontrolling Interests /Redeemable Partnership Units Redeemable noncontrolling interests on Vornado’s consolidated balance sheets and redeemable partnership units on the consolidated balance sheets of the Operating Partnership are primarily comprised of Class A Operating Partnership units held by third parties and are recorded at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’ capital” on the consolidated balance sheets of the Operating Partnership . (Amounts in thousands) Balance at December 31, 2015 $ 1,229,221 Net loss (7,487) Other comprehensive income 427 Distributions (7,835) Redemption of Class A units for common shares/units, at redemption value (14,482) Adjustments to carry redeemable Class A units at redemption value (36,524) Other, net 14,364 Balance at March 31, 2016 $ 1,177,684 Balance at December 31, 2016 $ 1,278,446 Net income 3,229 Other comprehensive income 3 Distributions (9,163) Redemption of Class A units for common shares/units, at redemption value (14,739) Adjustments to carry redeemable Class A units at redemption value (6,197) Other, net 14,495 Balance at March 31, 2017 $ 1,266,074 As of March 31, 2017 and December 31, 2016 , the aggregate redemption value of redeemable Class A units of the Operating Partnership , which are those units held by third parties , was $ 1,260,646 ,000 and $ 1,273,018 ,000, respectively. Redeemable noncontrolling interests/redeemable partnership units exclude our Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable pre ferred units, as they are accounted for as liabilities in accordance with ASC 480, Distinguishing Liabilities and Equity , because of their possible settlement by issuing a variable number of Vornado common shares. Accordingly , the fair value of these units is included as a component of “other liabilities” on our consolidated balance she ets and aggregated $ 50,561 ,000 as of March 31, 2017 and December 31, 2016 . Changes in the value from period to period , if any, are charged to “ interest and debt expense ” o n our consolida ted statements of income .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income ("AOCI")	3 Months Ended
	Mar. 31, 2017
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income ("AOCI")	11. Accumulated Other Comprehensive Income (“AOCI”) The following tables set forth the changes in accumulated other comprehensive income by component. (Amounts in thousands) Securities Pro rata share of Interest available- nonconsolidated rate Total for-sale subsidiaries' OCI swaps Other For the Three Months Ended March 31, 2017 Balance as of December 31, 2016 $ 118,972 $ 130,505 $ (12,058) $ 8,066 $ (7,541) OCI before reclassifications (9,221) (15,009) (51) 5,842 (3) Amounts reclassified from AOCI 9,268 - 9,268 (1) - - Net current period OCI 47 (15,009) 9,217 5,842 (3) Balance as of March 31, 2017 $ 119,019 $ 115,496 $ (2,841) $ 13,908 $ (7,544) (1) Reclassified upon receipt of proceeds related to the sale of an investment by a nonconsolidated subsidiary. For the Three Months Ended March 31, 2016 Balance as of December 31, 2015 $ 46,921 $ 78,448 $ (9,319) $ (19,368) $ (2,840) OCI before reclassifications 6,478 11,094 6 (4,195) (427) Amounts reclassified from AOCI - - - - - Net current period OCI 6,478 11,094 6 (4,195) (427) Balance as of March 31, 2016 $ 53,399 $ 89,542 $ (9,313) $ (23,563) $ (3,267)

Variable Interest Entities ("VI

Variable Interest Entities ("VIEs")	3 Months Ended
	Mar. 31, 2017
Variable Interest Entities [Abstract]
Variable Interest Entities ("VIEs")	12. Variable Interest Entities (“VIEs”) Unconsolidated VIEs As of March 31, 2017 and December 31, 2016 , 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 i n these entities under the equity method (see Note 6 – Investments in Partially Owned Entities ). As of March 31, 2017 and December 31, 2016 , the net carrying amount of our investments in these entities was $ 385,487,000 and $ 392,150,000 , respectively, and our maximum exp osure to loss in these entities is limited to our investments. Consolidated VIEs Our most significant consolidated VIEs are the Operating Partnership (for Vornado) , real estate fund investments, and c ertain properties that have non controlling interests. These entities are VIEs because the noncontrolling interests do not have substantive kick-out or participating rights. We consolidate these entities because we control all of their significant business activities. As of March 31, 2017 , the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $ 3,664,609,000 and $ 1,765,238,000 , respectively . As of December 31, 2016 , the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $ 3,638,483,000 and $ 1,762,322,000 , respectively .

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	13. 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 pri ces (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 o bservable 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 thes e assets. Financial Assets and Li abilities Measured at Fair Value on a Recurring Basis Financial assets and liabilities t hat are measured at fair value o n our consolidated balance sheets consist of (i) marketable securities, (ii) r eal e state f und inv estments , (iii) the assets in our deferred compensation plan (for which there is a corresponding liability on our consolidated balance sheet) , (iv) interest rate swaps and ( v) mandatorily redeemable instruments (Series G-1 through G-4 convertible preferred units and Series D-13 cumul ative redeemable preferred units) . The tables below aggregate the fair values of these financial assets and liabilities by their level s in the fair value hierarchy as of March 31, 2017 and December 3 1, 2016 , respectively. (Amounts in thousands) As of March 31, 2017 Total Level 1 Level 2 Level 3 Marketable securities $ 188,695 $ 188,695 $ - $ - Real estate fund investments 454,946 - - 454,946 Deferred compensation plan assets (included in other assets) 124,933 68,023 - 56,910 Interest rate swaps (included in other assets) 24,513 - 24,513 - Total assets $ 793,087 $ 256,718 $ 24,513 $ 511,856 Mandatorily redeemable instruments (included in other liabilities) $ 50,561 $ 50,561 $ - $ - Interest rate swap (included in other liabilities) 7,221 - 7,221 - Total liabilities $ 57,782 $ 50,561 $ 7,221 $ - (Amounts in thousands) As of December 31, 2016 Total Level 1 Level 2 Level 3 Marketable securities $ 203,704 $ 203,704 $ - $ - Real estate fund investments 462,132 - - 462,132 Deferred compensation plan assets (included in other assets) 121,374 63,930 - 57,444 Interest rate swaps (included in other assets) 21,816 - 21,816 - Total assets $ 809,026 $ 267,634 $ 21,816 $ 519,576 Mandatorily redeemable instruments (included in other liabilities) $ 50,561 $ 50,561 $ - $ - Interest rate swap (included in other liabilities) 10,122 - 10,122 - Total liabilities $ 60,683 $ 50,561 $ 10,122 $ - Financial Assets and Li abilities Measured at Fair Value on a Recurring Basis - continued Real Estate Fund Investments At March 31, 2017 , we had six real estate fund investments with an aggregate fair value of $ 454,946 ,000, or $ 142,346,000 in excess of cost. These investments are classified as Level 3. We use a discounted cash flow valuation technique to estimate the fair value of each of these investments, which is updated quarterly by personnel responsible for the management of each investment and reviewed by senior management at each reporting period. The discounted cash flow valuation technique requ ires us to estimate cash flows for each investment over the anticipated holding period, which currently ranges from 0.8 to 3.8 years. Cash flows are derived from property rental revenue (base rents plus reimbursements) less operating expenses, real estate taxes and capital and other costs , plus projected sales proceeds in the year of exit. Property rental revenue is based on leases currently in place and our estimates for future leasing activity, which are based on current market rents for similar space plus a projected growth factor. Si milarly, estimated operating expenses and real estate taxes are based on amounts incurred in the current period plus a projected growth factor for future periods. Anticipated sales proceeds at the end of an investment’s expected holding period are determi ned based on the net cash flow of the investment in the year of exit, divided by a terminal capitalization rate, less estimated selling costs. The fair value of each property is calculated by discounting the future cash flows (including the projected sa les proceeds), using an appropriate discount rate and then reduced by the property’s outstanding debt, if any, to determine the fair value of the equity in each investment. Significant unobservable quantitative inputs used in determining the fair value of each investment include capitalization rates and discount rates. These rates are based on the location, type and nature of each property, current and anticipated market conditions, industry publications and 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 at March 31, 2017 and December 31, 2016 . Weighted Average Range (based on fair value of investments) Unobservable Quantitative Input March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 Discount rates 10.0% to 14.9% 10.0% to 14.9% 12.4% 12.6% Terminal capitalization rates 4.3% to 5.8% 4.3% to 5.8% 5.4% 5.3% The above inputs are subject to change based on changes in economic and market conditions and/or changes in use or timing of exit. Changes in discount rates and terminal capitalization rates result in increases or decreases in the fair values of these investments. The discount rates encompass, among other things, uncertainties in the valuation models with respect to terminal capitalization rates and the amount and timing of cash flows. Therefore, a change in the fair value of these investments resulti ng from a change in t he 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 summari zes the changes in the fair value of real estate fund investments that are classified as Level 3, for the three months ended March 31, 2017 and 2016 . (Amounts in thousands) For the Three Months Ended March 31, 2017 2016 Beginning balance $ 462,132 $ 574,761 Net unrealized (loss) gain (7,187) 6,189 Dispositions/distributions - (14,676) Net realized gains 241 422 Other (240) - Ending balance $ 454,946 $ 566,696 Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued Deferred Compensation Plan Assets Deferred compensation plan assets that are classified as Level 3 consist of investments in limited partnerships and investment funds, which are managed by third parties. We receive quarterly financial reports from a third party administrator, which are compiled from the quarterly reports provided to them from each limited partner ship and investment fund. The quarterly reports provide net asset values on a fair value basis which are audited by independent public accounting firms on an annual basis. The third party administrator does not adjust these values in determining our shar e of the net assets and we do not adjust these values when reported in our consolidated financial statements. The table below summarizes the changes in the fair value of deferred compensation plan assets that are classified as Level 3, for the three months ended March 31, 2017 and 2016 . (Amounts in thousands) For the Three Months Ended March 31, 2017 2016 Beginning balance $ 57,444 $ 59,186 Purchases 463 1,166 Sales (2,737) (1,372) Realized and unrealized gain (loss) 1,075 (1,907) Other, net 665 111 Ending balance $ 56,910 $ 57,184 Fair Value Measurements on a Nonrecurring Basis There were no assets measured at fair value on a nonrecurring basis on our consolidated balance sheets as of March 31, 2017 and December 31, 2016 . 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 curve s to project the expected cash flows we would be required to make under the instrument. The fair values of cash equivalents and borrowings under our unsecured revolving credit facilities and unsecured term loan are classified as Level 1. The fair values of our secured and unsecured debt are c lassifie d as Level 2 . The table below summarizes the carrying amounts and fair value of these financial instruments as of March 31, 2017 and December 31, 2016 . (Amounts in thousands) As of March 31, 2017 As of December 31, 2016 Carrying Fair Carrying Fair Amount Value Amount Value Cash equivalents $ 1,249,832 $ 1,250,000 $ 1,307,105 $ 1,307,000 Debt: Mortgages payable $ 9,369,839 $ 9,383,000 $ 9,374,297 $ 9,356,000 Senior unsecured notes 850,000 884,000 850,000 899,000 Unsecured term loan 375,000 375,000 375,000 375,000 Unsecured revolving credit facilities 115,630 116,000 115,630 116,000 Total $ 10,710,469 (1) $ 10,758,000 $ 10,714,927 (1) $ 10,746,000 (1) Excludes $95,032 and $103,242 of deferred financing costs, net and other as of March 31, 2017 and December 31, 2016, respectively.

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2017
Stock-based Compensation [Abstract]
Stock-based Compensation	14 . Stock-based Compensation Vornado’s 2010 Omnibus Share Plan provides for grants of incentive and non-qualified Vornado stock options, restricted stock , restricted Operating Partnership units and O ut- P erformance P lan a wards to certain of our employees and officers. We account for all equity -based compensa tion in accordance with ASC 718 . Equity -based compensation expense was $ 14,277 ,000 and $ 14,571,000 for the three months ended March 31, 2017 and 2016 , respectively .

Fee and Other Income

Fee and Other Income	3 Months Ended
	Mar. 31, 2017
Fee and Other Income [Abstract]
Fee and Other Income	15. Fee and Other Income The following tabl e sets forth the details of fee and other income: (Amounts in thousands) For the Three Months Ended March 31, 2017 2016 BMS cleaning fees $ 21,996 $ 18,146 Management and leasing fees 4,637 4,799 Lease termination fees 4,166 2,405 Other income 8,561 8,620 $ 39,360 $ 33,970 Management and leasing fees include management fees from Interstate Properties, a related party, of $ 128 ,000 and $ 13 4 ,000 for the three months ended March 31, 2017 and 2016 , respectively. The above table excludes fee income from partially owned entities, which is included in “ income (loss) from partially owned entities” (see Note 6 – Investments in Partially Owned Entities ).

