Vornado Realty (VNOD) 10-Q 31 Jul 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2017shares
Document and Entity Information
Entity Registrant Name	VORNADO REALTY TRUST
Entity Central Index Key	899,689
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	189,465,023
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
Entity Registrant Name	VORNADO REALTY LP
Entity Central Index Key	1,040,765
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
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	Jun. 30, 2017	Dec. 31, 2016
Real estate, at cost:
Land	$ 4,048,971	$ 4,065,142
Buildings and improvements	12,750,314	12,727,980
Development costs and construction in progress	1,676,353	1,430,276
Leasehold improvements and equipment	119,852	116,560
Total	18,595,490	18,339,958
Less accumulated depreciation and amortization	(3,682,903)	(3,513,574)
Real estate, net	14,912,587	14,826,384
Cash and cash equivalents	1,471,303	1,501,027
Restricted cash	86,386	98,295
Marketable securities	187,489	203,704
Tenant and other receivables, net of allowance for doubtful accounts of $11,513 and $10,920	83,768	94,467
Investments in partially owned entities	1,354,089	1,428,019
Real estate fund investments	455,692	462,132
Receivable arising from the straight-lining of rents, net of allowance of $1,656 and $2,227	1,062,456	1,032,736
Deferred leasing costs, net of accumulated amortization of $242,373 and $228,862	449,714	454,345
Identified intangible assets, net of accumulated amortization of $211,285 and $207,330	176,506	192,731
Assets related to discontinued operations	4,378	5,570
Other assets	644,922	515,437
Assets	20,889,290	20,814,847
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Mortgages payable, net	9,502,694	9,278,263
Senior unsecured notes, net	846,286	845,577
Unsecured term loan, net	372,975	372,215
Unsecured revolving credit facilities	115,630	115,630
Accounts payable and accrued expenses	427,401	458,694
Deferred revenue	264,035	287,846
Deferred compensation plan	104,566	121,374
Liabilities related to discontinued operations	2,406	2,870
Other liabilities	431,983	435,436
Total liabilities	12,067,976	11,917,905
Commitments and contingencies
Redeemable noncontrolling interests / partnership units:
Class A units - 12,477,710 and 12,197,162 units outstanding	1,171,656	1,273,018
Series D cumulative redeemable preferred units - 177,101 units outstanding	5,428	5,428
Total redeemable noncontrolling interests / partnership units	1,177,084	1,278,446
Equity:
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 42,823,428 and 42,824,829 shares	1,038,011	1,038,055
Common shares of beneficial interest: $.04 par value per share; authorized 250,000,000 shares; issued and outstanding 189,465,023 and 189,100,876 shares	7,556	7,542
Additional capital	7,279,834	7,153,332
Earnings less than distributions	(1,524,806)	(1,419,382)
Accumulated other comprehensive income	115,839	118,972
Total Vornado / Vornado Realty L.P. shareholders' equity	6,916,434	6,898,519
Noncontrolling interests in consolidated subsidiaries	727,796	719,977
Total equity	7,644,230	7,618,496
Total liabilities, redeemable noncontrolling interests / partnership units and equity	20,889,290	20,814,847
Vornado Realty L.P.
Real estate, at cost:
Land	4,048,971	4,065,142
Buildings and improvements	12,750,314	12,727,980
Development costs and construction in progress	1,676,353	1,430,276
Leasehold improvements and equipment	119,852	116,560
Total	18,595,490	18,339,958
Less accumulated depreciation and amortization	(3,682,903)	(3,513,574)
Real estate, net	14,912,587	14,826,384
Cash and cash equivalents	1,471,303	1,501,027
Restricted cash	86,386	98,295
Marketable securities	187,489	203,704
Tenant and other receivables, net of allowance for doubtful accounts of $11,513 and $10,920	83,768	94,467
Investments in partially owned entities	1,354,089	1,428,019
Real estate fund investments	455,692	462,132
Receivable arising from the straight-lining of rents, net of allowance of $1,656 and $2,227	1,062,456	1,032,736
Deferred leasing costs, net of accumulated amortization of $242,373 and $228,862	449,714	454,345
Identified intangible assets, net of accumulated amortization of $211,285 and $207,330	176,506	192,731
Assets related to discontinued operations	4,378	5,570
Other assets	644,922	515,437
Assets	20,889,290	20,814,847
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Mortgages payable, net	9,502,694	9,278,263
Senior unsecured notes, net	846,286	845,577
Unsecured term loan, net	372,975	372,215
Unsecured revolving credit facilities	115,630	115,630
Accounts payable and accrued expenses	427,401	458,694
Deferred revenue	264,035	287,846
Deferred compensation plan	104,566	121,374
Liabilities related to discontinued operations	2,406	2,870
Other liabilities	431,983	435,436
Total liabilities	12,067,976	11,917,905
Commitments and contingencies
Redeemable noncontrolling interests / partnership units:
Class A units - 12,477,710 and 12,197,162 units outstanding	1,171,656	1,273,018
Series D cumulative redeemable preferred units - 177,101 units outstanding	5,428	5,428
Total redeemable noncontrolling interests / partnership units	1,177,084	1,278,446
Equity:
Partners' capital	8,325,401	8,198,929
Earnings less than distributions	(1,524,806)	(1,419,382)
Accumulated other comprehensive income	115,839	118,972
Total Vornado / Vornado Realty L.P. shareholders' equity	6,916,434	6,898,519
Noncontrolling interests in consolidated subsidiaries	727,796	719,977
Total equity	7,644,230	7,618,496
Total liabilities, redeemable noncontrolling interests / partnership units and equity	$ 20,889,290	$ 20,814,847

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
ASSETS
Tenant and other receivables, allowance for doubtful accounts (in US dollars)	$ 11,513	$ 10,920
Receivable arising from the straight-lining of rents, allowance (in US dollars)	1,656	2,227
Deferred leasing costs, accumulated amortization (in US dollars)	242,373	228,862
Identified intangible assets, accumulated amortization (in US dollars)	$ 211,285	$ 207,330
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Preferred shares of beneficial interest: 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	42,823,428	42,824,829
Preferred shares of beneficial interest: outstanding shares	42,823,428	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	189,465,023	189,100,876
Common shares of beneficial interest: outstanding shares	189,465,023	189,100,876
Class A Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Outstanding Partnership Units held by Third Parties	12,477,710	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)	$ 11,513	$ 10,920
Receivable arising from the straight-lining of rents, allowance (in US dollars)	1,656	2,227
Deferred leasing costs, accumulated amortization (in US dollars)	242,373	228,862
Identified intangible assets, accumulated amortization (in US dollars)	$ 211,285	$ 207,330
Vornado Realty L.P. | Class A Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Outstanding Partnership Units held by Third Parties	12,477,710	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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
REVENUES:
Property rentals	$ 529,294	$ 527,178	$ 1,043,112	$ 1,046,670
Tenant expense reimbursements	60,687	60,841	128,357	120,416
Fee and other income	36,058	33,689	75,418	67,659
Total revenues	626,039	621,708	1,246,887	1,234,745
EXPENSES:
Operating	256,687	245,138	517,594	501,487
Depreciation and amortization	137,015	141,313	275,826	284,270
General and administrative	42,470	45,564	99,128	94,268
Acquisition and transaction related costs	6,471	2,879	14,476	7,486
Skyline properties impairment loss	0	0	0	160,700
Total expenses	442,643	434,894	907,024	1,048,211
Operating income	183,396	186,814	339,863	186,534
Income (loss) from partially owned entities	46,276	642	47,721	(3,598)
Income from real estate fund investments	4,391	16,389	4,659	27,673
Interest and other investment income, net	9,307	10,236	18,535	13,754
Interest and debt expense	(96,797)	(105,576)	(191,082)	(206,065)
Net gains on disposition of wholly owned and partially owned assets	0	159,511	501	160,225
Income before income taxes	146,573	268,016	220,197	178,523
Income tax benefit (expense)	248	(2,109)	(1,957)	(4,940)
Income from continuing operations	146,821	265,907	218,240	173,583
Income from discontinued operations	663	2,475	3,091	3,191
Net income	147,484	268,382	221,331	176,774
Less net income attributable to noncontrolling interests in:
Consolidated subsidiaries	(7,677)	(13,025)	(14,414)	(22,703)
Operating Partnership	(7,706)	(14,531)	(10,935)	(7,044)
Net income attributable to Vornado / Vornado Realty L.P.	132,101	240,826	195,982	147,027
Preferred share dividends / Preferred unit distributions	(16,129)	(20,363)	(32,258)	(40,727)
NET INCOME attributable to common shareholders / Class A unitholders	$ 115,972	$ 220,463	$ 163,724	$ 106,300
INCOME PER COMMON SHARE / CLASS A UNIT - BASIC:
Income from continuing operations, net (in dollars per share)	$ 0.61	$ 1.16	$ 0.84	$ 0.54
Income from discontinued operations, net (in dollars per share)	0	0.01	0.02	0.02
Net income per common share (in dollars per share)	$ 0.61	$ 1.17	$ 0.86	$ 0.56
Weighted average shares outstanding	189,395	188,772	189,304	188,715
INCOME PER COMMON SHARE / CLASS A UNIT - DILUTED:
Income from continuing operations, net (in dollars per share)	$ 0.61	$ 1.15	$ 0.84	$ 0.54
Income from discontinued operations, net (in dollars per share)	0	0.01	0.02	0.02
Net income per common share (in dollars per share)	$ 0.61	$ 1.16	$ 0.86	$ 0.56
Weighted average shares outstanding	190,444	189,885	190,674	190,000
DIVIDENDS PER COMMON SHARE (in dollars per share)	$ 0.71	$ 0.63	$ 1.42	$ 1.26
Vornado Realty L.P.
REVENUES:
Property rentals	$ 529,294	$ 527,178	$ 1,043,112	$ 1,046,670
Tenant expense reimbursements	60,687	60,841	128,357	120,416
Fee and other income	36,058	33,689	75,418	67,659
Total revenues	626,039	621,708	1,246,887	1,234,745
EXPENSES:
Operating	256,687	245,138	517,594	501,487
Depreciation and amortization	137,015	141,313	275,826	284,270
General and administrative	42,470	45,564	99,128	94,268
Acquisition and transaction related costs	6,471	2,879	14,476	7,486
Skyline properties impairment loss	0	0	0	160,700
Total expenses	442,643	434,894	907,024	1,048,211
Operating income	183,396	186,814	339,863	186,534
Income (loss) from partially owned entities	46,276	642	47,721	(3,598)
Income from real estate fund investments	4,391	16,389	4,659	27,673
Interest and other investment income, net	9,307	10,236	18,535	13,754
Interest and debt expense	(96,797)	(105,576)	(191,082)	(206,065)
Net gains on disposition of wholly owned and partially owned assets	0	159,511	501	160,225
Income before income taxes	146,573	268,016	220,197	178,523
Income tax benefit (expense)	248	(2,109)	(1,957)	(4,940)
Income from continuing operations	146,821	265,907	218,240	173,583
Income from discontinued operations	663	2,475	3,091	3,191
Net income	147,484	268,382	221,331	176,774
Less net income attributable to noncontrolling interests in:
Consolidated subsidiaries	(7,677)	(13,025)	(14,414)	(22,703)
Operating Partnership			10,935	7,044
Net income attributable to Vornado / Vornado Realty L.P.	139,807	255,357	206,917	154,071
Preferred share dividends / Preferred unit distributions	(16,177)	(20,412)	(32,355)	(40,824)
NET INCOME attributable to common shareholders / Class A unitholders	$ 123,630	$ 234,945	$ 174,562	$ 113,247
INCOME PER COMMON SHARE / CLASS A UNIT - BASIC:
Income from continuing operations, net (in dollars per unit)	$ 0.61	$ 1.16	$ 0.84	$ 0.54
Income from discontinued operations, net (in dollars per unit)	0	0.01	0.02	0.02
Net income per Class A unit (in dollars per unit)	$ 0.61	$ 1.17	$ 0.86	$ 0.56
Weighted average units outstanding	201,127	200,369	200,987	200,220
INCOME PER COMMON SHARE / CLASS A UNIT - DILUTED:
Income from continuing operations, net (in dollars per unit)	$ 0.61	$ 1.15	$ 0.84	$ 0.54
Income from discontinued operations, net (in dollars per unit)	0	0.01	0.01	0.01
Net income per Class A unit (in dollars per unit)	$ 0.61	$ 1.16	$ 0.85	$ 0.55
Weighted average units outstanding	202,623	201,975	202,617	201,821
DISTRIBUTIONS PER CLASS A UNIT (in dollars per unit)	$ 0.71	$ 0.63	$ 1.42	$ 1.26

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net income	$ 147,484	$ 268,382	$ 221,331	$ 176,774
Other comprehensive (loss) income:
(Reduction) increase in unrealized net gain on available-for-sale securities	(1,206)	28,019	(16,215)	39,113
Pro rata share of amounts reclassified from accumulated other comprehensive income of a nonconsolidated subsidiary	0	0	9,268	0
Pro rata share of other comprehensive loss of nonconsolidated subsidiaries	(980)	(628)	(1,031)	(622)
(Reduction) increase in value of interest rate swaps and other	(1,204)	(6,976)	4,638	(11,171)
Comprehensive income	144,094	288,797	217,991	204,094
Less comprehensive income attributable to noncontrolling interests / in consolidated subsidiaries	(15,173)	(28,814)	(25,142)	(31,432)
Comprehensive income attributable to Vornado Realty Trust / Vornado Realty L.P.	128,921	259,983	192,849	172,662
Vornado Realty L.P.
Net income	147,484	268,382	221,331	176,774
Other comprehensive (loss) income:
(Reduction) increase in unrealized net gain on available-for-sale securities	(1,206)	28,019	(16,215)	39,113
Pro rata share of amounts reclassified from accumulated other comprehensive income of a nonconsolidated subsidiary	0	0	9,268	0
Pro rata share of other comprehensive loss of nonconsolidated subsidiaries	(980)	(628)	(1,031)	(622)
(Reduction) increase in value of interest rate swaps and other	(1,204)	(6,976)	4,638	(11,171)
Comprehensive income	144,094	288,797	217,991	204,094
Less comprehensive income attributable to noncontrolling interests / in consolidated subsidiaries	(7,677)	(13,025)	(14,414)	(22,703)
Comprehensive income attributable to Vornado Realty Trust / Vornado Realty L.P.	$ 136,417	$ 275,772	$ 203,577	$ 181,391

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 attributable to Vornado / Vornado Realty L.P.	147,027						147,027					154,071					154,071
Net income attributable to redeemable partnership units	7,044											(7,044)					(7,044)
Net income attributable to noncontrolling interests in consolidated subsidiaries	22,703	$ 14,818							22,703			22,703							22,703
Dividends on common shares	(237,832)						(237,832)
Distributions to Vornado												(237,832)					(237,832)
Dividends on preferred shares / Distributions to preferred unitholders	(40,727)						(40,727)					(40,727)					(40,727)
Common shares issued: / Class A Units issued to Vornado
Upon redemption of Class A units, at redemption value, Shares					195											195
Upon redemption of Class A units, at redemption value, Value	18,208				$ 8	18,200						18,208				$ 18,208
Under Vornado's employees' share option plan, Shares					38											38
Under Vornado's employees' share option plan, Value	3,093				$ 1	3,092	0					3,093				$ 3,093
Under Vornado's dividend reinvestment plan, Shares					8											8
Under Vornado's dividend reinvestment plan, Value	717				$ 0	717						717				$ 717
Contributions:
Contributions	19,674								19,674			19,674							19,674
Distributions:
Distributions	(15,763)	(56,533)	$ (10,970)							$ (56,533)	$ (10,970)		$ (56,533)	$ (10,970)						$ (56,533)	$ (10,970)
Deferred compensation shares / units and options, Shares					7											7
Deferred compensation shares / units and options, Value	768				$ 1	953	(186)					768				$ 954	(186)
(Reduction) increase in unrealized net gain on available-for-sale securities	39,113							39,113				39,113						39,113
Pro rata share of amounts reclassified related to a nonconsolidated subsidiary	0											0
Pro rata share of other comprehensive loss of nonconsolidated subsidiaries	(622)							(622)				(622)						(622)
(Reduction) increase in value of interest rate swaps	(11,170)							(11,170)				(11,170)						(11,170)
Adjustments to carry redeemable Class A units at redemption value	(20,369)					(20,369)						(20,369)				$ (20,369)
Redeemable noncontrolling interests' / parnership units' share of above adjustments	(1,685)							(1,685)				(1,685)						(1,685)
Other, Shares					1
Other	102				$ 0	(1)	(7)	(1)	111			102					(7)		111
Ending balance, Shares / Units at Jun. 30, 2016				52,677	188,826										52,677	188,826
Ending balance, Value at Jun. 30, 2016	7,347,575			$ 1,276,954	$ 7,531	7,135,571	(1,898,505)	72,556	753,468			7,347,575			$ 1,276,954	$ 7,143,102	(1,898,505)	72,556	753,468
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 attributable to Vornado / Vornado Realty L.P.	195,982						195,982					206,917					206,917
Net income attributable to redeemable partnership units	10,935											(10,935)					(10,935)
Net income attributable to noncontrolling interests in consolidated subsidiaries	14,414	8,198							14,414			14,414							14,414
Dividends on common shares	(268,817)						(268,817)
Distributions to Vornado												(268,817)					(268,817)
Dividends on preferred shares / Distributions to preferred unitholders	(32,258)						(32,258)					(32,258)					(32,258)
Common shares issued: / Class A Units issued to Vornado
Upon redemption of Class A units, at redemption value, Shares					249											249
Upon redemption of Class A units, at redemption value, Value	25,562				$ 10	25,552						25,562				$ 25,562
Under Vornado's employees' share option plan, Shares					103											103
Under Vornado's employees' share option plan, Value	8,846				$ 4	8,842						8,846				$ 8,846
Under Vornado's dividend reinvestment plan, Shares					8											8
Under Vornado's dividend reinvestment plan, Value	780				$ 0	780						780				$ 780
Contributions:
Contributions	991								991			991							991
Distributions:
Distributions	(18,078)	$ (6,200)	$ (1,339)							$ (6,200)	$ (1,339)		$ (6,200)	$ (1,339)						$ (6,200)	$ (1,339)
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units				(2)	2										(2)	2
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, Value	0			$ (44)	$ 0	44						0			$ (44)	$ 44
Deferred compensation shares / units and options, Shares					2											2
Deferred compensation shares / units and options, Value	791				$ 0	1,076	(285)					791				$ 1,076	(285)
(Reduction) increase in unrealized net gain on available-for-sale securities	(16,215)							(16,215)				(16,215)						(16,215)
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 of nonconsolidated subsidiaries	(1,031)							(1,031)				(1,031)						(1,031)
(Reduction) increase in value of interest rate swaps	4,636							4,636				4,636						4,636
Adjustments to carry redeemable Class A units at redemption value	90,208					90,208						90,208				$ 90,208
Redeemable noncontrolling interests' / parnership units' share of above adjustments	207							207				207						207
Other	(91)					0	(46)	2	(47)			(91)					(46)	2	(47)
Ending balance, Shares / Units at Jun. 30, 2017				42,823	189,465										42,823	189,465
Ending balance, Value at Jun. 30, 2017	$ 7,644,230			$ 1,038,011	$ 7,556	$ 7,279,834	$ (1,524,806)	$ 115,839	$ 727,796			$ 7,644,230			$ 1,038,011	$ 7,287,390	$ (1,524,806)	$ 115,839	$ 727,796

