Vornado Realty Trust (VNO) 10-K 12 Feb 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Jun. 30, 2017
Document and Entity Information
Entity Registrant Name	VORNADO REALTY TRUST
Entity Central Index Key	899,689
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	189,983,858
Entity Public Float		$ 16,284,558,000
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
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-K
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding
Entity Public Float		$ 897,361,000
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Real estate, at cost:
Land	$ 3,143,648	$ 3,130,825
Buildings and improvements	9,898,605	9,684,144
Development costs and construction in progress	1,615,101	1,278,941
Leasehold improvements and equipment	98,941	93,910
Total	14,756,295	14,187,820
Less accumulated depreciation and amortization	(2,885,283)	(2,581,514)
Real estate, net	11,871,012	11,606,306
Cash and cash equivalents	1,817,655	1,501,027
Restricted cash	97,157	95,032
Marketable securities	182,752	203,704
Tenant and other receivables, net of allowance for doubtful accounts of $5,526 and $6,708	58,700	61,069
Investments in partially owned entities	1,056,829	1,378,254
Real estate fund investments	354,804	462,132
Receivable arising from the straight-lining of rents, net of allowance of $954 and $1,913	926,711	885,167
Deferred leasing costs, net of accumulated amortization of $191,827 and $170,952	403,492	354,997
Identified intangible assets, net of accumulated amortization of $150,837 and $194,422	159,260	189,668
Assets related to discontinued operations	1,357	3,568,613
Other assets	468,205	508,878
Assets	17,397,934	20,814,847
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net	8,137,139	8,113,248
Senior unsecured notes, net	843,614	845,577
Unsecured term loan, net	748,734	372,215
Unsecured revolving credit facilities	0	115,630
Accounts payable and accrued expenses	415,794	397,134
Deferred revenue	227,069	276,276
Deferred compensation plan	109,177	121,183
Liabilities related to discontinued operations	3,620	1,259,443
Preferred shares/units to be redeemed on January 4 and 11, 2018	455,514	0
Other liabilities	464,635	417,199
Total liabilities	11,405,296	11,917,905
Commitments and contingencies
Redeemable noncontrolling interests / partnership units:
Class A units - 12,528,899 and 12,197,162 units outstanding	979,509	1,273,018
Series D cumulative redeemable preferred units - 177,101 units outstanding	5,428	5,428
Total redeemable noncontrolling interests	984,937	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 36,799,573 and 42,824,829 shares	891,988	1,038,055
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 189,983,858 and 189,100,876 shares	7,577	7,542
Additional capital	7,492,658	7,153,332
Earnings less than distributions	(4,183,253)	(1,419,382)
Accumulated other comprehensive income	128,682	118,972
Total Vornado and Vornado Realty L.P. shareholders' equity	4,337,652	6,898,519
Noncontrolling interests in consolidated subsidiaries	670,049	719,977
Total equity	5,007,701	7,618,496
Total liabilities, redeemable noncontrolling interests / partnership units and equity	17,397,934	20,814,847
Vornado Realty L.P.
Real estate, at cost:
Land	3,143,648	3,130,825
Buildings and improvements	9,898,605	9,684,144
Development costs and construction in progress	1,615,101	1,278,941
Leasehold improvements and equipment	98,941	93,910
Total	14,756,295	14,187,820
Less accumulated depreciation and amortization	(2,885,283)	(2,581,514)
Real estate, net	11,871,012	11,606,306
Cash and cash equivalents	1,817,655	1,501,027
Restricted cash	97,157	95,032
Marketable securities	182,752	203,704
Tenant and other receivables, net of allowance for doubtful accounts of $5,526 and $6,708	58,700	61,069
Investments in partially owned entities	1,056,829	1,378,254
Real estate fund investments	354,804	462,132
Receivable arising from the straight-lining of rents, net of allowance of $954 and $1,913	926,711	885,167
Deferred leasing costs, net of accumulated amortization of $191,827 and $170,952	403,492	354,997
Identified intangible assets, net of accumulated amortization of $150,837 and $194,422	159,260	189,668
Assets related to discontinued operations	1,357	3,568,613
Other assets	468,205	508,878
Assets	17,397,934	20,814,847
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net	8,137,139	8,113,248
Senior unsecured notes, net	843,614	845,577
Unsecured term loan, net	748,734	372,215
Unsecured revolving credit facilities	0	115,630
Accounts payable and accrued expenses	415,794	397,134
Deferred revenue	227,069	276,276
Deferred compensation plan	109,177	121,183
Liabilities related to discontinued operations	3,620	1,259,443
Preferred shares/units to be redeemed on January 4 and 11, 2018	455,514	0
Other liabilities	464,635	417,199
Total liabilities	11,405,296	11,917,905
Commitments and contingencies
Redeemable noncontrolling interests / partnership units:
Class A units - 12,528,899 and 12,197,162 units outstanding	979,509	1,273,018
Series D cumulative redeemable preferred units - 177,101 units outstanding	5,428	5,428
Total redeemable noncontrolling interests	984,937	1,278,446
Vornado's shareholders' equity:
Partners' capital	8,392,223	8,198,929
Earnings less than distributions	(4,183,253)	(1,419,382)
Accumulated other comprehensive income	128,682	118,972
Total Vornado and Vornado Realty L.P. shareholders' equity	4,337,652	6,898,519
Noncontrolling interests in consolidated subsidiaries	670,049	719,977
Total equity	5,007,701	7,618,496
Total liabilities, redeemable noncontrolling interests / partnership units and equity	$ 17,397,934	$ 20,814,847

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
ASSETS
Tenant and other receivables, allowance for doubtful accounts (in US dollars)	$ 5,526	$ 6,708
Receivable arising from the straight-lining of rents, allowance (in US dollars)	954	1,913
Deferred leasing costs, accumulated amortization (in US dollars)	191,827	170,952
Identified intangible assets, accumulated amortization (in US dollars)	$ 150,837	$ 194,422
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Preferred Stock, Par Value Per Share	$ 0	$ 0
Preferred shares of beneficial interest: authorized shares	110,000,000	110,000,000
Preferred shares of beneficial interest: issued shares	36,799,573	42,824,829
Preferred shares of beneficial interest: outstanding shares	36,799,573	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	189,983,858	189,100,876
Common shares of beneficial interest: outstanding shares	189,983,858	189,100,876
Vornado Realty L.P.
ASSETS
Tenant and other receivables, allowance for doubtful accounts (in US dollars)	$ 5,526	$ 6,708
Receivable arising from the straight-lining of rents, allowance (in US dollars)	954	1,913
Deferred leasing costs, accumulated amortization (in US dollars)	191,827	170,952
Identified intangible assets, accumulated amortization (in US dollars)	$ 150,837	$ 194,422
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding Partnership Units held by Third Parties	12,528,899
Class A
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding Partnership Units held by Third Parties	12,528,899	12,197,162
Class A | Vornado Realty L.P.
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding Partnership Units held by Third Parties	12,528,899	12,197,162
Common shares of beneficial interest: outstanding shares	189,983,858
Series D Cumulative Redeemable Preferred Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding Partnership Units held by Third Parties	177,101	177,101
Series D Cumulative Redeemable Preferred Unit | Vornado Realty L.P.
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 - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
REVENUES:
Property rentals	$ 1,714,952	$ 1,662,093	$ 1,626,866
Tenant expense reimbursements	233,424	221,563	218,739
Fee and other income	135,750	120,086	139,890
Total revenues	2,084,126	2,003,742	1,985,495
EXPENSES:
Operating	886,596	844,566	824,511
Depreciation and amortization	429,389	421,023	379,803
General and administrative	158,999	149,550	149,256
Acquisition and transaction related costs	1,776	9,451	12,511
Total expenses	1,476,760	1,424,590	1,366,081
Operating income	607,366	579,152	619,414
Income (loss) from partially owned entities	15,200	168,948	(9,947)
Income (loss) from real estate fund investments	3,240	(23,602)	74,081
Interest and other investment income, net	37,793	29,548	27,240
Interest and debt expense	(345,654)	(330,240)	(309,298)
Net gains on disposition of wholly owned and partially owned assets	501	160,433	149,417
Income before income taxes	318,446	584,239	550,907
Income tax (expense) benefit	(41,090)	(7,229)	85,012
Income from continuing operations	277,356	577,010	635,919
(Loss) income from discontinued operations	(13,228)	404,912	223,511
Net income	264,128	981,922	859,430
Less net income attributable to noncontrolling interests in:
Consolidated subsidiaries	(25,802)	(21,351)	(55,765)
Operating Partnership	(10,910)	(53,654)	(43,231)
Net income attributable to Vornado / Vornado Realty L.P.	227,416	906,917	760,434
Preferred share dividends / unit distributions	(65,399)	(75,903)	(80,578)
Preferred share / unit issuance cost (Series J redemption)	0	(7,408)	0
NET INCOME attributable to common shareholders / Class A unitholders	$ 162,017	$ 823,606	$ 679,856
INCOME PER COMMON SHARE - BASIC:
Income from continuing operations, net (in dollars per share)	$ 0.92	$ 2.35	$ 2.49
(Loss) income from discontinued operations, net (in dollars per share)	(0.07)	2.01	1.12
Net income per common share (in dollars per share)	$ 0.85	$ 4.36	$ 3.61
Weighted average shares outstanding	189,526	188,837	188,353
INCOME PER COMMON SHARE - DILUTED:
Income from continuing operations, net (in dollars per share)	$ 0.91	$ 2.34	$ 2.48
(Loss) income from discontinued operations, net (in dollars per share)	(0.06)	2	1.11
Net income per common share (in dollars per share)	$ 0.85	$ 4.34	$ 3.59
Weighted average shares outstanding	191,258	190,173	189,564
Vornado Realty L.P.
REVENUES:
Property rentals	$ 1,714,952	$ 1,662,093	$ 1,626,866
Tenant expense reimbursements	233,424	221,563	218,739
Fee and other income	135,750	120,086	139,890
Total revenues	2,084,126	2,003,742	1,985,495
EXPENSES:
Operating	886,596	844,566	824,511
Depreciation and amortization	429,389	421,023	379,803
General and administrative	158,999	149,550	149,256
Acquisition and transaction related costs	1,776	9,451	12,511
Total expenses	1,476,760	1,424,590	1,366,081
Operating income	607,366	579,152	619,414
Income (loss) from partially owned entities	15,200	168,948	(9,947)
Income (loss) from real estate fund investments	3,240	(23,602)	74,081
Interest and other investment income, net	37,793	29,548	27,240
Interest and debt expense	(345,654)	(330,240)	(309,298)
Net gains on disposition of wholly owned and partially owned assets	501	160,433	149,417
Income before income taxes	318,446	584,239	550,907
Income tax (expense) benefit	(41,090)	(7,229)	85,012
Income from continuing operations	277,356	577,010	635,919
(Loss) income from discontinued operations	(13,228)	404,912	223,511
Net income	264,128	981,922	859,430
Less net income attributable to noncontrolling interests in:
Consolidated subsidiaries	(25,802)	(21,351)	(55,765)
Operating Partnership	(10,910)	(53,654)	(43,231)
Net income attributable to Vornado / Vornado Realty L.P.	238,326	960,571	803,665
Preferred share dividends / unit distributions	(65,593)	(76,097)	(80,736)
Preferred share / unit issuance cost (Series J redemption)	0	(7,408)	0
NET INCOME attributable to common shareholders / Class A unitholders	$ 172,733	$ 877,066	$ 722,929
INCOME PER CLASS A UNIT - BASIC:
Income from continuing operations, net (in dollars per share)	$ 0.91	$ 2.34	$ 2.49
(Loss) income from discontinued operations, net (in dollars per share)	(0.07)	2.02	1.12
Net income per Class A unit (in dollars per share)	$ 0.84	$ 4.36	$ 3.61
Weighted average units outstanding	201,214	200,350	199,309
INCOME PER CLASS A UNIT - DILUTED:
Income from continuing operations, net (in dollars per share)	$ 0.90	$ 2.32	$ 2.46
(Loss) income from discontinued operations, net (in dollars per share)	(0.07)	2	1.11
Net income per Class A unit (in dollars per share)	$ 0.83	$ 4.32	$ 3.57
Weighted average units outstanding	203,300	202,017	201,158

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net income	$ 264,128	$ 981,922	$ 859,430
Other comprehensive (loss) income:
(Reduction) increase in unrealized net gain on available-for-sale securities	(20,951)	52,057	(55,326)
Pro rata share of amounts reclassified from accumulated other comprehensive income of a nonconsolidated subsidiary	14,402	0	0
Pro rata share of other comprehensive income (loss) of nonconsolidated subsidiaries	1,425	(2,739)	(327)
Increase in value of interest rate swaps and other	15,477	27,432	6,441
Comprehensive income	274,481	1,058,672	810,218
Less comprehensive income attributable to noncontrolling interests	(37,356)	(79,704)	(96,130)
Comprehensive income attributable to Vornado / Vornado Realty L.P.	237,125	978,968	714,088
Vornado Realty L.P.
Net income	264,128	981,922	859,430
Other comprehensive (loss) income:
(Reduction) increase in unrealized net gain on available-for-sale securities	(20,951)	52,057	(55,326)
Pro rata share of amounts reclassified from accumulated other comprehensive income of a nonconsolidated subsidiary	14,402	0	0
Pro rata share of other comprehensive income (loss) of nonconsolidated subsidiaries	1,425	(2,739)	(327)
Increase in value of interest rate swaps and other	15,477	27,432	6,441
Comprehensive income	274,481	1,058,672	810,218
Less comprehensive income attributable to noncontrolling interests	(25,802)	(21,351)	(55,765)
Comprehensive income attributable to Vornado / Vornado Realty L.P.	$ 248,679	$ 1,037,321	$ 754,453

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Redeemable Preferred Unit	Series J	JBGS	Real estate fund investments	Other	Preferred Shares / Units	Preferred Shares / UnitsCumulative Redeemable Preferred Unit	Common Shares	Additional Capital	Earnings Less Than Distributions	Earnings Less Than DistributionsJBGS	Accumulated Other Comprehensive Income (Loss)	Non- controlling Interests in Consolidated Subsidiaries	Non- controlling Interests in Consolidated SubsidiariesJBGS	Non- controlling Interests in Consolidated SubsidiariesReal estate fund investments	Non- controlling Interests in Consolidated SubsidiariesOther	Vornado Realty L.P.	Vornado Realty L.P.Cumulative Redeemable Preferred Unit	Vornado Realty L.P.JBGS	Vornado Realty L.P.Real estate fund investments	Vornado Realty L.P.Other	Vornado Realty L.P.Preferred Shares / Units	Vornado Realty L.P.Preferred Shares / UnitsCumulative Redeemable Preferred Unit	Vornado Realty L.P.Preferred Shares / UnitsSeries J	Vornado Realty L.P.Class A Units Owned by Vornado	Vornado Realty L.P.Earnings Less Than Distributions	Vornado Realty L.P.Earnings Less Than DistributionsSeries J	Vornado Realty L.P.Earnings Less Than DistributionsJBGS	Vornado Realty L.P.Accumulated Other Comprehensive Income (Loss)	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, 2014							52,679		187,887														52,679			187,887
Beginning balance, Value at Dec. 31, 2014	$ 7,489,382						$ 1,277,026		$ 7,493	$ 6,873,025	$ (1,505,385)		$ 93,267	$ 743,956				$ 7,489,382					$ 1,277,026			$ 6,880,518	$ (1,505,385)			$ 93,267	$ 743,956
Net income attributable to Vornado / Vornado Realty L.P.	760,434										760,434							803,665									803,665
Net income attributable to redeemable partnership units	(43,231)																	(43,231)									(43,231)
Net income attributable to noncontrolling interests in consolidated subsidiaries	55,765				$ 40,117									55,765				55,765													55,765
Distribution of Urban Edge Properties	(464,603)										(464,262)			(341)				(464,603)									(464,262)				(341)
Dividends on common shares	(474,751)										(474,751)
Distributions to Vornado																		(474,751)									(474,751)
Dividends on preferred shares / Distributions to preferred unitholders	(80,578)										(80,578)							(80,578)									(80,578)
Common shares issued:
Upon redemption of Class A units, at redemption value, Shares									452																	452
Upon redemption of Class A units, at redemption value, Value	48,230								$ 18	48,212								48,230								$ 48,230
Under employees' share option plan, Shares									214																	214
Under employees' share option plan, Value	12,762								$ 9	15,332	(2,579)							12,762								$ 15,341	(2,579)
Under dividend reinvestment plan, Shares									14																	14
Under dividend reinvestment plan, Value	1,438								$ 1	1,437								1,438								$ 1,438
Contributions
Contributions					51,725	$ 250										$ 51,725	$ 250				$ 51,725	$ 250										$ 51,725	$ 250
Distributions:
Distributions					(72,114)	(525)										(72,114)	(525)				(72,114)	(525)										(72,114)	(525)
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units							(2)		4														(2)			4
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, Value	0						$ (72)		$ 1	71													$ (72)			$ 72
Deferred compensation shares / units and options, Shares									6																	6
Deferred compensation shares / units and options, Value	2,080								$ 1	2,438	(359)							2,080								$ 2,439	(359)
(Reduction) increase in unrealized net gain on available-for-sale securities	(55,326)												(55,326)					(55,326)												(55,326)
Pro rata share of other comprehensive income (loss) of nonconsolidated subsidiaries	(327)												(327)					(327)												(327)
Increase in value of interest rate swaps	6,435												6,435					6,435												6,435
Adjustments to carry redeemable Class A units at redemption value	192,464									192,464								192,464								192,464
Redeemable noncontrolling interests' share of above adjustments	(2,866)												(2,866)					2,866												2,866
Other, Shares									0
Other	471						$ 0		$ (2)	0	700		6	(233)				471					$ 0			$ (2)	700			6	(233)
Ending balance, Shares at Dec. 31, 2015							52,677		188,577														52,677			188,577
Ending balance, Value at Dec. 31, 2015	7,476,078						$ 1,276,954		$ 7,521	7,132,979	(1,766,780)		46,921	778,483				7,476,078					$ 1,276,954			$ 7,140,500	(1,766,780)			46,921	778,483
Net income attributable to Vornado / Vornado Realty L.P.	906,917										906,917							960,571									960,571
Net income attributable to redeemable partnership units	(53,654)																	(53,654)									(53,654)
Net income attributable to noncontrolling interests in consolidated subsidiaries	21,351				(2,560)									21,351				21,351													21,351
Distribution of Urban Edge Properties																		(475,961)									(475,961)				0
Dividends on common shares	(475,961)										(475,961)
Distributions to Vornado																		(75,903)									(75,903)
Dividends on preferred shares / Distributions to preferred unitholders	(75,903)										(75,903)							(246,250)									(7,408)
Redemption of preferred shares, Shares / Units																									(9,850)
Redemption of preferred shares, Value			$ (246,250)																						$ (238,842)			$ (7,408)
Common shares issued:
Upon redemption of Class A units, at redemption value, Shares									376																	376
Upon redemption of Class A units, at redemption value, Value	36,510								$ 15	36,495								36,510								$ 36,510
Under employees' share option plan, Shares									123																	123
Under employees' share option plan, Value	6,825								$ 5	6,820	0							6,825								$ 6,825	0
Under dividend reinvestment plan, Shares									16																	16
Under dividend reinvestment plan, Value	1,444								$ 1	1,443								1,444								$ 1,444
Contributions
Contributions	19,749													19,749				19,749													19,749
Distributions:
Distributions	(31,342)				(62,444)	(36,804)										(62,444)	(36,804)				(62,444)	(36,804)										(62,444)	(36,804)
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units							(2)		3														(2)			3
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, Value							$ (56)		$ 0	56								0					$ (56)			$ 56
Deferred compensation shares / units and options, Shares									7																	7
Deferred compensation shares / units and options, Value	1,602								$ 0	1,788	(186)							1,602								$ 1,788	(186)
(Reduction) increase in unrealized net gain on available-for-sale securities	52,057												52,057					52,057												52,057
Pro rata share of other comprehensive income (loss) of nonconsolidated subsidiaries	(2,739)												(2,739)					(2,739)												(2,739)
Increase in value of interest rate swaps	27,434												27,434					27,434												27,434
Adjustments to carry redeemable Class A units at redemption value	(26,251)									(26,251)								(26,251)								$ (26,251)
Redeemable noncontrolling interests' share of above adjustments	(4,699)												(4,699)					(4,699)												(4,699)
Other, Shares									(1)																	(1)
Other	(420)						$ (1)			2	(61)		(2)	(358)				(420)					$ (1)			$ 2	(61)			(2)	(358)
Ending balance, Shares at Dec. 31, 2016							42,825		189,101														42,825			189,101
Ending balance, Value at Dec. 31, 2016	7,618,496						$ 1,038,055		$ 7,542	7,153,332	(1,419,382)		118,972	719,977				7,618,496					$ 1,038,055			$ 7,160,874	(1,419,382)			118,972	719,977
Net income attributable to Vornado / Vornado Realty L.P.	227,416										227,416							238,326									238,326
Net income attributable to redeemable partnership units	(10,910)																	(10,910)									(10,910)
Net income attributable to noncontrolling interests in consolidated subsidiaries	25,802				14,044									25,802				25,802													25,802
Dividends on common shares	(496,490)										(496,490)
Distributions to Vornado																		(496,490)									(496,490)
Dividends on preferred shares / Distributions to preferred unitholders	(65,399)										(65,399)							(65,399)									(65,399)
Redemption of preferred shares, Shares / Units																							(9,850)
Redemption of preferred shares, Value																							$ (238,842)
Common shares issued:
Upon redemption of Class A units, at redemption value, Shares									403																	403
Upon redemption of Class A units, at redemption value, Value	38,747								$ 16	38,731								38,747								$ 38,747
Under employees' share option plan, Shares									449																	449
Under employees' share option plan, Value	28,253								$ 18	28,235								28,253								$ 28,253
Under dividend reinvestment plan, Shares									17																	17
Under dividend reinvestment plan, Value	1,459								$ 1	1,458								1,459								$ 1,459
Contributions
Contributions	1,044													1,044				1,044													1,044
Distributions:
Distributions	(33,229)			$ (2,428,345)	$ (73,850)	$ (2,618)						$ (2,428,345)			$ 0	$ (73,850)	$ (2,618)			$ (2,428,345)	$ (73,850)	$ (2,618)							$ (2,428,345)			$ (73,850)	$ (2,618)
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units							(5)		10														(5)			10
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, Value	0						$ (162)		$ 0	162	0							0					$ (162)			$ 162
Deferred compensation shares / units and options, Shares									0																	0
Deferred compensation shares / units and options, Value	1,828									2,246	(418)		0					1,828								$ 2,246	(418)
(Reduction) increase in unrealized net gain on available-for-sale securities	(20,951)												(20,951)					(20,951)												(20,951)
Pro rata share of amounts reclassified related to a nonconsolidated subsidiary	(14,402)												(14,402)					14,402												14,402
Pro rata share of other comprehensive income (loss) of nonconsolidated subsidiaries	1,425												1,425					1,425												1,425
Increase in value of interest rate swaps	15,476												15,476					15,476												15,476
Adjustments to carry redeemable Class A units at redemption value	268,494									268,494								268,494								$ 268,494
Preferred shares issuance, Shares							12,780																12,780
Preferred shares issuance, Value	309,609						$ 309,609											309,609					$ 309,609
Cumulative redeemable preferred shares called for redemption, units								(18,800)																18,800
Cumulative redeemable preferred shares called for redemption		$ (455,514)						$ (455,514)											$ (455,514)					$ (455,514)
Redeemable noncontrolling interests' share of above adjustments	(642)												(642)					(642)												(642)
Other, Shares									4														0			4
Other	(941)										(635)			(306)				(941)					$ 0			$ 0	(635)			0	(306)
Ending balance, Shares at Dec. 31, 2017							36,800		189,984														36,800			189,984
Ending balance, Value at Dec. 31, 2017	$ 5,007,701						$ 891,988		$ 7,577	$ 7,492,658	$ (4,183,253)		$ 128,682	$ 670,049				$ 5,007,701					$ 891,988			$ 7,500,235	$ (4,183,253)			$ 128,682	$ 670,049

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash Flows from Operating Activities:
Net income	$ 264,128	$ 981,922	$ 859,430
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs)	529,826	595,270	566,207
Return of capital from real estate fund investments	91,606	71,888	91,458
Distributions of income from partially owned entities	82,095	214,800	66,819
Amortization of below-market leases, net	(46,790)	(53,202)	(79,053)
Straight-lining of rents	(45,792)	(146,787)	(153,668)
Change in allowance for deferred tax assets	34,800	0	(90,030)
Equity in net (income) loss of partially owned entities	(15,635)	(165,389)	11,882
Net realized and unrealized losses (gains) on real estate fund investments	15,267	40,655	(57,752)
Net gains on sale of real estate and other	(3,489)	(5,074)	(65,396)
Net gains on disposition of wholly owned and partially owned assets	(501)	(175,735)	(251,821)
Net gain on extinguishment of Skyline properties debt	0	(487,877)	0
Real estate impairment losses	0	161,165	256
Other non-cash adjustments	56,480	39,406	37,721
Changes in operating assets and liabilities:
Real estate fund investments	0	0	(95,010)
Tenant and other receivables, net	1,183	(4,271)	8,366
Prepaid assets	(12,292)	(7,893)	(16,836)
Other assets	(79,199)	(76,357)	(112,415)
Accounts payable and accrued expenses	3,760	13,278	(25,231)
Other liabilities	(15,305)	(719)	(22,836)
Net cash provided by operating activities	860,142	995,080	672,091
Cash Flows from Investing Activities:
Distributions of capital from partially owned entities	366,155	196,635	36,017
Development costs and construction in progress	(355,852)	(606,565)	(475,819)
Additions to real estate	(271,308)	(387,545)	(301,413)
Proceeds from the repayment of JBG SMITH Properties loan receivable	115,630	0	0
Investments in partially owned entities	(40,537)	(127,608)	(235,439)
Acquisitions of real estate and other	(30,607)	(91,103)	(558,484)
Proceeds from sales of real estate and related investments	9,543	183,173	786,924
Proceeds from repayments of mortgage loans receivable	659	45	16,790
Net deconsolidation of 7 West 34th Street	0	(48,000)	0
Investments in loans receivable	0	(11,700)	(1,000)
Purchases of marketable securities	0	(4,379)	0
Proceeds from the sale of marketable securities	0	3,937	0
Net cash used in investing activities	(206,317)	(893,110)	(732,424)
Cash Flows from Financing Activities:
Proceeds from borrowings	1,055,872	2,403,898	4,468,872
Repayments of borrowings	(631,681)	(1,894,990)	(2,936,578)
Dividends paid on common shares / Distributions to Vornado	(496,490)	(475,961)	(474,751)
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	0
Proceeds from issuance of preferred shares / units	309,609	0	0
Distributions to noncontrolling interests / Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries	(109,697)	(130,590)	(102,866)
Dividends paid on preferred shares / Distributions to preferred unitholders	(64,516)	(80,137)	(80,578)
Proceeds received from exercise of employee share options (Vornado stock options) and other	29,712	8,269	16,779
Debt issuance costs	(12,325)	(42,157)	(66,554)
Debt prepayment and extinguishment costs	(3,217)	0	(15,000)
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries	1,044	11,950	51,975
Repurchase of shares (Class A units) related to stock compensation agreements and related tax withholdings and other	(418)	(186)	(7,473)
Redemption of preferred shares / units	0	(246,250)	0
Cash and cash equivalents and restricted cash included in the spin-off of Urban Edge Properties	0	0	(234,967)
Net cash (used in) provided by financing activities	(338,344)	(446,154)	618,859
Net increase (decrease) in cash and cash equivalents and restricted cash	315,481	(344,184)	558,526
Cash and cash equivalents and restricted cash at beginning of period	1,599,331	1,943,515	1,384,989
Cash and cash equivalents and restricted cash at end of period	1,914,812	1,599,331	1,943,515
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	1,501,027	1,835,707	1,198,477
Restricted cash at beginning of period	95,032	99,943	168,447
Restricted cash included in discontinued operations at beginning of period	3,272	7,865	18,065
Cash and cash equivalents and restricted cash at beginning of period	1,599,331	1,943,515	1,384,989
Cash and cash equivalents at end of period	1,817,655	1,501,027	1,835,707
Restricted cash at end of period	97,157	95,032	99,943
Restricted cash included in discontinued operations at end of period	0	3,272	7,865
Cash and cash equivalents and restricted cash at end of period	1,914,812	1,599,331	1,943,515
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest, excluding capitalized interest of $43,071, $29,584 and $48,539	338,983	368,762	376,620
Cash payments for income taxes	6,727	9,716	8,287
Non-cash distribution to JBG SMITH and Urban Edge Properties:
Reclassification of Series G and Series I cumulative redeemable preferred shares / units to liabilities upon call for redemption	455,514	0	0
Adjustments to carry redeemable Class A units at redemption value	268,494	(26,251)	192,464
Loan receivable established upon the spin-off of JBG SMITH Properties	115,630	0	0
Accrued capital expenditures included in accounts payable and accrued expenses	102,976	120,564	122,711
Write-off of fully depreciated assets	(58,810)	(305,679)	(167,250)
(Reduction) increase in unrealized net gain on available-for-sale securities	(20,951)	52,057	(55,326)
Decrease in assets and liabilities resulting from the disposition or deconsolidation of real estate properties:
Real estate, net	0	(122,047)	0
Mortgages payable, net	0	(290,418)	0
Transfer of interest in real estate to Pennsylvania Real Estate Investment Trust	0	0	(145,313)
Class A units issued in connection with acquisition	0	0	80,000
Financing assumed in acquisition	0	0	62,000
JBGS
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)	(275,000)
Non-cash distribution to JBG SMITH and Urban Edge Properties:
Assets	3,432,738	0	0
Liabilities	(1,414,186)	0	0
Equity	(2,018,552)	0	0
Vornado Realty L.P.
Cash Flows from Operating Activities:
Net income	264,128	981,922	859,430
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs)	529,826	595,270	566,207
Return of capital from real estate fund investments	91,606	71,888	91,458
Distributions of income from partially owned entities	82,095	214,800	66,819
Amortization of below-market leases, net	(46,790)	(53,202)	(79,053)
Straight-lining of rents	(45,792)	(146,787)	(153,668)
Change in allowance for deferred tax assets	34,800	0	(90,030)
Equity in net (income) loss of partially owned entities	(15,635)	(165,389)	11,882
Net realized and unrealized losses (gains) on real estate fund investments	15,267	40,655	(57,752)
Net gains on sale of real estate and other	(3,489)	(5,074)	(65,396)
Net gains on disposition of wholly owned and partially owned assets	(501)	(175,735)	(251,821)
Net gain on extinguishment of Skyline properties debt	0	(487,877)	0
Real estate impairment losses	0	161,165	256
Other non-cash adjustments	56,480	39,406	37,721
Changes in operating assets and liabilities:
Real estate fund investments	0	0	(95,010)
Tenant and other receivables, net	1,183	(4,271)	8,366
Prepaid assets	(12,292)	(7,893)	(16,836)
Other assets	(79,199)	(76,357)	(112,415)
Accounts payable and accrued expenses	3,760	13,278	(25,231)
Other liabilities	(15,305)	(719)	(22,836)
Net cash provided by operating activities	860,142	995,080	672,091
Cash Flows from Investing Activities:
Distributions of capital from partially owned entities	366,155	196,635	36,017
Development costs and construction in progress	(355,852)	(606,565)	(475,819)
Additions to real estate	(271,308)	(387,545)	(301,413)
Proceeds from the repayment of JBG SMITH Properties loan receivable	115,630	0	0
Investments in partially owned entities	(40,537)	(127,608)	(235,439)
Acquisitions of real estate and other	(30,607)	(91,103)	(558,484)
Proceeds from sales of real estate and related investments	9,543	183,173	786,924
Proceeds from repayments of mortgage loans receivable	659	45	16,790
Net deconsolidation of 7 West 34th Street	0	(48,000)	0
Investments in loans receivable	0	(11,700)	(1,000)
Purchases of marketable securities	0	(4,379)	0
Proceeds from the sale of marketable securities	0	3,937	0
Net cash used in investing activities	(206,317)	(893,110)	(732,424)
Cash Flows from Financing Activities:
Proceeds from borrowings	1,055,872	2,403,898	4,468,872
Repayments of borrowings	(631,681)	(1,894,990)	(2,936,578)
Dividends paid on common shares / Distributions to Vornado	(496,490)	(475,961)	(474,751)
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	0
Proceeds from issuance of preferred shares / units	309,609	0	0
Distributions to noncontrolling interests / Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries	(109,697)	(130,590)	(102,866)
Dividends paid on preferred shares / Distributions to preferred unitholders	(64,516)	(80,137)	(80,578)
Proceeds received from exercise of employee share options (Vornado stock options) and other	29,712	8,269	16,779
Debt issuance costs	(12,325)	(42,157)	(66,554)
Debt prepayment and extinguishment costs	(3,217)	0	(15,000)
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries	1,044	11,950	51,975
Repurchase of shares (Class A units) related to stock compensation agreements and related tax withholdings and other	(418)	(186)	(7,473)
Redemption of preferred shares / units	0	(246,250)	0
Cash and cash equivalents and restricted cash included in the spin-off of Urban Edge Properties	0	0	(234,967)
Net cash (used in) provided by financing activities	(338,344)	(446,154)	618,859
Net increase (decrease) in cash and cash equivalents and restricted cash	315,481	(344,184)	558,526
Cash and cash equivalents and restricted cash at beginning of period	1,599,331	1,943,515	1,384,989
Cash and cash equivalents and restricted cash at end of period	1,914,812	1,599,331	1,943,515
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	1,501,027	1,835,707	1,198,477
Restricted cash at beginning of period	95,032	99,943	168,447
Restricted cash included in discontinued operations at beginning of period	3,272	7,865	18,065
Cash and cash equivalents and restricted cash at beginning of period	1,599,331	1,943,515	1,384,989
Cash and cash equivalents at end of period	1,817,655	1,501,027	1,835,707
Restricted cash at end of period	97,157	95,032	99,943
Restricted cash included in discontinued operations at end of period	0	3,272	7,865
Cash and cash equivalents and restricted cash at end of period	1,914,812	1,599,331	1,943,515
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest, excluding capitalized interest of $43,071, $29,584 and $48,539	338,983	368,762	376,620
Cash payments for income taxes	6,727	9,716	8,287
Non-cash distribution to JBG SMITH and Urban Edge Properties:
Reclassification of Series G and Series I cumulative redeemable preferred shares / units to liabilities upon call for redemption	455,514	0	0
Adjustments to carry redeemable Class A units at redemption value	268,494	(26,251)	192,464
Loan receivable established upon the spin-off of JBG SMITH Properties	115,630	0	0
Accrued capital expenditures included in accounts payable and accrued expenses	102,976	120,564	122,711
Write-off of fully depreciated assets	(58,810)	(305,679)	(167,250)
(Reduction) increase in unrealized net gain on available-for-sale securities	(20,951)	52,057	(55,326)
Decrease in assets and liabilities resulting from the disposition or deconsolidation of real estate properties:
Real estate, net	0	(122,047)	0
Mortgages payable, net	0	(290,418)	0
Transfer of interest in real estate to Pennsylvania Real Estate Investment Trust	0	0	(145,313)
Class A units issued in connection with acquisition	0	0	80,000
Financing assumed in acquisition	0	0	62,000
Vornado Realty L.P. | JBGS
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)	(275,000)
Non-cash distribution to JBG SMITH and Urban Edge Properties:
Assets	3,432,738	0	0
Liabilities	(1,414,186)	0	0
Equity	(2,018,552)	0	0
Skyline Properties
Decrease in assets and liabilities resulting from the disposition or deconsolidation of real estate properties:
Real estate, net	0	(189,284)	0
Mortgages payable, net	0	(690,263)	0
Skyline Properties | Vornado Realty L.P.
Decrease in assets and liabilities resulting from the disposition or deconsolidation of real estate properties:
Real estate, net	0	(189,284)	0
Mortgages payable, net	0	(690,263)	0
Urban Edge Properties
Non-cash distribution to JBG SMITH and Urban Edge Properties:
Assets	0	0	1,699,289
Liabilities	0	0	(1,469,659)
Equity	0	0	(229,630)
Urban Edge Properties | Vornado Realty L.P.
Non-cash distribution to JBG SMITH and Urban Edge Properties:
Assets	0	0	1,699,289
Liabilities	0	0	(1,469,659)
Equity	$ 0	$ 0	$ (229,630)

Consolidated Statements of Cas8

Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Capitalized interest LP	$ 43,071	$ 29,584	$ 48,539
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	0
Vornado Realty L.P.
Capitalized interest LP	43,071	29,584	48,539
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	$ 0
JBGS
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)	(275,000)
JBGS | Vornado Realty L.P.
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)	$ (275,000)