Interest and Other Investment I

Interest and Other Investment Income, Net	3 Months Ended
	Mar. 31, 2017
Interest and Other Investment Income (Loss), Net
Interest and Other Investment Income, Net	16 . Interest and Other Investment Income , N et The following table sets forth the details of interest and other investment income, net: (Amounts in thousands) For the Three Months Ended March 31, 2017 2016 Dividends on marketable securities $ 3,445 $ 3,215 Mark-to-market income (loss) of investments in our deferred compensation plan (1) 2,469 (1,938) Interest on loans receivable 743 748 Other, net 2,571 1,493 $ 9,228 $ 3,518 (1) This income (loss) is entirely offset by the income (expense) resulting from the mark-to-market of the deferred compensation plan liability, which is included in "general and administrative" expense.

Interest and Debt Expense

Interest and Debt Expense	3 Months Ended
	Mar. 31, 2017
Interest and Debt Expense [Abstract]
Interest And Debt Expense	17 . 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, 2017 2016 Interest expense $ 96,574 $ 100,295 Amortization of deferred financing costs 8,981 9,265 Capitalized interest and debt expense (11,270) (9,071) $ 94,285 $ 100,489

Income (Loss) Per Share _ Incom

Income (Loss) Per Share / Income (Loss) Per Class A Unit	3 Months Ended
	Mar. 31, 2017
Earnings per share [Line Items]
Income Per Share	18. Income (Loss) Per Share /Income (Loss) Per Class A Unit Vornado Realty Trust The following table provides a reconciliation of both net income (loss) and the number of common shares used in the computation of ( i ) basic income (loss) per common share - which includes the weighted average number of common shares outstanding without regard to dilutive potential common shares, and (ii) diluted income (loss) per common share - which includes the weighted average common shares and dilutive share equivalents. Dilutive share equivalents may include our Series A convertible preferred shares, employee stock options, restricted stock awards and Out-Performance Plan awards. (Amounts in thousands, except per share amounts) For the Three Months Ended March 31, 2017 2016 Numerator: Income (loss) from continuing operations, net of income attributable to noncontrolling interests $ 61,605 $ (94,471) Income from discontinued operations, net of income attributable to noncontrolling interests 2,276 672 Net income (loss) attributable to Vornado 63,881 (93,799) Preferred share dividends (16,129) (20,364) Net income (loss) attributable to common shareholders 47,752 (114,163) Earnings allocated to unvested participating securities (15) (16) Numerator for basic and diluted income (loss) per share $ 47,737 $ (114,179) Denominator: Denominator for basic income (loss) per share – weighted average shares 189,210 188,658 Effect of dilutive securities (1) : Employee stock options and restricted share awards 1,162 - Denominator for diluted income (loss) per share – weighted average shares and assumed conversions 190,372 188,658 INCOME (LOSS) PER COMMON SHARE – BASIC: Income (loss) from continuing operations, net $ 0.24 $ (0.61) Income from discontinued operations, net 0.01 - Net income (loss) per common share $ 0.25 $ (0.61) INCOME (LOSS) PER COMMON SHARE – DILUTED: Income (loss) from continuing operations, net $ 0.24 $ (0.61) Income from discontinued operations, net 0.01 - Net income (loss) per common share $ 0.25 $ (0.61) (1) The effect of dilutive securities for the three months ended March 31, 2017 and 2016 excludes an aggregate of 12,405 and 13,281 weighted average common share equivalents, respectively, as their effect was anti-dilutive.
Vornado Realty L.P.
Earnings per share [Line Items]
Income Per Share	18. Income (Loss) Per Share/Income (Loss) Per Class A Unit - continued Vornado Realty L.P. The following table provides a reconciliation of both net income (loss) and the number of Class A units used in the computation of ( i ) basic income (loss) per Class A unit - which includes the weighted average number of Class A units outstanding without regard to dilutive potential Class A units, and (ii) diluted income (loss) per Class A unit - which includes the weighted average Class A units and dilutive unit equivalents. Dilutive unit equivalents may include our Series A convertible preferred units, Vornado stock options, restricted unit awards and Out-Performance Plan awards. (Amounts in thousands, except per unit amounts) For the Three Months Ended March 31, 2017 2016 Numerator: Income (loss) from continuing operations, net of income attributable to noncontrolling interests $ 64,682 $ (102,002) Income from discontinued operations 2,428 716 Net income (loss) attributable to Vornado Realty L.P. 67,110 (101,286) Preferred unit distributions (16,178) (20,412) Net income (loss) attributable to Class A unitholders 50,932 (121,698) Earnings allocated to unvested participating securities (1,018) (772) Numerator for basic and diluted income (loss) per Class A unit $ 49,914 $ (122,470) Denominator: Denominator for basic income (loss) per Class A unit – weighted average units 200,845 200,072 Effect of dilutive securities (1) : Vornado stock options and restricted unit awards 1,802 - Denominator for diluted income (loss) per Class A unit – weighted average units and assumed conversions 202,647 200,072 INCOME (LOSS) PER CLASS A UNIT – BASIC: Income (loss) from continuing operations, net $ 0.24 $ (0.61) Income from discontinued operations, net 0.01 - Net income (loss) per Class A unit $ 0.25 $ (0.61) INCOME (LOSS) PER CLASS A UNIT – DILUTED: Income (loss) from continuing operations, net $ 0.24 $ (0.61) Income from discontinued operations, net 0.01 - Net income (loss) per Class A unit $ 0.25 $ (0.61) (1) The effect of dilutive securities for the three months ended March 31, 2017 and 2016 excludes an aggregate of 130 and 1,867 weighted average Class A unit equivalents, respectively, as their effect was anti-dilutive.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Insurance We maintain general liability insurance with limits of $300,000,000 per occurrence and per property, and all risk property and rental value insurance with limits of $2.0 billion per occurrence, with sub-limits for certain perils such as flood and earthquake. Our California properties have earthquake insurance with coverage of $180,000,000 per occurrence and in the annual aggregate, subject to a deductible in the amount of 5% of the value of the affected property. We maintain coverage for terrorism acts with limits of $4.0 billion per occurrence and in the aggregate, and $2.0 billion per occurrence and in the aggregate for terrorism involving nuclear, biological, chemical and radiological (“NBCR”) terrorism events, as defined by the Terrorism Risk In surance Program Reauthorization Act of 2015, which expires in December 2020 . Penn Plaza Insurance Company, LLC (“PPIC”), our wholly owned consolidated subsidiary, acts as a re-insurer with respect to a portion of all risk property and rental value insuran ce 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 Federa l government with no exposure to PPIC. For NBCR acts, PPIC is responsible for a deductible of $1,976,000 and 17% of the balance of a covered loss and the Federal government is responsible for the remaining portion of a covered loss. We are ultimately respo nsible for any loss incurred by PPIC. We continue to monitor the state of the insurance market and the scope and cost of coverage for acts of terrorism. However, we cannot anticipate what coverage will be available on commercially reasonable terms in th e future. Our debt instruments, consisting of mortgage loans secured by our properties which are non-recourse to us, 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 cost in the future. Further, if lenders insist on greater coverage than we are able to obtain, it could adversely affect our ability to finance our properties and expand our portfolio . 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 ma terial 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 env ironmental contamination. However, there can be no assurance that the identification of new areas of contamination, changes in the extent or known scope of contamination, th e discovery of additional sites or changes in cleanup requirements would not resul t in significant cost to us. Generally, o ur mortgage loans are non-recourse to us. However, in certain cases we have provided guarantees or master leased tenant space. These guarantees and master leases terminate either upon the satisfaction of specified circumstances or repayment of the underlying loans. As of March 31, 2017 , the aggregate dollar amount of these guarantees and master leases is approximately $723,000,000 . As of March 31, 2017 , $19,895,000 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 rate coverage and maximum debt to market capitalization ratios, and provide for higher interest rates in the event of a decline in our ratings below Baa3/BBB. Our unsecured revolving credit facilities also contain customary conditions precedent to borrowing, including representatio ns and warranties, and also contain customary events of default that could give rise to accelerated repayment, including such items as failure to pay interest or principal. As of March 31, 2017 , we expect to fund additional capi tal to certain of our partially owned entities aggregating approximately $170,000,000 , which includes our share for the commitments of the Farley Post Office redevelopment joint venture. As of March 31, 2017 , we have construction commitments aggregating approximately $584,000,000 .

