Vornado Realty Trust (VNO) 10-Q 29 Apr 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2019shares
Document and Entity Information
Entity Registrant Name	Vornado Realty Trust
Entity Central Index Key	0000899689
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	190,761,498
Entity Trading Symbol	vno
Entity Emerging Growth Company	false
Entity Small Business	false
Vornado Realty L.P.
Document and Entity Information
Entity Registrant Name	Vornado Realty L.P.
Entity Central Index Key	0001040765
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	190,761,498
Entity Emerging Growth Company	false
Entity Small Business	false

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Real estate, at cost:
Land	$ 2,608,770	$ 3,306,280
Buildings and improvements	7,821,301	10,110,992
Development costs and construction in progress	1,961,512	2,266,491
Moynihan Train Hall development expenditures	550,996	445,693
Leasehold improvements and equipment	115,756	108,427
Total	13,058,335	16,237,883
Less accumulated depreciation and amortization	(2,845,120)	(3,180,175)
Real estate, net	10,213,215	13,057,708
Assets held for sale	3,027,058	0
Right-of-use assets	457,662	0
Cash and cash equivalents	307,047	570,916
Restricted cash	593,759	145,989
Marketable securities	39,866	152,198
Tenant and other receivables, net of allowance for doubtful accounts of $4,154 as of December 31, 2018	73,404	73,322
Investments in partially owned entities	730,264	858,113
Real estate fund investments	322,858	318,758
220 Central Park South condominium units ready for sale	229,567	99,627
Receivable arising from the straight-lining of rents, net of allowance of $1,644 as of December 31, 2018	766,634	935,131
Deferred leasing costs, net of accumulated amortization of $180,953 and $207,529	345,241	400,313
Identified intangible assets, net of accumulated amortization of $97,749 and $172,114	34,161	136,781
Other assets	497,219	431,938
Assets	17,637,955	17,180,794
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Mortgages payable, net	6,519,189	8,167,798
Senior unsecured notes, net	845,261	844,002
Unsecured term loan, net	745,076	744,821
Unsecured revolving credit facilities	530,000	80,000
Liabilities related to assets held for sale	1,097,350	0
Lease liabilities	484,173	0
Moynihan Train Hall obligation	550,996	445,693
Accounts payable and accrued expenses	442,496	430,976
Deferred revenue	71,328	167,730
Deferred compensation plan	101,922	96,523
Other liabilities	292,187	311,806
Total liabilities	11,679,978	11,289,349
Commitments and contingencies
Redeemable noncontrolling interests / partnership units
Class A units - 12,789,891 and 12,544,477 units outstanding	862,550	778,134
Series D cumulative redeemable preferred units - 141,401 and 177,101 units outstanding	4,535	5,428
Total redeemable noncontrolling interests / partnership units	867,085	783,562
Shareholders' / Partner's Equity
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 36,797,580 and 36,798,580 shares	891,263	891,294
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 190,761,498 and 190,535,499 shares	7,609	7,600
Additional capital	7,676,770	7,725,857
Earnings less than distributions	(4,120,265)	(4,167,184)
Accumulated other comprehensive (loss) income	(11,385)	7,664
Total Vornado shareholders' equity	4,443,992	4,465,231
Noncontrolling interests in consolidated subsidiaries	646,900	642,652
Total equity	5,090,892	5,107,883
Total liabilities, redeemable noncontrolling interests / partnership units and equity	17,637,955	17,180,794
Vornado Realty L.P.
Real estate, at cost:
Land	2,608,770	3,306,280
Buildings and improvements	7,821,301	10,110,992
Development costs and construction in progress	1,961,512	2,266,491
Moynihan Train Hall development expenditures	550,996	445,693
Leasehold improvements and equipment	115,756	108,427
Total	13,058,335	16,237,883
Less accumulated depreciation and amortization	(2,845,120)	(3,180,175)
Real estate, net	10,213,215	13,057,708
Assets held for sale	3,027,058	0
Right-of-use assets	457,662	0
Cash and cash equivalents	307,047	570,916
Restricted cash	593,759	145,989
Marketable securities	39,866	152,198
Tenant and other receivables, net of allowance for doubtful accounts of $4,154 as of December 31, 2018	73,404	73,322
Investments in partially owned entities	730,264	858,113
Real estate fund investments	322,858	318,758
220 Central Park South condominium units ready for sale	229,567	99,627
Receivable arising from the straight-lining of rents, net of allowance of $1,644 as of December 31, 2018	766,634	935,131
Deferred leasing costs, net of accumulated amortization of $180,953 and $207,529	345,241	400,313
Identified intangible assets, net of accumulated amortization of $97,749 and $172,114	34,161	136,781
Other assets	497,219	431,938
Assets	17,637,955	17,180,794
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Mortgages payable, net	6,519,189	8,167,798
Senior unsecured notes, net	845,261	844,002
Unsecured term loan, net	745,076	744,821
Unsecured revolving credit facilities	530,000	80,000
Liabilities related to assets held for sale	1,097,350	0
Lease liabilities	484,173	0
Moynihan Train Hall obligation	550,996	445,693
Accounts payable and accrued expenses	442,496	430,976
Deferred revenue	71,328	167,730
Deferred compensation plan	101,922	96,523
Other liabilities	292,187	311,806
Total liabilities	11,679,978	11,289,349
Redeemable noncontrolling interests / partnership units
Class A units - 12,789,891 and 12,544,477 units outstanding	862,550	778,134
Series D cumulative redeemable preferred units - 141,401 and 177,101 units outstanding	4,535	5,428
Total redeemable noncontrolling interests / partnership units	867,085	783,562
Shareholders' / Partner's Equity
Partners' capital	8,575,642	8,624,751
Earnings less than distributions	(4,120,265)	(4,167,184)
Accumulated other comprehensive (loss) income	(11,385)	7,664
Total Vornado shareholders' equity	4,443,992	4,465,231
Noncontrolling interests in consolidated subsidiaries	646,900	642,652
Total equity	5,090,892	5,107,883
Total liabilities, redeemable noncontrolling interests / partnership units and equity	$ 17,637,955	$ 17,180,794

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
ASSETS
Tenant and other receivables, allowance for doubtful accounts		$ 4,154
Receivable arising from the straight-lining of rents, allowance		1,644
Deferred leasing costs, accumulated amortization	$ 180,953	207,529
Identified intangible assets, accumulated amortization	$ 97,749	$ 172,114
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Preferred shares of beneficial interest: par value per share (in dollars per share)	$ 0	$ 0
Preferred shares of beneficial interest: authorized shares (shares)	110,000,000	110,000,000
Preferred shares of beneficial interest: issued shares (shares)	36,797,580	36,798,580
Preferred shares of beneficial interest: outstanding shares (shares)	36,797,580	36,798,580
Common shares of beneficial interest: par value per share (in dollars per share)	$ 0.04	$ 0.04
Common shares of beneficial interest: authorized shares (shares)	250,000,000	250,000,000
Common shares of beneficial interest: issued shares (shares)	190,761,498	190,535,499
Common shares of beneficial interest: outstanding shares (shares)	190,761,498	190,535,499
Class A Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Outstanding Partnership Units held by Third Parties (units)	12,789,891	12,544,477
Cumulative Redeemable Preferred Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Outstanding Partnership Units held by Third Parties (units)	141,401	177,101
Vornado Realty L.P.
ASSETS
Tenant and other receivables, allowance for doubtful accounts		$ 4,154
Receivable arising from the straight-lining of rents, allowance		1,644
Deferred leasing costs, accumulated amortization	$ 180,953	207,529
Identified intangible assets, accumulated amortization	$ 97,749	$ 172,114
Vornado Realty L.P. | Class A Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Outstanding Partnership Units held by Third Parties (units)	12,789,891	12,544,477
Vornado Realty L.P. | Cumulative Redeemable Preferred Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Outstanding Partnership Units held by Third Parties (units)	141,401	177,101

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
REVENUES:
Revenues	$ 534,668	$ 536,437
EXPENSES:
Operating	(246,895)	(237,602)
Depreciation and amortization	(116,709)	(108,686)
General and administrative	(58,020)	(42,533)
(Expense) benefit from deferred compensation plan liability	(5,433)	404
Transaction related costs and other	(149)	(13,156)
Total expenses	(427,206)	(401,573)
Income (loss) from partially owned entities	7,320	(9,904)
Loss from real estate fund investments	(167)	(8,807)
Interest and other investment income (loss), net	5,045	(24,384)
Income (loss) from deferred compensation plan assets	5,433	(404)
Interest and debt expense	(102,463)	(88,166)
Net gains on disposition of wholly owned and partially owned assets	220,294	0
Income before income taxes	242,924	3,199
Income tax expense	(29,743)	(2,554)
Income from continuing operations	213,181	645
Loss from discontinued operations	(137)	(363)
Net income	213,044	282
Less net (income) loss attributable to noncontrolling interests / noncontrolling interests in consolidated subsidiaries
Consolidated subsidiaries	(6,820)	8,274
Operating Partnership	(12,202)	1,124
Net income attributable to Vornado / Vornado Realty L.P.	194,022	9,680
Preferred share dividends / unit distributions	(12,534)	(13,035)
Preferred share / unit issuance costs	0	(14,486)
NET INCOME (LOSS) attributable to common shareholders / Class A unitholders	$ 181,488	$ (17,841)
INCOME (LOSS) PER COMMON SHARE – BASIC:
Net income (loss) per common share (in dollars per share)	$ 0.95	$ (0.09)
Weighted average shares outstanding, basic (in shares)	190,689	190,081
INCOME (LOSS) PER COMMON SHARE – DILUTED:
Net income (loss) per common share (in dollars per share)	$ 0.95	$ (0.09)
Weighted average shares outstanding, diluted (in shares)	190,996	190,081
Vornado Realty L.P.
REVENUES:
Revenues	$ 534,668	$ 536,437
EXPENSES:
Operating	(246,895)	(237,602)
Depreciation and amortization	(116,709)	(108,686)
General and administrative	(58,020)	(42,533)
(Expense) benefit from deferred compensation plan liability	(5,433)	404
Transaction related costs and other	(149)	(13,156)
Total expenses	(427,206)	(401,573)
Income (loss) from partially owned entities	7,320	(9,904)
Loss from real estate fund investments	(167)	(8,807)
Interest and other investment income (loss), net	5,045	(24,384)
Income (loss) from deferred compensation plan assets	5,433	(404)
Interest and debt expense	(102,463)	(88,166)
Net gains on disposition of wholly owned and partially owned assets	220,294	0
Income before income taxes	242,924	3,199
Income tax expense	(29,743)	(2,554)
Income from continuing operations	213,181	645
Loss from discontinued operations	(137)	(363)
Net income	213,044	282
Less net (income) loss attributable to noncontrolling interests / noncontrolling interests in consolidated subsidiaries
Consolidated subsidiaries	(6,820)	8,274
Operating Partnership	(12,202)	1,124
Net income attributable to Vornado / Vornado Realty L.P.	206,224	8,556
Preferred share dividends / unit distributions	(12,575)	(13,084)
Preferred share / unit issuance costs	0	(14,486)
NET INCOME (LOSS) attributable to common shareholders / Class A unitholders	$ 193,649	$ (19,014)
INCOME (LOSS) PER CLASS A UNIT – BASIC:
Net income (loss) per Class A unit (in dollars per unit)	$ 0.95	$ (0.10)
Weighted average units outstanding, basic (in shares)	202,772	201,929
INCOME (LOSS) PER CLASS A UNIT – DILUTED:
Net income (loss) per Class A unit (in dollars per unit)	$ 0.95	$ (0.10)
Weighted average units outstanding, diluted (in shares)	203,344	201,929
Rental revenues
REVENUES:
Revenues	$ 499,877	$ 500,420
Rental revenues | Vornado Realty L.P.
REVENUES:
Revenues	499,877	500,420
Fee and other income
REVENUES:
Revenues	34,791	36,017
Fee and other income | Vornado Realty L.P.
REVENUES:
Revenues	$ 34,791	$ 36,017

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net income	$ 213,044	$ 282
Other comprehensive (loss) income:
(Reduction) increase in value of interest rate swaps	(17,029)	10,258
Amount reclassified from accumulated other comprehensive loss relating to a nonconsolidated subsidiary	(2,311)	0
Other comprehensive (loss) income of nonconsolidated subsidiaries	(985)	346
Comprehensive income	192,719	10,886
Less comprehensive (income) loss attributable to noncontrolling interests in consolidated subsidiaries	(17,746)	8,744
Comprehensive income attributable to Vornado / Vornado Realty L.P.	174,973	19,630
Vornado Realty L.P.
Net income	213,044	282
Other comprehensive (loss) income:
(Reduction) increase in value of interest rate swaps	(17,029)	10,258
Amount reclassified from accumulated other comprehensive loss relating to a nonconsolidated subsidiary	(2,311)	0
Other comprehensive (loss) income of nonconsolidated subsidiaries	(985)	346
Comprehensive income	192,719	10,886
Less comprehensive (income) loss attributable to noncontrolling interests in consolidated subsidiaries	(6,820)	8,274
Comprehensive income attributable to Vornado / Vornado Realty L.P.	$ 185,899	$ 19,160

