Vornado Realty Trust (VNO) 10-Q 30 Oct 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 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	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	189,877,859
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	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
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	Sep. 30, 2017	Dec. 31, 2016
Real estate, at cost:
Land	$ 3,124,971	$ 3,130,825
Buildings and improvements	9,824,618	9,684,144
Development costs and construction in progress	1,536,290	1,278,941
Leasehold improvements and equipment	96,820	93,910
Total	14,582,699	14,187,820
Less accumulated depreciation and amortization	(2,805,160)	(2,581,514)
Real estate, net	11,777,539	11,606,306
Cash and cash equivalents	1,282,230	1,501,027
Restricted cash	103,553	95,032
Marketable securities	193,145	203,704
Tenant and other receivables, net of allowance for doubtful accounts of $5,539 and $6,708	54,769	61,069
Investments in partially owned entities	1,064,982	1,378,254
Real estate fund investments	351,750	462,132
Receivable arising from the straight-lining of rents, net of allowance of $1,215 and $2,227	917,827	885,167
Deferred leasing costs, net of accumulated amortization of $186,041 and $170,952	354,573	354,997
Identified intangible assets, net of accumulated amortization $144,683 and $194,422	166,198	189,668
Assets related to discontinued operations	1,774	3,568,613
Other assets	573,780	508,878
Assets	16,842,120	20,814,847
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net	8,131,606	8,113,248
Senior unsecured notes, net	846,641	845,577
Unsecured term loan, net	373,354	372,215
Unsecured revolving credit facilities	0	115,630
Accounts payable and accrued expenses	412,100	397,134
Deferred revenue	240,377	276,276
Deferred compensation plan	106,244	121,183
Liabilities related to discontinued operations	3,602	1,259,443
Other liabilities	469,919	417,199
Total liabilities	10,583,843	11,917,905
Commitments and contingencies
Redeemable noncontrolling interests:
Class A units - 12,555,623 and 12,197,162 units outstanding	965,276	1,273,018
Series D cumulative redeemable preferred units - 177,101 units outstanding	5,428	5,428
Total redeemable noncontrolling interests	970,704	1,278,446
Vornado's shareholders' 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: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 189,877,859 and 189,100,876 shares	7,571	7,542
Additional capital	7,501,823	7,153,332
Earnings less than distributions	(4,098,127)	(1,419,382)
Accumulated other comprehensive income	121,801	118,972
Total Vornado / Vornado Realty L.P. shareholders' equity	4,571,079	6,898,519
Noncontrolling interests in consolidated subsidiaries	716,494	719,977
Total equity	5,287,573	7,618,496
Total liabilities, redeemable noncontrolling interests / partnership units and equity	16,842,120	20,814,847
Vornado Realty L.P.
Real estate, at cost:
Land	3,124,971	3,130,825
Buildings and improvements	9,824,618	9,684,144
Development costs and construction in progress	1,536,290	1,278,941
Leasehold improvements and equipment	96,820	93,910
Total	14,582,699	14,187,820
Less accumulated depreciation and amortization	(2,805,160)	(2,581,514)
Real estate, net	11,777,539	11,606,306
Cash and cash equivalents	1,282,230	1,501,027
Restricted cash	103,553	95,032
Marketable securities	193,145	203,704
Tenant and other receivables, net of allowance for doubtful accounts of $5,539 and $6,708	54,769	61,069
Investments in partially owned entities	1,064,982	1,378,254
Real estate fund investments	351,750	462,132
Receivable arising from the straight-lining of rents, net of allowance of $1,215 and $2,227	917,827	885,167
Deferred leasing costs, net of accumulated amortization of $186,041 and $170,952	354,573	354,997
Identified intangible assets, net of accumulated amortization $144,683 and $194,422	166,198	189,668
Assets related to discontinued operations	1,774	3,568,613
Other assets	573,780	508,878
Assets	16,842,120	20,814,847
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net	8,131,606	8,113,248
Senior unsecured notes, net	846,641	845,577
Unsecured term loan, net	373,354	372,215
Unsecured revolving credit facilities	0	115,630
Accounts payable and accrued expenses	412,100	397,134
Deferred revenue	240,377	276,276
Deferred compensation plan	106,244	121,183
Liabilities related to discontinued operations	3,602	1,259,443
Other liabilities	469,919	417,199
Total liabilities	10,583,843	11,917,905
Commitments and contingencies
Redeemable noncontrolling interests:
Class A units - 12,555,623 and 12,197,162 units outstanding	965,276	1,273,018
Series D cumulative redeemable preferred units - 177,101 units outstanding	5,428	5,428
Total redeemable noncontrolling interests	970,704	1,278,446
Vornado's shareholders' equity:
Partners' capital	8,547,405	8,198,929
Earnings less than distributions	(4,098,127)	(1,419,382)
Accumulated other comprehensive income	121,801	118,972
Total Vornado / Vornado Realty L.P. shareholders' equity	4,571,079	6,898,519
Noncontrolling interests in consolidated subsidiaries	716,494	719,977
Total equity	5,287,573	7,618,496
Total liabilities, redeemable noncontrolling interests / partnership units and equity	$ 16,842,120	$ 20,814,847

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
ASSETS
Tenant and other receivables, allowance for doubtful accounts	$ 5,539	$ 6,708
Receivable arising from the straight-lining of rents, allowance	1,215	2,227
Deferred leasing costs, accumulated amortization	186,041	170,952
Identified intangible assets, accumulated amortization	$ 144,683	$ 194,422
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Preferred shares of beneficial interest: par value per share (in dollars per share)	$ 0	$ 0
Preferred shares of beneficial interest: authorized shares	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	189,877,859	189,100,876
Common shares of beneficial interest: outstanding shares	189,877,859	189,100,876
Class A Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding Partnership Units held by Third Parties	12,555,623	12,197,162
Series D Cumulative Redeemable Preferred Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS 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	$ 5,539	$ 6,708
Receivable arising from the straight-lining of rents, allowance	1,215	2,227
Deferred leasing costs, accumulated amortization	186,041	170,952
Identified intangible assets, accumulated amortization	$ 144,683	$ 194,422
Vornado Realty L.P. | Class A Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding Partnership Units held by Third Parties	12,555,623	12,197,162
Vornado Realty L.P. | Series D Cumulative Redeemable Preferred Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding Partnership Units held by Third Parties	177,101	177,101

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
REVENUES:
Property rentals	$ 432,062	$ 411,153	$ 1,275,597	$ 1,238,903
Tenant expense reimbursements	63,401	60,957	174,091	162,831
Fee and other income	33,292	30,643	98,212	88,034
Total revenues	528,755	502,753	1,547,900	1,489,768
EXPENSES:
Operating	225,226	213,762	661,585	626,546
Depreciation and amortization	104,972	105,877	315,223	316,383
General and administrative	36,261	33,584	122,161	112,593
Acquisition and transaction related costs	61	1,069	1,073	6,697
Total expenses	366,520	354,292	1,100,042	1,062,219
Operating income	162,235	148,461	447,858	427,549
(Loss) income from partially owned entities	(41,801)	3,811	5,578	3,892
(Loss) income from real estate fund investments	(6,308)	1,077	(1,649)	28,750
Interest and other investment income, net	9,306	6,459	27,800	20,121
Interest and debt expense	(85,068)	(79,721)	(252,581)	(250,034)
Net gains on disposition of wholly owned and partially owned assets	0	0	501	160,225
Income before income taxes	38,364	80,087	227,507	390,503
Income tax expense	(1,188)	(4,563)	(2,429)	(8,921)
Income from continuing operations	37,176	75,524	225,078	381,582
(Loss) income from discontinued operations	(47,930)	25,080	(14,501)	(104,204)
Net (loss) income	(10,754)	100,604	210,577	277,378
Less net (income) loss attributable to noncontrolling interests in:
Consolidated subsidiaries	(4,022)	(3,658)	(18,436)	(26,361)
Operating Partnership	1,878	(4,366)	(9,057)	(11,410)
Net (loss) income attributable to Vornado / Vornado Realty L.P.	(12,898)	92,580	183,084	239,607
Preferred share dividends / unit distributions	(16,128)	(19,047)	(48,386)	(59,774)
Preferred share / unit issuance costs (Series J redemption)	0	(7,408)	0	(7,408)
NET (LOSS) INCOME attributable to common shareholders & Class A unitholders	$ (29,026)	$ 66,125	$ 134,698	$ 172,425
(LOSS) INCOME PER COMMON SHARE – BASIC:
Income from continuing operations, net (in dollars per share)	$ 0.09	$ 0.23	$ 0.78	$ 1.43
(Loss) income from discontinued operations, net (in dollars per share)	(0.24)	0.12	(0.07)	(0.52)
Net (loss) income per common share (in dollars per share)	$ (0.15)	$ 0.35	$ 0.71	$ 0.91
Weighted average shares outstanding, basic	189,593	188,901	189,401	188,778
(LOSS) INCOME PER COMMON SHARE – DILUTED:
Income from continuing operations, net (in dollars per share)	$ 0.09	$ 0.23	$ 0.78	$ 1.42
(Loss) income from discontinued operations, net (in dollars per share)	(0.24)	0.12	(0.07)	(0.51)
Net (loss) income per common share (in dollars per share)	$ (0.15)	$ 0.35	$ 0.71	$ 0.91
Weighted average shares outstanding, diluted	190,847	190,048	191,257	190,086
(LOSS) INCOME PER CLASS A UNIT – DILUTED:
DIVIDENDS PER COMMON SHARE (in dollars per share)	$ 0.60	$ 0.63	$ 2.02	$ 1.89
Vornado Realty L.P.
REVENUES:
Property rentals	$ 432,062	$ 411,153	$ 1,275,597	$ 1,238,903
Tenant expense reimbursements	63,401	60,957	174,091	162,831
Fee and other income	33,292	30,643	98,212	88,034
Total revenues	528,755	502,753	1,547,900	1,489,768
EXPENSES:
Operating	225,226	213,762	661,585	626,546
Depreciation and amortization	104,972	105,877	315,223	316,383
General and administrative	36,261	33,584	122,161	112,593
Acquisition and transaction related costs	61	1,069	1,073	6,697
Total expenses	366,520	354,292	1,100,042	1,062,219
Operating income	162,235	148,461	447,858	427,549
(Loss) income from partially owned entities	(41,801)	3,811	5,578	3,892
(Loss) income from real estate fund investments	(6,308)	1,077	(1,649)	28,750
Interest and other investment income, net	9,306	6,459	27,800	20,121
Interest and debt expense	(85,068)	(79,721)	(252,581)	(250,034)
Net gains on disposition of wholly owned and partially owned assets	0	0	501	160,225
Income before income taxes	38,364	80,087	227,507	390,503
Income tax expense	(1,188)	(4,563)	(2,429)	(8,921)
Income from continuing operations	37,176	75,524	225,078	381,582
(Loss) income from discontinued operations	(47,930)	25,080	(14,501)	(104,204)
Net (loss) income	(10,754)	100,604	210,577	277,378
Less net (income) loss attributable to noncontrolling interests in:
Consolidated subsidiaries	(4,022)	(3,658)	(18,436)	(26,361)
Operating Partnership			(9,057)	(11,410)
Net (loss) income attributable to Vornado / Vornado Realty L.P.	(14,776)	96,946	192,141	251,017
Preferred share dividends / unit distributions	(16,176)	(19,096)	(48,531)	(59,920)
Preferred share / unit issuance costs (Series J redemption)	0	(7,408)	0	(7,408)
NET (LOSS) INCOME attributable to common shareholders & Class A unitholders	$ (30,952)	$ 70,442	$ 143,610	$ 183,689
(LOSS) INCOME PER CLASS A UNIT – BASIC:
Income from continuing operations, net (in dollars per unit)	$ 0.08	$ 0.22	$ 0.77	$ 1.43
(Loss) income from discontinued operations, net (in dollars per unit)	(0.24)	0.13	(0.07)	(0.52)
Net (loss) income per Class A unit (in dollars per unit)	$ (0.16)	$ 0.35	$ 0.70	$ 0.91
Weighted average units outstanding, basic	201,300	200,458	201,093	200,300
(LOSS) INCOME PER CLASS A UNIT – DILUTED:
Income from continuing operations, net (in dollars per unit)	$ 0.08	$ 0.22	$ 0.76	$ 1.42
(Loss) income from discontinued operations, net (in dollars per unit)	(0.24)	0.13	(0.07)	(0.52)
Net (loss) income per Class A unit (in dollars per unit)	$ (0.16)	$ 0.35	$ 0.69	$ 0.90
Weighted average units outstanding, diluted (in shares)	203,113	202,141	203,311	201,932
DISTRIBUTIONS PER CLASS A UNIT (in dollars per share)	$ 0.60	$ 0.63	$ 2.02	$ 1.89

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Net income	$ (10,754)	$ 100,604	$ 210,577	$ 277,378
Other comprehensive income (loss):
Increase (reduction) in unrealized net gain on available-for-sale securities	5,656	3,685	(10,559)	42,798
Pro rata share of amounts reclassified from accumulated other comprehensive income of a nonconsolidated subsidiary	(646)	0	8,622	0
Pro rata share of other comprehensive loss of nonconsolidated subsidiaries	(626)	(915)	(1,657)	(1,537)
Increase (reduction) in value of interest rate swaps and other	1,973	7,689	6,611	(3,482)
Comprehensive (loss) income	(4,397)	111,063	213,594	315,157
Less comprehensive income attributable to noncontrolling interests / noncontrolling interests in consolidated subsidiaries	(2,539)	(8,665)	(27,681)	(40,097)
Comprehensive (loss) income attributable to Vornado / Vornado Realty L.P.	(6,936)	102,398	185,913	275,060
Vornado Realty L.P.
Net income	(10,754)	100,604	210,577	277,378
Other comprehensive income (loss):
Increase (reduction) in unrealized net gain on available-for-sale securities	5,656	3,685	(10,559)	42,798
Pro rata share of amounts reclassified from accumulated other comprehensive income of a nonconsolidated subsidiary	(646)	0	8,622	0
Pro rata share of other comprehensive loss of nonconsolidated subsidiaries	(626)	(915)	(1,657)	(1,537)
Increase (reduction) in value of interest rate swaps and other	1,973	7,689	6,611	(3,482)
Comprehensive (loss) income	(4,397)	111,063	213,594	315,157
Less comprehensive income attributable to noncontrolling interests / noncontrolling interests in consolidated subsidiaries	(4,022)	(3,658)	(18,436)	(26,361)
Comprehensive (loss) income attributable to Vornado / Vornado Realty L.P.	$ (8,419)	$ 107,405	$ 195,158	$ 288,796

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	JBGS	Real estate fund investments	Other	Preferred Shares	Common Shares	Common SharesJBGS	Additional Capital	Earnings Less Than Distributions	Earnings Less Than DistributionsJBGS	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.JBGS	Vornado Realty L.P.Real estate fund investments	Vornado Realty L.P.Other	Vornado Realty L.P.Preferred Shares	Vornado Realty L.P.Earnings Less Than Distributions	Vornado Realty L.P.Earnings Less Than DistributionsJBGS	Vornado Realty L.P.Accumulated Other Comprehensive Income	Vornado Realty L.P.Class A Units Owned by Vornado	Vornado Realty L.P.Class A Units Owned by VornadoJBGS	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 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	$ (1,766,780)		$ 46,921	$ 7,140,500		$ 778,483
Net income attributable to Vornado / Vornado Realty L.P.	239,607								239,607						251,017					251,017
Net income attributable to redeemable partnership units	(11,410)														(11,410)					(11,410)
Net income attributable to noncontrolling interests in consolidated subsidiaries	26,361		$ 15,088									26,361			26,361										26,361
Dividends on common shares	(356,863)								(356,863)
Distributions to Vornado															(356,863)					(356,863)
Dividends on preferred shares / Distributions to preferred unitholders	(59,774)								(59,774)						(59,774)					(59,774)
Redemption of Series J preferred shares, shares					(9,850)														(9,850)
Redemption of Series J preferred shares, value	(246,250)				$ (238,842)				(7,408)						(246,250)				$ (238,842)	(7,408)
Common shares issued: / Class A Units issued to Vornado
Upon redemption of Class A units, at redemption value, shares						293																	293
Upon redemption of Class A units, at redemption value, value	28,126					$ 12		28,114							28,126								$ 28,126
Under Vornado's employees' share option plan, shares						106																	106
Under Vornado's employees' share option plan, value	5,940					$ 4		5,936	0						5,940								$ 5,940
Under Vornado's dividend reinvestment plan, shares						12																	12
Under Vornado's dividend reinvestment plan, value	1,080					$ 0		1,080							1,080								$ 1,080
Contributions:
Contributions	19,699											19,699			19,699										19,699
Distributions:
Distributions	(23,582)		(59,843)	$ (11,631)									$ (59,843)	$ (11,631)			$ (59,843)	$ (11,631)								$ (59,843)	$ (11,631)
Deferred compensation shares and options, shares						7																	7
Deferred compensation shares and options, value	1,185					$ 1		1,370	(186)						1,185					(186)			$ 1,371
Increase (reduction) in unrealized net gain on available-for-sale securities	42,798										42,798				42,798							42,798
Pro rata share of amounts reclassified related to a nonconsolidated subsidiary	0														0
Pro rata share of other comprehensive loss of nonconsolidated subsidiaries	(1,537)										(1,537)				(1,537)							(1,537)
Increase (reduction) in value of interest rate swaps	(3,482)										(3,482)				(3,482)							(3,482)
Adjustments to carry redeemable Class A units at redemption value	(30,260)							(30,260)							(30,260)								(30,260)
Redeemable noncontrolling interests' share of above adjustments	(2,326)										(2,326)				(2,326)							(2,326)	$ 0
Other, shares						(1)																	(1)
Other, value	78				$ (1)	$ (1)		1	(7)		0	86			78				$ (1)	(7)		0	$ 0		86
Ending balance, shares at Sep. 30, 2016					42,827	188,994													42,827				188,994
Ending balance, value at Sep. 30, 2016	7,068,986				$ 1,038,111	$ 7,537		7,139,220	(1,951,411)		82,374	753,155			7,068,986				$ 1,038,111	(1,951,411)		82,374	$ 7,146,757		753,155
Beginning balance, shares at Dec. 31, 2016					42,825	189,101													42,825				189,101
Beginning balance, value at Dec. 31, 2016	7,618,496				$ 1,038,055	$ 7,542		7,153,332	(1,419,382)		118,972	719,977			7,618,496				$ 1,038,055	(1,419,382)		118,972	$ 7,160,874		719,977
Net income attributable to Vornado / Vornado Realty L.P.	183,084								183,084						192,141					192,141
Net income attributable to redeemable partnership units	(9,057)														(9,057)					(9,057)
Net income attributable to noncontrolling interests in consolidated subsidiaries	18,436		9,684									18,436			18,436										18,436
Dividends on common shares	(382,552)								(382,552)
Distributions to Vornado															(382,552)					(382,552)
Dividends on preferred shares / Distributions to preferred unitholders	(48,386)								(48,386)						(48,386)					(48,386)
Common shares issued: / Class A Units issued to Vornado
Upon redemption of Class A units, at redemption value, shares						349																	349
Upon redemption of Class A units, at redemption value, value	34,564					$ 14		34,550							34,564								$ 34,564
Under Vornado's employees' share option plan, shares						409																	409
Under Vornado's employees' share option plan, value	23,892					$ 15		23,877							23,892								$ 23,892
Under Vornado's dividend reinvestment plan, shares						12																	12
Under Vornado's dividend reinvestment plan, value	1,119					$ 0		1,119							1,119								$ 1,119
Contributions:
Contributions	1,044											1,044			1,044										1,044
Distributions:
Distributions	(25,663)	$ (2,430,427)	$ (20,851)	$ (1,815)			$ 0			$ (2,430,427)			$ (20,851)	$ (1,815)		$ (2,430,427)	$ (20,851)	$ (1,815)			$ (2,430,427)			$ 0		$ (20,851)	$ (1,815)
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 and options, shares						1																	1
Deferred compensation shares and options, value	1,557					$ 0		1,975	(418)						1,557					(418)			$ 1,975
Increase (reduction) in unrealized net gain on available-for-sale securities	(10,559)										(10,559)				(10,559)							(10,559)
Pro rata share of amounts reclassified related to a nonconsolidated subsidiary	8,622										8,622				8,622							8,622
Pro rata share of other comprehensive loss of nonconsolidated subsidiaries	(1,657)										(1,657)				(1,657)							(1,657)
Increase (reduction) in value of interest rate swaps	6,611										6,611				6,611							6,611
Adjustments to carry redeemable Class A units at redemption value	286,928							286,928							286,928								286,928
Redeemable noncontrolling interests' share of above adjustments	(188)							0			(188)				(188)							(188)	$ 0
Other, shares						4																	4
Other, value	(345)							(2)	(46)		0	(297)			(345)					(46)		0	$ (2)		(297)
Ending balance, shares at Sep. 30, 2017					42,823	189,878													42,823				189,878
Ending balance, value at Sep. 30, 2017	$ 5,287,573				$ 1,038,011	$ 7,571		$ 7,501,823	$ (4,098,127)		$ 121,801	$ 716,494			$ 5,287,573				$ 1,038,011	$ (4,098,127)		$ 121,801	$ 7,509,394		$ 716,494