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2017
Segment Information [Abstract]
Segment Information	20. Segment Information Below is a summary of net income and a reconciliation of net income to EBITDA ( 1) by segment for the three months ended March 31, 2017 . (Amounts in thousands) For the Three Months Ended March 31, 2017 Total New York Washington, DC Other Total revenues $ 620,848 $ 426,239 $ 116,207 $ 78,402 Total expenses 464,381 280,821 83,988 99,572 Operating income (loss) 156,467 145,418 32,219 (21,170) Income (loss) from partially owned entities 1,445 (2,093) 32 3,506 Income from real estate fund investments 268 - - 268 Interest and other investment income, net 9,228 1,472 64 7,692 Interest and debt expense (94,285) (57,987) (11,561) (24,737) Net gains on disposition of wholly owned and partially owned assets 501 - - 501 Income (loss) before income taxes 73,624 86,810 20,754 (33,940) Income tax expense (2,205) (143) (354) (1,708) Income (loss) from continuing operations 71,419 86,667 20,400 (35,648) Income from discontinued operations 2,428 - - 2,428 Net income (loss) 73,847 86,667 20,400 (33,220) Less net income attributable to noncontrolling interests in consolidated subsidiaries (6,737) (2,844) - (3,893) Net income (loss) attributable to the Operating Partnership 67,110 83,823 20,400 (37,113) Interest and debt expense (2) 116,327 75,923 13,499 26,905 Depreciation and amortization (2) 171,537 112,810 36,383 22,344 Income tax expense (2) 2,429 227 367 1,835 EBITDA (1) $ 357,403 $ 272,783 (3) $ 70,649 (4) $ 13,971 (5) See notes on pages ##PRS<EBITDANOTES1> and ##PRE<EBITDANOTES2>. Below is a summary of net income and a reconciliation of net income to EBITDA (1) by segment for the three months ended March 31, 2016 . (Amounts in thousands) For the Three Months Ended March 31, 2016 Total New York Washington, DC Other Total revenues $ 613,037 $ 410,825 $ 128,012 $ 74,200 Total expenses 613,317 269,595 256,565 87,157 Operating (loss) income (280) 141,230 (128,553) (12,957) (Loss) income from partially owned entities (4,240) (3,563) (2,265) 1,588 Income from real estate fund investments 11,284 - - 11,284 Interest and other investment income, net 3,518 1,115 58 2,345 Interest and debt expense (100,489) (54,586) (15,935) (29,968) Net gains on disposition of wholly owned and partially owned assets 714 - - 714 (Loss) income before income taxes (89,493) 84,196 (146,695) (26,994) Income tax expense (2,831) (959) (264) (1,608) (Loss) income from continuing operations (92,324) 83,237 (146,959) (28,602) Income from discontinued operations 716 - - 716 Net (loss) income (91,608) 83,237 (146,959) (27,886) Less net income attributable to noncontrolling interests in consolidated subsidiaries (9,678) (3,429) - (6,249) Net (loss) income attributable to the Operating Partnership (101,286) 79,808 (146,959) (34,135) Interest and debt expense (2) 126,120 71,198 18,996 35,926 Depreciation and amortization (2) 174,811 108,403 42,230 24,178 Income tax expense (2) 3,261 1,090 265 1,906 EBITDA (1) $ 202,906 $ 260,499 (3) $ (85,468) (4) $ 27,875 (5) See notes on the following pages. Notes to preceding tabular information: (1) EBITDA represents "Earnings Before Interest, Taxes, Depreciation and Amortization." We calculate EBITDA on an Operating Partnership basis which is before allocation to the noncontrolling interest of the Operating Partnership. We consider EBITDA a 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 a multiple of EBITDA, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. EBITDA should not be considered a substitute for net income. EBITDA may not be comparable to similarly titled measures employed by other companies. Our 7.5% interest in Fashion Centre Mall/Washington Tower will not be included in the spin-off of our Washington, DC segment and has been reclassified to Other. The prior year's presentation has been conformed to the current year. In addition, on January 1, 2017, we reclassified our investment in 85 Tenth Avenue from Other to the New York segment as a result of the December 1, 2016 repayment of our loans receivable and the receipt of a 49.9% ownership interest in the property. (2) Interest and debt expense, depreciation and amortization and income tax expense in the reconciliation of net income (loss) to EBITDA includes our share of these items from partially owned entities. (3) The elements of "New York" EBITDA are summarized below. (Amounts in thousands) For the Three Months Ended March 31, 2017 2016 Office $ 170,077 $ 156,643 (a) Retail 89,264 89,409 (a) Residential 6,278 6,350 Alexander's 11,562 11,569 Hotel Pennsylvania (4,398) (3,472) Total New York EBITDA 272,783 260,499 EBITDA from sold properties - (1,442) Total New York EBITDA, as adjusted $ 272,783 $ 259,057 (a) Beginning in January 2017 for office buildings with retail at the base, we have adjusted the allocation of real estate taxes between the retail and office elements above. This has no effect on our consolidated financial statements, but resulted in a reallocation of $3,914 of income from retail to office for the three months ended March 31, 2016. (4) The elements of "Washington, DC" EBITDA are summarized below. (Amounts in thousands) For the Three Months Ended March 31, 2017 2016 Office, excluding the Skyline properties $ 57,032 $ 59,208 Skyline properties - (155,083) Total Office 57,032 (95,875) Residential 13,617 10,407 Total Washington, DC EBITDA 70,649 (85,468) Certain items that impact EBITDA: Skyline properties impairment loss - 160,700 EBITDA from sold properties - (5,945) Total of certain items that impact EBITDA - 154,755 Total Washington, DC EBITDA, as adjusted $ 70,649 $ 69,287 Notes to preceding tabular information - continued: (5) The elements of "Other" EBITDA are summarized below. (Amounts in thousands) For the Three Months Ended March 31, 2017 2016 Our share of real estate fund investments: Income before net realized/unrealized gains and losses $ 2,875 $ 2,231 Net realized/unrealized (losses) gains on investments (1,737) 1,561 Carried interest (4,373) 1,519 Total (3,235) 5,311 theMART (including trade shows) 24,184 23,028 555 California Street 12,083 11,615 Other investments 10,462 14,724 43,494 54,678 Corporate general and administrative expenses (a) (32,987) (30,606) Investment income and other, net (a) 8,540 6,975 Acquisition and transaction related costs (b) (8,005) (4,607) Residual retail properties discontinued operations 2,428 721 Net gains on sale of residential condominiums 501 714 Total Other $ 13,971 $ 27,875 (a) The amounts in these captions (for this table only) exclude the results of the mark-to-market of our deferred compensation plan of $2,469 of income for the three months ended March 31, 2017 and $1,938 of loss for the three months ended March 31, 2016. (b) The three months ended March 31, 2017 includes $7,253 of transaction costs related to the spin-off of our Washington, DC business.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Basis of Presentation
Basis of Presentation	The accompanying consolidated financial statements are unaudited and include the accounts of Vornado and the Operating Partnership and their consolidated subsidiaries. All inter - company amounts have been eliminated. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally includ ed 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 wit h 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, as amended, for the year ended December 31, 2016 , 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 stat ements 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, 2017 are not necessarily i ndicative of the operating results for the full year.
Recently Issued Accounting Literature	In May 2014, the Financial Accounting Standards Board (“ FASB”) issued an update ("ASU 2014-09") establishing Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). ASU 2014-09, as amended by subsequent ASUs on the topic, establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. This standard, which is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2017, requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. When adopting this standard, we are permitted to use either the full retrospective method or the modified retrospective method. We will adopt this standa rd effective as of January 1, 2018 and currently expect to utilize the modified retrospective method of adoption. We have commenced the execution of our project plan for adopting this standard, which consists of gathering and evaluating the inventory of ou r revenue streams. We expect this standard will have an impact on the presentation of certain lease and non-lease components of revenue from leases upon the adoption of (“ASU 2016-02”) Leases with no impact on “total revenues.” We expect this standard wi ll have an impact on the timing of gains on certain sales of real estate. We are continuing to evaluate the impact of this standard on our consolidated financial statements. In January 2016, the FASB issued an update (“ASU 2016-01”) Recognition and Measurement of Financial Assets and Financial Liabilities to ASC Topic 825 , Financial Instruments . ASU 2016-01 amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. While the adoption of this standard requires us to continue to measure “marketable securities” at f air value at each reporting date, the changes in fair value will be recognized in current period earnings as opposed to “other comprehensive income.” In August 2016, the FASB issued an update (“ASU 2016-15”) Classification of Certain Cash Receipts and Cash Payments to ASC Topic 230, Statement of Cash Flows . ASU 2016-15 clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows to reduce diversity in practice with respect to (i) debt prepayment or debt extinguishment costs, (ii) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in rel ation to the effective interest rate of the borrowing, (iii) contingent consideration payments made after a business combination, (iv) proceeds from the settlement of insurance claims, (v) proceeds from the settlement of corporate-owned life insurance poli cies, including bank-owned life insurance policies, (vi) distributions received from equity method investees, (vii) beneficial interests in securitization transactions, and (viii) separately identifiable cash flows and application of the predominance princ iple. ASU 2016-15 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017, with early adoption permitted. We elected to early adopt ASU 2016-15 effective January 1, 2017, with retrospective application to o ur consolidated statements of cash flows. The adoption of ASU 2016-15 impacted our classification of distributions received from equity method investees. We selected the nature of earnings approach for classifying distributions. Under this approach, the di stributions from equity method investees are classified on the basis of the nature of the activity of the investee that generated the distribution. The retrospective application of ASU 2016-15 resulted in the reclassification of certain distributions of i ncome from partially owned entities to distributions of capital from partially owned entities, which reduced net cash provided by operating activities and net cash used in investing activities by $ 5,113,000 for the three months ended March 31, 2016. In February 2017, the FASB issued an update (“ASU 2017-05”) Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets to ASC Subtopic 610-20, Other Income–Gains and Losses from the Derecognition of Nonfinancial Assets . ASU 2017-05 clarifies the scope of recently established guidance on nonfinancial asset derecognition as well as the accounting for partial sales of nonfinancial assets. This update conforms the derecognition guidance on nonfinancia l assets with the model for transactions in ASC 606. ASU 2017-05 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. The adoption of this standard is not expected to have an impact on our consolidated fi nancial statements.
Real Estate	The Fund is accounted for under ASC 946, Financial Services – Investment Companies (“ASC 946”) and its investments are reported on its balance sheet at fair value, with changes in value each period recognized in earnings. We cons olidate the accounts of the Fund into our consolidated financial statements, retaining the fair value basis of accounting. The Crowne Plaza Joint Venture is also accounted for under ASC 946 and w e consolidate the accounts of the joint venture into our consolidated financial statements, retaining the fair value basis of accounting.
Cash And Cash Equivalents	In August 2016, the FASB issued an update (“ASU 2016-15”) Classification of Certain Cash Receipts and Cash Payments to ASC Topic 230, Statement of Cash Flows . ASU 2016-15 clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows to reduce diversity in practice with respect to (i) debt prepayment or debt extinguishment costs, (ii) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in rel ation to the effective interest rate of the borrowing, (iii) contingent consideration payments made after a business combination, (iv) proceeds from the settlement of insurance claims, (v) proceeds from the settlement of corporate-owned life insurance poli cies, including bank-owned life insurance policies, (vi) distributions received from equity method investees, (vii) beneficial interests in securitization transactions, and (viii) separately identifiable cash flows and application of the predominance princ iple. ASU 2016-15 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017, with early adoption permitted. We elected to early adopt ASU 2016-15 effective January 1, 2017, with retrospective application to o ur consolidated statements of cash flows. The adoption of ASU 2016-15 impacted our classification of distributions received from equity method investees. We selected the nature of earnings approach for classifying distributions. Under this approach, the di stributions from equity method investees are classified on the basis of the nature of the activity of the investee that generated the distribution. The retrospective application of ASU 2016-15 resulted in the reclassification of certain distributions of i ncome from partially owned entities to distributions of capital from partially owned entities, which reduced net cash provided by operating activities and net cash used in investing activities by $ 5,113,000 for the three months ended March 31, 2016.
Restricted Cash	In November 2016, the FASB issued an update (“ASU 2016-18”) Restricted Cash to ASC Topic 230, Statement of Cash Flows . ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Restricted cash and restricted cash equivalents will be included with cash and cash equivalents when reconciling the beginning of period and end of period balances on the state ment of cash flows upon adoption of this standard. ASU 2016-18 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017, with early adoption permitted. We elected to early adopt ASU 2016-18 effective January 1, 2017, with retrospective application to our consolidated statements of cash flows. Accordingly, the consolidated statements of cash flows present a reconc iliation of the changes in cash and cash equivalents and restricted cash. Restricted cash primaril y consists of security deposits, cash restricted for the purposes of facilit ating a Section 1031 Like-Kind E xchange, cash restricted in connection with our deferred compensation plan and cash escrowed under loan agreements for debt service, real estate tax es, property insurance and capital improvements .
Revenue Recognition	In May 2014, the Financial Accounting Standards Board (“ FASB”) issued an update ("ASU 2014-09") establishing Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). ASU 2014-09, as amended by subsequent ASUs on the topic, establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. This standard, which is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2017, requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. When adopting this standard, we are permitted to use either the full retrospective method or the modified retrospective method. We will adopt this standa rd effective as of January 1, 2018 and currently expect to utilize the modified retrospective method of adoption. We have commenced the execution of our project plan for adopting this standard, which consists of gathering and evaluating the inventory of ou r revenue streams. We expect this standard will have an impact on the presentation of certain lease and non-lease components of revenue from leases upon the adoption of (“ASU 2016-02”) Leases with no impact on “total revenues.” We expect this standard wi ll have an impact on the timing of gains on certain sales of real estate. We are continuing to evaluate the impact of this standard on our consolidated financial statements.
Leases	In February 2016, the FASB issued an update ASU 2016-02 establishing ASC Topic 842, Leases , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. ASU 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase. Lessees are required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months. Leases with a term of 12 months or less will be a ccounted for similar to existing guidance for operating leases. Lessees will recognize expense based on the effective interest method for finance leases or on a straight-line basis for operating leases. ASU 2016-02 is effective for reporting periods begi nning after December 15, 2018, with early adoption permitted. We are currently evaluating the overall impact of the adoption of ASU 2016-02 on our consolidated financial statements, including the timing of adopting this standard. ASU 2016-02 will more sig nificantly impact the accounting for leases in which we are a lessee. We have a number of ground leases for which we will be required to record a right-of-use asset and lease liability equal to the present value of the remaining minimum lease payments upo n adoption of this standard. We also expect that this standard will have an impact on the presentation of certain lease and non-lease components of revenue from leases with no impact on “total revenues .” In particular, lease components, such as reimbursabl e real estate taxes and insurance expenses, will be presented in “property rentals” and non-lease components, such as reimbursable operating expenses, will be presented in “expense reimbursem ents” on our consolidated statements of income .
Redeemable Noncontrolling Interests Policy	Redeemable noncontrolling interests on Vornado’s consolidated balance sheets and redeemable partnership units on the consolidated balance sheets of the Operating Partnership are primarily comprised of Class A Operating Partnership units held by third parties and are recorded at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’ capital” on the consolidated balance sheets of the Operating Partnership . Redeemable noncontrolling interests/redeemable partnership units exclude our Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable pre ferred units, as they are accounted for as liabilities in accordance with ASC 480, Distinguishing Liabilities and Equity , because of their possible settlement by issuing a variable number of Vornado common shares.
Fair Value Measurement	In determining fair value, we utilize valuation techniques that maximize the use of o bservable 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 thes e assets. Financial Assets and Li abilities Measured at Fair Value on a Recurring Basis Financial assets and liabilities t hat are measured at fair value o n our consolidated balance sheets consist of (i) marketable securities, (ii) r eal e state f und inv estments , (iii) the assets in our deferred compensation plan (for which there is a corresponding liability on our consolidated balance sheet) , (iv) interest rate swaps and ( v) mandatorily redeemable instruments (Series G-1 through G-4 convertible preferred units and Series D-13 cumul ative redeemable preferred units) . 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 curve s to project the expected cash flows we would be required to make under the instrument. The fair values of cash equivalents and borrowings under our unsecured revolving credit facilities and unsecured term loan are classified as Level 1. The fair values of our secured and unsecured debt are c lassifie d as Level 2 .
Share Based Compensation Option And Incentive Plans	In March 2016, the FASB issued an update (“ASU 2016-09”) Improvements to Employee Share-Based Payment Accounting to ASC Topic 718, Compensation – Stock Compensation . ASU 2016-09 amends several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for interim and annual reporting periods in fiscal years beginning a fter December 15, 2016. The adoption of this update as of January 1, 2017, did not have a material impact on our consolidated financial statements.