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Real estate fund investments	Other	Preferred Units	Common Shares	Additional Capital	Earnings Less Than Distributions	Accumulated Other Comprehensive (Loss) Income	Non- controlling Interests in Consolidated Subsidiaries	Non- controlling Interests in Consolidated SubsidiariesReal estate fund investments	Non- controlling Interests in Consolidated SubsidiariesOther	Vornado Realty L.P.	Vornado Realty L.P.Real estate fund investments	Vornado Realty L.P.Other	Vornado Realty L.P.Preferred Units	Vornado Realty L.P.Class A Units Owned by Vornado	Vornado Realty L.P.Earnings Less Than Distributions	Vornado Realty L.P.Accumulated Other Comprehensive (Loss) Income	Vornado Realty L.P.Non- controlling Interests in Consolidated Subsidiaries	Vornado Realty L.P.Non- controlling Interests in Consolidated SubsidiariesReal estate fund investments	Vornado Realty L.P.Non- controlling Interests in Consolidated SubsidiariesOther
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting change	$ 14,519						$ 122,893	$ (108,374)				$ 14,519					$ 122,893	$ (108,374)
Beginning balance, shares at Dec. 31, 2017				36,800	189,984										36,800	189,984
Beginning 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to Vornado / Vornado Realty L.P.	9,680						9,680					8,556					8,556
Net income attributable to redeemable partnership units	1,124											1,124					1,124
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries	(8,274)	$ (5,369)							(8,274)			(8,274)							(8,274)
Dividends on common shares	(119,764)						(119,764)
Distributions to Vornado												(119,764)					(119,764)
Dividends on preferred shares / Distributions to preferred unitholders	(13,035)						(13,035)					(13,035)					(13,035)
Preferred unit issuance costs	(14,486)						(14,486)					(14,486)					(14,486)
Common shares issued: / Class A Units issued to Vornado
Upon redemption of Class A units, at redemption value, shares					118											118
Upon redemption of Class A units, at redemption value, value	8,392				$ 5	8,387						8,392				$ 8,392
Under Vornado's employees' share option plan, shares					55											55
Under Vornado's employees' share option plan, value	3,434				$ 2	3,432						3,434				$ 3,434
Under Vornado's dividend reinvestment plan, shares					5											5
Under Vornado's dividend reinvestment plan, value	335				$ 0	335						335				$ 335
Contributions:
Contributions	8,370								8,370				$ 8,370							$ 8,370
Distributions:
Distributions	(7,906)	(1,910)	$ (3,450)							$ (1,910)	$ (3,450)		(1,910)	$ (3,450)						(1,910)	$ (3,450)
Preferred share issuance	(663)			$ (663)								(663)			$ (663)
Deferred compensation shares and options, shares					7											7
Deferred compensation shares and options, value	177				$ 0	298	(121)					177				$ 298	(121)
Other comprehensive (loss) income of nonconsolidated subsidiaries	346							346				346						346
(Reduction) Increase in value of interest rate swaps	10,258							10,258				10,258						10,258
Unearned Out-Performance Plan awards acceleration	9,046					9,046						9,046				9,046
Adjustments to carry redeemable Class A units at redemption value	114,856					114,856						114,856				114,856
Redeemable partnership units' share of above adjustments	(654)							(654)				(654)						(654)
Other, value	0				$ 0	1	(2)	0	1			0				$ 1	(2)	0	1
Ending balance, shares at Mar. 31, 2018				36,800	190,169										36,800	190,169
Ending balance, value at Mar. 31, 2018	5,024,878			$ 891,325	$ 7,584	7,629,013	(4,198,088)	30,258	664,786			5,024,878			$ 891,325	$ 7,636,597	(4,198,088)	30,258	664,786
Beginning balance, shares at Dec. 31, 2018				36,800	190,535										36,800	190,535
Beginning balance, value at Dec. 31, 2018	5,107,883			$ 891,294	$ 7,600	7,725,857	(4,167,184)	7,664	642,652			5,107,883			$ 891,294	$ 7,733,457	(4,167,184)	7,664	642,652
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to Vornado / Vornado Realty L.P.	194,022						194,022					206,224					206,224
Net income attributable to redeemable partnership units	(12,202)											(12,202)					(12,202)
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries	6,820	2,737							6,820			6,820							6,820
Dividends on common shares	(125,876)						(125,876)
Distributions to Vornado												(125,876)					(125,876)
Dividends on preferred shares / Distributions to preferred unitholders	(12,534)						(12,534)					(12,534)					(12,534)
Common shares issued: / Class A Units issued to Vornado
Upon redemption of Class A units, at redemption value, shares					48											48
Upon redemption of Class A units, at redemption value, value	3,181				$ 2	3,179						3,181				$ 3,181
Under Vornado's employees' share option plan, shares					162											162
Under Vornado's employees' share option plan, value	(7,521)				$ 7	1,164	(8,692)					(7,521)				$ 1,171	(8,692)
Under Vornado's dividend reinvestment plan, shares					5											5
Under Vornado's dividend reinvestment plan, value	340				$ 0	340						340				$ 340
Contributions:
Contributions		3,384	1,810							3,384	1,810		$ 3,384	1,810						$ 3,384	1,810
Distributions:
Distributions	(8,488)	$ 0	$ (7,764)							$ 0	$ (7,764)			$ (7,764)							$ (7,764)
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, shares				(1)	2										(1)	2
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, value	0			$ (31)	$ 0	31						0			$ (31)	$ 31
Deferred compensation shares and options, shares					9											9
Deferred compensation shares and options, value	297				$ 0	297	$ 0					297				$ 297	0
Amount reclassified related to a nonconsolidated subsidiary	(2,311)							(2,311)				(2,311)						(2,311)
Other comprehensive (loss) income of nonconsolidated subsidiaries	(985)							(985)				(985)						(985)
(Reduction) Increase in value of interest rate swaps	(17,029)							(17,029)				(17,029)						(17,029)
Unearned Out-Performance Plan awards acceleration	11,720					11,720						11,720				11,720
Adjustments to carry redeemable Class A units at redemption value	(65,818)					(65,818)						(65,818)				(65,818)
Redeemable partnership units' share of above adjustments	1,276							1,276				1,276						1,276
Other, shares							(1)								(1)
Other, value	(3)					0	$ (1)		(2)			(3)				$ 0	(1)		(2)
Ending balance, shares at Mar. 31, 2019				36,798	190,761										36,798	190,761
Ending balance, value at Mar. 31, 2019	$ 5,090,892			$ 891,263	$ 7,609	$ 7,676,770	$ (4,120,265)	$ (11,385)	$ 646,900			$ 5,090,892			$ 891,263	$ 7,684,379	$ (4,120,265)	$ (11,385)	$ 646,900

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)
Cash Flows from Operating Activities:
Net income	$ 213,044	$ 282
Adjustments to reconcile net income to net cash provided by operating activities:
Net gains on disposition of wholly owned and partially owned assets	(220,294)	0
Depreciation and amortization (including amortization of deferred financing costs)	123,135	115,337
Stock-based compensation expense	31,654	13,669
Distributions of income from partially owned entities	14,316	20,559
Equity in net (income) loss of partially owned entities	(7,320)	9,904
Amortization of below-market leases, net	(6,525)	(10,581)
Straight-lining of rents	1,140	(7,430)
(Increase) decrease in fair value of marketable securities	(461)	32,986
Net realized and unrealized (gain) loss on real estate fund investments	(100)	911
Return of capital from real estate fund investments	0	14,966
Other non-cash adjustments	1,639	1,067
Changes in operating assets and liabilities:
Real estate fund investments	(4,000)	(2,950)
Tenant and other receivables, net	(835)	(5,702)
Prepaid assets	(82,862)	77,053
Other assets	(6,044)	(15,151)
Accounts payable and accrued expenses	10,426	19,835
Other liabilities	(2,795)	663
Net cash provided by operating activities	64,118	265,418
Cash Flows from Investing Activities:
Proceeds from sale of condominium units at 220 Central Park South	425,484	0
Proceeds from sales of marketable securities	167,755	0
Development costs and construction in progress	(143,302)	(86,808)
Moynihan Train Hall expenditures	(123,533)	0
Proceeds from sale of real estate and related investment	108,512	0
Additions to real estate	(55,759)	(54,284)
Distributions of capital from partially owned entities	24,851	2,086
Investments in partially owned entities	(918)	(7,519)
Proceeds from repayments of loans receivable	204	0
Acquisitions of real estate and other	0	(44,095)
Net cash provided by (used in) investing activities	403,294	(190,620)
Cash Flows from Financing Activities:
Repayments of borrowings	(686,555)	(144,822)
Proceeds from borrowings	456,741	185,701
Dividends paid on common shares / Distributions to Vornado	(125,876)	(119,764)
Moynihan Train Hall reimbursement from Empire State Development	123,533	0
Distribution to noncontrolling interests / redeemable security holders and noncontrolling interests in consolidated subsidiaries	(16,252)	(13,266)
Dividends paid on preferred shares / Distributions to preferred unitholders	(12,534)	(16,628)
Debt issuance costs	(10,860)	(3,300)
Repurchase of shares / Class A units related to stock compensation arrangements and related tax withholdings and other	(8,692)	(784)
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries	5,194	8,370
Proceeds received from exercise of employee share options and other	1,511	3,769
Redemption of preferred shares / units	(893)	(470,000)
Debt prepayment and extinguishment costs	0	(818)
Net cash used in financing activities	(274,683)	(571,542)
Net increase (decrease) in cash and cash equivalents and restricted cash	192,729	(496,744)
Cash and cash equivalents and restricted cash at beginning of period	716,905	1,914,812
Cash and cash equivalents and restricted cash at end of period	909,634	1,418,068
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	570,916	1,817,655
Restricted cash at beginning of period	145,989	97,157
Cash and cash equivalents and restricted cash at beginning of period	716,905	1,914,812
Cash and cash equivalents at end of period	307,047	1,327,384
Restricted cash at end of period	593,759	90,684
Restricted cash included in assets held for sale at end of period	8,828	0
Cash and cash equivalents and restricted cash at end of period	909,634	1,418,068
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest, excluding capitalized interest of $21,371 and $13,272	85,796	84,566
Cash payments for income taxes	8,741	1,646
Reclassification of assets and related liabilities held for sale:
Assets held for sale	3,027,058	0
Liabilities related to assets held for sale	1,097,350	0
Lease liabilities arising from the recognition of right-of-use assets	526,866	0
Reclassification of condominium units from development costs and construction in progress to 220 Central Park South condominium units ready for sale	395,893	0
Accrued capital expenditures included in accounts payable and accrued expenses	77,115	51,431
Adjustments to carry redeemable Class A units at redemption value	(65,818)	114,856
Write-off of fully depreciated assets	(58,309)	(15,707)
Amounts related to our investment in Pennsylvania Real Estate Investment Trust reclassified from investments in partially owned entities and accumulated other comprehensive income to marketable securities upon conversion of operating partnership units to common shares	54,962	0
Vornado Realty L.P.
Cash Flows from Operating Activities:
Net income	213,044	282
Adjustments to reconcile net income to net cash provided by operating activities:
Net gains on disposition of wholly owned and partially owned assets	(220,294)	0
Depreciation and amortization (including amortization of deferred financing costs)	123,135	115,337
Stock-based compensation expense	31,654	13,669
Distributions of income from partially owned entities	14,316	20,559
Equity in net (income) loss of partially owned entities	(7,320)	9,904
Amortization of below-market leases, net	(6,525)	(10,581)
Straight-lining of rents	1,140	(7,430)
(Increase) decrease in fair value of marketable securities	(461)	32,986
Net realized and unrealized (gain) loss on real estate fund investments	(100)	911
Return of capital from real estate fund investments	0	14,966
Other non-cash adjustments	1,639	1,067
Changes in operating assets and liabilities:
Real estate fund investments	(4,000)	(2,950)
Tenant and other receivables, net	(835)	(5,702)
Prepaid assets	(82,862)	77,053
Other assets	(6,044)	(15,151)
Accounts payable and accrued expenses	10,426	19,835
Other liabilities	(2,795)	663
Net cash provided by operating activities	64,118	265,418
Cash Flows from Investing Activities:
Proceeds from sale of condominium units at 220 Central Park South	425,484	0
Proceeds from sales of marketable securities	167,755	0
Development costs and construction in progress	(143,302)	(86,808)
Moynihan Train Hall expenditures	(123,533)	0
Proceeds from sale of real estate and related investment	108,512	0
Additions to real estate	(55,759)	(54,284)
Distributions of capital from partially owned entities	24,851	2,086
Investments in partially owned entities	(918)	(7,519)
Proceeds from repayments of loans receivable	204	0
Acquisitions of real estate and other	0	(44,095)
Net cash provided by (used in) investing activities	403,294	(190,620)
Cash Flows from Financing Activities:
Repayments of borrowings	(686,555)	(144,822)
Proceeds from borrowings	456,741	185,701
Dividends paid on common shares / Distributions to Vornado	(125,876)	(119,764)
Moynihan Train Hall reimbursement from Empire State Development	123,533	0
Distribution to noncontrolling interests / redeemable security holders and noncontrolling interests in consolidated subsidiaries	(16,252)	(13,266)
Dividends paid on preferred shares / Distributions to preferred unitholders	(12,534)	(16,628)
Debt issuance costs	(10,860)	(3,300)
Repurchase of shares / Class A units related to stock compensation arrangements and related tax withholdings and other	(8,692)	(784)
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries	5,194	8,370
Proceeds received from exercise of employee share options and other	1,511	3,769
Redemption of preferred shares / units	(893)	(470,000)
Debt prepayment and extinguishment costs	0	(818)
Net cash used in financing activities	(274,683)	(571,542)
Net increase (decrease) in cash and cash equivalents and restricted cash	192,729	(496,744)
Cash and cash equivalents and restricted cash at beginning of period	716,905	1,914,812
Cash and cash equivalents and restricted cash at end of period	909,634	1,418,068
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	570,916	1,817,655
Restricted cash at beginning of period	145,989	97,157
Cash and cash equivalents and restricted cash at beginning of period	716,905	1,914,812
Cash and cash equivalents at end of period	307,047	1,327,384
Restricted cash at end of period	593,759	90,684
Restricted cash included in assets held for sale at end of period	8,828	0
Cash and cash equivalents and restricted cash at end of period	909,634	1,418,068
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest, excluding capitalized interest of $21,371 and $13,272	85,796	84,566
Cash payments for income taxes	8,741	1,646
Reclassification of assets and related liabilities held for sale:
Assets held for sale	3,027,058	0
Liabilities related to assets held for sale	1,097,350	0
Lease liabilities arising from the recognition of right-of-use assets	526,866	0
Reclassification of condominium units from development costs and construction in progress to 220 Central Park South condominium units ready for sale	395,893	0
Accrued capital expenditures included in accounts payable and accrued expenses	77,115	51,431
Adjustments to carry redeemable Class A units at redemption value	(65,818)	114,856
Write-off of fully depreciated assets	(58,309)	(15,707)
Amounts related to our investment in Pennsylvania Real Estate Investment Trust reclassified from investments in partially owned entities and accumulated other comprehensive income to marketable securities upon conversion of operating partnership units to common shares	$ 54,962	$ 0