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash Flows from Operating Activities:
Net income	$ 221,331	$ 176,774
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs)	289,898	299,541
Equity in net (income) loss of partially owned entities	(47,721)	3,598
Distributions of income from partially owned entities	44,778	42,012
Other non-cash adjustments	30,070	23,049
Straight-lining of rents	(28,581)	(83,883)
Amortization of below-market leases, net	(24,391)	(29,811)
Net realized and unrealized loss (gain) on real estate fund investments	6,201	(21,277)
Net gains on sale of real estate and other	(2,267)	(2,210)
Net gains on disposition of wholly owned and partially owned assets	(501)	(160,225)
Skyline properties impairment loss	0	160,700
Return of capital from real estate fund investments	0	71,888
Changes in operating assets and liabilities:
Tenant and other receivables, net	8,446	2,358
Prepaid assets	(148,446)	(131,927)
Other assets	(8,402)	(29,303)
Accounts payable and accrued expenses	(1,324)	6,634
Other liabilities	(22,874)	(9,113)
Net cash provided by operating activities	316,217	318,805
Cash Flows from Investing Activities:
Development costs and construction in progress	(191,073)	(277,214)
Additions to real estate	(139,611)	(170,265)
Distributions of capital from partially owned entities	113,507	92,465
Investments in partially owned entities	(27,720)	(90,659)
Acquisitions of real estate and other	(11,841)	(91,100)
Proceeds from sales of real estate and related investments	5,180	159,888
Proceeds from repayments of mortgage loans receivable	29	22
Net deconsolidation of 7 West 34th Street	0	(48,000)
Investments in loans receivable and other	0	(11,700)
Purchases of marketable securities	0	(4,379)
Net cash used in investing activities	(251,529)	(440,942)
Cash Flows from Financing Activities:
Dividends paid on common shares / Distributions to Vornado	(268,817)	(237,832)
Proceeds from borrowings	226,929	1,325,246
Dividends paid on preferred shares / Distributions to preferred unitholders	(32,258)	(40,727)
Distributions to noncontrolling interests / Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries	(25,617)	(83,266)
Repayments of borrowings	(13,971)	(1,032,115)
Proceeds received from exercise of employee share options / Vornado stock options	9,626	3,810
Debt issuance and other costs	(2,919)	(29,478)
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries	991	11,874
Repurchase of shares / Class A units related to stock compensation agreements and related tax withholdings and other	(285)	(186)
Net cash used in financing activities	(106,321)	(82,674)
Net decrease in cash and cash equivalents and restricted cash	(41,633)	(204,811)
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	1,557,689	1,738,695
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	1,471,303	1,644,067
Restricted cash at end of period	86,386	94,628
Cash and cash equivalents and restricted cash at end of period	1,557,689	1,738,695
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest, excluding capitalized interest of $20,050 and $13,918	175,718	181,432
Cash payments for income taxes	3,151	5,003
Non-Cash Investing and Financing Activities:
Adjustments to carry redeemable Class A units at redemption value	90,208	(20,369)
Accrued capital expenditures included in accounts payable and accrued expenses	59,733	144,079
Write-off of fully depreciated assets	(35,727)	(220,654)
(Reduction) increase in unrealized net gain on available-for-sale securities	(16,215)	39,113
Decrease in assets and liabilities resulting from the deconsolidation of investments that were previously consolidated:
Real estate, net	0	(122,047)
Mortgage payable, net	0	(290,418)
Vornado Realty L.P.
Cash Flows from Operating Activities:
Net income	221,331	176,774
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs)	289,898	299,541
Equity in net (income) loss of partially owned entities	(47,721)	3,598
Distributions of income from partially owned entities	44,778	42,012
Other non-cash adjustments	30,070	23,049
Straight-lining of rents	(28,581)	(83,883)
Amortization of below-market leases, net	(24,391)	(29,811)
Net realized and unrealized loss (gain) on real estate fund investments	6,201	(21,277)
Net gains on sale of real estate and other	(2,267)	(2,210)
Net gains on disposition of wholly owned and partially owned assets	(501)	(160,225)
Skyline properties impairment loss	0	160,700
Return of capital from real estate fund investments	0	71,888
Changes in operating assets and liabilities:
Tenant and other receivables, net	8,446	2,358
Prepaid assets	(148,446)	(131,927)
Other assets	(8,402)	(29,303)
Accounts payable and accrued expenses	(1,324)	6,634
Other liabilities	(22,874)	(9,113)
Net cash provided by operating activities	316,217	318,805
Cash Flows from Investing Activities:
Development costs and construction in progress	(191,073)	(277,214)
Additions to real estate	(139,611)	(170,265)
Distributions of capital from partially owned entities	113,507	92,465
Investments in partially owned entities	(27,720)	(90,659)
Acquisitions of real estate and other	(11,841)	(91,100)
Proceeds from sales of real estate and related investments	5,180	159,888
Proceeds from repayments of mortgage loans receivable	29	22
Net deconsolidation of 7 West 34th Street	0	(48,000)
Investments in loans receivable and other	0	(11,700)
Purchases of marketable securities	0	(4,379)
Net cash used in investing activities	(251,529)	(440,942)
Cash Flows from Financing Activities:
Dividends paid on common shares / Distributions to Vornado	(268,817)	(237,832)
Proceeds from borrowings	226,929	1,325,246
Dividends paid on preferred shares / Distributions to preferred unitholders	(32,258)	(40,727)
Distributions to noncontrolling interests / Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries	(25,617)	(83,266)
Repayments of borrowings	(13,971)	(1,032,115)
Proceeds received from exercise of employee share options / Vornado stock options	9,626	3,810
Debt issuance and other costs	(2,919)	(29,478)
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries	991	11,874
Repurchase of shares / Class A units related to stock compensation agreements and related tax withholdings and other	(285)	(186)
Net cash used in financing activities	(106,321)	(82,674)
Net decrease in cash and cash equivalents and restricted cash	(41,633)	(204,811)
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	1,557,689	1,738,695
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	1,471,303	1,644,067
Restricted cash at end of period	86,386	94,628
Cash and cash equivalents and restricted cash at end of period	1,557,689	1,738,695
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest, excluding capitalized interest of $20,050 and $13,918	175,718	181,432
Cash payments for income taxes	3,151	5,003
Non-Cash Investing and Financing Activities:
Adjustments to carry redeemable Class A units at redemption value	90,208	(20,369)
Accrued capital expenditures included in accounts payable and accrued expenses	59,733	144,079
Write-off of fully depreciated assets	(35,727)	(220,654)
(Reduction) increase in unrealized net gain on available-for-sale securities	(16,215)	39,113
Decrease in assets and liabilities resulting from the deconsolidation of investments that were previously consolidated:
Real estate, net	0	(122,047)
Mortgage payable, net	$ 0	$ (290,418)

Consolidated Statements of Cas8

Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Capitalized interest	$ 20,050	$ 13,918
Vornado Realty L.P.
Capitalized interest	$ 20,050	$ 13,918

Organization

Organization	6 Months Ended
	Jun. 30, 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 a s of June 30, 2017 . All references to the “Company,” “we,” “us,” and “our ” mean collectively Vornado, the Operating Partnership and those entities/subsidiaries conso lidated by Vornado. On July 17, 2017, we completed the spin-off of our Washington, DC segment comprised of (i) 3 7 offi ce properties totaling over 11.1 million square feet, five m ultifamily properties with 3,133 units and five other a ssets totaling approximately 406 ,000 square feet and (ii) 18 future development assets totaling over 10.4 million square feet of estimated potential development density, and $2 75 .0 million of cash to JBG SMITH Properties (“JBGS”). On July 18, 2017, JBGS was combined with the management busin ess and certain Washington, DC assets of The JBG Companies (“JBG”), a Washington, DC real estate company. Steven Roth, the Chairman of the Board of Trustees and Chief Executive Officer of Vornado, is the Chairman of the Board of Trustees of JBGS. Mitchel l Schear, former President of our Washington, DC business, is a member of the Board of Trustees of JBGS. We are providing transition services to JBGS initially including information technology, financial reporting and payroll services. The spin-off was ef fected through a tax-free distribution by Vornado to the holders of Vornado common shares of all of the common shares of JBGS at the rate of one JBGS common share for every two common shares of Vornado and the distribution by the Operating Partnership to t he holders of its common units of all of the ou tstanding common units of JBG SMITH Properties LP (“JBGSLP”) at the rate of one JBGS LP common unit for every two common units of VRLP held of record. See JBGS’ Amendment No. 3 on Form 10 (File No. 001-37994) filed with the Securities and Exchange Commission on June 9, 2017 for additional information. Beginning in the third quarter of 2017, the historical financial results of our Washington, DC segment will be reflected in our consolidated financial statements as discontinued operations for all periods presented.

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2017 are not necessarily i ndicative of the operating results for the full year.

Recently Issued Accounting Lite

Recently Issued Accounting Literature	6 Months Ended
	Jun. 30, 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 exp ects 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 thi s standard effective as of January 1, 2018 and currently expect to utilize the modified retrospective method of adoption. We have progressed with our project plan for adopting this standard, including gathering and evaluating the inventory of our revenue stream s. 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 the update (“ASU 2016-02”) Leases with no impact on “total revenues.” We expect this standard will ha ve 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, items such as reimbursable real esta te taxes and insurance expenses, will be presented in “property rentals” and non-lease components, such as certain reimbursable operating expenses, will be presented in “ tenant expense reimbursements” 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 (“ASC 718”) . 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 $ 4 , 488 ,000 for the six months ended June 30, 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 reconciliation 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 facilitating a Section 1031 Like-Kind Exchange, cash restricted in connection with our deferred compensation plan and cash escrowed under loan agreements for debt service, real estate 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. We expect to utilize the modified retrospective method of adoption. The adoption of this standard is not expected to have an impact on our consolidated fi nancial statements. In May 2017, the FASB issued an update (“ASU 2017-09”) Scope of Modification Accounting to ASC 718. ASU 2017-09 provides guidance about which changes to the terms and conditions of a share-based payment award require an entity to apply modification accounting in ASC 718. ASU 2017-09 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. The adoption of this standard is not expected to have an impact on our consolidated financial statements.

Real Estate Fund Investments

Real Estate Fund Investments	6 Months Ended
	Jun. 30, 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 Crowne Plaza Times Square Hotel not owned by the Fund. The Crowne Plaza Joint Venture is also accounted for under ASC 946 and we consolidate the accounts of the joint venture into our consolidated financial statements, retaining the fair value basis of accounting. As of June 30, 2017 , we had six real estate fund investments through the Fund and the Crowne Plaza Joint Venture with an aggregate fair value of $ 455,692 ,000 , or $ 143,092,000 in excess of cost, and had remaining unfunded commitments of $ 117,902,000 , of which our share was $ 34,519,000 . Below is a summary of income from the Fund and the Crowne Plaza Joint Venture for the three and six months ended June 30, 2017 and 2016 . (Amounts in thousands) For the Three Months Ended For the Six Months Ended June 30, June 30, 2017 2016 2017 2016 Net investment income $ 3,646 $ 1,723 $ 10,860 $ 6,396 Net realized gain on exited investments - - 241 14,676 Previously recorded unrealized gain on exited investment - - - (14,254) Net unrealized gain (loss) on held investments 745 14,666 (6,442) 20,855 Income from real estate fund investments (1) 4,391 16,389 4,659 27,673 Less income attributable to noncontrolling interests in consolidated subsidiaries (4,695) (8,845) (8,198) (14,818) (Loss) income from real estate fund investments attributable to the Operating Partnership (304) 7,544 (3,539) 12,855 Less loss (income) attributable to noncontrolling interests in the Operating Partnership 19 (465) 221 (794) (Loss) income from real estate fund investments attributable to Vornado $ (285) $ 7,079 $ (3,318) $ 12,061 (1) Excludes $1,381 and $935 of management and leasing fees for the three months ended June 30, 2017 and 2016, respectively, and $2,381 and $1,695 for the six months ended June 30, 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	6 Months Ended
	Jun. 30, 2017
Marketable Securities
Marketable Securities	5. Marketable Securities Below is a summary of our marketable securities portfolio as of June 30, 2017 and December 31, 2016 . (Amounts in thousands) As of June 30, 2017 As of December 31, 2016 GAAP Unrealized GAAP Unrealized Fair Value Cost Gain Fair Value Cost Gain Equity securities: Lexington Realty Trust $ 183,027 $ 72,549 $ 110,478 $ 199,465 $ 72,549 $ 126,916 Other 4,462 650 3,812 4,239 650 3,589 $ 187,489 $ 73,199 $ 114,290 $ 203,704 $ 73,199 $ 130,505

Investments in Partially Owned

Investments in Partially Owned Entities	6 Months Ended
	Jun. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Investments in Partially Owned Entities	6. Investments in Partially Owned Entities Alexander’s, Inc. (“Alexander’s”) (NYSE: ALX) As of June 30, 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 June 30, 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 June 30, 2017 closing share price of $421.46, was $697,124,000, or $5 70,49 4 ,000 in excess of the carrying amount on our consolidated balance sheet. As of June 30, 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 $39,468,000. 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 equity in Alexander’s net income. The basis difference related to the land will be recognized upon disposition of our investment. On June 1, 2017, Alexander’s com pleted a $500,000,000 refinancing of the office portion of 731 Lexington Avenue. The interest-only loan is at LIBOR plus 0.90% ( 2.06 % at June 30, 2017 ) and matures in June 2020 with four one-year extension options. In connection therewith, Alexander’s purchased an interest rate cap with a notional amount of $500,000,000 that caps LIBOR at a rate of 6%. The property was previously encumbered by a $300,000,000 interest-only mortgage at LIBOR plus 0.95% which was scheduled to mature in March 202 1. Urban Edge Properties (“UE”) (NYSE: UE) As of June 30, 2017 , we own 5,717,184 UE operating partnership units, representing a 4 . 8 % 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, Alexand er’s, Rego Park retail assets. As of June 30, 2017 , the fair value of our investment in UE, based on UE’s June 30, 2017 closing share price of $23.73, was $135,669,000, or $ 93 , 7 77,000 in excess of th e carrying amount on our consolidated balance sheet. During the six months ended June 30, 2017, UE issued approximately 14,000,000 operating partnership units related to property acquisitions and a public offering of its common stock. As a result, our ow nership interest in UE decreased to 4.8% from 5.4 %. In accordance with ASC 323-10-40-1, we account for a unit issuance by an equity method investee as if we had sold a proportionate share of our investment. The average issuance price per unit of the newly issued UE capital is $ 26.07 . Our average per unit carrying amount is $ 4.55 . Accordingly, we recorded a $ 15,900 ,000 net gain in connection with this issuance which is included in “income (loss) from partially owned entities” on our consolidated statement s of income. Pennsylvania Real Estate Investment Trust (“PREIT”) (NYSE: P EI) As of June 30, 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 June 30, 2017 , the fair value of our investment in PREIT, based on PREIT’s June 30, 2017 closing share price of $11.32, was $70,750,000, or $46,854,000 below the ca rrying amount on o ur consolidated balance sheet. As of June 30, 2017 , the carrying amount of our investment in PREIT exceeds our share of the equity in the net asse ts of PREIT by approximately $84,087,000. 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 rea l estate (land and buildings). We are amortizing the basis difference related to the buildings into earnings as additional depreciation expense over their estimated useful lives. This depreciation is not material t o our share of equity in PREIT’s net loss. The basis difference related to the land will be recognized upon disposition of our investment. Farley Post Office Joint Venture In September 2016, our 50.1% joint venture with the Related Companies (“Related”) was designated by Empire State Development (“ESD”), an entity of New York State to redevelop the historic Farley Post Office building. The building will include a new Moynihan Train Hall and approximately 850,000 rentable square feet of commercial space, comprised of approximately 730,000 square feet of office space and approximately 120,000 square feet of retail space. On June 15, 2017, the joint venture closed a 99-year, triple-net lease with ESD for the commercial space at the Farley Post Office building and made a $230,000,000 upfront contribution, of which our share is $115,230,000, towards the construction of the train hall. The lease calls for annual rent pa yments of $5,000,000 plus payments in lieu of real estate taxes. Simultaneously, the joint venture completed a $271,000,000 loan facility, with an initial advance of $202, 299 ,000. The interest only l oan is at LIBOR plus 3.25% (4.41 % at June 30, 2017 ) and matures in June 2019 with t wo one-year extension options. The joint venture has also entered into a development agreement with ESD and a design-build contract with Skanska Moynihan Train Hall Builders. Under the development agreement with ESD , the joint venture is obligated to build the Moynihan Train Hall , with Vornado and Related each guaranteeing the joint venture’s oblig ations. Under the design-build agreement, Skanska Moynihan Train Hall Builders is obligated to fulfill all of the joint venture’s obligations. Th e obligations of Skansk a Moynihan Train Hall Builders have been bonded by Skanska USA and bears a full guaranty from Ska nska AB. Mezzanine Loan – New York On May 9 , 2017, a $150,000,000 mezzanine loan owned by a joint venture in which we have a 33.3% ownership interest was repaid at its maturity and we received our $50,000,000 share. The mezzanine loan earned interest at LIBOR plus 9.42%. Sterling Suffolk Racecourse, LLC (“Suffolk Downs JV”) On May 26, 2017, Suffolk Downs JV , a joint venture in which we have a 21. 2 % equity interest, sold the property comprising the Suffolk Downs race track i n East Boston, Massachusetts (“Suffolk Downs”) for $155,000,000, which resulted in net proceeds and a net gain to us of $15,314,000. In addition , we were repaid $ 29 , 318 ,000 o f principal and $6,129,000 of accrued interest on our debt investment s in Suffolk Downs JV, resulting in a net gain of $11,373,000 . Below is a schedule summarizing our investments in partially owned entities. (Amounts in thousands) Percentage Ownership at Balance as of June 30, 2017 June 30, 2017 December 31, 2016 Investments: Partially owned office buildings (1) Various $ 804,492 $ 825,421 Alexander’s 32.4 % 126,630 129,324 PREIT 8.0 % 117,604 122,883 UE 4.8 % 41,892 24,523 India real estate ventures 4.1%-36.5% 26,491 30,290 Other investments (2) Various 236,980 295,578 $ 1,354,089 $ 1,428,019 7 West 34th Street (3) 53.0 % $ (45,789) $ (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, 61 Ninth Avenue and others. (2) Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, Rosslyn Plaza, 50-70 West 93rd Street, Farley Post Office Joint Venture, 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 sheets. Below is a schedule net income (loss) from partially owned entities. (Amounts in thousands) Percentage For the Three Months Ended For the Six Months Ended Ownership at June 30, June 30, June 30, 2017 2017 2016 2017 2016 Our Share of Net Income (Loss): UE (see page 23 for details): Net gain resulting from UE operating partnership unit issuances 4.8 % $ 15,900 $ - $ 15,900 $ - Equity in net earnings 2,894 1,071 3,985 1,947 Management fees 209 209 418 418 19,003 1,280 20,303 2,365 Alexander's (see page 23 for details): Equity in net income 32.4 % 6,690 6,812 13,582 13,749 Management, leasing and development fees 1,507 1,688 3,016 3,413 8,197 8,500 16,598 17,162 Partially owned office buildings (1) Various (7,897) (12,398) (17,840) (26,647) India real estate ventures 4.1%-36.5% (1,644) (1,934) 10 (2,620) PREIT (see page 24 for details) 8.0 % (902) (527) (3,732) (4,815) Other investments (2) Various 29,519 5,721 32,382 10,957 $ 46,276 $ 642 $ 47,721 $ (3,598) (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, Rosslyn Plaza, 50-70 West 93rd Street, Toys "R" Us, Inc. and others. In the second quarter of 2017, we recognized $26,687 of net gains, comprised of $15,314 representing our share of a net gain on the sale of Suffolk Downs and $11,373 representing the net gain on repayment of our debt investments in Suffolk Downs JV. See page 24 for details.