Real Estate Fund Investments (T

Real Estate Fund Investments (Tables)	3 Months Ended
	Mar. 31, 2017
Real Estate Fund Investments [Abstract]
Schedule Of Income And Loss From The Fund	Below is a summary of income from the Fund and the Crowne Plaza Joint Venture for the three months ended March 31, 2017 and 2016 . (Amounts in thousands) For the Three Months Ended March 31, 2017 2016 Net investment income $ 7,214 $ 4,673 Net realized gains on exited investments 241 14,676 Previously recorded unrealized gain on exited investment - (14,254) Net unrealized (loss) gain on held investments (7,187) 6,189 Income from real estate fund investments (1) 268 11,284 Less income attributable to noncontrolling interests in consolidated subsidiaries (3,503) (5,973) (Loss) income from real estate fund investments attributable to the Operating Partnership (3,235) 5,311 Less loss (income) attributable to noncontrolling interests in the Operating Partnership 202 (329) (Loss) income from real estate fund investments attributable to Vornado $ (3,033) $ 4,982 (1) Excludes $1,000 and $760 of management and leasing fees for the three months ended March 31, 2017 and 2016, respectively, which are included as a component of "fee and other income" on our consolidated statements of income.

Marketable Securities and Deriv

Marketable Securities and Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
Marketable Securities
Unrealized Gain (Loss) on Investments	Below is a summary of our marketable securities portfolio as of March 31, 2017 and December 31, 2016 . (Amounts in thousands) As of March 31, 2017 As of December 31, 2016 GAAP Unrealized GAAP Unrealized Fair Value Cost Gain Fair Value Cost Gain Equity securities: Lexington Realty Trust $ 184,320 $ 72,549 $ 111,771 $ 199,465 $ 72,549 $ 126,916 Other 4,375 650 3,725 4,239 650 3,589 $ 188,695 $ 73,199 $ 115,496 $ 203,704 $ 73,199 $ 130,505

Investments in Partially Owne32

Investments in Partially Owned Entities (Tables)	3 Months Ended
	Mar. 31, 2017
Schedule Of Equity Method Investments [Line Items]
Equity Method Investments	for details): Equity in net income 32.4 % $ 6,892 $ 6,937 Management, leasing and development fees 1,509 1,725 8,401 8,662 UE (see page ##PRS for details): Equity in net income 5.4 % 1,091 876 Management fees 209 209 1,300 1,085 Partially owned office buildings (1) Various (10,054) (14,249) India real estate ventures 4.1%-36.5% 1,654 (686) PREIT (see page ##PRS for details) 8.0 % (2,830) (4,288) Other investments (2) Various 2,974 5,236 $ 1,445 $ (4,240) (1) Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 666 Fifth Avenue (Office), 7 West 34th Street, 330 Madison Avenue, 512 West 22nd Street, 85 Tenth Avenue and others. (2) Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, 50-70 West 93rd Street, Toys "R" Us, Inc. and others." id="sjs-B4">Below are schedules summarizing our investments in, and income (loss) from, partially owned entities. (Amounts in thousands) Percentage Ownership at Balance as of March 31, 2017 March 31, 2017 December 31, 2016 Investments: Partially owned office buildings (1) Various $ 786,387 $ 797,205 Alexander’s 32.4 % 127,908 129,324 PREIT 8.0 % 119,643 122,883 India real estate ventures 4.1%-36.5% 31,519 30,290 UE 5.4 % 24,358 24,523 Other investments (2) Various 325,932 323,794 $ 1,415,747 $ 1,428,019 7 West 34th Street (3) 53.0 % $ (44,291) $ (43,022) (1) Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 666 Fifth Avenue (Office), 330 Madison Avenue, 512 West 22nd Street, 85 Tenth Avenue and others. (2) Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, 50-70 West 93rd Street, Toys "R" Us, Inc. (which has a carrying amount of zero) and others. (3) Our negative basis results from a deferred gain from the sale of a 47.0% ownership interest in the property and is included in "other liabilities" on our consolidated balance sheet. (Amounts in thousands) Percentage Ownership at For the Three Months Ended March 31, March 31, 2017 2017 2016 Our Share of Net Income (Loss): Alexander's (see page ##PRS<ALXPAR> for details): Equity in net income 32.4 % $ 6,892 $ 6,937 Management, leasing and development fees 1,509 1,725 8,401 8,662 UE (see page ##PRS<UEPAR> for details): Equity in net income 5.4 % 1,091 876 Management fees 209 209 1,300 1,085 Partially owned office buildings (1) Various (10,054) (14,249) India real estate ventures 4.1%-36.5% 1,654 (686) PREIT (see page ##PRS<PREITPAR> for details) 8.0 % (2,830) (4,288) Other investments (2) Various 2,974 5,236 $ 1,445 $ (4,240) (1) Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 666 Fifth Avenue (Office), 7 West 34th Street, 330 Madison Avenue, 512 West 22nd Street, 85 Tenth Avenue and others. (2) Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, 50-70 West 93rd Street, Toys "R" Us, Inc. and others.

Dispositions (Tables)

Dispositions (Tables)	3 Months Ended
	Mar. 31, 2017
Dispositions [Abstract]
Schedule Of Assets And Liabilities And Results Of Operations Related To Discontinued Operations	The tables below set forth the assets and liabilities relat ed to discontinued operations as of March 31, 2017 and December 31, 2016 and their combined results of operations and cash flows for the three months ended March 31, 2017 and 2016 . (Amounts in thousands) Balance as of March 31, 2017 December 31, 2016 Assets related to discontinued operations: Real estate, net $ 1,927 $ 2,642 Other assets 2,489 2,928 $ 4,416 $ 5,570 Liabilities related to discontinued operations: Other liabilities $ 2,670 $ 2,870 (Amounts in thousands) For the Three Months Ended March 31, 2017 2016 Income from discontinued operations: Total revenues $ 324 $ 1,182 Total expenses 163 466 161 716 Net gain on sale of real estate 2,267 - Income from discontinued operations $ 2,428 $ 716 Cash flows related to discontinued operations: Cash flows from operating activities $ (37) $ 1,654 Cash flows from investing activities 3,419 -

Identified Intangible Assets 34

Identified Intangible Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Schedule of Identified Intangible Assets and Intangible Liabilities	The following summarizes our identified intangible assets (primarily above-market leases) and liabilities (primarily acquired below-market leases) as of March 31, 2017 and December 31, 2016 . (Amounts in thousands) Balance as of March 31, 2017 December 31, 2016 Identified intangible assets: Gross amount $ 387,677 $ 400,061 Accumulated amortization (203,668) (207,330) Net $ 184,009 $ 192,731 Identified intangible liabilities (included in deferred revenue): Gross amount $ 586,969 $ 586,969 Accumulated amortization (335,798) (323,183) Net $ 251,171 $ 263,786
Below Market Leases Net Of Above Market Leases
Finite-Lived Intangible Assets [Line Items]
Schedule of future amortization expense of intangible assets	Estimated annual amortization of acquired below - market leases, net of acquired above-market leases, for each of the five succeeding years commencing January 1, 2018 is as follows: (Amounts in thousands) 2018 $ 44,346 2019 32,168 2020 23,343 2021 18,159 2022 15,009
Other Identified Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Schedule of future amortization expense of intangible assets	(Amounts in thousands) 2018 $ 20,059 2019 15,720 2020 12,275 2021 11,177 2022 9,395
Tenant Under Ground Leases
Finite-Lived Intangible Assets [Line Items]
Schedule of future amortization expense of intangible assets	(Amounts in thousands) 2018 $ 1,832 2019 1,832 2020 1,832 2021 1,832 2022 1,832

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of Debt	The following is a summary of our debt : (Amounts in thousands) Interest Rate at Balance as of March 31, 2017 March 31, 2017 December 31, 2016 Mortgages Payable: Fixed rate 3.84 % $ 6,092,346 $ 6,099,873 Variable rate 2.68 % 3,277,493 3,274,424 Total 3.43 % 9,369,839 9,374,297 Deferred financing costs, net and other (88,559) (96,034) Total, net $ 9,281,280 $ 9,278,263 Unsecured Debt: Senior unsecured notes 3.68 % $ 850,000 $ 850,000 Deferred financing costs, net and other (4,068) (4,423) Senior unsecured notes, net 845,932 845,577 Unsecured term loan 2.11 % 375,000 375,000 Deferred financing costs, net and other (2,405) (2,785) Unsecured term loan, net 372,595 372,215 Unsecured revolving credit facilities 1.88 % 115,630 115,630 Total, net $ 1,334,157 $ 1,333,422

Redeemable Noncontrolling Int36

Redeemable Noncontrolling Interests / Redeemable Partnership Units (Tables)	3 Months Ended
	Mar. 31, 2017
Redeemable Noncontrolling Interests / Redeemable Partnership Units [Abstract]
Summary Of Activity Of Redeemable Noncontrolling Interests	(Amounts in thousands) Balance at December 31, 2015 $ 1,229,221 Net loss (7,487) Other comprehensive income 427 Distributions (7,835) Redemption of Class A units for common shares/units, at redemption value (14,482) Adjustments to carry redeemable Class A units at redemption value (36,524) Other, net 14,364 Balance at March 31, 2016 $ 1,177,684 Balance at December 31, 2016 $ 1,278,446 Net income 3,229 Other comprehensive income 3 Distributions (9,163) Redemption of Class A units for common shares/units, at redemption value (14,739) Adjustments to carry redeemable Class A units at redemption value (6,197) Other, net 14,495 Balance at March 31, 2017 $ 1,266,074