Organization and Business

Organization and Business	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business 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”). Accordingly, Vornado’s cash flow and ability to pay dividends to its shareholders is dependent upon the cash flow of the Operating Partnership and the ability of its direct and indirect subsidiaries to first satisfy their obligations to creditors. Vornado is the sole general partner of, and owned approximately 93.5% of the common limited partnership interest in the Operating Partnership as of December 31, 2017 . All references to the “Company,” “we,” “us” and “our” mean, collectively, Vornado, the Operating Partnership and those entities/subsidiaries consolidated by Vornado. We currently own all or portions of: New York: • 20.3 million square feet of Manhattan office in 36 properties; • 2.7 million square feet of Manhattan street retail in 71 properties; • 2,009 units in twelve residential properties; • The 1,700 room Hotel Pennsylvania located on Seventh Avenue at 33rd Street in the heart of the Penn Plaza district; and • A 32.4% interest in Alexander’s, Inc. (“Alexander’s”) (NYSE: ALX), which owns seven properties in the greater New York metropolitan area, including 731 Lexington Avenue, the 1.3 million square foot Bloomberg, L.P. headquarters building. Other Real Estate and Related Investments: • The 3.7 million square foot theMART in Chicago; • A 70% controlling interest in 555 California Street, a three-building office complex in San Francisco’s financial district aggregating 1.8 million square feet, known as the Bank of America Center; • A 25.0% interest in Vornado Capital Partners, our real estate fund. We are the general partner and investment manager of the fund; • A 32.5% interest in Toys “R” Us, Inc. (“Toys”), which is in Chapter 11 bankruptcy and carried at zero in our consolidated balance sheets; and • Other real estate and other investments.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Basis Of Presentation And Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements include the accounts of Vornado and the Operating Partnership and their consolidated subsidiaries. All inter-company amounts have been eliminated. Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), which require us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. 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 adopted this standard effective January 1, 2018 using the modified retrospective approach, which requires applying the new standard to all existing contracts not yet completed as of the effective date and recording a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. We have completed our evaluation of the standard’s impact on our revenue streams. The adoption of this standard is not expected to have a material impact on our consolidated financial statements. In January 2016, the FASB issued an update (“ASU 2016-01”) Recognition and Measurement of Financial Assets and Financial Liabilities to ASC Topic 825, Financial Instruments . ASU 2016-01 amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. We adopted this standard effective January 1, 2018 using the modified retrospective approach. 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).” As a result, on January 1, 2018 we will record an increase to retained earnings of $109,553,000 to recognize the unrealized gains previously recorded within “accumulated other comprehensive income”. Subsequent changes in the fair value of our marketable securities will be recorded to “interest and other investment income, net”. 2 . Basis of Presentation and Significant Accounting Policies – continued Recently Issued Accounting Literature - continued In February 2016, the FASB issued an update ("ASU 2016-02") to 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 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. The accounting applied by the lessor is largely unchanged from that applied under the existing lease standard. 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, and will continue to recognize expense on a straight-line basis upon adoption of this standard. 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 interim and annual reporting periods in fiscal years that begin 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 . 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. 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 and debt extinguishment costs. 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 (i) the reclassification of certain distributions between distributions of income from partially owned entities and distributions of capital from partially owned entities, and (ii) the reclassification of debt extinguishment costs as a financing cash outflow, which reduced net cash provided by operating activities and net cash used in investing activities by $2,668,000 for the year ended December 31, 2016 and increased net cash provided by operating activities by $1,801,000 , reduced net cash used in investing activities by $13,199,000 and reduced net cash provided by financing activities by $15,000,000 for the year ended December 31, 2015. 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. 2 . Basis of Presentation and Significant Accounting Policies – continued Recently Issued Accounting Literature - continued 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. 2 . Basis of Presentation and Significant Accounting Policies – continued Significant Accounting Policies Real Estate: Real estate is carried at cost, net of accumulated depreciation and amortization. Betterments, major renewals and certain costs directly related to the improvement and leasing of real estate are capitalized. Maintenance and repairs are expensed as incurred. For redevelopment of existing operating properties, the net book value of the existing property under redevelopment plus the cost for the construction and improvements incurred in connection with the redevelopment are capitalized to the extent the capitalized costs of the property do not exceed the estimated fair value of the redeveloped property when complete. If the cost of the redeveloped property, including the net book value of the existing property, exceeds the estimated fair value of the redeveloped property, the excess is charged to expense. Depreciation is recognized on a straight-line basis over the estimated useful lives which range from 7 to 40 years. Tenant allowances are amortized on a straight-line basis over the lives of the related leases, which approximate the useful lives of the assets. Additions to real estate include interest and debt expense capitalized during construction of $48,231,000 and $30,343,000 for the years ended December 31, 2017 and 2016 , respectively. Upon the acquisition of real estate that meets the criteria of a business under ASC Topic 805, Business Combinations (“ASC 805”), we assess the fair value of acquired assets (including land, buildings and improvements, identified intangibles, such as acquired above and below-market leases, acquired in-place leases and tenant relationships) and acquired liabilities and we allocate the purchase price based on these assessments which are on a relative fair value basis. We assess fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known trends, and market/economic conditions. We record acquired intangible assets (including acquired above-market leases, acquired in-place leases and tenant relationships) and acquired intangible liabilities (including below–market leases) at their estimated fair value separate and apart from goodwill. We amortize identified intangibles that have finite lives over the period they are expected to contribute directly or indirectly to the future cash flows of the property or business acquired. Our properties, including any related intangible assets, are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis. An impairment loss is measured based on the excess of the property’s carrying amount over its estimated fair value. Impairment analyses are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. If our estimates of the projected future cash flows, anticipated holding periods, or market conditions change, our evaluation of impairment losses may be different and such differences could be material to our consolidated financial statements. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. 2 . Basis of Presentation and Significant Accounting Policies – continued Significant Accounting Policies - continued Partially Owned Entities: We consolidate entities in which we have a controlling financial interest. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider whether the entity is a variable interest entity (“VIE”) and whether we are the primary beneficiary. We are deemed to be the primary beneficiary of a VIE when we have (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. We generally do not control a partially owned entity if the entity is not considered a VIE and the approval of all of the partners/members is contractually required with respect to decisions that most significantly impact the performance of the partially owned entity. This includes decisions regarding operating/capital budgets, and the placement of new or additional financing secured by the assets of the venture, among others. We account for investments under the equity method when the requirements for consolidation are not met, and we have significant influence over the operations of the investee. Equity method investments are initially recorded at cost and subsequently adjusted for our share of net income or loss and cash contributions and distributions each period. Investments that do not qualify for consolidation or equity method accounting are accounted for under the cost method. Investments in partially owned entities are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment analyses are based on current plans, intended holding periods and available information at the time the analyses are prepared. In the years ended December 31, 2017 , 2016 and 2015 , we recognized non-cash impairment losses on investments in partially owned entities aggregating $44,465,000 , $20,290,000 and $21,260,000 , respectively. Cash and Cash Equivalents: Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less and are carried at cost, which approximates fair value due to their short-term maturities. The majority of our cash and cash equivalents consists of (i) deposits at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit, (ii) United States Treasury Bills, and (iii) Certificate of Deposits placed through an Account Registry Service (“CDARS”). Restricted Cash: Restricted cash 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. Allowance for Doubtful Accounts: We periodically evaluate the collectability of amounts due from tenants and maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under the lease agreements. We also maintain an allowance for receivables arising from the straight-lining of rents. These receivables arise from earnings recognized in excess of amounts currently due under the lease agreements. Management exercises judgment in establishing these allowances and considers payment history and current credit status in developing these estimates. As of December 31, 2017 and 2016 , we had $5,526,000 and $6,708,000 , respectively, in allowances for doubtful accounts. In addition, as of December 31, 2017 and 2016 , we had $954,000 and $1,913,000 , respectively, in allowances for receivables arising from the straight-lining of rents. 2 . Basis of Presentation and Significant Accounting Policies – continued Significant Accounting Policies - continued Deferred Charges: Direct financing costs are deferred and amortized over the terms of the related agreements as a component of interest expense. Direct costs related to successful leasing activities are capitalized and amortized on a straight-line basis over the lives of the related leases. All other deferred charges are amortized on a straight-line basis, which approximates the effective interest rate method, in accordance with the terms of the agreements to which they relate. Revenue Recognition: We have the following revenue sources and revenue recognition policies: • Base Rent — income arising from tenant leases. These rents are recognized over the non-cancelable term of the related leases on a straight-line basis which includes the effects of rent steps and rent abatements under the leases. We commence rental revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. In addition, in circumstances where we provide a tenant improvement allowance for improvements that are owned by the tenant, we recognize the allowance as a reduction of rental revenue on a straight-line basis over the term of the lease. • Percentage Rent — income arising from retail tenant leases that is contingent upon tenant sales exceeding defined thresholds. These rents are recognized only after the contingency has been removed (i.e., when tenant sales thresholds have been achieved). • Hotel Revenue — income arising from the operation of the Hotel Pennsylvania which consists of rooms revenue, food and beverage revenue, and banquet revenue. Income is recognized when rooms are occupied. Food and beverage and banquet revenue are recognized when the services have been rendered. • Trade Shows Revenue — income arising from the operation of trade shows, including rentals of booths. This revenue is recognized when the trade shows have occurred. • Expense Reimbursements — revenue arising from tenant leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes of the respective property. This revenue is recognized in the same periods as the expenses are incurred. • Management, Leasing and Other Fees — income arising from contractual agreements with third parties or with partially owned entities. This revenue is recognized as the related services are performed under the respective agreements. Derivative Instruments and Hedging Activities: ASC 815, Derivatives and Hedging , as amended, establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. As of December 31, 2017 and 2016 , our derivative instruments consisted of three interest rate swaps. We record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. For derivatives designated as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (loss) (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. We assess the effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. For derivatives not designated as hedges, changes in fair value are recognized in earnings. 2 . Basis of Presentation and Significant Accounting Policies – continued Significant Accounting Policies - continued Income Taxes: Vornado operates in a manner intended to enable it to continue to qualify as a REIT under Sections 856‑860 of the Internal Revenue Code of 1986, as amended. Under those sections, a REIT which distributes at least 90% of its REIT taxable income as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders. Vornado distributes to its shareholders 100% of its taxable income and therefore, no provision for Federal income taxes is required. Dividends distributed for the year ended December 31, 2017 , were characterized, for federal income tax purposes, as ordinary income. Dividends distributed for the year ended December 31, 2016, were characterized, for federal income tax purposes, as 83.5% ordinary income and 16.5% long-term capital gain. Dividends distributed for the year ended December 31, 2015, were characterized, for federal income tax purposes, as long-term capital gain income. The Operating Partnership’s partners are required to report their respective share of taxable income on their individual tax returns. We have elected to treat certain consolidated subsidiaries, and may in the future elect to treat newly formed subsidiaries, as taxable REIT subsidiaries pursuant to an amendment to the Internal Revenue Code that became effective January 1, 2001. Taxable REIT subsidiaries may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to Federal and State income tax at regular corporate tax rates. Our taxable REIT subsidiaries had a combined current income tax expense of approximately $7,202,000 , $7,946,000 and $8,322,000 for the years ended December 31, 2017 , 2016 and 2015 , respectively, and have immaterial differences between the financial reporting and tax basis of assets and liabilities. At December 31, 2017 and 2016 , our taxable REIT subsidiaries had deferred tax assets related to net operating loss carryforwards of $66,535,000 and $98,013,000 , respectively, which are included in “other assets” on our consolidated balance sheets. Prior to the quarter ended June 30, 2015, there was a full valuation allowance against these deferred tax assets because we had not determined that it is more-likely-than-not that we would use the net operating loss carryforwards to offset future taxable income. In our quarter ended June 30, 2015, based upon residential condominium unit sales, among other factors, we concluded that it was more-likely-than-not that we will generate sufficient taxable income to realize these deferred tax assets. Accordingly, in the year ended December 31, 2015, we reversed $90,030,000 of the allowance for deferred tax assets and recognized an income tax benefit in our consolidated statements of income. On December 22, 2017, the Tax Cuts and Jobs Act (the "Act") was signed into law. The Act includes numerous changes in existing tax law, including a permanent reduction in the federal corporate income tax rate from 35% to 21% . The rate reduction takes effect on January 1, 2018. As a result of the reduction of federal corporate income tax rates, we decreased the value of our taxable REIT subsidiaries' deferred tax assets which resulted in additional income tax expense of $34,800,000 in the year ended December 31, 2017. The following table reconciles net income attributable to Vornado common shareholders to estimated taxable income for the years ended December 31, 2017 , 2016 and 2015 . (Amounts in thousands) For the Year Ended December 31, 2017 2016 2015 Net income attributable to Vornado common shareholders $ 162,017 $ 823,606 $ 679,856 Book to tax differences (unaudited): Depreciation and amortization 213,083 302,092 227,297 Impairment losses 49,062 170,332 20,281 Straight-line rent adjustments (36,696 ) (137,941 ) (144,727 ) Tax expense related to the reduction of the value of our taxable REIT subsidiaries' deferred tax assets 32,663 — (84,862 ) Sale of real estate and other capital transactions 11,991 (39,109 ) 320,326 Vornado stock options (6,383 ) (3,593 ) (8,278 ) Earnings of partially owned entities (3,054 ) (149,094 ) (5,299 ) Net gain on extinguishment of Skyline properties debt — (457,970 ) — Tangible property regulations — — (575,618 ) (1) Other, net 25,057 9,121 58,748 Estimated taxable income (unaudited) $ 447,740 $ 517,444 $ 487,724 ____________________________________ (1) Represents one-time deductions pursuant to the implementation of the tangible property regulations issued by the Internal Revenue Service. The net basis of Vornado’s assets and liabilities for tax reporting purposes is approximately $2.0 billion lower than the amounts reported in Vornado’s consolidated balance sheet at December 31, 2017 .

Real Estate Fund Investments

Real Estate Fund Investments	12 Months Ended
	Dec. 31, 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. On January 29, 2018, by unanimous consent of the Fund's limited partners, the Fund's term was extended to February 2023. The Fund had a three -year investment period that ended in July 2013. During the investment period, the Fund was our exclusive investment vehicle for all investments that fit within its investment parameters, as defined. 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. At December 31, 2017 , we had five real estate fund investments through the Fund and the Crowne Plaza Joint Venture with an aggregate fair value of $354,804,000 , or $98,189,000 in excess of cost, and had remaining unfunded commitments of $117,872,000 , of which our share was $34,502,000 . At December 31, 2016 , we had six real estate fund investments with an aggregate fair value of $462,132,000 . Below is a summary of (loss) income from the Fund and the Crowne Plaza Joint Venture for the years ended December 31, 2017 , 2016 and 2015 . (Amounts in thousands) For the Year Ended December 31, 2017 2016 2015 Net investment income $ 18,507 $ 17,053 $ 16,329 Net realized gains on exited investments 36,078 14,761 26,036 Previously recorded unrealized gain on exited investments (25,538 ) (14,254 ) (23,279 ) Net unrealized (loss) gain on held investments (25,807 ) (41,162 ) 54,995 Income (loss) from real estate fund investments 3,240 (23,602 ) 74,081 Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries (14,044 ) 2,560 (40,117 ) (Loss) income from real estate fund investments attributable to the Operating Partnership (1) (10,804 ) (21,042 ) 33,964 Less loss (income) attributable to noncontrolling interests in the Operating Partnership 673 1,270 (2,011 ) (Loss) income from real estate fund investments attributable to Vornado $ (10,131 ) $ (19,772 ) $ 31,953 ________________________________________ (1) Excludes $4,091 , $3,831 , and $2,939 of management and leasing fees in the years ended December 31, 2017 , 2016 and 2015 , respectively, which are included as a component of "fee and other income" on our consolidated statements of income. 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. On July 27, 2017, the Fund completed a $100,000,000 loan facility for the refinancing of 1100 Lincoln Road, a 130,000 square foot retail and theater property in Miami, Florida. The loan is interest-only at LIBOR plus 2.40% ( 3.76% at December 31, 2017), matures in July 2020 with two one -year extension options. At closing, the fund drew $82,750,000 , and subject to property performance, may borrow up to $17,250,000 of additional proceeds within the first 18 months of the loan term. The property was previously encumbered by a $66,000,000 interest-only mortgage at LIBOR plus 2.25% which was scheduled to mature in August 2017. On March 25, 2015, the Fund completed the sale of 520 Broadway in Santa Monica, CA for $91,650,000 . The Fund realized a $23,768,000 net gain over the holding period.

Marketable Securities

Marketable Securities	12 Months Ended
	Dec. 31, 2017
Marketable Securities [Abstract]
Marketable Securities	Marketable Securities Our portfolio of marketable securities is comprised of equity securities that are classified as available-for-sale. Available-for-sale securities are presented on our consolidated balance sheets at fair value. Unrealized gains and losses resulting from the mark-to-market of these securities are included in “other comprehensive income (loss).” We adopted ASU 2016-01 effective January 1, 2018. While the adoption of ASU 2016-01 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)." As a result, on January 1, 2018 we will record an increase to retained earnings of $109,553,000 to recognize the unrealized gains previously recorded within “accumulated other comprehensive income”. Subsequent changes in the fair value of our marketable securities will be recorded to “interest and other investment income, net”. We evaluate our portfolio of marketable securities for impairment each reporting period. For each of the securities in our portfolio with unrealized losses, we review the underlying cause of the decline in value and the estimated recovery period, as well as the severity and duration of the decline. In our evaluation, we consider our ability and intent to hold these investments for a reasonable period of time sufficient for us to recover our cost basis. We also evaluate the near-term prospects for each of these investments in relation to the severity and duration of the decline. Below is a summary of our marketable securities portfolio as of December 31, 2017 and 2016 . (Amounts in thousands) As of December 31, 2017 As of December 31, 2016 Fair Value GAAP Cost Unrealized Gain Fair Value GAAP Unrealized Equity securities: Lexington Realty Trust $ 178,226 $ 72,549 $ 105,677 $ 199,465 $ 72,549 $ 126,916 Other 4,526 650 3,876 4,239 650 3,589 $ 182,752 $ 73,199 $ 109,553 $ 203,704 $ 73,199 $ 130,505

Investments in Partially Owned

Investments in Partially Owned Entities	12 Months Ended
	Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Investments in Partially Owned Entities	Alexander’s As of December 31, 2017 , we own 1,654,068 Alexander’s common shares, or approximately 32.4% of Alexander’s common equity. We manage, develop and lease Alexander’s properties pursuant to agreements which expire in March of each year and are automatically renewable. As of December 31, 2017 and 2016 , Alexander’s owed us an aggregate of $2,490,000 and $1,070,000 , respectively, pursuant to such agreements. As of December 31, 2017 the market value (“fair value” pursuant to ASC Topic 820, Fair Value Measurements ("ASC 820")) of our investment in Alexander’s, based on Alexander’s December 31, 2017 closing share price of $395.85 , was $654,763,000 , or $528,363,000 in excess of the carrying amount on our consolidated balance sheet. As of December 31, 2017 , the carrying amount of our investment in Alexander’s, excluding amounts owed to us, exceeds our share of the equity in the net assets of Alexander’s by approximately $39,367,000 . 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% ( 2.38% at December 31, 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. Management, Development, Leasing and Other Agreements We receive an annual fee for managing Alexander’s and all of its properties equal to the sum of (i) $2,800,000 , (ii) 2% of the gross revenue from the Rego Park II Shopping Center, (iii) $0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue, and (iv) $306,000 , escalating at 3% per annum, for managing the common area of 731 Lexington Avenue. In addition, we are entitled to a development fee of 6% of development costs, as defined. We provide Alexander’s with leasing services for a fee of 3% of rent for the first ten years of a lease term, 2% of rent for the eleventh through twentieth year of a lease term and 1% of rent for the twenty-first through thirtieth year of a lease term, subject to the payment of rents by Alexander’s tenants. In the event third-party real estate brokers are used, our fee increases by 1% and we are responsible for the fees to the third-parties. We are also entitled to a commission upon the sale of any of Alexander’s assets equal to 3% of gross proceeds, as defined, for asset sales less than $50,000,000 , and 1% of gross proceeds, as defined, for asset sales of $50,000,000 or more. Building Maintenance Services (“BMS”), our wholly-owned subsidiary, supervises (i) cleaning, engineering and security services at Alexander’s 731 Lexington Avenue property and (ii) security services at Alexander’s Rego Park I, Rego Park II properties and The Alexander apartment tower. During the years ended December 31, 2017 , 2016 and 2015 , we recognized $2,678,000 , $2,583,000 and $2,221,000 of income, respectively, for these services. 5 . Investments in Partially Owned Entities – continued Urban Edge Properties (“UE”) (NYSE: UE) As of December 31, 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 December 31, 2017 , the fair value of our investment in UE, based on UE’s December 31, 2017 closing share price of $25.49 , was $145,731,000 , or $99,579,000 in excess of the carrying amount on our consolidated balance sheet. In 2017, UE issued approximately 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, in 2017, we recorded $21,100,000 of net gains in connection with these issuances which are included in “income (loss) from partially owned entities” on our consolidated statements of income. Pennsylvania Real Estate Investment Trust (“PREIT”) (NYSE: PEI) As of December 31, 2017 , we own 6,250,000 PREIT operating partnership units, representing an 8.0% interest in PREIT. We account for our investment in PREIT under the equity method and record our share of PREIT’s net income or loss on a one-quarter lag basis. Based on PREIT's September 29, 2017 quarter ended closing share price of $10.49 , the market value ("fair value" pursuant to ASC 820) of our investment in PREIT was $65,563,000 or $44,465,000 below our carrying amount as of September 30, 2017. We concluded that our investment in PREIT was "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. As of December 31, 2017 , the fair value of our investment in PREIT, based on PREIT’s December 31, 2017 closing share price of $11.89 , was $74,313,000 , or $7,741,000 in excess of the carrying amount on our consolidated balance sheet. As of December 31, 2017 , the carrying amount of our investment in PREIT exceeds our share of the equity in the net assets of PREIT by approximately $34,205,000 . 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, of which $210,269,000 is outstanding at December 31, 2017 . The interest-only loan is at LIBOR plus 3.25% ( 4.64% at December 31, 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 bear a full guaranty from Skanska AB. 5 . Investments in Partially Owned Entities – continued Mezzanine Loan – New York On May 9, 2017, a $150,000,000 mezzanine loan owned by a joint venture in which we had 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% ( 3.16% at December 31, 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 . 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. 50 West 57th Street On December 13, 2017, the joint venture, in which we have a 50.0% interest, completed a $20,000,000 refinancing of 50 West 57th Street, an 81,000 square foot Manhattan office building. The loan is interest-only at LIBOR plus 1.60% ( 3.06% at December 31, 2017 ) and matures in December 2022. The new loan replaced the existing $20,000,000 mortgage which had a fixed rate of 3.50% . India Real Estate Ventures During 2017, India Property Fund, in which we had a 36.5% interest, sold its investments. Our share of the aggregate sales price was approximately $23,895,000 which resulted in a financial statement loss of $533,000 . In addition, on December 28, 2017, we sold our 25% interest in TCG Urban Infrastructure Holdings Private Limited for $18,742,000 which resulted in a financial statement gain of $1,885,000 , which substantially completes the disposition of our investments in India. 5 . Investments in Partially Owned Entities – continued Below is a schedule summarizing our investments in partially owned entities. (Amounts in thousands) Percentage As of December 31, 2017 2016 Investments: Partially owned office buildings/land (1) Various $ 504,393 $ 681,265 Alexander’s 32.4% 126,400 129,324 PREIT 8.0% 66,572 122,883 UE 4.5% 46,152 24,523 Other investments (2) Various 313,312 420,259 $ 1,056,829 $ 1,378,254 330 Madison Avenue (3) 25.0% $ (53,999 ) $ — 7 West 34th Street (4) 53.0% (47,369 ) (43,022 ) $ (101,368 ) $ (43,022 ) ________________________________________ (1) Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 330 Madison Avenue (in 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 ), 666 Fifth Avenue Office Condominium and others. (3) Our negative basis resulted from a refinancing distribution and is included in "other liabilities" on our consolidated balance sheets (in 2017 only). (4) Our negative basis results from a deferred gain from the sale of a 47.0% ownership interest in the property on May 27, 2016 and is included in "other liabilities" on our consolidated balance sheets. 5 . Investments in Partially Owned Entities – continued Below is a schedule of net income (loss) from partially owned entities. (Amounts in thousands) Percentage As of December 31, 2017 2016 2015 Our Share of Net Income (Loss): PREIT (see page 126 for details): Non-cash impairment loss 8.0% $ (44,465 ) $ — $ — Equity in net loss (8,860 ) (5,213 ) (7,450 ) (53,325 ) (5,213 ) (7,450 ) Alexander's (see page 125 for details): Equity in net income 32.4% 25,820 27,470 24,209 Management, leasing and development fees 6,033 6,770 6,869 31,853 34,240 31,078 UE (see page 126 for details): Net gain resulting from UE operating partnership unit issuances 4.5% 21,100 — — Equity in net income 5,558 5,003 2,430 Management fees 670 836 1,964 27,328 5,839 4,394 Partially owned office buildings (1) Various 2,020 5,773 19,808 Other investments (2) Various 7,324 128,309 (57,777 ) $ 15,200 $ 168,948 $ (9,947 ) ____________________ (1) Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 7 West 34th Street (in 2017 and 2016 only), 330 Madison Avenue, 512 West 22nd Street, 85 Tenth Avenue (in 2017 only) and others. In 2015, we recognized our $12,800 share of a write-off of a below-market lease liability related to a tenant vacating at 650 Madison Avenue. (2) Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, Rosslyn Plaza, 50-70 West 93rd Street, 85 Tenth Avenue (in 2016 and 2015 only), 666 Fifth Avenue Office Condominium, India real estate ventures and others. In 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 127 for details). In 2017, 2016 and 2015, we recognized net losses of $25,414 , $41,532 and $37,495 , respectively, from our 666 Fifth Avenue Office Condominium joint venture as a result of our share of depreciation expense. In 2016, the owner of 85 Tenth Avenue completed a 10 -year, 4.55% $625,000 refinancing of the property and we received net proceeds of $191,779 in repayment of our existing loans and preferred equity investments. We recognized $160,843 of income and no tax gain as a result of this transaction. In 2016 and 2015, we recognized $13,962 and $14,806 , respectively, of non-cash impairment losses related to India real estate ventures. 5 . Investments in Partially Owned Entities – continued Below is a summary of the debt of our partially owned entities as of December 31, 2017 and 2016. (Amounts in thousands) Percentage Maturity Interest 100% Partially Owned Entities’ Debt at December 31, (1) 2017 2016 Partially owned office buildings (2) : Mortgages payable Various 2019-2026 3.76% 3,934,894 3,227,053 PREIT: Mortgages payable 8.0% 2018-2025 3.61% 1,586,045 1,747,543 UE: Mortgages payable 4.5% 2018-2034 4.11% 1,415,806 1,209,994 Alexander's: Mortgages payable 32.4% 2018-2024 2.61% 1,252,440 1,056,147 Other (3) : Mortgages payable and other Various 2018-2023 7.73% 8,601,383 8,540,710 ________________________________________ (1) All amounts are non-recourse to us except the $300,000 mortgage loan on 7 West 34th Street which we guaranteed in connection with the sale of a 47.0% equity interest in May 2016. (2) Includes 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 7 West 34th Street, 330 Madison Avenue, 512 West 22nd Street, 85 Tenth Avenue and others. (3) Includes Independence Plaza, Fashion Centre Mall/Washington Tower, 50-70 West 93rd Street, Toys, 666 Fifth Avenue Office Condominium, Moynihan Office Building and others. Based on our ownership interest in the partially owned entities above, our pro rata share of the debt of these partially owned entities was $5,288,276,000 and $4,895,497,000 as of December 31, 2017 and 2016 , respectively. Summary of Condensed Combined Financial Information The following is a summary of condensed combined financial information for all of our partially owned entities, including Toys and Alexander’s, as of December 31, 2017 and 2016 and for the years ended December 31, 2017 , 2016 and 2015 . (Amounts in thousands) Balance as of December 31, 2017 2016 Balance Sheet: Assets $ 24,812,000 $ 24,926,000 Liabilities 22,739,000 21,357,000 Noncontrolling interests 140,000 265,000 Equity 1,933,000 3,304,000 (Amounts in thousands) For the Year Ended December 31, 2017 2016 2015 Income Statement: Total revenue $ 12,991,000 $ 13,600,000 $ 13,423,000 Net loss (542,000 ) (65,000 ) (224,000 )

Dispositions

Dispositions	12 Months Ended
	Dec. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	Dispositions New York On December 22, 2015, we completed the sale of 20 Broad Street, a 473,000 square foot office building in Manhattan for an aggregate consideration of $200,000,000 . The total income from this transaction was approximately $157,000,000 comprised of approximately $142,000,000 from the gain on sale and $15,000,000 of lease termination income set forth in Note 14 – Fee and Other Income . Discontinued Operations Washington, DC 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% and matures in June 2022. On July 17, 2017, the property, the loan and the $217,000,000 of net proceeds were transferred to JBG SMITH Properties ("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. 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 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 March 15, 2016, we notified the servicer of the $678,000,000 non-recourse mortgage loan on the Skyline properties located in Fairfax, Virginia, that cash flow would be insufficient to service the debt and pay other property related costs and expenses and that we were not willing to fund additional cash shortfalls. Accordingly, at our request, the loan was transferred to the special servicer. Consequently, based on the shortened holding period for the underlying assets, we concluded that the excess of carrying amount over our estimate of fair value was not recoverable and recognized a $160,700,000 non-cash impairment loss in the first quarter of 2016. The Company’s estimate of fair value was derived from a discounted cash flow model based upon market conditions and expectations of growth and utilized unobservable quantitative inputs including a capitalization rate of 8.0% and a discount rate of 8.2% . In the second quarter of 2016, cash flow became insufficient to service the debt and we ceased making debt service payments. Pursuant to the loan agreement, the loan was in default, and was subject to incremental default interest which increased the weighted average interest rate from 2.97% to 4.51% while the outstanding balance remains unpaid. For the year ended December 31, 2016, we recognized $7,823,000 of default interest expense. On August 24, 2016, the Skyline properties were placed in receivership. On December 21, 2016, the disposition of the Skyline properties was completed by the receiver. In connection therewith, the Skyline properties’ assets (approximately $236,535,000 ) and liabilities (approximately aggregating $724,412,000 ), were removed from our consolidated balance sheet which resulted in a net gain of $487,877,000 . There was no taxable income related to this transaction. On September 9, 2015, we completed the sale of 1750 Pennsylvania Avenue, NW, a 278,000 square foot office building in Washington, DC for $182,000,000 , resulting in a net gain of approximately $102,000,000 which is included in “(loss) income from discontinued operations” on our consolidated statements of income. The tax gain of approximately $137,000,000 was deferred as part of a like-kind exchange. 6 . Dispositions – continued Discontinued Operations - continued Retail On January 15, 2015, we completed the spin-off of substantially all of our retail segment comprised of 79 strip shopping centers, three malls, a warehouse park and $225,000,000 of cash to UE. In addition, we completed the following retail property sales, substantially completing the exit of the retail strips and malls business. On March 13, 2015, we sold our Geary Street, CA lease for $34,189,000 , which resulted in a net gain of $21,376,000 . On March 31, 2015, we transferred the redeveloped Springfield Town Center, a 1,350,000 square foot mall located in Springfield, Fairfax County, Virginia, to PREIT in exchange for $485,313,000 , comprised of $340,000,000 of cash and 6,250,000 of PREIT operating partnership units (valued at $145,313,000 or $23.25 per PREIT unit). The financial statement gain was $7,823,000 , of which $7,192,000 was recognized in the first quarter of 2015 and the remaining $631,000 was deferred based on our ownership interest in PREIT. On March 31, 2018, we will be entitled to additional consideration of 50% of the increase in the value of Springfield Town Center, if any, over $465,000,000 , calculated utilizing a 5.5% capitalization rate. On August 6, 2015, we sold our 50% interest in the Monmouth Mall in Eatontown, NJ to our joint venture partner for $38,000,000 , valuing the property at approximately $229,000,000 , which resulted in a net gain of $33,153,000 . 6 . Dispositions – continued Discontinued Operations - continued In accordance with the provisions of ASC 360, Property, Plant, and Equipment , we have reclassified the revenues and expenses of our former Washington, DC segment which was spun off on July 17, 2017, our strip shopping center and mall business which was spun off to UE on January 15, 2015 and other related retail assets that were sold or are currently held for sale to “(loss) income from discontinued operations” and the related assets and liabilities to “assets related to discontinued operations” and “liabilities related to discontinued operations” for all of the periods presented in the accompanying financial statements. The net gains resulting from the sale of certain of these properties are included in “(loss) income from discontinued operations” on our consolidated statements of income. The tables below set forth the assets and liabilities related to discontinued operations as of December 31, 2017 and 2016 , and their combined results of operations and cash flows for the years ended December 31, 2017 , 2016 and 2015 . (Amounts in thousands) Balance as of December 31, 2017 2016 Assets related to discontinued operations: Real estate, net $ — $ 3,222,720 Investments in partially owned entities — 49,765 Other assets 1,357 296,128 $ 1,357 $ 3,568,613 Liabilities related to discontinued operations: Mortgages payable, net $ — $ 1,165,015 Other liabilities 3,620 94,428 $ 3,620 $ 1,259,443 (Amounts in thousands) For the Year Ended December 31, 2017 2016 2015 Income from discontinued operations: Total revenues $ 261,290 $ 521,084 $ 558,663 Total expenses 212,169 442,032 477,299 49,121 79,052 81,364 JBGS spin-off transaction costs (68,662 ) (16,586 ) — Net gains on sale of real estate, a lease position and other 6,605 5,074 167,801 Income (loss) from partially owned assets 435 (3,559 ) (2,022 ) Net gain on early extinguishment of debt — 487,877 — Impairment losses — (161,165 ) (256 ) Net gain on sale of our 20% interest in Fairfax Square — 15,302 — UE spin-off transaction related costs — — (22,972 ) Pretax (loss) income from discontinued operations (12,501 ) 405,995 223,915 Income tax expense (727 ) (1,083 ) (404 ) (Loss) income from discontinued operations $ (13,228 ) $ 404,912 $ 223,511 Cash flows related to discontinued operations: Cash flows from operating activities $ 42,578 $ 157,484 $ 155,686 Cash flows from investing activities (48,377 ) (216,125 ) 315,432

Identified Intangible Assets an

Identified Intangible Assets and Liabilities	12 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Identified Intangible Assets and Liabilities	Identified Intangible Assets and Liabilities The following summarizes our identified intangible assets (primarily above-market leases) and liabilities (primarily below-market leases) as of December 31, 2017 and 2016 . (Amounts in thousands) Balance as of December 31, 2017 2016 Identified intangible assets: Gross amount $ 310,097 $ 384,090 Accumulated amortization (150,837 ) (194,422 ) Total, net $ 159,260 $ 189,668 Identified intangible liabilities (included in deferred revenue): Gross amount $ 530,497 $ 550,454 Accumulated amortization (324,897 ) (298,238 ) Total, net $ 205,600 $ 252,216 Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental income of $46,103,000 , $51,849,000 and $75,952,000 for the years ended December 31, 2017 , 2016 and 2015 , 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 $ 41,969 2019 30,543 2020 22,260 2021 17,489 2022 14,306 Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $25,057,000 , $28,897,000 and $34,995,000 for the years ended December 31, 2017 , 2016 and 2015 , 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 $ 19,449 2019 15,169 2020 11,960 2021 10,981 2022 9,425 We are a tenant under ground leases at 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 $1,747,000 for each of the years ended December 31, 2017 , 2016 and 2015 . 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	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Debt	Unsecured Revolving Credit Facility On October 17, 2017, we extended one of our two $1.25 billion unsecured revolving credit facilities from November 2018 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 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. Senior Unsecured Notes On December 27, 2017, we completed a public offering of $450,000,000 3.50% senior unsecured notes due January 15, 2025. The interest rate on the senior unsecured notes will be payable semi-annually on January 15 and July 15, commencing July 15, 2018. The notes were sold at 99.596% of their face amount to yield 3.565% . On December 27, 2017, we redeemed all of the $450,000,000 principal amount of our outstanding 2.50% senior unsecured notes which were scheduled to mature on June 30, 2019, at a redemption price of approximately 100.71% of the principal amount plus accrued interest through the date of redemption. In connection therewith, we expensed $4,836,000 of debt prepayment costs and wrote-off unamortized deferred financing costs which are included in "interest and debt expense" on our consolidated statements of income. 8 . Debt – continued The following is a summary of our debt: (Amounts in thousands) Weighted Average Balance at December 31, 2017 2016 Mortgages Payable: Fixed rate 3.65% $ 5,461,706 $ 5,479,547 Variable rate 3.33% 2,742,133 2,727,133 Total 3.54% 8,203,839 8,206,680 Deferred financing costs, net and other (66,700 ) (93,432 ) Total, net $ 8,137,139 $ 8,113,248 Unsecured Debt: Senior unsecured notes 4.21% $ 850,000 $ 850,000 Deferred financing costs, net and other (6,386 ) (4,423 ) Senior unsecured notes, net 843,614 845,577 Unsecured term loan 2.68% 750,000 375,000 Deferred financing costs, net and other (1,266 ) (2,785 ) Unsecured term loan, net 748,734 372,215 Unsecured revolving credit facilities —% — 115,630 Total, net $ 1,592,348 $ 1,333,422 The net carrying amount of properties collateralizing the mortgages payable amounted to $9.8 billion at December 31, 2017 . As of December 31, 2017 , the principal repayments required for the next five years and thereafter are as follows: (Amounts in thousands) Mortgages Payable Senior Unsecured Debt and Unsecured Resolving Credit Unsecured Facilities Year Ended December 31, 2018 $ 2,009,030 $ 750,000 2019 973,294 — 2020 1,867,567 — 2021 1,613,948 — 2022 950,000 400,000 Thereafter 790,000 450,000

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests / Redeemable Partnership Units	12 Months Ended
	Dec. 31, 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. Class A units may be tendered for redemption to the Operating Partnership for cash; Vornado, at its option, may assume that obligation and pay the holder either cash or Vornado common shares on a one-for-one basis. Because the number of Vornado common shares outstanding at all times equals the number of Class A units owned by Vornado, the redemption value of each Class A unit is equivalent to the market value of one Vornado common share, and the quarterly distribution to a Class A unitholder is equal to the quarterly dividend paid to a Vornado common shareholder. Below are the details of redeemable noncontrolling interests/redeemable partnership units as of December 31, 2017 and 2016 . (Amounts in thousands, except units and per unit amounts) Balance as of Units Outstanding at Per Unit Liquidation Preference Preferred or Annual Distribution Rate Unit Series 2017 2016 2017 2016 Common: Class A units held by third parties $ 979,509 $ 1,273,018 12,528,899 12,197,162 n/a $ 2.62 Perpetual Preferred/Redeemable Preferred (1) : 5.00% D-16 Cumulative Redeemable $ 1,000 $ 1,000 1 1 $ 1,000,000.00 $ 50,000.00 3.25% D-17 Cumulative Redeemable $ 4,428 $ 4,428 177,100 177,100 $ 25.00 $ 0.8125 ________________________________________ (1) Holders may tender units for redemption to the Operating Partnership for cash at their stated redemption amount; Vornado, at its option, may assume that obligation and pay the holders either cash or Vornado preferred shares on a one-for-one basis. These units are redeemable at Vornado's option at any time. Below is a table summarizing the activity of redeemable noncontrolling interests/redeemable partnership units. (Amounts in thousands) Balance, December 31, 2015 $ 1,229,221 Net income 53,654 Other comprehensive income 4,699 Distributions (31,342 ) Redemption of Class A units for Vornado common shares, at redemption value (36,510 ) Adjustments to carry redeemable Class A units at redemption value 26,251 Other, net 32,473 Balance, December 31, 2016 1,278,446 Net income 10,910 Other comprehensive income 643 Distributions (33,229 ) Redemption of Class A units for Vornado common shares, at redemption value (38,747 ) Adjustments to carry redeemable Class A units at redemption value (including $224,069 attributable to the spin-off of JBGS) (268,494 ) Other, net 35,408 Balance, December 31, 2017 $ 984,937 9 . Redeemable Noncontrolling Interests/Redeemable Partnership Units – continued 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 December 31, 2017 and 2016 . Changes in the value from period to period, if any, are charged to “interest and debt expense” on our consolidated statements of income.