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash Flows from Operating Activities:
Net income	$ 210,577	$ 277,378
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs)	407,539	446,040
Return of capital from real estate fund investments	80,294	71,888
Distributions of income from partially owned entities	65,097	56,853
Other non-cash adjustments	43,921	33,971
Straight-lining of rents	(37,752)	(118,798)
Amortization of below-market leases, net	(35,446)	(41,676)
Net realized and unrealized losses (gains) on real estate fund investments	18,537	(16,513)
Equity in net income of partially owned entities	(6,013)	(529)
Net gains on sale of real estate and other	(3,797)	(5,074)
Net gains on disposition of wholly owned and partially owned assets	(501)	(160,225)
Real estate impairment losses	0	161,165
Changes in operating assets and liabilities:
Tenant and other receivables, net	5,485	613
Prepaid assets	(70,949)	(58,998)
Other assets	(27,065)	(64,200)
Accounts payable and accrued expenses	27,609	4,793
Other liabilities	(15,911)	(14,274)
Net cash provided by operating activities	661,625	572,414
Cash Flows from Investing Activities:
Distributions of capital from partially owned entities	347,776	102,836
Development costs and construction in progress	(274,716)	(426,641)
Additions to real estate	(207,759)	(261,971)
Repayment of JBG SMITH Properties loan receivable	115,630	0
Investments in partially owned entities	(33,578)	(112,797)
Acquisitions of real estate and other	(11,841)	(91,100)
Proceeds from sales of real estate and related investments	9,543	167,673
Proceeds from repayments of mortgage loans receivable	650	33
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	(54,295)	(686,046)
Cash Flows from Financing Activities:
Cash and cash equivalents and restricted cash included in the spin-off of JBG SMITH Properties ($275,000 plus The Bartlett financing proceeds less transaction costs and other mortgage items)	(416,237)	0
Dividends paid on common shares / Distributions to Vornado	(382,552)	(356,863)
Proceeds from borrowings	229,042	2,000,604
Repayments of borrowings	(177,109)	(1,591,554)
Dividends paid on preferred shares / Distributions to preferred unitholders	(48,386)	(64,006)
Distributions to noncontrolling interests / Distributions to redeemable security holders and noncontrolling interest in consolidated subsidiaries	(48,329)	(95,055)
Proceeds received from exercise of employee share options / Proceeds received from exercise of Vornado stock options	25,011	7,020
Debt issuance and other costs	(2,944)	(30,846)
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries	1,044	11,900
Repurchase of shares / Class A units related to stock compensation agreements and related tax withholdings and other	(418)	(186)
Redemption of preferred shares / units	0	(246,250)
Net cash used in financing activities	(820,878)	(365,236)
Net decrease in cash and cash equivalents and restricted cash	(213,548)	(478,868)
Cash and cash equivalents and restricted cash at beginning of period	1,599,331	1,943,515
Cash and cash equivalents and restricted cash at end of period	1,385,783	1,464,647
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	95,032	99,943
Restricted cash included in discontinued operations at beginning of period	3,272	7,865
Cash and cash equivalents and restricted cash at beginning of period	1,599,331	1,943,515
Cash and cash equivalents at end of period	1,282,230	1,352,697
Restricted cash at end of period	103,553	108,976
Restricted cash included in discontinued operations at end of period	0	2,974
Cash and cash equivalents and restricted cash at end of period	1,385,783	1,464,647
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest, excluding capitalized interest of $31,243 and $21,297	257,173	275,979
Cash payments for income taxes	5,292	7,602
Non-cash distribution to JBG SMITH Properties:
Assets	3,432,738	0
Liabilities	(1,414,186)	0
Equity	(2,018,552)	0
Adjustments to carry redeemable Class A units at redemption value	286,928	(30,260)
Loan receivable established upon the spin-off of JBG SMITH Properties	115,630	0
Accrued capital expenditures included in accounts payable and accrued expenses	69,033	129,704
Write-off of fully depreciated assets	(41,458)	(283,496)
(Reduction) increase in unrealized net gain on available-for-sale securities	(10,559)	42,798
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	210,577	277,378
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs)	407,539	446,040
Return of capital from real estate fund investments	80,294	71,888
Distributions of income from partially owned entities	65,097	56,853
Other non-cash adjustments	43,921	33,971
Straight-lining of rents	(37,752)	(118,798)
Amortization of below-market leases, net	(35,446)	(41,676)
Net realized and unrealized losses (gains) on real estate fund investments	18,537	(16,513)
Equity in net income of partially owned entities	(6,013)	(529)
Net gains on sale of real estate and other	(3,797)	(5,074)
Net gains on disposition of wholly owned and partially owned assets	(501)	(160,225)
Real estate impairment losses	0	161,165
Changes in operating assets and liabilities:
Tenant and other receivables, net	5,485	613
Prepaid assets	(70,949)	(58,998)
Other assets	(27,065)	(64,200)
Accounts payable and accrued expenses	27,609	4,793
Other liabilities	(15,911)	(14,274)
Net cash provided by operating activities	661,625	572,414
Cash Flows from Investing Activities:
Distributions of capital from partially owned entities	347,776	102,836
Development costs and construction in progress	(274,716)	(426,641)
Additions to real estate	(207,759)	(261,971)
Repayment of JBG SMITH Properties loan receivable	115,630	0
Investments in partially owned entities	(33,578)	(112,797)
Acquisitions of real estate and other	(11,841)	(91,100)
Proceeds from sales of real estate and related investments	9,543	167,673
Proceeds from repayments of mortgage loans receivable	650	33
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	(54,295)	(686,046)
Cash Flows from Financing Activities:
Cash and cash equivalents and restricted cash included in the spin-off of JBG SMITH Properties ($275,000 plus The Bartlett financing proceeds less transaction costs and other mortgage items)	(416,237)	0
Dividends paid on common shares / Distributions to Vornado	(382,552)	(356,863)
Proceeds from borrowings	229,042	2,000,604
Repayments of borrowings	(177,109)	(1,591,554)
Dividends paid on preferred shares / Distributions to preferred unitholders	(48,386)	(64,006)
Distributions to noncontrolling interests / Distributions to redeemable security holders and noncontrolling interest in consolidated subsidiaries	(48,329)	(95,055)
Proceeds received from exercise of employee share options / Proceeds received from exercise of Vornado stock options	25,011	7,020
Debt issuance and other costs	(2,944)	(30,846)
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries	1,044	11,900
Repurchase of shares / Class A units related to stock compensation agreements and related tax withholdings and other	(418)	(186)
Redemption of preferred shares / units	0	(246,250)
Net cash used in financing activities	(820,878)	(365,236)
Net decrease in cash and cash equivalents and restricted cash	(213,548)	(478,868)
Cash and cash equivalents and restricted cash at beginning of period	1,599,331	1,943,515
Cash and cash equivalents and restricted cash at end of period	1,385,783	1,464,647
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	95,032	99,943
Restricted cash included in discontinued operations at beginning of period	3,272	7,865
Cash and cash equivalents and restricted cash at beginning of period	1,599,331	1,943,515
Cash and cash equivalents at end of period	1,282,230	1,352,697
Restricted cash at end of period	103,553	108,976
Restricted cash included in discontinued operations at end of period	0	2,974
Cash and cash equivalents and restricted cash at end of period	1,385,783	1,464,647
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest, excluding capitalized interest of $31,243 and $21,297	257,173	275,979
Cash payments for income taxes	5,292	7,602
Non-cash distribution to JBG SMITH Properties:
Assets	3,432,738	0
Liabilities	(1,414,186)	0
Equity	(2,018,552)	0
Adjustments to carry redeemable Class A units at redemption value	286,928	(30,260)
Loan receivable established upon the spin-off of JBG SMITH Properties	115,630	0
Accrued capital expenditures included in accounts payable and accrued expenses	69,033	129,704
Write-off of fully depreciated assets	(41,458)	(283,496)
(Reduction) increase in unrealized net gain on available-for-sale securities	(10,559)	42,798
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 (Unaudited) (Parentheticals) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Capitalized interest	$ 31,243	$ 21,297
Cash and cash equivalents and restricted cash included in the spin-off of JBG SMITH Properties (excluding The Bartlett financing proceeds, transaction costs and other mortgage adjustments)	416,237	0
JBGS
Cash and cash equivalents and restricted cash included in the spin-off of JBG SMITH Properties (excluding The Bartlett financing proceeds, transaction costs and other mortgage adjustments)	(275,000)
Vornado Realty L.P.
Capitalized interest	31,243	21,297
Cash and cash equivalents and restricted cash included in the spin-off of JBG SMITH Properties (excluding The Bartlett financing proceeds, transaction costs and other mortgage adjustments)	416,237	$ 0
Vornado Realty L.P. | JBGS
Cash and cash equivalents and restricted cash included in the spin-off of JBG SMITH Properties (excluding The Bartlett financing proceeds, transaction costs and other mortgage adjustments)	$ (275,000)

Organization

Organization	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Vornado Realty Trust (“Vornado”) is a fully integrated real estate investment trust (“REIT”) and conducts its business through, and substantially all of its interests in properties are held by, Vornado Realty L.P., a Delaware limited partnership (the “Operating Partnership”). Vornado is the sole general partner of, and owned approximately 93.5% of the common limited partnership interest in, the Operating Partnership as of September 30, 2017 . All references to the “Company,” “we,” “us,” and “our” mean collectively Vornado, the Operating Partnership and those entities/subsidiaries consolidated by Vornado.

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2017
Basis of Presentation [Abstract]
Basis Of Presentation	Basis of Presentation The accompanying consolidated financial statements are unaudited and include the accounts of Vornado and the Operating Partnership and their consolidated subsidiaries. All inter-company amounts have been eliminated. 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 included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K, as amended, for the year ended December 31, 2016 , as filed with the SEC. As a result of the spin-off of our Washington, DC segment, effective July 1, 2017, the historical results of our Washington, DC segment are reflected in our consolidated financial statements as discontinued operations for all periods presented. We have made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three and nine months ended September 30, 2017 are not necessarily indicative of the operating results for the full year.

Recently Issued Accounting Lite

Recently Issued Accounting Literature	9 Months Ended
	Sep. 30, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recently Issued Accounting Literature	Recently Issued Accounting Literature In May 2014, the Financial Accounting Standards Board (“FASB”) issued an update ("ASU 2014-09") establishing Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). ASU 2014-09, as amended by subsequent ASUs on the topic, establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. This standard, which is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2017, requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. We will adopt this standard effective January 1, 2018, with the exception of the components of revenue from leases, which has been deferred until the adoption of the update ASU 2016-02 to ASC Topic 842, Leases, on January 1, 2019. We will utilize the modified retrospective method when adopting ASU 2014-09, which requires a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. We have analyzed our revenue streams and identified the areas that we expect to be impacted by the adoption of this standard. We expect this standard will have an impact on the classification of reimbursements of real estate taxes and insurance expenses and certain non-lease components of revenue (e.g., reimbursements of common area maintenance expenses) from leases with no material impact on "total revenues", for new leases executed on or after January 1, 2019. We are in the process of completing the evaluation of the overall impact of this standard on our consolidated financial statements, including required informational disclosures for our revenue streams beginning with the first reporting period after adoption. 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. We will adopt this standard effective January 1, 2018. While the adoption of this standard requires us to continue to measure “marketable securities” at fair value at each reporting date, the changes in fair value will be recognized in current period earnings as opposed to “other comprehensive income (loss).” 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 accounted 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. We are currently evaluating the overall impact of the adoption of ASU 2016-02 on our consolidated financial statements and believe that the standard will more significantly 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 upon adoption of this standard. We also expect that this standard will require us to allocate total consideration from leases between lease and non-lease components based on the estimated stand-alone selling prices of the components. The lease components (e.g., base rent) will continue to be recognized on a straight-line basis over the term of the lease and certain non-lease components (e.g., reimbursements of common area maintenance expenses) will be accounted for under the new revenue recognition guidance of ASU 2014-09. As a result, we expect that this standard will have an impact on the classification of reimbursements of real estate taxes, insurance expenses and common area maintenance expenses on our consolidated statements of income, with no impact on "total revenue", for new leases executed on or after January 1, 2019. Under ASU 2016-02, initial direct costs for both lessees and lessors would include only those costs that are incremental to the arrangement and would not have been incurred if the lease had not been obtained. As a result, we may no longer be able to capitalize internal leasing costs and instead may be required to expense these costs as incurred. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018, with early adoption permitted. We will adopt this standard effective January 1, 2019 using the modified retrospective approach and will elect to use the practical expedients provided by this standard. 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 was effective for interim and annual reporting periods in fiscal years beginning after December 15, 2016. The adoption of this update as of January 1, 2017 did not have a material impact on our consolidated financial statements. 3 . Recently Issued Accounting Literature - continued 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 relation 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 policies, 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 principle. 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 our 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 distributions 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 income 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 $ 1,839,000 for the nine months ended September 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 statement 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 primarily 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 taxes, 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 nonfinancial assets with the model for transactions in ASC 606. ASU 2017-05 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. The adoption of this standard on January 1, 2018 is not expected to have an 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 on January 1, 2018 is not expected to have an impact on our consolidated financial statements. In August 2017, the FASB issued an update (“ASU 2017-12”) Targeted Improvements to Accounting for Hedging Activities to ASC Topic 815, Derivatives and Hedging (“ASC 815”) . ASU 2017-12 amends the hedge accounting recognition and presentation requirements in ASC 815. The update is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting and increase transparency as to the scope and results of hedge programs. ASU 2017-12 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the impact of the adoption of ASU 2017-12 on our consolidated financial statements, but do not believe the adoption of this standard will have a material impact on our consolidated financial statements.

Real Estate Fund Investments

Real Estate Fund Investments	9 Months Ended
	Sep. 30, 2017
Real Estate Fund Investments [Abstract]
Real Estate Fund Investments	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 consolidate the accounts of the Fund into our consolidated financial statements, retaining the fair value basis of accounting. We are also the general partner and investment manager of the Crowne Plaza Times Square Hotel Joint Venture (the “Crowne Plaza Joint Venture”) and own a 57.1% interest in the joint venture which owns the 24.7% interest in the Crowne Plaza Times Square Hotel not owned by the Fund. The Crowne Plaza Joint Venture is also accounted for under ASC 946 and we consolidate the accounts of the joint venture into our consolidated financial statements, retaining the fair value basis of accounting. On September 29, 2017, the Fund completed the sale of 800 Corporate Pointe in Culver City, CA for $148,000,000 . From the inception of this investment through its disposition, the Fund realized a $35,620,000 net gain. As of September 30, 2017 , we had five real estate fund investments through the Fund and the Crowne Plaza Joint Venture with an aggregate fair value of $351,750,000 , or $95,136,000 in excess of cost, and had remaining unfunded commitments of $117,872,000 , of which our share was $ 34,502,000 . Below is a summary of income from the Fund and the Crowne Plaza Joint Venture for the three and nine months ended September 30, 2017 and 2016 . (Amounts in thousands) For the Three Months Ended For the Nine Months Ended 2017 2016 2017 2016 Net investment income $ 6,028 $ 5,841 $ 16,888 $ 12,237 Net realized gains on exited investments 35,620 — 35,861 14,676 Previously recorded unrealized gains on exited investment (36,736 ) — (25,538 ) (14,254 ) Net unrealized (loss) gain on held investments (11,220 ) (4,764 ) (28,860 ) 16,091 (Loss) income from real estate fund investments (6,308 ) 1,077 (1,649 ) 28,750 Less income attributable to noncontrolling interests in consolidated subsidiaries (1,486 ) (270 ) (9,684 ) (15,088 ) (Loss) income from real estate fund investments attributable to the Operating Partnership (1) (7,794 ) 807 (11,333 ) 13,662 Less loss (income) attributable to noncontrolling interests in the Operating Partnership 485 (49 ) 706 (843 ) (Loss) income from real estate fund investments attributable to Vornado $ (7,309 ) $ 758 $ (10,627 ) $ 12,819 ____________________ (1) Excludes $744 and $804 of management and leasing fees for the three months ended September 30, 2017 and 2016 , respectively, and $3,125 and $2,499 for the nine months ended September 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	9 Months Ended
	Sep. 30, 2017
Marketable Securities [Abstract]
Marketable Securities	Below is a summary of our marketable securities portfolio as of September 30, 2017 and December 31, 2016 . (Amounts in thousands) As of September 30, 2017 As of December 31, 2016 Fair Value GAAP Cost Unrealized Gain Fair Value GAAP Cost Unrealized Gain Equity securities: Lexington Realty Trust $ 188,753 $ 72,549 $ 116,204 $ 199,465 $ 72,549 $ 126,916 Other 4,392 650 3,742 4,239 650 3,589 $ 193,145 $ 73,199 $ 119,946 $ 203,704 $ 73,199 $ 130,505

Investments in Partially Owned

Investments in Partially Owned Entities	9 Months Ended
	Sep. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Investments in Partially Owned Entities	Investments in Partially Owned Entities Alexander’s, Inc. (“Alexander’s”) (NYSE: ALX) As of September 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 September 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 September 29, 2017 quarter ended closing share price of $424.09 , was $701,474,000 , or $575,842,000 in excess of the carrying amount on our consolidated balance sheet. As of September 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 $39,418,000 . The majority of this basis difference resulted from the excess of our purchase price for the Alexander’s common stock acquired over the book value of Alexander’s net assets. Substantially all of this basis difference was allocated, based on our estimates of the fair values of Alexander’s assets and liabilities, to real estate (land and buildings). We are amortizing the basis difference related to the buildings into earnings as additional depreciation expense over their estimated useful lives. This depreciation is not material to our share of equity in Alexander’s net income. The basis difference related to the land will be recognized upon disposition of our investment. On June 1, 2017, Alexander’s completed a $500,000,000 refinancing of the office portion of 731 Lexington Avenue. The interest-only loan is at LIBOR plus 0.90% ( 2.14% at September 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 6.00% . 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 2021. Urban Edge Properties (“UE”) (NYSE: UE) As of September 30, 2017 , we own 5,717,184 UE operating partnership units, representing a 4.5% ownership interest in UE. We account for our investment in UE under the equity method and record our share of UE’s net income or loss on a one -quarter lag basis. In 2017 and 2016 , we provided UE with information technology support. UE is providing us with leasing and property management services for (i) certain small retail properties that we plan to sell, and (ii) our affiliate, Alexander’s, Rego Park retail assets. As of September 30, 2017 , the fair value of our investment in UE, based on UE’s September 29, 2017 quarter ended closing share price of $24.12 , was $137,898,000 , or $91,356,000 in excess of the carrying amount on our consolidated balance sheet. During the three and nine months ended September 30, 2017 , UE issued approximately 6,250,000 and 20,250,000 operating partnership units related to property acquisitions and public offerings of its common stock. As a result, our ownership interest in UE decreased to 4.5% 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. Accordingly, during the three and nine months ended September 30, 2017 , we recorded $5,200,000 and $21,100,000 , respectively, of net gains in connection with these issuances which are included in “(loss) income from partially owned entities” on our consolidated statements of income. Pennsylvania Real Estate Investment Trust (“PREIT”) (NYSE: PEI) As of September 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. Based on PREIT’s September 29, 2017 quarter ended closing share price of $10.49 , the market value (“fair value” pursuant to ASC Topic 323, Investments - Equity Method and Joint Ventures ) of our investment in PREIT was $65,563,000 or $44,465,000 below the carrying amount on our consolidated balance sheet. We have concluded that our investment in PREIT is “other-than-temporarily” impaired and recorded a $44,465,000 non-cash impairment loss on our consolidated statements of income. Our conclusion was based on a sustained trading value of PREIT stock below our carrying amount and our inability to forecast a recovery in the near-term. 6 . Investments in Partially Owned Entities - continued Pennsylvania Real Estate Investment Trust (“PREIT”) (NYSE: PEI) - continued As of September 30, 2017 , the carrying amount of our investment in PREIT exceeds our share of the equity in the net assets of PREIT by approximately $33,399,000 . The majority of this basis difference resulted from the excess of the fair value of the PREIT operating units received over our share of the book value of PREIT’s net assets. Substantially all of this basis difference was allocated, based on our estimates of the fair values of PREIT’s assets and liabilities, to real estate (land and buildings). We are amortizing the basis difference related to the buildings into earnings as additional depreciation expense over their estimated useful lives. This depreciation is not material to our share of equity in PREIT’s net loss. The basis difference related to the land will be recognized upon disposition of our investment. Moynihan Office Building 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 Moynihan 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 payments 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 loan is at LIBOR plus 3.25% ( 4.48% at September 30, 2017 ) and matures in June 2019 with two 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 obligations. Under the design-build agreement, Skanska Moynihan Train Hall Builders is obligated to fulfill all of the joint venture’s obligations. The obligations of Skanska Moynihan Train Hall Builders have been bonded by Skanska USA and bears a full guaranty from Skanska 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 racetrack in 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 of principal and $6,129,000 of accrued interest on our debt investments in Suffolk Downs JV, resulting in a net gain of $11,373,000 . 330 Madison Avenue On July 19, 2017, the joint venture, in which we have a 25.0% interest, completed a $500,000,000 refinancing of 330 Madison Avenue, an 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 $150,000,000 LIBOR plus 1.30% mortgage and closing costs, was approximately $85,000,000 . 280 Park Avenue On August 23, 2017, the joint venture, in which we have a 50.0% interest, completed a $1.2 billion refinancing of 280 Park Avenue, a 1,250,000 square foot Manhattan office building. The loan is interest-only at LIBOR plus 1.73% ( 2.97% at September 30, 2017 ) and matures in September 2019 with five one -year extension options. Our share of net proceeds, after repayment of the existing $900,000,000 LIBOR plus 2.00% mortgage and closing costs, was approximately $140,000,000 . 6 . Investments in Partially Owned Entities - continued Toys "R" Us, Inc. ("Toys") We own 32.5% of Toys. On September 18, 2017, Toys filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code. We carry our Toys investment at zero . Further, we do not hold any debt of Toys and do not guarantee any of Toys’ obligations. For income tax purposes, we carry our investment in Toys at approximately $420,000,000 which could result in a tax deduction in future periods. Below is a schedule summarizing our investments in partially owned entities. (Amounts in thousands) Percentage Ownership at Balance as of September 30, 2017 September 30, 2017 December 31, 2016 Investments: Partially owned office buildings/land (1) Various $ 542,778 $ 734,536 Alexander’s 32.4% 125,632 129,324 PREIT 8.0% 66,477 122,883 UE 4.5% 46,542 24,523 Other investments (2) Various 283,553 366,988 $ 1,064,982 $ 1,378,254 330 Madison Avenue (3) 25.0% $ (53,237 ) $ — 7 West 34th Street (4) 53.0% (46,013 ) (43,022 ) $ (99,250 ) $ (43,022 ) ____________________ (1) Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 666 Fifth Avenue (Office), 330 Madison Avenue (2016 only - see (3) below), 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, Moynihan Office Building, Toys (which has a carrying amount of zero), and others. (3) Our negative basis resulted from a refinancing distribution and is included in "other liabilities" on our consolidated balance sheets as of September 30, 2017. (4) 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. 6 . Investments in Partially Owned Entities - continued Below is a schedule of net (loss) income from partially owned entities. (Amounts in thousands) Percentage Ownership at September 30, 2017 For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Our share of net (loss) income: PREIT (see page 23 for details): Non-cash impairment loss 8.0% $ (44,465 ) $ — $ (44,465 ) $ — Equity in net earnings (5,283 ) 52 (9,015 ) (4,763 ) (49,748 ) 52 (53,480 ) (4,763 ) Alexander's (see page 23 for details): Equity in net earnings 32.4% 6,510 6,891 20,092 20,640 Management, leasing and development fees 1,335 1,894 4,351 5,307 7,845 8,785 24,443 25,947 UE (see page 23 for details): Net gain resulting from UE operating partnership unit issuances 4.5% 5,200 — 21,100 — Equity in net earnings 708 1,949 4,693 3,896 Management fees 100 209 518 627 6,008 2,158 26,311 4,523 Partially owned office buildings/land (1) Various (5,551 ) (8,642 ) (23,508 ) (29,882 ) Other investments (2) Various (355 ) 1,458 31,812 8,067 $ (41,801 ) $ 3,811 $ 5,578 $ 3,892 ____________________ (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, 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	9 Months Ended
	Sep. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	Dispositions Discontinued Operations On July 17, 2017, we completed the spin-off of our Washington, DC segment comprised of (i) 37 office properties totaling over 11.1 million square feet, five multifamily properties with 3,133 units and five other assets 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 (iii) $412.5 million of cash ( $275.0 million plus The Bartlett financing proceeds less transaction costs and other mortgage items) to JBG SMITH Properties (“JBGS”). On July 18, 2017, JBGS was combined with the management business and certain Washington, DC assets of The JBG Companies (“JBG”), a Washington, DC real estate company. Steven Roth, the Chairman of the Board of Trustees and Chief Executive Officer of Vornado, is the Chairman of the Board of Trustees of JBGS. Mitchell 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 effected 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 the holders of its common units of all of the outstanding common units of JBG SMITH Properties LP (“JBGSLP”) at the rate of one JBGSLP common unit for every two common units of VRLP held of record. See JBGS’ Amendment No. 3 on Form 10 (File No. 1-37994) 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 are reflected in our consolidated financial statements as discontinued operations for all periods presented. On June 20, 2017, we completed a $220,000,000 financing of The Bartlett residential building. The five -year interest-only loan is at LIBOR plus 1.70% ( 2.90% at September 30, 2017), and matures in June 2022. On July 17, 2017, the property, the loan and the $217,000,000 of net proceeds were transferred to JBGS in connection with the tax-free spin-off of our Washington, DC segment. On July 17, 2017, prior to completion of the tax-free spin-off of our Washington, DC segment, we repaid the $43,581,000 LIBOR plus 1.25% mortgage encumbering 1700 and 1730 M Street which was scheduled to mature in August 2017. The unencumbered property was then transferred to JBGS in connection with the tax-free spin-off of our Washington, DC segment. 7 . Dispositions - continued Discontinued Operations - continued The tables below set forth the assets and liabilities related to discontinued operations as of September 30, 2017 and December 31, 2016 and their combined results of operations and cash flows for the three and nine months ended September 30, 2017 and 2016 . (Amounts in thousands) Balance as of September 30, 2017 December 31, 2016 Assets related to discontinued operations: Real estate, net $ — $ 3,222,720 Other assets 1,774 345,893 $ 1,774 $ 3,568,613 Liabilities related to discontinued operations: Mortgages payable, net $ — $ 1,165,015 Other liabilities 3,602 94,428 $ 3,602 $ 1,259,443 (Amounts in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 (Loss) income from discontinued operations: Total revenues $ 25,747 $ 134,912 $ 260,969 $ 392,108 Total expenses 21,708 109,506 211,930 331,377 4,039 25,406 49,039 60,731 JBG SMITH Properties spin-off transaction costs (53,581 ) (2,739 ) (67,045 ) (4,597 ) Net gains on sale of real estate and a lease position 1,530 2,864 3,797 5,074 Income (loss) from partially owned assets 93 316 435 (3,363 ) Impairment losses — (465 ) — (161,165 ) Pretax (loss) income from discontinued operations (47,919 ) 25,382 (13,774 ) (103,320 ) Income tax expense (11 ) (302 ) (727 ) (884 ) (Loss) income from discontinued operations $ (47,930 ) $ 25,080 $ (14,501 ) $ (104,204 ) (Amounts in thousands) For the Nine Months Ended September 30, 2017 2016 Cash flows related to discontinued operations: Cash flows from operating activities $ 39,581 $ 107,797 Cash flows from investing activities (48,377 ) (176,374 )