Accumulated Other Comprehensi37

Accumulated Other Comprehensive Income ("AOCI") (Tables)	3 Months Ended
	Mar. 31, 2017
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	(Amounts in thousands) Securities Pro rata share of Interest available- nonconsolidated rate Total for-sale subsidiaries' OCI swaps Other For the Three Months Ended March 31, 2017 Balance as of December 31, 2016 $ 118,972 $ 130,505 $ (12,058) $ 8,066 $ (7,541) OCI before reclassifications (9,221) (15,009) (51) 5,842 (3) Amounts reclassified from AOCI 9,268 - 9,268 (1) - - Net current period OCI 47 (15,009) 9,217 5,842 (3) Balance as of March 31, 2017 $ 119,019 $ 115,496 $ (2,841) $ 13,908 $ (7,544) (1) Reclassified upon receipt of proceeds related to the sale of an investment by a nonconsolidated subsidiary. For the Three Months Ended March 31, 2016 Balance as of December 31, 2015 $ 46,921 $ 78,448 $ (9,319) $ (19,368) $ (2,840) OCI before reclassifications 6,478 11,094 6 (4,195) (427) Amounts reclassified from AOCI - - - - - Net current period OCI 6,478 11,094 6 (4,195) (427) Balance as of March 31, 2016 $ 53,399 $ 89,542 $ (9,313) $ (23,563) $ (3,267)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Fair Value, Measurement Inputs, Disclosure	The tables below aggregate the fair values of these financial assets and liabilities by their level s in the fair value hierarchy as of March 31, 2017 and December 3 1, 2016 , respectively. (Amounts in thousands) As of March 31, 2017 Total Level 1 Level 2 Level 3 Marketable securities $ 188,695 $ 188,695 $ - $ - Real estate fund investments 454,946 - - 454,946 Deferred compensation plan assets (included in other assets) 124,933 68,023 - 56,910 Interest rate swaps (included in other assets) 24,513 - 24,513 - Total assets $ 793,087 $ 256,718 $ 24,513 $ 511,856 Mandatorily redeemable instruments (included in other liabilities) $ 50,561 $ 50,561 $ - $ - Interest rate swap (included in other liabilities) 7,221 - 7,221 - Total liabilities $ 57,782 $ 50,561 $ 7,221 $ - (Amounts in thousands) As of December 31, 2016 Total Level 1 Level 2 Level 3 Marketable securities $ 203,704 $ 203,704 $ - $ - Real estate fund investments 462,132 - - 462,132 Deferred compensation plan assets (included in other assets) 121,374 63,930 - 57,444 Interest rate swaps (included in other assets) 21,816 - 21,816 - Total assets $ 809,026 $ 267,634 $ 21,816 $ 519,576 Mandatorily redeemable instruments (included in other liabilities) $ 50,561 $ 50,561 $ - $ - Interest rate swap (included in other liabilities) 10,122 - 10,122 - Total liabilities $ 60,683 $ 50,561 $ 10,122 $ -
Changes in the fair value of deferred compensation plan assets	The table below summarizes the changes in the fair value of deferred compensation plan assets that are classified as Level 3, for the three months ended March 31, 2017 and 2016 . (Amounts in thousands) For the Three Months Ended March 31, 2017 2016 Beginning balance $ 57,444 $ 59,186 Purchases 463 1,166 Sales (2,737) (1,372) Realized and unrealized gain (loss) 1,075 (1,907) Other, net 665 111 Ending balance $ 56,910 $ 57,184
Schedule Of Carrying Amounts And Fair Values Of Financial Instruments	The table below summarizes the carrying amounts and fair value of these financial instruments as of March 31, 2017 and December 31, 2016 . (Amounts in thousands) As of March 31, 2017 As of December 31, 2016 Carrying Fair Carrying Fair Amount Value Amount Value Cash equivalents $ 1,249,832 $ 1,250,000 $ 1,307,105 $ 1,307,000 Debt: Mortgages payable $ 9,369,839 $ 9,383,000 $ 9,374,297 $ 9,356,000 Senior unsecured notes 850,000 884,000 850,000 899,000 Unsecured term loan 375,000 375,000 375,000 375,000 Unsecured revolving credit facilities 115,630 116,000 115,630 116,000 Total $ 10,710,469 (1) $ 10,758,000 $ 10,714,927 (1) $ 10,746,000 (1) Excludes $95,032 and $103,242 of deferred financing costs, net and other as of March 31, 2017 and December 31, 2016, 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 at March 31, 2017 and December 31, 2016 . Weighted Average Range (based on fair value of investments) Unobservable Quantitative Input March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 Discount rates 10.0% to 14.9% 10.0% to 14.9% 12.4% 12.6% Terminal capitalization rates 4.3% to 5.8% 4.3% to 5.8% 5.4% 5.3%
Summary of Changes in Level 3 Plan Assets	The table below summari zes the changes in the fair value of real estate fund investments that are classified as Level 3, for the three months ended March 31, 2017 and 2016 . (Amounts in thousands) For the Three Months Ended March 31, 2017 2016 Beginning balance $ 462,132 $ 574,761 Net unrealized (loss) gain (7,187) 6,189 Dispositions/distributions - (14,676) Net realized gains 241 422 Other (240) - Ending balance $ 454,946 $ 566,696

Fee and Other Income (Tables)

Fee and Other Income (Tables)	3 Months Ended
	Mar. 31, 2017
Fee And Other Income Tables [Abstract]
Fee and Other Income	The following tabl e sets forth the details of fee and other income: (Amounts in thousands) For the Three Months Ended March 31, 2017 2016 BMS cleaning fees $ 21,996 $ 18,146 Management and leasing fees 4,637 4,799 Lease termination fees 4,166 2,405 Other income 8,561 8,620 $ 39,360 $ 33,970

Interest and Other Investment40

Interest and Other Investment Income, Net (Tables)	3 Months Ended
	Mar. 31, 2017
Interest and Other Investment Income (Loss), Net
Schedule Of Interest And Other Investment Income (Loss), Net [Table Text Block]	The following table sets forth the details of interest and other investment income, net: (Amounts in thousands) For the Three Months Ended March 31, 2017 2016 Dividends on marketable securities $ 3,445 $ 3,215 Mark-to-market income (loss) of investments in our deferred compensation plan (1) 2,469 (1,938) Interest on loans receivable 743 748 Other, net 2,571 1,493 $ 9,228 $ 3,518 (1) This income (loss) is entirely offset by the income (expense) resulting from the mark-to-market of the deferred compensation plan liability, which is included in "general and administrative" expense.

Interest and Debt Expense (Tabl

Interest and Debt Expense (Tables)	3 Months Ended
	Mar. 31, 2017
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, 2017 2016 Interest expense $ 96,574 $ 100,295 Amortization of deferred financing costs 8,981 9,265 Capitalized interest and debt expense (11,270) (9,071) $ 94,285 $ 100,489

Income (Loss) Per Share _ Inc42

Income (Loss) Per Share / Income (Loss) Per Class A Unit (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings per share [Line Items]
Schedule Of Earnings Per Share Basic And Diluted	The following table provides a reconciliation of both net income (loss) and the number of common shares used in the computation of ( i ) basic income (loss) per common share - which includes the weighted average number of common shares outstanding without regard to dilutive potential common shares, and (ii) diluted income (loss) per common share - which includes the weighted average common shares and dilutive share equivalents. Dilutive share equivalents may include our Series A convertible preferred shares, employee stock options, restricted stock awards and Out-Performance Plan awards. (Amounts in thousands, except per share amounts) For the Three Months Ended March 31, 2017 2016 Numerator: Income (loss) from continuing operations, net of income attributable to noncontrolling interests $ 61,605 $ (94,471) Income from discontinued operations, net of income attributable to noncontrolling interests 2,276 672 Net income (loss) attributable to Vornado 63,881 (93,799) Preferred share dividends (16,129) (20,364) Net income (loss) attributable to common shareholders 47,752 (114,163) Earnings allocated to unvested participating securities (15) (16) Numerator for basic and diluted income (loss) per share $ 47,737 $ (114,179) Denominator: Denominator for basic income (loss) per share – weighted average shares 189,210 188,658 Effect of dilutive securities (1) : Employee stock options and restricted share awards 1,162 - Denominator for diluted income (loss) per share – weighted average shares and assumed conversions 190,372 188,658 INCOME (LOSS) PER COMMON SHARE – BASIC: Income (loss) from continuing operations, net $ 0.24 $ (0.61) Income from discontinued operations, net 0.01 - Net income (loss) per common share $ 0.25 $ (0.61) INCOME (LOSS) PER COMMON SHARE – DILUTED: Income (loss) from continuing operations, net $ 0.24 $ (0.61) Income from discontinued operations, net 0.01 - Net income (loss) per common share $ 0.25 $ (0.61) (1) The effect of dilutive securities for the three months ended March 31, 2017 and 2016 excludes an aggregate of 12,405 and 13,281 weighted average common share equivalents, respectively, as their effect was anti-dilutive.
Vornado Realty L.P.
Earnings per share [Line Items]
Schedule Of Earnings Per Share Basic And Diluted	18. Income (Loss) Per Share/Income (Loss) Per Class A Unit - continued Vornado Realty L.P. The following table provides a reconciliation of both net income (loss) and the number of Class A units used in the computation of ( i ) basic income (loss) per Class A unit - which includes the weighted average number of Class A units outstanding without regard to dilutive potential Class A units, and (ii) diluted income (loss) per Class A unit - which includes the weighted average Class A units and dilutive unit equivalents. Dilutive unit equivalents may include our Series A convertible preferred units, Vornado stock options, restricted unit awards and Out-Performance Plan awards. (Amounts in thousands, except per unit amounts) For the Three Months Ended March 31, 2017 2016 Numerator: Income (loss) from continuing operations, net of income attributable to noncontrolling interests $ 64,682 $ (102,002) Income from discontinued operations 2,428 716 Net income (loss) attributable to Vornado Realty L.P. 67,110 (101,286) Preferred unit distributions (16,178) (20,412) Net income (loss) attributable to Class A unitholders 50,932 (121,698) Earnings allocated to unvested participating securities (1,018) (772) Numerator for basic and diluted income (loss) per Class A unit $ 49,914 $ (122,470) Denominator: Denominator for basic income (loss) per Class A unit – weighted average units 200,845 200,072 Effect of dilutive securities (1) : Vornado stock options and restricted unit awards 1,802 - Denominator for diluted income (loss) per Class A unit – weighted average units and assumed conversions 202,647 200,072 INCOME (LOSS) PER CLASS A UNIT – BASIC: Income (loss) from continuing operations, net $ 0.24 $ (0.61) Income from discontinued operations, net 0.01 - Net income (loss) per Class A unit $ 0.25 $ (0.61) INCOME (LOSS) PER CLASS A UNIT – DILUTED: Income (loss) from continuing operations, net $ 0.24 $ (0.61) Income from discontinued operations, net 0.01 - Net income (loss) per Class A unit $ 0.25 $ (0.61) (1) The effect of dilutive securities for the three months ended March 31, 2017 and 2016 excludes an aggregate of 130 and 1,867 weighted average Class A unit equivalents, respectively, as their effect was anti-dilutive.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Information [Abstract]
Schedule of Segment Information	Below is a summary of net income and a reconciliation of net income to EBITDA ( 1) by segment for the three months ended March 31, 2017 . (Amounts in thousands) For the Three Months Ended March 31, 2017 Total New York Washington, DC Other Total revenues $ 620,848 $ 426,239 $ 116,207 $ 78,402 Total expenses 464,381 280,821 83,988 99,572 Operating income (loss) 156,467 145,418 32,219 (21,170) Income (loss) from partially owned entities 1,445 (2,093) 32 3,506 Income from real estate fund investments 268 - - 268 Interest and other investment income, net 9,228 1,472 64 7,692 Interest and debt expense (94,285) (57,987) (11,561) (24,737) Net gains on disposition of wholly owned and partially owned assets 501 - - 501 Income (loss) before income taxes 73,624 86,810 20,754 (33,940) Income tax expense (2,205) (143) (354) (1,708) Income (loss) from continuing operations 71,419 86,667 20,400 (35,648) Income from discontinued operations 2,428 - - 2,428 Net income (loss) 73,847 86,667 20,400 (33,220) Less net income attributable to noncontrolling interests in consolidated subsidiaries (6,737) (2,844) - (3,893) Net income (loss) attributable to the Operating Partnership 67,110 83,823 20,400 (37,113) Interest and debt expense (2) 116,327 75,923 13,499 26,905 Depreciation and amortization (2) 171,537 112,810 36,383 22,344 Income tax expense (2) 2,429 227 367 1,835 EBITDA (1) $ 357,403 $ 272,783 (3) $ 70,649 (4) $ 13,971 (5) Below is a summary of net income and a reconciliation of net income to EBITDA (1) by segment for the three months ended March 31, 2016 . (Amounts in thousands) For the Three Months Ended March 31, 2016 Total New York Washington, DC Other Total revenues $ 613,037 $ 410,825 $ 128,012 $ 74,200 Total expenses 613,317 269,595 256,565 87,157 Operating (loss) income (280) 141,230 (128,553) (12,957) (Loss) income from partially owned entities (4,240) (3,563) (2,265) 1,588 Income from real estate fund investments 11,284 - - 11,284 Interest and other investment income, net 3,518 1,115 58 2,345 Interest and debt expense (100,489) (54,586) (15,935) (29,968) Net gains on disposition of wholly owned and partially owned assets 714 - - 714 (Loss) income before income taxes (89,493) 84,196 (146,695) (26,994) Income tax expense (2,831) (959) (264) (1,608) (Loss) income from continuing operations (92,324) 83,237 (146,959) (28,602) Income from discontinued operations 716 - - 716 Net (loss) income (91,608) 83,237 (146,959) (27,886) Less net income attributable to noncontrolling interests in consolidated subsidiaries (9,678) (3,429) - (6,249) Net (loss) income attributable to the Operating Partnership (101,286) 79,808 (146,959) (34,135) Interest and debt expense (2) 126,120 71,198 18,996 35,926 Depreciation and amortization (2) 174,811 108,403 42,230 24,178 Income tax expense (2) 3,261 1,090 265 1,906 EBITDA (1) $ 202,906 $ 260,499 (3) $ (85,468) (4) $ 27,875 (5) See notes on the following pages.
Details of Other EBITDA	Notes to preceding tabular information: (1) EBITDA represents "Earnings Before Interest, Taxes, Depreciation and Amortization." We calculate EBITDA on an Operating Partnership basis which is before allocation to the noncontrolling interest of the Operating Partnership. We consider EBITDA a 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 a multiple of EBITDA, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. EBITDA should not be considered a substitute for net income. EBITDA may not be comparable to similarly titled measures employed by other companies. Our 7.5% interest in Fashion Centre Mall/Washington Tower will not be included in the spin-off of our Washington, DC segment and has been reclassified to Other. The prior year's presentation has been conformed to the current year. In addition, on January 1, 2017, we reclassified our investment in 85 Tenth Avenue from Other to the New York segment as a result of the December 1, 2016 repayment of our loans receivable and the receipt of a 49.9% ownership interest in the property. (2) Interest and debt expense, depreciation and amortization and income tax expense in the reconciliation of net income (loss) to EBITDA includes our share of these items from partially owned entities. (3) The elements of "New York" EBITDA are summarized below. (Amounts in thousands) For the Three Months Ended March 31, 2017 2016 Office $ 170,077 $ 156,643 (a) Retail 89,264 89,409 (a) Residential 6,278 6,350 Alexander's 11,562 11,569 Hotel Pennsylvania (4,398) (3,472) Total New York EBITDA 272,783 260,499 EBITDA from sold properties - (1,442) Total New York EBITDA, as adjusted $ 272,783 $ 259,057 (a) Beginning in January 2017 for office buildings with retail at the base, we have adjusted the allocation of real estate taxes between the retail and office elements above. This has no effect on our consolidated financial statements, but resulted in a reallocation of $3,914 of income from retail to office for the three months ended March 31, 2016. (4) The elements of "Washington, DC" EBITDA are summarized below. (Amounts in thousands) For the Three Months Ended March 31, 2017 2016 Office, excluding the Skyline properties $ 57,032 $ 59,208 Skyline properties - (155,083) Total Office 57,032 (95,875) Residential 13,617 10,407 Total Washington, DC EBITDA 70,649 (85,468) Certain items that impact EBITDA: Skyline properties impairment loss - 160,700 EBITDA from sold properties - (5,945) Total of certain items that impact EBITDA - 154,755 Total Washington, DC EBITDA, as adjusted $ 70,649 $ 69,287 Notes to preceding tabular information - continued: (5) The elements of "Other" EBITDA are summarized below. (Amounts in thousands) For the Three Months Ended March 31, 2017 2016 Our share of real estate fund investments: Income before net realized/unrealized gains and losses $ 2,875 $ 2,231 Net realized/unrealized (losses) gains on investments (1,737) 1,561 Carried interest (4,373) 1,519 Total (3,235) 5,311 theMART (including trade shows) 24,184 23,028 555 California Street 12,083 11,615 Other investments 10,462 14,724 43,494 54,678 Corporate general and administrative expenses (a) (32,987) (30,606) Investment income and other, net (a) 8,540 6,975 Acquisition and transaction related costs (b) (8,005) (4,607) Residual retail properties discontinued operations 2,428 721 Net gains on sale of residential condominiums 501 714 Total Other $ 13,971 $ 27,875 (a) The amounts in these captions (for this table only) exclude the results of the mark-to-market of our deferred compensation plan of $2,469 of income for the three months ended March 31, 2017 and $1,938 of loss for the three months ended March 31, 2016. (b) The three months ended March 31, 2017 includes $7,253 of transaction costs related to the spin-off of our Washington, DC business.