Dispositions

Dispositions	6 Months Ended
	Jun. 30, 2017
Dispositions [Abstract]
Dispositions	7 . Dispositions Discontinued Operations The tables below set forth the assets and liabilities relat ed to discontinued operations as of June 30, 2017 and December 31, 2016 and their combined results of operations and cash flows for the three and six months ended June 30, 2017 and 2016 . (Amounts in thousands) Balance as of June 30, 2017 December 31, 2016 Assets related to discontinued operations: Real estate, net $ 1,927 $ 2,642 Other assets 2,451 2,928 $ 4,378 $ 5,570 Liabilities related to discontinued operations: Other liabilities $ 2,406 $ 2,870 (Amounts in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Income from discontinued operations: Total revenues $ 848 $ 947 $ 1,172 $ 2,129 Total expenses 185 682 348 1,148 663 265 824 981 Net gains on the sale of real estate - 2,210 2,267 2,210 Pretax income from discontinued operations 663 2,475 3,091 3,191 Income tax expense - - - - Income from discontinued operations $ 663 $ 2,475 $ 3,091 $ 3,191 (Amounts in thousands) For the Six Months Ended June 30, 2017 2016 Cash flows related to discontinued operations: Cash flows from operating activities $ 400 $ (4,685) Cash flows from investing activities 3,419 -

Identified Intangible Assets an

Identified Intangible Assets and Liabilities	6 Months Ended
	Jun. 30, 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 June 30, 2017 and December 31, 2016 . (Amounts in thousands) Balance as of June 30, 2017 December 31, 2016 Identified intangible assets: Gross amount $ 387,791 $ 400,061 Accumulated amortization (211,285) (207,330) Total, net $ 176,506 $ 192,731 Identified intangible liabilities (included in deferred revenue): Gross amount $ 581,471 $ 586,969 Accumulated amortization (340,131) (323,183) Total, net $ 241,340 $ 263,786 Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental income of $ 12,932 ,000 and $ 12,301 ,000 for the three months ended June 30, 2017 and 2016 , respectively, and $ 24,391 ,000 and $ 29,808 ,000 for the six months ended June 30, 2017 and 2016 , respectively. Estimated annual amortization of acquired bel ow - 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 $ 44,474 2019 32,297 2020 23,472 2021 18,646 2022 15,530 Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $ 6,971 ,000 and $ 8,066 ,000 for the three months ended June 30, 2017 and 2016 , respectively, and $ 14,079 ,000 and $ 15,859 ,000 for the six months ended June 30, 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 $ 20,073 2019 15,737 2020 12,291 2021 11,288 2022 9,532 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 June 30, 2017 and 2016 , respectively, and $ 916 ,000 and $ 916 ,000 for the six months ended June 30, 2017 and 2016 , respectively . Estimated annual amortization of these below-market leases, net of above-market leases, for each of the five succeeding years commencing January 1, 2018 is as follows: (Amounts in thousands) 2018 $ 1,832 2019 1,832 2020 1,832 2021 1,832 2022 1,832

Debt

Debt	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Debt	9. Debt The following is a summary of our debt : (Amounts in thousands) Interest Rate at Balance as of June 30, 2017 June 30, 2017 December 31, 2016 Mortgages Payable: Fixed rate 3.84 % $ 6,084,795 $ 6,099,873 Variable rate 2.93 % 3,502,460 3,274,424 Total 3.51 % 9,587,255 9,374,297 Deferred financing costs, net and other (84,561) (96,034) Total, net $ 9,502,694 $ 9,278,263 Unsecured Debt: Senior unsecured notes 3.68 % $ 850,000 $ 850,000 Deferred financing costs, net and other (3,714) (4,423) Senior unsecured notes, net 846,286 845,577 Unsecured term loan 2.37 % 375,000 375,000 Deferred financing costs, net and other (2,025) (2,785) Unsecured term loan, net 372,975 372,215 Unsecured revolving credit facilities 2.14 % 115,630 115,630 Total, net $ 1,334,891 $ 1,333,422 On June 20 , 2017, we completed a $ 220,000,000 f inancing of The Bartlett, a 699 - unit residential building with a 39,000 square foot Whole Foods Market at its base, located in Arlington, Virginia. The five-year interest-only loan is at LIBOR plus 1.70 % ( 2.90 % at June 30, 2017 ), and matures in June 2022 . On July 17, 2017, t he property , the loan and the $ 217,000 ,000 of net proceeds were transferred to JBG S in connection with the tax-free spin-off of our Washington, DC segme nt.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests / Redeemable Partnership Units	6 Months Ended
	Jun. 30, 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 as of December 31, 2015 $ 1,229,221 Net income 7,044 Other comprehensive income 1,685 Distributions (15,763) Redemption of Class A units for common shares/units, at redemption value (18,208) Adjustments to carry redeemable Class A units at redemption value 20,369 Other, net 21,149 Balance as of June 30, 2016 $ 1,245,497 Balance as of December 31, 2016 $ 1,278,446 Net income 10,935 Other comprehensive loss (207) Distributions (18,078) Redemption of Class A units for common shares/units, at redemption value (25,562) Adjustments to carry redeemable Class A units at redemption value (90,208) Other, net 21,758 Balance as of June 30, 2017 $ 1,177,084 As of June 30, 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 $ 1,171,656 ,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 preferred units, as they are accounted for as liabilities in accordance with ASC 480, Distinguishing Liabilities and Equity , because of their possible settlement by issuing a variable number of Vornado common shares. Accordingly , the fair value of these units is included as a component of “other liabilities” on our consolidated balance she ets and aggregated $ 50,561 ,000 as of June 30, 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")	6 Months Ended
	Jun. 30, 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 June 30, 2017 Balance as of March 31, 2017 $ 119,019 $ 115,496 $ (2,841) $ 13,908 $ (7,544) OCI before reclassifications (3,180) (1,206) (980) (1,206) 212 Amounts reclassified from AOCI - - - - - Net current period OCI (3,180) (1,206) (980) (1,206) 212 Balance as of June 30, 2017 $ 115,839 $ 114,290 $ (3,821) $ 12,702 $ (7,332) For the Three Months Ended June 30, 2016 Balance as of March 31, 2016 $ 53,399 $ 89,542 $ (9,313) $ (23,563) $ (3,267) OCI before reclassifications 19,157 28,019 (628) (6,975) (1,259) Amounts reclassified from AOCI - - - - - Net current period OCI 19,157 28,019 (628) (6,975) (1,259) Balance as of June 30, 2016 $ 72,556 $ 117,561 $ (9,941) $ (30,538) $ (4,526) For the Six Months Ended June 30, 2017 Balance as of December 31, 2016 $ 118,972 $ 130,505 $ (12,058) $ 8,066 $ (7,541) OCI before reclassifications (12,401) (16,215) (1,031) 4,636 209 Amounts reclassified from AOCI 9,268 - 9,268 - - Net current period OCI (3,133) (16,215) 8,237 4,636 209 Balance as of June 30, 2017 $ 115,839 $ 114,290 $ (3,821) $ 12,702 $ (7,332) For the Six Months Ended June 30, 2016 Balance as of December 31, 2015 $ 46,921 $ 78,448 $ (9,319) $ (19,368) $ (2,840) OCI before reclassifications 25,635 39,113 (622) (11,170) (1,686) Amounts reclassified from AOCI - - - - - Net current period OCI 25,635 39,113 (622) (11,170) (1,686) Balance as of June 30, 2016 $ 72,556 $ 117,561 $ (9,941) $ (30,538) $ (4,526)

Variable Interest Entities ("VI

Variable Interest Entities ("VIEs")	6 Months Ended
	Jun. 30, 2017
Variable Interest Entities [Abstract]
Variable Interest Entities ("VIEs")	12. Variable Interest Entities (“VIEs”) Unconsolidated VIEs As of June 30, 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 June 30, 2017 and December 31, 2016 , the net carrying amount of our investments in these entities was $ 393,418,000 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 June 30, 2017 , the total as sets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $ 3, 648,565,000 and $ 1,756,632,000 , respectively . As of December 31, 2016 , the total assets and liabilities of our consolidated VIEs, excluding the Opera ting Partnership, were $ 3,638,483,000 and $ 1,762,322,000 , respectively .

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 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 cumulative 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 June 30, 2017 and December 31 , 2016 , respectively. (Amounts in thousands) As of June 30, 2017 Total Level 1 Level 2 Level 3 Marketable securities $ 187,489 $ 187,489 $ - $ - Real estate fund investments 455,692 - - 455,692 Deferred compensation plan assets ($2,691 included in restricted cash and $101,875 in other assets) 104,566 54,717 - 49,849 Interest rate swaps (included in other assets) 20,998 - 20,998 - Total assets $ 768,745 $ 242,206 $ 20,998 $ 505,541 Mandatorily redeemable instruments (included in other liabilities) $ 50,561 $ 50,561 $ - $ - Interest rate swap (included in other liabilities) 5,011 - 5,011 - Total liabilities $ 55,572 $ 50,561 $ 5,011 $ - (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 ($4,187 included in restricted cash and $117,187 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 As of June 30, 2017 , we had six real estate fund investments with an aggregate fair value of $ 455,692 ,000, or $ 143,092,000 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 requires us to estimate cash flow s for each investment over the anticipated holding period, which currently ranges from 0.3 to 3.5 years. Cash flows are derived from property rental revenue (base rents plus reimbursements) less op erating expenses, real estate taxes and capital and other costs, plus projected sales proceeds in the year of exit. Property rental revenue is based on leases currently in place and our estimates for future leasing activity, which are based on current market rents for similar space plus a projected growth factor . Similarly, estimated operating expenses and real estate taxes are based on amounts incurred in the current period plus a projected growth factor for future periods. Anticipated sales proceeds at the end of an investment’s expected holding period are de termined 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 project ed sales proceeds), using an appropriate discount rate and then reduced by the property’s outstanding debt, if any, to determine the fair value of the equity in each investment. Significant unobservable quantitative inputs used in determining the fair valu e 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 Capi tal Markets departments. Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of these real estate fund investments at June 30, 2017 and December 31, 2016 . Weighted Average Range (based on fair value of investments) Unobservable Quantitative Input June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Discount rates 3.0% to 16.0% 10.0% to 14.9% 11.1% 12.6% Terminal capitalization rates 4.7% to 5.8% 4.3% to 5.8% 5.5% 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 and six months ended June 30, 2017 and 2016 . (Amounts in thousands) For the Three Months Ended For the Six Months Ended June 30, June 30, 2017 2016 2017 2016 Beginning balance $ 454,946 $ 566,696 $ 462,132 $ 574,761 Dispositions / distributions - (57,212) - (71,888) Net unrealized gain (loss) 745 14,666 (6,442) 20,855 Net realized gain - - 241 422 Other, net 1 - (239) - Ending balance $ 455,692 $ 524,150 $ 455,692 $ 524,150 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 and six months ended June 30, 2017 and 2016 . (Amounts in thousands) For the Three Months Ended For the Six Months Ended June 30, June 30, 2017 2016 2017 2016 Beginning balance $ 56,910 $ 57,184 $ 57,444 $ 59,186 Purchases 1,350 1,106 1,813 2,272 Sales (9,375) (779) (12,112) (2,151) Realized and unrealized gains 830 2,219 1,905 312 Other, net 134 410 799 521 Ending balance $ 49,849 $ 60,140 $ 49,849 $ 60,140 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 June 30, 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 June 30, 2017 and December 31, 2016 . (Amounts in thousands) As of June 30, 2017 As of December 31, 2016 Carrying Fair Carrying Fair Amount Value Amount Value Cash equivalents $ 1,103,553 $ 1,103,553 $ 1,307,105 $ 1,307,105 Debt: Mortgages payable $ 9,587,255 $ 9,626,000 $ 9,374,297 $ 9,356,000 Senior unsecured notes 850,000 887,000 850,000 899,000 Unsecured term loan 375,000 375,000 375,000 375,000 Unsecured revolving credit facilities 115,630 116,000 115,630 116,000 Total $ 10,927,885 (1) $ 11,004,000 $ 10,714,927 (1) $ 10,746,000 (1) Excludes $90,300 and $103,242 of deferred financing costs, net and other as of June 30, 2017 and December 31, 2016, respectively.

Stock-based Compensation

Stock-based Compensation	6 Months Ended
	Jun. 30, 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 $ 7,349 ,000 and $ 7 , 215 ,000 for the three months ended June 30, 2017 and 2016 , respectively, and $ 21,626 ,000 and $ 21 , 786 ,000 for the six months ended June 30, 2017 and 2016 , respectively .

Fee and Other Income

Fee and Other Income	6 Months Ended
	Jun. 30, 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 For the Six Months Ended June 30, June 30, 2017 2016 2017 2016 BMS cleaning fees $ 21,294 $ 18,794 $ 43,290 $ 36,940 Management and leasing fees 4,892 4,604 9,529 9,403 Lease termination fees 1,459 3,199 5,625 5,604 Other income 8,413 7,092 16,974 15,712 $ 36,058 $ 33,689 $ 75,418 $ 67,659 Management and leasing fees include management fees from Interstate Properties, a related party, of $ 124,000 and $ 128,000 for the three months ended June 30, 2017 and 2016 , respectively, and $ 252,000 and $ 262 ,000 for the six months ended June 30, 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	6 Months Ended
	Jun. 30, 2017
Interest and Other Investment Income, 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 For the Six Months Ended June 30, June 30, 2017 2016 2017 2016 Dividends on marketable securities $ 3,539 $ 3,230 $ 6,984 $ 6,445 Interest on loans receivable 2,102 748 2,845 1,496 Mark-to-market income of investments in our deferred compensation plan (1) 789 4,359 3,258 2,421 Other, net 2,877 1,899 5,448 3,392 $ 9,307 $ 10,236 $ 18,535 $ 13,754 (1) This income is entirely offset by the 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	6 Months Ended
	Jun. 30, 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 For the Six Months Ended June 30, June 30, 2017 2016 2017 2016 Interest expense $ 100,486 $ 104,435 $ 197,060 $ 204,730 Amortization of deferred financing costs 8,353 8,508 17,334 17,773 Capitalized interest and debt expense (12,042) (7,367) (23,312) (16,438) $ 96,797 $ 105,576 $ 191,082 $ 206,065