Shareholders' Equity_Partners'

Shareholders' Equity/Partners' Capital	12 Months Ended
	Dec. 31, 2017
Class of Stock [Line Items]
Shareholders' Equity/Partners' Capital	Shareholders’ Equity/Partners’ Capital Common Shares (Vornado Realty Trust) As of December 31, 2017 , there were 189,983,858 common shares outstanding. During 2017 , we paid an aggregate of $496,490,000 of common dividends comprised of quarterly common dividends of $0.71 per share in the first and second quarter and $0.60 per share in the third and fourth quarter. The third and fourth quarter dividends were after the July 17, 2017 spin-off of JBGS. JBGS' third and fourth quarter dividend amounts to $0.1125 per common share, adjusted for the 1:2 distribution to Vornado shareholders. Class A Units (Vornado Realty L.P.) As of December 31, 2017 , there were 189,983,858 Class A units outstanding that were held by Vornado. These units are classified as “partners’ capital” on the consolidated balance sheets of the Operating Partnership. As of December 31, 2017 , there were 12,528,899 Class A units outstanding, that were held by third parties. These units are classified outside of “partners’ capital” as “redeemable partnership units” on the consolidated balance sheets of the Operating Partnership (See Note 9 – Redeemable Noncontrolling Interests/Redeemable Partnership Units ). During 2017 , the Operating Partnership paid an aggregate of $496,490,000 of distributions to Vornado comprised of quarterly common distributions of $0.71 per unit in the first and second quarter and $0.60 per unit in the third and fourth quarter. The third and fourth quarter distributions were after the July 17, 2017 spin-off of JBGS. JBGS' third and fourth quarter distribution amounts to $0.1125 per unit, adjusted for the 1:2 distribution to Vornado shareholders. Preferred Share/Preferred Units On September 1, 2016, we redeemed all of the outstanding 6.875% Series J cumulative redeemable preferred shares/units at their redemption price of $25.00 per share/unit, or $246,250,000 in the aggregate, plus accrued and unpaid dividends/distributions through the date of redemption. In connection therewith, we expensed $7,408,000 of issuance costs, which reduced net income attributable to common shareholders and net income attributable to Class A unitholders in the twelve months ended December 31, 2016 . These costs had been initially recorded as a reduction of shareholders’ equity and partners’ capital. In December 2017, we sold 12,780,000 5.25% Series M cumulative redeemable preferred shares at a price of $25.00 per share in an underwritten public offering pursuant to an effective registration statement. We received aggregate net proceeds of $309,609,000 , after underwriters’ discounts and issuance costs and contributed the net proceeds to the Operating Partnership in exchange for 12,780,000 5.25% Series M preferred units (with economic terms that mirror those of the Series M preferred shares). Dividends on the Series M preferred shares/units are cumulative and payable quarterly in arrears. The Series M preferred shares/units are not convertible into, or exchangeable for, any of our properties or securities. On or after five years from the date of issuance (or sooner under limited circumstances), we may redeem the Series M preferred shares/units at a redemption price of $25.00 per share, plus accrued and unpaid dividends through the date of redemption. The Series M preferred shares/units have no maturity date and will remain outstanding indefinitely unless redeemed by us. In December 2017, we called for redemption of all of the outstanding 6.625% Series G and 6.625% Series I cumulative redeemable preferred shares/units. As a result, as of December 31, 2017, we reclassed the 6.625% Series G and 6.625% Series I cumulative redeemable preferred shares/units from shareholder's equity/partner's capital to liabilities on our consolidated balance sheets. On January 4, 2018, we redeemed all of the outstanding 6.625% Series G cumulative redeemable preferred shares/units at their redemption price of $25.00 per share/unit, or $200,000,000 in the aggregate, plus accrued and unpaid dividends/distributions through the date of redemption. On January 4 and 11, 2018, we redeemed 6,000,000 shares/units and 4,800,000 shares/units, respectively, representing all of the outstanding 6.625% Series I cumulative redeemable preferred shares/units at their redemption price of $25.00 per share/unit, or $270,000,000 in the aggregate, plus accrued and unpaid dividends/distributions through the date of redemption. Upon redemption of both series, we expensed $14,486,000 of issuance costs, which will be included in the quarter ended March 31, 2018 consolidated statements of income. 10 . Shareholders’ Equity/Partners’ Capital – continued The following table sets forth the details of our preferred shares of beneficial interest and the preferred units of the Operating Partnership as of December 31, 2017 and 2016 . (Amounts in thousands, except share/unit and per share/per unit amounts) Per Share/Unit Balance as of Shares/Units Outstanding at December 31, Liquidation Annual (1) Preferred Shares/Units 2017 2016 2017 2016 Convertible Preferred: 6.5% Series A: authorized 83,977 shares/units (2) $ 1,102 $ 1,264 19,573 24,829 $ 50.00 $ 3.25 Cumulative Redeemable Preferred: 6.625% Series G: authorized 8,000,000 shares/units (3)(4) — 193,135 — 8,000,000 25.00 1.65625 6.625% Series I: authorized 10,800,000 shares/units (3)(4) — 262,379 — 10,800,000 25.00 1.65625 5.70% Series K: authorized 12,000,000 shares/units (3) 290,971 290,971 12,000,000 12,000,000 25.00 1.425 5.40% Series L: authorized 12,000,000 shares/units (3) 290,306 290,306 12,000,000 12,000,000 25.00 1.35 5.25% Series M: authorized 12,780,000 shares/units (3) 309,609 — 12,780,000 — 25.00 1.3125 (5) $ 891,988 $ 1,038,055 36,799,573 42,824,829 ________________________________________ (1) Dividends on preferred shares and distributions on preferred units are cumulative and are payable quarterly in arrears. (2) Redeemable at the option of Vornado under certain circumstances, at a redemption price of 1.9531 common shares/Class A units per Series A Preferred Share/Unit plus accrued and unpaid dividends/distributions through the date of redemption, or convertible at any time at the option of the holder for 1.9531 common shares/Class A units per Series A Preferred Share/Unit. (3) Redeemable at Vornado's option at a redemption price of $25.00 per share/unit, plus accrued and unpaid dividends/distributions through the date of redemption. (4) In December 2017, we called for redemption all of the outstanding 6.625% Series G and 6.625% Series I cumulative redeemable preferred shares/units. These shares were redeemed on January 4 and 11, 2018. As a result, we reclassed to liabilities all of the outstanding shares/units with the aggregate amount of $455,514 on our consolidated balance sheets as of December 31, 2017. (5) Annual dividend/distribution rate commencing in December 2017. Accumulated Other Comprehensive Income (Loss) The following table sets forth the changes in accumulated other comprehensive income (loss) by component. (Amounts in thousands) For the Year Ended December 31, 2017 Total Securities available- for-sale Pro rata share of nonconsolidated subsidiaries' OCI Interest rate swap Other Balance as of December 31, 2016 $ 118,972 $ 130,505 $ (12,058 ) $ 8,066 $ (7,541 ) OCI before classifications (4,692 ) (20,951 ) 1,425 15,476 (642 ) Amounts reclassified from AOCI 14,402 — 14,402 — — Balance as of December 31, 2017 $ 128,682 $ 109,554 $ 3,769 $ 23,542 $ (8,183 )

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2017
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities Unconsolidated VIEs As of December 31, 2017 and 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 5 – Investments in Partially Owned Entities ). As of December 31, 2017 and 2016 , the net carrying amount of our investments in these entities was $352,925,000 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 non-controlling interests. These entities are VIEs because the non-controlling interests do not have substantive kick-out or participating rights. We consolidate these entities because we control all significant business activities. As of December 31, 2017 , the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $3,561,062,000 and $1,753,798,000 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	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements ASC 820 defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment is necessary to interpret Level 2 and 3 inputs in determining the fair value of our financial and non-financial assets and liabilities. Accordingly, our fair value estimates, which are made at the end of each reporting period, may be different than the amounts that may ultimately be realized upon sale or disposition of these assets. Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis Financial assets and liabilities that are measured at fair value on our consolidated balance sheets consist of (i) marketable securities, (ii) real estate fund investments, (iii) the assets in our deferred compensation plan (for which there is a corresponding liability on our consolidated balance sheets), (iv) interest rate swaps and (v) mandatorily redeemable instruments (Series G-1 through G-4 convertible preferred units, Series D-13 cumulative redeemable preferred units, and 6.625% Series G and 6.625% Series I cumulative redeemable preferred shares). The tables below aggregate the fair values of these financial assets and liabilities by their levels in the fair value hierarchy at December 31, 2017 and 2016 , respectively. (Amounts in thousands) As of December 31, 2017 Total Level 1 Level 2 Level 3 Marketable securities $ 182,752 $ 182,752 $ — $ — Real estate fund investments 354,804 — — 354,804 Deferred compensation plan assets ($11,545 included in restricted cash and $97,633 in other assets) 109,178 69,050 — 40,128 Interest rate swaps (included in other assets) 27,472 — 27,472 — Total assets $ 674,206 $ 251,802 $ 27,472 $ 394,932 Mandatorily redeemable instruments (included in other liabilities) $ 520,561 $ 520,561 $ — $ — Interest rate swaps (included in other liabilities) 1,052 — 1,052 — Total liabilities $ 521,613 $ 520,561 $ 1,052 $ — (Amounts in thousands) As of December 31, 2016 Total Level 1 Level 2 Level 3 Marketable securities $ 203,704 $ 203,704 $ — $ — Real estate fund investments 462,132 — — 462,132 Deferred compensation plan assets ($4,187 included in restricted cash and $117,187 in other assets) 121,374 63,930 — 57,444 Interest rate swaps (included in other assets) 21,816 — 21,816 — Total assets $ 809,026 $ 267,634 $ 21,816 $ 519,576 Mandatorily redeemable instruments (included in other liabilities) $ 50,561 $ 50,561 $ — $ — Interest rate swaps (included in other liabilities) 10,122 — 10,122 — Total liabilities $ 60,683 $ 50,561 $ 10,122 $ — 12 . Fair Value Measurements – continued Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued Real Estate Fund Investments At December 31, 2017 , we had five real estate fund investments with an aggregate fair value of $354,804,000 , or $98,189,000 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 0.3 years to 5.0 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, and current and anticipated market conditions, industry publications and from the experience of our Acquisitions and Capital Markets departments. Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of these real estate fund investments at December 31, 2017 and 2016 . Range Weighted Average Unobservable Quantitative Input December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2016 Discount rates 2.0% to 14.9% 10.0% to 14.9% 11.9% 12.6% Terminal capitalization rates 4.7% to 6.7% 4.3% to 5.8% 5.5% 5.3% The above inputs are subject to change based on changes in economic and market conditions and/or changes in use or timing of exit. Changes in discount rates and terminal capitalization rates result in increases or decreases in the fair values of these investments. The discount rates encompass, among other things, uncertainties in the valuation models with respect to terminal capitalization rates and the amount and timing of cash flows. Therefore, a change in the fair value of these investments 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 years ended December 31, 2017 and 2016 . (Amounts in thousands) For the Year Ended December 31, 2017 2016 Beginning balance $ 462,132 $ 574,761 Dispositions/distributions (91,606 ) (71,888 ) Net unrealized loss on held investments (25,807 ) (41,162 ) Net realized gains on exited investments 36,078 14,761 Previously recorded unrealized gains on exited investments (25,538 ) (14,254 ) Other, net (455 ) (86 ) Ending balance $ 354,804 $ 462,132 12 . 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 years ended December 31, 2017 and 2016 . (Amounts in thousands) For the Year Ended December 31, 2017 2016 Beginning balance $ 57,444 $ 59,186 Purchases 5,786 5,355 Sales (27,715 ) (9,354 ) Realized and unrealized gains 2,519 344 Other, net 2,094 1,913 Ending balance $ 40,128 $ 57,444 Fair Value Measurements on a Nonrecurring Basis There were no assets measured at fair value on a nonrecurring basis on our consolidated balance sheets at December 31, 2017 and 2016. 12 . 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 value of cash equivalents and borrowings under our unsecured revolving credit facilities and unsecured term loan are classified as Level 1. The fair value of our secured debt and unsecured debt are classified as Level 2. The table below summarizes the carrying amounts and fair value of these financial instruments as of December 31, 2017 and 2016 . (Amounts in thousands) As of December 31, 2017 As of December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Cash equivalents $ 1,500,227 $ 1,500,000 $ 1,307,105 $ 1,307,000 Debt: Mortgages payable $ 8,203,839 $ 8,194,000 $ 8,206,680 $ 8,163,000 Senior unsecured notes 850,000 878,000 850,000 899,000 Unsecured term loan 750,000 750,000 375,000 375,000 Unsecured revolving credit facilities — — 115,630 116,000 Total $ 9,803,839 (1) $ 9,822,000 $ 9,547,310 (1) $ 9,553,000 ____________________ (1) Excludes $74,352 and $100,640 of deferred financing costs, net and other as of December 31, 2017 and 2016, respectively.

Stock-based Compensation

Stock-based Compensation	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based Compensation	Stock-based Compensation Vornado’s 2010 Omnibus Share Plan (the “Plan”) provides the Compensation Committee of Vornado’s Board of Trustees (the “Committee”) the ability to grant 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. Under the Plan, awards may be granted up to a maximum of 6,000,000 Vornado shares, if all awards granted are Full Value Awards, as defined, and up to 12,000,000 Vornado shares, if all of the awards granted are Not Full Value Awards, as defined, plus shares in respect of awards forfeited after May 2010 that were issued pursuant to Vornado’s 2002 Omnibus Share Plan. Full Value Awards are awards of securities, such as Vornado restricted shares, that, if all vesting requirements are met, do not require the payment of an exercise price or strike price to acquire the securities. Not Full Value Awards are awards of securities, such as Vornado stock options, that do require the payment of an exercise price or strike price. This means, for example, if the Committee were to award only Vornado restricted shares, it could award up to 6,000,000 Vornado restricted shares. On the other hand, if the Committee were to award only Vornado stock options, it could award options to purchase up to 12,000,000 Vornado common shares (at the applicable exercise price). The Committee may also issue any combination of awards under the Plan, with reductions in availability of future awards made in accordance with the above limitations. As of December 31, 2017 , Vornado has approximately 2,353,000 shares available for future grants under the Plan, if all awards granted are Full Value Awards, as defined. In the years ended December 31, 2017 , 2016 and 2015 , we recognized an aggregate of $32,829,000 , $33,980,000 and $39,846,000 , respectively, of stock-based compensation expense, which is included as a component of “general and administrative” expenses on our consolidated statements of income. The year ended December 31, 2015 includes $7,834,000 from the acceleration of the recognition of compensation expense related to 2013-2015 Out-Performance Plans due to the modification of the vesting criteria of awards such that they will fully vest at age 65 . The details of the various components of our stock-based compensation are discussed on the following pages. 13 . Stock-based Compensation – continued Out-Performance Plans (the "OPPs”) OPPs are multi-year, performance-based equity compensation plans under which participants have the opportunity to earn a class of units (“OPP units”) of the Operating Partnership if, and only if, Vornado outperforms a predetermined total shareholder return (“TSR”) and/or outperform the market with respect to a relative TSR in any year during the requisite performance periods as described below. OPP units, if earned, become convertible into Class A units of the Operating Partnership (and ultimately into Vornado common shares) following vesting. Awards under the 2014 OPP have been 99.5% earned. Awards under the 2016 OPP may be earned if Vornado (i) achieves a TSR level greater than 7% per annum, or 21% over the 3 -year performance measurement periods (the “Absolute Component”), and/or (ii) achieves a TSR above that of the SNL US REIT Index (“Index”) over the 3 -year performance measurement periods (the “Relative Component”). To the extent awards would be earned under the Absolute Component of each of the OPPs, but Vornado underperforms the Index, such awards would be reduced (and potentially fully negated) based on the degree to which Vornado underperforms the Index. In certain circumstances, in the event Vornado outperforms the Index but awards would not otherwise be fully earned under the Absolute Component, awards may still be earned or increased under the Relative Component. To the extent awards would otherwise be earned under the Relative Component but Vornado fails to achieve at least a 6% per annum absolute TSR, such awards earned under the Relative Component would be reduced based on Vornado’s absolute TSR, with no awards being earned in the event Vornado’s TSR during the applicable measurement period is 0% or negative, irrespective of the degree to which Vornado may outperform the Index. Dividends on awards issued and distributions on awards earned accrue during the performance period. If the designated performance objectives are achieved, OPP units are also subject to time-based vesting requirements. Awards earned under the OPPs vest 33.33% in each of years three , four and five . Vornado’s senior executive officers are required to hold earned 2017, 2016 and 2015 OPP awards (or related equity) for at least one year following vesting. Below is the summary of the OPP units granted during the years December 31, 2017 , 2016 and 2015 . Plan Year Total Plan Notional Amount Percentage of Notional Amount Granted Grant Date Fair Value (1) OPP Units Earned 2017 $ 35,000,000 86.6 % $ 10,800,000 To be determined in 2020 2016 40,000,000 86.7 % 11,800,000 To be determined in 2019 2015 40,000,000 84.5 % 9,120,000 Not earned ________________________________________ (1) Such amounts are being amortized into expense over a 5 -year period from the date of grant, using a graded vesting attribution model. In the years ended December 31, 2017, 2016 and 2015, we recognized $10,723,000 , $11,055,000 and $15,531,000 , respectively, of compensation expense related to OPPs. As of December 31, 2017, there was $4,159,000 of total unrecognized compensation cost related to the OPPs, which will be recognized over a weighted-average period of 1.7 years. 13 . Stock-based Compensation – continued Vornado Stock Options Vornado stock options are granted at an exercise price equal to the average of the high and low market price of Vornado’s common shares on the NYSE on the date of grant, generally vest over 4 years and expire 10 years from the date of grant. Compensation expense related to Vornado stock option awards is recognized on a straight-line basis over the vesting period. In the years ended December 31, 2017 , 2016 and 2015 , we recognized $747,000 , $937,000 and $1,298,000 , respectively, of compensation expense related to Vornado stock options that vested during each year. As of December 31, 2017 , there was $865,000 of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted-average period of 1.7 years. Below is a summary of Vornado’s stock option activity for the year ended December 31, 2017 . Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2017 3,322,069 $ 49.81 Granted 29,867 85.78 Exercised (449,386 ) 62.89 Cancelled or expired (78,650 ) 102.96 Outstanding at December 31, 2017 2,823,900 $ 46.62 2.2 $ 89,382,838 Options vested and expected to vest at December 31, 2017 2,881,202 $ 46.98 2.2 $ 90,218,230 Options exercisable at December 31, 2017 2,762,728 $ 45.86 2.1 $ 89,274,127 The fair value of each option grant is estimated on the date of grant using an option-pricing model with the following weighted-average assumptions for grants in the years ended December 31, 2017 , 2016 and 2015 . December 31, 2017 2016 2015 Expected volatility 35% 35% 35% Expected life 5.0 years 5.0 years 5.0 years Risk free interest rate 1.95% 1.76% 1.56% Expected dividend yield 3.0% 3.2% 3.3% The weighted average grant date fair value of options granted during the years ended December 31, 2017 , 2016 and 2015 was $25.84 , $22.14 and $28.85 , respectively. Cash received from option exercises for the years ended December 31, 2017 , 2016 and 2015 was $28,253,000 , $6,825,000 and $15,343,000 , respectively. The total intrinsic value of options exercised during the years ended December 31, 2017 , 2016 and 2015 was $9,178,000 , $5,519,000 and $3,873,000 , respectively. 13 . Stock-based Compensation – continued Vornado Restricted Stock Vornado restricted stock awards are granted at the average of the high and low market price of Vornado’s common shares on the NYSE on the date of grant and generally vest over four years. Compensation expense related to Vornado’s restricted stock awards is recognized on a straight-line basis over the vesting period. In the years ended December 31, 2017 , 2016 and 2015 , we recognized $729,000 , $851,000 and $837,000 , respectively, of compensation expense related to Vornado restricted stock awards that vested during each year. As of December 31, 2017 , there was $860,000 of total unrecognized compensation cost related to unvested Vornado restricted stock, which is expected to be recognized over a weighted-average period of 1.7 years. Dividends paid on unvested Vornado restricted stock are charged directly to retained earnings and amounted to $46,000 , $56,000 and $58,000 for the years ended December 31, 2017 , 2016 and 2015 , respectively. Below is a summary of Vornado’s restricted stock activity under the Plan for the year ended December 31, 2017 . Unvested Shares Shares Weighted-Average Grant-Date Fair Value Unvested at January 1, 2017 23,597 $ 55.03 Granted 7,419 81.06 Vested (14,662 ) 43.97 Cancelled or expired (1,509 ) 34.42 Unvested at December 31, 2017 14,845 81.05 Vornado restricted stock awards granted in 2017 , 2016 and 2015 had a fair value of $601,000 , $927,000 and $906,000 , respectively. The fair value of restricted stock that vested during the years ended December 31, 2017 , 2016 and 2015 was $645,000 , $641,000 and $882,000 , respectively. Restricted Operating Partnership Units (“OP Units”) OP Units are granted at the average of the high and low market price of Vornado’s common shares on the NYSE on the date of grant, vest ratably over four years and are subject to a taxable book-up event, as defined. Compensation expense related to OP Units is recognized ratably over the vesting period using a graded vesting attribution model. In the years ended December 31, 2017 , 2016 and 2015 , we recognized $20,630,000 , $21,136,000 and $22,180,000 , respectively, of compensation expense related to OP Units that vested during each year. As of December 31, 2017 , there was $18,229,000 of total unrecognized compensation cost related to unvested OP Units, which is expected to be recognized over a weighted-average period of 1.8 years. Distributions paid on unvested OP Units are charged to “net income attributable to noncontrolling interests in the Operating Partnership” on Vornado’s consolidated statements of income and to “preferred unit distributions” on the Operating Partnership’s consolidated statements of income and amounted to $2,310,000 , $1,968,000 and $2,414,000 in the years ended December 31, 2017 , 2016 and 2015 , respectively. Below is a summary of restricted OP unit activity under the Plan for the year ended December 31, 2017 . Unvested Units Units Weighted-Average Grant-Date Fair Value Unvested at January 1, 2017 627,709 $ 70.11 Granted 312,554 79.75 Vested (309,030 ) 67.64 Cancelled or expired (2,271 ) 68.16 Unvested at December 31, 2017 628,962 76.13 OP Units granted in 2017 , 2016 and 2015 had a fair value of $24,927,000 , $18,492,000 and $20,293,000 , respectively. The fair value of OP Units that vested during the years ended December 31, 2017 , 2016 and 2015 was $20,903,000 , $22,701,000 and $20,072,000 , respectively.

Fee and Other Income

Fee and Other Income	12 Months Ended
	Dec. 31, 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 Year Ended December 31, 2017 2016 2015 BMS cleaning fees $ 104,143 $ 93,425 $ 96,880 Management and leasing fees 10,087 8,243 6,288 Lease termination fees (1) 8,171 8,770 23,369 Other income 13,349 9,648 13,353 $ 135,750 $ 120,086 $ 139,890 ________________________________________ (1) 2015 includes $15,000 related to the New York Stock Exchange lease termination at 20 Broad Street. The above table excludes fee income from partially owned entities, which is included in “income (loss) from partially owned entities” (see Note 5 – Investments in Partially Owned Entities ).

Interest and Other Investment I

Interest and Other Investment Income, Net	12 Months Ended
	Dec. 31, 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 our interest and other investment income, net: (Amounts in thousands) For the Year Ended December 31, 2017 2016 2015 Dividends on marketable securities $ 13,276 $ 13,135 $ 12,836 Mark-to-market income of investments in our deferred compensation plan (1) 6,932 5,213 111 Interest on loans receivable 4,352 3,890 6,371 Other, net 13,233 7,310 7,922 $ 37,793 $ 29,548 $ 27,240 ________________________________________ (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	12 Months Ended
	Dec. 31, 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 Year Ended December 31, 2017 2016 2015 Interest expense $ 359,819 $ 328,398 $ 333,388 Amortization of deferred financing costs 34,066 32,185 29,335 Capitalized interest and debt expense (48,231 ) (30,343 ) (53,425 ) $ 345,654 $ 330,240 $ 309,298

Income Per Share _ Income Per C

Income Per Share / Income Per Class A Unit	12 Months Ended
	Dec. 31, 2017
Earnings per share
Income Per Share / Income Per Class A Unit	Income Per Share/Income Per Class A Unit Vornado Realty Trust The following table provides a reconciliation of both net income and the number of common shares used in the computation of (i) basic income per common share - which includes the weighted average number of common shares outstanding without regard to dilutive potential common shares, and (ii) diluted income per common share - which includes the weighted average common shares and dilutive share equivalents. Dilutive 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) Year Ended December 31, 2017 2016 2015 Numerator: Income from continuing operations, net of income attributable to noncontrolling interests $ 239,824 $ 526,686 $ 550,240 (Loss) income from discontinued operations, net of income attributable to noncontrolling interest (12,408 ) 380,231 210,194 Net income attributable to Vornado 227,416 906,917 760,434 Preferred share dividends (65,399 ) (75,903 ) (80,578 ) Preferred share issuance costs (Series J redemption) — (7,408 ) — Net income attributable to common shareholders 162,017 823,606 679,856 Earnings allocated to unvested participating securities (46 ) (96 ) (81 ) Numerator for basic income per share 161,971 823,510 679,775 Impact of assumed conversions: Earnings allocated to Out-Performance Plan units 230 806 — Convertible preferred share dividends — 86 91 Numerator for diluted income per share $ 162,201 $ 824,402 $ 679,866 Denominator: Denominator for basic income per share – weighted average shares 189,526 188,837 188,353 Effect of dilutive securities (1) : Employee stock options and restricted share awards 1,448 1,064 1,166 Out-Performance Plan units 284 230 — Convertible preferred shares — 42 45 Denominator for diluted income per share – weighted average shares and assumed conversations 191,258 190,173 189,564 INCOME PER COMMON SHARE – BASIC: Income from continuing operations, net $ 0.92 $ 2.35 $ 2.49 (Loss) income from discontinued operations, net (0.07 ) 2.01 1.12 Net income per common share $ 0.85 $ 4.36 $ 3.61 INCOME PER COMMON SHARE – DILUTED: Income from continuing operations, net $ 0.91 $ 2.34 $ 2.48 (Loss) income from discontinued operations, net (0.06 ) 2.00 1.11 Net income per common share $ 0.85 $ 4.34 $ 3.59 ________________________________________ (1) The effect of dilutive securities in the years ended December 31, 2017 , 2016 and 2015 excludes an aggregate of 12,165 , 12,022 and 11,744 weighted average common share equivalents, respectively, as their effect was anti-dilutive.
Vornado Realty L.P.
Earnings per share
Income Per Share / Income Per Class A Unit	Vornado Realty L.P. The following table provides a reconciliation of both net income and the number of Class A units used in the computation of (i) basic income per Class A unit - which includes the weighted average number of Class A units outstanding without regard to dilutive potential Class A units, and (ii) diluted income per Class A unit - which includes the weighted average Class A units and dilutive unit 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) Year Ended December 31, 2017 2016 2015 Numerator: Income from continuing operations, net of income attributable to noncontrolling interests $ 251,554 $ 555,659 $ 580,154 (Loss) income from discontinued operations (13,228 ) 404,912 223,511 Net income attributable to Vornado Realty L.P. 238,326 960,571 803,665 Preferred unit distributions (65,593 ) (76,097 ) (80,736 ) Preferred unit issuance costs (Series J redemption) — (7,408 ) — Net income attributable to Class A unitholders 172,733 877,066 722,929 Earnings allocated to unvested participating securities (3,232 ) (4,177 ) (4,092 ) Numerator for basic income per Class A unit 169,501 872,889 718,837 Impact of assumed conversions: Convertible preferred unit distributions — 86 92 Numerator for diluted income per Class A unit $ 169,501 $ 872,975 $ 718,929 Denominator: Denominator for basic income per Class A unit – weighted average units 201,214 200,350 199,309 Effect of dilutive securities (1) : Vornado stock options and restricted unit awards 2,086 1,625 1,804 Convertible preferred units — 42 45 Denominator for diluted income per Class A unit – weighted average units and assumed conversations 203,300 202,017 201,158 INCOME PER CLASS A UNIT – BASIC: Income from continuing operations, net $ 0.91 $ 2.34 $ 2.49 (Loss) income from discontinued operations, net (0.07 ) 2.02 1.12 Net income per Class A unit 0.84 4.36 3.61 INCOME PER CLASS A UNIT – DILUTED: Income from continuing operations, net $ 0.90 $ 2.32 $ 2.46 (Loss) income from discontinued operations, net (0.07 ) 2.00 1.11 Net income per Class A unit $ 0.83 $ 4.32 $ 3.57 ________________________________________ (1) The effect of dilutive securities in the years ended December 31, 2017 , 2016 and 2015 excludes an aggregate of 124 , 178 and 150 weighted average Class A unit equivalents, respectively, as their effect was anti-dilutive.

Leases

Leases	12 Months Ended
	Dec. 31, 2017
Leases [Abstract]
Leases	Leases As lessor: We lease space to tenants under operating leases. Most of the leases provide for the payment of fixed base rentals payable monthly in advance. Office building leases generally require the tenants to reimburse us for operating costs and real estate taxes above their base year costs. Certain leases provide for pass-through to tenants for the tenant’s share of real estate taxes, insurance and maintenance. Certain leases also provide for the payment by the lessee of additional rent based on a percentage of the tenants’ sales. As of December 31, 2017 , future base rental revenue under non-cancelable operating leases, excluding rents for leases with an original term of less than one year and rents resulting from the exercise of renewal options, are as follows: (Amounts in thousands) Year Ending December 31: 2018 $ 1,469,201 2019 1,441,139 2020 1,369,636 2021 1,298,798 2022 1,230,172 Thereafter 5,841,213 These amounts do not include percentage rentals based on tenants’ sales. These percentage rents approximated $4,062,000 , $3,590,000 and $1,575,000 , for the years ended December 31, 2017 , 2016 and 2015 , respectively. None of our tenants accounted for more than 10% of total revenues in any of the years ended December 31, 2017 , 2016 and 2015 . As lessee: We are a tenant under operating leases for certain properties. These leases have terms that expire during the next thirty years . Future minimum lease payments under operating leases at December 31, 2017 are as follows: (Amounts in thousands) Year Ending December 31: 2018 $ 33,703 2019 34,301 2020 34,779 2021 35,295 2022 36,319 Thereafter 1,113,171 Rent expense, a component of “operating" expenses on our consolidated statements of income, was $40,219,000 , $40,170,000 and $37,575,000 for the years ended December 31, 2017 , 2016 and 2015 , respectively. 18 . Leases – continued 1535 Broadway We are a lessee under a long-term capital lease for the retail and signage components of the Marriott Marquis Times Square Hotel at 1535 Broadway. At inception of the lease in 2012, we recorded a $240,000,000 capital lease asset and liability on our consolidated balance sheet based on the present value of future minimum lease payments. The capital lease asset is being depreciated on a straight-line basis over the estimated life of the asset and the related expense is included in “depreciation and amortization” on our consolidated statements of income. During 2017 , we substantially completed the redevelopment of the leased space, as required under the lease, at a total redevelopment cost of approximately $197,209,000 . The lease contains a put/call purchase option under which the lessor may exercise its “put” on predetermined dates after March 31, 2018 and we may exercise our “call” at any time after July 30, 2027 and before January 3, 2032 . As of December 31, 2017 , future minimum lease payments under this capital lease are as follows: (Amounts in thousands) Year Ending December 31: 2018 $ 13,508 2019 12,508 2020 12,508 2021 12,508 2022 12,508 Thereafter 297,330 Total minimum obligations 360,870 Interest portion (120,870 ) Present value of net minimum payments $ 240,000 As of December 31, 2017 , the gross carrying amount of the property leased under the capital lease was $436,984,000 , which is a component of “buildings and improvements” on our consolidated balance sheets.

Multiemployer Benefit Plans

Multiemployer Benefit Plans	12 Months Ended
	Dec. 31, 2017
Multiemployer Plans [Abstract]
Multiemployer Benefit Plans	Multiemployer Benefit Plans Our subsidiaries make contributions to certain multiemployer defined benefit plans (“Multiemployer Pension Plans”) and health plans (“Multiemployer Health Plans”) for our union represented employees, pursuant to the respective collective bargaining agreements. Multiemployer Pension Plans Multiemployer Pension Plans differ from single-employer pension plans in that (i) contributions to multiemployer plans may be used to provide benefits to employees of other participating employers and (ii) if other participating employers fail to make their contributions, each of our participating subsidiaries may be required to bear its then pro rata share of unfunded obligations. If a participating subsidiary withdraws from a plan in which it participates, it may be subject to a withdrawal liability. As of December 31, 2017 , our subsidiaries’ participation in these plans was not significant to our consolidated financial statements. In the years ended December 31, 2017 , 2016 and 2015 , our subsidiaries contributed $10,113,000 , $9,479,000 and $10,878,000 , respectively, towards Multiemployer Pension Plans, which is included as a component of “operating” expenses on our consolidated statements of income. Our subsidiaries’ contributions did not represent more than 5% of total employer contributions in any of these plans for the years ended December 31, 2017 , 2016 and 2015 . Multiemployer Health Plans Multiemployer Health Plans in which our subsidiaries participate provide health benefits to eligible active and retired employees. In the years ended December 31, 2017 , 2016 and 2015 , our subsidiaries contributed $29,549,000 , $32,998,000 and $29,269,000 , respectively, towards these plans, which is included as a component of “operating” expenses on our consolidated statements of income.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 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 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 Terrorism Risk Insurance Program Reauthorization Act of 2015, which expires in December 2020 . Penn Plaza Insurance Company, LLC (“PPIC”), our wholly owned consolidated subsidiary, acts as a re-insurer with respect to a portion of all risk property and rental value 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 ( $1,601,000 for 2018) and 17% ( 18% for 2018) 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 costs of coverage for acts of terrorism. However, we cannot anticipate what coverage will be available on commercially reasonable terms in the future. We are responsible for deductibles and losses in excess of our insurance coverage, which could be material. Our debt instruments, consisting of mortgage loans secured by our properties 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 costs in the future. Further, if lenders insist on greater coverage than we are able to obtain it could adversely affect our ability to finance our properties and expand our portfolio. 20 . Commitments and Contingencies – continued Other Commitments and Contingencies We are from time to time involved in legal actions arising in the ordinary course of business. In our opinion, after consultation with legal counsel, the outcome of such matters is not currently expected to have a material adverse effect on our financial position, results of operations or cash flows. Each of our properties has been subjected to varying degrees of environmental assessment at various times. The environmental assessments did not reveal any material environmental contamination. However, there can be no assurance that the identification of new areas of contamination, changes in the extent or known scope of contamination, the discovery of additional sites, or changes in cleanup requirements would not result in significant costs to us. 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 December 31, 2017 , the aggregate dollar amount of these guarantees and master leases is approximately $668,000,000 . As of December 31, 2017 , $8,938,000 of letters of credit was outstanding under one of our unsecured revolving credit facilities. Our unsecured revolving credit facilities contain financial covenants that require us to maintain minimum interest coverage and maximum debt to market capitalization ratios, and provide for higher interest rates in the event of a decline in our ratings below Baa3/BBB. Our unsecured revolving credit facilities also contain customary conditions precedent to borrowing, including representations and warranties, and also contain customary events of default that could give rise to accelerated repayment, including such items as failure to pay interest or principal. 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 126 ). The joint venture entered into a development agreement with ESD and a design-build contract with Skanska Moynihan Train Hall Builders. Under the development agreement with ESD, the joint venture is obligated to build the Moynihan Train Hall, with Vornado and Related each guaranteeing the joint venture’s obligations. Under the design-build agreement, Skanska Moynihan Train Hall Builders is obligated to fulfill all of the joint venture’s obligations. The obligations of Skanska Moynihan Train Hall Builders have been bonded by Skanska USA and bear a full guaranty from Skanska AB. As of December 31, 2017 , we expect to fund additional capital to certain of our partially owned entities aggregating approximately $42,000,000 . As of December 31, 2017 , we have construction commitments aggregating approximately $422,000,000 .

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Alexander’s, Inc. We own 32.4% of Alexander’s. Steven Roth, the Chairman of Vornado’s Board of Trustee’s and its Chief Executive Officer is also the Chairman of the Board and Chief Executive Officer of Alexander’s. We provide various services to Alexander’s in accordance with management, development and leasing agreements. These agreements are described in Note 5 - Investments in Partially Owned Entities . Urban Edge Properties We own 4.5% of UE. In 2017 and 2016, we provided UE with information technology support. UE is providing us with leasing, development and property management services for (i) certain small retail properties that we plan to sell and (ii) our affiliate, Alexander's, Rego retail assets. Fees to UE for servicing the retail assets of Alexander’s are similar to the fees that we are receiving from Alexander’s as described in Note 5 - Investments in Partially Owned Entities . Interstate Properties (“Interstate”) Interstate is a general partnership in which Mr. Roth is the managing general partner. David Mandelbaum and Russell B. Wight, Jr., Trustees of Vornado and Directors of Alexander’s, are Interstate’s two other general partners. As of December 31, 2017 , Interstate and its partners beneficially owned an aggregate of approximately 7.2% of the common shares of beneficial interest of Vornado and 26.2% of Alexander’s common stock. We manage and lease the real estate assets of Interstate pursuant to a management agreement for which we receive an annual fee equal to 4% of annual base rent and percentage rent. The management agreement has a term of 1 year and is automatically renewable unless terminated by either of the parties on 60 days’ notice at the end of the term. We believe, based upon comparable fees charged by other real estate companies, that the management agreement terms are fair to us. We earned $501,000 , $521,000 , and $541,000 of management fees under the agreement for the years ended December 31, 2017 , 2016 and 2015 , respectively.