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Vornado Realty L.P.
Capitalized interest	$ 21,371	$ 13,272

Organization

Organization	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Vornado Realty Trust (“Vornado”) is a fully-integrated real estate investment trust (“REIT”) and conducts its business through, and substantially all of its interests in properties are held by, Vornado Realty L.P., a Delaware limited partnership (the “Operating Partnership”). Vornado is the sole general partner of, and owned approximately 93.4% of the common limited partnership interest in the Operating Partnership as of March 31, 2019

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2019
Basis of Presentation [Abstract]
Basis Of Presentation	Basis of Presentation The accompanying consolidated financial statements are unaudited and include the accounts of Vornado and the Operating Partnership and their consolidated subsidiaries. All inter-company amounts have been eliminated and all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2018 , as filed with the SEC. We have made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three months ended March 31, 2019 are not necessarily indicative of the operating results for the full year. Certain prior year balances have been reclassified in order to conform to the current period presentation. For the three months ended March 31, 2018, expense of $1,100,000 related to New York City Unincorporated Business Tax was reclassified from "general and administrative" expenses to "income tax expense" on our consolidated statements of income. In addition, for the three months ended March 31, 2018, "property rentals" and "tenant expense reimbursements" of $440,110,000 and $60,310,000 , respectively, were grouped into "rental revenues" on our consolidated statements of income in accordance with Accounting Standards Codification ("ASC") Topic 205,

Recently Issued Accounting Lite

Recently Issued Accounting Literature	3 Months Ended
	Mar. 31, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recently Issued Accounting Literature	Recently Issued Accounting Literature In February 2016, the Financial Accounting Standards Board ("FASB") issued an update (“ASU 2016-02”) establishing ASC Topic 842, Leases ("ASC 842"), as amended by subsequent ASUs on the topic, 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 two-method 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 ("ROU") and a lease liability for all leases with a term of greater than 12 months. Lease liabilities equal the present value of future lease payments. Right-of-use assets equal the lease liabilities less adjustments for accrued rent expense, initial direct costs and prepaid lease payments. Leases with a term of 12 months or less will be accounted for similar to the previously existing lease guidance under ASC Topic 840, Leases ("ASC 840"). Lease expense is recognized 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 ASC 840. We adopted this standard effective January 1, 2019. We have completed our evaluation of the overall impact of the adoption of ASU 2016-02 on our consolidated financial statements and accounting policies. In transitioning to ASC 842, we elected to use the practical expedient package available to us and did not elect to use hindsight. We have 12 ground leases, which are classified as operating leases, for which we are required to record a right-of-use asset and a lease liability equal to the present value of the future lease payments, and will continue to recognize expense on a straight-line basis for these leases. On January 1, 2019, we recorded an aggregate of $526,866,000 of right-of-use assets and a corresponding $526,866,000 of lease liabilities as a result of the adoption of this standard (see Note 20 - Leases ). 3 . Recently Issued Accounting Literature - continued 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, beginning January 1, 2019, we no longer capitalize internal leasing costs and instead expense these costs as incurred, as a component of "general and administrative" expense on our consolidated statements of income. For the three months ended March 31, 2018, we capitalized $ 1,348,000 of internal leasing costs. In addition, the new standard requires changes to our provision policy for lease receivables. Under ASC 842, we must assess whether it is probable that we will collect substantially all of the lease payments based on the credit risk factors of our tenants. Changes to the collectability of our operating leases are recorded as adjustments to "rental revenues" on our consolidated statements of income which resulted in a $890,000 decrease for the three months ending March 31, 2019. In February 2016, the FASB issued an update (“ASU 2016-13”) Measurement of Credit Losses on Financial Instruments establishing ASC Topic 326, Financial Instruments - Credit Losses (“ASC 326”), as amended by subsequent ASUs on the topic. ASU 2016-13 changes how entities will account for credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance replaces the current “incurred loss” model with an “expected loss” model that requires consideration of a broader range of information to estimate expected credit losses over the lifetime of the financial asset. ASU 2016-13 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2019. We are currently evaluating the impact of the adoption of ASU 2016-13 on our consolidated financial statements, but do not believe the adoption of this standard will have a material impact on our consolidated financial statements. In August 2018, the FASB issued an update (“ASU 2018-13”) Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement to ASC Topic 820, Fair Value Measurement (“ASC 820”). ASU 2018-13 modifies the disclosure requirements for fair value measurements by removing, modifying, and/or adding certain disclosures. ASU 2018-13 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2019. We elected to early adopt ASU 2018-13 effective January 1, 2019. The adoption of this update did not have a material impact on our consolidated financial statements and disclosures. In October 2018, the FASB issued an update ("ASU 2018-16") Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes to ASC Topic 815, Derivatives and Hedging

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Our revenues primarily consist of rental revenues and fee and other income. We operate in two reportable segments: New York and Other, with a significant portion of our revenues included in the New York segment. We have the following revenue sources and revenue recognition policies: • Rental revenues include revenues from the leasing of space at our properties to tenants and revenues from the Hotel Pennsylvania, trade shows and tenant services. ◦ Revenues from the leasing of space at our properties to tenants includes (i) lease components, including fixed and variable lease payments, and nonlease components which include reimbursement of common area maintenance expenses, and (ii) reimbursement of real estate taxes and insurance expenses. As lessor, we have elected to combine the lease and nonlease components of our operating lease agreements and account for the components as a single lease component in accordance with ASC 842. Lease revenues and reimbursement of common area maintenance, real estate taxes and insurance are presented on the following page as "property rentals." Revenues derived from fixed lease payments are recognized on a straight-line basis over the non-cancelable period of the lease, together with renewal options that are reasonably certain of being exercised. We commence rental revenue recognition when the underlying asset is available for use by the lessee. Revenue derived from the reimbursement of real estate taxes, insurance expenses and common area maintenance expenses are generally recognized in the same period as the related expenses are incurred. ◦ Hotel revenue arising from the operation of Hotel Pennsylvania consists of room revenue, food and beverage revenue, and banquet revenue. Room revenue is recognized when the rooms are made available for the guest, in accordance with ASC 842. ◦ Trade shows revenue arising from the operation of trade shows is primarily booth rentals. This revenue is recognized upon the occurrence of the trade shows when the trade show booths are made available for use by the exhibitors, in accordance with ASC 842. ◦ Tenant services revenue arises from sub-metered electric, elevator, trash removal and other services provided to tenants at their request. This revenue is recognized as the services are transferred in accordance with ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"). • Fee and other income includes management, leasing and other revenue arising from contractual agreements with third parties or with partially owned entities, and includes Building Maintenance Service (“BMS”) cleaning, engineering and security services. This revenue is recognized as the services are transferred in accordance with ASC 606. 4 . Revenue Recognition - continued Below is a summary of our revenues by segment. Additional financial information related to these reportable segments for the three months ended March 31, 2019 and 2018 is set forth in Note 22 - Segment Information . (Amounts in thousands) For the Three Months Ended March 31, 2019 Total New York Other Property rentals $ 457,741 $ 385,803 $ 71,938 Hotel Pennsylvania 12,609 12,609 — Trade shows 16,956 — 16,956 Lease revenues 487,306 398,412 88,894 Tenant services 12,571 9,225 3,346 Rental revenues 499,877 407,637 92,240 BMS cleaning fees 29,785 31,757 (1,972 ) (1) Management and leasing fees 2,237 2,251 (14 ) Other income 2,769 1,640 1,129 Fee and other income 34,791 35,648 (857 ) Total revenues $ 534,668 $ 443,285 $ 91,383 ____________________ (1) Represents the elimination of theMART and 555 California Street BMS cleaning fees which are included as income in the New York segment. (Amounts in thousands) For the Three Months Ended March 31, 2018 Total New York Other Property rentals $ 454,403 $ 389,385 $ 65,018 Hotel Pennsylvania 14,680 14,680 — Trade shows 18,873 — 18,873 Lease revenues 487,956 404,065 83,891 Tenant services 12,464 9,771 2,693 Rental revenues 500,420 413,836 86,584 BMS cleaning fees 28,355 30,153 (1,798 ) (1) Management and leasing fees 2,764 2,481 283 Other income 4,898 2,014 2,884 Fee and other income 36,017 34,648 1,369 Total revenues $ 536,437 $ 448,484 $ 87,953 ____________________ (1)

Real Estate Fund Investments

Real Estate Fund Investments	3 Months Ended
	Mar. 31, 2019
Real Estate Fund Investments [Abstract]
Real Estate Fund Investments	Real Estate Fund Investments . We are the general partner and investment manager of Vornado Capital Partners Real Estate Fund (the “Fund”) and own a 25.0% interest in the Fund, which had an initial eight -year term ending February 2019. On January 29, 2018, the Fund's term was extended to February 2023. The Fund's three -year investment period ended in July 2013 . The Fund is accounted for under ASC Topic 946, Financial Services – Investment Companies (“ASC 946”) and its investments are reported on its balance sheet at fair value, with changes in value each period recognized in earnings. We consolidate the accounts of the Fund into our consolidated financial statements, retaining the fair value basis of accounting. We are also the general partner and investment manager of the Crowne Plaza Times Square Hotel Joint Venture (the “Crowne Plaza Joint Venture”) and own a 57.1% interest in the joint venture which owns the 24.7% interest in the Crowne Plaza Times Square Hotel not owned by the Fund. The Crowne Plaza Joint Venture is also accounted for under ASC 946 and we consolidate the accounts of the joint venture into our consolidated financial statements, retaining the fair value basis of accounting. As of March 31, 2019 , we had four real estate fund investments through the Fund and the Crowne Plaza Joint Venture with an aggregate fair value of $322,858,000 , or $6,706,000 below our cost, and had remaining unfunded commitments of $44,194,000 , of which our share was $13,969,000 . At December 31, 2018 , we had four real estate fund investments with an aggregate fair value of $318,758,000 . Below is a summary of loss from the Fund and the Crowne Plaza Joint Venture for the three months ended March 31, 2019 and 2018 . (Amounts in thousands) For the Three Months Ended March 31, 2019 2018 Net investment (loss) income $ (267 ) $ 2,734 Net unrealized gain on held investments 100 — New York City real property transfer tax (the "Transfer Tax") — (10,630 ) (1) Net realized loss on exited investments — (911 ) Loss from real estate fund investments (167 ) (8,807 ) Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries (2,737 ) 5,369 Loss from real estate fund investments attributable to the Operating Partnership (2,904 ) (3,438 ) Less loss attributable to noncontrolling interests in the Operating Partnership 182 212 Loss from real estate fund investments attributable to Vornado $ (2,722 ) $ (3,226 ) ____________________ (1)

Marketable Securities

Marketable Securities	3 Months Ended
	Mar. 31, 2019
Marketable Securities [Abstract]
Marketable Securities	Marketable Securities Lexington Realty Trust ("Lexington") (NYSE: LXP) On March 1, 2019, we sold all of our 18,468,969 common shares of Lexington realizing net proceeds of $167,698,000 . For the three months ended March 31, 2019, we recorded a $16,068,000 mark-to-market increase in the fair value of our common shares for the period from January 1, 2019 through the date of sale, which is included in "interest and other investment income (loss), net" on our consolidated statements of income. Pennsylvania Real Estate Investment Trust (“PREIT”) (NYSE: PEI) On March 12, 2019 ("Conversion Date"), we converted all of our 6,250,000 operating partnership units into common shares and began accounting for our investment as a marketable security in accordance with ASC Topic 321, Investments - Equity Securities ("ASC 321"). Prior to the Conversion Date, we accounted for our investment under the equity method. For the three months ended March 31, 2019, we recorded a $15,649,000 decrease in the value of our investment, representing the difference between the carrying amount of our investment at the Conversion Date and the fair value of our common shares based on PREIT's March 29, 2019 quarter ended closing share price, which is included in "interest and other investment income (loss), net" on our consolidated statements of income. The table below summarizes the changes of our marketable securities portfolio for the three months ended March 31, 2019 . (Amounts in thousands) For the Three Months Ended March 31, 2019 Total Lexington Realty Trust PREIT Other Balance, December 31, 2018 $ 152,198 $ 151,630 $ — $ 568 Sale of marketable securities (167,755 ) (167,698 ) — (57 ) Transfer of PREIT investment balance at Conversion Date 54,962 — 54,962 — Increase (decrease) in fair value of marketable securities (1) 461 16,068 (15,649 ) 42 Balance, March 31, 2019 $ 39,866 $ — $ 39,313 $ 553 ____________________ (1) Included in “interest and other investment income (loss), net” on our consolidated statements of income (see Note 17 - Interest and Other Investment Income (Loss), Net