Identified Intangible Assets an

Identified Intangible Assets and Liabilities	9 Months Ended
	Sep. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
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 September 30, 2017 and December 31, 2016 . (Amounts in thousands) Balance as of September 30, 2017 December 31, 2016 Identified intangible assets: Gross amount $ 310,881 $ 384,090 Accumulated amortization (144,683 ) (194,422 ) Total, net $ 166,198 $ 189,668 Identified intangible liabilities (included in deferred revenue): Gross amount $ 544,956 $ 550,454 Accumulated amortization (326,661 ) (298,238 ) Total, net $ 218,295 $ 252,216 Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental income of $11,054,000 and $11,529,000 for the three months ended September 30, 2017 and 2016 , respectively, and $34,758,000 and $40,664,000 for the nine months ended September 30, 2017 and 2016 , respectively. Estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding years commencing January 1, 2018 is as follows: (Amounts in thousands) 2018 $ 42,556 2019 30,820 2020 22,185 2021 17,370 2022 14,271 Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $6,069,000 and $6,646,000 for the three months ended September 30, 2017 and 2016 , respectively, and $19,896,000 and $22,319,000 for the nine months ended September 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 $ 19,510 2019 15,229 2020 12,020 2021 11,041 2022 9,433 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 $437,000 and $437,000 for the three months ended September 30, 2017 and 2016 , respectively, and $1,310,000 and $1,310,000 for the nine months ended September 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 $ 1,747 2019 1,747 2020 1,747 2021 1,747 2022 1,747

Debt

Debt	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Debt	Debt The following is a summary of our debt: (Amounts in thousands) Balance as of Interest Rate at September 30, 2017 September 30, 2017 December 31, 2016 Mortgages Payable: Fixed rate 3.65% $ 5,466,886 $ 5,479,547 Variable rate 3.12% 2,737,877 2,727,133 Total 3.47% 8,204,763 8,206,680 Deferred financing costs, net and other (73,157 ) (93,432 ) Total, net $ 8,131,606 $ 8,113,248 Unsecured Debt: Senior unsecured notes 3.68% $ 850,000 $ 850,000 Deferred financing costs, net and other (3,359 ) (4,423 ) Senior unsecured notes, net 846,641 845,577 Unsecured term loan 2.39% 375,000 375,000 Deferred financing costs, net and other (1,646 ) (2,785 ) Unsecured term loan, net 373,354 372,215 Unsecured revolving credit facilities —% — 115,630 Total, net $ 1,219,995 $ 1,333,422

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests / Redeemable Partnership Units	9 Months Ended
	Sep. 30, 2017
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interests / Redeemable Partnership Units	Redeemable Noncontrolling Interests/Redeemable Partnership Units Redeemable noncontrolling interests on Vornado’s consolidated balance sheets and redeemable partnership units on the consolidated balance sheets of the Operating Partnership are primarily comprised of Class A Operating Partnership units held by third parties and are recorded at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’ capital” on the consolidated balance sheets of the Operating Partnership. (Amounts in thousands) Balance as of December 31, 2015 $ 1,229,221 Net income 11,410 Other comprehensive income 2,326 Distributions (23,582 ) Redemption of Class A units for common shares/units, at redemption value (28,126 ) Adjustments to carry redeemable Class A units at redemption value 30,260 Other, net 26,814 Balance as of September 30, 2016 $ 1,248,323 Balance as of December 31, 2016 $ 1,278,446 Net income 9,057 Other comprehensive income 188 Distributions (25,663 ) Redemption of Class A units for common shares/units, at redemption value (34,564 ) Adjustments to carry redeemable Class A units at redemption value (including $224,069 attributable to the spin-off of JBGS) (286,928 ) Other, net 30,168 Balance as of September 30, 2017 $ 970,704 As of September 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 $965,276,000 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 sheets and aggregated $50,561,000 as of September 30, 2017 and December 31, 2016 . Changes in the value from period to period, if any, are charged to “interest and debt expense” on our consolidated statements of income.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income ("AOCI")	9 Months Ended
	Sep. 30, 2017
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income ("AOCI")	Accumulated Other Comprehensive Income ("AOCI") The following tables set forth the changes in accumulated other comprehensive income by component. (Amounts in thousands) Total Securities available- for-sale Pro rata share of nonconsolidated subsidiaries' OCI Interest rate swaps Other For the Three Months Ended September 30, 2017 Balance as of June 30, 2017 $ 115,839 $ 114,290 $ (3,821 ) $ 12,702 $ (7,332 ) OCI before reclassifications 6,608 5,656 (626 ) 1,976 (398 ) Amounts reclassified from AOCI (646 ) — (646 ) (1) — — Net current period OCI 5,962 5,656 (1,272 ) 1,976 (398 ) Balance as of September 30, 2017 $ 121,801 $ 119,946 $ (5,093 ) $ 14,678 $ (7,730 ) For the Three Months Ended September 30, 2016 Balance as of June 30, 2016 $ 72,556 $ 117,561 $ (9,941 ) $ (30,538 ) $ (4,526 ) OCI before reclassifications 9,818 3,685 (915 ) 7,688 (640 ) Amounts reclassified from AOCI — — — — — Net current period OCI 9,818 3,685 (915 ) 7,688 (640 ) Balance as of September 30, 2016 $ 82,374 $ 121,246 $ (10,856 ) $ (22,850 ) $ (5,166 ) For the Nine Months Ended September 30, 2017 Balance as of December 31, 2016 $ 118,972 $ 130,505 $ (12,058 ) $ 8,066 $ (7,541 ) OCI before reclassifications (5,793 ) (10,559 ) (1,657 ) 6,612 (189 ) Amounts reclassified from AOCI 8,622 — 8,622 (1) — — Net current period OCI 2,829 (10,559 ) 6,965 6,612 (189 ) Balance as of September 30, 2017 $ 121,801 $ 119,946 $ (5,093 ) $ 14,678 $ (7,730 ) For the Nine Months Ended September 30, 2016 Balance as of December 31, 2015 $ 46,921 $ 78,448 $ (9,319 ) $ (19,368 ) $ (2,840 ) OCI before reclassifications 35,453 42,798 (1,537 ) (3,482 ) (2,326 ) Amounts reclassified from AOCI — — — — — Net current period OCI 35,453 42,798 (1,537 ) (3,482 ) (2,326 ) Balance as of September 30, 2016 $ 82,374 $ 121,246 $ (10,856 ) $ (22,850 ) $ (5,166 ) ____________________ (1) Reclassified upon receipt of proceeds related to the sale of an investment by a nonconsolidated subsidiary.

Variable Interest Entities ("VI

Variable Interest Entities ("VIEs")	9 Months Ended
	Sep. 30, 2017
Variable Interest Entities [Abstract]
Variable Interest Entities ("VIEs")	Variable Interest Entities ("VIEs") Unconsolidated VIEs As of September 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 in these entities under the equity method (see Note 6 – Investments in Partially Owned Entities ). As of September 30, 2017 and December 31, 2016 , the net carrying amount of our investments in these entities was $350,920,000 and $392,150,000 , respectively, and our maximum exposure 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 certain properties that have noncontrolling 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 September 30, 2017 , the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $3,632,567,000 and $1,763,223,000 , respectively. As of December 31, 2016 , the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $3,638,483,000 and $1,762,322,000 , respectively.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	ASC 820 defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment is necessary to interpret Level 2 and 3 inputs in determining the fair value of our financial and non-financial assets and liabilities. Accordingly, our fair value estimates, which are made at the end of each reporting period, may be different than the amounts that may ultimately be realized upon sale or disposition of these assets. Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis Financial assets and liabilities that are measured at fair value on our consolidated balance sheets consist of (i) marketable securities, (ii) real estate fund investments, (iii) the assets in our deferred compensation plan (for which there is a corresponding liability on our consolidated balance 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 levels in the fair value hierarchy as of September 30, 2017 and December 31, 2016 , respectively. (Amounts in thousands) As of September 30, 2017 Total Level 1 Level 2 Level 3 Marketable securities $ 193,145 $ 193,145 $ — $ — Real estate fund investments 351,750 — — 351,750 Deferred compensation plan assets ($2,501 included in restricted cash and $103,743 in other assets) 106,244 56,960 — 49,284 Interest rate swaps (included in other assets) 20,880 — 20,880 — Total assets $ 672,019 $ 250,105 $ 20,880 $ 401,034 Mandatorily redeemable instruments (included in other liabilities) $ 50,561 $ 50,561 $ — $ — Interest rate swap (included in other liabilities) 3,090 — 3,090 — Total liabilities $ 53,651 $ 50,561 $ 3,090 $ — 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 $116,996 in other assets) 121,183 63,739 — 57,444 Interest rate swaps (included in other assets) 21,816 — 21,816 — Total assets $ 808,835 $ 267,443 $ 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 $ — 13 . Fair Value Measurements - continued Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued Real Estate Fund Investments As of September 30, 2017 , we had five real estate fund investments with an aggregate fair value of $351,750,000 , or $95,136,000 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 flows for each investment over the anticipated holding period, which currently ranges from 0.8 to 3.3 years. Cash flows are derived from property rental revenue (base rents plus reimbursements) less operating expenses, real estate taxes and capital and other costs, plus projected sales proceeds in the year of exit. Property rental revenue is based on leases currently in place and our estimates for future leasing activity, which are based on current market rents for similar space plus a projected growth factor. 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 determined based on the net cash flow of the investment in the year of exit, divided by a terminal capitalization rate, less estimated selling costs. The fair value of each property is calculated by discounting the future cash flows (including the projected 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 value of each investment include capitalization rates and discount rates. These rates are based on the location, type and nature of each property, current and anticipated market conditions, industry publications and the experience of our Acquisitions and Capital Markets departments. Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of these real estate fund investments at September 30, 2017 and December 31, 2016 . Range Weighted Average (based on fair value of investments) Unobservable Quantitative Input September 30, 2017 December 31, 2016 September 30, 2017 December 31, 2016 Discount rates 10.0% to 14.9% 10.0% to 14.9% 12.5% 12.6% Terminal capitalization rates 4.7% to 5.8% 4.3% to 5.8% 5.4% 5.3% The above inputs are subject to change based on changes in economic and market conditions and/or changes in use or timing of exit. Changes in discount rates and terminal capitalization rates result in increases or decreases in the fair values of these investments. The discount rates encompass, among other things, uncertainties in the valuation models with respect to terminal capitalization rates and the amount and timing of cash flows. Therefore, a change in the fair value of these investments resulting from a change in the terminal capitalization rate may be partially offset by a change in the discount rate. It is not possible for us to predict the effect of future economic or market conditions on our estimated fair values. The table below summarizes the changes in the fair value of real estate fund investments that are classified as Level 3, for the three and nine months ended September 30, 2017 and 2016 . (Amounts in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Beginning balance $ 455,692 $ 524,150 $ 462,132 $ 574,761 Dispositions/distributions (91,606 ) — (91,606 ) (71,888 ) Net unrealized (loss) gain on held investments (11,220 ) (4,764 ) (28,860 ) 16,091 Net realized gains on exited investments 35,620 — 35,861 14,676 Previously recorded unrealized gains on exited investment (36,736 ) — (25,538 ) (14,254 ) Other, net — — (239 ) — Ending balance $ 351,750 $ 519,386 $ 351,750 $ 519,386 13 . Fair Value Measurements - continued 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 partnership and investment fund. The quarterly reports provide net asset values on a fair value basis which are audited by independent public accounting firms on an annual basis. The third party administrator does not adjust these values in determining our share of the net assets and we do not adjust these values when reported in our consolidated financial statements. The table below summarizes the changes in the fair value of deferred compensation plan assets that are classified as Level 3, for the three and nine months ended September 30, 2017 and 2016 . (Amounts in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Beginning balance $ 49,849 $ 60,140 $ 57,444 $ 59,186 Purchases 2,176 1,251 3,989 3,523 Sales (3,810 ) (3,737 ) (15,922 ) (5,888 ) Realized and unrealized gains (losses) 246 (1,055 ) 2,151 (743 ) Other, net 823 316 1,622 837 Ending balance $ 49,284 $ 56,915 $ 49,284 $ 56,915 Fair Value Measurements on a Nonrecurring Basis Assets measured at fair value on a nonrecurring basis on our consolidated balance sheets consist of our investment in PREIT that was written-down to its estimated fair value at September 30, 2017 . See Note 6 - Investments in Partially Owned Entities for details of the impairment loss related to PREIT recognized during 2017. There are no assets measured at fair value on a nonrecurring basis at December 31, 2016 . The table below presents the fair value of this asset by its level in the fair value hierarchy. (Amounts in thousands) As of September 30, 2017 Total Level 1 Level 2 Level 3 Investment in PREIT $ 65,563 $ 65,563 $ — $ — 13 . Fair Value Measurements - continued Financial Assets and Liabilities not Measured at Fair Value Financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash equivalents (primarily money market funds, which invest in obligations of the United States government), and our secured and unsecured debt. Estimates of the fair value of these instruments are determined by the standard practice of modeling the contractual cash flows required under the instrument and discounting them back to their present value at the appropriate current risk adjusted interest rate, which is provided by a third-party specialist. For floating rate debt, we use forward rates derived from observable market yield curves to project the expected cash flows we would be required to make under the instrument. The fair 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 classified as Level 2. The table below summarizes the carrying amounts and fair value of these financial instruments as of September 30, 2017 and December 31, 2016 . (Amounts in thousands) As of September 30, 2017 As of December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Cash equivalents $ 1,013,282 $ 1,013,282 $ 1,307,105 $ 1,307,105 Debt: Mortgages payable $ 8,204,763 $ 8,223,000 $ 8,206,680 $ 8,163,000 Senior unsecured notes 850,000 885,000 850,000 899,000 Unsecured term loan 375,000 375,000 375,000 375,000 Unsecured revolving credit facilities — — 115,630 116,000 Total $ 9,429,763 (1) $ 9,483,000 $ 9,547,310 (1) $ 9,553,000 ____________________ (1) Excludes $78,162 and $100,640 of deferred financing costs, net and other as of September 30, 2017 and December 31, 2016, respectively.

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based Compensation	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 Out-Performance Plan awards to certain of our employees and officers. We account for all equity-based compensation in accordance with ASC 718. Equity-based compensation expense was $5,693,000 and $6,117,000 for the three months ended September 30, 2017 and 2016 , respectively, and $27,319,000 and $27,903,000 for the nine months ended September 30, 2017 and 2016 , respectively.

Fee and Other Income

Fee and Other Income	9 Months Ended
	Sep. 30, 2017
Fee and Other Income [Abstract]
Fee and Other Income	Fee and Other Income The following table sets forth the details of fee and other income: (Amounts in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 BMS cleaning fees $ 26,429 $ 24,532 $ 75,925 $ 68,656 Management and leasing fees 2,330 1,935 7,382 5,694 Lease termination fees 991 1,819 5,947 7,123 Other income 3,542 2,357 8,958 6,561 $ 33,292 $ 30,643 $ 98,212 $ 88,034 Management and leasing fees include management fees from Interstate Properties, a related party, of $125,000 and $128,000 for the three months ended September 30, 2017 and 2016 , respectively, and $377,000 and $390,000 for the nine months ended September 30, 2017 and 2016 , respectively. The above table excludes fee income from partially owned entities, which is included in “(loss) income from partially owned entities” (see Note 6 – Investments in Partially Owned Entities ).

Interest and Other Investment I

Interest and Other Investment Income, Net	9 Months Ended
	Sep. 30, 2017
Interest and Other Income [Abstract]
Interest and Other Investment Income, Net	Interest and Other Investment Income, Net The following table sets forth the details of interest and other investment income, net: (Amounts in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Dividends on marketable securities $ 3,309 $ 3,354 $ 9,923 $ 9,799 Mark-to-market income of investments in our deferred compensation plan (1) 1,975 204 5,233 2,625 Interest on loans receivable 754 754 3,599 2,250 Other, net 3,268 2,147 9,045 5,447 $ 9,306 $ 6,459 $ 27,800 $ 20,121 ____________________ (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	9 Months Ended
	Sep. 30, 2017
Interest and Debt Expense [Abstract]
Interest And Debt Expense	Interest and Debt Expense The following table sets forth the details of interest and debt expense: (Amounts in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Interest expense $ 89,675 $ 79,648 $ 263,037 $ 247,172 Amortization of deferred financing costs 7,977 7,906 24,523 24,372 Capitalized interest and debt expense (12,584 ) (7,833 ) (34,979 ) (21,510 ) $ 85,068 $ 79,721 $ 252,581 $ 250,034

(Loss) Income Per Share _ (Loss

(Loss) Income Per Share / (Loss) Income Per Class A Unit	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
(Loss) Income Per Share / (Loss) Income Per Class A Unit	(Loss) Income Per Share/(Loss) Income Per Class A Unit Vornado Realty Trust The following table provides a reconciliation of both net (loss) income and the number of common shares used in the computation of (i) basic (loss) income per common share - which includes the weighted average number of common shares outstanding without regard to dilutive potential common shares, and (ii) diluted (loss) income per common share - which includes the weighted average common shares and dilutive share equivalents. Dilutive share equivalents may include our Series A convertible preferred shares, employee stock options, restricted stock awards and Out-Performance Plan awards. (Amounts in thousands, except per share amounts) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Numerator: Income from continuing operations, net of income attributable to noncontrolling interests $ 32,050 $ 69,037 $ 196,684 $ 337,339 (Loss) income from discontinued operations, net of income attributable to noncontrolling interests (44,948 ) 23,543 (13,600 ) (97,732 ) Net (loss) income attributable to Vornado (12,898 ) 92,580 183,084 239,607 Preferred share dividends (16,128 ) (19,047 ) (48,386 ) (59,774 ) Preferred share issuance costs (Series J redemption) — (7,408 ) — (7,408 ) Net (loss) income attributable to common shareholders (29,026 ) 66,125 134,698 172,425 Earnings allocated to unvested participating securities (9 ) (13 ) (37 ) (43 ) Numerator for basic (loss) income per share (29,035 ) 66,112 134,661 172,382 Impact of assumed conversions: Earnings allocated to Out-Performance Plan units — — 195 96 Numerator for diluted (loss) income per share $ (29,035 ) $ 66,112 $ 134,856 $ 172,478 Denominator: Denominator for basic (loss) income per share – weighted average shares 189,593 188,901 189,401 188,778 Effect of dilutive securities (1) : Employee stock options and restricted share awards 1,254 1,147 1,553 1,067 Out-Performance Plan units — — 303 241 Denominator for diluted (loss) income per share – weighted average shares and assumed conversions 190,847 190,048 191,257 190,086 (LOSS) INCOME PER COMMON SHARE – BASIC: Income from continuing operations, net $ 0.09 $ 0.23 $ 0.78 $ 1.43 (Loss) income from discontinued operations, net (0.24 ) 0.12 (0.07 ) (0.52 ) Net (loss) income per common share $ (0.15 ) $ 0.35 $ 0.71 $ 0.91 (LOSS) INCOME PER COMMON SHARE – DILUTED: Income from continuing operations, net $ 0.09 $ 0.23 $ 0.78 $ 1.42 (Loss) income from discontinued operations, net (0.24 ) 0.12 (0.07 ) (0.51 ) Net (loss) income per common share $ (0.15 ) $ 0.35 $ 0.71 $ 0.91 ____________________ (1) The effect of dilutive securities for the three months ended September 30, 2017 and 2016 excludes an aggregate of 12,413 and 12,315 weighted average common share equivalents, respectively, and 12,173 and 12,072 weighted average common share equivalents for the nine months ended September 30, 2017 and 2016 respectively, as their effect was anti-dilutive. 18 . (Loss) Income Per Share/(Loss) Income Per Class A Unit - continued Vornado Realty L.P. The following table provides a reconciliation of both net (loss) income and the number of Class A units used in the computation of (i) basic (loss) 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 (loss) income per Class A unit - which includes the weighted average Class A units and dilutive unit equivalents. Dilutive unit equivalents may include our Series A convertible preferred units, Vornado stock options, restricted unit awards and Out-Performance Plan awards. (Amounts in thousands, except per unit amounts) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Numerator: Income from continuing operations, net of income attributable to noncontrolling interests $ 33,154 $ 71,866 $ 206,642 $ 355,221 (Loss) income from discontinued operations (47,930 ) 25,080 (14,501 ) (104,204 ) Net (loss) income attributable to Vornado Realty L.P. (14,776 ) 96,946 192,141 251,017 Preferred unit distributions (16,176 ) (19,096 ) (48,531 ) (59,920 ) Preferred unit issuance costs (Series J redemption) — (7,408 ) — (7,408 ) Net (loss) income attributable to Class A unitholders (30,952 ) 70,442 143,610 183,689 Earnings allocated to unvested participating securities (740 ) (589 ) (2,499 ) (2,001 ) Numerator for basic and diluted (loss) income per Class A unit $ (31,692 ) $ 69,853 $ 141,111 $ 181,688 Denominator: Denominator for basic (loss) income per Class A unit – weighted average units 201,300 200,458 201,093 200,300 Effect of dilutive securities (1) : Vornado stock options and restricted unit awards 1,813 1,683 2,218 1,632 Denominator for diluted (loss) income per Class A unit – weighted average units and assumed conversions 203,113 202,141 203,311 201,932 (LOSS) INCOME PER CLASS A UNIT – BASIC: Income from continuing operations, net $ 0.08 $ 0.22 $ 0.77 $ 1.43 (Loss) income from discontinued operations, net (0.24 ) 0.13 (0.07 ) (0.52 ) Net (loss) income per Class A unit $ (0.16 ) $ 0.35 $ 0.70 $ 0.91 (LOSS) INCOME PER CLASS A UNIT – DILUTED: Income from continuing operations, net $ 0.08 $ 0.22 $ 0.76 $ 1.42 (Loss) income from discontinued operations, net (0.24 ) 0.13 (0.07 ) (0.52 ) Net (loss) income per Class A unit $ (0.16 ) $ 0.35 $ 0.69 $ 0.90 ____________________ (1) The effect of dilutive securities for the three months ended September 30, 2017 and 2016 excludes an aggregate of 147 and 222 weighted average Class A unit equivalents, respectively, and 118 and 226 weighted average Class A unit equivalents for the nine months ended September 30, 2017 and 2016 respectively, as their effect was anti-dilutive.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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 Insurance Program Reauthorization Act of 2015, which expires in December 2020. 19 . Commitments and Contingencies - continued Insurance - continued Penn Plaza Insurance Company, LLC (“PPIC”), our wholly owned consolidated subsidiary, acts as a re-insurer with respect to a portion of all risk property and rental value insurance and a portion of our earthquake insurance coverage, and as a direct insurer for coverage for acts of terrorism including NBCR acts. Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third party insurance companies and the Federal government with no exposure to PPIC. For NBCR acts, PPIC is responsible for a deductible of $1,976,000 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 responsible 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 the future. Our debt instruments, consisting of mortgage loans secured by our properties which are non-recourse to us, senior unsecured notes and revolving credit agreements contain customary covenants requiring us to maintain insurance. Although we believe that we have adequate insurance coverage for purposes of these agreements, we may not be able to obtain an equivalent amount of coverage at reasonable cost in the future. Further, if lenders insist on greater coverage than we are able to obtain, it could adversely affect our ability to finance our properties and expand our portfolio. Other Commitments and Contingencies We are from time to time involved in legal actions arising in the ordinary course of business. In our opinion, after consultation with legal counsel, the outcome of such matters is not currently expected to have a material adverse effect on our financial position, results of operations or cash flows. Each of our properties has been subjected to varying degrees of environmental assessment at various times. The environmental assessments did not reveal any material environmental contamination. However, there can be no assurance that the identification of new areas of contamination, changes in the extent or known scope of contamination, the discovery of additional sites or changes in cleanup requirements would not result in significant cost to us. Generally, our 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 September 30, 2017 , the aggregate dollar amount of these guarantees and master leases is approximately $676,000,000 . As of September 30, 2017 , $10,501,000 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 representations and warranties, and also contain customary events of default that could give rise to accelerated repayment, including such items as failure to pay interest or principal. In September 2016, our 50.1% joint venture with Related was designated by ESD, an entity of New York State to redevelop the historic Farley Post Office Building (see page 24). The joint venture entered into a development agreement with ESD and a design-build contract with Skanska Moynihan Train Hall Builders. Under the development agreement with ESD, the joint venture is obligated to build the Moynihan Train Hall, with Vornado and Related each guaranteeing the joint venture’s obligations. Under the design-build agreement, Skanska Moynihan Train Hall Builders is obligated to fulfill all of the joint venture’s obligations. The obligations of Skanska Moynihan Train Hall Builders have been bonded by Skanska USA and bears a full guaranty from Skanska AB. As of September 30, 2017 , we expect to fund additional capital to certain of our partially owned entities aggregating approximately $45,000,000 . As of September 30, 2017 , we have construction commitments aggregating approximately $489,000,000 .