Summary of Quarterly Results (U

Summary of Quarterly Results (Unaudited)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Data
Summary of Quarterly Results (Unaudited)	Summary of Quarterly Results (Unaudited) Vornado Realty Trust The following summary represents the results of operations for each quarter in 2017 and 2016 : (Amounts in thousands, except per share amounts) Net Income (Loss) Attributable to Common Shareholders (1) Net Income (Loss) Per Common Share (2) Revenues Basic Diluted 2017 December 31 $ 536,226 $ 27,319 $ 0.14 $ 0.14 September 30 528,755 (29,026 ) (0.15 ) (0.15 ) June 30 511,087 115,972 0.61 0.61 March 31 508,058 47,752 0.25 0.25 2016 December 31 $ 513,974 $ 651,181 $ 3.44 $ 3.43 September 30 502,753 66,125 0.35 0.35 June 30 498,098 220,463 1.17 1.16 March 31 488,917 (114,163 ) (0.61 ) (0.61 ) ____________________ (1) Fluctuations among quarters resulted primarily from non-cash impairment losses, net gains on extinguishment of debt, net gains on sale of real estate and other items and from seasonality of business operations. (2) The total for the year may differ from the sum of the quarters as a result of weighting.
Vornado Realty L.P.
Quarterly Financial Data
Summary of Quarterly Results (Unaudited)	Vornado Realty L.P. The following summary represents the results of operations for each quarter in 2017 and 2016 : (Amounts in thousands, except per unit amounts) Net Income (Loss) Attributable to Class A Unitholders (1) Net Income (Loss) Per Class A Unit (2) Revenues Basic Diluted 2017 December 31 $ 536,226 $ 29,123 $ 0.14 $ 0.14 September 30 528,755 (30,952 ) (0.16 ) (0.16 ) June 30 511,087 123,630 0.61 0.61 March 31 508,058 50,932 0.25 0.25 2016 December 31 $ 513,974 $ 693,377 $ 3.44 $ 3.43 September 30 502,753 70,442 0.35 0.35 June 30 498,098 234,945 1.17 1.16 March 31 488,917 (121,698 ) (0.61 ) (0.61 ) ____________________ (1) Fluctuations among quarters resulted primarily from non-cash impairment losses, net gains on extinguishment of debt, net gains on sale of real estate and other items and from seasonality of business operations. (2) The total for the year may differ from the sum of the quarters as a result of weighting.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Segment Information	Segment Information On January 1, 2017, we classified our investment in 85 Tenth Avenue in the "New York" segment as a result of the December 1, 2016 receipt of a 49.9% ownership interest in the property and prior repayment of our mezzanine loans receivable. Previously our investment in the mezzanine loans was classified in the "Other" segment. On July 17, 2017, we completed the spin-off of our Washington, DC segment. Beginning in the third quarter of 2017, the historical financial results of our former Washington, DC segment are reflected in our consolidated financial statements as discontinued operations for all periods presented and are included in the Other segment. Subsequent to the Washington, DC spin-off, we operate in two segments, New York and Other, which is based on how we manage our business. We have reclassified our 49.5% interest in 666 Fifth Avenue Office Condominium from "New York" to "Other" in all periods presented because we do not intend to hold this asset on a long-term basis. Net Operating Income ("NOI") represents total revenues less operating expenses. We consider NOI to be the primary non-GAAP financial measure for making decisions and assessing the unlevered performance of our segments as it relates to the total return on assets as opposed to the levered return on equity. As properties are bought and sold based on NOI, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. NOI should not be considered a substitute for net income. NOI may not be comparable to similarly titled measures employed by other companies. Below is a reconciliation of net income to NOI for the years ended December 31, 2017 , 2016 and 2015 . (Amounts in thousands) For the Year Ended December 31, 2017 2016 2015 Net income $ 264,128 $ 981,922 $ 859,430 Deduct: Our share of (income) loss from partially owned entities (15,200 ) (168,948 ) 9,947 Our share of (income) loss from real estate fund investments (3,240 ) 23,602 (74,081 ) Interest and other investment income, net (37,793 ) (29,548 ) (27,240 ) Net gains on disposition of wholly owned and partially owned assets (501 ) (160,433 ) (149,417 ) Loss (income) from discontinued operations 13,228 (404,912 ) (223,511 ) NOI attributable to noncontrolling interests in consolidated subsidiaries (65,311 ) (66,182 ) (64,859 ) Add: Depreciation and amortization expense 429,389 421,023 379,803 General and administrative expense 158,999 149,550 149,256 Acquisition and transaction related costs 1,776 9,451 12,511 NOI from partially owned entities 269,164 271,114 245,750 Interest and debt expense 345,654 330,240 309,298 Income tax expense (benefit) 41,090 7,229 (85,012 ) NOI at share 1,401,383 1,364,108 1,341,875 Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (86,842 ) (170,477 ) (214,322 ) NOI at share - cash basis $ 1,314,541 $ 1,193,631 $ 1,127,553 23 . Segment Information - continued Below is a summary of NOI and selected balance sheet data by segment for the years ended December 31, 2017 , 2016 and 2015 . (Amounts in thousands) For the Year Ended December 31, 2017 Total New York Other Total revenues $ 2,084,126 $ 1,779,307 $ 304,819 Operating expenses 886,596 756,670 129,926 NOI - consolidated 1,197,530 1,022,637 174,893 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (65,311 ) (45,899 ) (19,412 ) Add: Our share of NOI from partially owned entities 269,164 189,327 79,837 NOI at share 1,401,383 1,166,065 235,318 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (86,842 ) (79,202 ) (7,640 ) NOI at share - cash basis $ 1,314,541 $ 1,086,863 $ 227,678 Balance Sheet Data: Real estate, at cost $ 14,756,295 $ 11,025,092 $ 3,731,203 Investments in partially owned entities 1,056,829 861,430 195,399 Total assets 17,397,934 13,780,817 3,617,117 (Amounts in thousands) For the Year Ended December 31, 2016 Total New York Other Total revenues $ 2,003,742 $ 1,713,374 $ 290,368 Operating expenses 844,566 716,754 127,812 NOI - consolidated 1,159,176 996,620 162,556 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (66,182 ) (47,480 ) (18,702 ) Add: Our share of NOI from partially owned entities 271,114 159,386 111,728 NOI at share 1,364,108 1,108,526 255,582 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (170,477 ) (143,239 ) (27,238 ) NOI at share - cash basis $ 1,193,631 $ 965,287 $ 228,344 Balance Sheet Data: Real estate, at cost $ 14,187,820 $ 10,787,730 $ 3,400,090 Investments in partially owned entities 1,378,254 1,026,793 351,461 Total assets 20,814,847 13,310,524 7,504,323 (Amounts in thousands) For the Year Ended December 31, 2015 Total New York Other Total revenues $ 1,985,495 $ 1,695,925 $ 289,570 Operating expenses 824,511 694,228 130,283 NOI - consolidated 1,160,984 1,001,697 159,287 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (64,859 ) (42,905 ) (21,954 ) Add: Our share of NOI from partially owned entities 245,750 156,177 89,573 NOI at share 1,341,875 1,114,969 226,906 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (214,322 ) (186,781 ) (27,541 ) NOI at share - cash basis $ 1,127,553 $ 928,188 $ 199,365

Subsequent Event

Subsequent Event	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event Stock-based Compensation On January 12, 2018, the Compensation Committee approved the issuance of appreciation-only long-term incentive plan units, or “AO LTIP Units”, pursuant to the Plan to certain of our officers and employees. In connection with the approval of AO LTIP Units, Vornado, in its capacity as sole general partner of the Operating Partnership, amended the Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership (the “Partnership Agreement”) in order to establish the terms of the new class of partnership interests known as AO LTIP Units. AO LTIP Units are a class of partnership interests in the Operating Partnership that are intended to qualify as “profits interests” for federal income tax purposes and generally only allow the recipient to realize value to the extent the fair market value of a Vornado common share exceeds the threshold level set at the time the AO LTIP Units are granted, subject to any vesting conditions applicable to the award. The threshold level is intended to be equal to 100% of the then fair market value of a Vornado common share on the date of grant. The value of vested AO LTIP Units is realized through conversion of the AO LTIP Units into Class A Operating Partnership units. The number of Class A Units into which vested AO LTIP Units may be converted is determined based on the quotient of (i) the excess of the conversion value on the conversion date over the threshold value designated at the time the AO LTIP Unit was granted, divided by (ii) the conversion value on the conversion date. The “conversion value” is the value of a Vornado common share on the conversion date multiplied by the Conversion Factor as defined in the Partnership Agreement, which is currently one. AO LTIP Units have a term of ten years from the grant date. Each holder will generally receive special income allocations in respect of an AO LTIP Unit equal to 10% (or such other percentage specified in the applicable award agreement) of the income allocated in respect of a Class A Unit. Upon conversion of AO LTIP Units to Class A Units, holders will be entitled to receive in respect of each such AO LTIP Unit, on a per unit basis, a special distribution equal to 10% (or such other percentage specified in the applicable award agreement) of the distributions received by a holder of an equivalent number of Class A Units during the period from the grant date of the AO LTIP Units through the date of conversion. Other On January 4 and 11, 2018, we redeemed all of the outstanding 6.625% Series G and 6.625% Series I cumulative redeemable preferred shares/units at their redemption price of $25.00 per share/unit, or $470,000,000 in the aggregate, plus accrued and unpaid dividends/distributions through the date of redemption (see Note 10 - Shareholder’s Equity/Partners’ Capital ). On January 5, 2018, we completed a $ 100,000,000 refinancing of 33-00 Northern Boulevard (Center Building), a 471,000 square foot office building in Long Island City, New York. The seven -year loan is at LIBOR plus 1.80 %, which was swapped to a fixed rate of 4.14 %. The loan is interest only for the first five years and includes principal amortization of $ 1,800,000 per annum beginning in year six. We realized net proceeds of approximately $ 37,200,000 after repayment of the existing 4.43 % $ 59,800,000 mortgage and closing costs. On January 17, 2018, the Fund completed the sale of 11 East 68th Street, a property located on Madison Avenue and 68th Street, for $82,000,000 . From the inception of this investment through its disposition, the Fund realized a $46,259,000 net gain.

SEC Schedule II Valuation and Q

SEC Schedule II Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2017
Valuation and Qualifying Accounts [Abstract]
Schedule II Valuation and Qualifying Accounts	VORNADO REALTY TRUST AND VORNADO REALTY L.P. SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS December 31, 2017 (Amounts in Thousands) Column A Column B Column C Column D Column E Description Balance at Beginning of Year Additions Charged Against Operations Uncollectible Accounts Written-off Balance at End of Year Year Ended December 31, 2017 Allowance for doubtful accounts $ 8,621 $ 26 $ (2,167 ) $ 6,480 Year Ended December 31, 2016 Allowance for doubtful accounts $ 10,075 $ 1,827 $ (3,281 ) $ 8,621 Year Ended December 31, 2015 Allowance for doubtful accounts $ 18,299 $ (1,429 ) $ (6,795 ) $ 10,075

SEC Schedule III Real Estate an

SEC Schedule III Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2017
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III Real Estate and Accumulated Depreciation	COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Encumbrances (2) Initial cost to company (1) Costs Gross amount at which Accumulated Date of Date Life on which Land Buildings Land Buildings Total (3) New York Manhattan 1290 Avenue of the Americas $ 950,000 $ 515,539 $ 923,653 $ 222,019 $ 515,539 $ 1,145,672 $ 1,661,211 $ 302,588 1963 2007 (5) 697-703 Fifth Avenue (St. Regis - retail) 450,000 152,825 584,230 212 152,825 584,442 737,267 46,409 2014 (5) 350 Park Avenue 400,000 265,889 363,381 47,714 265,889 411,095 676,984 118,948 1960 2006 (5) 666 Fifth Avenue (Retail Condo) 390,000 189,005 471,072 — 189,005 471,072 660,077 61,050 2012 (5) One Penn Plaza — — 412,169 236,985 — 649,154 649,154 294,104 1972 1998 (5) 100 West 33rd Street 398,402 242,776 247,970 34,479 242,776 282,449 525,225 79,163 1911 2007 (5) 1535 Broadway (Marriott Marquis) — — 249,285 149,716 — 399,001 399,001 25,326 2012 (5) 150 West 34th Street 205,000 119,657 268,509 — 119,657 268,509 388,166 17,341 1900 2015 (5) 1540 Broadway — 105,914 214,208 28,825 105,914 243,033 348,947 54,741 2006 (5) 655 Fifth Avenue 140,000 102,594 231,903 — 102,594 231,903 334,497 24,837 2013 (5) Two Penn Plaza 575,000 53,615 164,903 106,557 52,689 272,386 325,075 156,678 1968 1997 (5) 90 Park Avenue — 8,000 175,890 176,847 8,000 352,737 360,737 117,458 1964 1997 (5) Manhattan Mall 181,598 88,595 113,473 71,579 88,595 185,052 273,647 60,036 2009 2007 (5) 770 Broadway 700,000 52,898 95,686 121,075 52,898 216,761 269,659 89,691 1907 1998 (5) 888 Seventh Avenue 375,000 — 117,269 141,655 — 258,924 258,924 116,203 1980 1998 (5) Eleven Penn Plaza 450,000 40,333 85,259 105,575 40,333 190,834 231,167 69,613 1923 1997 (5) 640 Fifth Avenue — 38,224 25,992 156,605 38,224 182,597 220,821 52,575 1950 1997 (5) 909 Third Avenue 350,000 — 120,723 98,723 — 219,446 219,446 92,000 1969 1999 (5) 150 East 58th Street — 39,303 80,216 44,769 39,303 124,985 164,288 57,827 1969 1998 (5) 595 Madison Avenue — 62,731 62,888 35,314 62,731 98,202 160,933 37,977 1968 1999 (5) 330 West 34th Street — — 8,599 142,977 — 151,576 151,576 21,734 1925 1998 (5) 828-850 Madison Avenue 80,000 107,937 28,261 134 107,937 28,395 136,332 8,952 2005 (5) 33-00 Northern Boulevard 59,721 46,505 86,226 4,689 46,505 90,915 137,420 7,338 1915 2015 (5) 715 Lexington Avenue — — 26,903 63,244 63,000 27,147 90,147 8,623 1923 2001 (5) 478-486 Broadway — 30,000 20,063 34,835 30,000 54,898 84,898 12,393 2009 2007 (5) 4 Union Square South 114,028 24,079 55,220 2,971 24,079 58,191 82,270 19,464 1965/2004 1993 (5) 260 Eleventh Avenue — — 80,482 867 — 81,349 81,349 5,470 1911 2015 (5) 510 Fifth Avenue — 34,602 18,728 34,922 48,379 39,873 88,252 8,128 2010 (5) 606 Broadway 38,458 — 54,399 23,163 — 77,562 77,562 — 2016 (5) 40 Fulton Street — 15,732 26,388 15,493 15,732 41,881 57,613 20,130 1987 1998 (5) 689 Fifth Avenue — 19,721 13,446 24,555 19,721 38,001 57,722 12,231 1925 1998 (5) 443 Broadway — 11,187 41,186 — 11,187 41,186 52,373 4,779 2013 (5) 40 East 66th Street — 13,616 34,635 159 13,616 34,794 48,410 10,521 2005 (5) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Encumbrances (2) Initial cost to company (1) Costs Gross amount at which Accumulated Date of Date Life on which Land Buildings Land Buildings Total (3) New York - continued Manhattan - continued 155 Spring Street $ — $ 13,700 $ 30,544 $ 4,545 $ 13,700 $ 35,089 $ 48,789 $ 9,516 2007 (5) 435 Seventh Avenue 96,780 19,893 19,091 37 19,893 19,128 39,021 7,418 2002 1997 (5) 3040 M Street — 7,830 27,490 3,583 7,830 31,073 38,903 9,923 2006 (5) 608 Fifth Avenue — — — 38,829 — 38,829 38,829 8,859 1932 2012 (5) 692 Broadway — 6,053 22,908 3,690 6,053 26,598 32,651 8,422 2005 (5) 131-135 West 33rd Street — 8,315 21,312 24 8,315 21,336 29,651 879 2016 (5) 265 West 34th Street — 28,500 — 23 28,500 23 28,523 — 1920 2015 (5) 304 Canal Street — 3,511 12,905 11,115 3,511 24,020 27,531 160 1910 2014 (5) 677-679 Madison Avenue — 13,070 9,640 413 13,070 10,053 23,123 2,913 2006 (5) 1131 Third Avenue — 7,844 7,844 5,708 7,844 13,552 21,396 1,503 1997 (5) 486 Eighth Avenue — 20,000 71 23 20,000 94 20,094 — 1928 2016 (5) 431 Seventh Avenue — 16,700 2,751 — 16,700 2,751 19,451 739 2007 (5) 138-142 West 32nd Street — 9,252 9,936 — 9,252 9,936 19,188 724 1920 2015 (5) 334 Canal Street — 1,693 6,507 7,589 1,693 14,096 15,789 909 2011 (5) 267 West 34th Street — 5,099 10,037 2 5,099 10,039 15,138 3,994 2013 (5) 1540 Broadway Garage — 4,086 8,914 — 4,086 8,914 13,000 2,589 1990 2006 (5) 966 Third Avenue — 8,869 3,631 — 8,869 3,631 12,500 393 2013 (5) 148 Spring Street — 3,200 8,112 406 3,200 8,518 11,718 2,054 2008 (5) 150 Spring Street — 3,200 5,822 294 3,200 6,116 9,316 1,501 2008 (5) 137 West 33rd Street — 6,398 1,550 — 6,398 1,550 7,948 107 1932 2015 (5) 488 Eighth Avenue — 10,650 1,767 (4,671 ) 6,859 887 7,746 223 2007 (5) 484 Eighth Avenue — 3,856 762 485 3,856 1,247 5,103 526 1997 (5) 825 Seventh Avenue — 1,483 697 33 1,483 730 2,213 380 1997 (5) 339 Greenwich — 2,622 12,333 — 2,622 12,333 14,955 245 2017 (5) Other (including signage) — 80,762 14,895 114,889 80,762 129,784 210,546 33,136 Total Manhattan 5,953,987 2,667,863 5,742,734 2,313,675 2,739,923 7,984,349 10,724,272 2,111,441 Other Properties Hotel Pennsylvania — 29,903 121,712 105,665 29,903 227,377 257,280 110,796 1919 1997 (5) Paramus — — — 25,176 1,036 24,140 25,176 15,188 1967 1987 (5) Total Other Properties — 29,903 121,712 130,841 30,939 251,517 282,456 125,984 Total New York 5,953,987 2,697,766 5,864,446 2,444,516 2,770,862 8,235,866 11,006,728 2,237,425 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Encumbrances (2) Initial cost to company (1) Costs Gross amount at which Accumulated Date of Date Life on which Land Buildings Land Buildings Total (3) Other theMART Illinois theMART, Chicago $ 675,000 $ 64,528 $ 319,146 $ 380,720 $ 64,535 $ 699,859 $ 764,394 $ 283,135 1930 1998 (5) 527 West Kinzie, Chicago — 5,166 — 32 5,166 32 5,198 — 1998 Total Illinois 675,000 69,694 319,146 380,752 69,701 699,891 769,592 283,135 New York MMPI Piers — — — 15,117 — 15,117 15,117 2,450 2008 (5) Total theMART 675,000 69,694 319,146 395,869 69,701 715,008 784,709 285,585 555 California Street 569,215 221,903 893,324 152,004 209,916 1,057,315 1,267,231 261,218 1922, 1969-1970 2007 (5) 220 Central Park South 950,000 115,720 16,420 1,265,899 — 1,398,039 1,398,039 — 2005 (5) Borgata Land, Atlantic City, NJ 55,606 83,089 — — 83,089 — 83,089 2010 (5) 40 East 66th Residential — 29,199 85,798 (93,222 ) 8,454 13,321 21,775 3,662 2005 (5) 677-679 Madison — 1,462 1,058 284 1,626 1,178 2,804 439 2006 (5) Annapolis — — 9,652 — — 9,652 9,652 3,709 Wayne Towne Center — — 26,137 52,771 — 78,908 78,908 16,448 Other — — — 4,419 — 4,419 4,419 1,161 2005 (5) Total Other 2,249,821 521,067 1,351,535 1,778,024 372,786 3,277,840 3,650,626 572,222 Leasehold improvements equipment and other — — — 98,941 — 98,941 98,941 75,636 Total December 31, 2017 $ 8,203,808 $ 3,218,833 $ 7,215,981 $ 4,321,481 $ 3,143,648 $ 11,612,647 $ 14,756,295 $ 2,885,283 ________________________________________ (1) Initial cost is cost as of January 30, 1982 (the date on which we commenced real estate operations) unless acquired subsequent to that date see Column H. (2) Represents the contractual debt obligations. (3) The net basis of Vornado's assets and liabilities for tax reporting purposes is approximately $2.0 billion lower than the amounts reported for financial statement purposes. (4) Date of original construction –– many properties have had substantial renovation or additional construction –– see Column D. (5) Depreciation of the buildings and improvements are calculated over lives ranging from the life of the lease to forty years. The following is a reconciliation of real estate assets and accumulated depreciation: Year Ended December 31, 2017 2016 2015 Real Estate Balance at beginning of period $ 14,187,820 $ 13,545,295 $ 12,438,940 Additions during the period: Land 21,298 30,805 281,048 Buildings & improvements 598,820 854,194 1,030,043 14,807,938 14,430,294 13,750,031 Less: Assets sold, written-off and deconsolidated 51,643 242,474 204,736 Balance at end of period $ 14,756,295 $ 14,187,820 $ 13,545,295 Accumulated Depreciation Balance at beginning of period $ 2,581,514 $ 2,356,728 $ 2,209,778 Additions charged to operating expenses 360,391 346,755 309,306 2,941,905 2,703,483 2,519,084 Less: Accumulated depreciation on assets sold, written-off and deconsolidated 56,622 121,969 162,356 Balance at end of period $ 2,885,283 $ 2,581,514 $ 2,356,728

SEC Schedule III Rollforward of

SEC Schedule III Rollforward of Real Estate Assets and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2017
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III Real Estate and Accumulated Depreciation	COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Encumbrances (2) Initial cost to company (1) Costs Gross amount at which Accumulated Date of Date Life on which Land Buildings Land Buildings Total (3) New York Manhattan 1290 Avenue of the Americas $ 950,000 $ 515,539 $ 923,653 $ 222,019 $ 515,539 $ 1,145,672 $ 1,661,211 $ 302,588 1963 2007 (5) 697-703 Fifth Avenue (St. Regis - retail) 450,000 152,825 584,230 212 152,825 584,442 737,267 46,409 2014 (5) 350 Park Avenue 400,000 265,889 363,381 47,714 265,889 411,095 676,984 118,948 1960 2006 (5) 666 Fifth Avenue (Retail Condo) 390,000 189,005 471,072 — 189,005 471,072 660,077 61,050 2012 (5) One Penn Plaza — — 412,169 236,985 — 649,154 649,154 294,104 1972 1998 (5) 100 West 33rd Street 398,402 242,776 247,970 34,479 242,776 282,449 525,225 79,163 1911 2007 (5) 1535 Broadway (Marriott Marquis) — — 249,285 149,716 — 399,001 399,001 25,326 2012 (5) 150 West 34th Street 205,000 119,657 268,509 — 119,657 268,509 388,166 17,341 1900 2015 (5) 1540 Broadway — 105,914 214,208 28,825 105,914 243,033 348,947 54,741 2006 (5) 655 Fifth Avenue 140,000 102,594 231,903 — 102,594 231,903 334,497 24,837 2013 (5) Two Penn Plaza 575,000 53,615 164,903 106,557 52,689 272,386 325,075 156,678 1968 1997 (5) 90 Park Avenue — 8,000 175,890 176,847 8,000 352,737 360,737 117,458 1964 1997 (5) Manhattan Mall 181,598 88,595 113,473 71,579 88,595 185,052 273,647 60,036 2009 2007 (5) 770 Broadway 700,000 52,898 95,686 121,075 52,898 216,761 269,659 89,691 1907 1998 (5) 888 Seventh Avenue 375,000 — 117,269 141,655 — 258,924 258,924 116,203 1980 1998 (5) Eleven Penn Plaza 450,000 40,333 85,259 105,575 40,333 190,834 231,167 69,613 1923 1997 (5) 640 Fifth Avenue — 38,224 25,992 156,605 38,224 182,597 220,821 52,575 1950 1997 (5) 909 Third Avenue 350,000 — 120,723 98,723 — 219,446 219,446 92,000 1969 1999 (5) 150 East 58th Street — 39,303 80,216 44,769 39,303 124,985 164,288 57,827 1969 1998 (5) 595 Madison Avenue — 62,731 62,888 35,314 62,731 98,202 160,933 37,977 1968 1999 (5) 330 West 34th Street — — 8,599 142,977 — 151,576 151,576 21,734 1925 1998 (5) 828-850 Madison Avenue 80,000 107,937 28,261 134 107,937 28,395 136,332 8,952 2005 (5) 33-00 Northern Boulevard 59,721 46,505 86,226 4,689 46,505 90,915 137,420 7,338 1915 2015 (5) 715 Lexington Avenue — — 26,903 63,244 63,000 27,147 90,147 8,623 1923 2001 (5) 478-486 Broadway — 30,000 20,063 34,835 30,000 54,898 84,898 12,393 2009 2007 (5) 4 Union Square South 114,028 24,079 55,220 2,971 24,079 58,191 82,270 19,464 1965/2004 1993 (5) 260 Eleventh Avenue — — 80,482 867 — 81,349 81,349 5,470 1911 2015 (5) 510 Fifth Avenue — 34,602 18,728 34,922 48,379 39,873 88,252 8,128 2010 (5) 606 Broadway 38,458 — 54,399 23,163 — 77,562 77,562 — 2016 (5) 40 Fulton Street — 15,732 26,388 15,493 15,732 41,881 57,613 20,130 1987 1998 (5) 689 Fifth Avenue — 19,721 13,446 24,555 19,721 38,001 57,722 12,231 1925 1998 (5) 443 Broadway — 11,187 41,186 — 11,187 41,186 52,373 4,779 2013 (5) 40 East 66th Street — 13,616 34,635 159 13,616 34,794 48,410 10,521 2005 (5) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Encumbrances (2) Initial cost to company (1) Costs Gross amount at which Accumulated Date of Date Life on which Land Buildings Land Buildings Total (3) New York - continued Manhattan - continued 155 Spring Street $ — $ 13,700 $ 30,544 $ 4,545 $ 13,700 $ 35,089 $ 48,789 $ 9,516 2007 (5) 435 Seventh Avenue 96,780 19,893 19,091 37 19,893 19,128 39,021 7,418 2002 1997 (5) 3040 M Street — 7,830 27,490 3,583 7,830 31,073 38,903 9,923 2006 (5) 608 Fifth Avenue — — — 38,829 — 38,829 38,829 8,859 1932 2012 (5) 692 Broadway — 6,053 22,908 3,690 6,053 26,598 32,651 8,422 2005 (5) 131-135 West 33rd Street — 8,315 21,312 24 8,315 21,336 29,651 879 2016 (5) 265 West 34th Street — 28,500 — 23 28,500 23 28,523 — 1920 2015 (5) 304 Canal Street — 3,511 12,905 11,115 3,511 24,020 27,531 160 1910 2014 (5) 677-679 Madison Avenue — 13,070 9,640 413 13,070 10,053 23,123 2,913 2006 (5) 1131 Third Avenue — 7,844 7,844 5,708 7,844 13,552 21,396 1,503 1997 (5) 486 Eighth Avenue — 20,000 71 23 20,000 94 20,094 — 1928 2016 (5) 431 Seventh Avenue — 16,700 2,751 — 16,700 2,751 19,451 739 2007 (5) 138-142 West 32nd Street — 9,252 9,936 — 9,252 9,936 19,188 724 1920 2015 (5) 334 Canal Street — 1,693 6,507 7,589 1,693 14,096 15,789 909 2011 (5) 267 West 34th Street — 5,099 10,037 2 5,099 10,039 15,138 3,994 2013 (5) 1540 Broadway Garage — 4,086 8,914 — 4,086 8,914 13,000 2,589 1990 2006 (5) 966 Third Avenue — 8,869 3,631 — 8,869 3,631 12,500 393 2013 (5) 148 Spring Street — 3,200 8,112 406 3,200 8,518 11,718 2,054 2008 (5) 150 Spring Street — 3,200 5,822 294 3,200 6,116 9,316 1,501 2008 (5) 137 West 33rd Street — 6,398 1,550 — 6,398 1,550 7,948 107 1932 2015 (5) 488 Eighth Avenue — 10,650 1,767 (4,671 ) 6,859 887 7,746 223 2007 (5) 484 Eighth Avenue — 3,856 762 485 3,856 1,247 5,103 526 1997 (5) 825 Seventh Avenue — 1,483 697 33 1,483 730 2,213 380 1997 (5) 339 Greenwich — 2,622 12,333 — 2,622 12,333 14,955 245 2017 (5) Other (including signage) — 80,762 14,895 114,889 80,762 129,784 210,546 33,136 Total Manhattan 5,953,987 2,667,863 5,742,734 2,313,675 2,739,923 7,984,349 10,724,272 2,111,441 Other Properties Hotel Pennsylvania — 29,903 121,712 105,665 29,903 227,377 257,280 110,796 1919 1997 (5) Paramus — — — 25,176 1,036 24,140 25,176 15,188 1967 1987 (5) Total Other Properties — 29,903 121,712 130,841 30,939 251,517 282,456 125,984 Total New York 5,953,987 2,697,766 5,864,446 2,444,516 2,770,862 8,235,866 11,006,728 2,237,425 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Encumbrances (2) Initial cost to company (1) Costs Gross amount at which Accumulated Date of Date Life on which Land Buildings Land Buildings Total (3) Other theMART Illinois theMART, Chicago $ 675,000 $ 64,528 $ 319,146 $ 380,720 $ 64,535 $ 699,859 $ 764,394 $ 283,135 1930 1998 (5) 527 West Kinzie, Chicago — 5,166 — 32 5,166 32 5,198 — 1998 Total Illinois 675,000 69,694 319,146 380,752 69,701 699,891 769,592 283,135 New York MMPI Piers — — — 15,117 — 15,117 15,117 2,450 2008 (5) Total theMART 675,000 69,694 319,146 395,869 69,701 715,008 784,709 285,585 555 California Street 569,215 221,903 893,324 152,004 209,916 1,057,315 1,267,231 261,218 1922, 1969-1970 2007 (5) 220 Central Park South 950,000 115,720 16,420 1,265,899 — 1,398,039 1,398,039 — 2005 (5) Borgata Land, Atlantic City, NJ 55,606 83,089 — — 83,089 — 83,089 2010 (5) 40 East 66th Residential — 29,199 85,798 (93,222 ) 8,454 13,321 21,775 3,662 2005 (5) 677-679 Madison — 1,462 1,058 284 1,626 1,178 2,804 439 2006 (5) Annapolis — — 9,652 — — 9,652 9,652 3,709 Wayne Towne Center — — 26,137 52,771 — 78,908 78,908 16,448 Other — — — 4,419 — 4,419 4,419 1,161 2005 (5) Total Other 2,249,821 521,067 1,351,535 1,778,024 372,786 3,277,840 3,650,626 572,222 Leasehold improvements equipment and other — — — 98,941 — 98,941 98,941 75,636 Total December 31, 2017 $ 8,203,808 $ 3,218,833 $ 7,215,981 $ 4,321,481 $ 3,143,648 $ 11,612,647 $ 14,756,295 $ 2,885,283 ________________________________________ (1) Initial cost is cost as of January 30, 1982 (the date on which we commenced real estate operations) unless acquired subsequent to that date see Column H. (2) Represents the contractual debt obligations. (3) The net basis of Vornado's assets and liabilities for tax reporting purposes is approximately $2.0 billion lower than the amounts reported for financial statement purposes. (4) Date of original construction –– many properties have had substantial renovation or additional construction –– see Column D. (5) Depreciation of the buildings and improvements are calculated over lives ranging from the life of the lease to forty years. The following is a reconciliation of real estate assets and accumulated depreciation: Year Ended December 31, 2017 2016 2015 Real Estate Balance at beginning of period $ 14,187,820 $ 13,545,295 $ 12,438,940 Additions during the period: Land 21,298 30,805 281,048 Buildings & improvements 598,820 854,194 1,030,043 14,807,938 14,430,294 13,750,031 Less: Assets sold, written-off and deconsolidated 51,643 242,474 204,736 Balance at end of period $ 14,756,295 $ 14,187,820 $ 13,545,295 Accumulated Depreciation Balance at beginning of period $ 2,581,514 $ 2,356,728 $ 2,209,778 Additions charged to operating expenses 360,391 346,755 309,306 2,941,905 2,703,483 2,519,084 Less: Accumulated depreciation on assets sold, written-off and deconsolidated 56,622 121,969 162,356 Balance at end of period $ 2,885,283 $ 2,581,514 $ 2,356,728

Basis of Presentation and Sig36

Basis of Presentation and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements include the accounts of Vornado and the Operating Partnership and their consolidated subsidiaries. All inter-company amounts have been eliminated. Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), which require us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
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 adopted this standard effective January 1, 2018 using the modified retrospective approach, which requires applying the new standard to all existing contracts not yet completed as of the effective date and recording a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. We have completed our evaluation of the standard’s impact on our revenue streams. The adoption of this standard is not expected to have a material impact on our consolidated financial statements. In January 2016, the FASB issued an update (“ASU 2016-01”) Recognition and Measurement of Financial Assets and Financial Liabilities to ASC Topic 825, Financial Instruments . ASU 2016-01 amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. We adopted this standard effective January 1, 2018 using the modified retrospective approach. 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).” As a result, on January 1, 2018 we will record an increase to retained earnings of $109,553,000 to recognize the unrealized gains previously recorded within “accumulated other comprehensive income”. Subsequent changes in the fair value of our marketable securities will be recorded to “interest and other investment income, net”. 2 . Basis of Presentation and Significant Accounting Policies – continued Recently Issued Accounting Literature - continued In February 2016, the FASB issued an update ("ASU 2016-02") to 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 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. The accounting applied by the lessor is largely unchanged from that applied under the existing lease standard. 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, and will continue to recognize expense on a straight-line basis upon adoption of this standard. 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 interim and annual reporting periods in fiscal years that begin 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 . 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. 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 and debt extinguishment costs. 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 (i) the reclassification of certain distributions between distributions of income from partially owned entities and distributions of capital from partially owned entities, and (ii) the reclassification of debt extinguishment costs as a financing cash outflow, which reduced net cash provided by operating activities and net cash used in investing activities by $2,668,000 for the year ended December 31, 2016 and increased net cash provided by operating activities by $1,801,000 , reduced net cash used in investing activities by $13,199,000 and reduced net cash provided by financing activities by $15,000,000 for the year ended December 31, 2015. 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. 2 . Basis of Presentation and Significant Accounting Policies – continued Recently Issued Accounting Literature - continued 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	Real Estate: Real estate is carried at cost, net of accumulated depreciation and amortization. Betterments, major renewals and certain costs directly related to the improvement and leasing of real estate are capitalized. Maintenance and repairs are expensed as incurred. For redevelopment of existing operating properties, the net book value of the existing property under redevelopment plus the cost for the construction and improvements incurred in connection with the redevelopment are capitalized to the extent the capitalized costs of the property do not exceed the estimated fair value of the redeveloped property when complete. If the cost of the redeveloped property, including the net book value of the existing property, exceeds the estimated fair value of the redeveloped property, the excess is charged to expense. Depreciation is recognized on a straight-line basis over the estimated useful lives which range from 7 to 40 years. Tenant allowances are amortized on a straight-line basis over the lives of the related leases, which approximate the useful lives of the assets. Additions to real estate include interest and debt expense capitalized during construction of $48,231,000 and $30,343,000 for the years ended December 31, 2017 and 2016 , respectively. Upon the acquisition of real estate that meets the criteria of a business under ASC Topic 805, Business Combinations (“ASC 805”), we assess the fair value of acquired assets (including land, buildings and improvements, identified intangibles, such as acquired above and below-market leases, acquired in-place leases and tenant relationships) and acquired liabilities and we allocate the purchase price based on these assessments which are on a relative fair value basis. We assess fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known trends, and market/economic conditions. We record acquired intangible assets (including acquired above-market leases, acquired in-place leases and tenant relationships) and acquired intangible liabilities (including below–market leases) at their estimated fair value separate and apart from goodwill. We amortize identified intangibles that have finite lives over the period they are expected to contribute directly or indirectly to the future cash flows of the property or business acquired. Our properties, including any related intangible assets, are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis. An impairment loss is measured based on the excess of the property’s carrying amount over its estimated fair value. Impairment analyses are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. If our estimates of the projected future cash flows, anticipated holding periods, or market conditions change, our evaluation of impairment losses may be different and such differences could be material to our consolidated financial statements. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. 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. 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.
Partially Owned Entities	Partially Owned Entities: We consolidate entities in which we have a controlling financial interest. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider whether the entity is a variable interest entity (“VIE”) and whether we are the primary beneficiary. We are deemed to be the primary beneficiary of a VIE when we have (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. We generally do not control a partially owned entity if the entity is not considered a VIE and the approval of all of the partners/members is contractually required with respect to decisions that most significantly impact the performance of the partially owned entity. This includes decisions regarding operating/capital budgets, and the placement of new or additional financing secured by the assets of the venture, among others. We account for investments under the equity method when the requirements for consolidation are not met, and we have significant influence over the operations of the investee. Equity method investments are initially recorded at cost and subsequently adjusted for our share of net income or loss and cash contributions and distributions each period. Investments that do not qualify for consolidation or equity method accounting are accounted for under the cost method. Investments in partially owned entities are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment analyses are based on current plans, intended holding periods and available information at the time the analyses are prepared.
Cash And Cash Equivalents	Cash and Cash Equivalents: Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less and are carried at cost, which approximates fair value due to their short-term maturities. The majority of our cash and cash equivalents consists of (i) deposits at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit, (ii) United States Treasury Bills, and (iii) Certificate of Deposits placed through an Account Registry Service (“CDARS”).
Restricted Cash	Restricted Cash: Restricted cash 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.
Allowance For Doubtful Accounts	Allowance for Doubtful Accounts: We periodically evaluate the collectability of amounts due from tenants and maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under the lease agreements. We also maintain an allowance for receivables arising from the straight-lining of rents. These receivables arise from earnings recognized in excess of amounts currently due under the lease agreements. Management exercises judgment in establishing these allowances and considers payment history and current credit status in developing these estimates.
Deferred Charges	Deferred Charges: Direct financing costs are deferred and amortized over the terms of the related agreements as a component of interest expense. Direct costs related to successful leasing activities are capitalized and amortized on a straight-line basis over the lives of the related leases. All other deferred charges are amortized on a straight-line basis, which approximates the effective interest rate method, in accordance with the terms of the agreements to which they relate.
Revenue Recognition	Revenue Recognition: We have the following revenue sources and revenue recognition policies: • Base Rent — income arising from tenant leases. These rents are recognized over the non-cancelable term of the related leases on a straight-line basis which includes the effects of rent steps and rent abatements under the leases. We commence rental revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. In addition, in circumstances where we provide a tenant improvement allowance for improvements that are owned by the tenant, we recognize the allowance as a reduction of rental revenue on a straight-line basis over the term of the lease. • Percentage Rent — income arising from retail tenant leases that is contingent upon tenant sales exceeding defined thresholds. These rents are recognized only after the contingency has been removed (i.e., when tenant sales thresholds have been achieved). • Hotel Revenue — income arising from the operation of the Hotel Pennsylvania which consists of rooms revenue, food and beverage revenue, and banquet revenue. Income is recognized when rooms are occupied. Food and beverage and banquet revenue are recognized when the services have been rendered. • Trade Shows Revenue — income arising from the operation of trade shows, including rentals of booths. This revenue is recognized when the trade shows have occurred. • Expense Reimbursements — revenue arising from tenant leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes of the respective property. This revenue is recognized in the same periods as the expenses are incurred. • Management, Leasing and Other Fees — income arising from contractual agreements with third parties or with partially owned entities. This revenue is recognized as the related services are performed under the respective agreements.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities: ASC 815, Derivatives and Hedging , as amended, establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. As of December 31, 2017 and 2016 , our derivative instruments consisted of three interest rate swaps. We record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. For derivatives designated as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (loss) (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. We assess the effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. For derivatives not designated as hedges, changes in fair value are recognized in earnings.
Income Taxes	Income Taxes: Vornado operates in a manner intended to enable it to continue to qualify as a REIT under Sections 856‑860 of the Internal Revenue Code of 1986, as amended. Under those sections, a REIT which distributes at least 90% of its REIT taxable income as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders. Vornado distributes to its shareholders 100% of its taxable income and therefore, no provision for Federal income taxes is required. Dividends distributed for the year ended December 31, 2017 , were characterized, for federal income tax purposes, as ordinary income. Dividends distributed for the year ended December 31, 2016, were characterized, for federal income tax purposes, as 83.5% ordinary income and 16.5% long-term capital gain. Dividends distributed for the year ended December 31, 2015, were characterized, for federal income tax purposes, as long-term capital gain income. The Operating Partnership’s partners are required to report their respective share of taxable income on their individual tax returns. We have elected to treat certain consolidated subsidiaries, and may in the future elect to treat newly formed subsidiaries, as taxable REIT subsidiaries pursuant to an amendment to the Internal Revenue Code that became effective January 1, 2001. Taxable REIT subsidiaries may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to Federal and State income tax at regular corporate tax rates. Our taxable REIT subsidiaries had a combined current income tax expense of approximately $7,202,000 , $7,946,000 and $8,322,000 for the years ended December 31, 2017 , 2016 and 2015 , respectively, and have immaterial differences between the financial reporting and tax basis of assets and liabilities. At December 31, 2017 and 2016 , our taxable REIT subsidiaries had deferred tax assets related to net operating loss carryforwards of $66,535,000 and $98,013,000 , respectively, which are included in “other assets” on our consolidated balance sheets. Prior to the quarter ended June 30, 2015, there was a full valuation allowance against these deferred tax assets because we had not determined that it is more-likely-than-not that we would use the net operating loss carryforwards to offset future taxable income. In our quarter ended June 30, 2015, based upon residential condominium unit sales, among other factors, we concluded that it was more-likely-than-not that we will generate sufficient taxable income to realize these deferred tax assets. Accordingly, in the year ended December 31, 2015, we reversed $90,030,000 of the allowance for deferred tax assets and recognized an income tax benefit in our consolidated statements of income. On December 22, 2017, the Tax Cuts and Jobs Act (the "Act") was signed into law. The Act includes numerous changes in existing tax law, including a permanent reduction in the federal corporate income tax rate from 35% to 21% . The rate reduction takes effect on January 1, 2018. As a result of the reduction of federal corporate income tax rates, we decreased the value of our taxable REIT subsidiaries' deferred tax assets which resulted in additional income tax expense of $34,800,000 in the year ended December 31, 2017.
Redeemable Noncontrolling Interests	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. Class A units may be tendered for redemption to the Operating Partnership for cash; Vornado, at its option, may assume that obligation and pay the holder either cash or Vornado common shares on a one-for-one basis. Because the number of Vornado common shares outstanding at all times equals the number of Class A units owned by Vornado, the redemption value of each Class A unit is equivalent to the market value of one Vornado common share, and the quarterly distribution to a Class A unitholder is equal to the quarterly dividend paid to a Vornado common shareholder.
Stockholders' Equity	Class A Units (Vornado Realty L.P.) As of December 31, 2017 , there were 189,983,858 Class A units outstanding that were held by Vornado. These units are classified as “partners’ capital” on the consolidated balance sheets of the Operating Partnership. As of December 31, 2017 , there were 12,528,899 Class A units outstanding, that were held by third parties. These units are classified outside of “partners’ capital” as “redeemable partnership units” on the consolidated balance sheets of the Operating Partnership (See Note 9 – Redeemable Noncontrolling Interests/Redeemable Partnership Units ). During 2017 , the Operating Partnership paid an aggregate of $496,490,000 of distributions to Vornado comprised of quarterly common distributions of $0.71 per unit in the first and second quarter and $0.60 per unit in the third and fourth quarter.
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.