Investments in Partially Owned

Investments in Partially Owned Entities	3 Months Ended
	Mar. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Investments in Partially Owned Entities	Investments in Partially Owned Entities Alexander’s, Inc. (“Alexander’s”) (NYSE: ALX) As of March 31, 2019 , we own 1,654,068 Alexander’s common shares, or approximately 32.4% of Alexander’s common equity. We manage, lease and develop Alexander’s properties pursuant to agreements which expire in March of each year and are automatically renewable. As of March 31, 2019 , the market value ("fair value" pursuant to ASC 820) of our investment in Alexander’s, based on Alexander’s March 29, 2019 quarter ended closing share price of $376.17 , was $622,211,000 , or $515,425,000 in excess of the carrying amount on our consolidated balance sheet. As of March 31, 2019 , 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 $39,097,000 . 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. Urban Edge Properties (“UE”) (NYSE: UE) On March 4, 2019, we converted to common shares and sold all of our 5,717,184 partnership units of UE, realizing net proceeds of $108,512,000 . The sale resulted in a net gain of $62,395,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income for the three months ended March 31, 2019. 61 Ninth Avenue On January 28, 2019, the joint venture, in which we have a 45.1% interest, completed a $167,500,000 refinancing of 61 Ninth Avenue, a 166,000 square foot newly constructed office and retail property in the Meatpacking district of Manhattan which is fully leased to Aetna and Starbucks. The seven -year interest only loan carries a rate of LIBOR plus 1.35% ( 3.85% as of March 31, 2019) and matures in January 2026. We realized net proceeds of approximately $31,000,000 . The loan replaces the previous $90,000,000 construction loan that bore interest at LIBOR plus 3.05% and was scheduled to mature in 2021. Toys "R" Us, Inc. ("Toys") On September 18, 2017, Toys filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code. In the second quarter of 2018, Toys ceased U.S. operations. On February 1, 2019, the plan of reorganization for Toys "R" Us, Inc., in which we owned a 32.5% interest, was declared effective, and our stock in Toys was canceled. At December 31, 2018, we carried our Toys investment at zero . The canceling of our stock in Toys will result in approximately a $420,000,000 capital loss deduction for tax purposes in 2019 (which if not offset by capital gains will result in a capital loss carry over available for five years). 7 . Investments in Partially Owned Entities - continued Below is a schedule summarizing our investments in partially owned entities. (Amounts in thousands) Percentage Ownership at Balance as of March 31, 2019 December 31, 2018 Investments: Partially owned office buildings/land (1) Various $ 478,240 $ 499,005 Alexander’s 32.4% 106,786 107,983 PREIT (2) N/A — 59,491 UE (3) N/A — 45,344 Other investments (4) Various 145,238 146,290 $ 730,264 $ 858,113 Investments in partially owned entities included in other liabilities (5) : 330 Madison Avenue 25.0% $ (60,054 ) $ (58,117 ) 7 West 34th Street 53.0% (51,464 ) (51,579 ) 85 Tenth Avenue 49.9% (5,857 ) — $ (117,375 ) $ (109,696 ) ____________________ (1) Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 512 West 22nd Street, 61 Ninth Avenue and others. (2) On March 12, 2019, we converted all of our PREIT operating partnership units into common shares and began accounting for our investment as a marketable security in accordance with ASC 321 (see Note 6 - Marketable Securities ). (3) Sold on March 4, 2019 (see page 25 for details). (4) Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, Rosslyn Plaza, 50-70 West 93rd Street and others. (5) Our negative basis results from distributions in excess of our investment. Below is a schedule of net income (loss) from partially owned entities. (Amounts in thousands) Percentage For the Three Months Ended March 31, 2019 2018 Our share of net income (loss): Alexander's (see page 25 for details): Equity in net income (loss) (1) 32.4% $ 5,717 $ (3,209 ) Management, leasing and development fees 1,057 1,208 6,774 (2,001 ) Partially owned office buildings (2) Various 106 (4,283 ) Other investments (3) Various 440 (3,620 ) $ 7,320 $ (9,904 ) ____________________ (1) 2018 includes our $7,708 share of Alexander's disputed additional Transfer Tax related to the November 2012 sale of Kings Plaza Regional Shopping Center based on the precedent established by the Tax Tribunal's decision regarding One Park Avenue (see Note 5 - Real Estate Fund Investments ). (2) Includes interests in 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. 2018 includes our $4,978 share of disputed additional Transfer Tax related to the March 2011 acquisition of One Park Avenue (see Note 5 - Real Estate Fund Investments ). (3)

220 Central Park South 220 CPS

220 Central Park South 220 CPS	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
220 Central Park South 220 CPS	220 Central Park South ("220 CPS") We are constructing a residential condominium tower containing 397,000 salable square feet at 220 CPS. The development cost of this project (exclusive of land cost) is estimated to be approximately $1.4 billion , of which $1.3 billion has been expended as of March 31, 2019 . During the first quarter of 2019, we closed on the sale of 12 condominium units at 220 CPS for net proceeds aggregating $425,484,000 and resulting in a financial statement net gain of $157,899,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. In connection with these sales, $26,945,000 of income tax expense was recognized in our consolidated statements of income. From inception to March 31, 2019, we closed on the sale of 23 units for aggregate net proceeds of $640,260,000 which was used to pay $637,000,000 of the $950,000,000 220 CPS loan.

Properties Held for Sale

Properties Held for Sale	3 Months Ended
	Mar. 31, 2019
Properties Held for Sale [Abstract]
Properties Held for Sale	Properties Held for Sale On April 18, 2019 ("Closing Date"), we entered into a transaction agreement (the "Transaction Agreement") with a group of institutional investors (the "Investors"). The Transaction Agreement provides for a series of transactions (collectively, the "Transaction") pursuant to which (i) prior to the Closing Date, the Operating Partnership contributed its interests in properties located at 640 Fifth Avenue, 655 Fifth Avenue, 666 Fifth Avenue, 689 Fifth Avenue, 697-703 Fifth Avenue, 1535 Broadway and 1540 Broadway (collectively, the “Properties”) to subsidiaries of a newly formed joint venture ("Fifth Avenue and Times Square JV") and (ii) on the Closing Date, transferred a 48.5% common interest in Fifth Avenue and Times Square JV to the Investors. The 48.5% common interest in the joint venture represents an effective 47.2% interest in the Properties. The Properties include approximately 489,000 square feet of retail space, 327,000 square feet of office space, signage associated with 1535 and 1540 Broadway, the parking garage at 1540 Broadway and the theatre at 1535 Broadway. We retained the remaining 51.5% common interest in Fifth Avenue and Times Square JV which represents an effective 51.0% interest in the Properties and an aggregate $1.828 billion of preferred equity interests in certain of the properties. The preferred equity has an annual coupon of 4.25% for the first five years, increasing to 4.75% for the next five years and thereafter at a formulaic rate. It can be redeemed under certain conditions on a tax deferred basis. Net cash proceeds to us from the Transaction are approximately $1.198 billion , after (i) deductions for the repayment of a $390,000,000 mortgage loan on 666 Fifth Avenue and a $140,000,000 mortgage loan on 655 Fifth Avenue, (ii) anticipated proceeds from a new $500,000,000 mortgage loan on 640 Fifth Avenue, (iii) approximately $26,000,000 used to purchase noncontrolling investors' interests and (iv) approximately $56,000,000 of estimated transaction costs. Until the new mortgage closes, Vornado will retain $500 million of preferred equity interests in addition to the $1.828 billion referenced above. The Transaction values the Properties at $5.556 billion resulting in a financial statement net gain of approximately $2.6 billion from the Transaction and the related step-up in our basis of the assets to fair value. The net gain will be recognized in our consolidated statements of income for the three months ended June 30, 2019. Our tax gain is approximately $735,000,000 . We continue to manage the Properties and share control over major decisions of the joint venture. Accordingly, the Properties will be deconsolidated and the joint venture will be accounted for under the equity method from the date of transfer. The table below summarizes our effective ownership interests in the Properties transferred to Fifth Avenue and Times Square JV and our preferred equity interests following the Transaction and the anticipated closing of the mortgage loan on 640 Fifth Avenue. (Amounts in thousands) Vornado's Effective Ownership Interest Percentage Vornado's Preferred Equity Interests Properties transferred to Fifth Avenue and Times Square JV: 640 Fifth Avenue 52.0 % $ — 655 Fifth Avenue 50.0 % 140,000 666 Fifth Avenue 52.0 % 390,000 689 Fifth Avenue 52.0 % 130,000 697-703 Fifth Avenue 44.8 % — 1535 Broadway 52.0 % 628,875 1540 Broadway 52.0 % 538,875 $ 1,827,750 9 . Properties Held for Sale - continued The following table summarizes the assets and liabilities associated with the Properties classified as held for sale: (Amounts in thousands) Balance as of Assets held for sale: Real estate, net $ 2,656,509 Right-of-use asset 49,134 Restricted cash 8,828 Receivable arising from the straight-lining of rents 167,612 Deferred leasing costs, net 70,511 Identified intangible assets, net 74,464 $ 3,027,058 Liabilities related to assets held for sale: Mortgages payable, net $ 971,618 Lease liability 41,235 Deferred revenue 84,497 $ 1,097,350

Identified Intangible Assets an

Identified Intangible Assets and Liabilities	3 Months Ended
	Mar. 31, 2019
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 acquired below-market leases) as of March 31, 2019 and December 31, 2018 . (Amounts in thousands) Balance as of March 31, 2019 December 31, 2018 Identified intangible assets: Gross amount $ 131,910 $ 308,895 Accumulated amortization (97,749 ) (172,114 ) Total, net $ 34,161 $ 136,781 Identified intangible liabilities (included in deferred revenue): Gross amount $ 386,512 $ 503,373 Accumulated amortization (321,152 ) (341,779 ) Total, net $ 65,360 $ 161,594 Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental revenues of $6,525,000 and $10,581,000 for the three months ended March 31, 2019 and 2018 , 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, 2020 is as follows: (Amounts in thousands) 2020 $ 16,605 2021 11,932 2022 8,800 2023 6,269 2024 2,497 Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $3,545,000 and $4,876,000 for the three months ended March 31, 2019 and 2018 , respectively. Estimated annual amortization of all other identified intangible assets including acquired in-place leases for each of the five succeeding years commencing January 1, 2020 is as follows: (Amounts in thousands) 2020 $ 6,308 2021 4,779 2022 3,049 2023 2,962 2024 2,350

Debt

Debt	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Debt	Debt On February 4, 2019, we completed a $95,700,000 refinancing of 435 Seventh Avenue, a 43,000 square foot Manhattan retail property. The interest-only loan carries a rate of LIBOR plus 1.30% ( 3.78% as of March 31, 2019) and matures in 2024. The recourse loan replaces the previous $95,700,000 loan that bore interest at LIBOR plus 2.25% and was scheduled to mature in August 2019. On February 12, 2019, we completed a $580,000,000 refinancing of 100 West 33rd Street, a 1.1 million square foot Manhattan property comprised of 859,000 square feet of office space and the 256,000 square foot Manhattan Mall. The interest-only loan carries a rate of LIBOR plus 1.55% ( 4.03% as of March 31, 2019) and matures in April 2024, with two one -year extension options. The loan replaces the previous $580,000,000 loan that bore interest at LIBOR plus 1.65% and was scheduled to mature in July 2020. Senior Unsecured Notes On March 1, 2019, we called for redemption all of our $400,000,000 5.00% senior unsecured notes. The notes, which were scheduled to mature in January 2022, were redeemed on April 1, 2019 at a redemption price of 105.51% of the principal amount plus accrued interest. In connection therewith, we expensed $22,540,000 relating to debt prepayment costs which is included in "interest and debt expense" on our consolidated statements of income for the three months ended March 31, 2019. Unsecured Revolving Credit Facility On March 26, 2019, we increased to $1.5 billion (from $1.25 billion ) and extended to March 2024 (as fully extended) from February 2022 one of our two unsecured revolving credit facilities. The interest rate on the extended facility was lowered from LIBOR plus 1.00% to LIBOR plus 0.90% . The facility fee remains unchanged at 20 basis points. The following is a summary of our debt: (Amounts in thousands) Weighted Average Interest Rate at Balance as of March 31, 2019 December 31, 2018 Mortgages Payable: Fixed rate 3.52% $ 4,610,526 $ 5,003,465 Variable rate 4.20% 1,945,508 3,212,382 Total 3.72% 6,556,034 8,215,847 Deferred financing costs, net and other (36,845 ) (48,049 ) Total, net $ 6,519,189 $ 8,167,798 Unsecured Debt: Senior unsecured notes 4.21% $ 850,000 $ 850,000 Deferred financing costs, net and other (4,739 ) (5,998 ) Senior unsecured notes, net 845,261 844,002 Unsecured term loan 3.87% 750,000 750,000 Deferred financing costs, net and other (4,924 ) (5,179 ) Unsecured term loan, net 745,076 744,821 Unsecured revolving credit facilities 3.46% 530,000 80,000 Total, net $ 2,120,337 $ 1,668,823

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests/Redeemable Partnership Units	3 Months Ended
	Mar. 31, 2019
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interests/Redeemable Partnership Units	Redeemable Noncontrolling Interests/Redeemable Partnership Units Redeemable noncontrolling interests on Vornado’s consolidated balance sheets and redeemable partnership units on the consolidated balance sheets of the Operating Partnership are primarily comprised of Class A Operating Partnership units held by third parties and are recorded at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’ capital” on the consolidated balance sheets of the Operating Partnership. (Amounts in thousands) Balance, December 31, 2018 $ 783,562 Net income 12,202 Other comprehensive loss (1,276 ) Distributions (8,488 ) Redemption of Class A units for Vornado common shares, at redemption value (3,181 ) Adjustments to carry redeemable Class A units at redemption value 65,818 Other, net 18,448 Balance, March 31, 2019 $ 867,085 Balance, December 31, 2017 $ 984,937 Net loss (1,124 ) Other comprehensive income 654 Distributions (7,906 ) Redemption of Class A units for Vornado common shares, at redemption value (8,392 ) Adjustments to carry redeemable Class A units at redemption value (114,856 ) Other, net 3,713 Balance, March 31, 2018 $ 857,026 As of March 31, 2019 and December 31, 2018 , the aggregate redemption value of redeemable Class A units of the Operating Partnership, which are those units held by third parties, was $862,550,000 and $778,134,000 , respectively. Redeemable noncontrolling interests/redeemable partnership units exclude our Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units, as they are accounted for as liabilities in accordance with ASC Topic 480, Distinguishing Liabilities and Equity , because of their possible settlement by issuing a variable number of Vornado common shares. Accordingly, the fair value of these units is included as a component of “other liabilities” on our consolidated balance sheets and aggregated $50,561,000 as of March 31, 2019 and December 31, 2018

Shareholders' Equity_Partners'