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Segment Information	Segment Information As a result of the spin-off of our Washington, DC segment (see Note 7 - Dispositions ), effective July 1, 2017, the Washington, DC segment has been reclassified to the Other segment. We have also reclassified the prior period segment financial results to conform to the current period presentation. Below is a summary of net (loss) income and a reconciliation of net (loss) income to EBITDA (1) and NOI (1) by segment for the three months ended September 30, 2017 . (Amounts in thousands) For the Three Months Ended September 30, 2017 Total New York Other Total revenues $ 528,755 $ 453,609 $ 75,146 Total expenses 366,520 284,976 81,544 Operating income (loss) 162,235 168,633 (6,398 ) (Loss) income from partially owned entities (41,801 ) 1,411 (43,212 ) Loss from real estate fund investments (6,308 ) — (6,308 ) Interest and other investment income, net 9,306 1,413 7,893 Interest and debt expense (85,068 ) (61,529 ) (23,539 ) Income (loss) before income taxes 38,364 109,928 (71,564 ) Income tax expense (1,188 ) (1,087 ) (101 ) Income (loss) from continuing operations 37,176 108,841 (71,665 ) Loss from discontinued operations (47,930 ) — (47,930 ) Net (loss) income (10,754 ) 108,841 (119,595 ) Less net income attributable to noncontrolling interests in consolidated subsidiaries (4,022 ) (2,552 ) (1,470 ) Net (loss) income attributable to the Operating Partnership (14,776 ) 106,289 (121,065 ) Interest and debt expense (2) 113,438 84,907 28,531 Depreciation and amortization (2) 136,621 104,799 31,822 Income tax expense (2) 1,462 1,182 280 EBITDA (1) 236,745 297,177 (3) (60,432 ) (4) Acquisition and transaction related costs, including $53,581 for the spin-off of JBGS 53,642 — 53,642 Impairment loss on investment in PREIT 44,465 — 44,465 General and administrative expenses less $1,975 mark-to-market of our deferred compensation plan 35,495 9,479 26,016 Non-cash adjustments for straight-line rental income and expense and amortization of acquired below and above market leases, net (2) (23,304 ) (21,435 ) (1,869 ) Our share of net realized/unrealized losses from our real estate fund investments 10,394 — 10,394 Net gain resulting from UE operating partnership unit issuances (5,200 ) — (5,200 ) Real estate impairment losses (2) 4,354 — 4,354 Net gains on sale of real estate and other (2) (1,547 ) — (1,547 ) Our share of Alexander's EBITDA (excluding management, leasing and development fees) (12,207 ) (12,207 ) — Dividends received from Alexander's 7,030 7,030 — Our share of PREIT EBITDA (3,731 ) — (3,731 ) Distributions received from PREIT 1,361 — 1,361 Our share of UE EBITDA (excluding management fees) (2,513 ) — (2,513 ) Distributions received from UE 1,257 — 1,257 NOI (1) $ 346,241 $ 280,044 (3) $ 66,197 (4) ____________________ See notes on pages 46 through 48. 20 . Segment Information - continued 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 September 30, 2016 . (Amounts in thousands) For the Three Months Ended September 30, 2016 Total New York Other Total revenues $ 502,753 $ 432,869 $ 69,884 Total expenses 354,292 280,689 73,603 Operating income (loss) 148,461 152,180 (3,719 ) Income (loss) from partially owned entities 3,811 (579 ) 4,390 Income from real estate fund investments 1,077 — 1,077 Interest and other investment income, net 6,459 1,355 5,104 Interest and debt expense (79,721 ) (51,212 ) (28,509 ) Income (loss) before income taxes 80,087 101,744 (21,657 ) Income tax expense (4,563 ) (2,356 ) (2,207 ) Income (loss) from continuing operations 75,524 99,388 (23,864 ) Income from discontinued operations 25,080 — 25,080 Net income 100,604 99,388 1,216 Less net income attributable to noncontrolling interests in consolidated subsidiaries (3,658 ) (2,985 ) (673 ) Net income attributable to the Operating Partnership 96,946 96,403 543 Interest and debt expense (2) 122,979 66,314 56,665 Depreciation and amortization (2) 172,980 111,731 61,249 Income tax expense (2) 5,102 2,445 2,657 EBITDA (1) 398,007 276,893 (3) 121,114 (4) Non-cash adjustments for straight-line rental income and expense and amortization of acquired below and above market leases, net (2) (46,500 ) (35,199 ) (11,301 ) General and administrative expenses less $204 mark-to-market of our deferred compensation plan 40,238 9,783 30,455 Net gains on sale of real estate and other (2) (5,386 ) — (5,386 ) Acquisition and transaction related costs, including $2,739 for the spin-off of JBGS 3,808 — 3,808 Real estate impairment losses (2) 1,599 — 1,599 Our share of net realized/unrealized losses from our real estate fund investments 99 — 99 Our share of Alexander's EBITDA (excluding management, leasing and development fees) (11,506 ) (11,506 ) — Dividends received from Alexander's 6,617 6,617 — Our share of PREIT EBITDA (3,070 ) — (3,070 ) Distributions received from PREIT 1,342 — 1,342 Our share of UE EBITDA (excluding management fees) (2,514 ) — (2,514 ) Distributions received from UE 1,143 — 1,143 NOI (1) $ 383,877 $ 246,588 (3) $ 137,289 (4) ____________________ See notes on pages 46 through 48. 20 . Segment Information - continued Below is a summary of net income (loss) and a reconciliation of net income (loss) to EBITDA (1) and NOI (1) by segment for the nine months ended September 30, 2017 . (Amounts in thousands) For the Nine Months Ended September 30, 2017 Total New York Other Total revenues $ 1,547,900 $ 1,316,710 $ 231,190 Total expenses 1,100,042 845,632 254,410 Operating income (loss) 447,858 471,078 (23,220 ) Income (loss) from partially owned entities 5,578 (954 ) 6,532 Loss from real estate fund investments (1,649 ) — (1,649 ) Interest and other investment income, net 27,800 4,384 23,416 Interest and debt expense (252,581 ) (179,851 ) (72,730 ) Net gain on disposition of wholly owned and partially owned assets 501 — 501 Income (loss) before income taxes 227,507 294,657 (67,150 ) Income tax expense (2,429 ) (324 ) (2,105 ) Income (loss) from continuing operations 225,078 294,333 (69,255 ) Loss from discontinued operations (14,501 ) — (14,501 ) Net income (loss) 210,577 294,333 (83,756 ) Less net income attributable to noncontrolling interests in consolidated subsidiaries (18,436 ) (8,041 ) (10,395 ) Net income (loss) attributable to the Operating Partnership 192,141 286,292 (94,151 ) Interest and debt expense (2) 348,350 239,032 109,318 Depreciation and amortization (2) 476,406 328,058 148,348 Income tax expense (2) 4,180 540 3,640 EBITDA (1) 1,021,077 853,922 (3) 167,155 (4) General and administrative expenses less $5,233 mark-to-market of our deferred compensation plan 131,365 31,630 99,735 Non-cash adjustments for straight-line rental income and expense and amortization of acquired below and above market leases, net (2) (73,125 ) (58,797 ) (14,328 ) Acquisition and transaction related costs, including $67,045 for the spin-off of JBGS 68,118 — 68,118 Impairment loss on investment in PREIT 44,465 — 44,465 Net gains on sale of real estate and other (2) (21,507 ) — (21,507 ) Net gains resulting from UE operating partnership unit issuances (21,100 ) — (21,100 ) Our share of net realized/unrealized losses from our real estate fund investments 18,802 — 18,802 Net gain on repayment of our Suffolk Downs JV debt investments (11,373 ) — (11,373 ) Real estate impairment losses (2) 7,572 — 7,572 Our share of Alexander's EBITDA (excluding management, leasing and development fees) (35,511 ) (35,511 ) — Dividends received from Alexander's 21,090 21,090 — Our share of PREIT EBITDA (15,439 ) — (15,439 ) Distributions received from PREIT 3,929 — 3,929 Our share of UE EBITDA (excluding management fees) (9,694 ) — (9,694 ) Distributions received from UE 3,773 — 3,773 NOI (1) $ 1,132,442 $ 812,334 (3) $ 320,108 (4) ____________________ See notes on pages 46 through 48. 20 . Segment Information - continued Below is a summary of net income (loss) and a reconciliation of net income (loss) to EBITDA (1) and NOI (1) by segment for the nine months ended September 30, 2016 . (Amounts in thousands) For the Nine Months Ended September 30, 2016 Total New York Other Total revenues $ 1,489,768 $ 1,269,464 $ 220,304 Total expenses 1,062,219 818,419 243,800 Operating income (loss) 427,549 451,045 (23,496 ) Income (loss) from partially owned entities 3,892 (5,143 ) 9,035 Income from real estate fund investments 28,750 — 28,750 Interest and other investment income, net 20,121 3,684 16,437 Interest and debt expense (250,034 ) (162,193 ) (87,841 ) Net gains on disposition of wholly owned and partially owned assets 160,225 159,511 714 Income (loss) before income taxes 390,503 446,904 (56,401 ) Income tax expense (8,921 ) (4,131 ) (4,790 ) Income (loss) from continuing operations 381,582 442,773 (61,191 ) Loss from discontinued operations (104,204 ) — (104,204 ) Net income (loss) 277,378 442,773 (165,395 ) Less net income attributable to noncontrolling interests in consolidated subsidiaries (26,361 ) (9,811 ) (16,550 ) Net income (loss) attributable to the Operating Partnership 251,017 432,962 (181,945 ) Interest and debt expense (2) 376,898 208,683 168,215 Depreciation and amortization (2) 521,143 331,448 189,695 Income tax expense (2) 13,067 4,424 8,643 EBITDA (1) 1,162,125 977,517 (3) 184,608 (4) Net gains on sale of real estate and other (2) (168,140 ) (159,511 ) (8,629 ) Real estate impairment losses (2) 166,701 — 166,701 Non-cash adjustments for straight-line rental income and expense and amortization of acquired below and above market leases, net (2) (152,023 ) (114,217 ) (37,806 ) General and administrative expenses less $2,625 mark-to-market of our deferred compensation plan 132,085 27,557 104,528 Acquisition and transaction related costs, including $4,597 for the spin-off of JBGS 11,319 — 11,319 Our share of net realized/unrealized gains from our real estate fund investments (8,741 ) — (8,741 ) Our share of Alexander's EBITDA (excluding management, leasing and development fees) (34,880 ) (34,880 ) — Dividends received from Alexander's 19,849 19,849 — Our share of PREIT EBITDA (8,537 ) — (8,537 ) Distributions received from PREIT 3,906 — 3,906 Our share of UE EBITDA (excluding management fees) (7,539 ) — (7,539 ) Distributions received from UE 3,430 — 3,430 NOI (1) $ 1,119,555 $ 716,315 (3) $ 403,240 (4) ____________________ See notes on the following pages. 20 . Segment Information - continued Notes to preceding tabular information: (1) EBITDA represents "Earnings Before Interest, Taxes, Depreciation and Amortization." NOI represents "Net Operating Income" 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. NOI is before general and administrative expenses, straight-line rental income and expense, amortization of acquired below and above market leases, net, acquisition and transaction related costs, our share of net realized and unrealized gains or losses from our real estate fund investments, impairment losses and gains on disposal of assets. 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% ) were not 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) Adjustments include our proportionate share of partially owned entities and give effect to noncontrolling interest's share of consolidated subsidiaries. 20 . Segment Information - continued Notes to preceding tabular information - continued: (3) The elements of "New York" EBITDA are summarized below. (Amounts in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Office $ 183,162 $ 164,150 (a) $ 522,566 $ 484,735 (a) Retail 90,316 91,061 (a) 269,762 272,083 (a) Residential 5,981 6,214 18,450 18,901 Alexander's 12,207 11,506 35,511 34,880 Hotel Pennsylvania 5,511 3,962 7,633 4,287 Total New York EBITDA, as adjusted 297,177 276,893 853,922 814,886 Certain items that impact EBITDA: Net gain on sale of 47% ownership interest in 7 West 34th Street — — — 159,511 EBITDA from sold properties — — — 3,120 Total of certain items that impact EBITDA — — — 162,631 Total New York EBITDA $ 297,177 $ 276,893 $ 853,922 $ 977,517 The elements of "New York" NOI are summarized below. (Amounts in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Office $ 179,505 $ 157,643 (a) $ 523,531 $ 459,509 (a) Retail 81,839 72,178 (a) 241,667 211,611 (a) Residential 5,418 5,525 16,300 16,724 Alexander's 7,030 6,617 21,090 19,849 Hotel Pennsylvania 6,252 4,625 9,746 6,390 Total New York NOI, as adjusted 280,044 246,588 812,334 714,083 NOI from sold properties — — — 2,232 Total New York NOI $ 280,044 $ 246,588 $ 812,334 $ 716,315 _____________________ (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 $4,213 and $12,058 of income from retail to office for the three and nine months ended September 30, 2016 , respectively. 20 . Segment Information - continued Notes to preceding tabular information - continued: (4) The elements of "Other" EBITDA are summarized below. (Amounts in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 theMART (including trade shows) $ 24,165 $ 21,696 $ 72,471 $ 70,689 555 California Street 11,643 11,405 35,870 35,137 Other investments 11,379 20,388 36,318 57,092 Corporate general and administrative expenses (a) (22,730 ) (21,519 ) (78,952 ) (76,364 ) Investment income and other, net (a) 5,910 6,871 24,079 19,317 Other EBITDA, as adjusted 30,367 38,841 89,786 105,871 Certain items that impact EBITDA: JBGS which is treated as a discontinued operation: Transaction costs (53,581 ) (2,739 ) (67,045 ) (4,597 ) Operating results through July 17, 2017 spin-off 13,038 75,307 153,449 214,604 (40,543 ) 72,568 86,404 210,007 Impairment loss on investment in PREIT (44,465 ) — (44,465 ) — (Loss) income from real estate fund investments, net (7,794 ) 807 (11,333 ) 13,662 Net gain resulting from UE operating partnership unit issuances 5,200 — 21,100 — Our share of net gain on sale of Suffolk Downs — — 15,314 — Net gain on repayment of Suffolk Downs JV debt investments — — 11,373 — Skyline properties impairment loss — — — (160,700 ) Other (3,197 ) 8,898 (1,024 ) 15,768 Total of certain items that impact EBITDA (90,799 ) 82,273 77,369 78,737 Other EBITDA $ (60,432 ) $ 121,114 $ 167,155 $ 184,608 The elements of "Other" NOI are summarized below. (Amounts in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 theMART (including trade shows) $ 25,422 $ 21,758 $ 74,859 $ 70,914 555 California Street 11,013 9,899 33,647 24,010 Other investments 7,589 21,381 15,138 44,482 Investment income and other, net (a) 5,910 6,871 24,079 19,317 Other NOI, as adjusted 49,934 59,909 147,723 158,723 Certain items that impact NOI: JBGS operating results through July 17, 2017 spin-off 12,971 72,919 160,634 233,310 Our share of real estate fund investments 2,600 2,555 7,469 6,313 Other 692 1,906 4,282 4,894 Total of certain items that impact NOI 16,263 77,380 172,385 244,517 Other NOI $ 66,197 $ 137,289 $ 320,108 $ 403,240 _____________________ (a) The amounts in these captions (for this table only) exclude the results of the mark-to-market of our deferred compensation plan of $1,975 and $204 of income for the three months ended September 30, 2017 and 2016 , respectively, and $5,233 and $2,625 of income for the nine months ended September 30, 2017 and 2016 , respectively.

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On October 17, 2017, we extended one of our two $1.25 billion unsecured revolving credit facilities from November 2019 to January 2022 with two six -month extension options. The interest rate on the extended facility was lowered from LIBOR plus 1.05% to LIBOR plus 1.00% . The facility fee remains at 20 basis points. The interest rate and facility fees are the same as our other $1.25 billion unsecured revolving credit facility, which matures in February 2021 with two six -month extension options.

Recently Issued Accounting Li30

Recently Issued Accounting Literature (Policies)	9 Months Ended
	Sep. 30, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Basis of Presentation	The accompanying consolidated financial statements are unaudited and include the accounts of Vornado and the Operating Partnership and their consolidated subsidiaries. All inter-company amounts have been eliminated. 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 included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K, as amended, for the year ended December 31, 2016 , as filed with the SEC. As a result of the spin-off of our Washington, DC segment, effective July 1, 2017, the historical results of our Washington, DC segment are reflected in our consolidated financial statements as discontinued operations for all periods presented. We have made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three and nine months ended September 30, 2017 are not necessarily indicative of the operating results for the full year.
Real Estate	The Crowne Plaza Joint Venture is also accounted for under ASC 946 and we consolidate the accounts of the joint venture into our consolidated financial statements, retaining the fair value basis of accounting. The Fund is accounted for under ASC 946, Financial Services – Investment Companies (“ASC 946”) and its investments are reported on its balance sheet at fair value, with changes in value each period recognized in earnings. We consolidate the accounts of the Fund into our consolidated financial statements, retaining the fair value basis of accounting.
Redeemable Noncontrolling Interests	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. 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.
Fair Value Measurement	ASC 820 defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment is necessary to interpret Level 2 and 3 inputs in determining the fair value of our financial and non-financial assets and liabilities. Accordingly, our fair value estimates, which are made at the end of each reporting period, may be different than the amounts that may ultimately be realized upon sale or disposition of these assets.
Revenue Recognition	In May 2014, the Financial Accounting Standards Board (“FASB”) issued an update ("ASU 2014-09") establishing Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). ASU 2014-09, as amended by subsequent ASUs on the topic, establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. This standard, which is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2017, requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. We will adopt this standard effective January 1, 2018, with the exception of the components of revenue from leases, which has been deferred until the adoption of the update ASU 2016-02 to ASC Topic 842, Leases, on January 1, 2019. We will utilize the modified retrospective method when adopting ASU 2014-09, which requires a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. We have analyzed our revenue streams and identified the areas that we expect to be impacted by the adoption of this standard. We expect this standard will have an impact on the classification of reimbursements of real estate taxes and insurance expenses and certain non-lease components of revenue (e.g., reimbursements of common area maintenance expenses) from leases with no material impact on "total revenues", for new leases executed on or after January 1, 2019. We are in the process of completing the evaluation of the overall impact of this standard on our consolidated financial statements, including required informational disclosures for our revenue streams beginning with the first reporting period after adoption.
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. We will adopt this standard effective January 1, 2018. While the adoption of this standard requires us to continue to measure “marketable securities” at fair value at each reporting date, the changes in fair value will be recognized in current period earnings as opposed to “other comprehensive income (loss).”
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 accounted 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. We are currently evaluating the overall impact of the adoption of ASU 2016-02 on our consolidated financial statements and believe that the standard will more significantly 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 upon adoption of this standard. We also expect that this standard will require us to allocate total consideration from leases between lease and non-lease components based on the estimated stand-alone selling prices of the components. The lease components (e.g., base rent) will continue to be recognized on a straight-line basis over the term of the lease and certain non-lease components (e.g., reimbursements of common area maintenance expenses) will be accounted for under the new revenue recognition guidance of ASU 2014-09. As a result, we expect that this standard will have an impact on the classification of reimbursements of real estate taxes, insurance expenses and common area maintenance expenses on our consolidated statements of income, with no impact on "total revenue", for new leases executed on or after January 1, 2019. Under ASU 2016-02, initial direct costs for both lessees and lessors would include only those costs that are incremental to the arrangement and would not have been incurred if the lease had not been obtained. As a result, we may no longer be able to capitalize internal leasing costs and instead may be required to expense these costs as incurred. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018, with early adoption permitted. We will adopt this standard effective January 1, 2019 using the modified retrospective approach and will elect to use the practical expedients provided by this standard.
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 was effective for interim and annual reporting periods in fiscal years beginning after December 15, 2016. The adoption of this update as of January 1, 2017 did not have a material impact on our consolidated financial statements.
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 relation 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 policies, 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 principle. 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 our 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 distributions 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 income 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 $ 1,839,000 for the nine months ended September 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 statement 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 primarily 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 taxes, property insurance and capital improvements.
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 nonfinancial assets with the model for transactions in ASC 606. ASU 2017-05 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. The adoption of this standard on January 1, 2018 is not expected to have an 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 on January 1, 2018 is not expected to have an impact on our consolidated financial statements. In August 2017, the FASB issued an update (“ASU 2017-12”) Targeted Improvements to Accounting for Hedging Activities to ASC Topic 815, Derivatives and Hedging (“ASC 815”) . ASU 2017-12 amends the hedge accounting recognition and presentation requirements in ASC 815. The update is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting and increase transparency as to the scope and results of hedge programs. ASU 2017-12 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the impact of the adoption of ASU 2017-12 on our consolidated financial statements, but do not believe the adoption of this standard will have a material impact on our consolidated financial statements.
Scope of Modification Accounting	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 on January 1, 2018 is not expected to have an impact on our consolidated financial statements.
Targeted Improvements to Accounting for Hedging Activities	In August 2017, the FASB issued an update (“ASU 2017-12”) Targeted Improvements to Accounting for Hedging Activities to ASC Topic 815, Derivatives and Hedging (“ASC 815”) . ASU 2017-12 amends the hedge accounting recognition and presentation requirements in ASC 815. The update is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting and increase transparency as to the scope and results of hedge programs. ASU 2017-12 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the impact of the adoption of ASU 2017-12 on our consolidated financial statements, but do not believe the adoption of this standard will have a material impact on our consolidated financial statements.