Basis of Presentation and Sig37

Basis of Presentation and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Reconciliation of net income attributable to common shareholders to estimated taxable income	The following table reconciles net income attributable to Vornado common shareholders to estimated taxable income for the years ended December 31, 2017 , 2016 and 2015 . (Amounts in thousands) For the Year Ended December 31, 2017 2016 2015 Net income attributable to Vornado common shareholders $ 162,017 $ 823,606 $ 679,856 Book to tax differences (unaudited): Depreciation and amortization 213,083 302,092 227,297 Impairment losses 49,062 170,332 20,281 Straight-line rent adjustments (36,696 ) (137,941 ) (144,727 ) Tax expense related to the reduction of the value of our taxable REIT subsidiaries' deferred tax assets 32,663 — (84,862 ) Sale of real estate and other capital transactions 11,991 (39,109 ) 320,326 Vornado stock options (6,383 ) (3,593 ) (8,278 ) Earnings of partially owned entities (3,054 ) (149,094 ) (5,299 ) Net gain on extinguishment of Skyline properties debt — (457,970 ) — Tangible property regulations — — (575,618 ) (1) Other, net 25,057 9,121 58,748 Estimated taxable income (unaudited) $ 447,740 $ 517,444 $ 487,724 ____________________________________ (1) Represents one-time deductions pursuant to the implementation of the tangible property regulations issued by the Internal Revenue Service.

Real Estate Fund Investments (T

Real Estate Fund Investments (Tables)	12 Months Ended
	Dec. 31, 2017
Real Estate Fund Investments [Abstract]
Schedule Of Income And Loss From The Fund	Below is a summary of (loss) income from the Fund and the Crowne Plaza Joint Venture for the years ended December 31, 2017 , 2016 and 2015 . (Amounts in thousands) For the Year Ended December 31, 2017 2016 2015 Net investment income $ 18,507 $ 17,053 $ 16,329 Net realized gains on exited investments 36,078 14,761 26,036 Previously recorded unrealized gain on exited investments (25,538 ) (14,254 ) (23,279 ) Net unrealized (loss) gain on held investments (25,807 ) (41,162 ) 54,995 Income (loss) from real estate fund investments 3,240 (23,602 ) 74,081 Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries (14,044 ) 2,560 (40,117 ) (Loss) income from real estate fund investments attributable to the Operating Partnership (1) (10,804 ) (21,042 ) 33,964 Less loss (income) attributable to noncontrolling interests in the Operating Partnership 673 1,270 (2,011 ) (Loss) income from real estate fund investments attributable to Vornado $ (10,131 ) $ (19,772 ) $ 31,953 ________________________________________ (1) Excludes $4,091 , $3,831 , and $2,939 of management and leasing fees in the years ended December 31, 2017 , 2016 and 2015 , respectively, which are included as a component of "fee and other income" on our consolidated statements of income.

Marketable Securities (Tables)

Marketable Securities (Tables)	12 Months Ended
	Dec. 31, 2017
Marketable Securities [Abstract]
Unrealized Gain (Loss) on Investments	Below is a summary of our marketable securities portfolio as of December 31, 2017 and 2016 . (Amounts in thousands) As of December 31, 2017 As of December 31, 2016 Fair Value GAAP Cost Unrealized Gain Fair Value GAAP Unrealized Equity securities: Lexington Realty Trust $ 178,226 $ 72,549 $ 105,677 $ 199,465 $ 72,549 $ 126,916 Other 4,526 650 3,876 4,239 650 3,589 $ 182,752 $ 73,199 $ 109,553 $ 203,704 $ 73,199 $ 130,505

Investments in Partially Owne40

Investments in Partially Owned Entities (Tables)	12 Months Ended
	Dec. 31, 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 As of December 31, 2017 2016 Investments: Partially owned office buildings/land (1) Various $ 504,393 $ 681,265 Alexander’s 32.4% 126,400 129,324 PREIT 8.0% 66,572 122,883 UE 4.5% 46,152 24,523 Other investments (2) Various 313,312 420,259 $ 1,056,829 $ 1,378,254 330 Madison Avenue (3) 25.0% $ (53,999 ) $ — 7 West 34th Street (4) 53.0% (47,369 ) (43,022 ) $ (101,368 ) $ (43,022 ) ________________________________________ (1) Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 330 Madison Avenue (in 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 ), 666 Fifth Avenue Office Condominium and others. (3) Our negative basis resulted from a refinancing distribution and is included in "other liabilities" on our consolidated balance sheets (in 2017 only). (4) Our negative basis results from a deferred gain from the sale of a 47.0% ownership interest in the property on May 27, 2016 and is included in "other liabilities" on our consolidated balance sheets. 5 . Investments in Partially Owned Entities – continued Below is a schedule of net income (loss) from partially owned entities. (Amounts in thousands) Percentage As of December 31, 2017 2016 2015 Our Share of Net Income (Loss): PREIT (see page 126 for details): Non-cash impairment loss 8.0% $ (44,465 ) $ — $ — Equity in net loss (8,860 ) (5,213 ) (7,450 ) (53,325 ) (5,213 ) (7,450 ) Alexander's (see page 125 for details): Equity in net income 32.4% 25,820 27,470 24,209 Management, leasing and development fees 6,033 6,770 6,869 31,853 34,240 31,078 UE (see page 126 for details): Net gain resulting from UE operating partnership unit issuances 4.5% 21,100 — — Equity in net income 5,558 5,003 2,430 Management fees 670 836 1,964 27,328 5,839 4,394 Partially owned office buildings (1) Various 2,020 5,773 19,808 Other investments (2) Various 7,324 128,309 (57,777 ) $ 15,200 $ 168,948 $ (9,947 ) ____________________ (1) Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 7 West 34th Street (in 2017 and 2016 only), 330 Madison Avenue, 512 West 22nd Street, 85 Tenth Avenue (in 2017 only) and others. In 2015, we recognized our $12,800 share of a write-off of a below-market lease liability related to a tenant vacating at 650 Madison Avenue. (2) Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, Rosslyn Plaza, 50-70 West 93rd Street, 85 Tenth Avenue (in 2016 and 2015 only), 666 Fifth Avenue Office Condominium, India real estate ventures and others. In 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 127 for details). In 2017, 2016 and 2015, we recognized net losses of $25,414 , $41,532 and $37,495 , respectively, from our 666 Fifth Avenue Office Condominium joint venture as a result of our share of depreciation expense. In 2016, the owner of 85 Tenth Avenue completed a 10 -year, 4.55% $625,000 refinancing of the property and we received net proceeds of $191,779 in repayment of our existing loans and preferred equity investments. We recognized $160,843 of income and no tax gain as a result of this transaction. In 2016 and 2015, we recognized $13,962 and $14,806 , respectively, of non-cash impairment losses related to India real estate ventures. 5 . Investments in Partially Owned Entities – continued Below is a summary of the debt of our partially owned entities as of December 31, 2017 and 2016. (Amounts in thousands) Percentage Maturity Interest 100% Partially Owned Entities’ Debt at December 31, (1) 2017 2016 Partially owned office buildings (2) : Mortgages payable Various 2019-2026 3.76% 3,934,894 3,227,053 PREIT: Mortgages payable 8.0% 2018-2025 3.61% 1,586,045 1,747,543 UE: Mortgages payable 4.5% 2018-2034 4.11% 1,415,806 1,209,994 Alexander's: Mortgages payable 32.4% 2018-2024 2.61% 1,252,440 1,056,147 Other (3) : Mortgages payable and other Various 2018-2023 7.73% 8,601,383 8,540,710 ________________________________________ (1) All amounts are non-recourse to us except the $300,000 mortgage loan on 7 West 34th Street which we guaranteed in connection with the sale of a 47.0% equity interest in May 2016. (2) Includes 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 7 West 34th Street, 330 Madison Avenue, 512 West 22nd Street, 85 Tenth Avenue and others. (3) Includes Independence Plaza, Fashion Centre Mall/Washington Tower, 50-70 West 93rd Street, Toys, 666 Fifth Avenue Office Condominium, Moynihan Office Building and others. Based on our ownership interest in the partially owned entities above, our pro rata share of the debt of these partially owned entities was $5,288,276,000 and $4,895,497,000 as of December 31, 2017 and 2016 , respectively.

Dispositions (Tables)

Dispositions (Tables)	12 Months Ended
	Dec. 31, 2016
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 December 31, 2017 and 2016 , and their combined results of operations and cash flows for the years ended December 31, 2017 , 2016 and 2015 . (Amounts in thousands) Balance as of December 31, 2017 2016 Assets related to discontinued operations: Real estate, net $ — $ 3,222,720 Investments in partially owned entities — 49,765 Other assets 1,357 296,128 $ 1,357 $ 3,568,613 Liabilities related to discontinued operations: Mortgages payable, net $ — $ 1,165,015 Other liabilities 3,620 94,428 $ 3,620 $ 1,259,443 (Amounts in thousands) For the Year Ended December 31, 2017 2016 2015 Income from discontinued operations: Total revenues $ 261,290 $ 521,084 $ 558,663 Total expenses 212,169 442,032 477,299 49,121 79,052 81,364 JBGS spin-off transaction costs (68,662 ) (16,586 ) — Net gains on sale of real estate, a lease position and other 6,605 5,074 167,801 Income (loss) from partially owned assets 435 (3,559 ) (2,022 ) Net gain on early extinguishment of debt — 487,877 — Impairment losses — (161,165 ) (256 ) Net gain on sale of our 20% interest in Fairfax Square — 15,302 — UE spin-off transaction related costs — — (22,972 ) Pretax (loss) income from discontinued operations (12,501 ) 405,995 223,915 Income tax expense (727 ) (1,083 ) (404 ) (Loss) income from discontinued operations $ (13,228 ) $ 404,912 $ 223,511 Cash flows related to discontinued operations: Cash flows from operating activities $ 42,578 $ 157,484 $ 155,686 Cash flows from investing activities (48,377 ) (216,125 ) 315,432

Identified Intangible Assets 42

Identified Intangible Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 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 below-market leases) as of December 31, 2017 and 2016 . (Amounts in thousands) Balance as of December 31, 2017 2016 Identified intangible assets: Gross amount $ 310,097 $ 384,090 Accumulated amortization (150,837 ) (194,422 ) Total, net $ 159,260 $ 189,668 Identified intangible liabilities (included in deferred revenue): Gross amount $ 530,497 $ 550,454 Accumulated amortization (324,897 ) (298,238 ) Total, net $ 205,600 $ 252,216
Below Market Leases Net Of Above Market Leases
Finite-Lived Intangible Assets and Liabilities
Schedule of future amortization expense of intangible assets	(Amounts in thousands) 2018 $ 41,969 2019 30,543 2020 22,260 2021 17,489 2022 14,306
Other Identified Intangible Assets
Finite-Lived Intangible Assets and Liabilities
Schedule of future amortization expense of intangible assets	(Amounts in thousands) 2018 $ 19,449 2019 15,169 2020 11,960 2021 10,981 2022 9,425
Tenant Under Ground Leases
Finite-Lived Intangible Assets and Liabilities
Schedule of future amortization expense of intangible assets	(Amounts in thousands) 2018 $ 1,747 2019 1,747 2020 1,747 2021 1,747 2022 1,747

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Schedule of Debt	The following is a summary of our debt: (Amounts in thousands) Weighted Average Balance at December 31, 2017 2016 Mortgages Payable: Fixed rate 3.65% $ 5,461,706 $ 5,479,547 Variable rate 3.33% 2,742,133 2,727,133 Total 3.54% 8,203,839 8,206,680 Deferred financing costs, net and other (66,700 ) (93,432 ) Total, net $ 8,137,139 $ 8,113,248 Unsecured Debt: Senior unsecured notes 4.21% $ 850,000 $ 850,000 Deferred financing costs, net and other (6,386 ) (4,423 ) Senior unsecured notes, net 843,614 845,577 Unsecured term loan 2.68% 750,000 375,000 Deferred financing costs, net and other (1,266 ) (2,785 ) Unsecured term loan, net 748,734 372,215 Unsecured revolving credit facilities —% — 115,630 Total, net $ 1,592,348 $ 1,333,422
Schedule of Maturities of Long-Term Debt	As of December 31, 2017 , the principal repayments required for the next five years and thereafter are as follows: (Amounts in thousands) Mortgages Payable Senior Unsecured Debt and Unsecured Resolving Credit Unsecured Facilities Year Ended December 31, 2018 $ 2,009,030 $ 750,000 2019 973,294 — 2020 1,867,567 — 2021 1,613,948 — 2022 950,000 400,000 Thereafter 790,000 450,000

Redeemable Noncontrolling Int44

Redeemable Noncontrolling Interests / Redeemable Partnership Units (Tables)	12 Months Ended
	Dec. 31, 2017
Noncontrolling Interest [Abstract]
Operating Partnership Units Held By Third Parties	Below are the details of redeemable noncontrolling interests/redeemable partnership units as of December 31, 2017 and 2016 . (Amounts in thousands, except units and per unit amounts) Balance as of Units Outstanding at Per Unit Liquidation Preference Preferred or Annual Distribution Rate Unit Series 2017 2016 2017 2016 Common: Class A units held by third parties $ 979,509 $ 1,273,018 12,528,899 12,197,162 n/a $ 2.62 Perpetual Preferred/Redeemable Preferred (1) : 5.00% D-16 Cumulative Redeemable $ 1,000 $ 1,000 1 1 $ 1,000,000.00 $ 50,000.00 3.25% D-17 Cumulative Redeemable $ 4,428 $ 4,428 177,100 177,100 $ 25.00 $ 0.8125 ________________________________________ (1) Holders may tender units for redemption to the Operating Partnership for cash at their stated redemption amount; Vornado, at its option, may assume that obligation and pay the holders either cash or Vornado preferred shares on a one-for-one basis. These units are redeemable at Vornado's option at any time.
Summary Of Activity Of Redeemable Noncontrolling Interests	Below is a table summarizing the activity of redeemable noncontrolling interests/redeemable partnership units. (Amounts in thousands) Balance, December 31, 2015 $ 1,229,221 Net income 53,654 Other comprehensive income 4,699 Distributions (31,342 ) Redemption of Class A units for Vornado common shares, at redemption value (36,510 ) Adjustments to carry redeemable Class A units at redemption value 26,251 Other, net 32,473 Balance, December 31, 2016 1,278,446 Net income 10,910 Other comprehensive income 643 Distributions (33,229 ) Redemption of Class A units for Vornado common shares, at redemption value (38,747 ) Adjustments to carry redeemable Class A units at redemption value (including $224,069 attributable to the spin-off of JBGS) (268,494 ) Other, net 35,408 Balance, December 31, 2017 $ 984,937

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2017
Schedule Of Preferred Units	The following table sets forth the details of our preferred shares of beneficial interest and the preferred units of the Operating Partnership as of December 31, 2017 and 2016 . (Amounts in thousands, except share/unit and per share/per unit amounts) Per Share/Unit Balance as of Shares/Units Outstanding at December 31, Liquidation Annual (1) Preferred Shares/Units 2017 2016 2017 2016 Convertible Preferred: 6.5% Series A: authorized 83,977 shares/units (2) $ 1,102 $ 1,264 19,573 24,829 $ 50.00 $ 3.25 Cumulative Redeemable Preferred: 6.625% Series G: authorized 8,000,000 shares/units (3)(4) — 193,135 — 8,000,000 25.00 1.65625 6.625% Series I: authorized 10,800,000 shares/units (3)(4) — 262,379 — 10,800,000 25.00 1.65625 5.70% Series K: authorized 12,000,000 shares/units (3) 290,971 290,971 12,000,000 12,000,000 25.00 1.425 5.40% Series L: authorized 12,000,000 shares/units (3) 290,306 290,306 12,000,000 12,000,000 25.00 1.35 5.25% Series M: authorized 12,780,000 shares/units (3) 309,609 — 12,780,000 — 25.00 1.3125 (5) $ 891,988 $ 1,038,055 36,799,573 42,824,829 ________________________________________ (1) Dividends on preferred shares and distributions on preferred units are cumulative and are payable quarterly in arrears. (2) Redeemable at the option of Vornado under certain circumstances, at a redemption price of 1.9531 common shares/Class A units per Series A Preferred Share/Unit plus accrued and unpaid dividends/distributions through the date of redemption, or convertible at any time at the option of the holder for 1.9531 common shares/Class A units per Series A Preferred Share/Unit. (3) Redeemable at Vornado's option at a redemption price of $25.00 per share/unit, plus accrued and unpaid dividends/distributions through the date of redemption. (4) In December 2017, we called for redemption all of the outstanding 6.625% Series G and 6.625% Series I cumulative redeemable preferred shares/units. These shares were redeemed on January 4 and 11, 2018. As a result, we reclassed to liabilities all of the outstanding shares/units with the aggregate amount of $455,514 on our consolidated balance sheets as of December 31, 2017. (5) Annual dividend/distribution rate commencing in December 2017.
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table sets forth the changes in accumulated other comprehensive income (loss) by component. (Amounts in thousands) For the Year Ended December 31, 2017 Total Securities available- for-sale Pro rata share of nonconsolidated subsidiaries' OCI Interest rate swap Other Balance as of December 31, 2016 $ 118,972 $ 130,505 $ (12,058 ) $ 8,066 $ (7,541 ) OCI before classifications (4,692 ) (20,951 ) 1,425 15,476 (642 ) Amounts reclassified from AOCI 14,402 — 14,402 — — Balance as of December 31, 2017 $ 128,682 $ 109,554 $ 3,769 $ 23,542 $ (8,183 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Fair value, measurement inputs, disclosure	below aggregate the fair values of these financial assets and liabilities by their levels in the fair value hierarchy at December 31, 2017 and 2016 , respectively. (Amounts in thousands) As of December 31, 2017 Total Level 1 Level 2 Level 3 Marketable securities $ 182,752 $ 182,752 $ — $ — Real estate fund investments 354,804 — — 354,804 Deferred compensation plan assets ($11,545 included in restricted cash and $97,633 in other assets) 109,178 69,050 — 40,128 Interest rate swaps (included in other assets) 27,472 — 27,472 — Total assets $ 674,206 $ 251,802 $ 27,472 $ 394,932 Mandatorily redeemable instruments (included in other liabilities) $ 520,561 $ 520,561 $ — $ — Interest rate swaps (included in other liabilities) 1,052 — 1,052 — Total liabilities $ 521,613 $ 520,561 $ 1,052 $ — (Amounts in thousands) As of December 31, 2016 Total Level 1 Level 2 Level 3 Marketable securities $ 203,704 $ 203,704 $ — $ — Real estate fund investments 462,132 — — 462,132 Deferred compensation plan assets ($4,187 included in restricted cash and $117,187 in other assets) 121,374 63,930 — 57,444 Interest rate swaps (included in other assets) 21,816 — 21,816 — Total assets $ 809,026 $ 267,634 $ 21,816 $ 519,576 Mandatorily redeemable instruments (included in other liabilities) $ 50,561 $ 50,561 $ — $ — Interest rate swaps (included in other liabilities) 10,122 — 10,122 — Total liabilities $ 60,683 $ 50,561 $ 10,122 $ — 12 . Fair Value Measurements –
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 December 31, 2017 and 2016 . (Amounts in thousands) As of December 31, 2017 As of December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Cash equivalents $ 1,500,227 $ 1,500,000 $ 1,307,105 $ 1,307,000 Debt: Mortgages payable $ 8,203,839 $ 8,194,000 $ 8,206,680 $ 8,163,000 Senior unsecured notes 850,000 878,000 850,000 899,000 Unsecured term loan 750,000 750,000 375,000 375,000 Unsecured revolving credit facilities — — 115,630 116,000 Total $ 9,803,839 (1) $ 9,822,000 $ 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 December 31, 2017 and 2016 . Range Weighted Average Unobservable Quantitative Input December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2016 Discount rates 2.0% to 14.9% 10.0% to 14.9% 11.9% 12.6% Terminal capitalization rates 4.7% to 6.7% 4.3% to 5.8% 5.5% 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 years ended December 31, 2017 and 2016 . (Amounts in thousands) For the Year Ended December 31, 2017 2016 Beginning balance $ 462,132 $ 574,761 Dispositions/distributions (91,606 ) (71,888 ) Net unrealized loss on held investments (25,807 ) (41,162 ) Net realized gains on exited investments 36,078 14,761 Previously recorded unrealized gains on exited investments (25,538 ) (14,254 ) Other, net (455 ) (86 ) Ending balance $ 354,804 $ 462,132
Deferred Compensation Plan Assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Schedule of carrying amounts and fair values of financial instruments	The table below summarizes the changes in the fair value of deferred compensation plan assets that are classified as Level 3, for the years ended December 31, 2017 and 2016 . (Amounts in thousands) For the Year Ended December 31, 2017 2016 Beginning balance $ 57,444 $ 59,186 Purchases 5,786 5,355 Sales (27,715 ) (9,354 ) Realized and unrealized gains 2,519 344 Other, net 2,094 1,913 Ending balance $ 40,128 $ 57,444

Stock-based Compensation (Table

Stock-based Compensation (Tables)	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule Of Share Based Compensation Restricted Operating Partnership Units Earned	Below is the summary of the OPP units granted during the years December 31, 2017 , 2016 and 2015 . Plan Year Total Plan Notional Amount Percentage of Notional Amount Granted Grant Date Fair Value (1) OPP Units Earned 2017 $ 35,000,000 86.6 % $ 10,800,000 To be determined in 2020 2016 40,000,000 86.7 % 11,800,000 To be determined in 2019 2015 40,000,000 84.5 % 9,120,000 Not earned ________________________________________ (1) Such amounts are being amortized into expense over a 5 -year period from the date of grant, using a graded vesting attribution model. In the years ended December 31, 2017, 2016 and 2015, we recognized $10,723,000 , $11,055,000 and $15,531,000 , respectively, of compensation expense related to OPPs. As of December 31, 2017, there was $4,159,000 of total unrecognized compensation cost related to the OPPs, which will be recognized over a weighted-average period of 1.7 years.
Schedule Of Share Based Compensation Stock Options Activity	Below is a summary of Vornado’s stock option activity for the year ended December 31, 2017 . Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2017 3,322,069 $ 49.81 Granted 29,867 85.78 Exercised (449,386 ) 62.89 Cancelled or expired (78,650 ) 102.96 Outstanding at December 31, 2017 2,823,900 $ 46.62 2.2 $ 89,382,838 Options vested and expected to vest at December 31, 2017 2,881,202 $ 46.98 2.2 $ 90,218,230 Options exercisable at December 31, 2017 2,762,728 $ 45.86 2.1 $ 89,274,127
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions	The fair value of each option grant is estimated on the date of grant using an option-pricing model with the following weighted-average assumptions for grants in the years ended December 31, 2017 , 2016 and 2015 . December 31, 2017 2016 2015 Expected volatility 35% 35% 35% Expected life 5.0 years 5.0 years 5.0 years Risk free interest rate 1.95% 1.76% 1.56% Expected dividend yield 3.0% 3.2% 3.3%
Schedule Of Share Based Compensation Restricted Stock And Restricted Stock Units Activity	Below is a summary of Vornado’s restricted stock activity under the Plan for the year ended December 31, 2017 . Unvested Shares Shares Weighted-Average Grant-Date Fair Value Unvested at January 1, 2017 23,597 $ 55.03 Granted 7,419 81.06 Vested (14,662 ) 43.97 Cancelled or expired (1,509 ) 34.42 Unvested at December 31, 2017 14,845 81.05
Schedule Of Share Based Compensation Restricted Operating Partnership Units Activity	Below is a summary of restricted OP unit activity under the Plan for the year ended December 31, 2017 . Unvested Units Units Weighted-Average Grant-Date Fair Value Unvested at January 1, 2017 627,709 $ 70.11 Granted 312,554 79.75 Vested (309,030 ) 67.64 Cancelled or expired (2,271 ) 68.16 Unvested at December 31, 2017 628,962 76.13

Fee and Other Income (Tables)

Fee and Other Income (Tables)	12 Months Ended
	Dec. 31, 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 Year Ended December 31, 2017 2016 2015 BMS cleaning fees $ 104,143 $ 93,425 $ 96,880 Management and leasing fees 10,087 8,243 6,288 Lease termination fees (1) 8,171 8,770 23,369 Other income 13,349 9,648 13,353 $ 135,750 $ 120,086 $ 139,890 ________________________________________ (1) 2015 includes $15,000 related to the New York Stock Exchange lease termination at 20 Broad Street.

Interest and Other Investment49

Interest and Other Investment Income, Net (Tables)	12 Months Ended
	Dec. 31, 2017
Interest and Other Income [Abstract]
Schedule of interest and other investment income (loss), net	The following table sets forth the details of our interest and other investment income, net: (Amounts in thousands) For the Year Ended December 31, 2017 2016 2015 Dividends on marketable securities $ 13,276 $ 13,135 $ 12,836 Mark-to-market income of investments in our deferred compensation plan (1) 6,932 5,213 111 Interest on loans receivable 4,352 3,890 6,371 Other, net 13,233 7,310 7,922 $ 37,793 $ 29,548 $ 27,240 ________________________________________ (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)	12 Months Ended
	Dec. 31, 2017
Interest and Debt Expense [Abstract]
Interest And Debt Expense	The following table sets forth the details of interest and debt expense. (Amounts in thousands) For the Year Ended December 31, 2017 2016 2015 Interest expense $ 359,819 $ 328,398 $ 333,388 Amortization of deferred financing costs 34,066 32,185 29,335 Capitalized interest and debt expense (48,231 ) (30,343 ) (53,425 ) $ 345,654 $ 330,240 $ 309,298

Income Per Share _ Income Per51

Income Per Share / Income Per Class A Unit (Tables)	12 Months Ended
	Dec. 31, 2017
Earnings per share
Schedule of Earnings Per Share Basic and Diluted	Vornado Realty Trust The following table provides a reconciliation of both net income and the number of common shares used in the computation of (i) basic income per common share - which includes the weighted average number of common shares outstanding without regard to dilutive potential common shares, and (ii) diluted income per common share - which includes the weighted average common shares and dilutive share equivalents. Dilutive 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) Year Ended December 31, 2017 2016 2015 Numerator: Income from continuing operations, net of income attributable to noncontrolling interests $ 239,824 $ 526,686 $ 550,240 (Loss) income from discontinued operations, net of income attributable to noncontrolling interest (12,408 ) 380,231 210,194 Net income attributable to Vornado 227,416 906,917 760,434 Preferred share dividends (65,399 ) (75,903 ) (80,578 ) Preferred share issuance costs (Series J redemption) — (7,408 ) — Net income attributable to common shareholders 162,017 823,606 679,856 Earnings allocated to unvested participating securities (46 ) (96 ) (81 ) Numerator for basic income per share 161,971 823,510 679,775 Impact of assumed conversions: Earnings allocated to Out-Performance Plan units 230 806 — Convertible preferred share dividends — 86 91 Numerator for diluted income per share $ 162,201 $ 824,402 $ 679,866 Denominator: Denominator for basic income per share – weighted average shares 189,526 188,837 188,353 Effect of dilutive securities (1) : Employee stock options and restricted share awards 1,448 1,064 1,166 Out-Performance Plan units 284 230 — Convertible preferred shares — 42 45 Denominator for diluted income per share – weighted average shares and assumed conversations 191,258 190,173 189,564 INCOME PER COMMON SHARE – BASIC: Income from continuing operations, net $ 0.92 $ 2.35 $ 2.49 (Loss) income from discontinued operations, net (0.07 ) 2.01 1.12 Net income per common share $ 0.85 $ 4.36 $ 3.61 INCOME PER COMMON SHARE – DILUTED: Income from continuing operations, net $ 0.91 $ 2.34 $ 2.48 (Loss) income from discontinued operations, net (0.06 ) 2.00 1.11 Net income per common share $ 0.85 $ 4.34 $ 3.59 ________________________________________ (1) The effect of dilutive securities in the years ended December 31, 2017 , 2016 and 2015 excludes an aggregate of 12,165 , 12,022 and 11,744 weighted average common share equivalents, 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 income and the number of Class A units used in the computation of (i) basic income per Class A unit - which includes the weighted average number of Class A units outstanding without regard to dilutive potential Class A units, and (ii) diluted income per Class A unit - which includes the weighted average Class A units and dilutive unit 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) Year Ended December 31, 2017 2016 2015 Numerator: Income from continuing operations, net of income attributable to noncontrolling interests $ 251,554 $ 555,659 $ 580,154 (Loss) income from discontinued operations (13,228 ) 404,912 223,511 Net income attributable to Vornado Realty L.P. 238,326 960,571 803,665 Preferred unit distributions (65,593 ) (76,097 ) (80,736 ) Preferred unit issuance costs (Series J redemption) — (7,408 ) — Net income attributable to Class A unitholders 172,733 877,066 722,929 Earnings allocated to unvested participating securities (3,232 ) (4,177 ) (4,092 ) Numerator for basic income per Class A unit 169,501 872,889 718,837 Impact of assumed conversions: Convertible preferred unit distributions — 86 92 Numerator for diluted income per Class A unit $ 169,501 $ 872,975 $ 718,929 Denominator: Denominator for basic income per Class A unit – weighted average units 201,214 200,350 199,309 Effect of dilutive securities (1) : Vornado stock options and restricted unit awards 2,086 1,625 1,804 Convertible preferred units — 42 45 Denominator for diluted income per Class A unit – weighted average units and assumed conversations 203,300 202,017 201,158 INCOME PER CLASS A UNIT – BASIC: Income from continuing operations, net $ 0.91 $ 2.34 $ 2.49 (Loss) income from discontinued operations, net (0.07 ) 2.02 1.12 Net income per Class A unit 0.84 4.36 3.61 INCOME PER CLASS A UNIT – DILUTED: Income from continuing operations, net $ 0.90 $ 2.32 $ 2.46 (Loss) income from discontinued operations, net (0.07 ) 2.00 1.11 Net income per Class A unit $ 0.83 $ 4.32 $ 3.57 ________________________________________ (1) The effect of dilutive securities in the years ended December 31, 2017 , 2016 and 2015 excludes an aggregate of 124 , 178 and 150 weighted average Class A unit equivalents, respectively, as their effect was anti-dilutive.

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2017
Leases [Abstract]
Schedule Of Future Base Rental	As of December 31, 2017 , future base rental revenue under non-cancelable operating leases, excluding rents for leases with an original term of less than one year and rents resulting from the exercise of renewal options, are as follows: (Amounts in thousands) Year Ending December 31: 2018 $ 1,469,201 2019 1,441,139 2020 1,369,636 2021 1,298,798 2022 1,230,172 Thereafter 5,841,213
Schedule Of Future Minimum Rental Payments For Operating Leases	Future minimum lease payments under operating leases at December 31, 2017 are as follows: (Amounts in thousands) Year Ending December 31: 2018 $ 33,703 2019 34,301 2020 34,779 2021 35,295 2022 36,319 Thereafter 1,113,171
Schedule Of Future Minimum Lease Payments For Capital Leases	As of December 31, 2017 , future minimum lease payments under this capital lease are as follows: (Amounts in thousands) Year Ending December 31: 2018 $ 13,508 2019 12,508 2020 12,508 2021 12,508 2022 12,508 Thereafter 297,330 Total minimum obligations 360,870 Interest portion (120,870 ) Present value of net minimum payments $ 240,000

Summary of Quarterly Results 53

Summary of Quarterly Results (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Data
Schedule Of Quarterly Financial Information	The following summary represents the results of operations for each quarter in 2017 and 2016 : (Amounts in thousands, except per share amounts) Net Income (Loss) Attributable to Common Shareholders (1) Net Income (Loss) Per Common Share (2) Revenues Basic Diluted 2017 December 31 $ 536,226 $ 27,319 $ 0.14 $ 0.14 September 30 528,755 (29,026 ) (0.15 ) (0.15 ) June 30 511,087 115,972 0.61 0.61 March 31 508,058 47,752 0.25 0.25 2016 December 31 $ 513,974 $ 651,181 $ 3.44 $ 3.43 September 30 502,753 66,125 0.35 0.35 June 30 498,098 220,463 1.17 1.16 March 31 488,917 (114,163 ) (0.61 ) (0.61 ) ____________________ (1) Fluctuations among quarters resulted primarily from non-cash impairment losses, net gains on extinguishment of debt, net gains on sale of real estate and other items and from seasonality of business operations. (2) The total for the year may differ from the sum of the quarters as a result of weighting.
Vornado Realty L.P.
Quarterly Financial Data
Schedule Of Quarterly Financial Information	The following summary represents the results of operations for each quarter in 2017 and 2016 : (Amounts in thousands, except per unit amounts) Net Income (Loss) Attributable to Class A Unitholders (1) Net Income (Loss) Per Class A Unit (2) Revenues Basic Diluted 2017 December 31 $ 536,226 $ 29,123 $ 0.14 $ 0.14 September 30 528,755 (30,952 ) (0.16 ) (0.16 ) June 30 511,087 123,630 0.61 0.61 March 31 508,058 50,932 0.25 0.25 2016 December 31 $ 513,974 $ 693,377 $ 3.44 $ 3.43 September 30 502,753 70,442 0.35 0.35 June 30 498,098 234,945 1.17 1.16 March 31 488,917 (121,698 ) (0.61 ) (0.61 ) ____________________ (1) Fluctuations among quarters resulted primarily from non-cash impairment losses, net gains on extinguishment of debt, net gains on sale of real estate and other items and from seasonality of business operations. (2) The total for the year may differ from the sum of the quarters as a result of weighting.