Income Per Share _ Income Per C

Income Per Share / Income Per Class A Unit	6 Months Ended
	Jun. 30, 2017
Earnings per share
Income Per Share	18. Income Per Share /Income Per Class A Unit Vornado Realty Trust The following table provides a reconciliation of both net income and the number of common shares used in the computation of (i) basic income per common share - which includes the weighted average number of common shares outstanding without regard to dilutive potential common shares, and (ii) diluted income per common share - which includes the weighted average common shares and dilutive share equivalents. Dilutive shar e 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 For the Six Months Ended June 30, June 30, 2017 2016 2017 2016 Numerator: Income from continuing operations, net of income attributable to noncontrolling interests $ 131,479 $ 238,504 $ 193,084 $ 144,033 Income from discontinued operations, net of income attributable to noncontrolling interests 622 2,322 2,898 2,994 Net income attributable to Vornado 132,101 240,826 195,982 147,027 Preferred share dividends (16,129) (20,363) (32,258) (40,727) Net income attributable to common shareholders 115,972 220,463 163,724 106,300 Earnings allocated to unvested participating securities (13) (25) (27) (30) Numerator for basic income per share 115,959 220,438 163,697 106,270 Impact of assumed conversions: Convertible preferred share dividends 20 21 - - Earnings allocated to Out-Performance Plan units - - 233 24 Numerator for diluted income per share $ 115,979 $ 220,459 $ 163,930 $ 106,294 Denominator: Denominator for basic income per share – weighted average shares 189,395 188,772 189,304 188,715 Effect of dilutive securities (1) : Employee stock options and restricted share awards 1,011 1,070 1,089 1,020 Convertible preferred shares 38 43 - - Out-Performance Plan units - - 281 265 Denominator for diluted income per share – weighted average shares and assumed conversions 190,444 189,885 190,674 190,000 INCOME PER COMMON SHARE – BASIC: Income from continuing operations, net $ 0.61 $ 1.16 $ 0.84 $ 0.54 Income from discontinued operations, net - 0.01 0.02 0.02 Net income per common share $ 0.61 $ 1.17 $ 0.86 $ 0.56 INCOME PER COMMON SHARE – DILUTED: Income from continuing operations, net $ 0.61 $ 1.15 $ 0.84 $ 0.54 Income from discontinued operations, net - 0.01 0.02 0.02 Net income per common share $ 0.61 $ 1.16 $ 0.86 $ 0.56 (1) The effect of dilutive securities for the three months ended June 30, 2017 and 2016 excludes an aggregate of 12,268 and 12,278 weighted average common share equivalents, respectively, and 12,125 and 12,052 weighted average common share equivalents for the six months ended June 30, 2017 and 2016, respectively, as their effect was anti-dilutive.
Vornado Realty L.P.
Earnings per share
Income Per Share	18. Income Per Share/Income Per Class A Unit - continued Vornado Realty L.P. The following table provides a reconciliation of both net income and the number of Class A units used in the computation of (i) basic income per Class A unit - which includes the weighted average number of Class A units outstanding without regard to dilutive potential Class A units, and (ii) diluted income per Class A unit - which includes the weighted average Class A units and dilutive unit eq uivalents. 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 For the Six Months Ended June 30, June 30, 2017 2016 2017 2016 Numerator: Income from continuing operations, net of income attributable to noncontrolling interests $ 139,144 $ 252,882 $ 203,826 $ 150,880 Income from discontinued operations 663 2,475 3,091 3,191 Net income attributable to Vornado Realty L.P. 139,807 255,357 206,917 154,071 Preferred unit distributions (16,177) (20,412) (32,355) (40,824) Net income attributable to Class A unitholders 123,630 234,945 174,562 113,247 Earnings allocated to unvested participating securities (742) (1,059) (1,759) (1,412) Numerator for basic income per Class A unit 122,888 233,886 172,803 111,835 Impact of assumed conversions: Convertible preferred unit distributions 20 22 - - Numerator for diluted income per Class A unit $ 122,908 $ 233,908 $ 172,803 $ 111,835 Denominator: Denominator for basic income per Class A unit – weighted average units 201,127 200,369 200,987 200,220 Effect of dilutive securities (1) : Vornado stock options and restricted unit awards 1,458 1,564 1,630 1,601 Convertible preferred units 38 42 - - Denominator for diluted income per Class A unit – weighted average units and assumed conversions 202,623 201,975 202,617 201,821 INCOME PER CLASS A UNIT – BASIC: Income from continuing operations, net $ 0.61 $ 1.16 $ 0.84 $ 0.54 Income from discontinued operations, net - 0.01 0.02 0.02 Net income per Class A unit $ 0.61 $ 1.17 $ 0.86 $ 0.56 INCOME PER CLASS A UNIT – DILUTED: Income from continuing operations, net $ 0.61 $ 1.15 $ 0.84 $ 0.54 Income from discontinued operations, net - 0.01 0.01 0.01 Net income per Class A unit $ 0.61 $ 1.16 $ 0.85 $ 0.55 (1) The effect of dilutive securities for the three months ended June 30, 2017 and 2016 excludes an aggregate of 89 and 187 weighted average Class A unit equivalents, respectively, and 182 and 231 weighted average Class A unit equivalents for the six months ended June 30, 2017 and 2016, respectively, as their effect was anti-dilutive.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	19. 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 . 19. Commitments and Contingencies – continued Other Commitments and Contingencies We are from time to time involved in legal actions arising in the ordinary course of business. In our opinion, after consultation with legal counsel, the outcome of such matters is not currently expected to have a 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 June 30, 2017 , the aggregate dollar amount of these guarantees and master leases is approximately $774,000,000 . As of June 30, 2017 , $20,777,000 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 June 30, 2017 , we expect to fund additional capi tal to certain of our partially owned entities aggregating approximately $52,000,000 . As of June 30, 2017 , we have construction commitments aggregating approximately $543,000,000 . Upon complet ion of the spin-off of our Washington, DC segment, on July 17, 2017, we incurred approximately $47,000,000 of additional transaction costs, primarily for advisory fees which will be recognized as expense in the quarter ended September 30, 2017.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 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) and NOI (1) by segment for the three months ended June 30, 2017 (Amounts in thousands) For the Three Months Ended June 30, 2017 Total New York Washington, DC Other Total revenues $ 626,039 $ 436,862 $ 118,336 $ 70,841 Total expenses 442,643 279,835 82,317 80,491 Operating income (loss) 183,396 157,027 36,019 (9,650) Income (loss) from partially owned entities 46,276 (272) 255 46,293 Income from real estate fund investments 4,391 - - 4,391 Interest and other investment income (loss), net 9,307 1,499 (23) 7,831 Interest and debt expense (96,797) (60,335) (12,008) (24,454) Income before income taxes 146,573 97,919 24,243 24,411 Income tax benefit (expense) 248 906 (362) (296) Income from continuing operations 146,821 98,825 23,881 24,115 Income from discontinued operations 663 - - 663 Net income 147,484 98,825 23,881 24,778 Less net income attributable to noncontrolling interests in consolidated subsidiaries (7,677) (2,645) - (5,032) Net income attributable to the Operating Partnership 139,807 96,180 23,881 19,746 Interest and debt expense (2) 118,585 78,202 13,567 26,816 Depreciation and amortization (2) 168,248 110,449 33,648 24,151 Income tax expense (benefit) (2) 289 (869) 353 805 EBITDA (1) 426,929 283,962 (3) 71,449 (4) 71,518 (5) Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (2) (44,580) (26,741) (1,826) (16,013) NOI (1) $ 382,349 $ 257,221 (3) $ 69,623 (4) $ 55,505 (5) (Amounts in thousands) For the Three Months Ended June 30, 2016 Total New York Washington, DC Other Total revenues $ 621,708 $ 425,770 $ 127,468 $ 68,470 Total expenses 434,894 268,135 89,106 77,653 Operating income (loss) 186,814 157,635 38,362 (9,183) Income (loss) from partially owned entities 642 (1,001) (2,370) 4,013 Income from real estate fund investments 16,389 - - 16,389 Interest and other investment income, net 10,236 1,214 34 8,988 Interest and debt expense (105,576) (56,395) (19,817) (29,364) Net gain on disposition of wholly owned and partially owned assets 159,511 159,511 - - Income (loss) before income taxes 268,016 260,964 16,209 (9,157) Income tax expense (2,109) (816) (318) (975) Income (loss) from continuing operations 265,907 260,148 15,891 (10,132) Income from discontinued operations 2,475 - - 2,475 Net income (loss) 268,382 260,148 15,891 (7,657) Less net income attributable to noncontrolling interests in consolidated subsidiaries (13,025) (3,397) - (9,628) Net income (loss) attributable to the Operating Partnership 255,357 256,751 15,891 (17,285) Interest and debt expense (2) 127,799 71,171 21,926 34,702 Depreciation and amortization (2) 173,352 111,314 37,196 24,842 Income tax expense (2) 4,704 889 2,205 1,610 EBITDA (1) 561,212 440,125 (3) 77,218 (4) 43,869 (5) Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (2) (74,383) (50,045) (6,067) (18,271) NOI (1) $ 486,829 $ 390,080 (3) $ 71,151 (4) $ 25,598 (5) See notes on pages 45 through 48. Below is a summary of net income and a reconciliation of net income to EBITDA (1) and NOI (1) by segment for the six months ended June 30, 2017 . (Amounts in thousands) For the Six Months Ended June 30, 2017 Total New York Washington, DC Other Total revenues $ 1,246,887 $ 863,101 $ 234,543 $ 149,243 Total expenses 907,024 560,656 166,305 180,063 Operating income (loss) 339,863 302,445 68,238 (30,820) Income (loss) from partially owned entities 47,721 (2,365) 342 49,744 Income from real estate fund investments 4,659 - - 4,659 Interest and other investment income, net 18,535 2,971 41 15,523 Interest and debt expense (191,082) (118,322) (23,569) (49,191) Net gains on disposition of wholly owned and partially owned assets 501 - - 501 Income (loss) before income taxes 220,197 184,729 45,052 (9,584) Income tax (expense) benefit (1,957) 763 (716) (2,004) Income (loss) from continuing operations 218,240 185,492 44,336 (11,588) Income from discontinued operations 3,091 - - 3,091 Net income (loss) 221,331 185,492 44,336 (8,497) Less net income attributable to noncontrolling interests in consolidated subsidiaries (14,414) (5,489) - (8,925) Net income (loss) attributable to the Operating Partnership 206,917 180,003 44,336 (17,422) Interest and debt expense (2) 234,912 154,125 26,748 54,039 Depreciation and amortization (2) 339,785 223,259 69,141 47,385 Income tax expense (benefit) (2) 2,718 (642) 720 2,640 EBITDA (1) 784,332 556,745 (3) 140,945 (4) 86,642 (5) Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (2) (61,708) (52,159) (5,892) (3,657) NOI (1) $ 722,624 $ 504,586 (3) $ 135,053 (4) $ 82,985 (5) See notes on pages 45 through 48. Below is a summary of net income and a reconciliation of net income to EBITDA (1) and NOI (1) by segment for the six months ended June 30, 2016 . (Amounts in thousands) For the Six Months Ended June 30, 2016 Total New York Washington, DC Other Total revenues $ 1,234,745 $ 836,595 $ 255,480 $ 142,670 Total expenses 1,048,211 537,730 345,671 164,810 Operating income (loss) 186,534 298,865 (90,191) (22,140) (Loss) income from partially owned entities (3,598) (4,564) (3,679) 4,645 Income from real estate fund investments 27,673 - - 27,673 Interest and other investment income, net 13,754 2,329 92 11,333 Interest and debt expense (206,065) (110,981) (35,752) (59,332) Net gains on disposition of wholly owned and partially owned assets 160,225 159,511 - 714 Income (loss) before income taxes 178,523 345,160 (129,530) (37,107) Income tax expense (4,940) (1,775) (582) (2,583) Income (loss) from continuing operations 173,583 343,385 (130,112) (39,690) Income from discontinued operations 3,191 - - 3,191 Net income (loss) 176,774 343,385 (130,112) (36,499) Less net income attributable to noncontrolling interests in consolidated subsidiaries (22,703) (6,826) - (15,877) Net income (loss) attributable to the Operating Partnership 154,071 336,559 (130,112) (52,376) Interest and debt expense (2) 253,919 142,369 40,637 70,913 Depreciation and amortization (2) 348,163 219,717 77,795 50,651 Income tax expense (2) 7,965 1,979 2,470 3,516 EBITDA (1) 764,118 700,624 (3) (9,210) (4) 72,704 (5) Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (2) (133,739) (97,555) (10,264) (25,920) NOI (1) $ 630,379 $ 603,069 (3) $ (19,474) (4) $ 46,784 (5) See notes on pages 45 through 48. Notes to preceding tabular information: (1) EBITDA represents "Earnings Before Interest, Taxes, Depreciation and Amortization." NOI represents "Net Operating Income" (the equivalent of EBITDA on a cash basis). We calculate EBITDA and NOI on an Operating Partnership basis which is before allocation to the noncontrolling interest of the Operating Partnership. We consider EBITDA the primary non-GAAP financial measure for making decisions and assessing the unlevered performance of our segments as it relates to the total return on assets as opposed to the levered return on equity. We also consider NOI a key non-GAAP financial measure. As properties are bought and sold based on a multiple of NOI, we utilize this measure to make investment decisions as well as to compare the performance of our assets to those of our peers. EBITDA and NOI should not be considered substitutes for net income. EBITDA and NOI may not be comparable to similarly titled measures employed by other companies. Our 7.5% interest in Fashion Centre Mall/Washington Tower and our interest in Rosslyn Plaza (ranging from 43.7% to 50.4%) will not be included in the spin-off of our Washington, DC segment and have 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 (benefit) in the reconciliation of net income (loss) to EBITDA and straight-line rents, amortization of acquired below-market leases, net and other non-cash adjustments in the reconciliation of EBITDA to NOI include our share of these items from partially owned entities. Notes to preceding tabular information - continued: (3) The elements of "New York" EBITDA are summarized below. (Amounts in thousands) For the Three Months Ended For the Six Months Ended June 30, June 30, 2017 2016 2017 2016 Office $ 169,327 $ 165,576 (a) $ 339,405 $ 320,585 (a) Retail 90,183 91,421 (a) 179,446 181,022 (a) Residential 6,190 6,337 12,468 12,687 Alexander's 11,742 11,805 23,304 23,374 Hotel Pennsylvania 6,520 3,797 2,122 325 Total New York EBITDA, as adjusted 283,962 278,936 556,745 537,993 Certain items that impact EBITDA: Net gain on sale of 47% ownership interest in 7 West 34th Street - 159,511 - 159,511 EBITDA from sold properties - 1,678 - 3,120 Total of certain items that impact EBITDA - 161,189 - 162,631 Total New York EBITDA $ 283,962 $ 440,125 $ 556,745 $ 700,624 The elements of "New York" NOI are summarized below. (Amounts in thousands) For the Three Months Ended For the Six Months Ended June 30, June 30, 2017 2016 2017 2016 Office $ 158,105 $ 142,639 (a) $ 317,632 $ 277,071 (a) Retail 80,193 71,084 (a) 159,827 139,433 (a) Residential 5,341 5,627 10,881 11,199 Alexander's 7,029 6,616 14,059 13,233 Hotel Pennsylvania 6,553 3,830 2,187 390 Total New York NOI, as adjusted 257,221 229,796 504,586 441,326 Certain items that impact NOI: Net gain on sale of 47% ownership interest in 7 West 34th Street - 159,511 - 159,511 NOI from sold properties - 773 - 2,232 Total of certain items that impact NOI - 160,284 - 161,743 Total New York NOI $ 257,221 $ 390,080 $ 504,586 $ 603,069 (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 $3,931 and $7,845 of income from retail to office for the three and six months ended June 30, 2016, respectively. (4) The elements of "Washington, DC" EBITDA are summarized below. (Amounts in thousands) For the Three Months Ended For the Six Months Ended June 30, June 30, 2017 2016 2017 2016 Office $ 57,418 $ 61,357 $ 113,710 $ 119,376 Residential 14,031 10,118 27,235 20,426 Total Washington, DC EBITDA, as adjusted 71,449 71,475 140,945 139,802 Certain items that impact EBITDA: EBITDA from sold properties - 5,743 - 11,688 Skyline properties impairment loss - - - (160,700) Total of certain items that impact EBITDA - 5,743 - (149,012) Total Washington, DC EBITDA $ 71,449 $ 77,218 $ 140,945 $ (9,210) The elements of "Washington, DC" NOI are summarized below. (Amounts in thousands) For the Three Months Ended For the Six Months Ended June 30, June 30, 2017 2016 2017 2016 Office $ 55,592 $ 57,501 $ 107,818 $ 112,937 Residential 14,031 10,118 27,235 20,426 Total Washington, DC NOI, as adjusted 69,623 67,619 135,053 133,363 Certain items that impact NOI: NOI from sold properties - 3,532 - 7,863 Skyline properties impairment loss - - - (160,700) Total of certain items that impact NOI - 3,532 - (152,837) Total Washington, DC NOI $ 69,623 $ 71,151 $ 135,053 $ (19,474) (5) The elements of "Other" EBITDA are summarized below. (Amounts in thousands) For the Three Months Ended For the Six Months Ended June 30, June 30, 2017 2016 2017 2016 theMART (including trade shows) $ 24,122 $ 25,965 $ 48,306 $ 48,993 555 California Street 12,144 12,117 24,227 23,732 Other investments 12,383 17,407 23,998 33,091 48,649 55,489 96,531 105,816 Our share of real estate fund investments (304) 7,544 (3,539) 12,855 Corporate general and administrative expenses (a) (23,235) (24,239) (56,222) (54,845) Investment income and other, net (a) 9,629 5,471 18,169 12,446 Net gain resulting from UE operating partnership unit issuances 15,900 - 15,900 - Net gain on sale of property at Suffolk Downs 15,314 - 15,314 - Net gain on repayment of our Suffolk Downs JV debt investments 11,373 - 11,373 - Acquisition and transaction related costs (b) (6,471) (2,879) (14,476) (7,486) Residual retail properties discontinued operations 663 2,483 3,091 3,204 Other - - 501 714 Total Other $ 71,518 $ 43,869 $ 86,642 $ 72,704 The elements of "Other" NOI are summarized below. (Amounts in thousands) For the Three Months Ended For the Six Months Ended June 30, June 30, 2017 2016 2017 2016 theMART (including trade shows) $ 22,904 $ 24,233 $ 45,808 $ 45,955 555 California Street 11,258 8,033 22,633 13,922 Other investments 6,630 6,002 15,909 13,528 40,792 38,268 84,350 73,405 Our share of real estate fund investments 1,995 1,522 4,931 3,865 Corporate general and administrative expenses (a) (17,790) (19,267) (40,268) (39,364) Investment income and other, net (a) 9,629 5,471 18,169 12,446 Net gain on sale of property at Suffolk Downs 15,314 - 15,314 - Net gain on repayment of our Suffolk Downs JV debt investments 11,373 - 11,373 - Acquisition and transaction related costs (b) (6,471) (2,879) (14,476) (7,486) Residual retail properties discontinued operations 663 2,483 3,091 3,204 Other - - 501 714 Total Other $ 55,505 $ 25,598 $ 82,985 $ 46,784 (a) The amounts in these captions (for this table only) exclude the results of the mark-to-market of our deferred compensation plan of $789 and $4,359 of income for the three months ended June 30, 2017 and 2016, respectively, and $3,258 and $2,421 of income for the six months ended June 30, 2017 and 2016, respectively. (b) Includes transaction costs related to the spin-off of our Washington, DC business of $6,211 and $1,606 for the three months ended June 30, 2017 and 2016, respectively, and $13,464 and $1,858 for the six months ended June 30, 2017 and 2016, respectively.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	21 . Subsequent Event 330 Madison Avenue On July 19, 2017, the joint venture, in which we have a 25 % interest, completed a $ 500,000 ,000 refinancing of 330 Madison Avenue, a n 845 ,000 square foot Manhattan office building. The seven-year interest only loan matures in August 2024 and has a fixed rate of 3. 43 %. Our share of net proceeds, after repayment of the existing LIBOR plus 1.30 % $ 150,000 ,000 mortgage and closing costs, was approximately $ 85,000 ,000 .

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2017 are not necessarily i ndicative of the operating results for the full year.
Recently Issued Accounting Literature	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. We expect to utilize the modified retrospective method of adoption. 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 we 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 $ 4 , 488 ,000 for the six months ended June 30, 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 reconciliation 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 facilitating a Section 1031 Like-Kind Exchange, cash restricted in connection with our deferred compensation plan and cash escrowed under loan agreements for debt service, real estate 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 exp ects 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 thi s standard effective as of January 1, 2018 and currently expect to utilize the modified retrospective method of adoption. We have progressed with our project plan for adopting this standard, including gathering and evaluating the inventory of our revenue stream s. 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 the update (“ASU 2016-02”) Leases with no impact on “total revenues.” We expect this standard will ha ve 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, items such as reimbursable real esta te taxes and insurance expenses, will be presented in “property rentals” and non-lease components, such as certain reimbursable operating expenses, will be presented in “ tenant expense reimbursements” on our consolidated statements of income.
Financial Instruments	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.”
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 preferred units, as they are accounted for as liabilities in accordance with ASC 480, Distinguishing Liabilities and Equity , because of their possible settlement by issuing a variable number of Vornado common shares.
Fair Value Measurement	ASC 820 defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted 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.
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 (“ASC 718”) . 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 May 2017, the FASB issued an update (“ASU 2017-09”) Scope of Modification Accounting to ASC 718. ASU 2017-09 provides guidance about which changes to the terms and conditions of a share-based payment award require an entity to apply modification accounting in ASC 718. ASU 2017-09 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. The adoption of this standard is not expected to have an impact on our consolidated financial statements.

Real Estate Fund Investments (T

Real Estate Fund Investments (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2017 and 2016 . (Amounts in thousands) For the Three Months Ended For the Six Months Ended June 30, June 30, 2017 2016 2017 2016 Net investment income $ 3,646 $ 1,723 $ 10,860 $ 6,396 Net realized gain on exited investments - - 241 14,676 Previously recorded unrealized gain on exited investment - - - (14,254) Net unrealized gain (loss) on held investments 745 14,666 (6,442) 20,855 Income from real estate fund investments (1) 4,391 16,389 4,659 27,673 Less income attributable to noncontrolling interests in consolidated subsidiaries (4,695) (8,845) (8,198) (14,818) (Loss) income from real estate fund investments attributable to the Operating Partnership (304) 7,544 (3,539) 12,855 Less loss (income) attributable to noncontrolling interests in the Operating Partnership 19 (465) 221 (794) (Loss) income from real estate fund investments attributable to Vornado $ (285) $ 7,079 $ (3,318) $ 12,061 (1) Excludes $1,381 and $935 of management and leasing fees for the three months ended June 30, 2017 and 2016, respectively, and $2,381 and $1,695 for the six months ended June 30, 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)	6 Months Ended
	Jun. 30, 2017
Marketable Securities
Unrealized Gain (Loss) on Investments	Below is a summary of our marketable securities portfolio as of June 30, 2017 and December 31, 2016 . (Amounts in thousands) As of June 30, 2017 As of December 31, 2016 GAAP Unrealized GAAP Unrealized Fair Value Cost Gain Fair Value Cost Gain Equity securities: Lexington Realty Trust $ 183,027 $ 72,549 $ 110,478 $ 199,465 $ 72,549 $ 126,916 Other 4,462 650 3,812 4,239 650 3,589 $ 187,489 $ 73,199 $ 114,290 $ 203,704 $ 73,199 $ 130,505

Investments in Partially Owne33

Investments in Partially Owned Entities (Tables)	6 Months Ended
	Jun. 30, 2017
Schedule Of Equity Method Investments
Equity Method Investments	Below is a schedule summarizing our investments in partially owned entities. (Amounts in thousands) Percentage Ownership at Balance as of June 30, 2017 June 30, 2017 December 31, 2016 Investments: Partially owned office buildings (1) Various $ 804,492 $ 825,421 Alexander’s 32.4 % 126,630 129,324 PREIT 8.0 % 117,604 122,883 UE 4.8 % 41,892 24,523 India real estate ventures 4.1%-36.5% 26,491 30,290 Other investments (2) Various 236,980 295,578 $ 1,354,089 $ 1,428,019 7 West 34th Street (3) 53.0 % $ (45,789) $ (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, 61 Ninth Avenue and others. (2) Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, Rosslyn Plaza, 50-70 West 93rd Street, Farley Post Office Joint Venture, 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 sheets. Below is a schedule net income (loss) from partially owned entities. (Amounts in thousands) Percentage For the Three Months Ended For the Six Months Ended Ownership at June 30, June 30, June 30, 2017 2017 2016 2017 2016 Our Share of Net Income (Loss): UE (see page 23 for details): Net gain resulting from UE operating partnership unit issuances 4.8 % $ 15,900 $ - $ 15,900 $ - Equity in net earnings 2,894 1,071 3,985 1,947 Management fees 209 209 418 418 19,003 1,280 20,303 2,365 Alexander's (see page 23 for details): Equity in net income 32.4 % 6,690 6,812 13,582 13,749 Management, leasing and development fees 1,507 1,688 3,016 3,413 8,197 8,500 16,598 17,162 Partially owned office buildings (1) Various (7,897) (12,398) (17,840) (26,647) India real estate ventures 4.1%-36.5% (1,644) (1,934) 10 (2,620) PREIT (see page 24 for details) 8.0 % (902) (527) (3,732) (4,815) Other investments (2) Various 29,519 5,721 32,382 10,957 $ 46,276 $ 642 $ 47,721 $ (3,598) (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, Rosslyn Plaza, 50-70 West 93rd Street, Toys "R" Us, Inc. and others. In the second quarter of 2017, we recognized $26,687 of net gains, comprised of $15,314 representing our share of a net gain on the sale of Suffolk Downs and $11,373 representing the net gain on repayment of our debt investments in Suffolk Downs JV. See page 24 for details.