Real Estate Fund Investments (T

Real Estate Fund Investments (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2017 and 2016 . (Amounts in thousands) For the Three Months Ended For the Nine Months Ended 2017 2016 2017 2016 Net investment income $ 6,028 $ 5,841 $ 16,888 $ 12,237 Net realized gains on exited investments 35,620 — 35,861 14,676 Previously recorded unrealized gains on exited investment (36,736 ) — (25,538 ) (14,254 ) Net unrealized (loss) gain on held investments (11,220 ) (4,764 ) (28,860 ) 16,091 (Loss) income from real estate fund investments (6,308 ) 1,077 (1,649 ) 28,750 Less income attributable to noncontrolling interests in consolidated subsidiaries (1,486 ) (270 ) (9,684 ) (15,088 ) (Loss) income from real estate fund investments attributable to the Operating Partnership (1) (7,794 ) 807 (11,333 ) 13,662 Less loss (income) attributable to noncontrolling interests in the Operating Partnership 485 (49 ) 706 (843 ) (Loss) income from real estate fund investments attributable to Vornado $ (7,309 ) $ 758 $ (10,627 ) $ 12,819 ____________________ (1) Excludes $744 and $804 of management and leasing fees for the three months ended September 30, 2017 and 2016 , respectively, and $3,125 and $2,499 for the nine months ended September 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)	9 Months Ended
	Sep. 30, 2017
Marketable Securities [Abstract]
Unrealized Gain (Loss) on Investments	Marketable Securities Below is a summary of our marketable securities portfolio as of September 30, 2017 and December 31, 2016 . (Amounts in thousands) As of September 30, 2017 As of December 31, 2016 Fair Value GAAP Cost Unrealized Gain Fair Value GAAP Cost Unrealized Gain Equity securities: Lexington Realty Trust $ 188,753 $ 72,549 $ 116,204 $ 199,465 $ 72,549 $ 126,916 Other 4,392 650 3,742 4,239 650 3,589 $ 193,145 $ 73,199 $ 119,946 $ 203,704 $ 73,199 $ 130,505

Investments in Partially Owne33

Investments in Partially Owned Entities (Tables)	9 Months Ended
	Sep. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Below is a schedule summarizing our investments in partially owned entities. (Amounts in thousands) Percentage Ownership at Balance as of September 30, 2017 September 30, 2017 December 31, 2016 Investments: Partially owned office buildings/land (1) Various $ 542,778 $ 734,536 Alexander’s 32.4% 125,632 129,324 PREIT 8.0% 66,477 122,883 UE 4.5% 46,542 24,523 Other investments (2) Various 283,553 366,988 $ 1,064,982 $ 1,378,254 330 Madison Avenue (3) 25.0% $ (53,237 ) $ — 7 West 34th Street (4) 53.0% (46,013 ) (43,022 ) $ (99,250 ) $ (43,022 ) ____________________ (1) Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 666 Fifth Avenue (Office), 330 Madison Avenue (2016 only - see (3) below), 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, Moynihan Office Building, Toys (which has a carrying amount of zero), and others. (3) Our negative basis resulted from a refinancing distribution and is included in "other liabilities" on our consolidated balance sheets as of September 30, 2017. (4) 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. 6 . Investments in Partially Owned Entities - continued Below is a schedule of net (loss) income from partially owned entities. (Amounts in thousands) Percentage Ownership at September 30, 2017 For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Our share of net (loss) income: PREIT (see page 23 for details): Non-cash impairment loss 8.0% $ (44,465 ) $ — $ (44,465 ) $ — Equity in net earnings (5,283 ) 52 (9,015 ) (4,763 ) (49,748 ) 52 (53,480 ) (4,763 ) Alexander's (see page 23 for details): Equity in net earnings 32.4% 6,510 6,891 20,092 20,640 Management, leasing and development fees 1,335 1,894 4,351 5,307 7,845 8,785 24,443 25,947 UE (see page 23 for details): Net gain resulting from UE operating partnership unit issuances 4.5% 5,200 — 21,100 — Equity in net earnings 708 1,949 4,693 3,896 Management fees 100 209 518 627 6,008 2,158 26,311 4,523 Partially owned office buildings/land (1) Various (5,551 ) (8,642 ) (23,508 ) (29,882 ) Other investments (2) Various (355 ) 1,458 31,812 8,067 $ (41,801 ) $ 3,811 $ 5,578 $ 3,892 ____________________ (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, 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)	9 Months Ended
	Sep. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]
Schedule Of Assets And Liabilities And Results Of Operations Related To Discontinued Operations	The tables below set forth the assets and liabilities related to discontinued operations as of September 30, 2017 and December 31, 2016 and their combined results of operations and cash flows for the three and nine months ended September 30, 2017 and 2016 . (Amounts in thousands) Balance as of September 30, 2017 December 31, 2016 Assets related to discontinued operations: Real estate, net $ — $ 3,222,720 Other assets 1,774 345,893 $ 1,774 $ 3,568,613 Liabilities related to discontinued operations: Mortgages payable, net $ — $ 1,165,015 Other liabilities 3,602 94,428 $ 3,602 $ 1,259,443 (Amounts in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 (Loss) income from discontinued operations: Total revenues $ 25,747 $ 134,912 $ 260,969 $ 392,108 Total expenses 21,708 109,506 211,930 331,377 4,039 25,406 49,039 60,731 JBG SMITH Properties spin-off transaction costs (53,581 ) (2,739 ) (67,045 ) (4,597 ) Net gains on sale of real estate and a lease position 1,530 2,864 3,797 5,074 Income (loss) from partially owned assets 93 316 435 (3,363 ) Impairment losses — (465 ) — (161,165 ) Pretax (loss) income from discontinued operations (47,919 ) 25,382 (13,774 ) (103,320 ) Income tax expense (11 ) (302 ) (727 ) (884 ) (Loss) income from discontinued operations $ (47,930 ) $ 25,080 $ (14,501 ) $ (104,204 ) (Amounts in thousands) For the Nine Months Ended September 30, 2017 2016 Cash flows related to discontinued operations: Cash flows from operating activities $ 39,581 $ 107,797 Cash flows from investing activities (48,377 ) (176,374 )

Identified Intangible Assets 35

Identified Intangible Assets and Liabilities (Tables)	9 Months Ended
	Sep. 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 September 30, 2017 and December 31, 2016 . (Amounts in thousands) Balance as of September 30, 2017 December 31, 2016 Identified intangible assets: Gross amount $ 310,881 $ 384,090 Accumulated amortization (144,683 ) (194,422 ) Total, net $ 166,198 $ 189,668 Identified intangible liabilities (included in deferred revenue): Gross amount $ 544,956 $ 550,454 Accumulated amortization (326,661 ) (298,238 ) Total, net $ 218,295 $ 252,216
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 below-market leases, net of acquired above-market leases, for each of the five succeeding years commencing January 1, 2018 is as follows: (Amounts in thousands) 2018 $ 42,556 2019 30,820 2020 22,185 2021 17,370 2022 14,271
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 $ 19,510 2019 15,229 2020 12,020 2021 11,041 2022 9,433
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 $ 1,747 2019 1,747 2020 1,747 2021 1,747 2022 1,747

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Schedule of Debt	The following is a summary of our debt: (Amounts in thousands) Balance as of Interest Rate at September 30, 2017 September 30, 2017 December 31, 2016 Mortgages Payable: Fixed rate 3.65% $ 5,466,886 $ 5,479,547 Variable rate 3.12% 2,737,877 2,727,133 Total 3.47% 8,204,763 8,206,680 Deferred financing costs, net and other (73,157 ) (93,432 ) Total, net $ 8,131,606 $ 8,113,248 Unsecured Debt: Senior unsecured notes 3.68% $ 850,000 $ 850,000 Deferred financing costs, net and other (3,359 ) (4,423 ) Senior unsecured notes, net 846,641 845,577 Unsecured term loan 2.39% 375,000 375,000 Deferred financing costs, net and other (1,646 ) (2,785 ) Unsecured term loan, net 373,354 372,215 Unsecured revolving credit facilities —% — 115,630 Total, net $ 1,219,995 $ 1,333,422

Redeemable Noncontrolling Int37

Redeemable Noncontrolling Interests / Redeemable Partnership Units (Tables)	9 Months Ended
	Sep. 30, 2017
Noncontrolling Interest [Abstract]
Summary Of Activity Of Redeemable Noncontrolling Interests	(Amounts in thousands) Balance as of December 31, 2015 $ 1,229,221 Net income 11,410 Other comprehensive income 2,326 Distributions (23,582 ) Redemption of Class A units for common shares/units, at redemption value (28,126 ) Adjustments to carry redeemable Class A units at redemption value 30,260 Other, net 26,814 Balance as of September 30, 2016 $ 1,248,323 Balance as of December 31, 2016 $ 1,278,446 Net income 9,057 Other comprehensive income 188 Distributions (25,663 ) Redemption of Class A units for common shares/units, at redemption value (34,564 ) Adjustments to carry redeemable Class A units at redemption value (including $224,069 attributable to the spin-off of JBGS) (286,928 ) Other, net 30,168 Balance as of September 30, 2017 $ 970,704

Accumulated Other Comprehensi38

Accumulated Other Comprehensive Income ("AOCI") (Tables)	9 Months Ended
	Sep. 30, 2017
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following tables set forth the changes in accumulated other comprehensive income by component. (Amounts in thousands) Total Securities available- for-sale Pro rata share of nonconsolidated subsidiaries' OCI Interest rate swaps Other For the Three Months Ended September 30, 2017 Balance as of June 30, 2017 $ 115,839 $ 114,290 $ (3,821 ) $ 12,702 $ (7,332 ) OCI before reclassifications 6,608 5,656 (626 ) 1,976 (398 ) Amounts reclassified from AOCI (646 ) — (646 ) (1) — — Net current period OCI 5,962 5,656 (1,272 ) 1,976 (398 ) Balance as of September 30, 2017 $ 121,801 $ 119,946 $ (5,093 ) $ 14,678 $ (7,730 ) For the Three Months Ended September 30, 2016 Balance as of June 30, 2016 $ 72,556 $ 117,561 $ (9,941 ) $ (30,538 ) $ (4,526 ) OCI before reclassifications 9,818 3,685 (915 ) 7,688 (640 ) Amounts reclassified from AOCI — — — — — Net current period OCI 9,818 3,685 (915 ) 7,688 (640 ) Balance as of September 30, 2016 $ 82,374 $ 121,246 $ (10,856 ) $ (22,850 ) $ (5,166 ) For the Nine Months Ended September 30, 2017 Balance as of December 31, 2016 $ 118,972 $ 130,505 $ (12,058 ) $ 8,066 $ (7,541 ) OCI before reclassifications (5,793 ) (10,559 ) (1,657 ) 6,612 (189 ) Amounts reclassified from AOCI 8,622 — 8,622 (1) — — Net current period OCI 2,829 (10,559 ) 6,965 6,612 (189 ) Balance as of September 30, 2017 $ 121,801 $ 119,946 $ (5,093 ) $ 14,678 $ (7,730 ) For the Nine Months Ended September 30, 2016 Balance as of December 31, 2015 $ 46,921 $ 78,448 $ (9,319 ) $ (19,368 ) $ (2,840 ) OCI before reclassifications 35,453 42,798 (1,537 ) (3,482 ) (2,326 ) Amounts reclassified from AOCI — — — — — Net current period OCI 35,453 42,798 (1,537 ) (3,482 ) (2,326 ) Balance as of September 30, 2016 $ 82,374 $ 121,246 $ (10,856 ) $ (22,850 ) $ (5,166 ) ____________________ (1) Reclassified upon receipt of proceeds related to the sale of an investment by a nonconsolidated subsidiary.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Fair value, measurement inputs, disclosure	The tables below aggregate the fair values of these financial assets and liabilities by their levels in the fair value hierarchy as of September 30, 2017 and December 31, 2016 , respectively. (Amounts in thousands) As of September 30, 2017 Total Level 1 Level 2 Level 3 Marketable securities $ 193,145 $ 193,145 $ — $ — Real estate fund investments 351,750 — — 351,750 Deferred compensation plan assets ($2,501 included in restricted cash and $103,743 in other assets) 106,244 56,960 — 49,284 Interest rate swaps (included in other assets) 20,880 — 20,880 — Total assets $ 672,019 $ 250,105 $ 20,880 $ 401,034 Mandatorily redeemable instruments (included in other liabilities) $ 50,561 $ 50,561 $ — $ — Interest rate swap (included in other liabilities) 3,090 — 3,090 — Total liabilities $ 53,651 $ 50,561 $ 3,090 $ — 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 $116,996 in other assets) 121,183 63,739 — 57,444 Interest rate swaps (included in other assets) 21,816 — 21,816 — Total assets $ 808,835 $ 267,443 $ 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 $ —
Fair value measurements, nonrecurring	The table below presents the fair value of this asset by its level in the fair value hierarchy. (Amounts in thousands) As of September 30, 2017 Total Level 1 Level 2 Level 3 Investment in PREIT $ 65,563 $ 65,563 $ — $ —
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 September 30, 2017 and December 31, 2016 . (Amounts in thousands) As of September 30, 2017 As of December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Cash equivalents $ 1,013,282 $ 1,013,282 $ 1,307,105 $ 1,307,105 Debt: Mortgages payable $ 8,204,763 $ 8,223,000 $ 8,206,680 $ 8,163,000 Senior unsecured notes 850,000 885,000 850,000 899,000 Unsecured term loan 375,000 375,000 375,000 375,000 Unsecured revolving credit facilities — — 115,630 116,000 Total $ 9,429,763 (1) $ 9,483,000 $ 9,547,310 (1) $ 9,553,000
Real estate fund investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Fair value inputs quantitative information	Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of these real estate fund investments at September 30, 2017 and December 31, 2016 . Range Weighted Average (based on fair value of investments) Unobservable Quantitative Input September 30, 2017 December 31, 2016 September 30, 2017 December 31, 2016 Discount rates 10.0% to 14.9% 10.0% to 14.9% 12.5% 12.6% Terminal capitalization rates 4.7% to 5.8% 4.3% to 5.8% 5.4% 5.3%
Summary of changes in level 3 plan assets	The table below summarizes the changes in the fair value of real estate fund investments that are classified as Level 3, for the three and nine months ended September 30, 2017 and 2016 . (Amounts in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Beginning balance $ 455,692 $ 524,150 $ 462,132 $ 574,761 Dispositions/distributions (91,606 ) — (91,606 ) (71,888 ) Net unrealized (loss) gain on held investments (11,220 ) (4,764 ) (28,860 ) 16,091 Net realized gains on exited investments 35,620 — 35,861 14,676 Previously recorded unrealized gains on exited investment (36,736 ) — (25,538 ) (14,254 ) Other, net — — (239 ) — Ending balance $ 351,750 $ 519,386 $ 351,750 $ 519,386
Deferred Compensation Plan Assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
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 nine months ended September 30, 2017 and 2016 . (Amounts in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Beginning balance $ 49,849 $ 60,140 $ 57,444 $ 59,186 Purchases 2,176 1,251 3,989 3,523 Sales (3,810 ) (3,737 ) (15,922 ) (5,888 ) Realized and unrealized gains (losses) 246 (1,055 ) 2,151 (743 ) Other, net 823 316 1,622 837 Ending balance $ 49,284 $ 56,915 $ 49,284 $ 56,915

Fee and Other Income (Tables)

Fee and Other Income (Tables)	9 Months Ended
	Sep. 30, 2017
Fee and Other Income [Abstract]
Fee and Other Income	The following table sets forth the details of fee and other income: (Amounts in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 BMS cleaning fees $ 26,429 $ 24,532 $ 75,925 $ 68,656 Management and leasing fees 2,330 1,935 7,382 5,694 Lease termination fees 991 1,819 5,947 7,123 Other income 3,542 2,357 8,958 6,561 $ 33,292 $ 30,643 $ 98,212 $ 88,034

Interest and Other Investment41

Interest and Other Investment Income, Net (Tables)	9 Months Ended
	Sep. 30, 2017
Interest and Other Income [Abstract]
Schedule Of Interest And Other Investment Income (Loss), Net	The following table sets forth the details of interest and other investment income, net: (Amounts in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Dividends on marketable securities $ 3,309 $ 3,354 $ 9,923 $ 9,799 Mark-to-market income of investments in our deferred compensation plan (1) 1,975 204 5,233 2,625 Interest on loans receivable 754 754 3,599 2,250 Other, net 3,268 2,147 9,045 5,447 $ 9,306 $ 6,459 $ 27,800 $ 20,121 ____________________ (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)	9 Months Ended
	Sep. 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 September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Interest expense $ 89,675 $ 79,648 $ 263,037 $ 247,172 Amortization of deferred financing costs 7,977 7,906 24,523 24,372 Capitalized interest and debt expense (12,584 ) (7,833 ) (34,979 ) (21,510 ) $ 85,068 $ 79,721 $ 252,581 $ 250,034