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Schedule of Segment Information	Below is a reconciliation of net income to NOI for the years ended December 31, 2017 , 2016 and 2015 . (Amounts in thousands) For the Year Ended December 31, 2017 2016 2015 Net income $ 264,128 $ 981,922 $ 859,430 Deduct: Our share of (income) loss from partially owned entities (15,200 ) (168,948 ) 9,947 Our share of (income) loss from real estate fund investments (3,240 ) 23,602 (74,081 ) Interest and other investment income, net (37,793 ) (29,548 ) (27,240 ) Net gains on disposition of wholly owned and partially owned assets (501 ) (160,433 ) (149,417 ) Loss (income) from discontinued operations 13,228 (404,912 ) (223,511 ) NOI attributable to noncontrolling interests in consolidated subsidiaries (65,311 ) (66,182 ) (64,859 ) Add: Depreciation and amortization expense 429,389 421,023 379,803 General and administrative expense 158,999 149,550 149,256 Acquisition and transaction related costs 1,776 9,451 12,511 NOI from partially owned entities 269,164 271,114 245,750 Interest and debt expense 345,654 330,240 309,298 Income tax expense (benefit) 41,090 7,229 (85,012 ) NOI at share 1,401,383 1,364,108 1,341,875 Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (86,842 ) (170,477 ) (214,322 ) NOI at share - cash basis $ 1,314,541 $ 1,193,631 $ 1,127,553 23 . Segment Information - continued Below is a summary of NOI and selected balance sheet data by segment for the years ended December 31, 2017 , 2016 and 2015 . (Amounts in thousands) For the Year Ended December 31, 2017 Total New York Other Total revenues $ 2,084,126 $ 1,779,307 $ 304,819 Operating expenses 886,596 756,670 129,926 NOI - consolidated 1,197,530 1,022,637 174,893 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (65,311 ) (45,899 ) (19,412 ) Add: Our share of NOI from partially owned entities 269,164 189,327 79,837 NOI at share 1,401,383 1,166,065 235,318 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (86,842 ) (79,202 ) (7,640 ) NOI at share - cash basis $ 1,314,541 $ 1,086,863 $ 227,678 Balance Sheet Data: Real estate, at cost $ 14,756,295 $ 11,025,092 $ 3,731,203 Investments in partially owned entities 1,056,829 861,430 195,399 Total assets 17,397,934 13,780,817 3,617,117 (Amounts in thousands) For the Year Ended December 31, 2016 Total New York Other Total revenues $ 2,003,742 $ 1,713,374 $ 290,368 Operating expenses 844,566 716,754 127,812 NOI - consolidated 1,159,176 996,620 162,556 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (66,182 ) (47,480 ) (18,702 ) Add: Our share of NOI from partially owned entities 271,114 159,386 111,728 NOI at share 1,364,108 1,108,526 255,582 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (170,477 ) (143,239 ) (27,238 ) NOI at share - cash basis $ 1,193,631 $ 965,287 $ 228,344 Balance Sheet Data: Real estate, at cost $ 14,187,820 $ 10,787,730 $ 3,400,090 Investments in partially owned entities 1,378,254 1,026,793 351,461 Total assets 20,814,847 13,310,524 7,504,323 (Amounts in thousands) For the Year Ended December 31, 2015 Total New York Other Total revenues $ 1,985,495 $ 1,695,925 $ 289,570 Operating expenses 824,511 694,228 130,283 NOI - consolidated 1,160,984 1,001,697 159,287 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (64,859 ) (42,905 ) (21,954 ) Add: Our share of NOI from partially owned entities 245,750 156,177 89,573 NOI at share 1,341,875 1,114,969 226,906 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (214,322 ) (186,781 ) (27,541 ) NOI at share - cash basis $ 1,127,553 $ 928,188 $ 199,365

SEC Schedule III Rollforward 55

SEC Schedule III Rollforward of Real Estate Assets and Accumulated Depreciation (Tables)	12 Months Ended
	Dec. 31, 2017
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule of Real Estate Properties	The following is a reconciliation of real estate assets and accumulated depreciation: Year Ended December 31, 2017 2016 2015 Real Estate Balance at beginning of period $ 14,187,820 $ 13,545,295 $ 12,438,940 Additions during the period: Land 21,298 30,805 281,048 Buildings & improvements 598,820 854,194 1,030,043 14,807,938 14,430,294 13,750,031 Less: Assets sold, written-off and deconsolidated 51,643 242,474 204,736 Balance at end of period $ 14,756,295 $ 14,187,820 $ 13,545,295 Accumulated Depreciation Balance at beginning of period $ 2,581,514 $ 2,356,728 $ 2,209,778 Additions charged to operating expenses 360,391 346,755 309,306 2,941,905 2,703,483 2,519,084 Less: Accumulated depreciation on assets sold, written-off and deconsolidated 56,622 121,969 162,356 Balance at end of period $ 2,885,283 $ 2,581,514 $ 2,356,728

Organization and Business - (Na

Organization and Business - (Narrative) (Details) ft² in Millions	12 Months Ended
	Dec. 31, 2017USD ($)ft²roompropertyresidential_unit
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common limited partnership interest in the Operating Partnership	93.50%
Real estate fund investments
Real Estate Properties
Equity method ownership percentage	25.00%
Alexanders Inc
Real Estate Properties
Equity method ownership percentage	32.40%
Toys R Us
Real Estate Properties
Equity method ownership percentage	32.50%
Total equity method investment | $	$ 0
New York | Manhattan | Office
Real Estate Properties
Square footage of real estate property	20.3
Number of real estate properties | property	36
New York | Manhattan | Retail
Real Estate Properties
Square footage of real estate property	2.7
Number of real estate properties | property	71
New York | Manhattan | Residential Properties
Real Estate Properties
Number of real estate properties | property	12
Number of units in real estate property (in number of residential units) | residential_unit	2,009
New York | Manhattan | Hotel Pennsylvania
Real Estate Properties
Number of units in real estate property (in number of residential units) | room	1,700
New York | Alexanders Inc | New York City Metropolitan Area
Real Estate Properties
Number of real estate properties | property	7
Equity method ownership percentage	32.40%
New York | Alexanders Inc | New York City Metropolitan Area | Lexington Avenue 731
Real Estate Properties
Square footage of real estate property	1.3
Other | Chicago | the Mart, Chicago
Real Estate Properties
Square footage of real estate property	3.7
Other | San Francisco | 555 California Street | Office
Real Estate Properties
Square footage of real estate property	1.8
Equity method ownership percentage	70.00%
Other | Toys R Us
Real Estate Properties
Equity method ownership percentage	32.50%
Other | Toys R Us | Real estate fund investments
Real Estate Properties
Equity method ownership percentage	25.00%

Basis of Presentation and Sig57

Basis of Presentation and Significant Accounting Policies (Recently Issued Accounting Literature) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jan. 01, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase to retained earnings	$ (4,183,253)	$ (1,419,382)
Net cash provided by operating activities	860,142	995,080	$ 672,091
Net cash used in investing activities	(206,317)	(893,110)	(732,424)
Net cash (used in) provided by financing activities	$ (338,344)	(446,154)	618,859
Subsequent Event
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase to retained earnings				$ 109,553
Accounting Standards Update 2016-15
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash provided by operating activities		(2,668)	1,801
Net cash used in investing activities		$ (2,668)	(13,199)
Net cash (used in) provided by financing activities			$ (15,000)

Basis of Presentation and Sig58

Basis of Presentation and Significant Accounting Policies (Real Estate) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Real Estate [Line Items]
Real estate and accumulated depreciation life used for depreciation	40 years
Capitalized interest and debt expense during construction	$ 48,231	$ 30,343
Minimum
Real Estate [Line Items]
Real estate and accumulated depreciation life used for depreciation	7 years
Maximum
Real Estate [Line Items]
Real estate and accumulated depreciation life used for depreciation	40 years

Basis of Presentation and Sig59

Basis of Presentation and Significant Accounting Policies (Partially Owned Entities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Non cash impairment losses	$ 44,465	$ 20,290	$ 21,260

Basis of Presentation and Sig60

Basis of Presentation and Significant Accounting Policies (Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Allowance for Doubtful Accounts
Tenant and other receivables, allowance for doubtful accounts (in US dollars)	$ 5,526	$ 6,708
Receivable arising from the straight-lining of rents, allowance (in US dollars)	$ 954	$ 1,913

Basis of Presentation and Sig61

Basis of Presentation and Significant Accounting Policies (Derivative Instruments and Hedging Activities) (Details) - investment	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Number of interest rate swaps	3	3

Basis of Presentation and Sig62

Basis of Presentation and Significant Accounting Policies (Income Taxes) (Details) - USD ($) $ in Thousands	Dec. 22, 2017	Dec. 21, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Tax Treatment of Dividend
Minimum percentage of taxable income distributed as dividends			90.00%
Income tax liability relating to taxable REIT subsidiaries, current			$ 7,202	$ 7,946	$ 8,322
Deferred tax assets related to net operating loss carryforward			66,535	$ 98,013
Reversal of allowance for deferred tax assets					$ (90,030)
Federal statutory income tax rate, percent	21.00%	35.00%
Increase in income tax expense			34,800
Net basis difference of assets and liabilities between tax basis and GAAP basis			$ 2,000,000
Ordinary Income
Tax Treatment of Dividend
Percentage of taxable income distributed			100.00%	83.50%
Long Term Capital Gain
Tax Treatment of Dividend
Percentage of taxable income distributed				16.50%

Basis of Presentation and Sig63

Basis of Presentation and Significant Accounting Policies (Estimated Taxable Income) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Net income attributable to Vornado common shareholders	$ 27,319	$ (29,026)	$ 115,972	$ 47,752	$ 651,181	$ 66,125	$ 220,463	$ (114,163)	$ 162,017	$ 823,606	$ 679,856
Depreciation and amortization									213,083	302,092	227,297
Impairment losses									49,062	170,332	20,281
Straight-line rent adjustments									(36,696)	(137,941)	(144,727)
Tax expense related to the reduction of the value of our taxable REIT subsidiaries' deferred tax assets									32,663	0	(84,862)
Sale of real estate and other capital transactions									11,991	(39,109)	320,326
Vornado stock options									(6,383)	(3,593)	(8,278)
Earnings of partially owned entities									(3,054)	(149,094)	(5,299)
Net gain on extinguishment of Skyline properties debt									0	(457,970)	0
Tangible property regulations									0	0	(575,618)
Other, net									25,057	9,121	58,748
Estimated taxable income									$ 447,740	$ 517,444	$ 487,724

Real Estate Fund Investments (N

Real Estate Fund Investments (Narrative) (Details) ft² in Thousands	Sep. 29, 2017USD ($)	Jul. 27, 2017USD ($)ft²extension	Mar. 25, 2015USD ($)	Dec. 31, 2017USD ($)investment	Dec. 31, 2016USD ($)investment	Dec. 31, 2015USD ($)	Mar. 25, 2015USD ($)
Investment Holdings
Number of investments held by fund | investment				5	6
Real estate fund investments				$ 354,804,000	$ 462,132,000
Net gains on sale of real estate and a lease position				$ 3,489,000	5,074,000	$ 65,396,000
Real estate fund investments
Investment Holdings
Equity method ownership percentage				25.00%
Real estate fund investments				$ 354,804,000
Excess of fair value over cost				98,189,000
Unfunded commitments of Fund				117,872,000
Net realized gains on exited investments				$ 36,078,000	$ 14,761,000	$ 26,036,000
Real estate fund investments | Santa Monica, CA Office 520 Broadway
Investment Holdings
Cash proceeds from sale of real estate			$ 91,650,000
Net realized gains on exited investments							$ 23,768,000
Vornado Capital Partners Real Estate Fund
Investment Holdings
Investment period for commitments of the Fund, years				3 years
Vornado Realty Trust Excluding Real Estate Fund | Crowne Plaza Time Square Hotel
Investment Holdings
Equity method ownership percentage				24.70%
Vornado Realty Trust
Investment Holdings
Unfunded commitments of Fund				$ 34,502,000
Eight Hundred Corporate Pointe
Investment Holdings
Cash proceeds from sale of real estate	$ 148,000,000
Net gains on sale of real estate and a lease position	$ 35,620,000
Joint Venture | Crowne Plaza Time Square Hotel
Investment Holdings
Equity method ownership percentage				57.10%
Loans Due July 2022 | Eleven Hundred Lincoln Road
Investment Holdings
Loans payable		$ 100,000,000
Square footage of real estate property | ft²		130
Debt instrument, interest rate, effective percentage				3.76%
Number of extensions | extension		2
Length of extension available		1 year
Debt drawn on		$ 82,750,000
Earn-out provision		$ 17,250,000
Loans Due July 2022 | Eleven Hundred Lincoln Road | LIBOR
Investment Holdings
Spread Over LIBOR (in percentage)		2.40%
Loans Due August 2017 | Eleven Hundred Lincoln Road
Investment Holdings
Loans payable		$ 66,000,000
Loans Due August 2017 | Eleven Hundred Lincoln Road | LIBOR
Investment Holdings
Spread Over LIBOR (in percentage)		2.25%

Real Estate Fund Investments (I

Real Estate Fund Investments (Income from the Fund and the Co-Investment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Details Of Income From Real Estate Funds
Income (loss) from real estate fund investments	$ 15,200	$ 168,948	$ (9,947)
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries	(25,802)	(21,351)	(55,765)
Fee and other income	135,750	120,086	139,890
Real estate fund investments
Details Of Income From Real Estate Funds
Net investment income	18,507	17,053	16,329
Net realized gains on exited investments	36,078	14,761	26,036
Previously recorded unrealized gain on exited investments	(25,538)	(14,254)	(23,279)
Net unrealized (loss) gain on held investments	(25,807)	(41,162)	54,995
Income (loss) from real estate fund investments	3,240	(23,602)	74,081
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries	(14,044)	2,560	(40,117)
(Loss) income from real estate fund investments attributable to the Operating Partnership	(10,804)	(21,042)	33,964
Less loss (income) attributable to noncontrolling interests in the Operating Partnership	673	1,270	(2,011)
(Loss) income from real estate fund investments attributable to Vornado	(10,131)	(19,772)	31,953
Fee and other income	$ 4,091	$ 3,831	$ 2,939

Marketable Securities (Narrativ

Marketable Securities (Narrative) (Details) - USD ($) $ in Thousands	Jan. 01, 2018	Dec. 31, 2017	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase to retained earnings		$ (4,183,253)	$ (1,419,382)
Subsequent Event
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase to retained earnings	$ 109,553

Marketable Securities (Marketab

Marketable Securities (Marketable securities portfolio) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Available-for-sale Securities
Fair Value	$ 182,752	$ 203,704
GAAP Cost	73,199	73,199
Unrealized Gain	109,553	130,505
Lexington Realty Trust
Available-for-sale Securities
Fair Value	178,226	199,465
GAAP Cost	72,549	72,549
Unrealized Gain	105,677	126,916
Other Equity Securities
Available-for-sale Securities
Fair Value	4,526	4,239
GAAP Cost	650	650
Unrealized Gain	$ 3,876	$ 3,589

Investments in Partially Owne68

Investments in Partially Owned Entities (Alexander's Inc.) (Details)	Jun. 02, 2017USD ($)myExtension	May 31, 2017USD ($)	Dec. 31, 2017USD ($)$ / shares$ / ft²shares	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Equity Method Investments And Income From Equity Method Investments
Mortgages payable, net			$ 8,137,139,000	$ 8,113,248,000
Alexanders Inc
Equity Method Investments And Income From Equity Method Investments
Investment owned, balance, shares | shares			1,654,068
Equity method ownership percentage			32.40%
Amount Alexander owed			$ 2,490,000	1,070,000
Closing share price (in dollars per share) | $ / shares			$ 395.85
Equity method investment, quoted market value			$ 654,763,000
Excess of investee's fair value over carrying amount			528,363,000
Excess of investee's carrying amount over equity in net assets			$ 39,367,000
Debt instrument, interest rate, effective percentage			2.61%
Managment Agreement
Property management fee, percent fee, description			We receive an annual fee for managing Alexander’s and all of its properties equal to the sum of (i) $2,800,000, (ii) 2% of the gross revenue from the Rego Park II Shopping Center, (iii) $0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue, and (iv) $306,000, escalating at 3% per annum, for managing the common area of 731 Lexington Avenue.
Management fee income			$ 2,800,000
Development fee percent			6.00%
Leasing Agreement
Leasing services fee description			leasing services for a fee of 3% of rent for the first ten years of a lease term, 2% of rent for the eleventh through twentieth year of a lease term and 1% of rent for the twenty-first through thirtieth year of a lease term, subject to the payment of rents by Alexander’s tenants.  In the event third-party real estate brokers are used, our fee increases by 1% and we are responsible for the fees to the third-parties.
Lease fee percentage of rent one to ten years			3.00%
Lease fee percentage of rent eleven to twenty years			2.00%
Lease fee percentage of rent twenty first to thirty years			1.00%
Percentage increase lease fee if broker used			1.00%
Percentage commissions on sale of assets under fifty million			3.00%
Asset sale commission threshold			$ 50,000,000
Percentage commissions on sale of assets over fifty million			1.00%
Alexanders Inc | Building Maintenance Service ("BMS")
Other Agreements
Fee Income recognized by equity method investees for building maintenance services			$ 2,678,000	$ 2,583,000	$ 2,221,000
Alexanders Inc | Lexington Avenue 731
Managment Agreement
Property management fee agreement price per square foot | $ / ft²			0.50
Alexanders Inc | Rego Park 2 Property
Managment Agreement
Property management fee agreement percentage of income			2.00%
Alexanders Inc | Common Area 731 Lexington Avenue
Managment Agreement
Management fee income			$ 306,000
Property management fee agreement escalation percentage of income			3.00%
Mortgage Loan Maturing in June 2020 | Office | Alexanders Inc | Lexington Avenue 731
Equity Method Investments And Income From Equity Method Investments
Mortgages payable, net	$ 500,000,000
Debt instrument, interest rate, effective percentage			2.38%
Number of loan extensions available | myExtension	4
Length of extension available	1 year
Mortgage Loan Maturing in March 2021 | Office | Alexanders Inc | Lexington Avenue 731
Equity Method Investments And Income From Equity Method Investments
Mortgages payable, net		$ 300,000,000
LIBOR | Mortgage Loan Maturing in June 2020 | Office | Alexanders Inc | Lexington Avenue 731
Equity Method Investments And Income From Equity Method Investments
Spread Over LIBOR (in percentage)	0.90%
LIBOR | Mortgage Loan Maturing in March 2021 | Office | Alexanders Inc | Lexington Avenue 731
Equity Method Investments And Income From Equity Method Investments
Spread Over LIBOR (in percentage)		0.95%
Interest Rate Cap | Office | Alexanders Inc | Lexington Avenue 731
Equity Method Investments And Income From Equity Method Investments
Derivative liability, notional amount	$ 500,000,000
Derivative, cap interest rate	6.00%

Investments in Partially Owne69

Investments in Partially Owned Entities (Urban Edge Properties and PREIT Associates L.P.) (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Sep. 29, 2017
Schedule of Equity Method Investments [Line Items]
Non cash impairment losses		$ 44,465	$ 20,290	$ 21,260
Urban Edge Properties
Schedule of Equity Method Investments [Line Items]
Investment owned, balance, shares		5,717,184
Equity method ownership percentage		4.50%	5.40%
Net gain resulting from UE operating partnership unit issuances		$ 21,100	$ 0	$ 0
Closing share price (in dollars per share)		$ 25.49
Equity method investment, quoted market value		$ 145,731
Excess of investee's fair value over carrying amount		$ 99,579
PREIT
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage		8.00%
Closing share price (in dollars per share)		$ 11.89			$ 10.49
Equity method investment, quoted market value		$ 74,313
Excess of investee's fair value over carrying amount		$ 7,741
Operating partnership units received from buyer		6,250,000
Amount of fair value in excess of carrying amount	$ 44,465
Non cash impairment losses	44,465
Excess of investee's carrying amount over equity in net assets		$ 34,205
Fair Value, Measurements, Nonrecurring | Level 1 | PREIT
Schedule of Equity Method Investments [Line Items]
Equity method investment, quoted market value	$ 65,563
Partnership Interest | Urban Edge Properties
Schedule of Equity Method Investments [Line Items]
Operating partnership capital account units issued		20,250,000

Investments in Partially Owne70

Investments in Partially Owned Entities (Farley Post Office, NY Mezzanine Loan, Suffolk Downs) (Details) ft² in Thousands	May 09, 2017USD ($)	Jun. 15, 2017USD ($)myExtension	May 26, 2017USD ($)	Dec. 31, 2017USD ($)ft²	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2017	Sep. 30, 2016
Schedule of Equity Method Investments [Line Items]
Proceeds from the repayment of JBG SMITH Properties loan receivable				$ 9,543,000	$ 183,173,000	$ 786,924,000
Net gains on sale of real estate and a lease position				$ 3,489,000	$ 5,074,000	$ 65,396,000
Farley Post Office Building
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage								50.10%
Upfront contribution		$ 115,230,000
Farley Post Office Building | Farley Post Office Joint Venture
Schedule of Equity Method Investments [Line Items]
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		$ 210,269,000
Mezzanine Loan New York
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage	33.30%
Gain on debt investments	$ 50,000,000
Suffolk Downs
Schedule of Equity Method Investments [Line Items]
Gain on debt investments				11,373,000
Net gains on sale of real estate and a lease position				$ 15,314,000
Suffolk Downs | Suffolk Downs JV
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage			21.20%
Gain on debt investments			$ 11,373,000
Proceeds from the repayment of JBG SMITH Properties loan receivable			155,000,000
Net gains on sale of real estate and a lease position			15,314,000
Principal received			29,318,000
Accrued interest on our debt investment			$ 6,129,000
Office | Farley Post Office Building | Farley Post Office Joint Venture
Schedule of Equity Method Investments [Line Items]
Net rentable area | ft²				730
Retail | Farley Post Office Building | Farley Post Office Joint Venture
Schedule of Equity Method Investments [Line Items]
Net rentable area | ft²				120
Interest Only Loan Maturing in June 2019 | Farley Post Office Building | Farley Post Office Joint Venture
Schedule of Equity Method Investments [Line Items]
Debt instrument, interest rate, effective percentage							4.64%
Number of loan extensions available | myExtension		2
Length of extension available		1 year
LIBOR | Interest Only Loan Maturing in June 2019 | Farley Post Office Building | Farley Post Office Joint Venture
Schedule of Equity Method Investments [Line Items]
Spread Over LIBOR (in percentage)		3.25%
Joint Venture | Mezzanine Loan New York
Schedule of Equity Method Investments [Line Items]
Loans payable	$ 150,000,000
Joint Venture | LIBOR | Mezzanine Loan | Mezzanine Loan New York
Schedule of Equity Method Investments [Line Items]
Spread Over LIBOR (in percentage)	9.42%

Investments in Partially Owne71

Investments in Partially Owned Entities (330 Madison Avenue, 280 Park Avenue, Toys R Us & 50 West 57th Street) (Details) ft² in Thousands	Dec. 13, 2017USD ($)ft²	Aug. 23, 2017USD ($)ft²myExtension	Jul. 19, 2017USD ($)ft²	Dec. 31, 2017USD ($)
Toys R Us
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage				32.50%
Total equity method investment				$ 0
Tax basis of investments, cost for income tax purposes				$ 420,000,000
Office | Three Three Zero Madison Avenue
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage			25.00%
Net proceeds from debt			$ 150,000,000
Net proceeds from debt			$ 85,000,000
Office | Two Eight Zero Park Avenue
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage		50.00%
Net proceeds from debt		$ 900,000,000
Net proceeds from debt		140,000,000
Office | Five Zero West 57th Street
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage	50.00%
Net proceeds from debt	$ 20,000,000
Three Three Zero Madison Avenue Joint Venture | Office | Three Three Zero Madison Avenue
Schedule of Equity Method Investments [Line Items]
Square footage of real estate property | ft²			845
Three Three Zero Madison Avenue Joint Venture | Loans due August 2024 | Office | Three Three Zero Madison Avenue
Schedule of Equity Method Investments [Line Items]
Loans payable			$ 500,000,000
Debt term			7 years
Debt instrument, interest rate, stated percentage			3.43%
Two Eight Zero Park Avenue Joint Venture | Loans due September 2019 | Office | Two Eight Zero Park Avenue
Schedule of Equity Method Investments [Line Items]
Loans payable		$ 1,200,000,000
Square footage of real estate property | ft²		1,250
Debt instrument, interest rate, effective percentage				3.16%
Number of loan extensions available | myExtension		5
Length of extension available		1 year
Five Zero West 57th Street Joint Venture | Loans Due December 2022 | Office | Five Zero West 57th Street
Schedule of Equity Method Investments [Line Items]
Loans payable	$ 20,000,000
Square footage of real estate property | ft²	81
Debt instrument, interest rate, effective percentage				3.06%
LIBOR | Two Eight Zero Park Avenue Joint Venture | Loans due September 2019 | Office | Two Eight Zero Park Avenue
Schedule of Equity Method Investments [Line Items]
Spread Over LIBOR (in percentage)		1.73%
LIBOR | Five Zero West 57th Street Joint Venture | Loans Due December 2022 | Office | Five Zero West 57th Street
Schedule of Equity Method Investments [Line Items]
Spread Over LIBOR (in percentage)	1.60%
Mortgages
Schedule of Equity Method Investments [Line Items]
Debt instrument, interest rate, effective percentage				3.54%
Mortgages | LIBOR | Three Three Zero Madison Avenue Joint Venture | Loans due August 2024 | Office | Three Three Zero Madison Avenue
Schedule of Equity Method Investments [Line Items]
Spread Over LIBOR (in percentage)			1.30%
Mortgages | LIBOR | Two Eight Zero Park Avenue Joint Venture | Loans due September 2019 | Office | Two Eight Zero Park Avenue
Schedule of Equity Method Investments [Line Items]
Spread Over LIBOR (in percentage)		2.00%
Mortgages | LIBOR | Five Zero West 57th Street Joint Venture | Loans Due December 2022 | Office | Five Zero West 57th Street
Schedule of Equity Method Investments [Line Items]
Spread Over LIBOR (in percentage)	3.50%

Investments in Partially Owne72

Investments in Partially Owned Entities (India Real Estate Ventures) (Details) - USD ($) $ in Thousands	Dec. 28, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Net gains on sale of real estate and a lease position		$ 3,489	$ 5,074	$ 65,396
TCG Urban Infrastructure Holdings Private Limited
Schedule of Equity Method Investments [Line Items]
Cash proceeds from sale of real estate	$ 18,742
Net gains on sale of real estate and a lease position	$ 1,885
Ownership sold, percentage	25.00%
India Property Fund
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage		36.50%
Cash proceeds from sale of real estate		$ 23,895
Net gains on sale of real estate and a lease position		$ 533

Investments in Partially Owne73

Investments in Partially Owned Entities (Summary of Investments) (Details) - USD ($) $ in Thousands	May 27, 2016	Dec. 31, 2017	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Carrying amount of investments in partially owned entities		$ 1,056,829	$ 1,378,254
Partially Owned Office Buildings
Schedule of Equity Method Investments [Line Items]
Carrying amount of investments in partially owned entities		$ 504,393	681,265
Alexanders Inc
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage		32.40%
Carrying amount of investments in partially owned entities		$ 126,400	129,324
PREIT
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage		8.00%
Carrying amount of investments in partially owned entities		$ 66,572	$ 122,883
UE
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage		4.50%	5.40%
Carrying amount of investments in partially owned entities		$ 46,152	$ 24,523
Other investments
Schedule of Equity Method Investments [Line Items]
Carrying amount of investments in partially owned entities		313,312	420,259
Other Liabilities
Schedule of Equity Method Investments [Line Items]
Carrying amount of investments in partially owned entities		$ (101,368)	(43,022)
Other Liabilities | Three Three Zero Madison Avenue
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage		25.00%
Carrying amount of investments in partially owned entities		$ (53,999)	0
Other Liabilities | 7 West 34th Street
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage		53.00%
Carrying amount of investments in partially owned entities		$ (47,369)	$ (43,022)
Sale of ownership interest percent	47.00%

Investments in Partially Owne74

Investments in Partially Owned Entities (Summary of Income (Loss) ) (Details) - USD ($)	Dec. 02, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Our share of net income (loss)		$ 15,200,000	$ 168,948,000	$ (9,947,000)
Net gains on sale of real estate and other		3,489,000	5,074,000	65,396,000
Income from the repayment of loans and preferred equity	$ 161,000
Suffolk Downs
Schedule of Equity Method Investments [Line Items]
Net gains on sale of real estate and other		15,314,000
Gain on debt investments		11,373,000
Realized gain (loss) on disposal		$ 26,687,000
PREIT
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage		8.00%
Non-cash impairment loss		$ (44,465,000)	0	0
Equity in net income (loss)		(8,860,000)	(5,213,000)	(7,450,000)
Our share of net income (loss)		$ (53,325,000)	(5,213,000)	(7,450,000)
Alexanders Inc
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage		32.40%
Equity in net income (loss)		$ 25,820,000	27,470,000	24,209,000
Management leasing and development fees		6,033,000	6,770,000	6,869,000
Our share of net income (loss)		$ 31,853,000	$ 34,240,000	31,078,000
UE
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage		4.50%	5.40%
Net gain resulting from UE operating partnership unit issuances		$ 21,100,000	$ 0	0
Equity in net income (loss)		5,558,000	5,003,000	2,430,000
Management leasing and development fees		670,000	836,000	1,964,000
Our share of net income (loss)		27,328,000	5,839,000	4,394,000
Partially Owned Office Buildings
Schedule of Equity Method Investments [Line Items]
Our share of net income (loss)		2,020,000	5,773,000	19,808,000
Other investments
Schedule of Equity Method Investments [Line Items]
Our share of net income (loss)		7,324,000	128,309,000	(57,777,000)
666 Fifth Avenue (Office)
Schedule of Equity Method Investments [Line Items]
Our share of net income (loss)		$ 25,414,000	42,000	37,000
85 Tenth Avenue
Schedule of Equity Method Investments [Line Items]
Debt term	10 years
Mortgage loan interest rate	4.55%
Mortgage loans on real estate, face amount of mortgages	$ 625,000
Net proceeds from loan investments	$ 191,779
India real estate ventures
Schedule of Equity Method Investments [Line Items]
Non-cash impairment loss			$ (13,962,000)	(15,000)
Partially Owned Properties
Schedule of Equity Method Investments [Line Items]
Write off of below market lease liability				$ 12,800,000

Investments in Partially Owne75

Investments in Partially Owned Entities (Summary of Debt) (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Partially Owned Office Buildings
Schedule of Equity Method Investments [Line Items]
Debt instrument, interest rate, effective percentage		3.76%
Maturity, range, start		2,019
Maturity, range, end			2,026
Equity method investment debt of partially owned entities		$ 3,934,894	$ 3,227,053
PREIT
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage		8.00%
Debt instrument, interest rate, effective percentage		3.61%
Maturity, range, start		2,018
Maturity, range, end			2,025
Equity method investment debt of partially owned entities		$ 1,586,045	$ 1,747,543
Urban Edge Properties
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage		4.50%	5.40%
Debt instrument, interest rate, effective percentage		4.11%
Maturity, range, start		2,018
Maturity, range, end			2,034
Equity method investment debt of partially owned entities		$ 1,415,806	$ 1,209,994
Alexanders Inc
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage		32.40%
Debt instrument, interest rate, effective percentage		2.61%
Maturity, range, start		2,018
Maturity, range, end			2,022
Equity method investment debt of partially owned entities		$ 1,252,440	$ 1,056,147
Other equity method investments
Schedule of Equity Method Investments [Line Items]
Debt instrument, interest rate, effective percentage		7.73%
Maturity, range, start		2,018
Maturity, range, end			2,023
Equity method investment debt of partially owned entities		$ 8,601,383	$ 8,540,710
7 West 34th Street
Schedule of Equity Method Investments [Line Items]
Sale of ownership interest percent	47.00%
Mortgage loans on real estate, face amount of mortgages		300,000
Partially Owned Properties
Schedule of Equity Method Investments [Line Items]
Equity method investment pro rata share debt of partially owned entities		$ 5,288,276	$ 4,895,497

Investments in Partially Owne76

Investments in Partially Owned Entities (Summary of Condensed Combined Financial Information) (Details) - Partially Owned Properties - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Assets	$ 24,812	$ 24,926
Liabilities	22,739	21,357
Noncontrolling interests	140	265
Equity	1,933	3,304
Total revenue	12,991	13,600	$ 13,423
Net loss	$ (542)	$ (65)	$ (224)

Dispositions (Narrative) (Detai

Dispositions (Narrative) (Details) $ / shares in Units, ft² in Thousands

Mar. 31, 2018USD ($)

Jul. 17, 2017USD ($)ft²development_assetmyAptUnitmyProperty

Dec. 21, 2016USD ($)

Dec. 22, 2015USD ($)ft²

Sep. 09, 2015USD ($)ft²

Aug. 06, 2015USD ($)

Mar. 31, 2015USD ($)ft²shares

Mar. 13, 2015USD ($)

Jan. 15, 2015USD ($)property

Jul. 17, 2017USD ($)ft²development_assetmyAptUnitmyProperty

Jun. 20, 2017USD ($)

Mar. 31, 2016USD ($)

Mar. 31, 2015USD ($)ft²

Dec. 31, 2017USD ($)shares

Dec. 31, 2016USD ($)$ / shares

Dec. 31, 2015USD ($)

Jun. 30, 2016

Mar. 15, 2016USD ($)

Dispositions

(Loss) income from discontinued operations

$ (13,228,000)

$ 404,912,000

$ 223,511,000

Net gains on sale of real estate and a lease position

6,605,000

5,074,000

167,801,000

Cash, cash equivalents, restricted cash and restricted cash equivalents, included in spin-off

416,237,000

0

0

Real estate impairment losses

(501,000)

(175,735,000)

(251,821,000)

Assets related to discontinued operations

1,357,000

3,568,613,000

Liabilities related to discontinued operations

3,620,000

1,259,443,000

Cash considerations transferred during spin off (in usd)

0

0

234,967,000

Operating partnership units, value

$ 0

0

$ 80,000,000

PREIT

Dispositions

Operating partnership units received from buyer | shares

6,250,000

Washington DC

Dispositions

Pro rata basis of distribution

.5

Washington DC | Skyline Properties

Dispositions

Mortgage loan outstanding

$ 678,000,000

Real estate impairment losses

$ 160,700,000

Capitalization rate

8.00%

Discount rates

8.20%

Interest expense

7,823,000

Assets related to discontinued operations

$ 236,535,000

Liabilities related to discontinued operations

724,412,000

Gain on disposition of assets

$ 487,877,000

Discontinued Operations | Urban Edge Properties

Dispositions

Cash considerations transferred during spin off (in usd)

$ 225,000,000

Discontinued Operations | Urban Edge Properties | Strip Shopping Centers

Dispositions

Number of real estate properties | property

79

Discontinued Operations | Urban Edge Properties | Regional Malls

Dispositions

Number of real estate properties | property

3

Discontinued Operations | Geary Street, CA

Dispositions

Proceeds from sale of interest in leases

$ 34,189,000

Gain on sale of interest in leases

$ 21,376,000

Discontinued Operations | Springfield Mall | PREIT

Dispositions

Square footage of real estate property | ft²

1,350

1,350

Gross proceeds from the sale of real estate

$ 485,313,000

Net gains on sale of real estate and a lease position

$ 7,192,000

$ 7,823,000

Cash Proceeds from sale of real estate

$ 340,000,000

Operating partnership units received from buyer | shares

6,250,000

Operating partnership units, value

$ 145,313,000

Operating partnership units value per unit | $ / shares

$ 23.25

Deferred gain on sale of property

$ 631,000

Discontinued Operations | Monmouth Mall | Regional Malls

Dispositions

Gross proceeds from the sale of real estate

$ 38,000,000

Net gains on sale of real estate and a lease position

$ 33,153,000

Sale of ownership interest percent

50.00%

Market value of the property sold

$ 229,000,000

Discontinued Operations | New York | 20 Broad Street | Office

Dispositions

Square footage of real estate property | ft²

473

Gross proceeds from the sale of real estate

$ 200,000,000

(Loss) income from discontinued operations

157,000,000

Net gains on sale of real estate and a lease position

142,000,000

Lease termination income

$ 15,000,000

Discontinued Operations | Washington DC | 1750 Pennsylvania Avenue | Office

Dispositions

Square footage of real estate property | ft²

278

Gross proceeds from the sale of real estate

$ 182,000,000

Gain (loss) on disposition of intangible assets

102,000,000

Deferred tax gain on sale of real estate

$ 137,000,000

Discontinued Operations | Estimate | Springfield Mall | PREIT

Dispositions

Capitalization rate

5.50%

Additional consideration receivable, percent

50.00%

Additional consideration threshold, value

$ 465,000,000

Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff | Washington DC

Dispositions

Disposal group, including discontinued operation, cash and proceeds from refinancing

$ 275,000,000

$ 275,000,000

Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff | Washington DC | Office

Dispositions

Number of real estate properties | myProperty

37

37

Net rentable area | ft²

11,100

11,100

Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff | Washington DC | Multifamily

Dispositions

Number of real estate properties | myProperty

5

5

Number of units in real estate property (in number of residential units) | myAptUnit

3,133

3,133

Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff | Washington DC | Other Property

Dispositions

Number of real estate properties | myProperty

5

5

Net rentable area | ft²

406

406

Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff | Washington DC | Future development assets

Dispositions

Square footage of real estate property | ft²

10,400

10,400

Number of development assets | development_asset

18

18

The Bartlett

Dispositions

Loans payable

$ 220,000,000

Debt term

5 years

The Bartlett | Washington DC

Dispositions

Cash, cash equivalents, restricted cash and restricted cash equivalents, included in spin-off

$ 412,500,000

LIBOR | The Bartlett

Dispositions

Spread Over LIBOR (in percentage)

1.70%

JBGS | Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff | Washington DC

Dispositions

Repayments of debt

$ 43,581,000

JBGS | The Bartlett | Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff | Washington DC

Dispositions

Net proceeds from debt

$ 217,000,000

JBGS | LIBOR | Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff | Washington DC

Dispositions

Spread Over LIBOR (in percentage)