Dispositions (Tables)

Dispositions (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2017 and December 31, 2016 and their combined results of operations and cash flows for the three and six months ended June 30, 2017 and 2016 . (Amounts in thousands) Balance as of June 30, 2017 December 31, 2016 Assets related to discontinued operations: Real estate, net $ 1,927 $ 2,642 Other assets 2,451 2,928 $ 4,378 $ 5,570 Liabilities related to discontinued operations: Other liabilities $ 2,406 $ 2,870 (Amounts in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Income from discontinued operations: Total revenues $ 848 $ 947 $ 1,172 $ 2,129 Total expenses 185 682 348 1,148 663 265 824 981 Net gains on the sale of real estate - 2,210 2,267 2,210 Pretax income from discontinued operations 663 2,475 3,091 3,191 Income tax expense - - - - Income from discontinued operations $ 663 $ 2,475 $ 3,091 $ 3,191 (Amounts in thousands) For the Six Months Ended June 30, 2017 2016 Cash flows related to discontinued operations: Cash flows from operating activities $ 400 $ (4,685) Cash flows from investing activities 3,419 -

Identified Intangible Assets 35

Identified Intangible Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2017
Finite-Lived Intangible Assets and Liabilities
Schedule of Identified Intangible Assets and Intangible Liabilities	The following summarizes our identified intangible assets (primarily above-market leases) and liabilities (primarily acquired below-market leases) as of June 30, 2017 and December 31, 2016 . (Amounts in thousands) Balance as of June 30, 2017 December 31, 2016 Identified intangible assets: Gross amount $ 387,791 $ 400,061 Accumulated amortization (211,285) (207,330) Total, net $ 176,506 $ 192,731 Identified intangible liabilities (included in deferred revenue): Gross amount $ 581,471 $ 586,969 Accumulated amortization (340,131) (323,183) Total, net $ 241,340 $ 263,786
Below Market Leases Net Of Above Market Leases
Finite-Lived Intangible Assets and Liabilities
Schedule of future amortization expense of intangible assets	Estimated annual amortization of acquired bel ow - 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 $ 44,474 2019 32,297 2020 23,472 2021 18,646 2022 15,530
Other Identified Intangible Assets
Finite-Lived Intangible Assets and Liabilities
Schedule of future amortization expense of intangible assets	Estimated annual amortization of all other identified intangible assets including acquired in-place leases , customer relationships, and third party contracts for each of the five succeeding years commencing January 1, 2018 is as follows: (Amounts in thousands) 2018 $ 20,073 2019 15,737 2020 12,291 2021 11,288 2022 9,532
Tenant Under Ground Leases
Finite-Lived Intangible Assets and Liabilities
Schedule of future amortization expense of intangible assets	Estimated annual amortization of these below-market leases, net of above-market leases, for each of the five succeeding years commencing January 1, 2018 is as follows: (Amounts in thousands) 2018 $ 1,832 2019 1,832 2020 1,832 2021 1,832 2022 1,832

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Schedule of Debt	The following is a summary of our debt : (Amounts in thousands) Interest Rate at Balance as of June 30, 2017 June 30, 2017 December 31, 2016 Mortgages Payable: Fixed rate 3.84 % $ 6,084,795 $ 6,099,873 Variable rate 2.93 % 3,502,460 3,274,424 Total 3.51 % 9,587,255 9,374,297 Deferred financing costs, net and other (84,561) (96,034) Total, net $ 9,502,694 $ 9,278,263 Unsecured Debt: Senior unsecured notes 3.68 % $ 850,000 $ 850,000 Deferred financing costs, net and other (3,714) (4,423) Senior unsecured notes, net 846,286 845,577 Unsecured term loan 2.37 % 375,000 375,000 Deferred financing costs, net and other (2,025) (2,785) Unsecured term loan, net 372,975 372,215 Unsecured revolving credit facilities 2.14 % 115,630 115,630 Total, net $ 1,334,891 $ 1,333,422

Redeemable Noncontrolling Int37

Redeemable Noncontrolling Interests / Redeemable Partnership Units (Tables)	6 Months Ended
	Jun. 30, 2017
Redeemable Noncontrolling Interests / Redeemable Partnership Units [Abstract]
Summary Of Activity Of Redeemable Noncontrolling Interests	(Amounts in thousands) Balance as of December 31, 2015 $ 1,229,221 Net income 7,044 Other comprehensive income 1,685 Distributions (15,763) Redemption of Class A units for common shares/units, at redemption value (18,208) Adjustments to carry redeemable Class A units at redemption value 20,369 Other, net 21,149 Balance as of June 30, 2016 $ 1,245,497 Balance as of December 31, 2016 $ 1,278,446 Net income 10,935 Other comprehensive loss (207) Distributions (18,078) Redemption of Class A units for common shares/units, at redemption value (25,562) Adjustments to carry redeemable Class A units at redemption value (90,208) Other, net 21,758 Balance as of June 30, 2017 $ 1,177,084

Accumulated Other Comprehensi38

Accumulated Other Comprehensive Income ("AOCI") (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2017 Balance as of March 31, 2017 $ 119,019 $ 115,496 $ (2,841) $ 13,908 $ (7,544) OCI before reclassifications (3,180) (1,206) (980) (1,206) 212 Amounts reclassified from AOCI - - - - - Net current period OCI (3,180) (1,206) (980) (1,206) 212 Balance as of June 30, 2017 $ 115,839 $ 114,290 $ (3,821) $ 12,702 $ (7,332) For the Three Months Ended June 30, 2016 Balance as of March 31, 2016 $ 53,399 $ 89,542 $ (9,313) $ (23,563) $ (3,267) OCI before reclassifications 19,157 28,019 (628) (6,975) (1,259) Amounts reclassified from AOCI - - - - - Net current period OCI 19,157 28,019 (628) (6,975) (1,259) Balance as of June 30, 2016 $ 72,556 $ 117,561 $ (9,941) $ (30,538) $ (4,526) For the Six Months Ended June 30, 2017 Balance as of December 31, 2016 $ 118,972 $ 130,505 $ (12,058) $ 8,066 $ (7,541) OCI before reclassifications (12,401) (16,215) (1,031) 4,636 209 Amounts reclassified from AOCI 9,268 - 9,268 - - Net current period OCI (3,133) (16,215) 8,237 4,636 209 Balance as of June 30, 2017 $ 115,839 $ 114,290 $ (3,821) $ 12,702 $ (7,332) For the Six Months Ended June 30, 2016 Balance as of December 31, 2015 $ 46,921 $ 78,448 $ (9,319) $ (19,368) $ (2,840) OCI before reclassifications 25,635 39,113 (622) (11,170) (1,686) Amounts reclassified from AOCI - - - - - Net current period OCI 25,635 39,113 (622) (11,170) (1,686) Balance as of June 30, 2016 $ 72,556 $ 117,561 $ (9,941) $ (30,538) $ (4,526)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
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 June 30, 2017 and December 31 , 2016 , respectively. (Amounts in thousands) As of June 30, 2017 Total Level 1 Level 2 Level 3 Marketable securities $ 187,489 $ 187,489 $ - $ - Real estate fund investments 455,692 - - 455,692 Deferred compensation plan assets ($2,691 included in restricted cash and $101,875 in other assets) 104,566 54,717 - 49,849 Interest rate swaps (included in other assets) 20,998 - 20,998 - Total assets $ 768,745 $ 242,206 $ 20,998 $ 505,541 Mandatorily redeemable instruments (included in other liabilities) $ 50,561 $ 50,561 $ - $ - Interest rate swap (included in other liabilities) 5,011 - 5,011 - Total liabilities $ 55,572 $ 50,561 $ 5,011 $ - (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 ($4,187 included in restricted cash and $117,187 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 $ -
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 June 30, 2017 and December 31, 2016 . (Amounts in thousands) As of June 30, 2017 As of December 31, 2016 Carrying Fair Carrying Fair Amount Value Amount Value Cash equivalents $ 1,103,553 $ 1,103,553 $ 1,307,105 $ 1,307,105 Debt: Mortgages payable $ 9,587,255 $ 9,626,000 $ 9,374,297 $ 9,356,000 Senior unsecured notes 850,000 887,000 850,000 899,000 Unsecured term loan 375,000 375,000 375,000 375,000 Unsecured revolving credit facilities 115,630 116,000 115,630 116,000 Total $ 10,927,885 (1) $ 11,004,000 $ 10,714,927 (1) $ 10,746,000 (1) Excludes $90,300 and $103,242 of deferred financing costs, net and other as of June 30, 2017 and December 31, 2016, respectively.
Real estate fund investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
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 June 30, 2017 and December 31, 2016 . Weighted Average Range (based on fair value of investments) Unobservable Quantitative Input June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Discount rates 3.0% to 16.0% 10.0% to 14.9% 11.1% 12.6% Terminal capitalization rates 4.7% to 5.8% 4.3% to 5.8% 5.5% 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 and six months ended June 30, 2017 and 2016 . (Amounts in thousands) For the Three Months Ended For the Six Months Ended June 30, June 30, 2017 2016 2017 2016 Beginning balance $ 454,946 $ 566,696 $ 462,132 $ 574,761 Dispositions / distributions - (57,212) - (71,888) Net unrealized gain (loss) 745 14,666 (6,442) 20,855 Net realized gain - - 241 422 Other, net 1 - (239) - Ending balance $ 455,692 $ 524,150 $ 455,692 $ 524,150
Deferred Compensation Plan Assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
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 and six months ended June 30, 2017 and 2016 . (Amounts in thousands) For the Three Months Ended For the Six Months Ended June 30, June 30, 2017 2016 2017 2016 Beginning balance $ 56,910 $ 57,184 $ 57,444 $ 59,186 Purchases 1,350 1,106 1,813 2,272 Sales (9,375) (779) (12,112) (2,151) Realized and unrealized gains 830 2,219 1,905 312 Other, net 134 410 799 521 Ending balance $ 49,849 $ 60,140 $ 49,849 $ 60,140

Fee and Other Income (Tables)

Fee and Other Income (Tables)	6 Months Ended
	Jun. 30, 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 For the Six Months Ended June 30, June 30, 2017 2016 2017 2016 BMS cleaning fees $ 21,294 $ 18,794 $ 43,290 $ 36,940 Management and leasing fees 4,892 4,604 9,529 9,403 Lease termination fees 1,459 3,199 5,625 5,604 Other income 8,413 7,092 16,974 15,712 $ 36,058 $ 33,689 $ 75,418 $ 67,659

Interest and Other Investment41

Interest and Other Investment Income, Net (Tables)	6 Months Ended
	Jun. 30, 2017
Interest and Other Investment Income, 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 For the Six Months Ended June 30, June 30, 2017 2016 2017 2016 Dividends on marketable securities $ 3,539 $ 3,230 $ 6,984 $ 6,445 Interest on loans receivable 2,102 748 2,845 1,496 Mark-to-market income of investments in our deferred compensation plan (1) 789 4,359 3,258 2,421 Other, net 2,877 1,899 5,448 3,392 $ 9,307 $ 10,236 $ 18,535 $ 13,754 (1) This income is entirely offset by the 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)	6 Months Ended
	Jun. 30, 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 For the Six Months Ended June 30, June 30, 2017 2016 2017 2016 Interest expense $ 100,486 $ 104,435 $ 197,060 $ 204,730 Amortization of deferred financing costs 8,353 8,508 17,334 17,773 Capitalized interest and debt expense (12,042) (7,367) (23,312) (16,438) $ 96,797 $ 105,576 $ 191,082 $ 206,065