Income Per Share _ Income Per C

Income Per Share / Income Per Class A Unit (Tables)	9 Months Ended
	Sep. 30, 2017
Earnings per share
Schedule Of Earnings Per Share Basic And Diluted	Vornado Realty Trust The following table provides a reconciliation of both net (loss) income and the number of common shares used in the computation of (i) basic (loss) income per common share - which includes the weighted average number of common shares outstanding without regard to dilutive potential common shares, and (ii) diluted (loss) income per common share - which includes the weighted average common shares and dilutive share equivalents. Dilutive share equivalents may include our Series A convertible preferred shares, employee stock options, restricted stock awards and Out-Performance Plan awards. (Amounts in thousands, except per share amounts) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Numerator: Income from continuing operations, net of income attributable to noncontrolling interests $ 32,050 $ 69,037 $ 196,684 $ 337,339 (Loss) income from discontinued operations, net of income attributable to noncontrolling interests (44,948 ) 23,543 (13,600 ) (97,732 ) Net (loss) income attributable to Vornado (12,898 ) 92,580 183,084 239,607 Preferred share dividends (16,128 ) (19,047 ) (48,386 ) (59,774 ) Preferred share issuance costs (Series J redemption) — (7,408 ) — (7,408 ) Net (loss) income attributable to common shareholders (29,026 ) 66,125 134,698 172,425 Earnings allocated to unvested participating securities (9 ) (13 ) (37 ) (43 ) Numerator for basic (loss) income per share (29,035 ) 66,112 134,661 172,382 Impact of assumed conversions: Earnings allocated to Out-Performance Plan units — — 195 96 Numerator for diluted (loss) income per share $ (29,035 ) $ 66,112 $ 134,856 $ 172,478 Denominator: Denominator for basic (loss) income per share – weighted average shares 189,593 188,901 189,401 188,778 Effect of dilutive securities (1) : Employee stock options and restricted share awards 1,254 1,147 1,553 1,067 Out-Performance Plan units — — 303 241 Denominator for diluted (loss) income per share – weighted average shares and assumed conversions 190,847 190,048 191,257 190,086 (LOSS) INCOME PER COMMON SHARE – BASIC: Income from continuing operations, net $ 0.09 $ 0.23 $ 0.78 $ 1.43 (Loss) income from discontinued operations, net (0.24 ) 0.12 (0.07 ) (0.52 ) Net (loss) income per common share $ (0.15 ) $ 0.35 $ 0.71 $ 0.91 (LOSS) INCOME PER COMMON SHARE – DILUTED: Income from continuing operations, net $ 0.09 $ 0.23 $ 0.78 $ 1.42 (Loss) income from discontinued operations, net (0.24 ) 0.12 (0.07 ) (0.51 ) Net (loss) income per common share $ (0.15 ) $ 0.35 $ 0.71 $ 0.91 ____________________ (1) The effect of dilutive securities for the three months ended September 30, 2017 and 2016 excludes an aggregate of 12,413 and 12,315 weighted average common share equivalents, respectively, and 12,173 and 12,072 weighted average common share equivalents for the nine months ended September 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	Vornado Realty L.P. The following table provides a reconciliation of both net (loss) income and the number of Class A units used in the computation of (i) basic (loss) 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 (loss) income per Class A unit - which includes the weighted average Class A units and dilutive unit equivalents. Dilutive unit equivalents may include our Series A convertible preferred units, Vornado stock options, restricted unit awards and Out-Performance Plan awards. (Amounts in thousands, except per unit amounts) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Numerator: Income from continuing operations, net of income attributable to noncontrolling interests $ 33,154 $ 71,866 $ 206,642 $ 355,221 (Loss) income from discontinued operations (47,930 ) 25,080 (14,501 ) (104,204 ) Net (loss) income attributable to Vornado Realty L.P. (14,776 ) 96,946 192,141 251,017 Preferred unit distributions (16,176 ) (19,096 ) (48,531 ) (59,920 ) Preferred unit issuance costs (Series J redemption) — (7,408 ) — (7,408 ) Net (loss) income attributable to Class A unitholders (30,952 ) 70,442 143,610 183,689 Earnings allocated to unvested participating securities (740 ) (589 ) (2,499 ) (2,001 ) Numerator for basic and diluted (loss) income per Class A unit $ (31,692 ) $ 69,853 $ 141,111 $ 181,688 Denominator: Denominator for basic (loss) income per Class A unit – weighted average units 201,300 200,458 201,093 200,300 Effect of dilutive securities (1) : Vornado stock options and restricted unit awards 1,813 1,683 2,218 1,632 Denominator for diluted (loss) income per Class A unit – weighted average units and assumed conversions 203,113 202,141 203,311 201,932 (LOSS) INCOME PER CLASS A UNIT – BASIC: Income from continuing operations, net $ 0.08 $ 0.22 $ 0.77 $ 1.43 (Loss) income from discontinued operations, net (0.24 ) 0.13 (0.07 ) (0.52 ) Net (loss) income per Class A unit $ (0.16 ) $ 0.35 $ 0.70 $ 0.91 (LOSS) INCOME PER CLASS A UNIT – DILUTED: Income from continuing operations, net $ 0.08 $ 0.22 $ 0.76 $ 1.42 (Loss) income from discontinued operations, net (0.24 ) 0.13 (0.07 ) (0.52 ) Net (loss) income per Class A unit $ (0.16 ) $ 0.35 $ 0.69 $ 0.90 ____________________ (1) The effect of dilutive securities for the three months ended September 30, 2017 and 2016 excludes an aggregate of 147 and 222 weighted average Class A unit equivalents, respectively, and 118 and 226 weighted average Class A unit equivalents for the nine months ended September 30, 2017 and 2016 respectively, as their effect was anti-dilutive.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Schedule of Segment Information	Below is a summary of net (loss) income and a reconciliation of net (loss) income to EBITDA (1) and NOI (1) by segment for the three months ended September 30, 2017 . (Amounts in thousands) For the Three Months Ended September 30, 2017 Total New York Other Total revenues $ 528,755 $ 453,609 $ 75,146 Total expenses 366,520 284,976 81,544 Operating income (loss) 162,235 168,633 (6,398 ) (Loss) income from partially owned entities (41,801 ) 1,411 (43,212 ) Loss from real estate fund investments (6,308 ) — (6,308 ) Interest and other investment income, net 9,306 1,413 7,893 Interest and debt expense (85,068 ) (61,529 ) (23,539 ) Income (loss) before income taxes 38,364 109,928 (71,564 ) Income tax expense (1,188 ) (1,087 ) (101 ) Income (loss) from continuing operations 37,176 108,841 (71,665 ) Loss from discontinued operations (47,930 ) — (47,930 ) Net (loss) income (10,754 ) 108,841 (119,595 ) Less net income attributable to noncontrolling interests in consolidated subsidiaries (4,022 ) (2,552 ) (1,470 ) Net (loss) income attributable to the Operating Partnership (14,776 ) 106,289 (121,065 ) Interest and debt expense (2) 113,438 84,907 28,531 Depreciation and amortization (2) 136,621 104,799 31,822 Income tax expense (2) 1,462 1,182 280 EBITDA (1) 236,745 297,177 (3) (60,432 ) (4) Acquisition and transaction related costs, including $53,581 for the spin-off of JBGS 53,642 — 53,642 Impairment loss on investment in PREIT 44,465 — 44,465 General and administrative expenses less $1,975 mark-to-market of our deferred compensation plan 35,495 9,479 26,016 Non-cash adjustments for straight-line rental income and expense and amortization of acquired below and above market leases, net (2) (23,304 ) (21,435 ) (1,869 ) Our share of net realized/unrealized losses from our real estate fund investments 10,394 — 10,394 Net gain resulting from UE operating partnership unit issuances (5,200 ) — (5,200 ) Real estate impairment losses (2) 4,354 — 4,354 Net gains on sale of real estate and other (2) (1,547 ) — (1,547 ) Our share of Alexander's EBITDA (excluding management, leasing and development fees) (12,207 ) (12,207 ) — Dividends received from Alexander's 7,030 7,030 — Our share of PREIT EBITDA (3,731 ) — (3,731 ) Distributions received from PREIT 1,361 — 1,361 Our share of UE EBITDA (excluding management fees) (2,513 ) — (2,513 ) Distributions received from UE 1,257 — 1,257 NOI (1) $ 346,241 $ 280,044 (3) $ 66,197 (4) ____________________ See notes on pages 46 through 48. 20 . Segment Information - continued 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 September 30, 2016 . (Amounts in thousands) For the Three Months Ended September 30, 2016 Total New York Other Total revenues $ 502,753 $ 432,869 $ 69,884 Total expenses 354,292 280,689 73,603 Operating income (loss) 148,461 152,180 (3,719 ) Income (loss) from partially owned entities 3,811 (579 ) 4,390 Income from real estate fund investments 1,077 — 1,077 Interest and other investment income, net 6,459 1,355 5,104 Interest and debt expense (79,721 ) (51,212 ) (28,509 ) Income (loss) before income taxes 80,087 101,744 (21,657 ) Income tax expense (4,563 ) (2,356 ) (2,207 ) Income (loss) from continuing operations 75,524 99,388 (23,864 ) Income from discontinued operations 25,080 — 25,080 Net income 100,604 99,388 1,216 Less net income attributable to noncontrolling interests in consolidated subsidiaries (3,658 ) (2,985 ) (673 ) Net income attributable to the Operating Partnership 96,946 96,403 543 Interest and debt expense (2) 122,979 66,314 56,665 Depreciation and amortization (2) 172,980 111,731 61,249 Income tax expense (2) 5,102 2,445 2,657 EBITDA (1) 398,007 276,893 (3) 121,114 (4) Non-cash adjustments for straight-line rental income and expense and amortization of acquired below and above market leases, net (2) (46,500 ) (35,199 ) (11,301 ) General and administrative expenses less $204 mark-to-market of our deferred compensation plan 40,238 9,783 30,455 Net gains on sale of real estate and other (2) (5,386 ) — (5,386 ) Acquisition and transaction related costs, including $2,739 for the spin-off of JBGS 3,808 — 3,808 Real estate impairment losses (2) 1,599 — 1,599 Our share of net realized/unrealized losses from our real estate fund investments 99 — 99 Our share of Alexander's EBITDA (excluding management, leasing and development fees) (11,506 ) (11,506 ) — Dividends received from Alexander's 6,617 6,617 — Our share of PREIT EBITDA (3,070 ) — (3,070 ) Distributions received from PREIT 1,342 — 1,342 Our share of UE EBITDA (excluding management fees) (2,514 ) — (2,514 ) Distributions received from UE 1,143 — 1,143 NOI (1) $ 383,877 $ 246,588 (3) $ 137,289 (4) ____________________ See notes on pages 46 through 48. 20 . Segment Information - continued Below is a summary of net income (loss) and a reconciliation of net income (loss) to EBITDA (1) and NOI (1) by segment for the nine months ended September 30, 2017 . (Amounts in thousands) For the Nine Months Ended September 30, 2017 Total New York Other Total revenues $ 1,547,900 $ 1,316,710 $ 231,190 Total expenses 1,100,042 845,632 254,410 Operating income (loss) 447,858 471,078 (23,220 ) Income (loss) from partially owned entities 5,578 (954 ) 6,532 Loss from real estate fund investments (1,649 ) — (1,649 ) Interest and other investment income, net 27,800 4,384 23,416 Interest and debt expense (252,581 ) (179,851 ) (72,730 ) Net gain on disposition of wholly owned and partially owned assets 501 — 501 Income (loss) before income taxes 227,507 294,657 (67,150 ) Income tax expense (2,429 ) (324 ) (2,105 ) Income (loss) from continuing operations 225,078 294,333 (69,255 ) Loss from discontinued operations (14,501 ) — (14,501 ) Net income (loss) 210,577 294,333 (83,756 ) Less net income attributable to noncontrolling interests in consolidated subsidiaries (18,436 ) (8,041 ) (10,395 ) Net income (loss) attributable to the Operating Partnership 192,141 286,292 (94,151 ) Interest and debt expense (2) 348,350 239,032 109,318 Depreciation and amortization (2) 476,406 328,058 148,348 Income tax expense (2) 4,180 540 3,640 EBITDA (1) 1,021,077 853,922 (3) 167,155 (4) General and administrative expenses less $5,233 mark-to-market of our deferred compensation plan 131,365 31,630 99,735 Non-cash adjustments for straight-line rental income and expense and amortization of acquired below and above market leases, net (2) (73,125 ) (58,797 ) (14,328 ) Acquisition and transaction related costs, including $67,045 for the spin-off of JBGS 68,118 — 68,118 Impairment loss on investment in PREIT 44,465 — 44,465 Net gains on sale of real estate and other (2) (21,507 ) — (21,507 ) Net gains resulting from UE operating partnership unit issuances (21,100 ) — (21,100 ) Our share of net realized/unrealized losses from our real estate fund investments 18,802 — 18,802 Net gain on repayment of our Suffolk Downs JV debt investments (11,373 ) — (11,373 ) Real estate impairment losses (2) 7,572 — 7,572 Our share of Alexander's EBITDA (excluding management, leasing and development fees) (35,511 ) (35,511 ) — Dividends received from Alexander's 21,090 21,090 — Our share of PREIT EBITDA (15,439 ) — (15,439 ) Distributions received from PREIT 3,929 — 3,929 Our share of UE EBITDA (excluding management fees) (9,694 ) — (9,694 ) Distributions received from UE 3,773 — 3,773 NOI (1) $ 1,132,442 $ 812,334 (3) $ 320,108 (4) ____________________ See notes on pages 46 through 48. 20 . Segment Information - continued Below is a summary of net income (loss) and a reconciliation of net income (loss) to EBITDA (1) and NOI (1) by segment for the nine months ended September 30, 2016 . (Amounts in thousands) For the Nine Months Ended September 30, 2016 Total New York Other Total revenues $ 1,489,768 $ 1,269,464 $ 220,304 Total expenses 1,062,219 818,419 243,800 Operating income (loss) 427,549 451,045 (23,496 ) Income (loss) from partially owned entities 3,892 (5,143 ) 9,035 Income from real estate fund investments 28,750 — 28,750 Interest and other investment income, net 20,121 3,684 16,437 Interest and debt expense (250,034 ) (162,193 ) (87,841 ) Net gains on disposition of wholly owned and partially owned assets 160,225 159,511 714 Income (loss) before income taxes 390,503 446,904 (56,401 ) Income tax expense (8,921 ) (4,131 ) (4,790 ) Income (loss) from continuing operations 381,582 442,773 (61,191 ) Loss from discontinued operations (104,204 ) — (104,204 ) Net income (loss) 277,378 442,773 (165,395 ) Less net income attributable to noncontrolling interests in consolidated subsidiaries (26,361 ) (9,811 ) (16,550 ) Net income (loss) attributable to the Operating Partnership 251,017 432,962 (181,945 ) Interest and debt expense (2) 376,898 208,683 168,215 Depreciation and amortization (2) 521,143 331,448 189,695 Income tax expense (2) 13,067 4,424 8,643 EBITDA (1) 1,162,125 977,517 (3) 184,608 (4) Net gains on sale of real estate and other (2) (168,140 ) (159,511 ) (8,629 ) Real estate impairment losses (2) 166,701 — 166,701 Non-cash adjustments for straight-line rental income and expense and amortization of acquired below and above market leases, net (2) (152,023 ) (114,217 ) (37,806 ) General and administrative expenses less $2,625 mark-to-market of our deferred compensation plan 132,085 27,557 104,528 Acquisition and transaction related costs, including $4,597 for the spin-off of JBGS 11,319 — 11,319 Our share of net realized/unrealized gains from our real estate fund investments (8,741 ) — (8,741 ) Our share of Alexander's EBITDA (excluding management, leasing and development fees) (34,880 ) (34,880 ) — Dividends received from Alexander's 19,849 19,849 — Our share of PREIT EBITDA (8,537 ) — (8,537 ) Distributions received from PREIT 3,906 — 3,906 Our share of UE EBITDA (excluding management fees) (7,539 ) — (7,539 ) Distributions received from UE 3,430 — 3,430 NOI (1) $ 1,119,555 $ 716,315 (3) $ 403,240 (4) ____________________ See notes on the following pages. 20 . Segment Information - continued Notes to preceding tabular information: (1) EBITDA represents "Earnings Before Interest, Taxes, Depreciation and Amortization." NOI represents "Net Operating Income" 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. NOI is before general and administrative expenses, straight-line rental income and expense, amortization of acquired below and above market leases, net, acquisition and transaction related costs, our share of net realized and unrealized gains or losses from our real estate fund investments, impairment losses and gains on disposal of assets. 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% ) were not 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) Adjustments include our proportionate share of partially owned entities and give effect to noncontrolling interest's share of consolidated subsidiaries. 20 . Segment Information - continued Notes to preceding tabular information - continued: (3) The elements of "New York" EBITDA are summarized below. (Amounts in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Office $ 183,162 $ 164,150 (a) $ 522,566 $ 484,735 (a) Retail 90,316 91,061 (a) 269,762 272,083 (a) Residential 5,981 6,214 18,450 18,901 Alexander's 12,207 11,506 35,511 34,880 Hotel Pennsylvania 5,511 3,962 7,633 4,287 Total New York EBITDA, as adjusted 297,177 276,893 853,922 814,886 Certain items that impact EBITDA: Net gain on sale of 47% ownership interest in 7 West 34th Street — — — 159,511 EBITDA from sold properties — — — 3,120 Total of certain items that impact EBITDA — — — 162,631 Total New York EBITDA $ 297,177 $ 276,893 $ 853,922 $ 977,517 The elements of "New York" NOI are summarized below. (Amounts in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Office $ 179,505 $ 157,643 (a) $ 523,531 $ 459,509 (a) Retail 81,839 72,178 (a) 241,667 211,611 (a) Residential 5,418 5,525 16,300 16,724 Alexander's 7,030 6,617 21,090 19,849 Hotel Pennsylvania 6,252 4,625 9,746 6,390 Total New York NOI, as adjusted 280,044 246,588 812,334 714,083 NOI from sold properties — — — 2,232 Total New York NOI $ 280,044 $ 246,588 $ 812,334 $ 716,315 _____________________ (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 $4,213 and $12,058 of income from retail to office for the three and nine months ended September 30, 2016 , respectively. 20 . Segment Information - continued Notes to preceding tabular information - continued: (4) The elements of "Other" EBITDA are summarized below. (Amounts in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 theMART (including trade shows) $ 24,165 $ 21,696 $ 72,471 $ 70,689 555 California Street 11,643 11,405 35,870 35,137 Other investments 11,379 20,388 36,318 57,092 Corporate general and administrative expenses (a) (22,730 ) (21,519 ) (78,952 ) (76,364 ) Investment income and other, net (a) 5,910 6,871 24,079 19,317 Other EBITDA, as adjusted 30,367 38,841 89,786 105,871 Certain items that impact EBITDA: JBGS which is treated as a discontinued operation: Transaction costs (53,581 ) (2,739 ) (67,045 ) (4,597 ) Operating results through July 17, 2017 spin-off 13,038 75,307 153,449 214,604 (40,543 ) 72,568 86,404 210,007 Impairment loss on investment in PREIT (44,465 ) — (44,465 ) — (Loss) income from real estate fund investments, net (7,794 ) 807 (11,333 ) 13,662 Net gain resulting from UE operating partnership unit issuances 5,200 — 21,100 — Our share of net gain on sale of Suffolk Downs — — 15,314 — Net gain on repayment of Suffolk Downs JV debt investments — — 11,373 — Skyline properties impairment loss — — — (160,700 ) Other (3,197 ) 8,898 (1,024 ) 15,768 Total of certain items that impact EBITDA (90,799 ) 82,273 77,369 78,737 Other EBITDA $ (60,432 ) $ 121,114 $ 167,155 $ 184,608 The elements of "Other" NOI are summarized below. (Amounts in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 theMART (including trade shows) $ 25,422 $ 21,758 $ 74,859 $ 70,914 555 California Street 11,013 9,899 33,647 24,010 Other investments 7,589 21,381 15,138 44,482 Investment income and other, net (a) 5,910 6,871 24,079 19,317 Other NOI, as adjusted 49,934 59,909 147,723 158,723 Certain items that impact NOI: JBGS operating results through July 17, 2017 spin-off 12,971 72,919 160,634 233,310 Our share of real estate fund investments 2,600 2,555 7,469 6,313 Other 692 1,906 4,282 4,894 Total of certain items that impact NOI 16,263 77,380 172,385 244,517 Other NOI $ 66,197 $ 137,289 $ 320,108 $ 403,240 _____________________ (a) The amounts in these captions (for this table only) exclude the results of the mark-to-market of our deferred compensation plan of $1,975 and $204 of income for the three months ended September 30, 2017 and 2016 , respectively, and $5,233 and $2,625 of income for the nine months ended September 30, 2017 and 2016 , respectively.

Organization (Narrative) (Detai

Organization (Narrative) (Details)	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common limited partnership interest in the Operating Partnership	93.50%

Recently Issued Accounting Li46

Recently Issued Accounting Literature (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Net cash provided by operating activities	$ 661,625	$ 572,414
Net cash used in investing activities	(54,295)	$ (686,046)
ASU 2016-15
Net cash provided by operating activities	(1,839)
Net cash used in investing activities	$ (1,839)

Real Estate Fund Investments (N

Real Estate Fund Investments (Narrative) (Details) $ in Thousands	Sep. 29, 2017USD ($)	Sep. 30, 2017USD ($)investment	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Investment Holdings
Gain (loss) on sale of properties		$ 3,797	$ 5,074
Aggregate fair value of Real Estate Fund investments (in US Dollars)		$ 351,750		$ 462,132
Vornado Capital Partners Real Estate Fund
Investment Holdings
Equity method ownership percentage		25.00%
Term of the Fund, years		8 years
Investment period for commitments of the Fund, years		3 years
Investment fund expiration date		2013-07
800 Corporate Pointe
Investment Holdings
Proceeds from sales of real estate and related investments	$ 148,000
Gain (loss) on sale of properties	$ 35,620
Real estate fund investments
Investment Holdings
Number of investments held by fund | investment		5
Aggregate fair value of Real Estate Fund investments (in US Dollars)		$ 351,750
Excess of fair value over cost		95,136
Unfunded commitments of fund		117,872
Vornado Realty Trust
Investment Holdings
Unfunded commitments of fund		$ 34,502
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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Details Of Income From Real Estate Funds
(Loss) income from real estate fund investments	$ (6,308)	$ 1,077	$ (1,649)	$ 28,750
Net income attributable to noncontrolling interests in consolidated subsidiaries	(4,022)	(3,658)	(18,436)	(26,361)
Fee and Other Income	33,292	30,643	98,212	88,034
Real estate fund investments
Details Of Income From Real Estate Funds
Net investment income	6,028	5,841	16,888	12,237
Net realized gains on exited investments	35,620	0	35,861	14,676
Previously recorded unrealized gains on exited investment	(36,736)	0	(25,538)	(14,254)
Net unrealized (loss) gain on held investments	(11,220)	(4,764)	(28,860)	16,091
(Loss) income from real estate fund investments	(6,308)	1,077	(1,649)	28,750
Net income attributable to noncontrolling interests in consolidated subsidiaries	(1,486)	(270)	(9,684)	(15,088)
(Loss) income from real estate fund investments attributable to the Operating Partnership	(7,794)	807	(11,333)	13,662
Less loss (income) attributable to noncontrolling interests in the Operating Partnership	485	(49)	706	(843)
(Loss) income from real estate fund investments attributable to Vornado	(7,309)	758	(10,627)	12,819
Fee and Other Income	$ 744	$ 804	$ 3,125	$ 2,499

Marketable Securities (Marketab

Marketable Securities (Marketable securities portfolio) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Available-for-sale Securities
Fair Value	$ 193,145	$ 203,704
GAAP Cost	73,199	73,199
Unrealized Gain	119,946	130,505
Lexington Realty Trust
Available-for-sale Securities
Fair Value	188,753	199,465
GAAP Cost	72,549	72,549
Unrealized Gain	116,204	126,916
Other
Available-for-sale Securities
Fair Value	4,392	4,239
GAAP Cost	650	650
Unrealized Gain	$ 3,742	$ 3,589

Investments in Partially Owne50

Investments in Partially Owned Entities (Alexander's Inc.) (Details)	Jul. 17, 2017	Jun. 02, 2017USD ($)myExtension	May 31, 2017USD ($)	Sep. 30, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)
Equity Method Investments And Income From Equity Method Investments
Notes and loans payable				$ 8,131,606,000	$ 8,113,248,000
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				$ 424.09
Equity method investment fair value				$ 701,474,000
Excess of investee's fair value over carrying amount				575,842,000
Excess of investee's carrying amount over equity in net assets				$ 39,418,000
Alexanders Inc | Lexington Avenue 731 | Office
Equity Method Investments And Income From Equity Method Investments
Notes and loans payable		$ 500,000,000
Description of variable rate basis		LIBOR	LIBOR
Interest rate, effective				2.14%
Number of loan extensions available | myExtension		4
Length of extension available		1 year
Debt instrument maturity		2020-06	2021-03
Alexanders Inc | Interest rate cap | Lexington Avenue 731 | Office
Equity Method Investments And Income From Equity Method Investments
Notional amount		$ 500,000,000
Cap interest rate		6.00%
Alexanders Inc | Mortgage Loan Maturing in March 2021 | Lexington Avenue 731 | Office
Equity Method Investments And Income From Equity Method Investments
Notes and loans payable			$ 300,000,000
LIBOR
Equity Method Investments And Income From Equity Method Investments
Spread Over LIBOR (in percentage)	1.25%
LIBOR | Alexanders Inc | Mortgage Loan Maturing in June 2020 | Lexington Avenue 731 | Office
Equity Method Investments And Income From Equity Method Investments
Spread Over LIBOR (in percentage)		0.90%
LIBOR | Alexanders Inc | Mortgage Loan Maturing in March 2021 | Lexington Avenue 731 | Office
Equity Method Investments And Income From Equity Method Investments
Spread Over LIBOR (in percentage)			0.95%

Investments in Partially Owne51

Investments in Partially Owned Entities (Urban Edge Properties and PREIT) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Schedule Of Equity Method Investments
Net gain resulting from operating partnership unit issuances	$ (5,200)		$ (21,100)
UE
Schedule Of Equity Method Investments
Equity method ownership percentage	4.50%		4.50%		5.40%
Closing share price (in dollars per share)	$ 24.12		$ 24.12
Equity method investment fair value	$ 137,898		$ 137,898
Excess of investee's fair value over carrying amount	91,356		91,356
Net gain resulting from operating partnership unit issuances	$ 5,200	$ 0	$ 21,100	$ 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)	$ 10.49		$ 10.49
Reporting unit, amount of fair value in excess of carrying amount	$ 44,465		$ 44,465
Non cash impairment losses	44,465		44,465
Excess of investee's carrying amount over equity in net assets	33,399		33,399
Level 1 | Nonrecurring | PREIT
Schedule Of Equity Method Investments
Equity method investment fair value	$ 65,563		$ 65,563
Partnership Interest | UE
Schedule Of Equity Method Investments
Ownership common shares, investee (in shares)	5,717,184		5,717,184
Operating partnership units issued	6,250,000		20,250,000

Investments in Partially Owne52

Investments in Partially Owned Entities (Farley Post Office, NY Mezzanine Loan, Suffolk Downs) (Details) ft² in Thousands	Jul. 17, 2017	May 09, 2017USD ($)	Jun. 15, 2017USD ($)myExtension	May 26, 2017USD ($)	Jun. 30, 2017USD ($)	Sep. 30, 2017USD ($)ft²	Sep. 30, 2016USD ($)
Schedule Of Equity Method Investments
Gain on debt investments						$ (11,373,000)
Proceeds from sales of real estate and related investments						9,543,000	$ 167,673,000
Gain (loss) on sale of properties						$ 3,797,000	$ 5,074,000
LIBOR
Schedule Of Equity Method Investments
Spread Over LIBOR (in percentage)	1.25%
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
Length of lease			99 years
Upfront contribution			$ 230,000,000
Annual rent payments			5,000,000
Construction Loan			271,000,000
Initial advance to construction			$ 202,299,000
Description of variable rate basis			LIBOR
Debt instrument maturity			2019-06
Farley post office building | Farley Post Office JV | Office
Schedule Of Equity Method Investments
Net rentable area | ft²						730
Farley post office building | Farley Post Office JV | Retail
Schedule Of Equity Method Investments
Net rentable area | ft²						120
Mezzanine Loan - New York
Schedule Of Equity Method Investments
Equity method ownership percentage		33.30%
Gain on debt investments		$ 50,000,000
Suffolk Downs
Schedule Of Equity Method Investments
Gain on debt investments					$ 11,373,000
Gain (loss) on sale of properties					$ 15,314,000
Suffolk Downs | Suffolk Downs JV
Schedule Of Equity Method Investments
Equity method ownership percentage				21.20%
Gain on debt investments				$ 11,373,000
Proceeds from sales of real estate and related investments				155,000,000
Gain (loss) on sale of properties				15,314,000
Principal received				29,318,000
Accrued interest on our debt investment				$ 6,129,000
Joint Venture | Mezzanine Loan - New York
Schedule Of Equity Method Investments
Description of variable rate basis		LIBOR
Loans payable		$ 150,000,000
Debt instrument maturity		2017-05
Interest Only Loan Maturing in June 2019 | Farley post office building | Farley Post Office JV
Schedule Of Equity Method Investments
Number of loan extensions available | myExtension			2
Length of extension available			1 year
Interest Only Loan Maturing in June 2019 | Farley post office building | Farley Post Office JV | LIBOR
Schedule Of Equity Method Investments
Spread Over LIBOR (in percentage)			3.25%
Interest rate, effective						4.48%
Mezzanine Loan | Joint Venture | Mezzanine Loan - New York | LIBOR
Schedule Of Equity Method Investments
Spread Over LIBOR (in percentage)		9.42%