1.25%

Minimum

Dispositions

Weighted average interest rate

3.00%

Maximum

Dispositions

Weighted average interest rate

4.50%

Dispositions (Assets and liabil

Dispositions (Assets and liabilities related to dispositions) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Dispositions
Real estate, net	$ 0	$ 3,222,720
Investments in partially owned entities	0	49,765
Other assets	1,357	296,128
Assets related to discontinued operations	1,357	3,568,613
Mortgages payable, net	0	1,165,015
Other liabilities	3,620	94,428
Liabilities related to discontinued operations	3,620	1,259,443
Income from discontinued operations:
Total revenues	261,290	521,084	$ 558,663
Total expenses	212,169	442,032	477,299
Income from discontinued operations before gain on sale of real estate	49,121	79,052	81,364
JBGS spin-off transaction costs	(68,662)	(16,586)	0
Net gains on sale of real estate, a lease position and other	(6,605)	(5,074)	(167,801)
Income (loss) from partially owned assets	435	(3,559)	(2,022)
Net gain on early extinguishment of debt	0	487,877	0
Impairment losses	0	(161,165)	(256)
Net gain on sale of our 20% interest in Fairfax Square	0	15,302	0
UE spin-off transaction related costs	0	0	22,972
Pretax (loss) income from discontinued operations	(12,501)	405,995	223,915
Income tax expense	(727)	(1,083)	(404)
(Loss) income from discontinued operations	(13,228)	404,912	223,511
Cash flows related to discontinued operations:
Cash flows from operating activities	42,578	157,484	155,686
Cash flows from investing activities	$ (48,377)	$ (216,125)	$ 315,432
Fairfax Square
Cash flows related to discontinued operations:
Equity method ownership percentage	20.00%

Identified Intangible Assets 79

Identified Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets and Liabilities
Gross amount	$ 310,097	$ 384,090
Accumulated amortization	(150,837)	(194,422)
Net	159,260	189,668
Gross amount	530,497	550,454
Accumulated amortization	(324,897)	(298,238)
Net	205,600	252,216
Below Market Leases Net Of Above Market Leases
Finite-Lived Intangible Assets and Liabilities
Amortization of intangible assets	46,103	51,849	$ 75,952
2,018	41,969
2,019	30,543
2,020	22,260
2,021	17,489
2,022	14,306
Other Identified Intangible Assets
Finite-Lived Intangible Assets and Liabilities
Amortization of intangible assets	25,057	28,897	34,995
2,018	19,449
2,019	15,169
2,020	11,960
2,021	10,981
2,022	9,425
Tenant Under Ground Leases
Finite-Lived Intangible Assets and Liabilities
Amortization of intangible assets	1,747	$ 1,747	$ 1,747
2,018	1,747
2,019	1,747
2,020	1,747
2,021	1,747
2,022	$ 1,747

Debt (Narrative) (Details)

Debt (Narrative) (Details)	Dec. 27, 2017USD ($)	Oct. 17, 2017USD ($)credit_facilitymyExtension	Oct. 16, 2017	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Debt Instrument
Unsecured revolving credit facilities				$ 0	$ 115,630,000
Maturing in January 2022 | Line of Credit
Debt Instrument
Extension executed on number of revolving credit facility | myExtension		1
Number of revolving credit facilities | credit_facility		2
Maturing in January 2022 | Line of Credit | Revolving credit facility
Debt Instrument
Unsecured revolving credit facilities		$ 1,250,000,000
Number of loan extensions available | myExtension		2
Length of extension available		6 months
Maturing in January 2022 | Line of Credit | Revolving credit facility | LIBOR
Debt Instrument
Spread Over LIBOR (in percentage)		1.00%	1.05%
Maturing in February 2021 | Line of Credit | Revolving credit facility
Debt Instrument
Unsecured revolving credit facilities		$ 1,250,000,000
Number of loan extensions available | myExtension		2
Length of extension available		6 months
Senior Unsecured Notes Effective January 2025 | Senior Notes
Debt Instrument
Debt instrument, face amount	$ 450,000,000
Debt instrument, interest rate, stated percentage	3.50%
Debt instrument, face amount, percentage	99.596%
Long-term debt, yield, percentage rate	3.565%
Senior Unsecured Notes Effective June 2019 | Senior Notes
Debt Instrument
Debt instrument, interest rate, stated percentage	2.50%
Debt instrument, repurchased face amount	$ 450,000,000
Debt Instrument, redemption price, percentage of principal amount redeemed	100.71%
Write off of deferred financing cost	$ 4,836,000

Debt (Summary of Debt) (Details

Debt (Summary of Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument
Deferred financing costs, net and other	$ (74,352)	$ (100,640)
Total, net	8,137,139	8,113,248
Unsecured debt, net	843,614	845,577
Unsecured term loan, net	748,734	372,215
Revolving credit facilities	0	115,630
Unsecured debt and revolving credit facility	1,592,348	1,333,422
Collateral property, net carrying value	9,800,000
Mortgages
Debt Instrument
Mortgages payable, gross	8,203,839	8,206,680
Deferred financing costs, net and other	(66,700)	(93,432)
Total, net	$ 8,137,139	8,113,248
Interest rate, end of period (in percentage)	3.54%
Mortgages | Fixed Rate
Debt Instrument
Mortgages payable, gross	$ 5,461,706	5,479,547
Interest rate, end of period (in percentage)	3.65%
Mortgages | Variable Rate
Debt Instrument
Mortgages payable, gross	$ 2,742,133	2,727,133
Interest rate, end of period (in percentage)	3.33%
Senior Unsecured Notes
Debt Instrument
Deferred financing costs, net and other	$ (6,386)	(4,423)
Unsecured debt, gross	850,000	850,000
Unsecured debt, net	$ 843,614	845,577
Interest rate, end of period (in percentage)	4.21%
Unsecured Debt
Debt Instrument
Deferred financing costs, net and other	$ (1,266)	(2,785)
Unsecured debt, gross	750,000	375,000
Unsecured term loan, net	$ 748,734	372,215
Interest rate, end of period (in percentage)	2.68%
Unsecured Revolving Credit Facilities
Debt Instrument
Revolving credit facilities	$ 0	$ 115,630
Interest rate, end of period (in percentage)	0.00%

Debt (Principal repayments requ

Debt (Principal repayments required in the next five years) (Details) $ in Thousands	Dec. 31, 2017USD ($)
Mortgages
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract]
2,018	$ 2,009,030
2,019	973,294
2,020	1,867,567
2,021	1,613,948
2,022	950,000
Thereafter	790,000
Senior Unsecured Debt And Unsecured Revolving Credit Facilities
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract]
2,018	750,000
2,019	0
2,020	0
2,021	0
2,022	400,000
Thereafter	$ 450,000

Redeemable Noncontrolling Int83

Redeemable Noncontrolling Interests / Redeemable Partnership Units (Details of Redeemable Noncontrolling Interest Units) (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Redeemable Noncontrolling Interest
Class A common units, carrying amount	$ 979,509	$ 1,273,018
Series D cumulative redeemable preferred, carrying amount	5,428	5,428
Class A
Redeemable Noncontrolling Interest
Class A common units, carrying amount	$ 979,509	$ 1,273,018
Outstanding Partnership Units held by Third Parties	12,528,899	12,197,162
Preferred or annual distribution rate (in dollars per share)	$ 2.62
D16 Cumulative Redeemable
Redeemable Noncontrolling Interest
Series D cumulative redeemable preferred, carrying amount	$ 1,000	$ 1,000
Outstanding Partnership Units held by Third Parties	1	1
Par or stated value per share	$ 1,000,000
Preferred or annual distribution rate (in dollars per share)	$ 50,000
D17 Cumulative Redeemable
Redeemable Noncontrolling Interest
Series D cumulative redeemable preferred, carrying amount	$ 4,428	$ 4,428
Outstanding Partnership Units held by Third Parties	177,100	177,100
Par or stated value per share	$ 25
Preferred or annual distribution rate (in dollars per share)	$ 0.8125

Redeemable Noncontrolling Int84

Redeemable Noncontrolling Interests / Redeemable Partnership Units (Activity of Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Redeemable Noncontrolling Interests Rollforward
Redeemable Noncontrolling Interest, Beginning Balance	$ 1,278,446	$ 1,229,221
Net income	10,910	53,654	$ 43,231
Other comprehensive income	643	4,699
Distributions	(33,229)	(31,342)
Other, net	35,408	32,473
Redeemable Noncontrolling Interest, Ending Balance	984,937	1,278,446	$ 1,229,221
Class A
Redeemable Noncontrolling Interests Rollforward
Redemption of Class A units for Vornado common shares, at redemption value	(38,747)	(36,510)
Adjustments to carry redeemable Class A units at redemption value	(268,494)	$ 26,251
JBGS | Class A
Redeemable Noncontrolling Interests Rollforward
Adjustments to carry redeemable Class A units at redemption value	$ 224,069

Redeemable Noncontrolling Int85

Redeemable Noncontrolling Interests / Redeemable Partnership Units (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract]
Fair value of Series G convertible preferred units and Series D-13 cumulative redeemable preferred units	$ 50,561	$ 50,561

Shareholders' Equity (Narrative

Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 11, 2018	Jan. 04, 2018	Sep. 01, 2016	Jan. 31, 2018	Dec. 31, 2017	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Common Stock Number Of Shares Par Value And Other Disclosures
Common shares of beneficial interest: outstanding shares					189,983,858	189,983,858				189,100,876		189,983,858	189,100,876
Dividends paid on common shares												$ 496,490	$ 475,961	$ 474,751
Dividends per common share						$ 0.60	$ 0.60	$ 0.71	$ 0.71
Preferred Stock, Number of Shares, Par Value and Other Disclosures
Proceeds from issuance of preferred shares / units												309,609	0	0
Preferred share / unit issuance cost (Series J redemption)												$ 0	$ (7,408)	0
Class A
Common Stock Number Of Shares Par Value And Other Disclosures
Outstanding Partnership Units held by Third Parties					12,528,899	12,528,899				12,197,162		12,528,899	12,197,162
Redeemable Series J
Preferred Stock, Number of Shares, Par Value and Other Disclosures
Preferred stock dividend rate			6.875%
Preferred stock, redemption amount			$ 246,250
Preferred share / unit issuance cost (Series J redemption)												$ (7,408)
Series I
Preferred Stock, Number of Shares, Par Value and Other Disclosures
Preferred share / unit issuance cost (Series J redemption)												(14,486)
Vornado Realty L.P.
Common Stock Number Of Shares Par Value And Other Disclosures
Dividends paid on common shares												$ 496,490	$ 475,961	474,751
Outstanding Partnership Units held by Third Parties					12,528,899	12,528,899						12,528,899
Preferred Stock, Number of Shares, Par Value and Other Disclosures
Proceeds from issuance of preferred shares / units												$ 309,609	0	0
Preferred share / unit issuance cost (Series J redemption)												$ 0	$ (7,408)	$ 0
Vornado Realty L.P. | Class A
Common Stock Number Of Shares Par Value And Other Disclosures
Common shares of beneficial interest: outstanding shares					189,983,858	189,983,858						189,983,858
Dividends per common share						$ 0.60	0.60	$ 0.71	$ 0.71
Outstanding Partnership Units held by Third Parties					12,528,899	12,528,899				12,197,162		12,528,899	12,197,162
Redeemable Preferred Stock | Redeemable Series M
Preferred Stock, Number of Shares, Par Value and Other Disclosures
Preferred stock dividend rate					5.25%							5.25%
Preferred stock, redemption price per share					$ 25	$ 25						$ 25
Proceeds from issuance of preferred shares / units					$ 309,609
Sale of stock					12,780,000
Length of time to redeem shares from date of issuance					5 years
Redeemable Preferred Stock | Series G
Preferred Stock, Number of Shares, Par Value and Other Disclosures
Preferred stock dividend rate												6.625%
Redeemable Preferred Stock | Series I
Preferred Stock, Number of Shares, Par Value and Other Disclosures
Preferred stock dividend rate												6.625%
Subsequent Event | Series G
Preferred Stock, Number of Shares, Par Value and Other Disclosures
Preferred stock, redemption price per share		$ 25
Preferred stock, redemption amount		$ 200,000
Redemption of preferred shares, Shares / Units	4,800,000	6,000,000
Subsequent Event | Series I
Preferred Stock, Number of Shares, Par Value and Other Disclosures
Preferred stock, redemption price per share				$ 25
Preferred stock, redemption amount				$ 270,000
Subsequent Event | Redeemable Preferred Stock | Series G
Preferred Stock, Number of Shares, Par Value and Other Disclosures
Preferred stock dividend rate		6.625%
Subsequent Event | Redeemable Preferred Stock | Series I
Preferred Stock, Number of Shares, Par Value and Other Disclosures
Preferred stock dividend rate				6.625%
JBGS
Common Stock Number Of Shares Par Value And Other Disclosures
Dividends per common share						$ 0.1125	$ 0.1125			$ 0.1125
Pro rata basis of distribution												50%
JBGS | Vornado Realty L.P.
Common Stock Number Of Shares Par Value And Other Disclosures
Dividends per common share											$ 0.1125
Pro rata basis of distribution													0.5

Shareholders' Equity (Preferred

Shareholders' Equity (Preferred shares of beneficial interest) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016
Details Of Preferred Shares Of Beneficial Interest
Preferred stock, value	$ 891,988	$ 891,988	$ 1,038,055
Preferred shares of beneficial interest: outstanding shares	36,799,573	36,799,573	42,824,829
Preferred shares of beneficial interest: authorized shares	110,000,000	110,000,000	110,000,000
Redeemable shares, conversion ratio		195.31%
Cumulative redeemable preferred shares called for redemption	$ 455,514	$ 455,514	$ 0
Redeemable Preferred Stock
Details Of Preferred Shares Of Beneficial Interest
Preferred stock, liquidation preference per share	$ 25	$ 25
Series A | Convertible Preferred Stock
Details Of Preferred Shares Of Beneficial Interest
Preferred stock, value	$ 1,102	$ 1,102	$ 1,264
Preferred shares of beneficial interest: outstanding shares	19,573	19,573	24,829
Preferred stock, liquidation preference per share	$ 50	$ 50
Preferred stock, dividend rate, per-dollar-amount		$ 3.25
Preferred shares of beneficial interest: authorized shares	83,977,000	83,977,000
Preferred stock dividend rate		6.50%
Series G | Redeemable Preferred Stock
Details Of Preferred Shares Of Beneficial Interest
Preferred stock, value	$ 0	$ 0	$ 193,135
Preferred shares of beneficial interest: outstanding shares	0	0	8,000,000
Preferred stock, liquidation preference per share	$ 25	$ 25
Preferred stock, dividend rate, per-dollar-amount		$ 1.65625
Preferred shares of beneficial interest: authorized shares	8,000,000,000	8,000,000,000
Preferred stock dividend rate		6.625%
Series I | Redeemable Preferred Stock
Details Of Preferred Shares Of Beneficial Interest
Preferred stock, value	$ 0	$ 0	$ 262,379
Preferred shares of beneficial interest: outstanding shares	0	0	10,800,000
Preferred stock, liquidation preference per share	$ 25	$ 25
Preferred stock, dividend rate, per-dollar-amount		$ 1.65625
Preferred shares of beneficial interest: authorized shares	10,800,000,000	10,800,000,000
Preferred stock dividend rate		6.625%
Series K | Redeemable Preferred Stock
Details Of Preferred Shares Of Beneficial Interest
Preferred stock, value	$ 290,971	$ 290,971	$ 290,971
Preferred shares of beneficial interest: outstanding shares	12,000,000	12,000,000	12,000,000
Preferred stock, liquidation preference per share	$ 25	$ 25
Preferred stock, dividend rate, per-dollar-amount		$ 1.425
Preferred shares of beneficial interest: authorized shares	12,000,000,000	12,000,000,000
Preferred stock dividend rate		5.70%
Series L | Redeemable Preferred Stock
Details Of Preferred Shares Of Beneficial Interest
Preferred stock, value	$ 290,306	$ 290,306	$ 290,306
Preferred shares of beneficial interest: outstanding shares	12,000,000	12,000,000	12,000,000
Preferred stock, liquidation preference per share	$ 25	$ 25
Preferred stock, dividend rate, per-dollar-amount		$ 1.35
Preferred shares of beneficial interest: authorized shares	12,000,000,000	12,000,000,000
Preferred stock dividend rate		5.40%
Series M | Redeemable Preferred Stock
Details Of Preferred Shares Of Beneficial Interest
Preferred stock, value	$ 309,609	$ 309,609	$ 0
Preferred shares of beneficial interest: outstanding shares	12,780,000	12,780,000	0
Preferred stock, liquidation preference per share	$ 25	$ 25
Preferred stock, dividend rate, per-dollar-amount		$ 1.31
Preferred shares of beneficial interest: authorized shares	12,780,000,000	12,780,000,000
Preferred stock, redemption price per share	$ 25	$ 25
Preferred stock dividend rate	5.25%	5.25%

Shareholders' Equity (AOCI by c

Shareholders' Equity (AOCI by component) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, Value	$ 7,618,496
Ending balance, Value	5,007,701
Interest rate Swap
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, Value	8,066
OCI before classifications	15,476
Amounts reclassified from AOCI	0
Ending balance, Value	23,542
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, Value	118,972
OCI before classifications	(4,692)
Amounts reclassified from AOCI	14,402
Ending balance, Value	128,682
Securities available for sale
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, Value	130,505
OCI before classifications	(20,951)
Amounts reclassified from AOCI	0
Ending balance, Value	109,554
Pro-rata share of non consolidated subsidiaries' OCI
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, Value	(12,058)
OCI before classifications	1,425
Amounts reclassified from AOCI	14,402
Ending balance, Value	3,769
Other
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, Value	(7,541)
OCI before classifications	(642)
Amounts reclassified from AOCI	0
Ending balance, Value	$ (8,183)

Variable Interest Entities ("VI

Variable Interest Entities ("VIEs") (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Unconsolidated VIEs
Variable Interest Entity
Net carrying amount of our investments in nonconsolidated VIEs	$ 352,925	$ 392,150
Consolidated VIEs
Variable Interest Entity
Total assets of our consolidated VIEs, excluding the Operating Partnership	3,561,062	3,638,483
Total liabilities of our consolidated VIEs, excluding the Operating Partnership	$ 1,753,798	$ 1,762,322

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)investment	Dec. 31, 2016USD ($)investment
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Number of investments held by fund | investment	5	6
Real estate fund investments	$ 354,804	$ 462,132
Real estate fund investments
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate fund investments	354,804
Excess of fair value over cost	98,189
Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate fund investments	354,804	462,132
Recurring | Level 3
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate fund investments	$ 354,804	$ 462,132
Recurring | Level 3 | Minimum
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Anticipated holding period of investments	3 months 18 days
Recurring | Level 3 | Maximum
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Anticipated holding period of investments	5 years
Recurring | Level 3 | 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	$ 354,804
Excess of fair value over cost	$ 98,189
Redeemable Preferred Stock | Series G
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Preferred stock dividend rate	6.625%
Redeemable Preferred Stock | Series I
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Preferred stock dividend rate	6.625%

Fair Value Measurements (Financ

Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	$ 182,752	$ 203,704
Real estate fund investments	354,804	462,132
Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	182,752	203,704
Real estate fund investments	354,804	462,132
Deferred compensation plan assets ($11,545 included in restricted cash and $97,633 in other assets)	109,178	121,374
Interest rate swaps (included in other assets)	27,472	21,816
Total assets	674,206	809,026
Mandatorily redeemable instruments (included in other liabilities)	520,561	50,561
Interest rate swaps (included in other liabilities)	1,052	10,122
Total liabilities	521,613	60,683
Recurring | Level 1
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	182,752	203,704
Real estate fund investments	0	0
Deferred compensation plan assets ($11,545 included in restricted cash and $97,633 in other assets)	69,050	63,930
Interest rate swaps (included in other assets)	0	0
Total assets	251,802	267,634
Mandatorily redeemable instruments (included in other liabilities)	520,561	50,561
Interest rate swaps (included in other liabilities)	0	0
Total liabilities	520,561	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 ($11,545 included in restricted cash and $97,633 in other assets)	0	0
Interest rate swaps (included in other assets)	27,472	21,816
Total assets	27,472	21,816
Mandatorily redeemable instruments (included in other liabilities)	0	0
Interest rate swaps (included in other liabilities)	1,052	10,122
Total liabilities	1,052	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	354,804	462,132
Deferred compensation plan assets ($11,545 included in restricted cash and $97,633 in other assets)	40,128	57,444
Interest rate swaps (included in other assets)	0	0
Total assets	394,932	519,576
Mandatorily redeemable instruments (included in other liabilities)	0	0
Interest rate swaps (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 ($11,545 included in restricted cash and $97,633 in other assets)	97,633	117,187
Restricted Cash | Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Deferred compensation plan assets ($11,545 included in restricted cash and $97,633 in other assets)	$ 11,545	$ 4,187

Fair Value Measurements (Unober

Fair Value Measurements (Unobervable Quantitative Input Ratios) (Details) - Level 3 - Recurring - Real estate fund investments	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Minimum
Unobservable Quantitative Input
Discount rates	2.00%	10.00%
Capitalization rate	4.70%	4.30%
Maximum
Unobservable Quantitative Input
Discount rates	14.90%	14.90%
Capitalization rate	6.70%	5.80%
Weighted Average
Unobservable Quantitative Input
Discount rates	11.90%	12.60%
Capitalization rate	5.50%	5.30%

Fair Value Measurements (Change

Fair Value Measurements (Changes in the Fair Value of Real Estate Fund Investments and Deferred Compensation Plan Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Real estate fund investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 462,132	$ 574,761
Dispositions/distributions	(91,606)	(71,888)
Net unrealized loss on held investments	(25,807)	(41,162)
Net realized gains on exited investments	36,078	14,761
Previously recorded unrealized gains on exited investments	(25,538)	(14,254)
Other, net	(455)	(86)
Ending balance	354,804	462,132
Deferred Compensation Plan Assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	57,444	59,186
Purchases	5,786	5,355
Dispositions/distributions	(27,715)	(9,354)
Net unrealized loss on held investments	2,519	344
Net realized gains on exited investments	2,094	1,913
Ending balance	$ 40,128	$ 57,444

Fair Value Measurements (Carryi

Fair Value Measurements (Carrying amounts and fair value of financial instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Unsecured revolving credit facilities - Carrying Amount	$ 0	$ 115,630
Deferred financing costs, net and other	74,352	100,640
Senior Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Unsecured debt, gross	850,000	850,000
Deferred financing costs, net and other	6,386	4,423
Unsecured Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Unsecured debt, gross	750,000	375,000
Deferred financing costs, net and other	1,266	2,785
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Cash equivalents - Carrying Amount	1,500,227	1,307,105
Mortgages payable, gross	8,203,839	8,206,680
Unsecured revolving credit facilities - Carrying Amount	0	115,630
Long-term debt - Carrying Amount	9,803,839	9,547,310
Carrying Amount | Senior Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Unsecured debt, gross	850,000	850,000
Carrying Amount | Unsecured Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Unsecured debt, gross	750,000	375,000
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Long-term debt - Fair Value	9,822,000	9,553,000
Fair Value | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Cash Equivalents - Fair Value	1,500,000	1,307,000
Unsecured revolving credit facilities - Fair Value	0	116,000
Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Mortgages payable, gross	8,194,000	8,163,000
Fair Value | Senior Unsecured Notes | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Unsecured debt, gross	878,000	899,000
Fair Value | Unsecured Debt | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Unsecured debt, gross	$ 750,000	$ 375,000

Stock-based Compensation (Out P

Stock-based Compensation (Out Performance Plans Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 32,829,000	$ 33,980,000	$ 39,846,000
Full Value Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	2,353,000
Full Value Awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	6,000,000
Not Full Value Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	12,000,000
Out Performance Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 10,723,000	$ 11,055,000	15,531,000
Out Performance Plan
Award vesting in three years	33.33%
Award vesting in four years	33.33%
Award vesting in five years	33.33%
Compensation cost not yet recognized	$ 4,159,000
Compensation cost not yet recognized, period for recognition	1 year 8 months
Out Performance Plan 2017
Out Performance Plan
Out of performance plan notional amount	$ 35,000,000
Percentage of Notional Amount Granted	86.60%
Grant-date fair value	$ 10,800,000
OPP Units Earned, String	To be determined in 2020
Out Performance Plan 2016
Out Performance Plan
Out of performance plan notional amount	$ 40,000,000
Percentage of Notional Amount Granted	86.70%
Grant-date fair value	$ 11,800,000
OPP Units Earned, String	To be determined in 2019
Award Amortization Period	5 years
Out Performance Plan 2016 | Absolute Component
Out Performance Plan
Required shareholder return per year	7.00%
Required shareholder return three year	21.00%
Duration of performance measurement period	3 years
Out Performance Plan 2016 | Relative Component
Out Performance Plan
Duration of performance measurement period	3 years
Required shareholder return under relative component	6.00%
Percentage of shareholder return under which no awards will be earned	0.00%
Out Performance Plan 2015
Out Performance Plan
Out of performance plan notional amount	$ 40,000,000
Percentage of Notional Amount Granted	84.50%
Grant-date fair value	$ 9,120,000
OPP Units Earned, String	Not earned
Out Performance Plan 2014
Out Performance Plan
Awards earned (in percentage)	99.50%
Out Performance Plan 2013 to 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional expense from acceleration of vesting			$ 7,834,000
Revised age limit for awards vesting criteria			65 years

Stock-based Compensation (Vorna

Stock-based Compensation (Vornado Stock Options Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 32,829	$ 33,980	$ 39,846
Proceeds received from exercise of employee share options and other	$ 29,712	8,269	16,779
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (years)	4 years
Stock options expiration term	10 years
Share-based compensation expense	$ 747	$ 937	$ 1,298
Compensation cost not yet recognized	$ 865
Compensation cost not yet recognized, period for recognition	1 year 8 months
Grants in period, weighted average grant date fair value	$ 25.84	$ 22.14	$ 28.85
Proceeds received from exercise of employee share options and other	$ 28,253	$ 6,825	$ 15,343
Exercises in period, intrinsic value	$ 9,178	$ 5,519	$ 3,873

Stock-based Compensation (Vor97

Stock-based Compensation (Vornado Stock Options) (Details) - Employee Stock Option	12 Months Ended
	Dec. 31, 2017USD ($)$ / sharesshares
Shares
Options outstanding at beginning of period (shares) | shares	3,322,069
Granted (shares) | shares	29,867
Exercised (shares) | shares	(449,386)
Cancelled or expired (shares) | shares	(78,650)
Options outstanding at end of period (shares) | shares	2,823,900
Options vested and expected to vest at end of period (shares) | shares	2,881,202
Option exercisable at end of period (shares) | shares	2,762,728
Weighted- Average Exercise Price
Options outstanding at beginning of period (in usd per share) | $ / shares	$ 49.81
Granted (in usd per share) | $ / shares	85.78
Exercised (in usd per share) | $ / shares	62.89
Cancelled or expired (in usd per share) | $ / shares	102.96
Options outstanding at end of period (in usd per share) | $ / shares	46.62
Options vested and expected to vest at end of period (in usd per share) | $ / shares	46.98
Options exercisable at end of period (in usd per share) | $ / shares	$ 45.86
Weighted- Average Remaining Contractual Term
Options outstanding, Weighted Average Remaining Contractual Term	2 years 2 months 12 days
Options vested and expected to vest, Weighted Average Remaining Contractual Term	2 years 2 months 12 days
Options exercisable, Weighted Average Remaining Contractual Term	2 years 1 month 6 days
Aggregate Intrinsic Value
Options outstanding, Aggregate Intrinsic Value | $	$ 89,382,838
Options vested and expected to vest, Aggregate Intrinsic Value | $	90,218,230
Options exercisable, Aggregate Intrinsic Value | $	$ 89,274,127

Stock-based Compensation (Sched

Stock-based Compensation (Schedule of Share Based Payment Award Stock Options Valuation Assumptions) (Details) - Employee Stock Option	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	35.00%	35.00%	35.00%
Expected life (years)	5 years	5 years	5 years
Risk free interest rate	1.95%	1.76%	1.56%
Expected dividend yield (percentage)	3.00%	3.20%	3.30%

Stock-based Compensation (Vor99

Stock-based Compensation (Vornado Restricted Stock or Restricted Operating Partnership Units Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 32,829	$ 33,980	$ 39,846
Restricted Stock Units RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (years)	4 years
Share-based compensation expense	$ 729	851	837
Compensation cost not yet recognized	$ 860
Compensation cost not yet recognized, period for recognition	1 year 8 months
Share Based Compensation Equity Instruments Other Than Stock Options And Restricted Stock Units Summary
Grant-date fair value	$ 601	927	906
Vested in period, fair value	645	641	882
Dividends, share-based compensation	$ 46	56	58
Restricted Operating Partnership Units Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (years)	4 years
Share-based compensation expense	$ 20,630	21,136	22,180
Compensation cost not yet recognized	$ 18,229
Compensation cost not yet recognized, period for recognition	1 year 9 months
Share Based Compensation Equity Instruments Other Than Stock Options And Restricted Stock Units Summary
Grant-date fair value	$ 24,927	18,492	20,293
Vested in period, fair value	20,903	22,701	20,072
Dividends, share-based compensation	$ 2,310	$ 1,968	$ 2,414

Stock-based Compensation (Summa

Stock-based Compensation (Summary of Restricted Stock or Restricted Operating Partnership Units) (Details)	12 Months Ended
	Dec. 31, 2017$ / sharesshares
Restricted Stock Units RSU
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested at beginning of period (shares) | shares	23,597
Granted (shares) | shares	7,419
Vested (shares) | shares	(14,662)
Cancelled or expired (shares) | shares	(1,509)
Unvested at end of period (shares) | shares	14,845
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested at beginning of period (in usd per share) | $ / shares	$ 55.03
Granted (in usd per share) | $ / shares	81.06
Vested (in usd per share) | $ / shares	43.97
Cancelled or expired (in usd per share) | $ / shares	34.42
Unvested at end of period (in usd per share) | $ / shares	$ 81.05
Restricted Operating Partnership Units Plan
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested at beginning of period (shares) | shares	627,709
Granted (shares) | shares	312,554
Vested (shares) | shares	(309,030)
Cancelled or expired (shares) | shares	(2,271)
Unvested at end of period (shares) | shares	628,962
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested at beginning of period (in usd per share) | $ / shares	$ 70.11
Granted (in usd per share) | $ / shares	79.75
Vested (in usd per share) | $ / shares	67.64
Cancelled or expired (in usd per share) | $ / shares	68.16
Unvested at end of period (in usd per share) | $ / shares	$ 76.13

Fee and Other Income (Details)

Fee and Other Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Fee and Other Income [Abstract]
BMS cleaning fees	$ 104,143	$ 93,425	$ 96,880
Management and leasing fees	10,087	8,243	6,288
Lease termination fees	8,171	8,770	23,369
Other income	13,349	9,648	13,353
Fee and other income	$ 135,750	$ 120,086	$ 139,890

Fee and Other Income - Narrativ

Fee and Other Income - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
20 Broad Street
Fee And Other Income [Line Items]
Lease termination income	$ 15

Interest and Other Investmen103

Interest and Other Investment Income, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Interest and Other Income [Abstract]
Dividends on marketable securities	$ 13,276	$ 13,135	$ 12,836
Mark-to-market of investments in our deferred compensation plan	6,932	5,213	111
Interest on loans receivable	4,352	3,890	6,371
Other, net	13,233	7,310	7,922
Interest and other investment (loss) income, net	$ 37,793	$ 29,548	$ 27,240

Interest and Debt Expense (Deta

Interest and Debt Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Interest and Debt Expense [Abstract]
Interest expense	$ 359,819	$ 328,398	$ 333,388
Amortization of deferred financing costs	34,066	32,185	29,335
Capitalized interest and debt expense	(48,231)	(30,343)	(53,425)
Interest and debt expense	$ 345,654	$ 330,240	$ 309,298

Income Per Share _ Income Pe105

Income Per Share / Income Per Class A Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Numerator:
Income from continuing operations, net of income attributable to noncontrolling interests									$ 239,824	$ 526,686	$ 550,240
(Loss) income from discontinued operations									(12,408)	380,231	210,194
Net income attributable to Vornado / Vornado Realty L.P.									227,416	906,917	760,434
Preferred share dividends / unit distributions									(65,399)	(75,903)	(80,578)
Preferred share / unit issuance cost (Series J redemption)									0	(7,408)	0
NET INCOME attributable to common shareholders / Class A unitholders	$ 27,319	$ (29,026)	$ 115,972	$ 47,752	$ 651,181	$ 66,125	$ 220,463	$ (114,163)	162,017	823,606	679,856
Earnings allocated to unvested participating securities									(46)	(96)	(81)
Numerator for basic (loss) income per share / per Class A unit									161,971	823,510	679,775
Convertible preferred share dividends									230	806	0
Convertible preferred share dividends / unit distributions									0	86	91
Numerator for diluted income per share / per Class A unit									$ 162,201	$ 824,402	$ 679,866
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Denominator for basic income per share - weighted average shares (in shares)									189,526	188,837	188,353
Vornado stock options and restricted share awards (in shares)									1,448	1,064	1,166
Out-Performance Plan units									284	230	0
Convertible preferred shares									0	42	45
Denominator for diluted income per share - weighted average shares and assumed conversions (in shares)									191,258	190,173	189,564
INCOME PER COMMON SHARE - BASIC:
Income from continuing operations, net (in dollars per share)									$ 0.92	$ 2.35	$ 2.49
(Loss) income from discontinued operations, net (in dollars per share)									(0.07)	2.01	1.12
Net income per common share (in dollars per share)	$ 0.14	$ (0.15)	$ 0.61	$ 0.25	$ 3.44	$ 0.35	$ 1.17	$ (0.61)	0.85	4.36	3.61
INCOME PER COMMON SHARE - DILUTED:
Income (loss) from continuing operations, net (in dollars per share)									0.91	2.34	2.48
(Loss) income from discontinued operations, net (in dollars per share)									(0.06)	2	1.11
Net income per common share (in dollars per share)	$ 0.14	$ (0.15)	$ 0.61	$ 0.25	$ 3.43	$ 0.35	$ 1.16	$ (0.61)	$ 0.85	$ 4.34	$ 3.59
Vornado Realty L.P.
Numerator:
Income from continuing operations, net of income attributable to noncontrolling interests									$ 251,554	$ 555,659	$ 580,154
(Loss) income from discontinued operations									(13,228)	404,912	223,511
Net income attributable to Vornado / Vornado Realty L.P.									238,326	960,571	803,665
Preferred share dividends / unit distributions									(65,593)	(76,097)	(80,736)
Preferred share / unit issuance cost (Series J redemption)									0	(7,408)	0
NET INCOME attributable to common shareholders / Class A unitholders	$ 29,123	$ (30,952)	$ 123,630	$ 50,932	$ 693,377	$ 70,442	$ 234,945	$ (121,698)	172,733	877,066	722,929
Earnings allocated to unvested participating securities									(3,232)	(4,177)	(4,092)
Numerator for basic (loss) income per share / per Class A unit									169,501	872,889	718,837
Convertible preferred share dividends / unit distributions									0	86	92
Numerator for diluted income per share / per Class A unit									$ 169,501	$ 872,975	$ 718,929
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Denominator for basic income per Class A unit - weighted average units and assumed conversions									201,214	200,350	199,309
Vornado stock options and restricted share awards (in shares)									2,086	1,625	1,804
Out-Performance Plan units									0	42	45
Denominator for diluted income per Class A unit - weighted average units and assumed conversions									203,300	202,017	201,158
INCOME PER CLASS A UNIT - BASIC:
Income from continuing operations, net (in dollars per share)									$ 0.91	$ 2.34	$ 2.49
(Loss) income from discontinued operations, net (in dollars per share)									(0.07)	2.02	1.12
Net income per Class A unit (in dollars per share)	$ 0.14	$ (0.16)	$ 0.61	$ 0.25	$ 3.44	$ 0.35	$ 1.17	$ (0.61)	0.84	4.36	3.61
INCOME PER CLASS A UNIT - DILUTED:
Income from continuing operations, net (in dollars per share)									0.90	2.32	2.46
(Loss) income from discontinued operations, net (in dollars per share)									(0.07)	2	1.11
Net income per Class A unit (in dollars per share)	$ 0.14	$ (0.16)	$ 0.61	$ 0.25	$ 3.43	$ 0.35	$ 1.16	$ (0.61)	$ 0.83	$ 4.32	$ 3.57

Income Per Share _ Income Pe106

Income Per Share / Income Per Class A Unit (Narrative) (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Antidilutive Securities Excluded From Computation Of Earnings Per Share
Weighted average common share equivalents of excluded dilutive securities due to anti-dilutive effect	12,165	12,022	11,744
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	124	178	150

Leases (Schedule of Future Base

Leases (Schedule of Future Base Rental) (Details) $ in Thousands	Dec. 31, 2017USD ($)
As lessor: Operating Leases Future Minimum Payments Receivable
2,018	$ 1,469,201
2,019	1,441,139
2,020	1,369,636
2,021	1,298,798
2,022	1,230,172
Thereafter	$ 5,841,213

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Concentration Risk
Percentage rent	$ 4,062	$ 3,590	$ 1,575
Capital leased assets, gross	$ 40,219	$ 40,170	$ 37,575
Sales Revenue, Net | Customer Concentration Risk
Concentration Risk
Percentage of total revenues that none of our tenants accounted for	10.00%	10.00%	10.00%
Building and Improvements
Concentration Risk
Capital leased assets, gross	$ 436,984

Leases (Schedule of Future Mini

Leases (Schedule of Future Minimum Rental Payments for Operating Leases) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
As lessee: Operating Leases Future Minimum Payments Due
Lessee leasing arrangements, operating leases, term of contract	30 years
2,018	$ 33,703
2,019	34,301
2,020	34,779
2,021	35,295
2,022	36,319
Thereafter	$ 1,113,171

Leases (1535 Broadway) (Details

Leases (1535 Broadway) (Details) - 1535 Broadway (Marriott Marquis) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2012
Capital Leased Assets
Capital lease obligations		$ 240,000
Put Option
Capital Leased Assets
Open option contracts written, exercise date	Mar. 31, 2018
Call Option | After
Capital Leased Assets
Open option contracts written, exercise date	Jul. 30, 2027
Call Option | Before
Capital Leased Assets
Open option contracts written, exercise date	Jan. 3, 2032
Leaseholds and leasehold improvements
Capital Leased Assets
Redevelopment cost	$ 197,209

Leases (Schedule of Future M111

Leases (Schedule of Future Minimum Lease Payments for Capital Leases) (Details) - 1535 Broadway (Marriott Marquis) $ in Thousands	Dec. 31, 2017USD ($)
As lessee: Capital Leases Future Minimum Payments Due
2,018	$ 13,508
2,019	12,508
2,020	12,508
2,021	12,508
2,022	12,508
Thereafter	297,330
Total minimum obligations	360,870
Interest portion	(120,870)
Present value of net minimum payments	$ 240,000

Multiemployer Benefit Plans (De

Multiemployer Benefit Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Multiemployer Benefit Plans
Multiemployer plans contributions represent more than 5% of total employer contributions	false	false	false
Multiemployer Pension Plans
Multiemployer Benefit Plans
Multiemployer plan, period contributions	$ 10,113	$ 9,479	$ 10,878
Multiemployer Health Plans
Multiemployer Benefit Plans
Multiemployer plan, period contributions	$ 29,549	$ 32,998	$ 29,269

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Sep. 30, 2016
Insurance
Insurance coverage end date		December 2,020
Other Commitments
Guarantees and master leases		$ 668,000,000
Outstanding letters of credit		8,938,000
Commitment to fund additional capital to partially owned entities		42,000,000
Other commitment		422,000,000
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
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%
Estimate | PPIC | NBCR Acts
Insurance
Insurance deductible	$ 1,601,000
Insurance deductible percentage of balance of covered loss	18.00%

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Urban Edge Properties
Related Party Transaction
Percentage of affiliated entity owned by company	4.50%
Alexanders Inc
Related Party Transaction
Percentage of affiliated entity owned by company	32.40%
Percentage of affiliated entity owned by related parties	26.20%
Interstate Properties
Related Party Transaction
Percentage of company owned by related party	7.20%
Related party transaction annual fee percentage	4.00%
Term of management agreement	1 year
Period allowed for termination of automatic renewal of management agreement	60 days
Fee and other income from related parties (in US dollars)	$ 501	$ 521	$ 541
Related party transaction description of transaction	We manage and lease the real estate assets of Interstate pursuant to a management agreement for which we receive an annual fee equal to 4% of annual base rent and percentage rent.  The management agreement has a term of one year and is automatically renewable unless terminated by either of the parties on 60 days’ notice at the end of the term.  We believe, based upon comparable fees charged by other real estate companies, that the management agreement terms are fair to us.  We earned $521,000, $541,000, and $501,000 of management fees under the agreement for the years ended December 31, 2017, 2016 and 2015, respectively.