Organization (Narratives) (Deta

Organization (Narratives) (Details)	3 Months Ended
	Mar. 31, 2017
Organization
Common limited partnership interest in the Operating Partnership	93.60%
Washington DC | Washington Dc Northern Virginia
Real Estate Properties
Pro rata basis of distribution	1:2

Recently Issued Accounting Li45

Recently Issued Accounting Literature (Narratives) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net cash provided by operating activities	$ 301,285	$ 271,532
Net cash used in investing activities	$ (156,654)	(235,137)
Effect of application of a new accounting pronouncement on Cash Flows
Net cash used in investing activities		$ (5,113)

Real Estate Fund Investments (N

Real Estate Fund Investments (Narratives) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)Investments	Dec. 31, 2016USD ($)
Investment Holdings
Aggregate fair value of Real Estate Fund investments (in US Dollars)	$ 454,946	$ 462,132
Real estate fund investments
Investment Holdings
Aggregate fair value of Real Estate Fund investments (in US Dollars)	$ 454,946
Number Of Investments Held By Fund | Investments	6
Excess of fair value over cost	$ 142,346
Unfunded Commitments Of Fund	$ 117,907
Vornado Capital Partners Real Estate Fund
Investment Holdings
Equity method ownership percentage	25.00%
Term of the Fund, years	8 years
Investment period for commitments of the Fund, years	3 years
Investment fund expiration date	July 2,013
Vornado Realty Trust
Investment Holdings
Unfunded Commitments Of Fund	$ 34,422
Joint Venture | Crowne Plaza Times Square Hotel Joint Venture
Investment Holdings
Equity method ownership percentage	57.10%
Joint Venture | Crowne Plaza Times Square Hotel Joint Venture | Crowne Plaza Time Square Hotel
Investment Holdings
Ownership percentage by noncontrolling owners	24.70%

Real Estate Fund Investments (I

Real Estate Fund Investments (Income from the Fund and the Co-Investment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Details Of Income From Real Estate Funds
Income from real estate fund investments	$ 268	$ 11,284
Less income attributable to noncontrolling interests in consolidated subsidiaries	(6,737)	(9,678)
Fee And Other Income	39,360	33,970
Joint Venture | Real estate fund investments | Crowne Plaza Time Square Hotel
Details Of Income From Real Estate Funds
Net investment income	7,214	4,673
Net realized gains on exited investments	241	14,676
Previously recorded unrealized gain on exited investment	0	(14,254)
Net unrealized (loss) gain on held investments	(7,187)	6,189
Income from real estate fund investments	268	11,284
Less income attributable to noncontrolling interests in consolidated subsidiaries	(3,503)	(5,973)
(Loss) income from real estate fund investments attributable to the Operating Partnership	(3,235)	5,311
Less loss (income) attributable to noncontrolling interests in the Operating Partnership	202	(329)
(Loss) income from real estate fund investments attributable to Vornado	(3,033)	4,982
Fee And Other Income	$ 1,000	$ 760

Marketable Securities (Marketab

Marketable Securities (Marketable securities portfolio) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Available-for-sale Securities
Available-for-sale Securities, Equity Securities	$ 188,695	$ 203,704
Available-for-sale Equity Securities, Amortized Cost Basis	73,199	73,199
Available-for-sale Securities, Gross Unrealized Gain	115,496	130,505
Lexington Realty Trust
Available-for-sale Securities
Available-for-sale Securities, Equity Securities	184,320	199,465
Available-for-sale Equity Securities, Amortized Cost Basis	72,549	72,549
Available-for-sale Securities, Gross Unrealized Gain	111,771	126,916
Other Equity Securities
Available-for-sale Securities
Available-for-sale Securities, Equity Securities	4,375	4,239
Available-for-sale Equity Securities, Amortized Cost Basis	650	650
Available-for-sale Securities, Gross Unrealized Gain	$ 3,725	$ 3,589

Investments in Partially Owne49

Investments in Partially Owned Entities (Alexander's Inc.) (Details) - Alexanders Inc $ / shares in Units, $ in Thousands	Mar. 31, 2017USD ($)$ / sharesshares
Equity Method Investments And Income From Equity Method Investments
Ownership common shares, investee (in shares) | shares	1,654,068
Equity method ownership percentage	32.40%
Closing share price (in dollars per share) | $ / shares	$ 431.86
Equity Method Investment Market Value	$ 714,326
Excess of investee's fair value over carrying amount	586,418
Excess of investee's carrying amount over equity in net assets	$ 39,651

Investments in Partially Owne50

Investments in Partially Owned Entities (Urban Edge Properties and PREIT Associates L.P.) (Details) $ / shares in Units, $ in Thousands	Mar. 31, 2017USD ($)$ / sharesshares
Urban Edge Properties
Schedule Of Equity Method Investments
Ownership common shares, investee (in shares) | shares	5,717,184
Equity method ownership percentage	5.40%
Closing share price (in dollars per share) | $ / shares	$ 26.3
Equity Method Investment fair Value	$ 150,362
Excess of investee's fair value over carrying amount	$ 126,004
PREIT
Schedule Of Equity Method Investments
Ownership common shares, investee (in shares) | shares	6,250,000
Equity method ownership percentage	8.00%
Closing share price (in dollars per share) | $ / shares	$ 15.14
Equity Method Investment fair Value	$ 94,625
Excess of investee's carrying amount over fair value	25,018
Excess of investee's carrying amount over equity in net assets	$ 68,845

Investments in Partially Owne51

Investments in Partially Owned Entities (Summary of Investments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ 1,415,747	$ 1,428,019
7 West 34th Street | Other liabilities
Schedule Of Equity Method Investments
Equity method ownership percentage	53.00%
Carrying amount of investments in partially owned entities	$ (44,291)	(43,022)
Sale Of Ownership Interest Percent	47.00%
Partially Owned Office Buildings
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ 786,387	797,205
Alexanders Inc
Schedule Of Equity Method Investments
Equity method ownership percentage	32.40%
Carrying amount of investments in partially owned entities	$ 127,908	129,324
PREIT
Schedule Of Equity Method Investments
Equity method ownership percentage	8.00%
Carrying amount of investments in partially owned entities	$ 119,643	122,883
India real estate ventures
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ 31,519	30,290
India real estate ventures | Minimum
Schedule Of Equity Method Investments
Equity method ownership percentage	4.10%
India real estate ventures | Maximum
Schedule Of Equity Method Investments
Equity method ownership percentage	36.50%
UE
Schedule Of Equity Method Investments
Equity method ownership percentage	5.40%
Carrying amount of investments in partially owned entities	$ 24,358	24,523
Other investments
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ 325,932	$ 323,794

Investments in Partially Owne52

Investments in Partially Owned Entities (Summary of Income (Loss) ) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Schedule Of Equity Method Investments
Our share of net income (loss)	$ 1,445	$ (4,240)
Alexanders Inc
Schedule Of Equity Method Investments
Equity method ownership percentage	32.40%
Equity in net income (loss)	$ 6,892	6,937
Management leasing and development fees	1,509	1,725
Our share of net income (loss)	$ 8,401	8,662
UE
Schedule Of Equity Method Investments
Equity method ownership percentage	5.40%
Equity in net income (loss)	$ 1,091	876
Management leasing and development fees	209	209
Our share of net income (loss)	1,300	1,085
Partially Owned Office Buildings
Schedule Of Equity Method Investments
Our share of net income (loss)	(10,054)	(14,249)
India real estate ventures
Schedule Of Equity Method Investments
Our share of net income (loss)	$ 1,654	(686)
India real estate ventures | Minimum
Schedule Of Equity Method Investments
Equity method ownership percentage	4.10%
India real estate ventures | Maximum
Schedule Of Equity Method Investments
Equity method ownership percentage	36.50%
PREIT
Schedule Of Equity Method Investments
Equity method ownership percentage	8.00%
Our share of net income (loss)	$ (2,830)	(4,288)
Other investments
Schedule Of Equity Method Investments
Our share of net income (loss)	$ 2,974	$ 5,236

Dispositions (Asseets and liabi

Dispositions (Asseets and liabilities related to dispositions) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Dispositions
Real Estate, Net	$ 1,927		$ 2,642
Other Assets	2,489		2,928
Assets related to discontinued operations	4,416		5,570
Liabilities related to discontinued operations	2,670		$ 2,870
Income from discontinued operations:
Total revenues	324	$ 1,182
Total expenses	163	466
Income from discontinued operations before net gain on sale of real estate	161	716
Net gain on sale of real estate	2,267	0
Income from discontinued operations	2,428	716
Cash flows related to discontinued Operations:
Cash flows from operating activities, discontinued operations	(37)	1,654
Cash flows from investing activities, discontinued operations	$ 3,419	$ 0

Identified Intangible Assets 54

Identified Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Finite-Lived Intangible Assets and Liabilities
Gross amount	$ 387,677		$ 400,061
Accumulated amortization	(203,668)		(207,330)
Net	184,009		192,731
Gross amount	586,969		586,969
Accumulated amortization	(335,798)		(323,183)
Net	251,171		$ 263,786
Below Market Leases Net Of Above Market Leases
Finite-Lived Intangible Assets and Liabilities
Amortization of Intangible Assets	11,459	$ 17,507
2,018	44,346
2,019	32,168
2,020	23,343
2,021	18,159
2,022	15,009
Other Identified Intangible Assets
Finite-Lived Intangible Assets and Liabilities
Amortization of Intangible Assets	7,108	7,793
2,018	20,059
2,019	15,720
2,020	12,275
2,021	11,177
2,022	9,395
Tenant Under Ground Leases
Finite-Lived Intangible Assets and Liabilities
Amortization of Intangible Assets	458	$ 458
2,018	1,832
2,019	1,832
2,020	1,832
2,021	1,832
2,022	$ 1,832