Investments in Partially Owne53

Investments in Partially Owned Entities (330 Madison Avenue, 280 Park Avenue and Toys R Us) (Details) ft² in Thousands	Aug. 23, 2017USD ($)ft²myExtension	Jul. 19, 2017USD ($)ft²	Jul. 17, 2017	Jul. 19, 2017USD ($)ft²	Sep. 30, 2017USD ($)
Office | 330 Madison Avenue
Schedule Of Equity Method Investments
Equity method ownership percentage		25.00%		25.00%
Net proceeds from debt		$ 85,000,000
Proceeds from (repayments of) debt		$ 150,000,000
Office | 280 Park Avenue
Schedule Of Equity Method Investments
Equity method ownership percentage	50.00%
Net proceeds from debt	$ 140,000,000
Proceeds from (repayments of) debt	900,000,000
330 Madison Avenue Joint Venture | Office | 330 Madison Avenue
Schedule Of Equity Method Investments
Square footage of real estate property | ft²		845		845
330 Madison Avenue Joint Venture | Loans due August 2024 | Office | 330 Madison Avenue
Schedule Of Equity Method Investments
Loans payable		$ 500,000,000		$ 500,000,000
Debt term		7 years
Debt instrument maturity				2024-08
Debt instrument, interest rate, stated percentage		3.43%		3.43%
280 Park Avenue Joint Venture | Loans due September 2019 | Office | 280 Park Avenue
Schedule Of Equity Method Investments
Loans payable	$ 1,200,000,000
Square footage of real estate property | ft²	1,250
Interest rate, effective					2.97%
Number of loan extensions available | myExtension	5
Length of extension available	1 year
Mortgages
Schedule Of Equity Method Investments
Interest rate, effective					3.47%
LIBOR
Schedule Of Equity Method Investments
Spread Over LIBOR (in percentage)			1.25%
LIBOR | 280 Park Avenue Joint Venture | Loans due September 2019 | Office | 280 Park Avenue
Schedule Of Equity Method Investments
Spread Over LIBOR (in percentage)	1.73%
LIBOR | Mortgages | 330 Madison Avenue Joint Venture | Loans due August 2024 | Office | 330 Madison Avenue
Schedule Of Equity Method Investments
Spread Over LIBOR (in percentage)		1.30%
LIBOR | Mortgages | 280 Park Avenue Joint Venture | Loans due September 2019 | Office | 280 Park Avenue
Schedule Of Equity Method Investments
Spread Over LIBOR (in percentage)	2.00%
Toys R Us
Schedule Of Equity Method Investments
Equity method ownership percentage					32.50%
Equity method investment, carrying amount					$ 0
Tax basis of investments, cost for income tax purposes					$ 420,000,000

Investments in Partially Owne54

Investments in Partially Owned Entities (Summary of Investments) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ 1,064,982	$ 1,378,254
Other liabilities
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ (99,250)	(43,022)
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	$ (46,013)	(43,022)
Sale of ownership interest, percent	47.00%
330 Madison Avenue | Other liabilities
Schedule Of Equity Method Investments
Equity method ownership percentage	25.00%
Carrying amount of investments in partially owned entities	$ (53,237)	0
Partially Owned Office Buildings
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ 542,778	734,536
Alexanders Inc
Schedule Of Equity Method Investments
Equity method ownership percentage	32.40%
Carrying amount of investments in partially owned entities	$ 125,632	129,324
PREIT
Schedule Of Equity Method Investments
Equity method ownership percentage	8.00%
Carrying amount of investments in partially owned entities	$ 66,477	$ 122,883
UE
Schedule Of Equity Method Investments
Equity method ownership percentage	4.50%	5.40%
Carrying amount of investments in partially owned entities	$ 46,542	$ 24,523
Other investments
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ 283,553	$ 366,988

Investments in Partially Owne55

Investments in Partially Owned Entities (Summary of Income (Loss) ) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Schedule Of Equity Method Investments
Non-cash impairment loss	$ (4,354)	$ (1,599)	$ (7,572)	$ (166,701)
Our share of net income (loss)	(41,801)	3,811	5,578	3,892
Net gain resulting from UE operating partnership unit issuances	$ (5,200)		$ (21,100)
PREIT
Schedule Of Equity Method Investments
Equity method ownership percentage	8.00%		8.00%
Non-cash impairment loss	$ (44,465)	0	$ (44,465)	0
Equity in earnings	(5,283)	52	(9,015)	(4,763)
Our share of net income (loss)	$ (49,748)	52	$ (53,480)	(4,763)
Alexanders Inc
Schedule Of Equity Method Investments
Equity method ownership percentage	32.40%		32.40%
Equity in earnings	$ 6,510	6,891	$ 20,092	20,640
Our share of net income (loss)	7,845	8,785	24,443	25,947
Management, leasing and development fees	$ 1,335	1,894	$ 4,351	5,307
UE
Schedule Of Equity Method Investments
Equity method ownership percentage	4.50%		4.50%		5.40%
Equity in earnings	$ 708	1,949	$ 4,693	3,896
Our share of net income (loss)	6,008	2,158	26,311	4,523
Management, leasing and development fees	100	209	518	627
Net gain resulting from UE operating partnership unit issuances	5,200	0	21,100	0
Partially Owned Office Buildings
Schedule Of Equity Method Investments
Our share of net income (loss)	(5,551)	(8,642)	(23,508)	(29,882)
Other investments
Schedule Of Equity Method Investments
Our share of net income (loss)	$ (355)	$ 1,458	$ 31,812	$ 8,067

Investments in Partially Owne56

Investments in Partially Owned Entities (Summary of Income (Loss) subnote ) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jun. 30, 2017	Sep. 30, 2017	Sep. 30, 2016
Schedule Of Equity Method Investments
Gain (loss) on sale of properties		$ 3,797	$ 5,074
Gain on debt investments		$ (11,373)
Suffolk Downs
Schedule Of Equity Method Investments
Gain (loss) on sale of properties	$ 15,314
Gain on debt investments	11,373
Gain recognized on the sale of property and repayment of debt	$ 26,687

Dispositions (Narrative) (Detai

Dispositions (Narrative) (Details) ft² in Thousands	Jul. 17, 2017USD ($)ft²development_assetmyAptUnitmyProperty	Jul. 17, 2017USD ($)ft²development_assetmyAptUnitmyProperty	Jun. 20, 2017USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)
Dispositions
Cash and cash equivalents and restricted cash included in spin-off of JBG Smith Properties				$ 416,237,000	$ 0
LIBOR
Dispositions
Spread Over LIBOR (in percentage)	1.25%
Spin off | Washington DC
Dispositions
Pro rata basis of distribution	1:2
Disposal group, including discontinued operation, cash and proceeds from refinancing	$ 275,000,000	$ 275,000,000
Spin off | JBGS | Washington DC
Dispositions
Repayment of debt	43,581,000
The Bartlett
Dispositions
Cash and cash equivalents and restricted cash included in spin-off of JBG Smith Properties	$ 412,500,000
Loans payable			$ 220,000,000
Debt term			5 years
Interest rate, end of period (in percentage)				2.90%
The Bartlett | LIBOR
Dispositions
Spread Over LIBOR (in percentage)			1.70%
The Bartlett | Spin off | JBGS | Washington DC
Dispositions
Net proceeds from debt		$ 217,000,000
Office | Spin off | Washington DC
Dispositions
Number of real estate properties | myProperty	37	37
Net rentable area | ft²	11,100	11,100
Multifamily | Spin off | Washington DC
Dispositions
Number of real estate properties | myProperty	5	5
Number of units | myAptUnit	3,133	3,133
Other investments | Spin off | Washington DC
Dispositions
Number of real estate properties | myProperty	5	5
Net rentable area | ft²	406	406
Future development assets | Spin off | Washington DC
Dispositions
Number of development assets | development_asset	18	18
Square footage of real estate property | ft²	10,400	10,400

Dispositions (Assets and liabil

Dispositions (Assets and liabilities related to dispositions) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Dispositions
Real estate, net	$ 0		$ 0		$ 3,222,720
Other assets	1,774		1,774		345,893
Assets related to discontinued operations	1,774		1,774		3,568,613
Mortgages payable, net	0		0		1,165,015
Other liabilities	3,602		3,602		94,428
Liabilities related to discontinued operations	3,602		3,602		$ 1,259,443
(Loss) income from discontinued operations:
Total revenues	25,747	$ 134,912	260,969	$ 392,108
Total expenses	21,708	109,506	211,930	331,377
Income from discontinued operations before net gain on sale of real estate	4,039	25,406	49,039	60,731
JBG SMITH Properties spin-off transaction costs	(53,581)	(2,739)	(67,045)	(4,597)
Net gains on sale of real estate and a lease position	1,530	2,864	3,797	5,074
Income (loss) from partially owned assets	93	316	435	(3,363)
Impairment losses	0	(465)	0	(161,165)
Pretax (loss) income from discontinued operations	(47,919)	25,382	(13,774)	(103,320)
Income tax expense	(11)	(302)	(727)	(884)
(Loss) income from discontinued operations	$ (47,930)	$ 25,080	(14,501)	(104,204)
Cash flows related to discontinued operations:
Cash flows from operating activities			39,581	107,797
Cash flows from investing activities			$ (48,377)	$ (176,374)

Identified Intangible Assets 59

Identified Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Finite-Lived Intangible Assets and Liabilities
Gross amount	$ 310,881		$ 310,881		$ 384,090
Accumulated amortization	(144,683)		(144,683)		(194,422)
Total, net	166,198		166,198		189,668
Gross amount	544,956		544,956		550,454
Accumulated amortization	(326,661)		(326,661)		(298,238)
Total, net	218,295		218,295		$ 252,216
Below Market Leases Net Of Above Market Leases
Finite-Lived Intangible Assets and Liabilities
Amortization of Intangible Assets	11,054	$ 11,529	34,758	$ 40,664
2,018	42,556		42,556
2,019	30,820		30,820
2,020	22,185		22,185
2,021	17,370		17,370
2,022	14,271		14,271
Other Identified Intangible Assets
Finite-Lived Intangible Assets and Liabilities
Amortization of Intangible Assets	6,069	6,646	19,896	22,319
2,018	19,510		19,510
2,019	15,229		15,229
2,020	12,020		12,020
2,021	11,041		11,041
2,022	9,433		9,433
Tenant Under Ground Leases
Finite-Lived Intangible Assets and Liabilities
Amortization of Intangible Assets	437	$ 437	1,310	$ 1,310
2,018	1,747		1,747
2,019	1,747		1,747
2,020	1,747		1,747
2,021	1,747		1,747
2,022	$ 1,747		$ 1,747

Debt (Summary of Debt) (Details

Debt (Summary of Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Debt Instrument
Mortgages payable, net	$ 8,131,606	$ 8,113,248
Unsecured debt - Carrying amount	846,641	845,577
Unsecured term loan, net	373,354	372,215
Revolving credit facilities	0	115,630
Total, net	1,219,995	1,333,422
Mortgages
Debt Instrument
Mortgages payable, gross	8,204,763	8,206,680
Deferred financing costs, net and other	(73,157)	(93,432)
Mortgages payable, net	$ 8,131,606	8,113,248
Interest rate, end of period (in percentage)	3.47%
Mortgages | Fixed Rate
Debt Instrument
Mortgages payable, gross	$ 5,466,886	5,479,547
Interest rate, end of period (in percentage)	3.65%
Mortgages | Variable Rate
Debt Instrument
Mortgages payable, gross	$ 2,737,877	2,727,133
Interest rate, end of period (in percentage)	3.12%
Senior Unsecured Notes
Debt Instrument
Deferred financing costs, net and other	$ (3,359)	(4,423)
Unsecured debt, gross	850,000	850,000
Unsecured debt - Carrying amount	$ 846,641	845,577
Interest rate, end of period (in percentage)	3.68%
Unsecured Term Loan
Debt Instrument
Deferred financing costs, net and other	$ (1,646)	(2,785)
Unsecured debt, gross	375,000	375,000
Unsecured term loan, net	$ 373,354	372,215
Interest rate, end of period (in percentage)	2.39%
Unsecured Revolving Credit Facilities
Debt Instrument
Revolving credit facilities	$ 0	$ 115,630
Interest rate, end of period (in percentage)	0.00%

Redeemable Noncontrolling Int61

Redeemable Noncontrolling Interests / Redeemable Partnership Units (Activity of Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Redeemable Noncontrolling Interests Rollforward
Balance as of December 31			$ 1,278,446	$ 1,229,221
Net income	$ (1,878)	$ 4,366	9,057	11,410
Other comprehensive income			188	2,326
Distributions			(25,663)	(23,582)
Other, net			30,168	26,814
Balance as of September 30	$ 970,704	$ 1,248,323	970,704	1,248,323
Class A Unit
Redeemable Noncontrolling Interests Rollforward
Redemption of Class A units for common shares/units, at redemption value			(34,564)	(28,126)
Adjustments to carry redeemable Class A units at redemption value			(286,928)	$ 30,260
JBGS | Class A Unit
Redeemable Noncontrolling Interests Rollforward
Adjustments to carry redeemable Class A units at redemption value			$ (224,069)

Redeemable Noncontrolling Int62

Redeemable Noncontrolling Interests / Redeemable Partnership Units (Narratives) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Redeemable Noncontrolling Interest
Redeemable noncontrolling interest, equity, common, carrying amount	$ 965,276	$ 1,273,018
Class A Unit
Redeemable Noncontrolling Interest
Redeemable noncontrolling interest, equity, common, carrying amount	965,276	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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), Beginning Balance	$ 115,839	$ 72,556	$ 118,972	$ 46,921
OCI before reclassifications	6,608	9,818	(5,793)	35,453
Amounts reclassified from AOCI	646	0	(8,622)	0
Net current period OCI	5,962	9,818	2,829	35,453
Accumulated other comprehensive income (loss), Ending Balance	121,801	82,374	121,801	82,374
Interest rate swaps
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), Beginning Balance	12,702	(30,538)	8,066	(19,368)
OCI before reclassifications	1,976	7,688	6,612	(3,482)
Amounts reclassified from AOCI	0	0	0	0
Net current period OCI	1,976	7,688	6,612	(3,482)
Accumulated other comprehensive income (loss), Ending Balance	14,678	(22,850)	14,678	(22,850)
Securities available for sale
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), Beginning Balance	114,290	117,561	130,505	78,448
OCI before reclassifications	5,656	3,685	(10,559)	42,798
Amounts reclassified from AOCI	0	0	0	0
Net current period OCI	5,656	3,685	(10,559)	42,798
Accumulated other comprehensive income (loss), Ending Balance	119,946	121,246	119,946	121,246
Pro-rata share of nonconsolidated subsidiaries' OCI
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), Beginning Balance	(3,821)	(9,941)	(12,058)	(9,319)
OCI before reclassifications	(626)	(915)	(1,657)	(1,537)
Amounts reclassified from AOCI	646	0	(8,622)	0
Net current period OCI	(1,272)	(915)	6,965	(1,537)
Accumulated other comprehensive income (loss), Ending Balance	(5,093)	(10,856)	(5,093)	(10,856)
Other
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), Beginning Balance	(7,332)	(4,526)	(7,541)	(2,840)
OCI before reclassifications	(398)	(640)	(189)	(2,326)
Amounts reclassified from AOCI	0	0	0	0
Net current period OCI	(398)	(640)	(189)	(2,326)
Accumulated other comprehensive income (loss), Ending Balance	$ (7,730)	$ (5,166)	$ (7,730)	$ (5,166)

Variable Interest Entities ("64

Variable Interest Entities ("VIEs") (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Unconsolidated VIEs
Variable Interest Entities
Net carrying amount of our investments in unconsolidated VIEs	$ 350,920	$ 392,150
Consolidated VIEs
Variable Interest Entities
Variable interest entity, consolidated, carrying amount, assets	3,632,567	3,638,483
Variable interest entity, consolidated, carrying amount, liabilities	$ 1,763,223	$ 1,762,322

Fair Value Measurements (Financ

Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	$ 193,145	$ 203,704
Real estate fund investments	351,750	462,132
Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	193,145	203,704
Real estate fund investments	351,750	462,132
Deferred compensation plan assets (included in restricted cash and other assets)	106,244	121,183
Interest rate swaps (included in other assets)	20,880	21,816
Total assets	672,019	808,835
Mandatorily redeemable instruments (included in other liabilities)	50,561	50,561
Interest rate swap (included in other liabilities)	3,090	10,122
Total liabilities	53,651	60,683
Recurring | Level 1
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	193,145	203,704
Real estate fund investments	0	0
Deferred compensation plan assets (included in restricted cash and other assets)	56,960	63,739
Interest rate swaps (included in other assets)	0	0
Total assets	250,105	267,443
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 restricted cash and other assets)	0	0
Interest rate swaps (included in other assets)	20,880	21,816
Total assets	20,880	21,816
Mandatorily redeemable instruments (included in other liabilities)	0	0
Interest rate swap (included in other liabilities)	3,090	10,122
Total liabilities	3,090	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	351,750	462,132
Deferred compensation plan assets (included in restricted cash and other assets)	49,284	57,444
Interest rate swaps (included in other assets)	0	0
Total assets	401,034	519,576
Mandatorily redeemable instruments (included in other liabilities)	0	0
Interest rate swap (included in other liabilities)	0	0
Total liabilities	0	0
Other Assets | Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Deferred compensation plan assets (included in restricted cash and other assets)	103,743	116,996
Restricted Cash | Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Deferred compensation plan assets (included in restricted cash and other assets)	$ 2,501	$ 4,187

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)investment	Dec. 31, 2016USD ($)
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate fund investments	$ 351,750	$ 462,132
Real estate fund investments
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Number of investments held by fund | investment	5
Real estate fund investments	$ 351,750
Excess of fair value over cost	95,136
Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate fund investments	351,750	462,132
Excess of fair value over cost	95,136
Level 3 | Real estate fund investments
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate fund investments	351,750
Level 3 | Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate fund investments	$ 351,750	$ 462,132
Level 3 | Recurring | Minimum
Fair Value Inputs [Abstract]
Anticipated holding period of investments	9 months 18 days
Level 3 | Recurring | Maximum
Fair Value Inputs [Abstract]
Anticipated holding period of investments	3 years 3 months 18 days

Fair Value Measurements (Unober

Fair Value Measurements (Unobervable Quantitative Input Ratios) (Details) - Recurring - Level 3 - Real estate fund investments	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Minimum
Unobservable Quantitative Input
Discount rates	10.00%	10.00%
Capitalization rate	4.70%	4.30%
Maximum
Unobservable Quantitative Input
Discount rates	14.90%	14.90%
Capitalization rate	5.80%	5.80%
Weighted Average
Unobservable Quantitative Input
Discount rates	12.50%	12.60%
Capitalization rate	5.40%	5.30%

Fair Value Measurements (Change

Fair Value Measurements (Changes in the Fair Value of Real Estate Fund Investments and Deferred Compensation Plan Assets) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Real estate fund investments
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 455,692	$ 524,150	$ 462,132	$ 574,761
Dispositions/distributions	(91,606)	0	(91,606)	(71,888)
Net unrealized (loss) gain on held investments	(11,220)	(4,764)	(28,860)	16,091
Net realized gains on exited investments	35,620	0	35,861	14,676
Previously recorded unrealized gains on exited investment	(36,736)	0	(25,538)	(14,254)
Other, net	0	0	(239)	0
Ending balance	351,750	519,386	351,750	519,386
Deferred Compensation Plan Assets
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	49,849	60,140	57,444	59,186
Purchases	2,176	1,251	3,989	3,523
Dispositions/distributions	(3,810)	(3,737)	(15,922)	(5,888)
Realized and unrealized gains (losses)	246	(1,055)	2,151	(743)
Other, net	823	316	1,622	837
Ending balance	$ 49,284	$ 56,915	$ 49,284	$ 56,915

Fair Value Measurements (Fair V

Fair Value Measurements (Fair Value Measurements on a Nonrecurring Basis) (Details) - PREIT - Nonrecurring $ in Thousands	Sep. 30, 2017USD ($)
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Total Assets, Nonrecurring	$ 65,563
Level 1
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Total Assets, Nonrecurring	$ 65,563

Fair Value Measurements (Carryi

Fair Value Measurements (Carrying amounts and fair value of financial instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured revolving credit facilities	$ 0	$ 115,630
Senior Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured debt, gross	850,000	850,000
Deferred financing costs, net and other	3,359	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	1,646	2,785
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents, carrying amount	1,013,282	1,307,105
Mortgages payable, gross	8,204,763	8,206,680
Unsecured revolving credit facilities	0	115,630
Debt instrument - Carrying amount	9,429,763	9,547,310
Deferred financing costs, net and other	78,162	100,640
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	9,483,000	9,553,000
Fair Value | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents, fair value	1,013,282	1,307,105
Unsecured revolving credit facilities	0	116,000
Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages payable, gross	8,223,000	8,163,000
Fair Value | Senior Unsecured Notes | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured debt, gross	885,000	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 (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based compensation expense	$ 5,693	$ 6,117	$ 27,319	$ 27,903

Fee and Other Income (Details)

Fee and Other Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Fee And Other Income
BMS cleaning fees	$ 26,429	$ 24,532	$ 75,925	$ 68,656
Management and leasing fees	2,330	1,935	7,382	5,694
Lease termination fees	991	1,819	5,947	7,123
Other income	3,542	2,357	8,958	6,561
Fee and other income	33,292	30,643	98,212	88,034
Interstate Properties
Fee And Other Income
Management and leasing fees	$ 125	$ 128	$ 377	$ 390

Interest and Other Investment73

Interest and Other Investment Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Interest and Other Income [Abstract]
Dividends on marketable securities	$ 3,309	$ 3,354	$ 9,923	$ 9,799
Mark-to-market income of investments in our deferred compensation plan	1,975	204	5,233	2,625
Interest on loans receivable	754	754	3,599	2,250
Other, net	3,268	2,147	9,045	5,447
Interest and other investment income, net	$ 9,306	$ 6,459	$ 27,800	$ 20,121

Interest and Debt Expense (Deta

Interest and Debt Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Interest and Debt Expense [Abstract]
Interest expense	$ 89,675	$ 79,648	$ 263,037	$ 247,172
Amortization of deferred financing costs	7,977	7,906	24,523	24,372
Capitalized interest and debt expense	(12,584)	(7,833)	(34,979)	(21,510)
Interest and debt expense, Total	$ 85,068	$ 79,721	$ 252,581	$ 250,034