Summary of Quarterly Results115

Summary of Quarterly Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information Disclosure
Property-level revenues	$ 536,226	$ 528,755	$ 511,087	$ 508,058	$ 513,974	$ 502,753	$ 498,098	$ 488,917	$ 2,084,126	$ 2,003,742	$ 1,985,495
Net income attributable to Vornado common shareholders	$ 27,319	$ (29,026)	$ 115,972	$ 47,752	$ 651,181	$ 66,125	$ 220,463	$ (114,163)	$ 162,017	$ 823,606	$ 679,856
Net income per common share - Basic (in dollars per share)	$ 0.14	$ (0.15)	$ 0.61	$ 0.25	$ 3.44	$ 0.35	$ 1.17	$ (0.61)	$ 0.85	$ 4.36	$ 3.61
Net income per common share - Diluted (in dollars per share)	$ 0.14	$ (0.15)	$ 0.61	$ 0.25	$ 3.43	$ 0.35	$ 1.16	$ (0.61)	$ 0.85	$ 4.34	$ 3.59
Vornado Realty L.P.
Quarterly Financial Information Disclosure
Property-level revenues	$ 536,226	$ 528,755	$ 511,087	$ 508,058	$ 513,974	$ 502,753	$ 498,098	$ 488,917	$ 2,084,126	$ 2,003,742	$ 1,985,495
Net income attributable to Vornado common shareholders	$ 29,123	$ (30,952)	$ 123,630	$ 50,932	$ 693,377	$ 70,442	$ 234,945	$ (121,698)	$ 172,733	$ 877,066	$ 722,929
Net income per Class A unit - Basic	$ 0.14	$ (0.16)	$ 0.61	$ 0.25	$ 3.44	$ 0.35	$ 1.17	$ (0.61)	$ 0.84	$ 4.36	$ 3.61
Net income per Class A unit - Diluted	$ 0.14	$ (0.16)	$ 0.61	$ 0.25	$ 3.43	$ 0.35	$ 1.16	$ (0.61)	$ 0.83	$ 4.32	$ 3.57

Segment Information (Narrative)

Segment Information (Narrative) (Details)	12 Months Ended
	Dec. 31, 2017segment
Segment Reporting Information [Line Items]
Number of operating segments	2
85 Tenth Avenue
Segment Reporting Information [Line Items]
Equity method ownership percentage	49.90%
666 Fifth Avenue (Office)
Segment Reporting Information [Line Items]
Equity method ownership percentage	49.50%

Segment Information (Reconcilia

Segment Information (Reconciliation of Net Income to NOI) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Net income	$ 264,128	$ 981,922	$ 859,430
Income (loss) from partially owned entities	(15,200)	(168,948)	9,947
Our share of (income) loss from real estate fund investments	(3,240)	23,602	(74,081)
Interest and other investment income, net	(37,793)	(29,548)	(27,240)
Net gain on disposition of wholly owned and partially owned assets	(501)	(160,433)	(149,417)
Loss (income) from discontinued operations	13,228	(404,912)	(223,511)
NOI attributable to noncontrolling interests in consolidated subsidiaries	(65,311)	(66,182)	(64,859)
Depreciation and amortization expense	429,389	421,023	379,803
General and administrative	158,999	149,550	149,256
Acquisition and transaction related costs	1,776	9,451	12,511
NOI from partially owned entities	269,164	271,114	245,750
Interest and debt expense	345,654	330,240	309,298
Income tax (benefit) expense	41,090	7,229	(85,012)
NOI at share	1,401,383	1,364,108	1,341,875
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(86,842)	(170,477)	(214,322)
NOI at share - cash basis	1,314,541	1,193,631	1,127,553
Real estate fund investments
Segment Reporting Information [Line Items]
Income (loss) from partially owned entities	(3,240)	23,602	(74,081)
Our share of (income) loss from real estate fund investments	$ (3,240)	$ 23,602	$ (74,081)

Segment Information (Summary of

Segment Information (Summary of NOI by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Property-level revenues	$ 536,226	$ 528,755	$ 511,087	$ 508,058	$ 513,974	$ 502,753	$ 498,098	$ 488,917	$ 2,084,126	$ 2,003,742	$ 1,985,495
Property-level expenses									886,596	844,566	824,511
NOI - consolidated									1,197,530	1,159,176	1,160,984
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries									(65,311)	(66,182)	(64,859)
Add: Our share of NOI from partially owned entities									269,164	271,114	245,750
NOI at share									1,401,383	1,364,108	1,341,875
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other									(86,842)	(170,477)	(214,322)
NOI at share - cash basis									1,314,541	1,193,631	1,127,553
Balance Sheet Data:
Real estate, at cost	14,756,295				14,187,820				14,756,295	14,187,820	13,545,295	$ 12,438,940
Investments in partially owned entities	1,056,829				1,378,254				1,056,829	1,378,254
Assets	17,397,934				20,814,847				17,397,934	20,814,847
New York
Segment Reporting Information [Line Items]
Property-level revenues									1,779,307	1,713,374	1,695,925
Property-level expenses									756,670	716,754	694,228
NOI - consolidated									1,022,637	996,620	1,001,697
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries									(45,899)	(47,480)	(42,905)
Add: Our share of NOI from partially owned entities									189,327	159,386	156,177
NOI at share									1,166,065	1,108,526	1,114,969
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other									(79,202)	(143,239)	(186,781)
NOI at share - cash basis									1,086,863	965,287	928,188
Balance Sheet Data:
Real estate, at cost	11,025,092				10,787,730				11,025,092	10,787,730
Investments in partially owned entities	861,430				1,026,793				861,430	1,026,793
Assets	13,780,817				13,310,524				13,780,817	13,310,524
Other
Segment Reporting Information [Line Items]
Property-level revenues									304,819	290,368	289,570
Property-level expenses									129,926	127,812	130,283
NOI - consolidated									174,893	162,556	159,287
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries									(19,412)	(18,702)	(21,954)
Add: Our share of NOI from partially owned entities									79,837	111,728	89,573
NOI at share									235,318	255,582	226,906
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other									(7,640)	(27,238)	(27,541)
NOI at share - cash basis									227,678	228,344	$ 199,365
Balance Sheet Data:
Real estate, at cost	3,731,203				3,400,090				3,731,203	3,400,090
Investments in partially owned entities	195,399				351,461				195,399	351,461
Assets	$ 3,617,117				$ 7,504,323				$ 3,617,117	$ 7,504,323

Subsequent Event - Narrative (D

Subsequent Event - Narrative (Details) $ / shares in Units, ft² in Thousands	Jan. 17, 2018USD ($)	Jan. 12, 2018	Jan. 05, 2018USD ($)ft²	Jan. 04, 2018USD ($)$ / shares	Jan. 31, 2018USD ($)$ / shares	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Subsequent Event [Line Items]
Amortization of deferred financing costs						$ 34,066,000	$ 32,185,000	$ 29,335,000
Net gains on sale of real estate and a lease position						$ 3,489,000	$ 5,074,000	$ 65,396,000
Subsequent Event
Subsequent Event [Line Items]
Threshold for FMV to qualify as profits interests		100.00%
Length of time partnership units can be converted, maximum		10 years
Special income allocations, percent		10.00%
Special distribution, Percent		10.00%
Office | Loans Due 2025 | 33-00 Northern Boulevard | Subsequent Event
Subsequent Event [Line Items]
Loans payable			$ 100,000,000
Square footage of real estate property | ft²			471
Debt term			7 years
Debt instrument, interest rate, stated percentage			4.14%
Interest only term			5 years
Amortization of deferred financing costs			$ 1,800,000
Net proceeds from debt			$ 37,200,000
LIBOR | Office | Loans Due 2025 | 33-00 Northern Boulevard | Subsequent Event
Subsequent Event [Line Items]
Spread Over LIBOR (in percentage)			1.80%
Mortgages | LIBOR | Office | Loans Due 2025 | 33-00 Northern Boulevard | Subsequent Event
Subsequent Event [Line Items]
Spread Over LIBOR (in percentage)			4.43%
Net proceeds from debt			$ 59,800,000
Eleven East 68th Street | Subsequent Event
Subsequent Event [Line Items]
Proceeds from sale of real estate	$ 82,000,000
Net gains on sale of real estate and a lease position	$ 46,259,000
Series G | Subsequent Event
Subsequent Event [Line Items]
Preferred stock, redemption price per share | $ / shares				$ 25
Preferred stock, redemption amount				$ 200,000,000
Series I | Subsequent Event
Subsequent Event [Line Items]
Preferred stock, redemption price per share | $ / shares					$ 25
Preferred stock, redemption amount					$ 270,000,000
Series G & I Preferred Stock | Subsequent Event
Subsequent Event [Line Items]
Preferred stock, redemption price per share | $ / shares					$ 25
Preferred stock, redemption amount					$ 470,000,000
Redeemable Preferred Stock | Series G
Subsequent Event [Line Items]
Preferred stock dividend rate						6.625%
Redeemable Preferred Stock | Series G | Subsequent Event
Subsequent Event [Line Items]
Preferred stock dividend rate				6.625%
Redeemable Preferred Stock | Series I
Subsequent Event [Line Items]
Preferred stock dividend rate						6.625%
Redeemable Preferred Stock | Series I | Subsequent Event
Subsequent Event [Line Items]
Preferred stock dividend rate					6.625%

SEC Schedule II Valuation an120

SEC Schedule II Valuation and Qualifying Accounts (Details) - Allowance For Doubtful Accounts - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 8,621	$ 10,075	$ 18,299
Additions Charged Against Operations	26	1,827	(1,429)
Uncollectible Accounts Written-off	(2,167)	(3,281)	(6,795)
Balance at End of Year	$ 6,480	$ 8,621	$ 10,075

SEC Schedule III Real Estate (D

SEC Schedule III Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate And Accumulated Depreciation
Encumbrances	$ 8,203,808
Initial cost to company
Land	3,218,833
Buildings and improvements	7,215,981
Costs capitalized subsequent to acquisition	4,321,481
Gross amount at which carried at close of period
Land	3,143,648
Buildings and improvements	11,612,647
Total	14,756,295
Accumulated depreciation and amortization	2,885,283	$ 2,581,514	$ 2,356,728	$ 2,209,778
Net basis difference of assets and liabilities between tax basis and GAAP basis	$ 2,000,000
Real estate and accumulated depreciation life used for depreciation	40 years
Leasehold Improvements Equipment and Other
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	0
Costs capitalized subsequent to acquisition	98,941
Gross amount at which carried at close of period
Land	0
Buildings and improvements	98,941
Total	98,941
Accumulated depreciation and amortization	75,636
New York
Real Estate And Accumulated Depreciation
Encumbrances	5,953,987
Initial cost to company
Land	2,697,766
Buildings and improvements	5,864,446
Costs capitalized subsequent to acquisition	2,444,516
Gross amount at which carried at close of period
Land	2,770,862
Buildings and improvements	8,235,866
Total	11,006,728
Accumulated depreciation and amortization	2,237,425
New York | Manhattan
Real Estate And Accumulated Depreciation
Encumbrances	5,953,987
Initial cost to company
Land	2,667,863
Buildings and improvements	5,742,734
Costs capitalized subsequent to acquisition	2,313,675
Gross amount at which carried at close of period
Land	2,739,923
Buildings and improvements	7,984,349
Total	10,724,272
Accumulated depreciation and amortization	2,111,441
New York | Manhattan | 1290 Avenue of the Americas
Real Estate And Accumulated Depreciation
Encumbrances	950,000
Initial cost to company
Land	515,539
Buildings and improvements	923,653
Costs capitalized subsequent to acquisition	222,019
Gross amount at which carried at close of period
Land	515,539
Buildings and improvements	1,145,672
Total	1,661,211
Accumulated depreciation and amortization	$ 302,588
Date of construction	1,963
Date acquired	2,007
New York | Manhattan | 697-703 Fifth Avenue (St. Regis - retail)
Real Estate And Accumulated Depreciation
Encumbrances	$ 450,000
Initial cost to company
Land	152,825
Buildings and improvements	584,230
Costs capitalized subsequent to acquisition	212
Gross amount at which carried at close of period
Land	152,825
Buildings and improvements	584,442
Total	737,267
Accumulated depreciation and amortization	$ 46,409
Date acquired	2,014
New York | Manhattan | 350 Park Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 400,000
Initial cost to company
Land	265,889
Buildings and improvements	363,381
Costs capitalized subsequent to acquisition	47,714
Gross amount at which carried at close of period
Land	265,889
Buildings and improvements	411,095
Total	676,984
Accumulated depreciation and amortization	$ 118,948
Date of construction	1,960
Date acquired	2,006
New York | Manhattan | 666 Fifth Avenue (Retail Condo)
Real Estate And Accumulated Depreciation
Encumbrances	$ 390,000
Initial cost to company
Land	189,005
Buildings and improvements	471,072
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	189,005
Buildings and improvements	471,072
Total	660,077
Accumulated depreciation and amortization	$ 61,050
Date acquired	2,012
New York | Manhattan | One Penn Plaza
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	412,169
Costs capitalized subsequent to acquisition	236,985
Gross amount at which carried at close of period
Land	0
Buildings and improvements	649,154
Total	649,154
Accumulated depreciation and amortization	$ 294,104
Date of construction	1,972
Date acquired	1,998
New York | Manhattan | 100 West 33rd Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 398,402
Initial cost to company
Land	242,776
Buildings and improvements	247,970
Costs capitalized subsequent to acquisition	34,479
Gross amount at which carried at close of period
Land	242,776
Buildings and improvements	282,449
Total	525,225
Accumulated depreciation and amortization	$ 79,163
Date of construction	1,911
Date acquired	2,007
New York | Manhattan | 1535 Broadway (Marriott Marquis)
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	249,285
Costs capitalized subsequent to acquisition	149,716
Gross amount at which carried at close of period
Land	0
Buildings and improvements	399,001
Total	399,001
Accumulated depreciation and amortization	$ 25,326
Date acquired	2,012
New York | Manhattan | 150 West 34th Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 205,000
Initial cost to company
Land	119,657
Buildings and improvements	268,509
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	119,657
Buildings and improvements	268,509
Total	388,166
Accumulated depreciation and amortization	$ 17,341
Date of construction	1,900
Date acquired	2,015
New York | Manhattan | 1540 Broadway
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	105,914
Buildings and improvements	214,208
Costs capitalized subsequent to acquisition	28,825
Gross amount at which carried at close of period
Land	105,914
Buildings and improvements	243,033
Total	348,947
Accumulated depreciation and amortization	$ 54,741
Date acquired	2,006
New York | Manhattan | 655 Fifth Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 140,000
Initial cost to company
Land	102,594
Buildings and improvements	231,903
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	102,594
Buildings and improvements	231,903
Total	334,497
Accumulated depreciation and amortization	$ 24,837
Date acquired	2,013
New York | Manhattan | Two Penn Plaza
Real Estate And Accumulated Depreciation
Encumbrances	$ 575,000
Initial cost to company
Land	53,615
Buildings and improvements	164,903
Costs capitalized subsequent to acquisition	106,557
Gross amount at which carried at close of period
Land	52,689
Buildings and improvements	272,386
Total	325,075
Accumulated depreciation and amortization	$ 156,678
Date of construction	1,968
Date acquired	1,997
New York | Manhattan | 90 Park Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	8,000
Buildings and improvements	175,890
Costs capitalized subsequent to acquisition	176,847
Gross amount at which carried at close of period
Land	8,000
Buildings and improvements	352,737
Total	360,737
Accumulated depreciation and amortization	$ 117,458
Date of construction	1,964
Date acquired	1,997
New York | Manhattan | Manhattan Mall
Real Estate And Accumulated Depreciation
Encumbrances	$ 181,598
Initial cost to company
Land	88,595
Buildings and improvements	113,473
Costs capitalized subsequent to acquisition	71,579
Gross amount at which carried at close of period
Land	88,595
Buildings and improvements	185,052
Total	273,647
Accumulated depreciation and amortization	$ 60,036
Date of construction	2,009
Date acquired	2,007
New York | Manhattan | 770 Broadway
Real Estate And Accumulated Depreciation
Encumbrances	$ 700,000
Initial cost to company
Land	52,898
Buildings and improvements	95,686
Costs capitalized subsequent to acquisition	121,075
Gross amount at which carried at close of period
Land	52,898
Buildings and improvements	216,761
Total	269,659
Accumulated depreciation and amortization	$ 89,691
Date of construction	1,907
Date acquired	1,998
New York | Manhattan | 888 Seventh Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 375,000
Initial cost to company
Land	0
Buildings and improvements	117,269
Costs capitalized subsequent to acquisition	141,655
Gross amount at which carried at close of period
Land	0
Buildings and improvements	258,924
Total	258,924
Accumulated depreciation and amortization	$ 116,203
Date of construction	1,980
Date acquired	1,998
New York | Manhattan | Eleven Penn Plaza
Real Estate And Accumulated Depreciation
Encumbrances	$ 450,000
Initial cost to company
Land	40,333
Buildings and improvements	85,259
Costs capitalized subsequent to acquisition	105,575
Gross amount at which carried at close of period
Land	40,333
Buildings and improvements	190,834
Total	231,167
Accumulated depreciation and amortization	$ 69,613
Date of construction	1,923
Date acquired	1,997
New York | Manhattan | 640 Fifth Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	38,224
Buildings and improvements	25,992
Costs capitalized subsequent to acquisition	156,605
Gross amount at which carried at close of period
Land	38,224
Buildings and improvements	182,597
Total	220,821
Accumulated depreciation and amortization	$ 52,575
Date of construction	1,950
Date acquired	1,997
New York | Manhattan | 909 Third Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 350,000
Initial cost to company
Land	0
Buildings and improvements	120,723
Costs capitalized subsequent to acquisition	98,723
Gross amount at which carried at close of period
Land	0
Buildings and improvements	219,446
Total	219,446
Accumulated depreciation and amortization	$ 92,000
Date of construction	1,969
Date acquired	1,999
New York | Manhattan | 150 East 58th Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	39,303
Buildings and improvements	80,216
Costs capitalized subsequent to acquisition	44,769
Gross amount at which carried at close of period
Land	39,303
Buildings and improvements	124,985
Total	164,288
Accumulated depreciation and amortization	$ 57,827
Date of construction	1,969
Date acquired	1,998
New York | Manhattan | 595 Madison Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	62,731
Buildings and improvements	62,888
Costs capitalized subsequent to acquisition	35,314
Gross amount at which carried at close of period
Land	62,731
Buildings and improvements	98,202
Total	160,933
Accumulated depreciation and amortization	$ 37,977
Date of construction	1,968
Date acquired	1,999
New York | Manhattan | 330 West 34th Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	8,599
Costs capitalized subsequent to acquisition	142,977
Gross amount at which carried at close of period
Land	0
Buildings and improvements	151,576
Total	151,576
Accumulated depreciation and amortization	$ 21,734
Date of construction	1,925
Date acquired	1,998
New York | Manhattan | 828 To 850 Madison Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 80,000
Initial cost to company
Land	107,937
Buildings and improvements	28,261
Costs capitalized subsequent to acquisition	134
Gross amount at which carried at close of period
Land	107,937
Buildings and improvements	28,395
Total	136,332
Accumulated depreciation and amortization	$ 8,952
Date acquired	2,005
New York | Manhattan | 33-00 Northern Boulevard
Real Estate And Accumulated Depreciation
Encumbrances	$ 59,721
Initial cost to company
Land	46,505
Buildings and improvements	86,226
Costs capitalized subsequent to acquisition	4,689
Gross amount at which carried at close of period
Land	46,505
Buildings and improvements	90,915
Total	137,420
Accumulated depreciation and amortization	$ 7,338
Date of construction	1,915
Date acquired	2,015
New York | Manhattan | 715 Lexington Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	26,903
Costs capitalized subsequent to acquisition	63,244
Gross amount at which carried at close of period
Land	63,000
Buildings and improvements	27,147
Total	90,147
Accumulated depreciation and amortization	$ 8,623
Date of construction	1,923
Date acquired	2,001
New York | Manhattan | 478 To 486 Broadway
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	30,000
Buildings and improvements	20,063
Costs capitalized subsequent to acquisition	34,835
Gross amount at which carried at close of period
Land	30,000
Buildings and improvements	54,898
Total	84,898
Accumulated depreciation and amortization	$ 12,393
Date of construction	2,009
Date acquired	2,007
New York | Manhattan | 4 Union Square South- Retails
Real Estate And Accumulated Depreciation
Encumbrances	$ 114,028
Initial cost to company
Land	24,079
Buildings and improvements	55,220
Costs capitalized subsequent to acquisition	2,971
Gross amount at which carried at close of period
Land	24,079
Buildings and improvements	58,191
Total	82,270
Accumulated depreciation and amortization	$ 19,464
Date of construction	1965/2004
Date acquired	1,993
New York | Manhattan | 260 11th Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	80,482
Costs capitalized subsequent to acquisition	867
Gross amount at which carried at close of period
Land	0
Buildings and improvements	81,349
Total	81,349
Accumulated depreciation and amortization	$ 5,470
Date of construction	1,911
Date acquired	2,015
New York | Manhattan | 510 5th Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	34,602
Buildings and improvements	18,728
Costs capitalized subsequent to acquisition	34,922
Gross amount at which carried at close of period
Land	48,379
Buildings and improvements	39,873
Total	88,252
Accumulated depreciation and amortization	$ 8,128
Date acquired	2,010
New York | Manhattan | 606 Broadway
Real Estate And Accumulated Depreciation
Encumbrances	$ 38,458
Initial cost to company
Land	0
Buildings and improvements	54,399
Costs capitalized subsequent to acquisition	23,163
Gross amount at which carried at close of period
Land	0
Buildings and improvements	77,562
Total	77,562
Accumulated depreciation and amortization	$ 0
Date acquired	2,016
New York | Manhattan | 40 Fulton Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	15,732
Buildings and improvements	26,388
Costs capitalized subsequent to acquisition	15,493
Gross amount at which carried at close of period
Land	15,732
Buildings and improvements	41,881
Total	57,613
Accumulated depreciation and amortization	$ 20,130
Date of construction	1,987
Date acquired	1,998
New York | Manhattan | 689 Fifth Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	19,721
Buildings and improvements	13,446
Costs capitalized subsequent to acquisition	24,555
Gross amount at which carried at close of period
Land	19,721
Buildings and improvements	38,001
Total	57,722
Accumulated depreciation and amortization	$ 12,231
Date of construction	1,925
Date acquired	1,998
New York | Manhattan | 443 Broadway
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	11,187
Buildings and improvements	41,186
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	11,187
Buildings and improvements	41,186
Total	52,373
Accumulated depreciation and amortization	$ 4,779
Date acquired	2,013
New York | Manhattan | 40 East 66th Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	13,616
Buildings and improvements	34,635
Costs capitalized subsequent to acquisition	159
Gross amount at which carried at close of period
Land	13,616
Buildings and improvements	34,794
Total	48,410
Accumulated depreciation and amortization	$ 10,521
Date acquired	2,005
New York | Manhattan | 155 Spring Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	13,700
Buildings and improvements	30,544
Costs capitalized subsequent to acquisition	4,545
Gross amount at which carried at close of period
Land	13,700
Buildings and improvements	35,089
Total	48,789
Accumulated depreciation and amortization	$ 9,516
Date acquired	2,007
New York | Manhattan | 435 Seventh Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 96,780
Initial cost to company
Land	19,893
Buildings and improvements	19,091
Costs capitalized subsequent to acquisition	37
Gross amount at which carried at close of period
Land	19,893
Buildings and improvements	19,128
Total	39,021
Accumulated depreciation and amortization	$ 7,418
Date of construction	2,002
Date acquired	1,997
New York | Manhattan | 3040 M Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	7,830
Buildings and improvements	27,490
Costs capitalized subsequent to acquisition	3,583
Gross amount at which carried at close of period
Land	7,830
Buildings and improvements	31,073
Total	38,903
Accumulated depreciation and amortization	$ 9,923
Date acquired	2,006
New York | Manhattan | 608 Fifth Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	0
Costs capitalized subsequent to acquisition	38,829
Gross amount at which carried at close of period
Land	0
Buildings and improvements	38,829
Total	38,829
Accumulated depreciation and amortization	$ 8,859
Date of construction	1,932
Date acquired	2,012
New York | Manhattan | 692 Broadway
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	6,053
Buildings and improvements	22,908
Costs capitalized subsequent to acquisition	3,690
Gross amount at which carried at close of period
Land	6,053
Buildings and improvements	26,598
Total	32,651
Accumulated depreciation and amortization	$ 8,422
Date acquired	2,005
New York | Manhattan | 131 to 135 West 33rd Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	8,315
Buildings and improvements	21,312
Costs capitalized subsequent to acquisition	24
Gross amount at which carried at close of period
Land	8,315
Buildings and improvements	21,336
Total	29,651
Accumulated depreciation and amortization	$ 879
Date acquired	2,016
New York | Manhattan | 265 West 34th Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	28,500
Buildings and improvements	0
Costs capitalized subsequent to acquisition	23
Gross amount at which carried at close of period
Land	28,500
Buildings and improvements	23
Total	28,523
Accumulated depreciation and amortization	$ 0
Date of construction	1,920
Date acquired	2,015
New York | Manhattan | 304 Canal Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	3,511
Buildings and improvements	12,905
Costs capitalized subsequent to acquisition	11,115
Gross amount at which carried at close of period
Land	3,511
Buildings and improvements	24,020
Total	27,531
Accumulated depreciation and amortization	$ 160
Date of construction	1,910
Date acquired	2,014
New York | Manhattan | 677 To 679 Madison Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	13,070
Buildings and improvements	9,640
Costs capitalized subsequent to acquisition	413
Gross amount at which carried at close of period
Land	13,070
Buildings and improvements	10,053
Total	23,123
Accumulated depreciation and amortization	$ 2,913
Date acquired	2,006
New York | Manhattan | 1131 Third Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	7,844
Buildings and improvements	7,844
Costs capitalized subsequent to acquisition	5,708
Gross amount at which carried at close of period
Land	7,844
Buildings and improvements	13,552
Total	21,396
Accumulated depreciation and amortization	$ 1,503
Date acquired	1,997
New York | Manhattan | 486 Eighth Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	20,000
Buildings and improvements	71
Costs capitalized subsequent to acquisition	23
Gross amount at which carried at close of period
Land	20,000
Buildings and improvements	94
Total	20,094
Accumulated depreciation and amortization	$ 0
Date of construction	1,928
Date acquired	2,016
New York | Manhattan | 431 Seventh Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	16,700
Buildings and improvements	2,751
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	16,700
Buildings and improvements	2,751
Total	19,451
Accumulated depreciation and amortization	$ 739
Date acquired	2,007
New York | Manhattan | 138-142 West 32nd Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	9,252
Buildings and improvements	9,936
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	9,252
Buildings and improvements	9,936
Total	19,188
Accumulated depreciation and amortization	$ 724
Date of construction	1,920
Date acquired	2,015
New York | Manhattan | 334 Canal Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	1,693
Buildings and improvements	6,507
Costs capitalized subsequent to acquisition	7,589
Gross amount at which carried at close of period
Land	1,693
Buildings and improvements	14,096
Total	15,789
Accumulated depreciation and amortization	$ 909
Date acquired	2,011
New York | Manhattan | 267 West 34th Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	5,099
Buildings and improvements	10,037
Costs capitalized subsequent to acquisition	2
Gross amount at which carried at close of period
Land	5,099
Buildings and improvements	10,039
Total	15,138
Accumulated depreciation and amortization	$ 3,994
Date acquired	2,013
New York | Manhattan | 1540 Broadway Garage
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	4,086
Buildings and improvements	8,914
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	4,086
Buildings and improvements	8,914
Total	13,000
Accumulated depreciation and amortization	$ 2,589
Date of construction	1,990
Date acquired	2,006
New York | Manhattan | 966 Third Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	8,869
Buildings and improvements	3,631
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	8,869
Buildings and improvements	3,631
Total	12,500
Accumulated depreciation and amortization	$ 393
Date acquired	2,013
New York | Manhattan | 148 Spring Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	3,200
Buildings and improvements	8,112
Costs capitalized subsequent to acquisition	406
Gross amount at which carried at close of period
Land	3,200
Buildings and improvements	8,518
Total	11,718
Accumulated depreciation and amortization	$ 2,054
Date acquired	2,008
New York | Manhattan | 150 Spring Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	3,200
Buildings and improvements	5,822
Costs capitalized subsequent to acquisition	294
Gross amount at which carried at close of period
Land	3,200
Buildings and improvements	6,116
Total	9,316
Accumulated depreciation and amortization	$ 1,501
Date acquired	2,008
New York | Manhattan | 137 West 33rd Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	6,398
Buildings and improvements	1,550
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	6,398
Buildings and improvements	1,550
Total	7,948
Accumulated depreciation and amortization	$ 107
Date of construction	1,932
Date acquired	2,015
New York | Manhattan | 488 Eighth Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	10,650
Buildings and improvements	1,767
Costs capitalized subsequent to acquisition	(4,671)
Gross amount at which carried at close of period
Land	6,859
Buildings and improvements	887
Total	7,746
Accumulated depreciation and amortization	$ 223
Date acquired	2,007
New York | Manhattan | 484 Eighth Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	3,856
Buildings and improvements	762
Costs capitalized subsequent to acquisition	485
Gross amount at which carried at close of period
Land	3,856
Buildings and improvements	1,247
Total	5,103
Accumulated depreciation and amortization	$ 526
Date acquired	1,997
New York | Manhattan | 825 7th Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	1,483
Buildings and improvements	697
Costs capitalized subsequent to acquisition	33
Gross amount at which carried at close of period
Land	1,483
Buildings and improvements	730
Total	2,213
Accumulated depreciation and amortization	$ 380
Date acquired	1,997
New York | Manhattan | 339 Greenwich
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	2,622
Buildings and improvements	12,333
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	2,622
Buildings and improvements	12,333
Total	14,955
Accumulated depreciation and amortization	$ 245
Date acquired	2,017
New York | Manhattan | Other (Including Signage)
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	80,762
Buildings and improvements	14,895
Costs capitalized subsequent to acquisition	114,889
Gross amount at which carried at close of period
Land	80,762
Buildings and improvements	129,784
Total	210,546
Accumulated depreciation and amortization	33,136
New York | New York | MMPI Piers
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	0
Buildings and improvements	0
Costs capitalized subsequent to acquisition	15,117
Gross amount at which carried at close of period
Land	0
Buildings and improvements	15,117
Total	15,117
Accumulated depreciation and amortization	$ 2,450
Date acquired	2,008
New York | New York | Total The Mart
Real Estate And Accumulated Depreciation
Encumbrances	$ 675,000
Initial cost to company
Land	69,694
Buildings and improvements	319,146
Costs capitalized subsequent to acquisition	395,869
Gross amount at which carried at close of period
Land	69,701
Buildings and improvements	715,008
Total	784,709
Accumulated depreciation and amortization	285,585
Other | Manhattan | Hotel Pennsylvania
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	29,903
Buildings and improvements	121,712
Costs capitalized subsequent to acquisition	105,665
Gross amount at which carried at close of period
Land	29,903
Buildings and improvements	227,377
Total	257,280
Accumulated depreciation and amortization	$ 110,796
Date of construction	1,919
Date acquired	1,997
Other | Manhattan | Paramus
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	0
Costs capitalized subsequent to acquisition	25,176
Gross amount at which carried at close of period
Land	1,036
Buildings and improvements	24,140
Total	25,176
Accumulated depreciation and amortization	$ 15,188
Date of construction	1,967
Date acquired	1,987
Other | Manhattan | Hotel Pennsylvania/Paramus
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	29,903
Buildings and improvements	121,712
Costs capitalized subsequent to acquisition	130,841
Gross amount at which carried at close of period
Land	30,939
Buildings and improvements	251,517
Total	282,456
Accumulated depreciation and amortization	125,984
Other | Illinois
Real Estate And Accumulated Depreciation
Encumbrances	675,000
Initial cost to company
Land	69,694
Buildings and improvements	319,146
Costs capitalized subsequent to acquisition	380,752
Gross amount at which carried at close of period
Land	69,701
Buildings and improvements	699,891
Total	769,592
Accumulated depreciation and amortization	283,135
Other | Illinois | the Mart, Chicago
Real Estate And Accumulated Depreciation
Encumbrances	675,000
Initial cost to company
Land	64,528
Buildings and improvements	319,146
Costs capitalized subsequent to acquisition	380,720
Gross amount at which carried at close of period
Land	64,535
Buildings and improvements	699,859
Total	764,394
Accumulated depreciation and amortization	$ 283,135
Date of construction	1,930
Date acquired	1,998
Other | Illinois | 527 West Kinzie, Chicago
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	5,166
Buildings and improvements	0
Costs capitalized subsequent to acquisition	32
Gross amount at which carried at close of period
Land	5,166
Buildings and improvements	32
Total	5,198
Accumulated depreciation and amortization	$ 0
Date acquired	1,998
Other | New York
Real Estate And Accumulated Depreciation
Encumbrances	$ 2,249,821
Initial cost to company
Land	521,067
Buildings and improvements	1,351,535
Costs capitalized subsequent to acquisition	1,778,024
Gross amount at which carried at close of period
Land	372,786
Buildings and improvements	3,277,840
Total	3,650,626
Accumulated depreciation and amortization	572,222
Other | New York | 555 California Street
Real Estate And Accumulated Depreciation
Encumbrances	569,215
Initial cost to company
Land	221,903
Buildings and improvements	893,324
Costs capitalized subsequent to acquisition	152,004
Gross amount at which carried at close of period
Land	209,916
Buildings and improvements	1,057,315
Total	1,267,231
Accumulated depreciation and amortization	$ 261,218
Date of construction	1922, 1969-1970
Date acquired	2,007
Other | New York | 220 Central Park South
Real Estate And Accumulated Depreciation
Encumbrances	$ 950,000
Initial cost to company
Land	115,720
Buildings and improvements	16,420
Costs capitalized subsequent to acquisition	1,265,899
Gross amount at which carried at close of period
Land	0
Buildings and improvements	1,398,039
Total	1,398,039
Accumulated depreciation and amortization	$ 0
Date acquired	2,005
Other | New York | Borgata Land, Atlantic City, NJ
Real Estate And Accumulated Depreciation
Encumbrances	$ 55,606
Initial cost to company
Land	83,089
Buildings and improvements	0
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	83,089
Buildings and improvements	0
Total	$ 83,089
Date acquired	2,010
Other | New York | 40 East 66th Residential
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	29,199
Buildings and improvements	85,798
Costs capitalized subsequent to acquisition	(93,222)
Gross amount at which carried at close of period
Land	8,454
Buildings and improvements	13,321
Total	21,775
Accumulated depreciation and amortization	$ 3,662
Date acquired	2,005
Other | New York | 677-679 Madison
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	1,462
Buildings and improvements	1,058
Costs capitalized subsequent to acquisition	284
Gross amount at which carried at close of period
Land	1,626
Buildings and improvements	1,178
Total	2,804
Accumulated depreciation and amortization	$ 439
Date acquired	2,006
Other | New York | Annapolis
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	9,652
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	0
Buildings and improvements	9,652
Total	9,652
Accumulated depreciation and amortization	3,709
Other | New York | Wayne Towne Center
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	0
Buildings and improvements	26,137
Costs capitalized subsequent to acquisition	52,771
Gross amount at which carried at close of period
Land	0
Buildings and improvements	78,908
Total	78,908
Accumulated depreciation and amortization	16,448
Other | New York | Other Property
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	0
Buildings and improvements	0
Costs capitalized subsequent to acquisition	4,419
Gross amount at which carried at close of period
Land	0
Buildings and improvements	4,419
Total	4,419
Accumulated depreciation and amortization	$ 1,161
Date acquired	2,005

SEC Schedule III Rollforward122

SEC Schedule III Rollforward of Real Estate Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate, balance at beginning of period	$ 14,187,820	$ 13,545,295	$ 12,438,940
Additions during the period	14,807,938	14,430,294	13,750,031
Less: Assets sold, written-off and deconsolidated	51,643	242,474	204,736
Real estate, balance at end of period	14,756,295	14,187,820	13,545,295
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Accumulated depreciation, balance at beginning of period	2,581,514	2,356,728	2,209,778
Additions charged to operating expenses	360,391	346,755	309,306
Real estate accumulated depreciation	2,941,905	2,703,483	2,519,084
Less: Accumulated depreciation on assets sold, written-off and deconsolidated	56,622	121,969	162,356
Accumulated depreciation, balance at end of period	2,885,283	2,581,514	2,356,728
Land
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Additions during the period	21,298	30,805	281,048
Buildings & improvements
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Additions during the period	$ 598,820	$ 854,194	$ 1,030,043