Debt (Summary of Debt) (Details

Debt (Summary of Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument
Total, net	$ 9,281,280	$ 9,278,263
Unsecured debt - Carrying amount	845,932	845,577
Unsecured term loan, net	372,595	372,215
Revolving credit facilities	115,630	115,630
Unsecured Debt And Revolving Credit Facility	1,334,157	1,333,422
Mortgages
Debt Instrument
Mortgages payable, gross	9,369,839	9,374,297
Deferred financing costs, net and other	(88,559)	(96,034)
Total, net	$ 9,281,280	9,278,263
Interest Rate, End of Period (in percentage)	3.43%
Mortgages | Fixed Rate
Debt Instrument
Mortgages payable, gross	$ 6,092,346	6,099,873
Interest Rate, End of Period (in percentage)	3.84%
Mortgages | Variable Rate
Debt Instrument
Mortgages payable, gross	$ 3,277,493	3,274,424
Interest Rate, End of Period (in percentage)	2.68%
Senior Unsecured Notes
Debt Instrument
Deferred financing costs, net and other	$ (4,068)	(4,423)
Unsecured debt, gross	850,000	850,000
Unsecured debt - Carrying amount	$ 845,932	845,577
Interest Rate, End of Period (in percentage)	3.68%
Unsecured Term Loan
Debt Instrument
Deferred financing costs, net and other	$ (2,405)	(2,785)
Unsecured debt, gross	375,000	375,000
Unsecured term loan, net	$ 372,595	372,215
Interest Rate, End of Period (in percentage)	2.11%
Unsecured Revolving Credit Facilities
Debt Instrument
Revolving credit facilities	$ 115,630	$ 115,630
Interest Rate, End of Period (in percentage)	1.88%

Redeemable Noncontrolling Int56

Redeemable Noncontrolling Interests / Redeemable Partnership Units (Activity of Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Redeemable Noncontrolling Interests Rollforward
Reedemable Noncontrolling Interest, Beginning Balance	$ 1,278,446	$ 1,229,221
Net income (loss)	3,229	(7,487)
Other comprehensive income	3	427
Distributions	(9,163)	(7,835)
Other, net	14,495	14,364
Reedemable Noncontrolling Interest, Ending Balance	1,266,074	1,177,684
Class A Unit
Redeemable Noncontrolling Interests Rollforward
Redemption of Class A units for common shares/units, at redemption value	(14,739)	(14,482)
Adjustments to carry redeemable Class A units at redemption value	$ (6,197)	$ (36,524)

Redeemable Noncontrolling Int57

Redeemable Noncontrolling Interests / Redeemable Partnership Units (Subnote) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Redeemable Noncontrolling Interest
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount	$ 1,260,646	$ 1,273,018
Class A Unit
Redeemable Noncontrolling Interest
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount	1,260,646	1,273,018
Series D Cumulative Redeemable Preferred Unit
Redeemable Noncontrolling Interest
Fair value of Series G convertible preferred units and Series D-13 cumulative redeemable preferred units	$ 50,561	$ 50,561

Accumulated Other Comprehensi58

Accumulated Other Comprehensive Income ("AOCI") (AOCI by component) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss), Beginning Balance	$ 118,972	$ 46,921
OCI before reclassifications	(9,221)	6,478
Amounts reclassified from AOCI	9,268	0
Other Comprehensive Income (Loss), Net of Tax, Total	47	6,478
Accumulated other comprehensive income (loss), Ending Balance	119,019	53,399
Interest rate Swap
Accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss), Beginning Balance	8,066	(19,368)
OCI before reclassifications	5,842	(4,195)
Amounts reclassified from AOCI	0	0
Other Comprehensive Income (Loss), Net of Tax, Total	5,842	(4,195)
Accumulated other comprehensive income (loss), Ending Balance	13,908	(23,563)
Securities available for sale
Accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss), Beginning Balance	130,505	78,448
OCI before reclassifications	(15,009)	11,094
Amounts reclassified from AOCI	0	0
Other Comprehensive Income (Loss), Net of Tax, Total	(15,009)	11,094
Accumulated other comprehensive income (loss), Ending Balance	115,496	89,542
Pro-rata share of non consolidated subsidiaries' OCI
Accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss), Beginning Balance	(12,058)	(9,319)
OCI before reclassifications	(51)	6
Amounts reclassified from AOCI	9,268	0
Other Comprehensive Income (Loss), Net of Tax, Total	9,217	6
Accumulated other comprehensive income (loss), Ending Balance	(2,841)	(9,313)
Other
Accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss), Beginning Balance	(7,541)	(2,840)
OCI before reclassifications	(3)	(427)
Amounts reclassified from AOCI	0	0
Other Comprehensive Income (Loss), Net of Tax, Total	(3)	(427)
Accumulated other comprehensive income (loss), Ending Balance	$ (7,544)	$ (3,267)

Variable Interest Entities ("59

Variable Interest Entities ("VIEs") (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Consolidated VIEs
Variable Interest Entities
Variable Interest Entities, Consolidated, Carrying Amount, Assets	$ 3,664,609	$ 3,638,483
Variable Interest Entities, Consolidated, Carrying Amount, Liabilities	1,765,238	1,762,322
Unconsolidated VIEs
Variable Interest Entities
Net carrying amount of our investments in nonconsolidated VIEs	$ 385,487	$ 392,150

Fair Value Measurements (Narrat

Fair Value Measurements (Narratives) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)Investments	Dec. 31, 2016USD ($)
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate fund investments	$ 454,946	$ 462,132
Real estate fund investments
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Number Of Investments Held By Fund | Investments	6
Real estate fund investments	$ 454,946
Excess of fair value over cost	142,346
Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate fund investments	454,946	462,132
Recurring | Level 3
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate fund investments	454,946	$ 462,132
Excess of fair value over cost	$ 142,346
Recurring | Level 3 | Real estate fund investments | Minimum
Fair Value Inputs [Abstract]
Anticipated holding period of investments	10 months
Recurring | Level 3 | Real estate fund investments | Maximum
Fair Value Inputs [Abstract]
Anticipated holding period of investments	3 years 10 months

Fair Value Measurements (Financ

Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable Securities	$ 188,695	$ 203,704
Real estate fund investments	454,946	462,132
Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable Securities	188,695	203,704
Real estate fund investments	454,946	462,132
Deferred compensation plan assets (included in other assets)	124,933	121,374
Interest rate swaps (included in other assets)	24,513	21,816
Total assets	793,087	809,026
Mandatorily redeemable instruments (included in other liabilities)	50,561	50,561
Interest rate swap (included in other liabilities)	7,221	10,122
Total liabilities	57,782	60,683
Recurring | Level 1
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable Securities	188,695	203,704
Real estate fund investments	0	0
Deferred compensation plan assets (included in other assets)	68,023	63,930
Interest rate swaps (included in other assets)	0	0
Total assets	256,718	267,634
Mandatorily redeemable instruments (included in other liabilities)	50,561	50,561
Interest rate swap (included in other liabilities)	0	0
Total liabilities	50,561	50,561
Recurring | Level 2
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable Securities	0	0
Real estate fund investments	0	0
Deferred compensation plan assets (included in other assets)	0	0
Interest rate swaps (included in other assets)	24,513	21,816
Total assets	24,513	21,816
Mandatorily redeemable instruments (included in other liabilities)	0	0
Interest rate swap (included in other liabilities)	7,221	10,122
Total liabilities	7,221	10,122
Recurring | Level 3
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable Securities	0	0
Real estate fund investments	454,946	462,132
Deferred compensation plan assets (included in other assets)	56,910	57,444
Interest rate swaps (included in other assets)	0	0
Total assets	511,856	519,576
Mandatorily redeemable instruments (included in other liabilities)	0	0
Interest rate swap (included in other liabilities)	0	0
Total liabilities	$ 0	$ 0

Fair Value Measurements (Unober

Fair Value Measurements (Unobervable Quantitative Input Ratios) (Details) - Recurring - Level 3 - Real estate fund investments	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Minimum
Unobservable Quantitative Input
Discount rates	10.00%	10.00%
Capitalization rate	4.30%	4.30%
Maximum
Unobservable Quantitative Input
Discount rates	14.90%	14.90%
Capitalization rate	5.80%	5.80%
Weighted Average
Unobservable Quantitative Input
Discount rates	12.40%	12.60%
Capitalization rate	5.40%	5.30%

Fair Value Measurements (Change

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, 2017	Mar. 31, 2016
Real estate fund investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 462,132	$ 574,761
Net unrealized (loss) gain	(7,187)	6,189
Dispositions/distributions	0	(14,676)
Net realized gains	241	422
Other, net	(240)	0
Ending balance	454,946	566,696
Deferred Compensation Plan Assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	57,444	59,186
Purchases	463	1,166
Dispositions/distributions	(2,737)	(1,372)
Realized and unrealized gain (loss)	1,075	(1,907)
Other, net	665	111
Ending balance	$ 56,910	$ 57,184

Fair Value Measurements (Fair V

Fair Value Measurements (Fair Value Measurements on a Nonrecurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Nonrecurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Total Assets, Nonrecurring	$ 0	$ 0

Fair Value Measurements (Carryi

Fair Value Measurements (Carrying amounts and fair value of financial instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Unsecured revolving credit facilities - Carrying Amount	$ 115,630	$ 115,630
Unsecured debt - Carrying amount	845,932	845,577
Senior Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Unsecured debt - Carrying amount	845,932	845,577
Unsecured debt, gross	850,000	850,000
Deferred financing costs, net and other	4,068	4,423
Unsecured Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Unsecured debt, gross	375,000	375,000
Deferred financing costs, net and other	2,405	2,785
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Cash equivalents - Carrying Amount	1,249,832	1,307,105
Mortgages payable, gross	9,369,839	9,374,297
Unsecured revolving credit facilities - Carrying Amount	115,630	115,630
Debt instrument - Carrying amount	10,710,469	10,714,927
Deferred financing costs, net and other	95,032	103,242
Carrying Amount | Senior Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Unsecured debt - Carrying amount	850,000	850,000
Carrying Amount | Unsecured Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Unsecured debt - Carrying amount	375,000	375,000
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Total debt	10,758,000	10,746,000
Fair Value | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Cash equivalents	1,250,000	1,307,000
Unsecured revolving credit facilities	116,000	116,000
Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Mortgages payable, gross	9,383,000	9,356,000
Fair Value | Senior Unsecured Notes | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Unsecured debt, gross	884,000	899,000
Fair Value | Unsecured Term Loan | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Unsecured debt, gross	$ 375,000	$ 375,000

Stock-based Compensation (Narra

Stock-based Compensation (Narratives) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share Based Compensation Expense	$ 14,277	$ 14,571

Fee and Other Income (Details)

Fee and Other Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Fee And Other Income [Line Items]
BMS cleaning fees	$ 21,996	$ 18,146
Management and leasing fees	4,637	4,799
Lease termination fees	4,166	2,405
Other income	8,561	8,620
Fee and other income	39,360	33,970
Management fee income from Interstate Properties	$ 128	$ 134

Interest and Other Investment68

Interest and Other Investment Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Interest and Other Investment Income (Loss), Net
Dividends on marketable securities	$ 3,445	$ 3,215
Mark-to-market income (loss) of investments in our deferred compensation plan	2,469	(1,938)
Interest on loans receivables	743	748
Other, net	2,571	1,493
Interest and other investment (loss) income, net	$ 9,228	$ 3,518

Interest and Debt Expense (Deta

Interest and Debt Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Interest and Debt Expense [Abstract]
Interest expense	$ 96,574	$ 100,295
Amortization of deferred financing costs	8,981	9,265
Capitalized interest and debt expense	(11,270)	(9,071)
Interest and Debt Expense, Total	$ 94,285	$ 100,489

Income (Loss) Per Share _ Inc70

Income (Loss) Per Share / Income (Loss) Per Class A Unit (Narratives) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Antidilutive Securities Excluded From Computation Of Earnings Per Share
Weighted average common share equivalents of excluded dilutive securities due to anti-dilutive effect	12,405	13,281
Vornado Realty L.P.
Antidilutive Securities Excluded From Computation Of Earnings Per Share
Weighted average common share equivalents of excluded dilutive securities due to anti-dilutive effect	130	1,867