Income Per Share _ Income Per75

Income Per Share / Income Per Class A Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Numerator:
Income from continuing operations, net of income attributable to noncontrolling interests	$ 32,050	$ 69,037	$ 196,684	$ 337,339
(Loss) income from discontinued operations, net of income attributable to noncontrolling interests	(44,948)	23,543	(13,600)	(97,732)
Net (loss) income attributable to Vornado / Vornado Realty L.P.	(12,898)	92,580	183,084	239,607
Preferred share dividends / unit distributions	(16,128)	(19,047)	(48,386)	(59,774)
Preferred share / unit issuance costs (Series J redemption)	0	(7,408)	0	(7,408)
NET (LOSS) INCOME attributable to common shareholders & Class A unitholders	(29,026)	66,125	134,698	172,425
Earnings allocated to unvested participating securities	(9)	(13)	(37)	(43)
Numerator for basic (loss) income per share / per Class A unit	(29,035)	66,112	134,661	172,382
Earnings allocated to Out-Performance Plan units	0	0	195	96
Numerator for diluted (loss) income per share / per Class A unit	$ (29,035)	$ 66,112	$ 134,856	$ 172,478
Denominator:
Denominator for basic income (loss) per share - weighted average shares (in shares)	189,593	188,901	189,401	188,778
Vornado employee stock options and restricted share / unit awards (in shares)	1,254	1,147	1,553	1,067
Out-Performance Plan units	0	0	303	241
Denominator for diluted (loss) income per share - weighted average shares and assumed conversions (in shares)	190,847	190,048	191,257	190,086
(LOSS) INCOME PER COMMON SHARE – BASIC:
Income from continuing operations, net (in dollars per share)	$ 0.09	$ 0.23	$ 0.78	$ 1.43
(Loss) income from discontinued operations, net (in dollars per share)	(0.24)	0.12	(0.07)	(0.52)
Net (loss) income per common share (in dollars per share)	(0.15)	0.35	0.71	0.91
(LOSS) INCOME PER COMMON SHARE – DILUTED:
Income from continuing operations, net (in dollars per share)	0.09	0.23	0.78	1.42
(Loss) income from discontinued operations, net (in dollars per share)	(0.24)	0.12	(0.07)	(0.51)
Net (loss) income per common share (in dollars per share)	$ (0.15)	$ 0.35	$ 0.71	$ 0.91
Vornado Realty L.P.
Numerator:
Income from continuing operations, net of income attributable to noncontrolling interests	$ 33,154	$ 71,866	$ 206,642	$ 355,221
(Loss) income from discontinued operations, net of income attributable to noncontrolling interests	(47,930)	25,080	(14,501)	(104,204)
Net (loss) income attributable to Vornado / Vornado Realty L.P.	(14,776)	96,946	192,141	251,017
Preferred share dividends / unit distributions	(16,176)	(19,096)	(48,531)	(59,920)
Preferred share / unit issuance costs (Series J redemption)	0	(7,408)	0	(7,408)
NET (LOSS) INCOME attributable to common shareholders & Class A unitholders	(30,952)	70,442	143,610	183,689
Earnings allocated to unvested participating securities	(740)	(589)	(2,499)	(2,001)
Numerator for basic and diluted (loss) income per share / per Class A unit	$ (31,692)	$ 69,853	$ 141,111	$ 181,688
Denominator:
Denominator for basic (loss) income per Class A unit – weighted average units	201,300	200,458	201,093	200,300
Vornado employee stock options and restricted share / unit awards (in shares)	1,813	1,683	2,218	1,632
Denominator for diluted (loss) income per Class A unit - weighted average units and assumed conversions	203,113	202,141	203,311	201,932
(LOSS) INCOME PER CLASS A UNIT – BASIC:
Income from continuing operations, net (in dollars per unit)	$ 0.08	$ 0.22	$ 0.77	$ 1.43
(Loss) income from discontinued operations, net (in dollars per unit)	(0.24)	0.13	(0.07)	(0.52)
Net (loss) income per Class A unit (in dollars per unit)	(0.16)	0.35	0.70	0.91
(LOSS) INCOME PER CLASS A UNIT – DILUTED:
Income from continuing operations, net (in dollars per unit)	0.08	0.22	0.76	1.42
(Loss) income from discontinued operations, net (in dollars per unit)	(0.24)	0.13	(0.07)	(0.52)
Net (loss) income per Class A unit (in dollars per unit)	$ (0.16)	$ 0.35	$ 0.69	$ 0.90

Income Per Share _ Income Per76

Income Per Share / Income Per Class A Unit (Narrative) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 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	12,413	12,315	12,173	12,072
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	147	222	118	226

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Other Commitments
Guarantees and master leases	$ 676,000,000
Outstanding letters of credit	10,501,000
Commitment to fund additional capital to partially owned entities	45,000,000
Construction commitment	489,000,000
General Liability
Insurance
Insurance limit per property	300,000,000
Insurance limit per occurrence	300,000,000
All Risk And Rental Value
Insurance
Insurance limit per occurrence	2,000,000,000
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%
Terrorism Acts
Insurance
Insurance limit per occurrence	$ 4,000,000,000
Insurance maximum coverage limit in aggregate	4,000,000,000
NBCR Acts
Insurance
Insurance limit per occurrence	2,000,000,000
Insurance maximum coverage limit in aggregate	$ 2,000,000,000
Insurance coverage end date	December 2,020
PPIC | NBCR Acts
Insurance
Insurance deductible	$ 1,976,000
Insurance deductible percentage of balance of covered loss	17.00%
Moynihan Office Building
Other Commitments
Equity method ownership percentage		50.10%

Segment Information (Summary of

Segment Information (Summary of net income and EBITDA reconciliation by segment) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Segment Information
Total revenues	$ 528,755	$ 502,753	$ 1,547,900	$ 1,489,768
Total expenses	366,520	354,292	1,100,042	1,062,219
Operating income	162,235	148,461	447,858	427,549
(Loss) income from partially owned entities	(41,801)	3,811	5,578	3,892
Loss from real estate fund investments	(6,308)	1,077	(1,649)	28,750
Interest and other investment income, net	9,306	6,459	27,800	20,121
Interest and debt expense	(85,068)	(79,721)	(252,581)	(250,034)
Net gains on disposition of wholly owned and partially owned assets			501	160,225
Income before income taxes	38,364	80,087	227,507	390,503
Income tax expense	(1,188)	(4,563)	(2,429)	(8,921)
Income from continuing operations	37,176	75,524	225,078	381,582
(Loss) income from discontinued operations	(47,930)	25,080	(14,501)	(104,204)
Net (loss) income	(10,754)	100,604	210,577	277,378
Less net income attributable to noncontrolling interests in consolidated subsidiaries	(4,022)	(3,658)	(18,436)	(26,361)
Net (loss) income attributable to the Operating Partnership	(14,776)	96,946	192,141	251,017
Interest and debt expense	113,438	122,979	348,350	376,898
Depreciation and amortization	136,621	172,980	476,406	521,143
Income tax expense (benefit)	1,462	5,102	4,180	13,067
EBITDA	236,745	398,007	1,021,077	1,162,125
General and administrative expenses less $1,975 mark-to-market of our deferred compensation plan	35,495	40,238	131,365	132,085
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(23,304)	(46,500)	(73,125)	(152,023)
Acquisition and transaction related costs	61	1,069	1,073	6,697
Non-cash impairment loss	4,354	1,599	7,572	166,701
Net gain on sale of real estate and other	(1,547)	(5,386)	(21,507)	(168,140)
Net gain resulting from UE operating partnership unit issuances	(5,200)		(21,100)
Our share of net realized/unrealized losses from our real estate fund investments			(18,537)	16,513
Net gain on repayment of Suffolk Downs JV debt investments			(11,373)
NOI	346,241	383,877	1,132,442	1,119,555
Operating Segments | New York
Segment Information
Total revenues	453,609	432,869	1,316,710	1,269,464
Total expenses	284,976	280,689	845,632	818,419
Operating income	168,633	152,180	471,078	451,045
(Loss) income from partially owned entities	1,411	(579)	(954)	(5,143)
Loss from real estate fund investments	0	0	0	0
Interest and other investment income, net	1,413	1,355	4,384	3,684
Interest and debt expense	(61,529)	(51,212)	(179,851)	(162,193)
Net gains on disposition of wholly owned and partially owned assets			0	159,511
Income before income taxes	109,928	101,744	294,657	446,904
Income tax expense	(1,087)	(2,356)	(324)	(4,131)
Income from continuing operations	108,841	99,388	294,333	442,773
(Loss) income from discontinued operations	0	0	0	0
Net (loss) income	108,841	99,388	294,333	442,773
Less net income attributable to noncontrolling interests in consolidated subsidiaries	(2,552)	(2,985)	(8,041)	(9,811)
Net (loss) income attributable to the Operating Partnership	106,289	96,403	286,292	432,962
Interest and debt expense	84,907	66,314	239,032	208,683
Depreciation and amortization	104,799	111,731	328,058	331,448
Income tax expense (benefit)	1,182	2,445	540	4,424
EBITDA	297,177	276,893	853,922	977,517
General and administrative expenses less $1,975 mark-to-market of our deferred compensation plan	9,479	9,783	31,630	27,557
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(21,435)	(35,199)	(58,797)	(114,217)
Non-cash impairment loss	0	0	0	0
Net gain on sale of real estate and other	0	0	0	(159,511)
Net gain resulting from UE operating partnership unit issuances	0		0
Net gain on repayment of Suffolk Downs JV debt investments			0
NOI	280,044	246,588	812,334	716,315
Operating Segments | Other
Segment Information
Total revenues	75,146	69,884	231,190	220,304
Total expenses	81,544	73,603	254,410	243,800
Operating income	(6,398)	(3,719)	(23,220)	(23,496)
(Loss) income from partially owned entities	(43,212)	4,390	6,532	9,035
Loss from real estate fund investments	(6,308)	1,077	(1,649)	28,750
Interest and other investment income, net	7,893	5,104	23,416	16,437
Interest and debt expense	(23,539)	(28,509)	(72,730)	(87,841)
Net gains on disposition of wholly owned and partially owned assets			501	714
Income before income taxes	(71,564)	(21,657)	(67,150)	(56,401)
Income tax expense	(101)	(2,207)	(2,105)	(4,790)
Income from continuing operations	(71,665)	(23,864)	(69,255)	(61,191)
(Loss) income from discontinued operations	(47,930)	25,080	(14,501)	(104,204)
Net (loss) income	(119,595)	1,216	(83,756)	(165,395)
Less net income attributable to noncontrolling interests in consolidated subsidiaries	(1,470)	(673)	(10,395)	(16,550)
Net (loss) income attributable to the Operating Partnership	(121,065)	543	(94,151)	(181,945)
Interest and debt expense	28,531	56,665	109,318	168,215
Depreciation and amortization	31,822	61,249	148,348	189,695
Income tax expense (benefit)	280	2,657	3,640	8,643
EBITDA	(60,432)	121,114	167,155	184,608
General and administrative expenses less $1,975 mark-to-market of our deferred compensation plan	26,016	30,455	99,735	104,528
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(1,869)	(11,301)	(14,328)	(37,806)
Non-cash impairment loss	4,354	1,599	7,572	166,701
Net gain on sale of real estate and other	(1,547)	(5,386)	(21,507)	(8,629)
Net gain resulting from UE operating partnership unit issuances	(5,200)		(21,100)
Net gain on repayment of Suffolk Downs JV debt investments			(11,373)
NOI	66,197	137,289	320,108	403,240
Alexanders Inc
Segment Information
(Loss) income from partially owned entities	7,845	8,785	24,443	25,947
EBITDA	(12,207)	(11,506)	(35,511)	(34,880)
Dividends and distributions received	7,030	6,617	21,090	19,849
Alexanders Inc | Operating Segments | New York
Segment Information
EBITDA	(12,207)	(11,506)	(35,511)	(34,880)
Dividends and distributions received	7,030	6,617	21,090	19,849
Alexanders Inc | Operating Segments | Other
Segment Information
EBITDA	0	0	0	0
Dividends and distributions received	0	0	0	0
Urban Edge Properties
Segment Information
(Loss) income from partially owned entities	6,008	2,158	26,311	4,523
EBITDA	(2,513)	(2,514)	(9,694)	(7,539)
Net gain resulting from UE operating partnership unit issuances	5,200	0	21,100	0
Dividends and distributions received	1,257	1,143	3,773	3,430
Urban Edge Properties | Operating Segments | New York
Segment Information
EBITDA	0	0	0	0
Dividends and distributions received	0	0	0	0
Urban Edge Properties | Operating Segments | Other
Segment Information
EBITDA	(2,513)	(2,514)	(9,694)	(7,539)
Dividends and distributions received	1,257	1,143	3,773	3,430
PREIT
Segment Information
(Loss) income from partially owned entities	(49,748)	52	(53,480)	(4,763)
EBITDA	(3,731)	(3,070)	(15,439)	(8,537)
Non-cash impairment loss	44,465	0	44,465	0
Dividends and distributions received	1,361	1,342	3,929	3,906
PREIT | Operating Segments | New York
Segment Information
EBITDA	0	0	0	0
Non-cash impairment loss	0		0
Dividends and distributions received	0	0	0	0
PREIT | Operating Segments | Other
Segment Information
EBITDA	(3,731)	(3,070)	(15,439)	(8,537)
Non-cash impairment loss	44,465		44,465
Dividends and distributions received	1,361	1,342	3,929	3,906
Including JBGS
Segment Information
Acquisition and transaction related costs	53,642	3,808	68,118	11,319
Including JBGS | Operating Segments | New York
Segment Information
Acquisition and transaction related costs	0	0	0	0
Including JBGS | Operating Segments | Other
Segment Information
Acquisition and transaction related costs	53,642	3,808	68,118	11,319
JBGS
Segment Information
Acquisition and transaction related costs	53,581	2,739	67,045	4,597
Deferred Compensation Plan
Segment Information
General and administrative expenses less $1,975 mark-to-market of our deferred compensation plan	1,975	204	5,233	2,625
Real estate fund investments
Segment Information
Loss from real estate fund investments	(6,308)	1,077	(1,649)	28,750
Our share of net realized/unrealized losses from our real estate fund investments	10,394	99	18,802	(8,741)
Real estate fund investments | Operating Segments | New York
Segment Information
Our share of net realized/unrealized losses from our real estate fund investments	0	0	0	0
Real estate fund investments | Operating Segments | Other
Segment Information
Loss from real estate fund investments	(7,794)	807	(11,333)	13,662
Our share of net realized/unrealized losses from our real estate fund investments	$ 10,394	$ 99	$ 18,802	$ (8,741)

Segment Information (Narrative)

Segment Information (Narrative) (Details) - Operating Segments	Sep. 30, 2017
Other | Fashion Centre Mall / Washington Tower
Segment Information
Equity method ownership percentage	7.50%
Other | Rosslyn Plaza | Minimum
Segment Information
Equity method ownership percentage	43.70%
Other | Rosslyn Plaza | Maximum
Segment Information
Equity method ownership percentage	50.40%
New York | 85 Tenth Avenue
Segment Information
Equity method ownership percentage	49.90%

Segment Information (New York S

Segment Information (New York Segment - EBITDA) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Segment Information
Net gain on sale of real estate and other	$ 1,547	$ 5,386	$ 21,507	$ 168,140
EBITDA	236,745	398,007	1,021,077	1,162,125
Operating Segments | New York
Segment Information
EBITDA Adjusted	297,177	276,893	853,922	814,886
Net gain on sale of real estate and other	0	0	0	159,511
EBITDA adjustment	0	0	0	162,631
EBITDA	297,177	276,893	853,922	977,517
Operating Segments | New York | Properties sold and other
Segment Information
EBITDA adjustment	0	0	0	3,120
Operating Segments | New York | Hotel Pennsylvania
Segment Information
EBITDA Adjusted	5,511	3,962	7,633	4,287
Operating Segments | New York | 7 West 34th Street
Segment Information
Net gain on sale of real estate and other	$ 0	0	$ 0	159,511
Equity method ownership percentage	47.00%		47.00%
Operating Segments | New York | Alexanders Inc
Segment Information
EBITDA Adjusted	$ 12,207	11,506	$ 35,511	34,880
Operating Segments | New York | Office
Segment Information
Net operating income allocation		4,213		12,058
EBITDA Adjusted	183,162	164,150	522,566	484,735
Operating Segments | New York | Retail
Segment Information
Net operating income allocation		(4,213)		(12,058)
EBITDA Adjusted	90,316	91,061	269,762	272,083
Operating Segments | New York | Residential
Segment Information
EBITDA Adjusted	$ 5,981	$ 6,214	$ 18,450	$ 18,901

Segment Information (New York81

Segment Information (New York Segment - NOI) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Segment Information
NOI	$ 346,241	$ 383,877	$ 1,132,442	$ 1,119,555
Operating Segments | New York
Segment Information
NOI adjusted	280,044	246,588	812,334	714,083
NOI	280,044	246,588	812,334	716,315
Operating Segments | New York | Alexanders Inc
Segment Information
NOI adjusted	7,030	6,617	21,090	19,849
Operating Segments | New York | Properties sold and other
Segment Information
NOI	0	0	0	2,232
Operating Segments | New York | Hotel Pennsylvania
Segment Information
NOI adjusted	6,252	4,625	9,746	6,390
Operating Segments | New York | Office
Segment Information
NOI adjusted	179,505	157,643	523,531	459,509
Operating Segments | New York | Retail
Segment Information
NOI adjusted	81,839	72,178	241,667	211,611
Operating Segments | New York | Residential
Segment Information
NOI adjusted	$ 5,418	$ 5,525	$ 16,300	$ 16,724

Segment Information (Other Segm

Segment Information (Other Segment - EBITDA) (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Segment Information
Corporate general and administrative expenses	$ (36,261)		$ (33,584)	$ (122,161)	$ (112,593)
Impairment loss on investment in PREIT	(4,354)		(1,599)	(7,572)	(166,701)
(Loss) income from real estate fund investments	(6,308)		1,077	(1,649)	28,750
Our share of net gain on sale of Suffolk Downs				3,797	5,074
Net gain on repayment of Suffolk Downs JV debt investments				(11,373)
Other	1,530		2,864	3,797	5,074
EBITDA	236,745		398,007	1,021,077	1,162,125
Suffolk Downs
Segment Information
Our share of net gain on sale of Suffolk Downs		$ 15,314
Net gain on repayment of Suffolk Downs JV debt investments		$ 11,373
Real estate fund investments
Segment Information
Operating results	(7,794)		807	(11,333)	13,662
(Loss) income from real estate fund investments	(6,308)		1,077	(1,649)	28,750
Operating Segments | Other
Segment Information
Corporate general and administrative expenses	(22,730)		(21,519)	(78,952)	(76,364)
Investment income and other, net	5,910		6,871	24,079	19,317
Other EBITDA, as adjusted	30,367		38,841	89,786	105,871
Impairment loss on investment in PREIT	(4,354)		(1,599)	(7,572)	(166,701)
(Loss) income from real estate fund investments	(6,308)		1,077	(1,649)	28,750
Net gain on repayment of Suffolk Downs JV debt investments				(11,373)
Total of certain items that impact EBITDA	(90,799)		82,273	77,369	78,737
EBITDA	(60,432)		121,114	167,155	184,608
Income from mark-to-market income (loss) of investments in our deferred compensation plan	1,975		204	5,233	2,625
Operating Segments | Other | JBGS
Segment Information
Transaction costs	(53,581)		(2,739)	(67,045)	(4,597)
Operating results	13,038		75,307	153,449	214,604
Operating expense	(40,543)		72,568	86,404	210,007
Operating Segments | Other | PREIT
Segment Information
Impairment loss on investment in PREIT	(44,465)		0	(44,465)	0
Operating Segments | Other | Urban Edge Properties
Segment Information
Operating expense	5,200		0	21,100	0
Other	(3,197)		8,898	(1,024)	15,768
Operating Segments | Other | Suffolk Downs
Segment Information
Our share of net gain on sale of Suffolk Downs	0		0	15,314	0
Net gain on repayment of Suffolk Downs JV debt investments	0		0	11,373	0
Operating Segments | Other | Skyline Properties
Segment Information
Skyline properties impairment loss	0		0	0	(160,700)
Operating Segments | Other | Real estate investment | The Mart and trade shows
Segment Information
Equity in net income (loss)	24,165		21,696	72,471	70,689
Operating Segments | Other | Real estate investment | 555 California Street
Segment Information
Equity in net income (loss)	11,643		11,405	35,870	35,137
Operating Segments | Other | Real estate investment | Other investments
Segment Information
Equity in net income (loss)	11,379		20,388	36,318	57,092
Investment income and other, net	5,910		6,871	24,079	19,317
Operating Segments | Other | Real estate fund investments
Segment Information
(Loss) income from real estate fund investments	$ (7,794)		$ 807	$ (11,333)	$ 13,662

Segment Information (Other Se83

Segment Information (Other Segment - NOI) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Segment Information
NOI	$ 346,241	$ 383,877	$ 1,132,442	$ 1,119,555
Operating Segments | Other
Segment Information
NOI	66,197	137,289	320,108	403,240
Investment income and other, net	5,910	6,871	24,079	19,317
Operating results	692	1,906	4,282	4,894
Total of certain items that impact NOI	16,263	77,380	172,385	244,517
Income from mark-to-market income (loss) of investments in our deferred compensation plan	1,975	204	5,233	2,625
Operating Segments | Other | JBGS
Segment Information
Operating results	12,971	72,919	160,634	233,310
Operating Segments | Other | Real estate investment
Segment Information
NOI	49,934	59,909	147,723	158,723
Operating Segments | Other | Real estate investment | The Mart and trade shows
Segment Information
NOI	25,422	21,758	74,859	70,914
Operating Segments | Other | Real estate investment | 555 California Street
Segment Information
NOI	11,013	9,899	33,647	24,010
Operating Segments | Other | Real estate investment | Other investments
Segment Information
NOI	7,589	21,381	15,138	44,482
Investment income and other, net	5,910	6,871	24,079	19,317
Operating Segments | Other | Real estate fund investments
Segment Information
Operating results	$ 2,600	$ 2,555	$ 7,469	$ 6,313

Subsequent Event (Narrative) (D

Subsequent Event (Narrative) (Details) $ in Thousands	Oct. 17, 2017USD ($)myExtensioncredit_facility	Oct. 16, 2017	Jul. 17, 2017	Sep. 30, 2017USD ($)	Dec. 31, 2016USD ($)
Subsequent Events
Unsecured revolving credit facilities | $				$ 0	$ 115,630
LIBOR
Subsequent Events
Spread Over LIBOR (in percentage)			1.25%
Maturing in January 2022 | LIBOR | Revolving Credit Facility | Subsequent Event
Subsequent Events
Facility fee (basis points)	0.20%
Maturing in January 2022 | Line of Credit | Subsequent Event
Subsequent Events
Extension executed on number of revolving credit facilities | myExtension	1
Number of revolving credit facility | credit_facility	2
Debt instrument maturity	2022-01	2019-11
Maturing in January 2022 | Line of Credit | Revolving Credit Facility | Subsequent Event
Subsequent Events
Unsecured revolving credit facilities | $	$ 1,250,000
Number of loan extensions available | myExtension	2
Length of extension available	6 months
Maturing in January 2022 | Line of Credit | LIBOR | Revolving Credit Facility | Subsequent Event
Subsequent Events
Description of variable rate basis	LIBOR
Spread Over LIBOR (in percentage)	1.00%	1.05%
Maturing in February 2021 | Line of Credit | Revolving Credit Facility | Subsequent Event
Subsequent Events
Unsecured revolving credit facilities | $	$ 1,250,000
Number of loan extensions available | myExtension	2
Length of extension available	6 months