Shareholders' Equity/Partners' Capital	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Shareholders' Equity/Partners' Capital	Shareholders' Equity/Partners' Capital The following table sets forth the details of our dividends/distributions per common share/Class A unit and dividends/distributions per share/unit for each class of preferred shares/units of beneficial interest for the three months ended March 31, 2019 and 2018 . Per Share/Unit Shares/Units: 2019 2018 Common shares/Class A units held by Vornado: authorized 250,000,000 shares/units $ 0.66 $ 0.63 Convertible Preferred (1) : 6.5% Series A: authorized 83,977 shares/units (2) 0.8125 0.8125 Cumulative Redeemable Preferred (1) : 5.70% Series K: authorized 12,000,000 shares/units (3) 0.3563 0.3563 5.40% Series L: authorized 12,000,000 shares/units (3) 0.3375 0.3375 5.25% Series M: authorized 12,780,000 shares/units (3) 0.3281 0.3281 ____________________ (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. Accumulated Other Comprehensive (Loss) Income The following tables set forth the changes in accumulated other comprehensive (loss) income by component for the three months ended March 31, 2019 and 2018. (Amounts in thousands) Total Marketable securities Pro rata share of nonconsolidated subsidiaries' OCI Interest rate swaps Other For the Three Months Ended March 31, 2019 Balance, December 31, 2018 $ 7,664 $ — $ 3,253 $ 11,759 $ (7,348 ) Net current period other comprehensive (loss) income (16,738 ) — (985 ) (17,029 ) 1,276 Amount reclassified from AOCI (1) (2,311 ) — (2,311 ) — — Balance, March 31, 2019 $ (11,385 ) $ — $ (43 ) $ (5,270 ) $ (6,072 ) For the Three Months Ended March 31, 2018 Balance, December 31, 2017 $ 128,682 $ 109,554 $ 3,769 $ 23,542 $ (8,183 ) Cumulative effect of accounting change (108,374 ) (109,554 ) (1,671 ) 2,851 — Net current period other comprehensive income (loss) 9,950 — 346 10,258 (654 ) Balance, March 31, 2018 $ 30,258 $ — $ 2,444 $ 36,651 $ (8,837 ) ____________________ (1)

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2019
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities ("VIEs") Unconsolidated VIEs As of March 31, 2019 and December 31, 2018 , we have several unconsolidated VIEs. We do not consolidate these entities because we are not the primary beneficiary and the nature of our involvement in the activities of these entities does not give us power over decisions that significantly affect these entities’ economic performance. We account for our investment in these entities under the equity method (see Note 7 – Investments in Partially Owned Entities ). As of March 31, 2019 and December 31, 2018 , the net carrying amount of our investments in these entities was $213,719,000 and $257,882,000 , respectively, and our maximum exposure to loss in these entities is limited to the carrying amount of our investments. Consolidated VIEs Our most significant consolidated VIEs are the Operating Partnership (for Vornado), the Fund and the Crowne Plaza Joint Venture, the Farley joint venture and certain properties that have non-controlling interests. These entities are VIEs because the non-controlling interests do not have substantive kick-out or participating rights. We consolidate these entities because we control all significant business activities. As of March 31, 2019 , the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $4,601,771,000 and $2,381,310,000 , respectively. As of December 31, 2018 , the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $4,445,436,000 and $2,533,753,000

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
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 and Series D-13 cumulative redeemable preferred units). The tables below aggregate the fair values of these financial assets and liabilities by their levels in the fair value hierarchy as of March 31, 2019 and December 31, 2018 , respectively. (Amounts in thousands) As of March 31, 2019 Total Level 1 Level 2 Level 3 Marketable securities $ 39,866 $ 39,866 $ — $ — Real estate fund investments 322,858 — — 322,858 Deferred compensation plan assets ($8,747 included in restricted cash and $93,176 in other assets) 101,923 64,361 — 37,562 Interest rate swaps (included in other assets) 19,613 — 19,613 — Total assets $ 484,260 $ 104,227 $ 19,613 $ 360,420 Mandatorily redeemable instruments (included in other liabilities) $ 50,561 $ 50,561 $ — $ — Interest rate swaps (included in other liabilities) 24,851 — 24,851 — Total liabilities $ 75,412 $ 50,561 $ 24,851 $ — (Amounts in thousands) As of December 31, 2018 Total Level 1 Level 2 Level 3 Marketable securities $ 152,198 $ 152,198 $ — $ — Real estate fund investments 318,758 — — 318,758 Deferred compensation plan assets ($8,402 included in restricted cash and $88,122 in other assets) 96,524 58,716 — 37,808 Interest rate swaps (included in other assets) 27,033 — 27,033 — Total assets $ 594,513 $ 210,914 $ 27,033 $ 356,566 Mandatorily redeemable instruments (included in other liabilities) $ 50,561 $ 50,561 $ — $ — Interest rate swaps (included in other liabilities) 15,236 — 15,236 — Total liabilities $ 65,797 $ 50,561 $ 15,236 $ — 15 . Fair Value Measurements - continued Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued Real Estate Fund Investments As of March 31, 2019 , we had four real estate fund investments with an aggregate fair value of $322,858,000 , or $6,706,000 below our cost. These investments are classified as Level 3. Significant unobservable quantitative inputs used in determining the fair value of each investment include capitalization rates and discount rates. These rates are based on the location, type and nature of each property, current and anticipated market conditions, industry publications and from the experience of our Acquisitions and Capital Markets departments. Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of these real estate fund investments as of March 31, 2019 and December 31, 2018 . Range Weighted Average (based on fair value of investments) Unobservable Quantitative Input March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Discount rates 10.0% to 15.0% 10.0% to 15.0% 13.4% 13.4% Terminal capitalization rates 5.5% to 7.7% 5.4% to 7.7% 5.8% 5.7% The above inputs are subject to change based on changes in economic and market conditions and/or changes in use or timing of exit. Changes in discount rates and terminal capitalization rates result in increases or decreases in the fair values of these investments. The discount rates encompass, among other things, uncertainties in the valuation models with respect to terminal capitalization rates and the amount and timing of cash flows. Therefore, a change in the fair value of these investments resulting from a change in the terminal capitalization rate may be partially offset by a change in the discount rate. It is not possible for us to predict the effect of future economic or market conditions on our estimated fair values. The table below summarizes the changes in the fair value of real estate fund investments that are classified as Level 3, for the three months ended March 31, 2019 and 2018 . (Amounts in thousands) For the Three Months Ended March 31, 2019 2018 Beginning balance $ 318,758 $ 354,804 Purchases/additional fundings 4,000 2,950 Net unrealized gain on held investments 100 — Dispositions — (20,291 ) Net realized loss on exited investments — (911 ) Ending balance $ 322,858 $ 336,552 15 . 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 period of time over which these underlying assets are expected to be liquidated is unknown. The third party administrator does not adjust these values in determining our share of the net assets and we do not adjust these values when reported in our consolidated financial statements. The table below summarizes the changes in the fair value of deferred compensation plan assets that are classified as Level 3, for the three months ended March 31, 2019 and 2018 . (Amounts in thousands) For the Three Months Ended March 31, 2019 2018 Beginning balance $ 37,808 $ 40,128 Sales (2,114 ) (1,635 ) Purchases 908 14 Realized and unrealized gains 523 678 Other, net 437 300 Ending balance $ 37,562 $ 39,485 Fair Value Measurements on a Nonrecurring Basis Assets measured at fair value on a nonrecurring basis on our consolidated balance sheets consist primarily of real estate assets required to be measured for impairment at December 31, 2018 . The fair values of real estate assets required to be measured for impairment were determined using comparable sales activity. There were no assets measured at fair value on a nonrecurring basis on our consolidated balance sheet as of March 31, 2019. (Amounts in thousands) As of December 31, 2018 Total Level 1 Level 2 Level 3 Real estate asset $ 14,971 $ — $ — $ 14,971 15 . Fair Value Measurements - continued Financial Assets and Liabilities not Measured at Fair Value Financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash equivalents (primarily money market funds, which invest in obligations of the United States government), and our secured and unsecured debt. Estimates of the fair value of these instruments are determined by the standard practice of modeling the contractual cash flows required under the instrument and discounting them back to their present value at the appropriate current risk adjusted interest rate, which is provided by a third-party specialist. For floating rate debt, we use forward rates derived from observable market yield curves to project the expected cash flows we would be required to make under the instrument. The fair values of cash equivalents and borrowings under our unsecured revolving credit facilities and unsecured term loan are classified as Level 1. The fair values of our secured and unsecured debt are classified as Level 2. The table below summarizes the carrying amounts and fair value of these financial instruments as of March 31, 2019 and December 31, 2018 . (Amounts in thousands) As of March 31, 2019 As of December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Cash equivalents $ 207,481 $ 207,000 $ 261,981 $ 262,000 Debt: Mortgages payable $ 6,556,034 $ 6,565,000 $ 8,215,847 $ 8,179,000 Senior unsecured notes 850,000 868,000 850,000 847,000 Unsecured term loan 750,000 750,000 750,000 750,000 Unsecured revolving credit facilities 530,000 530,000 80,000 80,000 Total $ 8,686,034 (1) $ 8,713,000 $ 9,895,847 (1) $ 9,856,000 ____________________ (1) Excludes $46,508 and $59,226 of deferred financing costs, net and other as of March 31, 2019 and December 31, 2018

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2019
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 ("OP units"), out-performance plan awards ("OPPs"), appreciation-only long-term incentive plan units (“AO LTIP Units”) and Performance Conditioned Appreciation-Only Long-Term Incentive Plan Units ("Performance Conditioned AO LTIP Units") to certain of our employees and officers. We account for all equity-based compensation in accordance with ASC Topic 718, Compensation - Stock Compensation . Stock-based compensation expense, a component of "general and administrative" expenses on our consolidated statements of income, was $31,654,000 and $13,669,000 for the three months ended March 31, 2019 and 2018, respectively. General and administrative expense for the three months ended March 31, 2019 includes $16,211,000 of non-cash expense for the accelerated vesting of previously issued OP Units and Vornado restricted stock due to the removal of the time-based vesting requirement to participants who have reached 65 years of age. The right to sell such awards remains subject to original terms of grant. The increase in expense in the first quarter of 2019 will be completely offset by lower non-cash stock-based compensation expense of $2,578,000 in each of the second, third and fourth quarters of 2019 and $8,477,000 thereafter. Performance Conditioned AO LTIP Units On January 14, 2019, the Committee approved the issuance of Performance Conditioned AO LTIP Units pursuant to the Plan to our named executive officers in our 2019 proxy statement ("NEOs"). Performance Conditioned AO LTIP Units are AO LTIP Units that require the achievement of certain performance conditions by a specified date or they are forfeited. The performance based condition is met if Vornado common shares trade at or above 110% of the $64.48 grant price per share for any 20 consecutive days on or before the fourth anniversary following the date of grant. If the performance conditions are not met, the awards are forfeited. If the performance conditions are met, once vested, the awards may be converted into Class A Operating Partnership units in the same manner as AO LTIP Units until ten years from the date of grant. The fair value of the Performance Conditioned AO LTIP Units on the date of grant was $8,983,000 , of which $7,481,000 was immediately expensed due to the acceleration of vesting for employees who are retirement eligible. The remaining $1,502,000

Interest and Other Investment I

Interest and Other Investment Income (Loss), Net	3 Months Ended
	Mar. 31, 2019
Interest and Other Income [Abstract]
Interest and Other Investment Income (Loss), Net	Interest and Other Investment Income (Loss), Net The following table sets forth the details of interest and other investment income (loss), net: (Amounts in thousands) For the Three Months Ended March 31, 2019 2018 Increase (decrease) in fair value of marketable securities: Lexington (see page 24 for details) $ 16,068 $ (32,875 ) PREIT (see page 24 for details) (15,649 ) — Other 42 (111 ) 461 (32,986 ) Interest on cash and cash equivalents and restricted cash 2,067 3,557 Interest on loans receivable 1,606 743 Dividends on marketable securities — 3,353 Other, net 911 949 $ 5,045 $ (24,384 )

Interest and Debt Expense

Interest and Debt Expense	3 Months Ended
	Mar. 31, 2019
Interest and Debt Expense [Abstract]
Interest And Debt Expense	Interest and Debt Expense The following table sets forth the details of interest and debt expense: (Amounts in thousands) For the Three Months Ended March 31, 2019 2018 Interest expense (1) $ 117,647 $ 94,788 Capitalized interest and debt expense (23,325 ) (14,726 ) Amortization of deferred financing costs 8,141 8,104 $ 102,463 $ 88,166 ____________________ (1) Includes $22,540 debt prepayment costs in connection with the redemption of $400,000 5.00%