Income (Loss) Per Share _ Inc71

Income (Loss) Per Share / Income (Loss) Per Class A Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Antidilutive Securities Excluded From Computation Of Earnings Per Share
Income (loss) from continuing operations, net of income attributable to noncontrolling interests	$ 61,605	$ (94,471)
Income from discontinued operations, net of income attributable to noncontrolling interests	2,276	672
Net income (loss) attributable to Vornado / Vornado Realty L.P.	63,881	(93,799)
Preferred share dividends / Preferred unit distributions	(16,129)	(20,364)
NET INCOME (LOSS) attributable to common shareholders / Class A unitholders	47,752	(114,163)
Earnings allocated to unvested participating securities	(15)	(16)
Numerator for basic and diluted income (loss) per share / per Class A unit	$ 47,737	$ (114,179)
Denominator for basic income (loss) per share - weighted average shares (in shares)	189,210	188,658
Vornado employee stock options and restricted share / unit awards (in shares)	1,162	0
Denominator for diluted income (loss) per share - weighted average shares and assumed conversions (in shares)	190,372	188,658
INCOME (LOSS) PER COMMON SHARE / CLASS A UNIT - BASIC:
Income (loss) from continuing operations, net (in dollars per share)	$ 0.24	$ (0.61)
Income from discontinued operations, net (in dollars per share)	0.01	0
Net income (loss) per common share (in dollars per share)	0.25	(0.61)
INCOME (LOSS) PER COMMON SHARE / CLASS A UNIT - DILUTED:
Income (loss) from continuing operations, net (in dollars per share)	0.24	(0.61)
Income from discontinued operations, net (in dollars per share)	0.01	0
Net income (loss) per common share (in dollars per share)	$ 0.25	$ (0.61)
Vornado Realty L.P.
Antidilutive Securities Excluded From Computation Of Earnings Per Share
Income (loss) from continuing operations, net of income attributable to noncontrolling interests	$ 64,682	$ (102,002)
Income from discontinued operations, net of income attributable to noncontrolling interests	2,428	716
Net income (loss) attributable to Vornado / Vornado Realty L.P.	67,110	(101,286)
Preferred share dividends / Preferred unit distributions	(16,178)	(20,412)
NET INCOME (LOSS) attributable to common shareholders / Class A unitholders	50,932	(121,698)
Earnings allocated to unvested participating securities	(1,018)	(772)
Numerator for basic and diluted income (loss) per share / per Class A unit	$ 49,914	$ (122,470)
Denominator for basic income (loss) per Class A unit - weighted average units and assumed conversions	200,845	200,072
Vornado employee stock options and restricted share / unit awards (in shares)	1,802	0
Denominator for diluted income (loss) per Class A unit - weighted average units and assumed conversions	202,647	200,072
INCOME (LOSS) PER COMMON SHARE / CLASS A UNIT - BASIC:
Income (loss) from continuing operations, net	$ 0.24	$ (0.61)
Income from discontinued operations, net	0.01	0
Net income (loss) per Class A unit	0.25	(0.61)
INCOME (LOSS) PER COMMON SHARE / CLASS A UNIT - DILUTED:
Income (loss) from continuing operations, net	0.24	(0.61)
Income from discontinued operations, net	0.01	0
Net income (loss) per Class A unit	$ 0.25	$ (0.61)

Commitments and Contingencies (

Commitments and Contingencies (Details)	3 Months Ended
	Mar. 31, 2017USD ($)
Other Commitments
Guarantees and master leases	$ 723,000,000
Outstanding letters of credit	19,895,000
Commitment To Fund Additional Capital To Partially Owned Entities	170,000,000
Constuction commitment	584,000,000
General Liability
Insurance
Insurance limit per occurrence	300,000,000
Insurance limit per property	300,000,000
Terrorism Acts
Insurance
Insurance limit per occurrence	4,000,000,000
Annual aggregate insurance coverage	4,000,000,000
NBCR Acts
Insurance
Insurance limit per occurrence	2,000,000,000
Annual aggregate insurance coverage	$ 2,000,000,000
Insurance Coverage End Date	December 2,020
Earthquake California Properties
Insurance
Insurance limit per occurrence	$ 180,000,000
Annual aggregate insurance coverage	$ 180,000,000
Vornado deductible, percentage of property value	5.00%
All Risk And Rental Value
Insurance
Insurance limit per occurrence	$ 2,000,000,000
PPIC | NBCR Acts
Insurance
Insurance deductible	$ 1,976,000
Insurance Deductible Percentage Of Balance Of Covered Loss	17.00%

Segment Information (Narratives

Segment Information (Narratives) (Details) - Operating Segments - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
New York | 85 Tenth Avenue
Segment Information
Equity method ownership percentage	49.90%
New York | Office
Segment Information
Real estate disposition transaction cost		$ (3,914)
New York | Retail
Segment Information
Real estate disposition transaction cost		$ 3,914
Washington DC
Segment Information
Real estate disposition transaction cost	$ 7,253
Washington DC | Fashion Centre Mall / Washington Tower
Segment Information
Our percent of interest	(7.50%)
Other | 85 Tenth Avenue
Segment Information
Equity method ownership percentage	(49.90%)
Other | Fashion Centre Mall / Washington Tower
Segment Information
Our percent of interest	7.50%

Segment Information (Summary of

Segment Information (Summary of net income and EBITDA reconciliation by segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Information
Total revenues	$ 620,848	$ 613,037
Total expenses	464,381	613,317
Operating income (loss)	156,467	(280)
Income (loss) from partially owned entities	1,445	(4,240)
Income from real estate fund investments	268	11,284
Interest and other investment income, net	9,228	3,518
Interest and debt expense	(94,285)	(100,489)
Net gains on sale of residential condominiums	501	714
Income (loss) before income taxes	73,624	(89,493)
Income tax expense	(2,205)	(2,831)
Income (loss) from continuing operations	71,419	(92,324)
Income from discontinued operations	2,428	716
Net income (loss)	73,847	(91,608)
Less net income attributable to noncontrolling interests in consolidated subsidiaries	(6,737)	(9,678)
Net income (loss) attributable to the Operating Partnership	67,110	(101,286)
Interest and debt expense (2)	116,327	126,120
Depreciation and amortization (2)	171,537	174,811
Income tax expense	2,429	3,261
EBITDA	357,403	202,906
Operating Segments | New York
Segment Information
Total revenues	426,239	410,825
Total expenses	280,821	269,595
Operating income (loss)	145,418	141,230
Income (loss) from partially owned entities	(2,093)	(3,563)
Income from real estate fund investments	0	0
Interest and other investment income, net	1,472	1,115
Interest and debt expense	(57,987)	(54,586)
Net gains on sale of residential condominiums	0	0
Income (loss) before income taxes	86,810	84,196
Income tax expense	(143)	(959)
Income (loss) from continuing operations	86,667	83,237
Income from discontinued operations	0	0
Net income (loss)	86,667	83,237
Less net income attributable to noncontrolling interests in consolidated subsidiaries	(2,844)	(3,429)
Net income (loss) attributable to the Operating Partnership	83,823	79,808
Interest and debt expense (2)	75,923	71,198
Depreciation and amortization (2)	112,810	108,403
Income tax expense	227	1,090
EBITDA	272,783	260,499
Operating Segments | Washington DC
Segment Information
Total revenues	116,207	128,012
Total expenses	83,988	256,565
Operating income (loss)	32,219	(128,553)
Income (loss) from partially owned entities	32	(2,265)
Income from real estate fund investments	0	0
Interest and other investment income, net	64	58
Interest and debt expense	(11,561)	(15,935)
Net gains on sale of residential condominiums	0	0
Income (loss) before income taxes	20,754	(146,695)
Income tax expense	(354)	(264)
Income (loss) from continuing operations	20,400	(146,959)
Income from discontinued operations	0	0
Net income (loss)	20,400	(146,959)
Less net income attributable to noncontrolling interests in consolidated subsidiaries	0	0
Net income (loss) attributable to the Operating Partnership	20,400	(146,959)
Interest and debt expense (2)	13,499	18,996
Depreciation and amortization (2)	36,383	42,230
Income tax expense	367	265
EBITDA	70,649	(85,468)
Operating Segments | Other
Segment Information
Total revenues	78,402	74,200
Total expenses	99,572	87,157
Operating income (loss)	(21,170)	(12,957)
Income (loss) from partially owned entities	3,506	1,588
Income from real estate fund investments	268	11,284
Interest and other investment income, net	7,692	2,345
Interest and debt expense	(24,737)	(29,968)
Net gains on sale of residential condominiums	501	714
Income (loss) before income taxes	(33,940)	(26,994)
Income tax expense	(1,708)	(1,608)
Income (loss) from continuing operations	(35,648)	(28,602)
Income from discontinued operations	2,428	716
Net income (loss)	(33,220)	(27,886)
Less net income attributable to noncontrolling interests in consolidated subsidiaries	(3,893)	(6,249)
Net income (loss) attributable to the Operating Partnership	(37,113)	(34,135)
Interest and debt expense (2)	26,905	35,926
Depreciation and amortization (2)	22,344	24,178
Income tax expense	1,835	1,906
EBITDA	$ 13,971	$ 27,875

Segment Information (New York a

Segment Information (New York and Washington DC segments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Information
EBITDA	$ 357,403	$ 202,906
Operating Segments | New York
Segment Information
EBITDA	272,783	260,499
EBITDA Adjusted	272,783	259,057
Operating Segments | New York | Properties sold and other
Segment Information
Gains (Losses) on Sales of Investment Real Estate	0	(1,442)
Operating Segments | New York | Hotel Pennsylvania
Segment Information
EBITDA	(4,398)	(3,472)
Operating Segments | New York | Alexanders Inc
Segment Information
EBITDA	11,562	11,569
Operating Segments | New York | Office
Segment Information
EBITDA	170,077	156,643
Operating Segments | New York | Retail
Segment Information
EBITDA	89,264	89,409
Operating Segments | New York | Residential
Segment Information
EBITDA	6,278	6,350
Operating Segments | Washington DC
Segment Information
EBITDA	70,649	(85,468)
EBITDA adjustment	0	154,755
EBITDA Adjusted	70,649	69,287
Operating Segments | Washington DC | Properties sold and other
Segment Information
Gains (Losses) on Sales of Investment Real Estate	0	(5,945)
Operating Segments | Washington DC | Skyline Properties
Segment Information
Impairment loss	0	160,700
Operating Segments | Washington DC | Office
Segment Information
EBITDA	57,032	(95,875)
Operating Segments | Washington DC | Office | Skyline Properties
Segment Information
EBITDA	0	(155,083)
Operating Segments | Washington DC | Residential
Segment Information
EBITDA	13,617	10,407
Operating Segments | Washington DC | Office Exclude the Skyline Properties
Segment Information
EBITDA	$ 57,032	$ 59,208

Segment Information (Other EBIT

Segment Information (Other EBITDA components) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Information
General and administrative	$ (56,658)	$ (48,704)
Acquisition and transaction related costs	(8,005)	(4,607)
Residual retail properties discontinued operations	2,267	0
Net gains on sale of residential condominiums	501	714
EBITDA	357,403	202,906
Mark-to-market income (loss) of investments in our deferred compensation plan	2,469	(1,938)
Operating Segments | Other
Segment Information
Our share of net (loss) income	43,494	54,678
General and administrative	(32,987)	(30,606)
Investment income and other, net	8,540	6,975
Acquisition and transaction related costs	(8,005)	(4,607)
Residual retail properties discontinued operations	2,428	721
Net gains on sale of residential condominiums	501	714
EBITDA	13,971	27,875
Operating Segments | Other | The Mart and trade shows
Segment Information
Our share of net (loss) income	24,184	23,028
Operating Segments | Other | 555 California Street
Segment Information
Our share of net (loss) income	12,083	11,615
Operating Segments | Other | Other investments
Segment Information
Our share of net (loss) income	10,462	14,724
Operating Segments | Other | Real estate fund investments
Segment Information
Our share of net (loss) income	(3,235)	5,311
Mark-to-market income (loss) of investments in our deferred compensation plan	2,469	(1,938)
Operating Segments | Other | Real estate fund investments | Income before net realized/unrealized gains
Segment Information
Our share of net (loss) income	2,875	2,231
Operating Segments | Other | Real estate fund investments | Net realized / unrealized gains (losses) on investments
Segment Information
Our share of net (loss) income	(1,737)	1,561
Operating Segments | Other | Real estate fund investments | Carried Interest
Segment Information
Our share of net (loss) income	$ (4,373)	$ 1,519