Income Per Share _ Income Per43

Income Per Share / Income Per Class A Unit (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings per share
Schedule Of Earnings Per Share Basic And Diluted	The following table provides a reconciliation of both net income and the number of common shares used in the computation of (i) basic income per common share - which includes the weighted average number of common shares outstanding without regard to dilutive potential common shares, and (ii) diluted income per common share - which includes the weighted average common shares and dilutive share equivalents. Dilutive shar e 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 For the Six Months Ended June 30, June 30, 2017 2016 2017 2016 Numerator: Income from continuing operations, net of income attributable to noncontrolling interests $ 131,479 $ 238,504 $ 193,084 $ 144,033 Income from discontinued operations, net of income attributable to noncontrolling interests 622 2,322 2,898 2,994 Net income attributable to Vornado 132,101 240,826 195,982 147,027 Preferred share dividends (16,129) (20,363) (32,258) (40,727) Net income attributable to common shareholders 115,972 220,463 163,724 106,300 Earnings allocated to unvested participating securities (13) (25) (27) (30) Numerator for basic income per share 115,959 220,438 163,697 106,270 Impact of assumed conversions: Convertible preferred share dividends 20 21 - - Earnings allocated to Out-Performance Plan units - - 233 24 Numerator for diluted income per share $ 115,979 $ 220,459 $ 163,930 $ 106,294 Denominator: Denominator for basic income per share – weighted average shares 189,395 188,772 189,304 188,715 Effect of dilutive securities (1) : Employee stock options and restricted share awards 1,011 1,070 1,089 1,020 Convertible preferred shares 38 43 - - Out-Performance Plan units - - 281 265 Denominator for diluted income per share – weighted average shares and assumed conversions 190,444 189,885 190,674 190,000 INCOME PER COMMON SHARE – BASIC: Income from continuing operations, net $ 0.61 $ 1.16 $ 0.84 $ 0.54 Income from discontinued operations, net - 0.01 0.02 0.02 Net income per common share $ 0.61 $ 1.17 $ 0.86 $ 0.56 INCOME PER COMMON SHARE – DILUTED: Income from continuing operations, net $ 0.61 $ 1.15 $ 0.84 $ 0.54 Income from discontinued operations, net - 0.01 0.02 0.02 Net income per common share $ 0.61 $ 1.16 $ 0.86 $ 0.56 (1) The effect of dilutive securities for the three months ended June 30, 2017 and 2016 excludes an aggregate of 12,268 and 12,278 weighted average common share equivalents, respectively, and 12,125 and 12,052 weighted average common share equivalents for the six months ended June 30, 2017 and 2016, respectively, as their effect was anti-dilutive.
Vornado Realty L.P.
Earnings per share
Schedule Of Earnings Per Share Basic And Diluted	18. Income Per Share/Income Per Class A Unit - continued Vornado Realty L.P. The following table provides a reconciliation of both net income and the number of Class A units used in the computation of (i) basic income per Class A unit - which includes the weighted average number of Class A units outstanding without regard to dilutive potential Class A units, and (ii) diluted income per Class A unit - which includes the weighted average Class A units and dilutive unit eq uivalents. 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 For the Six Months Ended June 30, June 30, 2017 2016 2017 2016 Numerator: Income from continuing operations, net of income attributable to noncontrolling interests $ 139,144 $ 252,882 $ 203,826 $ 150,880 Income from discontinued operations 663 2,475 3,091 3,191 Net income attributable to Vornado Realty L.P. 139,807 255,357 206,917 154,071 Preferred unit distributions (16,177) (20,412) (32,355) (40,824) Net income attributable to Class A unitholders 123,630 234,945 174,562 113,247 Earnings allocated to unvested participating securities (742) (1,059) (1,759) (1,412) Numerator for basic income per Class A unit 122,888 233,886 172,803 111,835 Impact of assumed conversions: Convertible preferred unit distributions 20 22 - - Numerator for diluted income per Class A unit $ 122,908 $ 233,908 $ 172,803 $ 111,835 Denominator: Denominator for basic income per Class A unit – weighted average units 201,127 200,369 200,987 200,220 Effect of dilutive securities (1) : Vornado stock options and restricted unit awards 1,458 1,564 1,630 1,601 Convertible preferred units 38 42 - - Denominator for diluted income per Class A unit – weighted average units and assumed conversions 202,623 201,975 202,617 201,821 INCOME PER CLASS A UNIT – BASIC: Income from continuing operations, net $ 0.61 $ 1.16 $ 0.84 $ 0.54 Income from discontinued operations, net - 0.01 0.02 0.02 Net income per Class A unit $ 0.61 $ 1.17 $ 0.86 $ 0.56 INCOME PER CLASS A UNIT – DILUTED: Income from continuing operations, net $ 0.61 $ 1.15 $ 0.84 $ 0.54 Income from discontinued operations, net - 0.01 0.01 0.01 Net income per Class A unit $ 0.61 $ 1.16 $ 0.85 $ 0.55 (1) The effect of dilutive securities for the three months ended June 30, 2017 and 2016 excludes an aggregate of 89 and 187 weighted average Class A unit equivalents, respectively, and 182 and 231 weighted average Class A unit equivalents for the six months ended June 30, 2017 and 2016, respectively, as their effect was anti-dilutive.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2017
Segment Information [Abstract]
Schedule of Segment Information	Below is a summary of net income and a reconciliation of net income to EBITDA (1) and NOI (1) by segment for the three months ended June 30, 2017 (Amounts in thousands) For the Three Months Ended June 30, 2017 Total New York Washington, DC Other Total revenues $ 626,039 $ 436,862 $ 118,336 $ 70,841 Total expenses 442,643 279,835 82,317 80,491 Operating income (loss) 183,396 157,027 36,019 (9,650) Income (loss) from partially owned entities 46,276 (272) 255 46,293 Income from real estate fund investments 4,391 - - 4,391 Interest and other investment income (loss), net 9,307 1,499 (23) 7,831 Interest and debt expense (96,797) (60,335) (12,008) (24,454) Income before income taxes 146,573 97,919 24,243 24,411 Income tax benefit (expense) 248 906 (362) (296) Income from continuing operations 146,821 98,825 23,881 24,115 Income from discontinued operations 663 - - 663 Net income 147,484 98,825 23,881 24,778 Less net income attributable to noncontrolling interests in consolidated subsidiaries (7,677) (2,645) - (5,032) Net income attributable to the Operating Partnership 139,807 96,180 23,881 19,746 Interest and debt expense (2) 118,585 78,202 13,567 26,816 Depreciation and amortization (2) 168,248 110,449 33,648 24,151 Income tax expense (benefit) (2) 289 (869) 353 805 EBITDA (1) 426,929 283,962 (3) 71,449 (4) 71,518 (5) Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (2) (44,580) (26,741) (1,826) (16,013) NOI (1) $ 382,349 $ 257,221 (3) $ 69,623 (4) $ 55,505 (5) (Amounts in thousands) For the Three Months Ended June 30, 2016 Total New York Washington, DC Other Total revenues $ 621,708 $ 425,770 $ 127,468 $ 68,470 Total expenses 434,894 268,135 89,106 77,653 Operating income (loss) 186,814 157,635 38,362 (9,183) Income (loss) from partially owned entities 642 (1,001) (2,370) 4,013 Income from real estate fund investments 16,389 - - 16,389 Interest and other investment income, net 10,236 1,214 34 8,988 Interest and debt expense (105,576) (56,395) (19,817) (29,364) Net gain on disposition of wholly owned and partially owned assets 159,511 159,511 - - Income (loss) before income taxes 268,016 260,964 16,209 (9,157) Income tax expense (2,109) (816) (318) (975) Income (loss) from continuing operations 265,907 260,148 15,891 (10,132) Income from discontinued operations 2,475 - - 2,475 Net income (loss) 268,382 260,148 15,891 (7,657) Less net income attributable to noncontrolling interests in consolidated subsidiaries (13,025) (3,397) - (9,628) Net income (loss) attributable to the Operating Partnership 255,357 256,751 15,891 (17,285) Interest and debt expense (2) 127,799 71,171 21,926 34,702 Depreciation and amortization (2) 173,352 111,314 37,196 24,842 Income tax expense (2) 4,704 889 2,205 1,610 EBITDA (1) 561,212 440,125 (3) 77,218 (4) 43,869 (5) Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (2) (74,383) (50,045) (6,067) (18,271) NOI (1) $ 486,829 $ 390,080 (3) $ 71,151 (4) $ 25,598 (5) See notes on pages 45 through 48. Below is a summary of net income and a reconciliation of net income to EBITDA (1) and NOI (1) by segment for the six months ended June 30, 2017 . (Amounts in thousands) For the Six Months Ended June 30, 2017 Total New York Washington, DC Other Total revenues $ 1,246,887 $ 863,101 $ 234,543 $ 149,243 Total expenses 907,024 560,656 166,305 180,063 Operating income (loss) 339,863 302,445 68,238 (30,820) Income (loss) from partially owned entities 47,721 (2,365) 342 49,744 Income from real estate fund investments 4,659 - - 4,659 Interest and other investment income, net 18,535 2,971 41 15,523 Interest and debt expense (191,082) (118,322) (23,569) (49,191) Net gains on disposition of wholly owned and partially owned assets 501 - - 501 Income (loss) before income taxes 220,197 184,729 45,052 (9,584) Income tax (expense) benefit (1,957) 763 (716) (2,004) Income (loss) from continuing operations 218,240 185,492 44,336 (11,588) Income from discontinued operations 3,091 - - 3,091 Net income (loss) 221,331 185,492 44,336 (8,497) Less net income attributable to noncontrolling interests in consolidated subsidiaries (14,414) (5,489) - (8,925) Net income (loss) attributable to the Operating Partnership 206,917 180,003 44,336 (17,422) Interest and debt expense (2) 234,912 154,125 26,748 54,039 Depreciation and amortization (2) 339,785 223,259 69,141 47,385 Income tax expense (benefit) (2) 2,718 (642) 720 2,640 EBITDA (1) 784,332 556,745 (3) 140,945 (4) 86,642 (5) Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (2) (61,708) (52,159) (5,892) (3,657) NOI (1) $ 722,624 $ 504,586 (3) $ 135,053 (4) $ 82,985 (5) See notes on pages 45 through 48. Below is a summary of net income and a reconciliation of net income to EBITDA (1) and NOI (1) by segment for the six months ended June 30, 2016 . (Amounts in thousands) For the Six Months Ended June 30, 2016 Total New York Washington, DC Other Total revenues $ 1,234,745 $ 836,595 $ 255,480 $ 142,670 Total expenses 1,048,211 537,730 345,671 164,810 Operating income (loss) 186,534 298,865 (90,191) (22,140) (Loss) income from partially owned entities (3,598) (4,564) (3,679) 4,645 Income from real estate fund investments 27,673 - - 27,673 Interest and other investment income, net 13,754 2,329 92 11,333 Interest and debt expense (206,065) (110,981) (35,752) (59,332) Net gains on disposition of wholly owned and partially owned assets 160,225 159,511 - 714 Income (loss) before income taxes 178,523 345,160 (129,530) (37,107) Income tax expense (4,940) (1,775) (582) (2,583) Income (loss) from continuing operations 173,583 343,385 (130,112) (39,690) Income from discontinued operations 3,191 - - 3,191 Net income (loss) 176,774 343,385 (130,112) (36,499) Less net income attributable to noncontrolling interests in consolidated subsidiaries (22,703) (6,826) - (15,877) Net income (loss) attributable to the Operating Partnership 154,071 336,559 (130,112) (52,376) Interest and debt expense (2) 253,919 142,369 40,637 70,913 Depreciation and amortization (2) 348,163 219,717 77,795 50,651 Income tax expense (2) 7,965 1,979 2,470 3,516 EBITDA (1) 764,118 700,624 (3) (9,210) (4) 72,704 (5) Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (2) (133,739) (97,555) (10,264) (25,920) NOI (1) $ 630,379 $ 603,069 (3) $ (19,474) (4) $ 46,784 (5) See notes on pages 45 through 48. Notes to preceding tabular information: (1) EBITDA represents "Earnings Before Interest, Taxes, Depreciation and Amortization." NOI represents "Net Operating Income" (the equivalent of EBITDA on a cash basis). We calculate EBITDA and NOI on an Operating Partnership basis which is before allocation to the noncontrolling interest of the Operating Partnership. We consider EBITDA the primary non-GAAP financial measure for making investment 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. We also consider NOI a key non-GAAP financial measure. As properties are bought and sold based on a multiple of NOI, we utilize this measure to compare the performance of our assets to those of our peers. We also consider NOI a key non-GAAP financial measure. EBITDA and NOI should not be considered substitutes for net income. EBITDA and NOI may not be comparable to similarly titled measures employed by other companies. Our 7.5% interest in Fashion Centre Mall/Washington Tower and our interest in Rosslyn Plaza (ranging from 43.7% to 50.4%) will not be included in the spin-off of our Washington, DC segment and have 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 (benefit) in the reconciliation of net income (loss) to EBITDA and straight-line rents, amortization of acquired below-market leases, net and other non-cash adjustments in the reconciliation of EBITDA to NOI include our share of these items from partially owned entities. Notes to preceding tabular information - continued: (3) The elements of "New York" EBITDA are summarized below. (Amounts in thousands) For the Three Months Ended For the Six Months Ended June 30, June 30, 2017 2016 2017 2016 Office $ 169,327 $ 165,576 (a) $ 339,405 $ 320,585 (a) Retail 90,183 91,421 (a) 179,446 181,022 (a) Residential 6,190 6,337 12,468 12,687 Alexander's 11,742 11,805 23,304 23,374 Hotel Pennsylvania 6,520 3,797 2,122 325 Total New York EBITDA, as adjusted 283,962 278,936 556,745 537,993 Certain items that impact EBITDA: Net gain on sale of 47% ownership interest in 7 West 34th Street - 159,511 - 159,511 EBITDA from sold properties - 1,678 - 3,120 Total of certain items that impact EBITDA - 161,189 - 162,631 Total New York EBITDA $ 283,962 $ 440,125 $ 556,745 $ 700,624 The elements of "New York" NOI are summarized below. (Amounts in thousands) For the Three Months Ended For the Six Months Ended June 30, June 30, 2017 2016 2017 2016 Office $ 158,105 $ 142,639 (a) $ 317,632 $ 277,071 (a) Retail 80,193 71,084 (a) 159,827 139,433 (a) Residential 5,341 5,627 10,881 11,199 Alexander's 7,029 6,616 14,059 13,233 Hotel Pennsylvania 6,553 3,830 2,187 390 Total New York NOI, as adjusted 257,221 229,796 504,586 441,326 Certain items that impact NOI: Net gain on sale of 47% ownership interest in 7 West 34th Street - 159,511 - 159,511 NOI from sold properties - 773 - 2,232 Total of certain items that impact NOI - 160,284 - 161,743 Total New York NOI $ 257,221 $ 390,080 $ 504,586 $ 603,069 (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 $3,931 and $7,845 of income from retail to office for the three and six months ended June 30, 2016, respectively. (4) The elements of "Washington, DC" EBITDA are summarized below. (Amounts in thousands) For the Three Months Ended For the Six Months Ended June 30, June 30, 2017 2016 2017 2016 Office $ 57,418 $ 61,357 $ 113,710 $ 119,376 Residential 14,031 10,118 27,235 20,426 Total Washington, DC EBITDA, as adjusted 71,449 71,475 140,945 139,802 Certain items that impact EBITDA: EBITDA from sold properties - 5,743 - 11,688 Skyline properties impairment loss - - - (160,700) Total of certain items that impact EBITDA - 5,743 - (149,012) Total Washington, DC EBITDA $ 71,449 $ 77,218 $ 140,945 $ (9,210) The elements of "Washington, DC" NOI are summarized below. (Amounts in thousands) For the Three Months Ended For the Six Months Ended June 30, June 30, 2017 2016 2017 2016 Office $ 55,592 $ 57,501 $ 107,818 $ 112,937 Residential 14,031 10,118 27,235 20,426 Total Washington, DC NOI, as adjusted 69,623 67,619 135,053 133,363 Certain items that impact NOI: NOI from sold properties - 3,532 - 7,863 Skyline properties impairment loss - - - (160,700) Total of certain items that impact NOI - 3,532 - (152,837) Total Washington, DC NOI $ 69,623 $ 71,151 $ 135,053 $ (19,474) (5) The elements of "Other" EBITDA are summarized below. (Amounts in thousands) For the Three Months Ended For the Six Months Ended June 30, June 30, 2017 2016 2017 2016 theMART (including trade shows) $ 24,122 $ 25,965 $ 48,306 $ 48,993 555 California Street 12,144 12,117 24,227 23,732 Other investments 12,383 17,407 23,998 33,091 48,649 55,489 96,531 105,816 Our share of real estate fund investments (304) 7,544 (3,539) 12,855 Corporate general and administrative expenses (a) (23,235) (24,239) (56,222) (54,845) Investment income and other, net (a) 9,629 5,471 18,169 12,446 Net gain resulting from UE operating partnership unit issuances 15,900 - 15,900 - Net gain on sale of property at Suffolk Downs 15,314 - 15,314 - Net gain on repayment of our Suffolk Downs JV debt investments 11,373 - 11,373 - Acquisition and transaction related costs (b) (6,471) (2,879) (14,476) (7,486) Residual retail properties discontinued operations 663 2,483 3,091 3,204 Other - - 501 714 Total Other $ 71,518 $ 43,869 $ 86,642 $ 72,704 The elements of "Other" NOI are summarized below. (Amounts in thousands) For the Three Months Ended For the Six Months Ended June 30, June 30, 2017 2016 2017 2016 theMART (including trade shows) $ 22,904 $ 24,233 $ 45,808 $ 45,955 555 California Street 11,258 8,033 22,633 13,922 Other investments 6,630 6,002 15,909 13,528 40,792 38,268 84,350 73,405 Our share of real estate fund investments 1,995 1,522 4,931 3,865 Corporate general and administrative expenses (a) (17,790) (19,267) (40,268) (39,364) Investment income and other, net (a) 9,629 5,471 18,169 12,446 Net gain on sale of property at Suffolk Downs 15,314 - 15,314 - Net gain on repayment of our Suffolk Downs JV debt investments 11,373 - 11,373 - Acquisition and transaction related costs (b) (6,471) (2,879) (14,476) (7,486) Residual retail properties discontinued operations 663 2,483 3,091 3,204 Other - - 501 714 Total Other $ 55,505 $ 25,598 $ 82,985 $ 46,784 (a) The amounts in these captions (for this table only) exclude the results of the mark-to-market of our deferred compensation plan of $789 and $4,359 of income for the three months ended June 30, 2017 and 2016, respectively, and $3,258 and $2,421 of income for the six months ended June 30, 2017 and 2016, respectively. (b) Includes transaction costs related to the spin-off of our Washington, DC business of $6,211 and $1,606 for the three months ended June 30, 2017 and 2016, respectively, and $13,464 and $1,858 for the six months ended June 30, 2017 and 2016, respectively.

Organization (Narratives) (Deta

Organization (Narratives) (Details)	6 Months Ended
	Jun. 30, 2017
Organization
Common limited partnership interest in the Operating Partnership	93.60%

Organization (Segment spinoff)

Organization (Segment spinoff) (Details) - Subsequent Event - Spin off - Washington DC ft² in Thousands, $ in Thousands	1 Months Ended
	Jul. 17, 2017USD ($)ft²ApartmentUnitspropertyUnit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Disposal Group Including Discontinued Operation Cash | $	$ 275,000
Pro rata basis of distribution	1:2
Office
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Number of real estate properties | property	37
Net rentable area | ft²	11,100
Multi family
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Number of real estate properties | property	5
Number Of Units | ApartmentUnits	3,133
Other Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Number of real estate properties | property	5
Net rentable area | ft²	406
Future development assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Number of development assets | Unit	18
Square Footage Of Real Estate Property | ft²	10,400

Recently Issued Accounting Li47

Recently Issued Accounting Literature (Narratives) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Net cash provided by operating activities	$ 316,217	$ 318,805
Net cash used in investing activities	(251,529)	$ (440,942)
ASU 2016-15
Net cash provided by operating activities	(4,488)
Net cash used in investing activities	$ (4,488)

Real Estate Fund Investments (N

Real Estate Fund Investments (Narratives) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)Investments	Dec. 31, 2016USD ($)
Investment Holdings
Aggregate fair value of Real Estate Fund investments (in US Dollars)	$ 455,692	$ 462,132
Real estate fund investments
Investment Holdings
Aggregate fair value of Real Estate Fund investments (in US Dollars)	$ 455,692
Number Of Investments Held By Fund | Investments	6
Excess of fair value over cost	$ 143,092
Unfunded Commitments Of Fund	$ 117,902
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
Expiration date of investment period	2013-07
Vornado Realty Trust
Investment Holdings
Unfunded Commitments Of Fund	$ 34,519
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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Details Of Income From Real Estate Funds
Income from real estate fund investments	$ 4,391	$ 16,389	$ 4,659	$ 27,673
Less income attributable to noncontrolling interests in consolidated subsidiaries	(7,677)	(13,025)	(14,414)	(22,703)
Fee And Other Income	36,058	33,689	75,418	67,659
Real estate fund investments
Details Of Income From Real Estate Funds
Net investment income	3,646	1,723	10,860	6,396
Net realized gain on exited investments	0	0	241	14,676
Previously recorded unrealized gain on exited investment	0	0	0	(14,254)
Net unrealized gain (loss) on held investments	745	14,666	(6,442)	20,855
Income from real estate fund investments	4,391	16,389	4,659	27,673
Less income attributable to noncontrolling interests in consolidated subsidiaries	(4,695)	(8,845)	(8,198)	(14,818)
(Loss) income from real estate fund investments attributable to the Operating Partnership	(304)	7,544	(3,539)	12,855
Less income (loss) attributable to noncontrolling interests in the Operating Partnership	19	(465)	221	(794)
(Loss) income from real estate fund investments attributable to Vornado	(285)	7,079	(3,318)	12,061
Fee And Other Income	$ 1,381	$ 935	$ 2,381	$ 1,695

Marketable Securities (Marketab

Marketable Securities (Marketable securities portfolio) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Available-for-sale Securities
Available-for-sale Securities, Equity Securities	$ 187,489	$ 203,704
Available-for-sale Equity Securities, Amortized Cost Basis	73,199	73,199
Available-for-sale Securities, Gross Unrealized Gain	114,290	130,505
Lexington Realty Trust
Available-for-sale Securities
Available-for-sale Securities, Equity Securities	183,027	199,465
Available-for-sale Equity Securities, Amortized Cost Basis	72,549	72,549
Available-for-sale Securities, Gross Unrealized Gain	110,478	126,916
Other Equity Securities
Available-for-sale Securities
Available-for-sale Securities, Equity Securities	4,462	4,239
Available-for-sale Equity Securities, Amortized Cost Basis	650	650
Available-for-sale Securities, Gross Unrealized Gain	$ 3,812	$ 3,589

Investments in Partially Owne51

Investments in Partially Owned Entities (Alexander's Inc.) (Details)	Jun. 02, 2017USD ($)Extensions	May 31, 2017USD ($)	Jun. 30, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)
Equity Method Investments And Income From Equity Method Investments
Notes And Loans Payable			$ 9,502,694,000	$ 9,278,263,000
Alexanders Inc
Equity Method Investments And Income From Equity Method Investments
Ownership common shares, investee (in shares) | shares			1,654,068
Equity method ownership percentage			32.40%
Closing share price (in dollars per share) | $ / shares			$ 421.46
Equity Method Investment Market Value			$ 697,124,000
Excess of investee's fair value over carrying amount			570,494,000
Excess of investee's carrying amount over equity in net assets			$ 39,468,000
Alexanders Inc | Lexington Avenue 731 | Office
Equity Method Investments And Income From Equity Method Investments
Notes And Loans Payable	$ 500,000,000	$ 300,000,000
Debt Instrument, Basis Spread on Variable Rate	0.90%	0.95%
Interest Rate, Effective			2.06%
Description of variable rate basis	LIBOR	LIBOR
Length Of Extension Available	1 year
Number of loan extensions available | Extensions	4
Debt Instrument Maturity	2020-06	2021-03
Alexanders Inc | Lexington Avenue 731 | Office | Interest rate cap
Equity Method Investments And Income From Equity Method Investments
Notional amount	$ 500,000,000
Cap interest rate	6.00%

Investments in Partially Owne52

Investments in Partially Owned Entities (Urban Edge Properties and PREIT Associates L.P.) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2017
Urban Edge Properties
Schedule Of Equity Method Investments
Ownership common shares, investee (in shares)	5,717,184		5,717,184
Equity method ownership percentage	4.80%		4.80%		5.40%
Closing share price (in dollars per share)	$ 23.73		$ 23.73
Equity Method Investment fair Value	$ 135,669		$ 135,669
Excess of investee's fair value over carrying amount	$ 93,777		$ 93,777
Average per unit carrying amount	$ 4.55		$ 4.55
Average issuance price per unit	$ 26.07		$ 26.07
Operating partnership units issued			14,000,000
Net gain resulting from operating partnership unit issuances	$ 15,900	$ 0	$ 15,900	$ 0
PREIT
Schedule Of Equity Method Investments
Ownership common shares, investee (in shares)	6,250,000		6,250,000
Equity method ownership percentage	8.00%		8.00%
Closing share price (in dollars per share)	$ 11.32		$ 11.32
Equity Method Investment fair Value	$ 70,750		$ 70,750
Excess of investee's carrying amount over fair value	46,854		46,854
Excess of investee's carrying amount over equity in net assets	$ 84,087		$ 84,087

Investments in Partially Owne53

Investments in Partially Owned Entities (Farley Post Office, NY Mezzanine Loan, Suffolk Downs) (Details) ft² in Thousands	May 09, 2017USD ($)	Jun. 15, 2017USD ($)Extensions	May 26, 2017USD ($)	Jun. 30, 2017USD ($)ft²	Jun. 30, 2017USD ($)ft²	Jun. 30, 2016USD ($)	Sep. 30, 2016
Schedule Of Equity Method Investments
Proceeds from sales of real estate					$ 5,180,000	$ 159,888,000
Gain (loss) on sale of property					$ 2,267,000	$ 2,210,000
Mezzanine Loan - New York
Schedule Of Equity Method Investments
Equity method ownership percentage	33.30%
Gain on debt investments	$ 50,000,000
Farley post office building
Schedule Of Equity Method Investments
Equity method ownership percentage							50.10%
Upfront contribution		$ 115,230,000
Farley post office building | Farley Post Office JV
Schedule Of Equity Method Investments
Net Rentable Area | ft²				850	850
Length of lease		99 years
Loan Extension term		1 year
Number of loan extensions available | Extensions		2
Debt Instrument Maturity		2019-06
Description of variable rate basis		LIBOR
Interest Rate, Effective				4.41%	4.41%
Upfront contribution		$ 230,000,000
Construction Loan		271,000,000
Initial advance to construction		202,299,000
Annual rent payments		$ 5,000,000
Farley post office building | Farley Post Office JV | Office
Schedule Of Equity Method Investments
Net Rentable Area | ft²				730	730
Farley post office building | Farley Post Office JV | Retail
Schedule Of Equity Method Investments
Net Rentable Area | ft²				120	120
Farley post office building | Farley Post Office JV | LIBOR
Schedule Of Equity Method Investments
Spread Over LIBOR (in percentage)		3.25%
Suffolk Downs
Schedule Of Equity Method Investments
Equity method ownership percentage			21.20%
Gain on debt investments			$ 11,373,000	$ 11,373,000
Gain (loss) on sale of property			15,314,000	$ 15,314,000
Accrued interest on our debt investment			6,129,000
Principal received			29,318,000
Suffolk Downs | Suffolk Downs JV
Schedule Of Equity Method Investments
Proceeds from sales of real estate			$ 155,000,000
Joint Venture | Mezzanine Loan - New York
Schedule Of Equity Method Investments
Loans Payable	$ 150,000,000
Debt Instrument Maturity	2017-05
Description of variable rate basis	LIBOR
Joint Venture | Mezzanine Loan - New York | LIBOR
Schedule Of Equity Method Investments
Spread Over LIBOR (in percentage)	9.42%