Income (Loss) Per Share_Income

Income (Loss) Per Share/Income (Loss) Per Class A Unit	3 Months Ended
	Mar. 31, 2019
Vornado Realty L.P.
Earnings per share
Income (Loss) Per Share/Income (Loss) Per Class A Unit	Income (Loss) Per Share/Income (Loss) Per Class A Unit Vornado Realty Trust The following table provides a reconciliation of both net income attributable to Vornado and the number of common shares used in the computation of (i) basic income (loss) per common share - which includes the weighted average number of common shares outstanding without regard to dilutive potential common shares, and (ii) diluted income (loss) per common share - which includes the weighted average common shares and dilutive share equivalents. Dilutive share equivalents may include our Series A convertible preferred shares, employee stock options, restricted stock awards, OP Performance Units, AO LTIP Units, Performance Conditioned AO LTIP Units and OPPs. (Amounts in thousands, except per share amounts) For the Three Months Ended March 31, 2019 2018 Numerator: Income from continuing operations, net of income attributable to noncontrolling interests $ 194,150 $ 10,021 Loss from discontinued operations, net of income attributable to noncontrolling interests (128 ) (341 ) Net income attributable to Vornado 194,022 9,680 Preferred share dividends (12,534 ) (13,035 ) Preferred share issuance costs — (14,486 ) Net income (loss) attributable to common shareholders 181,488 (17,841 ) Earnings allocated to unvested participating securities (19 ) (11 ) Numerator for basic income (loss) per share 181,469 (17,852 ) Impact of assumed conversions: Convertible preferred share dividends 15 — Numerator for diluted income (loss) per share $ 181,484 $ (17,852 ) Denominator: Denominator for basic income (loss) per share – weighted average shares 190,689 190,081 Effect of dilutive securities (1) : Employee stock options and restricted share awards 271 — Convertible preferred shares 36 — Denominator for diluted income (loss) per share – weighted average shares and assumed conversions 190,996 190,081 INCOME (LOSS) PER COMMON SHARE – BASIC: Income (loss) from continuing operations, net $ 0.95 $ (0.09 ) Net income (loss) per common share $ 0.95 $ (0.09 ) INCOME (LOSS) PER COMMON SHARE – DILUTED: Income (loss) from continuing operations, net $ 0.95 $ (0.09 ) Net income (loss) per common share $ 0.95 $ (0.09 ) ____________________ (1) The effect of dilutive securities for the three months ended March 31, 2019 and 2018 excludes an aggregate of 12,525 and 13,334 weighted average common share equivalents, respectively, as their effect was anti-dilutive. 19 . Income (Loss) Per Share/Income (Loss) Per Class A Unit - continued Vornado Realty L.P. The following table provides a reconciliation of both net income attributable to Vornado Realty L.P. and the number of Class A units used in the computation of (i) basic income (loss) per Class A unit - which includes the weighted average number of Class A units outstanding without regard to dilutive potential Class A units, and (ii) diluted income (loss) per Class A unit - which includes the weighted average Class A units and dilutive unit equivalents. Dilutive unit equivalents may include our Series A convertible preferred units, Vornado stock options, Vornado restricted stock awards, OP Units, AO LTIP Units, Performance Conditioned AO LTIP Units and OPPs. (Amounts in thousands, except per unit amounts) For the Three Months Ended March 31, 2019 2018 Numerator: Income from continuing operations, net of income attributable to noncontrolling interests in consolidated subsidiaries $ 206,361 $ 8,919 Loss from discontinued operations (137 ) (363 ) Net income attributable to Vornado Realty L.P. 206,224 8,556 Preferred unit distributions (12,575 ) (13,084 ) Preferred unit issuance costs — (14,486 ) Net income (loss) attributable to Class A unitholders 193,649 (19,014 ) Earnings allocated to unvested participating securities (1,147 ) (771 ) Numerator for basic income (loss) per Class A unit 192,502 (19,785 ) Impact of assumed conversions: Convertible preferred unit distributions 15 — Numerator for diluted income (loss) per Class A unit $ 192,517 $ (19,785 ) Denominator: Denominator for basic income (loss) per Class A unit – weighted average units 202,772 201,929 Effect of dilutive securities (1) : Vornado stock options and restricted unit awards 536 — Convertible preferred units 36 — Denominator for diluted income (loss) per Class A unit – weighted average units and assumed conversions 203,344 201,929 INCOME (LOSS) PER CLASS A UNIT – BASIC: Income (loss) from continuing operations, net $ 0.95 $ (0.10 ) Net income (loss) per Class A unit $ 0.95 $ (0.10 ) INCOME (LOSS) PER CLASS A UNIT – DILUTED: Income (loss) from continuing operations, net $ 0.95 $ (0.10 ) Net income (loss) per Class A unit $ 0.95 $ (0.10 ) ____________________ (1) The effect of dilutive securities for the three months ended March 31, 2019 and 2018 excludes an aggregate of 177 and 1,446

Leases

Leases	3 Months Ended
	Mar. 31, 2019
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 rent payable monthly in advance. Office building leases generally require 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 their share of real estate taxes, insurance and common area maintenance. Certain leases also require additional variable rent payments based on a percentage of the tenants’ sales. None of our tenants accounted for more than 10% of total revenues for the three months ended March 31, 2019 and 2018 . We have elected to account for lease revenues (including base and variable rent) and the reimbursement of common area maintenance expenses as a single lease component recorded as "rental revenues" on our consolidated statements of income. As of March 31, 2019 , under ASC 842, future undiscounted cash flows under non-cancelable operating leases were as follows: (Amounts in thousands) As of March 31, 2019 For the remainder of 2019 $ 1,977,372 For the year ended December 31, 2020 1,525,340 2021 1,492,760 2022 1,433,740 2023 1,298,470 2024 1,080,729 Thereafter 4,929,317 As of December 31, 2018, under ASC 840, future undiscounted cash flows under non-cancelable operating leases were as follows: (Amounts in thousands) As of December 31, 2018 For the year ended December 31, 2019 $ 1,547,162 2020 1,510,097 2021 1,465,024 2022 1,407,615 2023 1,269,141 Thereafter 5,832,467 The components of lease revenues for the three months ended March 31, 2019 were as follows: (Amounts in thousands) For the Fixed lease revenues $ 414,877 Variable lease revenues 72,429 Lease revenues $ 487,306 20 . Leases - continued As lessee We have a number of ground leases which are classified as operating leases. On January 1, 2019, we recorded $526,866,000 of ROU assets and lease liabilities. Our ROU assets were reduced by $37,269,000 of accrued rent expense reclassified from “other liabilities” and $4,267,000 of acquired above-market lease liabilities, net, reclassified from “deferred revenue” and increased by $23,665,000 of acquired below-market lease assets, net, reclassified from “identified intangible assets, net of accumulated amortization” and $1,584,000 of prepaid lease payments reclassified from "other assets." As of March 31, 2019 , our ROU assets and lease liabilities were $457,662,000 and $484,173,000 , respectively. The discount rate applied to measure each ROU asset and lease liability is based on our incremental borrowing rate ("IBR"). We consider the general economic environment and our credit rating and factor in various financing and asset specific adjustments to ensure the IBR is appropriate to the intended use of the underlying lease. As we did not elect to apply hindsight, lease term assumptions determined under ASC 840 were carried forward and applied in calculating the lease liabilities recorded under ASC 842. Certain of our ground leases offer renewal options which we assess against relevant economic factors to determine whether we are reasonably certain of exercising or not exercising the option. Lease payments associated with renewal periods that we are reasonably certain will be exercised are included in the measurement of the corresponding lease liability and ROU asset. The following table sets forth information related to the measurement of our lease liabilities as of March 31, 2019 : (Amounts in thousands) As of March 31, 2019 Weighted average remaining lease term (in years) 41.55 Weighted average discount rate 4.89 % Cash paid for operating leases $ 6,111 We recognize rent expense as a component of "operating" expenses on our consolidated statements of income. Rent expense is comprised of fixed and variable lease payments. Variable lease payments include percentage rent and rent resets based on an index or rate. The following table sets forth the details of rent expense for the three months ended March 31, 2019 : (Amounts in thousands) For the Fixed rent expense $ 10,626 Variable rent expense 620 Rent expense $ 11,246 As of March 31, 2019 , future lease payments under operating ground leases were as follows: (Amounts in thousands) As of March 31, 2019 For the remainder of 2019 $ 20,361 For the year ended December 31, 2020 28,352 2021 28,745 2022 29,646 2023 30,061 2024 30,495 Thereafter 1,037,252 Total undiscounted cash flows 1,204,912 Present value discount (720,739 ) Lease liabilities $ 484,173 20 . Leases - continued As lessee - continued The future lease payments detailed on the previous page exclude the ground and building lease at the Farley Office and Retail Building (the "Project"). We have a 95% ownership interest in a joint venture with the Related Companies ("Related") which was designated by Empire State Development ("ESD"), an entity of New York State, to develop the Project. The Project 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. The joint venture has a 99 -year triple-net lease with ESD for the commercial space at the Project. The lease has not yet commenced since construction of the Project is on-going. The joint venture has entered into a development agreement with ESD to build the adjacent Moynihan Train Hall, with Vornado and Related each guaranteeing the joint venture's obligations. The joint venture has entered into a design-build contract with Skanska Moynihan Train Hall Builders pursuant to which they will build the Moynihan Train Hall, thereby fulfilling all of the joint venture's obligations to ESD. The obligations of Skanska Moynihan Train Hall Builders have been bonded by Skanska USA and bear a full guaranty from Skanska AB. As a result of our involvement in the construction of the asset, we have been deemed the accounting owner of the property in accordance with ASC 842-40-55. Future undiscounted cash flows for the lease, including fixed payments in lieu of real estate taxes, as of March 31, 2019 were as follows: (Amounts in thousands) As of March 31, 2019 For the remainder of 2019 $ 6,822 For the year ended December 31, 2020 10,402 2021 7,229 2022 7,444 2023 7,809 2024 8,330 Thereafter 519,048 As of December 31, 2018, under ASC 840, future lease payments under operating ground leases were as follows: (Amounts in thousands) As of December 31, 2018 For the year ended December 31, 2019 $ 46,147 2020 45,258 2021 42,600 2022 43,840 2023 44,747 Thereafter 1,612,627
Leases	Leases As lessor We lease space to tenants under operating leases. Most of the leases provide for the payment of fixed base rent payable monthly in advance. Office building leases generally require 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 their share of real estate taxes, insurance and common area maintenance. Certain leases also require additional variable rent payments based on a percentage of the tenants’ sales. None of our tenants accounted for more than 10% of total revenues for the three months ended March 31, 2019 and 2018 . We have elected to account for lease revenues (including base and variable rent) and the reimbursement of common area maintenance expenses as a single lease component recorded as "rental revenues" on our consolidated statements of income. As of March 31, 2019 , under ASC 842, future undiscounted cash flows under non-cancelable operating leases were as follows: (Amounts in thousands) As of March 31, 2019 For the remainder of 2019 $ 1,977,372 For the year ended December 31, 2020 1,525,340 2021 1,492,760 2022 1,433,740 2023 1,298,470 2024 1,080,729 Thereafter 4,929,317 As of December 31, 2018, under ASC 840, future undiscounted cash flows under non-cancelable operating leases were as follows: (Amounts in thousands) As of December 31, 2018 For the year ended December 31, 2019 $ 1,547,162 2020 1,510,097 2021 1,465,024 2022 1,407,615 2023 1,269,141 Thereafter 5,832,467 The components of lease revenues for the three months ended March 31, 2019 were as follows: (Amounts in thousands) For the Fixed lease revenues $ 414,877 Variable lease revenues 72,429 Lease revenues $ 487,306 20 . Leases - continued As lessee We have a number of ground leases which are classified as operating leases. On January 1, 2019, we recorded $526,866,000 of ROU assets and lease liabilities. Our ROU assets were reduced by $37,269,000 of accrued rent expense reclassified from “other liabilities” and $4,267,000 of acquired above-market lease liabilities, net, reclassified from “deferred revenue” and increased by $23,665,000 of acquired below-market lease assets, net, reclassified from “identified intangible assets, net of accumulated amortization” and $1,584,000 of prepaid lease payments reclassified from "other assets." As of March 31, 2019 , our ROU assets and lease liabilities were $457,662,000 and $484,173,000 , respectively. The discount rate applied to measure each ROU asset and lease liability is based on our incremental borrowing rate ("IBR"). We consider the general economic environment and our credit rating and factor in various financing and asset specific adjustments to ensure the IBR is appropriate to the intended use of the underlying lease. As we did not elect to apply hindsight, lease term assumptions determined under ASC 840 were carried forward and applied in calculating the lease liabilities recorded under ASC 842. Certain of our ground leases offer renewal options which we assess against relevant economic factors to determine whether we are reasonably certain of exercising or not exercising the option. Lease payments associated with renewal periods that we are reasonably certain will be exercised are included in the measurement of the corresponding lease liability and ROU asset. The following table sets forth information related to the measurement of our lease liabilities as of March 31, 2019 : (Amounts in thousands) As of March 31, 2019 Weighted average remaining lease term (in years) 41.55 Weighted average discount rate 4.89 % Cash paid for operating leases $ 6,111 We recognize rent expense as a component of "operating" expenses on our consolidated statements of income. Rent expense is comprised of fixed and variable lease payments. Variable lease payments include percentage rent and rent resets based on an index or rate. The following table sets forth the details of rent expense for the three months ended March 31, 2019 : (Amounts in thousands) For the Fixed rent expense $ 10,626 Variable rent expense 620 Rent expense $ 11,246 As of March 31, 2019 , future lease payments under operating ground leases were as follows: (Amounts in thousands) As of March 31, 2019 For the remainder of 2019 $ 20,361 For the year ended December 31, 2020 28,352 2021 28,745 2022 29,646 2023 30,061 2024 30,495 Thereafter 1,037,252 Total undiscounted cash flows 1,204,912 Present value discount (720,739 ) Lease liabilities $ 484,173 20 . Leases - continued As lessee - continued The future lease payments detailed on the previous page exclude the ground and building lease at the Farley Office and Retail Building (the "Project"). We have a 95% ownership interest in a joint venture with the Related Companies ("Related") which was designated by Empire State Development ("ESD"), an entity of New York State, to develop the Project. The Project 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. The joint venture has a 99 -year triple-net lease with ESD for the commercial space at the Project. The lease has not yet commenced since construction of the Project is on-going. The joint venture has entered into a development agreement with ESD to build the adjacent Moynihan Train Hall, with Vornado and Related each guaranteeing the joint venture's obligations. The joint venture has entered into a design-build contract with Skanska Moynihan Train Hall Builders pursuant to which they will build the Moynihan Train Hall, thereby fulfilling all of the joint venture's obligations to ESD. The obligations of Skanska Moynihan Train Hall Builders have been bonded by Skanska USA and bear a full guaranty from Skanska AB. As a result of our involvement in the construction of the asset, we have been deemed the accounting owner of the property in accordance with ASC 842-40-55. Future undiscounted cash flows for the lease, including fixed payments in lieu of real estate taxes, as of March 31, 2019 were as follows: (Amounts in thousands) As of March 31, 2019 For the remainder of 2019 $ 6,822 For the year ended December 31, 2020 10,402 2021 7,229 2022 7,444 2023 7,809 2024 8,330 Thereafter 519,048 As of December 31, 2018, under ASC 840, future lease payments under operating ground leases were as follows: (Amounts in thousands) As of December 31, 2018 For the year ended December 31, 2019 $ 46,147 2020 45,258 2021 42,600 2022 43,840 2023 44,747 Thereafter 1,612,627

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
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 $260,000,000 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 the 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 $1,453,000 and 19% of the balance of a covered loss and the Federal government is responsible for the remaining portion of a covered loss. We are ultimately responsible for any loss incurred by PPIC. We continue to monitor the state of the insurance market and the scope and cost of coverage for acts of terrorism. However, we cannot anticipate what coverage will be available on commercially reasonable terms in the future. 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, 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 a reasonable cost in the future. Further, if lenders insist on greater coverage than we are able to obtain, it could adversely affect our ability to finance or refinance our properties and expand our portfolio. 21 . 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 cost to us. Our mortgage loans are non-recourse to us, except for the mortgage loan secured by 7 West 34th Street and 435 Seventh Avenue, which we guaranteed and therefore is part of our tax basis. In certain cases we have provided guarantees or master leased tenant space. These guarantees and master leases terminate either upon the satisfaction of specified circumstances or repayment of the underlying loans. As of March 31, 2019 , the aggregate dollar amount of these guarantees and master leases is approximately $582,000,000 . As of March 31, 2019 , $15,365,000 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 rate coverage and maximum debt to market capitalization ratios, and provide for higher interest rates in the event of a decline in our ratings below Baa3/BBB. Our unsecured revolving credit facilities also contain customary conditions precedent to borrowing, including representations and warranties, and also contain customary events of default that could give rise to accelerated repayment, including such items as failure to pay interest or principal. A joint venture in which we own a 95.0% ownership interest was designated by Empire State Development ("ESD"), an entity of New York State, to develop the Farley Office and Retail Building. 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 March 31, 2019 , we expect to fund additional capital to certain of our partially owned entities aggregating approximately $16,000,000 . As of March 31, 2019 , we have construction commitments aggregating approximately $774,000,000 .