Investments in Partially Owne54

Investments in Partially Owned Entities (Summary of Investments) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ 1,354,089		$ 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	$ (45,789)		(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	$ 804,492		825,421
Alexanders Inc
Schedule Of Equity Method Investments
Equity method ownership percentage	32.40%
Carrying amount of investments in partially owned entities	$ 126,630		129,324
PREIT
Schedule Of Equity Method Investments
Equity method ownership percentage	8.00%
Carrying amount of investments in partially owned entities	$ 117,604		122,883
India real estate ventures
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ 26,491		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	4.80%	5.40%
Carrying amount of investments in partially owned entities	$ 41,892		24,523
Other investments
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ 236,980		$ 295,578

Investments in Partially Owne55

Investments in Partially Owned Entities (Summary of Income (Loss) ) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2017
Schedule Of Equity Method Investments
Our share of net income (loss)	$ 46,276	$ 642	$ 47,721	$ (3,598)
Alexanders Inc
Schedule Of Equity Method Investments
Equity method ownership percentage	32.40%		32.40%
Equity in net income (loss)	$ 6,690	6,812	$ 13,582	13,749
Management leasing and development fees	1,507	1,688	3,016	3,413
Our share of net income (loss)	$ 8,197	8,500	$ 16,598	17,162
UE
Schedule Of Equity Method Investments
Equity method ownership percentage	4.80%		4.80%		5.40%
Gain (loss) from issuance of common operating partnership units	$ 15,900	0	$ 15,900	0
Equity in net income (loss)	2,894	1,071	3,985	1,947
Management leasing and development fees	209	209	418	418
Our share of net income (loss)	19,003	1,280	20,303	2,365
Partially Owned Office Buildings
Schedule Of Equity Method Investments
Our share of net income (loss)	(7,897)	(12,398)	(17,840)	(26,647)
India real estate ventures
Schedule Of Equity Method Investments
Our share of net income (loss)	$ (1,644)	(1,934)	$ 10	(2,620)
India real estate ventures | Minimum
Schedule Of Equity Method Investments
Equity method ownership percentage	4.10%		4.10%
India real estate ventures | Maximum
Schedule Of Equity Method Investments
Equity method ownership percentage	36.50%		36.50%
PREIT
Schedule Of Equity Method Investments
Equity method ownership percentage	8.00%		8.00%
Our share of net income (loss)	$ (902)	(527)	$ (3,732)	(4,815)
Other investments
Schedule Of Equity Method Investments
Our share of net income (loss)	$ 29,519	$ 5,721	$ 32,382	$ 10,957

Investments in Partially Owne56

Investments in Partially Owned Entities (Summary of Income (Loss) subnote ) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	May 26, 2017	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2016
Schedule Of Equity Method Investments
Gain (loss) on sale of property			$ 2,267	$ 2,210
Suffolk Downs
Schedule Of Equity Method Investments
Gain (loss) on sale of property	$ 15,314	$ 15,314
Gain on debt investments	$ 11,373	11,373
Gain recognized on the sale of property and repayment of debt		$ 26,687

Dispositions (Asseets and liabi

Dispositions (Asseets and liabilities related to dispositions) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Dispositions
Real Estate, Net	$ 1,927		$ 1,927		$ 2,642
Other Assets	2,451		2,451		2,928
Assets related to discontinued operations	4,378		4,378		5,570
Liabilities related to discontinued operations	2,406		2,406		$ 2,870
Income from discontinued operations:
Total revenues	848	$ 947	1,172	$ 2,129
Total expenses	185	682	348	1,148
Income from discontinued operations before net gain on sale of real estate	663	265	824	981
Net gains on the sale of real estate	0	2,210	2,267	2,210
Pretax income from discontinued operations	663	2,475	3,091	3,191
Income tax expense	0	0	0	0
Income from discontinued operations	$ 663	$ 2,475	3,091	3,191
Cash flows related to discontinued Operations:
Cash flows from operating activities, discontinued operations			400	(4,685)
Cash flows from investing activities, discontinued operations			$ 3,419	$ 0

Identified Intangible Assets 58

Identified Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Finite-Lived Intangible Assets and Liabilities
Gross amount	$ 387,791		$ 387,791		$ 400,061
Accumulated amortization	(211,285)		(211,285)		(207,330)
Net	176,506		176,506		192,731
Gross amount	581,471		581,471		586,969
Accumulated amortization	(340,131)		(340,131)		(323,183)
Net	241,340		241,340		$ 263,786
Below Market Leases Net Of Above Market Leases
Finite-Lived Intangible Assets and Liabilities
Amortization of Intangible Assets	12,932	$ 12,301	24,391	$ 29,808
2,018	44,474		44,474
2,019	32,297		32,297
2,020	23,472		23,472
2,021	18,646		18,646
2,022	15,530		15,530
Other Identified Intangible Assets
Finite-Lived Intangible Assets and Liabilities
Amortization of Intangible Assets	6,971	8,066	14,079	15,859
2,018	20,073		20,073
2,019	15,737		15,737
2,020	12,291		12,291
2,021	11,288		11,288
2,022	9,532		9,532
Tenant Under Ground Leases
Finite-Lived Intangible Assets and Liabilities
Amortization of Intangible Assets	458	$ 458	916	$ 916
2,018	1,832		1,832
2,019	1,832		1,832
2,020	1,832		1,832
2,021	1,832		1,832
2,022	$ 1,832		$ 1,832

Debt (Narratives) (Details)

Debt (Narratives) (Details) ft² in Thousands	1 Months Ended		6 Months Ended
	Jul. 17, 2017USD ($)ft²	Jun. 20, 2017USD ($)ft²ApartmentUnits	Jun. 30, 2017
Office | Spin off | Subsequent Event | Washington DC
Debt Instrument
Net Rentable Area | ft²	11,100
The Bartlett
Debt Instrument
Debt Instrument, Maturity Date			Jun. 20, 2022
Refinancing | $		$ 220,000,000
Debt Instrument, Description of Variable Rate Basis		LIBOR
Debt Term		5 years
Interest Rate, Effective			2.90%
The Bartlett | Spin off | Subsequent Event | Washington DC | JBGS
Debt Instrument
Net proceeds from debt | $	$ 217,000,000
The Bartlett | LIBOR
Debt Instrument
Spread Over LIBOR (in percentage)		1.70%
The Bartlett | Residential
Debt Instrument
Number Of Units | ApartmentUnits		699
The Bartlett | Retail
Debt Instrument
Net Rentable Area | ft²		39

Debt (Summary of Debt) (Details

Debt (Summary of Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument
Mortgages payable, net	$ 9,502,694	$ 9,278,263
Unsecured debt - Carrying amount	846,286	845,577
Unsecured term loan, net	372,975	372,215
Revolving credit facilities	115,630	115,630
Unsecured Debt, net	1,334,891	1,333,422
Mortgages
Debt Instrument
Mortgages payable, gross	9,587,255	9,374,297
Deferred financing costs, net and other	(84,561)	(96,034)
Mortgages payable, net	$ 9,502,694	9,278,263
Interest Rate, End of Period (in percentage)	3.51%
Mortgages | Fixed Rate
Debt Instrument
Mortgages payable, gross	$ 6,084,795	6,099,873
Interest Rate, End of Period (in percentage)	3.84%
Mortgages | Variable Rate
Debt Instrument
Mortgages payable, gross	$ 3,502,460	3,274,424
Interest Rate, End of Period (in percentage)	2.93%
Senior Unsecured Notes
Debt Instrument
Deferred financing costs, net and other	$ (3,714)	(4,423)
Unsecured debt, gross	850,000	850,000
Unsecured debt - Carrying amount	$ 846,286	845,577
Interest Rate, End of Period (in percentage)	3.68%
Unsecured Term Loan
Debt Instrument
Deferred financing costs, net and other	$ (2,025)	(2,785)
Unsecured debt, gross	375,000	375,000
Unsecured term loan, net	$ 372,975	372,215
Interest Rate, End of Period (in percentage)	2.37%
Unsecured Revolving Credit Facilities
Debt Instrument
Revolving credit facilities	$ 115,630	$ 115,630
Interest Rate, End of Period (in percentage)	2.14%

Redeemable Noncontrolling Int61

Redeemable Noncontrolling Interests / Redeemable Partnership Units (Activity of Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Redeemable Noncontrolling Interests Rollforward
Reedemable Noncontrolling Interest, Beginning Balance			$ 1,278,446	$ 1,229,221
Net income	$ 7,706	$ 14,531	10,935	7,044
Other comprehensive (loss) income			(207)	1,685
Distributions			(18,078)	(15,763)
Other, net			21,758	21,149
Reedemable Noncontrolling Interest, Ending Balance	$ 1,177,084	$ 1,245,497	1,177,084	1,245,497
Class A Unit
Redeemable Noncontrolling Interests Rollforward
Redemption of Class A units for common shares/units, at redemption value			(25,562)	(18,208)
Adjustments to carry redeemable Class A units at redemption value			$ (90,208)	$ 20,369

Redeemable Noncontrolling Int62

Redeemable Noncontrolling Interests / Redeemable Partnership Units (Narratives) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Redeemable Noncontrolling Interest
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount	$ 1,171,656	$ 1,273,018
Class A Unit
Redeemable Noncontrolling Interest
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount	1,171,656	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 Comprehensi63

Accumulated Other Comprehensive Income ("AOCI") (AOCI by component) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss), Beginning Balance			$ 118,972
Accumulated other comprehensive income (loss), Ending Balance	$ 115,839		115,839
Accumulated other comprehensive income (loss), Beginning Balance	119,019	$ 53,399	118,972	$ 46,921
OCI before reclassifications	(3,180)	19,157	(12,401)	25,635
Amounts reclassified from AOCI	0	0	9,268	0
Other Comprehensive Income (Loss), before Tax, Total	(3,180)	19,157	(3,133)	25,635
Accumulated other comprehensive income (loss), Ending Balance	115,839	72,556	115,839	72,556
Interest rate swaps
Accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss), Beginning Balance	13,908	(23,563)	8,066	(19,368)
OCI before reclassifications	(1,206)	(6,975)	4,636	(11,170)
Amounts reclassified from AOCI	0	0	0	0
Other Comprehensive Income (Loss), before Tax, Total	(1,206)	(6,975)	4,636	(11,170)
Accumulated other comprehensive income (loss), Ending Balance	12,702	(30,538)	12,702	(30,538)
Securities available for sale
Accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss), Beginning Balance	115,496	89,542	130,505	78,448
OCI before reclassifications	(1,206)	28,019	(16,215)	39,113
Amounts reclassified from AOCI	0	0	0	0
Other Comprehensive Income (Loss), before Tax, Total	(1,206)	28,019	(16,215)	39,113
Accumulated other comprehensive income (loss), Ending Balance	114,290	117,561	114,290	117,561
Pro-rata share of nonconsolidated subsidiaries' OCI
Accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss), Beginning Balance	(2,841)	(9,313)	(12,058)	(9,319)
OCI before reclassifications	(980)	(628)	(1,031)	(622)
Amounts reclassified from AOCI	0	0	9,268	0
Other Comprehensive Income (Loss), before Tax, Total	(980)	(628)	8,237	(622)
Accumulated other comprehensive income (loss), Ending Balance	(3,821)	(9,941)	(3,821)	(9,941)
Other
Accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss), Beginning Balance	(7,544)	(3,267)	(7,541)	(2,840)
OCI before reclassifications	212	(1,259)	209	(1,686)
Amounts reclassified from AOCI	0	0	0	0
Other Comprehensive Income (Loss), before Tax, Total	212	(1,259)	209	(1,686)
Accumulated other comprehensive income (loss), Ending Balance	$ (7,332)	$ (4,526)	$ (7,332)	$ (4,526)

Variable Interest Entities ("64

Variable Interest Entities ("VIEs") (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Consolidated VIEs
Variable Interest Entities
Variable Interest Entities, Consolidated, Carrying Amount, Assets	$ 3,648,565	$ 3,638,483
Variable Interest Entities, Consolidated, Carrying Amount, Liabilities	1,756,632	1,762,322
Unconsolidated VIEs
Variable Interest Entities
Net carrying amount of our investments in unconsolidated VIEs	$ 393,418	$ 392,150

Fair Value Measurements (Narrat

Fair Value Measurements (Narratives) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)Investments	Dec. 31, 2016USD ($)
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate fund investments	$ 455,692	$ 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	$ 455,692
Excess of fair value over cost	143,092
Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate fund investments	455,692	462,132
Recurring | Level 3
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate fund investments	455,692	$ 462,132
Excess of fair value over cost	$ 143,092
Recurring | Level 3 | Real estate fund investments | Minimum
Fair Value Inputs [Abstract]
Anticipated holding period of investments	4 months
Recurring | Level 3 | Real estate fund investments | Maximum
Fair Value Inputs [Abstract]
Anticipated holding period of investments	3 years 6 months

Fair Value Measurements (Financ

Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable Securities	$ 187,489	$ 203,704
Real estate fund investments	455,692	462,132
Restricted cash	86,386	98,295	$ 94,628	$ 107,799
Other assets	644,922	515,437
Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable Securities	187,489	203,704
Real estate fund investments	455,692	462,132
Deferred compensation plan assets (included in other assets)	104,566	121,374
Interest rate swaps (included in other assets)	20,998	21,816
Total assets	768,745	809,026
Mandatorily redeemable instruments (included in other liabilities)	50,561	50,561
Interest rate swap (included in other liabilities)	5,011	10,122
Total liabilities	55,572	60,683
Restricted cash	2,691	4,187
Other assets	101,875	117,187
Recurring | Level 1
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable Securities	187,489	203,704
Real estate fund investments	0	0
Deferred compensation plan assets (included in other assets)	54,717	63,930
Interest rate swaps (included in other assets)	0	0
Total assets	242,206	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)	20,998	21,816
Total assets	20,998	21,816
Mandatorily redeemable instruments (included in other liabilities)	0	0
Interest rate swap (included in other liabilities)	5,011	10,122
Total liabilities	5,011	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	455,692	462,132
Deferred compensation plan assets (included in other assets)	49,849	57,444
Interest rate swaps (included in other assets)	0	0
Total assets	505,541	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	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Minimum
Unobservable Quantitative Input
Discount rates	3.00%	10.00%
Capitalization rate	4.70%	4.30%
Maximum
Unobservable Quantitative Input
Discount rates	16.00%	14.90%
Capitalization rate	5.80%	5.80%
Weighted Average
Unobservable Quantitative Input
Discount rates	11.10%	12.60%
Capitalization rate	5.50%	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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Real estate fund investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Beginning balance	$ 454,946	$ 566,696	$ 462,132	$ 574,761
Dispositions/distributions	0	(57,212)	0	(71,888)
Net unrealized gain (loss)	745	14,666	(6,442)	20,855
Net realized gain	0	0	241	422
Other, net	1	0	(239)	0
Ending balance	455,692	524,150	455,692	524,150
Deferred Compensation Plan Assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Beginning balance	56,910	57,184	57,444	59,186
Purchases	1,350	1,106	1,813	2,272
Dispositions/distributions	(9,375)	(779)	(12,112)	(2,151)
Realized and unrealized gain (loss)	830	2,219	1,905	312
Other, net	134	410	799	521
Ending balance	$ 49,849	$ 60,140	$ 49,849	$ 60,140

Fair Value Measurements (Fair V

Fair Value Measurements (Fair Value Measurements on a Nonrecurring Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 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	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured revolving credit facilities - Carrying Amount	$ 115,630	$ 115,630
Unsecured debt - Carrying amount	846,286	845,577
Senior Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured debt - Carrying amount	846,286	845,577
Unsecured debt, gross	850,000	850,000
Deferred financing costs, net and other	3,714	4,423
Unsecured Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured debt, gross	375,000	375,000
Deferred financing costs, net and other	2,025	2,785
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents - Carrying Amount	1,103,553	1,307,105
Mortgages payable, gross	9,587,255	9,374,297
Unsecured revolving credit facilities - Carrying Amount	115,630	115,630
Debt instrument - Carrying amount	10,927,885	10,714,927
Deferred financing costs, net and other	90,300	103,242
Carrying Amount | Senior Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured debt, gross	850,000	850,000
Carrying Amount | Unsecured Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured debt, gross	375,000	375,000
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	11,004,000	10,746,000
Fair Value | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	1,103,553	1,307,105
Unsecured revolving credit facilities	116,000	116,000
Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages payable, gross	9,626,000	9,356,000
Fair Value | Senior Unsecured Notes | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured debt, gross	887,000	899,000
Fair Value | Unsecured Term Loan | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured debt, gross	$ 375,000	$ 375,000

Stock-based Compensation (Narra

Stock-based Compensation (Narratives) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Share Based Compensation Arrangement By Share Based Payment Award
Share Based Compensation Expense	$ 7,349	$ 7,215	$ 21,626	$ 21,786

Fee and Other Income (Details)

Fee and Other Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Fee And Other Income
BMS cleaning fees	$ 21,294	$ 18,794	$ 43,290	$ 36,940
Management and leasing fees	4,892	4,604	9,529	9,403
Lease termination fees	1,459	3,199	5,625	5,604
Other income	8,413	7,092	16,974	15,712
Fee and other income	36,058	33,689	75,418	67,659
Interstate Properties
Fee And Other Income
Management and leasing fees	$ 124	$ 128	$ 252	$ 262

Interest and Other Investment73

Interest and Other Investment Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Interest and Other Investment Income, Net
Dividends on marketable securities	$ 3,539	$ 3,230	$ 6,984	$ 6,445
Interest on loans receivables	2,102	748	2,845	1,496
Mark-to-market income of investments in our deferred compensation plan	789	4,359	3,258	2,421
Other, net	2,877	1,899	5,448	3,392
Interest and other investment income, net	$ 9,307	$ 10,236	$ 18,535	$ 13,754

Interest and Debt Expense (Deta

Interest and Debt Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Interest and Debt Expense [Abstract]
Interest expense	$ 100,486	$ 104,435	$ 197,060	$ 204,730
Amortization of deferred financing costs	8,353	8,508	17,334	17,773
Capitalized interest and debt expense	(12,042)	(7,367)	(23,312)	(16,438)
Interest and debt expense, Total	$ 96,797	$ 105,576	$ 191,082	$ 206,065

Income Per Share _ Income Per75

Income Per Share / Income Per Class A Unit (Narratives) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Antidilutive Securities Excluded From Computation Of Earnings Per Share
Weighted average common share equivalents of excluded dilutive securities due to anti-dilutive effect	12,268	12,278	12,125	12,052
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	89	187	182	231