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Segment Information	Segment Information 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, the most directly comparable GAAP financial measure, to NOI at share and NOI at share - cash basis for the three months ended March 31, 2019 and 2018 . (Amounts in thousands) For the Three Months Ended March 31, 2019 2018 Net income $ 213,044 $ 282 Deduct: (Income) loss from partially owned entities (7,320 ) 9,904 Interest and other investment (income) loss, net (5,045 ) 24,384 Net gains on disposition of wholly owned and partially owned assets (220,294 ) — NOI attributable to noncontrolling interests in consolidated subsidiaries (17,403 ) (17,312 ) Add: Loss from real estate fund investments 167 8,807 Depreciation and amortization expense 116,709 108,686 General and administrative expense 58,020 42,533 Transaction related costs and other 149 13,156 NOI from partially owned entities 67,402 67,513 Interest and debt expense 102,463 88,166 Loss from discontinued operations 137 363 Income tax expense 29,743 2,554 NOI at share 337,772 349,036 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (5,181 ) (17,948 ) NOI at share - cash basis $ 332,591 $ 331,088 22 . Segment Information - continued Below is a summary of NOI at share and NOI at share - cash basis by segment for the three months ended March 31, 2019 and 2018 . (Amounts in thousands) For the Three Months Ended March 31, 2019 Total New York Other Total revenues $ 534,668 $ 443,285 $ 91,383 Operating expenses 246,895 198,095 48,800 NOI - consolidated 287,773 245,190 42,583 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (17,403 ) (11,407 ) (5,996 ) Add: NOI from partially owned entities 67,402 49,575 17,827 NOI at share 337,772 283,358 54,414 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (5,181 ) (6,618 ) 1,437 NOI at share - cash basis $ 332,591 $ 276,740 $ 55,851 (Amounts in thousands) For the Three Months Ended March 31, 2018 Total New York Other Total revenues $ 536,437 $ 448,484 $ 87,953 Operating expenses 237,602 197,916 39,686 NOI - consolidated 298,835 250,568 48,267 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (17,312 ) (11,745 ) (5,567 ) Add: NOI from partially owned entities 67,513 49,773 17,740 NOI at share 349,036 288,596 60,440 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (17,948 ) (17,323 ) (625 ) NOI at share - cash basis $ 331,088 $ 271,273 $ 59,815

Recently Issued Accounting Li_2

Recently Issued Accounting Literature (Policies)	3 Months Ended
	Mar. 31, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Basis of Presentation	The accompanying consolidated financial statements are unaudited and include the accounts of Vornado and the Operating Partnership and their consolidated subsidiaries. All inter-company amounts have been eliminated and all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2018 , as filed with the SEC. We have made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three months ended March 31, 2019 are not necessarily indicative of the operating results for the full year. Certain prior year balances have been reclassified in order to conform to the current period presentation. For the three months ended March 31, 2018, expense of $1,100,000 related to New York City Unincorporated Business Tax was reclassified from "general and administrative" expenses to "income tax expense" on our consolidated statements of income. In addition, for the three months ended March 31, 2018, "property rentals" and "tenant expense reimbursements" of $440,110,000 and $60,310,000 , respectively, were grouped into "rental revenues" on our consolidated statements of income in accordance with Accounting Standards Codification ("ASC") Topic 205,
Recently Issued Accounting Literature	In February 2016, the Financial Accounting Standards Board ("FASB") issued an update (“ASU 2016-02”) establishing ASC Topic 842, Leases ("ASC 842"), as amended by subsequent ASUs on the topic, 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 two-method 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 ("ROU") and a lease liability for all leases with a term of greater than 12 months. Lease liabilities equal the present value of future lease payments. Right-of-use assets equal the lease liabilities less adjustments for accrued rent expense, initial direct costs and prepaid lease payments. Leases with a term of 12 months or less will be accounted for similar to the previously existing lease guidance under ASC Topic 840, Leases ("ASC 840"). Lease expense is recognized 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 ASC 840. We adopted this standard effective January 1, 2019. We have completed our evaluation of the overall impact of the adoption of ASU 2016-02 on our consolidated financial statements and accounting policies. In transitioning to ASC 842, we elected to use the practical expedient package available to us and did not elect to use hindsight. We have 12 ground leases, which are classified as operating leases, for which we are required to record a right-of-use asset and a lease liability equal to the present value of the future lease payments, and will continue to recognize expense on a straight-line basis for these leases. On January 1, 2019, we recorded an aggregate of $526,866,000 of right-of-use assets and a corresponding $526,866,000 of lease liabilities as a result of the adoption of this standard (see Note 20 - Leases ). 3 . Recently Issued Accounting Literature - continued 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, beginning January 1, 2019, we no longer capitalize internal leasing costs and instead expense these costs as incurred, as a component of "general and administrative" expense on our consolidated statements of income. For the three months ended March 31, 2018, we capitalized $ 1,348,000 of internal leasing costs. In addition, the new standard requires changes to our provision policy for lease receivables. Under ASC 842, we must assess whether it is probable that we will collect substantially all of the lease payments based on the credit risk factors of our tenants. Changes to the collectability of our operating leases are recorded as adjustments to "rental revenues" on our consolidated statements of income which resulted in a $890,000 decrease for the three months ending March 31, 2019. In February 2016, the FASB issued an update (“ASU 2016-13”) Measurement of Credit Losses on Financial Instruments establishing ASC Topic 326, Financial Instruments - Credit Losses (“ASC 326”), as amended by subsequent ASUs on the topic. ASU 2016-13 changes how entities will account for credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance replaces the current “incurred loss” model with an “expected loss” model that requires consideration of a broader range of information to estimate expected credit losses over the lifetime of the financial asset. ASU 2016-13 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2019. We are currently evaluating the impact of the adoption of ASU 2016-13 on our consolidated financial statements, but do not believe the adoption of this standard will have a material impact on our consolidated financial statements. In August 2018, the FASB issued an update (“ASU 2018-13”) Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement to ASC Topic 820, Fair Value Measurement (“ASC 820”). ASU 2018-13 modifies the disclosure requirements for fair value measurements by removing, modifying, and/or adding certain disclosures. ASU 2018-13 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2019. We elected to early adopt ASU 2018-13 effective January 1, 2019. The adoption of this update did not have a material impact on our consolidated financial statements and disclosures. In October 2018, the FASB issued an update ("ASU 2018-16") Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes to ASC Topic 815, Derivatives and Hedging
Revenue	Our revenues primarily consist of rental revenues and fee and other income. We operate in two reportable segments: New York and Other, with a significant portion of our revenues included in the New York segment. We have the following revenue sources and revenue recognition policies: • Rental revenues include revenues from the leasing of space at our properties to tenants and revenues from the Hotel Pennsylvania, trade shows and tenant services. ◦ Revenues from the leasing of space at our properties to tenants includes (i) lease components, including fixed and variable lease payments, and nonlease components which include reimbursement of common area maintenance expenses, and (ii) reimbursement of real estate taxes and insurance expenses. As lessor, we have elected to combine the lease and nonlease components of our operating lease agreements and account for the components as a single lease component in accordance with ASC 842. Lease revenues and reimbursement of common area maintenance, real estate taxes and insurance are presented on the following page as "property rentals." Revenues derived from fixed lease payments are recognized on a straight-line basis over the non-cancelable period of the lease, together with renewal options that are reasonably certain of being exercised. We commence rental revenue recognition when the underlying asset is available for use by the lessee. Revenue derived from the reimbursement of real estate taxes, insurance expenses and common area maintenance expenses are generally recognized in the same period as the related expenses are incurred. ◦ Hotel revenue arising from the operation of Hotel Pennsylvania consists of room revenue, food and beverage revenue, and banquet revenue. Room revenue is recognized when the rooms are made available for the guest, in accordance with ASC 842. ◦ Trade shows revenue arising from the operation of trade shows is primarily booth rentals. This revenue is recognized upon the occurrence of the trade shows when the trade show booths are made available for use by the exhibitors, in accordance with ASC 842. ◦ Tenant services revenue arises from sub-metered electric, elevator, trash removal and other services provided to tenants at their request. This revenue is recognized as the services are transferred in accordance with ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"). •
Real Estate Fund Investments	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% Financial Services – Investment Companies
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.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 Topic 480, Distinguishing Liabilities and Equity
Fair Value Measurement	ASC 820 defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment is necessary to interpret Level 2 and 3 inputs in determining the fair value of our financial and non-financial assets and liabilities. Accordingly, our fair value estimates, which are made at the end of each reporting period, may be different than the amounts that may ultimately be realized upon sale or disposition of these assets.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Summary of Revenue Sources by Segment	Below is a summary of our revenues by segment. Additional financial information related to these reportable segments for the three months ended March 31, 2019 and 2018 is set forth in Note 22 - Segment Information . (Amounts in thousands) For the Three Months Ended March 31, 2019 Total New York Other Property rentals $ 457,741 $ 385,803 $ 71,938 Hotel Pennsylvania 12,609 12,609 — Trade shows 16,956 — 16,956 Lease revenues 487,306 398,412 88,894 Tenant services 12,571 9,225 3,346 Rental revenues 499,877 407,637 92,240 BMS cleaning fees 29,785 31,757 (1,972 ) (1) Management and leasing fees 2,237 2,251 (14 ) Other income 2,769 1,640 1,129 Fee and other income 34,791 35,648 (857 ) Total revenues $ 534,668 $ 443,285 $ 91,383 ____________________ (1) Represents the elimination of theMART and 555 California Street BMS cleaning fees which are included as income in the New York segment. (Amounts in thousands) For the Three Months Ended March 31, 2018 Total New York Other Property rentals $ 454,403 $ 389,385 $ 65,018 Hotel Pennsylvania 14,680 14,680 — Trade shows 18,873 — 18,873 Lease revenues 487,956 404,065 83,891 Tenant services 12,464 9,771 2,693 Rental revenues 500,420 413,836 86,584 BMS cleaning fees 28,355 30,153 (1,798 ) (1) Management and leasing fees 2,764 2,481 283 Other income 4,898 2,014 2,884 Fee and other income 36,017 34,648 1,369 Total revenues $ 536,437 $ 448,484 $ 87,953 ____________________ (1) Represents the elimination of theMART and 555 California Street BMS cleaning fees which are included as income in the New York segment.

Real Estate Fund Investments (T

Real Estate Fund Investments (Tables)	3 Months Ended
	Mar. 31, 2019
Real Estate Fund Investments [Abstract]
Schedule Of Income And Loss From The Fund	Below is a summary of loss from the Fund and the Crowne Plaza Joint Venture for the three months ended March 31, 2019 and 2018 . (Amounts in thousands) For the Three Months Ended March 31, 2019 2018 Net investment (loss) income $ (267 ) $ 2,734 Net unrealized gain on held investments 100 — New York City real property transfer tax (the "Transfer Tax") — (10,630 ) (1) Net realized loss on exited investments — (911 ) Loss from real estate fund investments (167 ) (8,807 ) Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries (2,737 ) 5,369 Loss from real estate fund investments attributable to the Operating Partnership (2,904 ) (3,438 ) Less loss attributable to noncontrolling interests in the Operating Partnership 182 212 Loss from real estate fund investments attributable to Vornado $ (2,722 ) $ (3,226 ) ____________________ (1)

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2019
Marketable Securities [Abstract]
Unrealized Gain (Loss) on Investments	The table below summarizes the changes of our marketable securities portfolio for the three months ended March 31, 2019 . (Amounts in thousands) For the Three Months Ended March 31, 2019 Total Lexington Realty Trust PREIT Other Balance, December 31, 2018 $ 152,198 $ 151,630 $ — $ 568 Sale of marketable securities (167,755 ) (167,698 ) — (57 ) Transfer of PREIT investment balance at Conversion Date 54,962 — 54,962 — Increase (decrease) in fair value of marketable securities (1) 461 16,068 (15,649 ) 42 Balance, March 31, 2019 $ 39,866 $ — $ 39,313 $ 553 ____________________ (1) Included in “interest and other investment income (loss), net” on our consolidated statements of income (see Note 17 - Interest and Other Investment Income (Loss), Net