Income Per Share _ Income Per76

Income Per Share / Income Per Class A Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Antidilutive Securities Excluded From Computation Of Earnings Per Share
Income (loss) from continuing operations, net of income attributable to noncontrolling interests	$ 131,479	$ 238,504	$ 193,084	$ 144,033
Income from discontinued operations, net of income attributable to noncontrolling interests	622	2,322	2,898	2,994
Net income attributable to Vornado / Vornado Realty L.P.	132,101	240,826	195,982	147,027
Preferred share dividends / Preferred unit distributions	(16,129)	(20,363)	(32,258)	(40,727)
NET INCOME attributable to common shareholders / Class A unitholders	115,972	220,463	163,724	106,300
Earnings allocated to unvested participating securities	(13)	(25)	(27)	(30)
Numerator for basic income per share / per Class A unit	115,959	220,438	163,697	106,270
Convertible preferred share dividends / unit distributions	20	21	0	0
Earnings allocated to Out-Performance Plan units	0	0	233	24
Numerator for diluted income per share / per Class A unit	$ 115,979	$ 220,459	$ 163,930	$ 106,294
Denominator for basic income (loss) per share - weighted average shares (in shares)	189,395	188,772	189,304	188,715
Vornado employee stock options and restricted share / unit awards (in shares)	1,011	1,070	1,089	1,020
Convertible preferred shares / units	38	43	0	0
Out-Performance Plan units	0	0	281	265
Denominator for diluted income (loss) per share - weighted average shares (in shares)	190,444	189,885	190,674	190,000
INCOME PER COMMON SHARE / CLASS A UNIT - BASIC:
Income from continuing operations, net (in dollars per share)	$ 0.61	$ 1.16	$ 0.84	$ 0.54
Income from discontinued operations, net (in dollars per share)	0	0.01	0.02	0.02
Net income per common share (in dollars per share)	0.61	1.17	0.86	0.56
INCOME PER COMMON SHARE / CLASS A UNIT - DILUTED:
Income from continuing operations, net (in dollars per share)	0.61	1.15	0.84	0.54
Income from discontinued operations, net (in dollars per share)	0	0.01	0.02	0.02
Net income per common share (in dollars per share)	$ 0.61	$ 1.16	$ 0.86	$ 0.56
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	$ 139,144	$ 252,882	$ 203,826	$ 150,880
Income from discontinued operations, net of income attributable to noncontrolling interests	663	2,475	3,091	3,191
Net income attributable to Vornado / Vornado Realty L.P.	139,807	255,357	206,917	154,071
Preferred share dividends / Preferred unit distributions	(16,177)	(20,412)	(32,355)	(40,824)
NET INCOME attributable to common shareholders / Class A unitholders	123,630	234,945	174,562	113,247
Earnings allocated to unvested participating securities	(742)	(1,059)	(1,759)	(1,412)
Numerator for basic income per share / per Class A unit	122,888	233,886	172,803	111,835
Convertible preferred share dividends / unit distributions	20	22	0	0
Numerator for diluted income per share / per Class A unit	$ 122,908	$ 233,908	$ 172,803	$ 111,835
Denominator for basic income (loss) per Class A unit - weighted average units	201,127	200,369	200,987	200,220
Vornado employee stock options and restricted share / unit awards (in shares)	1,458	1,564	1,630	1,601
Convertible preferred shares / units	38	42	0	0
Denominator for diluted income (loss) per Class A unit - weighted average units and assumed conversions	202,623	201,975	202,617	201,821
INCOME PER COMMON SHARE / CLASS A UNIT - BASIC:
Income from continuing operations, net (in dollars per unit)	$ 0.61	$ 1.16	$ 0.84	$ 0.54
Income from discontinued operations, net (in dollars per unit)	0	0.01	0.02	0.02
Net income per Class A unit (in dollars per unit)	0.61	1.17	0.86	0.56
INCOME PER COMMON SHARE / CLASS A UNIT - DILUTED:
Income from continuing operations, net (in dollars per unit)	0.61	1.15	0.84	0.54
Income from discontinued operations, net (in dollars per unit)	0	0.01	0.01	0.01
Net income per Class A unit (in dollars per unit)	$ 0.61	$ 1.16	$ 0.85	$ 0.55

Commitments and Contingencies (

Commitments and Contingencies (Details)	6 Months Ended
	Jun. 30, 2017USD ($)
Other Commitments
Guarantees and master leases	$ 774,000,000
Outstanding letters of credit	20,777,000
Commitment To Fund Additional Capital To Partially Owned Entities	52,000,000
Constuction commitments	543,000,000
Washington DC
Other Commitments
Real estate disposition transaction cost	47,000,000
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
Insurance maximum coverage limit in aggregate	$ 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) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Jan. 02, 2017
Washington DC
Segment Information
Real estate disposition transaction cost			$ 47,000
Operating Segments | New York | 85 Tenth Avenue
Segment Information
Equity method ownership percentage	49.90%		49.90%		49.90%
Operating Segments | Other
Segment Information
Real estate disposition transaction cost	$ 6,211	$ 1,606	$ 13,464	$ 1,858
Operating Segments | Other | Fashion Centre Mall / Washington Tower
Segment Information
Equity method ownership percentage	7.50%		7.50%
Operating Segments | Other | Rosslyn Plaza | Minimum
Segment Information
Equity method ownership percentage	43.70%		43.70%
Operating Segments | Other | Rosslyn Plaza | Maximum
Segment Information
Equity method ownership percentage	50.40%		50.40%

Segment Information (Summary of

Segment Information (Summary of net income and EBITDA reconciliation by segment) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Segment Information
Total revenues	$ 626,039	$ 621,708	$ 1,246,887	$ 1,234,745
Total expenses	442,643	434,894	907,024	1,048,211
Operating income	183,396	186,814	339,863	186,534
Income (loss) from partially owned entities	46,276	642	47,721	(3,598)
Income from real estate fund investments	4,391	16,389	4,659	27,673
Interest and other investment income, net	9,307	10,236	18,535	13,754
Interest and debt expense	(96,797)	(105,576)	(191,082)	(206,065)
Net gains on disposition of wholly owned and partially owned assets	0	159,511	501	160,225
Income before income taxes	146,573	268,016	220,197	178,523
Income tax benefit (expense)	248	(2,109)	(1,957)	(4,940)
Income from continuing operations	146,821	265,907	218,240	173,583
Income from discontinued operations	663	2,475	3,091	3,191
Net income	147,484	268,382	221,331	176,774
Less net income attributable to noncontrolling interests in consolidated subsidiaries	(7,677)	(13,025)	(14,414)	(22,703)
Net income (loss) attributable to the Operating Partnership	139,807	255,357	206,917	154,071
Interest and debt expense (2)	118,585	127,799	234,912	253,919
Depreciation and amortization (2)	168,248	173,352	339,785	348,163
Income tax expense (benefit)	289	4,704	2,718	7,965
EBITDA	426,929	561,212	784,332	764,118
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(44,580)	(74,383)	(61,708)	(133,739)
NOI	382,349	486,829	722,624	630,379
Operating Segments | New York
Segment Information
Total revenues	436,862	425,770	863,101	836,595
Total expenses	279,835	268,135	560,656	537,730
Operating income	157,027	157,635	302,445	298,865
Income (loss) from partially owned entities	(272)	(1,001)	(2,365)	(4,564)
Income from real estate fund investments	0	0	0	0
Interest and other investment income, net	1,499	1,214	2,971	2,329
Interest and debt expense	(60,335)	(56,395)	(118,322)	(110,981)
Net gains on disposition of wholly owned and partially owned assets		159,511	0	159,511
Income before income taxes	97,919	260,964	184,729	345,160
Income tax benefit (expense)	906	(816)	763	(1,775)
Income from continuing operations	98,825	260,148	185,492	343,385
Income from discontinued operations	0	0	0	0
Net income	98,825	260,148	185,492	343,385
Less net income attributable to noncontrolling interests in consolidated subsidiaries	(2,645)	(3,397)	(5,489)	(6,826)
Net income (loss) attributable to the Operating Partnership	96,180	256,751	180,003	336,559
Interest and debt expense (2)	78,202	71,171	154,125	142,369
Depreciation and amortization (2)	110,449	111,314	223,259	219,717
Income tax expense (benefit)	(869)	889	(642)	1,979
EBITDA	283,962	440,125	556,745	700,624
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(26,741)	(50,045)	(52,159)	(97,555)
NOI	257,221	390,080	504,586	603,069
Operating Segments | Washington DC
Segment Information
Total revenues	118,336	127,468	234,543	255,480
Total expenses	82,317	89,106	166,305	345,671
Operating income	36,019	38,362	68,238	(90,191)
Income (loss) from partially owned entities	255	(2,370)	342	(3,679)
Income from real estate fund investments	0	0	0	0
Interest and other investment income, net	(23)	34	41	92
Interest and debt expense	(12,008)	(19,817)	(23,569)	(35,752)
Net gains on disposition of wholly owned and partially owned assets		0	0	0
Income before income taxes	24,243	16,209	45,052	(129,530)
Income tax benefit (expense)	(362)	(318)	(716)	(582)
Income from continuing operations	23,881	15,891	44,336	(130,112)
Income from discontinued operations	0	0	0	0
Net income	23,881	15,891	44,336	(130,112)
Less net income attributable to noncontrolling interests in consolidated subsidiaries	0	0	0	0
Net income (loss) attributable to the Operating Partnership	23,881	15,891	44,336	(130,112)
Interest and debt expense (2)	13,567	21,926	26,748	40,637
Depreciation and amortization (2)	33,648	37,196	69,141	77,795
Income tax expense (benefit)	353	2,205	720	2,470
EBITDA	71,449	77,218	140,945	(9,210)
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(1,826)	(6,067)	(5,892)	(10,264)
NOI	69,623	71,151	135,053	(19,474)
Operating Segments | Other
Segment Information
Total revenues	70,841	68,470	149,243	142,670
Total expenses	80,491	77,653	180,063	164,810
Operating income	(9,650)	(9,183)	(30,820)	(22,140)
Income (loss) from partially owned entities	46,293	4,013	49,744	4,645
Income from real estate fund investments	4,391	16,389	4,659	27,673
Interest and other investment income, net	7,831	8,988	15,523	11,333
Interest and debt expense	(24,454)	(29,364)	(49,191)	(59,332)
Net gains on disposition of wholly owned and partially owned assets	0	0	501	714
Income before income taxes	24,411	(9,157)	(9,584)	(37,107)
Income tax benefit (expense)	(296)	(975)	(2,004)	(2,583)
Income from continuing operations	24,115	(10,132)	(11,588)	(39,690)
Income from discontinued operations	663	2,475	3,091	3,191
Net income	24,778	(7,657)	(8,497)	(36,499)
Less net income attributable to noncontrolling interests in consolidated subsidiaries	(5,032)	(9,628)	(8,925)	(15,877)
Net income (loss) attributable to the Operating Partnership	19,746	(17,285)	(17,422)	(52,376)
Interest and debt expense (2)	26,816	34,702	54,039	70,913
Depreciation and amortization (2)	24,151	24,842	47,385	50,651
Income tax expense (benefit)	805	1,610	2,640	3,516
EBITDA	71,518	43,869	86,642	72,704
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(16,013)	(18,271)	(3,657)	(25,920)
NOI	$ 55,505	$ 25,598	$ 82,985	$ 46,784

Segment Information (New York a

Segment Information (New York and Washington DC segments - EBITDA) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Segment Information
EBITDA	$ 426,929	$ 561,212	$ 784,332	$ 764,118
Operating Segments | New York
Segment Information
EBITDA Adjusted	283,962	278,936	556,745	537,993
EBITDA adjustment	0	161,189	0	162,631
EBITDA	283,962	440,125	556,745	700,624
Operating Segments | New York | Properties sold and other
Segment Information
EBITDA adjustment	0	1,678	0	3,120
Operating Segments | New York | Hotel Pennsylvania
Segment Information
EBITDA Adjusted	6,520	3,797	2,122	325
Operating Segments | New York | 7 West 34th Street
Segment Information
Net gain on sale of real estate	$ 0	159,511	$ 0	159,511
Equity method ownership percentage	47.00%		47.00%
Operating Segments | New York | Alexanders Inc
Segment Information
EBITDA Adjusted	$ 11,742	11,805	$ 23,304	23,374
Operating Segments | New York | Office
Segment Information
EBITDA Adjusted	169,327	165,576	339,405	320,585
Operating Segments | New York | Retail
Segment Information
EBITDA Adjusted	90,183	91,421	179,446	181,022
Operating Segments | New York | Residential
Segment Information
EBITDA Adjusted	6,190	6,337	12,468	12,687
Operating Segments | Washington DC
Segment Information
EBITDA Adjusted	71,449	71,475	140,945	139,802
EBITDA adjustment	0	5,743	0	(149,012)
EBITDA	71,449	77,218	140,945	(9,210)
Operating Segments | Washington DC | Properties sold and other
Segment Information
EBITDA adjustment	0	5,743	0	11,688
Operating Segments | Washington DC | Skyline Properties
Segment Information
Impairment loss	0	0	0	(160,700)
Operating Segments | Washington DC | Office
Segment Information
EBITDA Adjusted	57,418	61,357	113,710	119,376
Operating Segments | Washington DC | Residential
Segment Information
EBITDA Adjusted	$ 14,031	$ 10,118	$ 27,235	$ 20,426

Segment Information (New York81

Segment Information (New York and Washington DC segments - NOI) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Segment Information
NOI	$ 382,349	$ 486,829	$ 722,624	$ 630,379
Operating Segments | New York
Segment Information
NOI adjusted	257,221	229,796	504,586	441,326
NOI adjustments	0	160,284	0	161,743
NOI	257,221	390,080	504,586	603,069
Operating Segments | New York | Alexanders Inc
Segment Information
NOI adjusted	7,029	6,616	14,059	13,233
Operating Segments | New York | Properties sold and other
Segment Information
NOI adjustments	0	773	0	2,232
Operating Segments | New York | Hotel Pennsylvania
Segment Information
NOI adjusted	6,553	3,830	2,187	390
Operating Segments | New York | 7 West 34th Street
Segment Information
Net gain on sale of real estate	0	159,511	0	159,511
Operating Segments | New York | Office
Segment Information
NOI adjusted	158,105	142,639	317,632	277,071
Net operating income allocation		3,931		7,845
Operating Segments | New York | Retail
Segment Information
NOI adjusted	80,193	71,084	159,827	139,433
Net operating income allocation		(3,931)		(7,845)
Operating Segments | New York | Residential
Segment Information
NOI adjusted	5,341	5,627	10,881	11,199
Operating Segments | Washington DC
Segment Information
NOI adjusted	69,623	67,619	135,053	133,363
NOI adjustments	0	3,532	0	(152,837)
NOI	69,623	71,151	135,053	(19,474)
Operating Segments | Washington DC | Properties sold and other
Segment Information
NOI adjustments	0	3,532	0	7,863
Operating Segments | Washington DC | Skyline Properties
Segment Information
Impairment loss	0	0	0	(160,700)
Operating Segments | Washington DC | Office
Segment Information
NOI adjusted	55,592	57,501	107,818	112,937
Operating Segments | Washington DC | Residential
Segment Information
NOI adjusted	$ 14,031	$ 10,118	$ 27,235	$ 20,426

Segment Information (Other Sege

Segment Information (Other Segement - EBITDA) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	May 26, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Segment Information
General and administrative		$ (42,470)	$ (45,564)	$ (99,128)	$ (94,268)
Acquisition and transaction related costs		(6,471)	(2,879)	(14,476)	(7,486)
Residual retail properties discontinued operations		0	2,210	2,267	2,210
Other		0	159,511	501	160,225
Gain (loss) on sale of property				2,267	2,210
EBITDA		426,929	561,212	784,332	764,118
Suffolk Downs
Segment Information
Gain (loss) on sale of property	$ 15,314	15,314
Gain on debt investments	$ 11,373	11,373
Operating Segments | Other
Segment Information
General and administrative		(23,235)	(24,239)	(56,222)	(54,845)
Investment income and other, net		9,629	5,471	18,169	12,446
Acquisition and transaction related costs		(6,471)	(2,879)	(14,476)	(7,486)
Residual retail properties discontinued operations		663	2,483	3,091	3,204
Other		0	0	501	714
Mark-to-market income (loss) of investments in our deferred compensation plan		789	4,359	3,258	2,421
Real estate disposition transaction cost		6,211	1,606	13,464	1,858
EBITDA		71,518	43,869	86,642	72,704
Operating Segments | Other | Suffolk Downs
Segment Information
Gain (loss) on sale of property		15,314	0	15,314	0
Gain on debt investments		11,373	0	11,373	0
Operating Segments | Other | Urban Edge Properties
Segment Information
Gain (loss) from issuance of common operating partnership units		15,900	0	15,900	0
Operating Segments | Other | Real estate investment
Segment Information
Our share of net (loss) income		48,649	55,489	96,531	105,816
Operating Segments | Other | Real estate investment | The Mart and trade shows
Segment Information
Our share of net (loss) income		24,122	25,965	48,306	48,993
Operating Segments | Other | Real estate investment | 555 California Street
Segment Information
Our share of net (loss) income		12,144	12,117	24,227	23,732
Operating Segments | Other | Real estate investment | Other investments
Segment Information
Our share of net (loss) income		12,383	17,407	23,998	33,091
Operating Segments | Other | Real estate fund investments
Segment Information
Our share of net (loss) income		$ (304)	$ 7,544	$ (3,539)	$ 12,855

Segment Information (Other Segm

Segment Information (Other Segment - NOI) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	May 26, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Segment Information
Gain (loss) on sale of property				$ 2,267	$ 2,210
Acquisition and transaction related costs		$ (6,471)	$ (2,879)	(14,476)	(7,486)
Residual retail properties discontinued operations		0	2,210	2,267	2,210
Other		0	159,511	501	160,225
NOI		382,349	486,829	722,624	630,379
Suffolk Downs
Segment Information
Gain (loss) on sale of property	$ 15,314	15,314
Gain on debt investments	$ 11,373	11,373
Operating Segments | Other
Segment Information
General and administrative		(17,790)	(19,267)	(40,268)	(39,364)
Investment income and other, net		9,629	5,471	18,169	12,446
Acquisition and transaction related costs		(6,471)	(2,879)	(14,476)	(7,486)
Residual retail properties discontinued operations		663	2,483	3,091	3,204
Other		0	0	501	714
NOI		55,505	25,598	82,985	46,784
Operating Segments | Other | Suffolk Downs
Segment Information
Gain (loss) on sale of property		15,314	0	15,314	0
Gain on debt investments		11,373	0	11,373	0
Operating Segments | Other | Real estate investment
Segment Information
NOI		40,792	38,268	84,350	73,405
Operating Segments | Other | Real estate investment | The Mart and trade shows
Segment Information
NOI		22,904	24,233	45,808	45,955
Operating Segments | Other | Real estate investment | 555 California Street
Segment Information
NOI		11,258	8,033	22,633	13,922
Operating Segments | Other | Real estate investment | Other investments
Segment Information
NOI		6,630	6,002	15,909	13,528
Operating Segments | Other | Real estate fund investments
Segment Information
NOI		$ 1,995	$ 1,522	$ 4,931	$ 3,865

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - 330 Madison Avenue - Office ft² in Thousands	1 Months Ended
	Jul. 19, 2017USD ($)ft²
Subsequent Events
Equity method ownership percentage	25.00%
Net proceeds after repayment of existing mortgage	$ 85,000,000
330 Madison Avenue Joint Venture
Subsequent Events
Square Footage Of Real Estate Property | ft²	845
330 Madison Avenue Joint Venture | Loans due August 2024
Subsequent Events
Loans Payable	$ 500,000,000
Debt Term	7 years
Debt, fixed rate	3.43%
Debt Instrument Maturity	2024-08
330 Madison Avenue Joint Venture | Mortgages
Subsequent Events
Loans Payable	$ 150,000,000
Debt Instrument, Description of Variable Rate Basis	LIBOR
330 Madison Avenue Joint Venture | Mortgages | LIBOR
Subsequent Events
Spread Over LIBOR (in percentage)	1.30%