Investments in Partially Owne_2

Investments in Partially Owned Entities (Tables)	3 Months Ended
	Mar. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Below is a schedule summarizing our investments in partially owned entities. (Amounts in thousands) Percentage Ownership at Balance as of March 31, 2019 December 31, 2018 Investments: Partially owned office buildings/land (1) Various $ 478,240 $ 499,005 Alexander’s 32.4% 106,786 107,983 PREIT (2) N/A — 59,491 UE (3) N/A — 45,344 Other investments (4) Various 145,238 146,290 $ 730,264 $ 858,113 Investments in partially owned entities included in other liabilities (5) : 330 Madison Avenue 25.0% $ (60,054 ) $ (58,117 ) 7 West 34th Street 53.0% (51,464 ) (51,579 ) 85 Tenth Avenue 49.9% (5,857 ) — $ (117,375 ) $ (109,696 ) ____________________ (1) Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 512 West 22nd Street, 61 Ninth Avenue and others. (2) On March 12, 2019, we converted all of our PREIT operating partnership units into common shares and began accounting for our investment as a marketable security in accordance with ASC 321 (see Note 6 - Marketable Securities ). (3) Sold on March 4, 2019 (see page 25 for details). (4) Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, Rosslyn Plaza, 50-70 West 93rd Street and others. (5) Our negative basis results from distributions in excess of our investment. Below is a schedule of net income (loss) from partially owned entities. (Amounts in thousands) Percentage For the Three Months Ended March 31, 2019 2018 Our share of net income (loss): Alexander's (see page 25 for details): Equity in net income (loss) (1) 32.4% $ 5,717 $ (3,209 ) Management, leasing and development fees 1,057 1,208 6,774 (2,001 ) Partially owned office buildings (2) Various 106 (4,283 ) Other investments (3) Various 440 (3,620 ) $ 7,320 $ (9,904 ) ____________________ (1) 2018 includes our $7,708 share of Alexander's disputed additional Transfer Tax related to the November 2012 sale of Kings Plaza Regional Shopping Center based on the precedent established by the Tax Tribunal's decision regarding One Park Avenue (see Note 5 - Real Estate Fund Investments ). (2) Includes interests in 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. 2018 includes our $4,978 share of disputed additional Transfer Tax related to the March 2011 acquisition of One Park Avenue (see Note 5 - Real Estate Fund Investments ). (3)

Properties Held for Sale (Table

Properties Held for Sale (Tables)	3 Months Ended
	Mar. 31, 2019
Properties Held for Sale [Abstract]
Summary of Preferred Equity Interests and Effective Ownership Interest	The table below summarizes our effective ownership interests in the Properties transferred to Fifth Avenue and Times Square JV and our preferred equity interests following the Transaction and the anticipated closing of the mortgage loan on 640 Fifth Avenue. (Amounts in thousands) Vornado's Effective Ownership Interest Percentage Vornado's Preferred Equity Interests Properties transferred to Fifth Avenue and Times Square JV: 640 Fifth Avenue 52.0 % $ — 655 Fifth Avenue 50.0 % 140,000 666 Fifth Avenue 52.0 % 390,000 689 Fifth Avenue 52.0 % 130,000 697-703 Fifth Avenue 44.8 % — 1535 Broadway 52.0 % 628,875 1540 Broadway 52.0 % 538,875 $ 1,827,750
Assets and Liabilities of Properties Held for Sale	The following table summarizes the assets and liabilities associated with the Properties classified as held for sale: (Amounts in thousands) Balance as of Assets held for sale: Real estate, net $ 2,656,509 Right-of-use asset 49,134 Restricted cash 8,828 Receivable arising from the straight-lining of rents 167,612 Deferred leasing costs, net 70,511 Identified intangible assets, net 74,464 $ 3,027,058 Liabilities related to assets held for sale: Mortgages payable, net $ 971,618 Lease liability 41,235 Deferred revenue 84,497 $ 1,097,350

Identified Intangible Assets _2

Identified Intangible Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2019
Finite-Lived Intangible Assets and Liabilities
Schedule of Identified Intangible Assets and Intangible Liabilities	The following summarizes our identified intangible assets (primarily above-market leases) and liabilities (primarily acquired below-market leases) as of March 31, 2019 and December 31, 2018 . (Amounts in thousands) Balance as of March 31, 2019 December 31, 2018 Identified intangible assets: Gross amount $ 131,910 $ 308,895 Accumulated amortization (97,749 ) (172,114 ) Total, net $ 34,161 $ 136,781 Identified intangible liabilities (included in deferred revenue): Gross amount $ 386,512 $ 503,373 Accumulated amortization (321,152 ) (341,779 ) Total, net $ 65,360 $ 161,594
Below Market Leases Net Of Above Market Leases
Finite-Lived Intangible Assets and Liabilities
Schedule of future amortization expense of intangible assets	Estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding years commencing January 1, 2020 is as follows: (Amounts in thousands) 2020 $ 16,605 2021 11,932 2022 8,800 2023 6,269 2024 2,497
Other Identified Intangible Assets
Finite-Lived Intangible Assets and Liabilities
Schedule of future amortization expense of intangible assets	Estimated annual amortization of all other identified intangible assets including acquired in-place leases for each of the five succeeding years commencing January 1, 2020 is as follows: (Amounts in thousands) 2020 $ 6,308 2021 4,779 2022 3,049 2023 2,962 2024 2,350

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of Debt	The following is a summary of our debt: (Amounts in thousands) Weighted Average Interest Rate at Balance as of March 31, 2019 December 31, 2018 Mortgages Payable: Fixed rate 3.52% $ 4,610,526 $ 5,003,465 Variable rate 4.20% 1,945,508 3,212,382 Total 3.72% 6,556,034 8,215,847 Deferred financing costs, net and other (36,845 ) (48,049 ) Total, net $ 6,519,189 $ 8,167,798 Unsecured Debt: Senior unsecured notes 4.21% $ 850,000 $ 850,000 Deferred financing costs, net and other (4,739 ) (5,998 ) Senior unsecured notes, net 845,261 844,002 Unsecured term loan 3.87% 750,000 750,000 Deferred financing costs, net and other (4,924 ) (5,179 ) Unsecured term loan, net 745,076 744,821 Unsecured revolving credit facilities 3.46% 530,000 80,000 Total, net $ 2,120,337 $ 1,668,823

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests/Redeemable Partnership Units (Tables)	3 Months Ended
	Mar. 31, 2019
Noncontrolling Interest [Abstract]
Summary Of Activity Of Redeemable Noncontrolling Interests	(Amounts in thousands) Balance, December 31, 2018 $ 783,562 Net income 12,202 Other comprehensive loss (1,276 ) Distributions (8,488 ) Redemption of Class A units for Vornado common shares, at redemption value (3,181 ) Adjustments to carry redeemable Class A units at redemption value 65,818 Other, net 18,448 Balance, March 31, 2019 $ 867,085 Balance, December 31, 2017 $ 984,937 Net loss (1,124 ) Other comprehensive income 654 Distributions (7,906 ) Redemption of Class A units for Vornado common shares, at redemption value (8,392 ) Adjustments to carry redeemable Class A units at redemption value (114,856 ) Other, net 3,713 Balance, March 31, 2018 $ 857,026

Shareholders' Equity_Partners_2

Shareholders' Equity/Partners' Capital (Tables)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Schedule of Dividends	The following table sets forth the details of our dividends/distributions per common share/Class A unit and dividends/distributions per share/unit for each class of preferred shares/units of beneficial interest for the three months ended March 31, 2019 and 2018 . Per Share/Unit Shares/Units: 2019 2018 Common shares/Class A units held by Vornado: authorized 250,000,000 shares/units $ 0.66 $ 0.63 Convertible Preferred (1) : 6.5% Series A: authorized 83,977 shares/units (2) 0.8125 0.8125 Cumulative Redeemable Preferred (1) : 5.70% Series K: authorized 12,000,000 shares/units (3) 0.3563 0.3563 5.40% Series L: authorized 12,000,000 shares/units (3) 0.3375 0.3375 5.25% Series M: authorized 12,780,000 shares/units (3) 0.3281 0.3281 ____________________ (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
Schedule of Accumulated Other Comprehensive Income (Loss)	The following tables set forth the changes in accumulated other comprehensive (loss) income by component for the three months ended March 31, 2019 and 2018. (Amounts in thousands) Total Marketable securities Pro rata share of nonconsolidated subsidiaries' OCI Interest rate swaps Other For the Three Months Ended March 31, 2019 Balance, December 31, 2018 $ 7,664 $ — $ 3,253 $ 11,759 $ (7,348 ) Net current period other comprehensive (loss) income (16,738 ) — (985 ) (17,029 ) 1,276 Amount reclassified from AOCI (1) (2,311 ) — (2,311 ) — — Balance, March 31, 2019 $ (11,385 ) $ — $ (43 ) $ (5,270 ) $ (6,072 ) For the Three Months Ended March 31, 2018 Balance, December 31, 2017 $ 128,682 $ 109,554 $ 3,769 $ 23,542 $ (8,183 ) Cumulative effect of accounting change (108,374 ) (109,554 ) (1,671 ) 2,851 — Net current period other comprehensive income (loss) 9,950 — 346 10,258 (654 ) Balance, March 31, 2018 $ 30,258 $ — $ 2,444 $ 36,651 $ (8,837 ) ____________________ (1)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Fair value, measurement inputs, disclosure	The tables below aggregate the fair values of these financial assets and liabilities by their levels in the fair value hierarchy as of March 31, 2019 and December 31, 2018 , respectively. (Amounts in thousands) As of March 31, 2019 Total Level 1 Level 2 Level 3 Marketable securities $ 39,866 $ 39,866 $ — $ — Real estate fund investments 322,858 — — 322,858 Deferred compensation plan assets ($8,747 included in restricted cash and $93,176 in other assets) 101,923 64,361 — 37,562 Interest rate swaps (included in other assets) 19,613 — 19,613 — Total assets $ 484,260 $ 104,227 $ 19,613 $ 360,420 Mandatorily redeemable instruments (included in other liabilities) $ 50,561 $ 50,561 $ — $ — Interest rate swaps (included in other liabilities) 24,851 — 24,851 — Total liabilities $ 75,412 $ 50,561 $ 24,851 $ — (Amounts in thousands) As of December 31, 2018 Total Level 1 Level 2 Level 3 Marketable securities $ 152,198 $ 152,198 $ — $ — Real estate fund investments 318,758 — — 318,758 Deferred compensation plan assets ($8,402 included in restricted cash and $88,122 in other assets) 96,524 58,716 — 37,808 Interest rate swaps (included in other assets) 27,033 — 27,033 — Total assets $ 594,513 $ 210,914 $ 27,033 $ 356,566 Mandatorily redeemable instruments (included in other liabilities) $ 50,561 $ 50,561 $ — $ — Interest rate swaps (included in other liabilities) 15,236 — 15,236 — Total liabilities $ 65,797 $ 50,561 $ 15,236 $ —
Fair value measurements, nonrecurring	(Amounts in thousands) As of December 31, 2018 Total Level 1 Level 2 Level 3 Real estate asset $ 14,971 $ — $ — $ 14,971
Schedule of carrying amounts and fair values of financial instruments	The table below summarizes the carrying amounts and fair value of these financial instruments as of March 31, 2019 and December 31, 2018 . (Amounts in thousands) As of March 31, 2019 As of December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Cash equivalents $ 207,481 $ 207,000 $ 261,981 $ 262,000 Debt: Mortgages payable $ 6,556,034 $ 6,565,000 $ 8,215,847 $ 8,179,000 Senior unsecured notes 850,000 868,000 850,000 847,000 Unsecured term loan 750,000 750,000 750,000 750,000 Unsecured revolving credit facilities 530,000 530,000 80,000 80,000 Total $ 8,686,034 (1) $ 8,713,000 $ 9,895,847 (1) $ 9,856,000 ____________________ (1) Excludes $46,508 and $59,226 of deferred financing costs, net and other as of March 31, 2019 and December 31, 2018
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 as of March 31, 2019 and December 31, 2018 . Range Weighted Average (based on fair value of investments) Unobservable Quantitative Input March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Discount rates 10.0% to 15.0% 10.0% to 15.0% 13.4% 13.4% Terminal capitalization rates 5.5% to 7.7% 5.4% to 7.7% 5.8% 5.7%
Summary of changes in level 3 plan assets	The table below summarizes the changes in the fair value of real estate fund investments that are classified as Level 3, for the three months ended March 31, 2019 and 2018 . (Amounts in thousands) For the Three Months Ended March 31, 2019 2018 Beginning balance $ 318,758 $ 354,804 Purchases/additional fundings 4,000 2,950 Net unrealized gain on held investments 100 — Dispositions — (20,291 ) Net realized loss on exited investments — (911 ) Ending balance $ 322,858 $ 336,552
Deferred Compensation Plan Assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Changes in the fair value of deferred compensation plan assets	The table below summarizes the changes in the fair value of deferred compensation plan assets that are classified as Level 3, for the three months ended March 31, 2019 and 2018 . (Amounts in thousands) For the Three Months Ended March 31, 2019 2018 Beginning balance $ 37,808 $ 40,128 Sales (2,114 ) (1,635 ) Purchases 908 14 Realized and unrealized gains 523 678 Other, net 437 300 Ending balance $ 37,562 $ 39,485

Interest and Other Investment_2

Interest and Other Investment Income (Loss), Net (Tables)	3 Months Ended
	Mar. 31, 2019
Interest and Other Income [Abstract]
Schedule Of Interest And Other Investment Income, Net	The following table sets forth the details of interest and other investment income (loss), net: (Amounts in thousands) For the Three Months Ended March 31, 2019 2018 Increase (decrease) in fair value of marketable securities: Lexington (see page 24 for details) $ 16,068 $ (32,875 ) PREIT (see page 24 for details) (15,649 ) — Other 42 (111 ) 461 (32,986 ) Interest on cash and cash equivalents and restricted cash 2,067 3,557 Interest on loans receivable 1,606 743 Dividends on marketable securities — 3,353 Other, net 911 949 $ 5,045 $ (24,384 )

Interest and Debt Expense (Tabl

Interest and Debt Expense (Tables)	3 Months Ended
	Mar. 31, 2019
Interest and Debt Expense [Abstract]
Interest And Debt Expense	The following table sets forth the details of interest and debt expense: (Amounts in thousands) For the Three Months Ended March 31, 2019 2018 Interest expense (1) $ 117,647 $ 94,788 Capitalized interest and debt expense (23,325 ) (14,726 ) Amortization of deferred financing costs 8,141 8,104 $ 102,463 $ 88,166 ____________________ (1) Includes $22,540 debt prepayment costs in connection with the redemption of $400,000 5.00%

Income (Loss) Per Share_Incom_2

Income (Loss) Per Share/Income (Loss) Per Class A Unit (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings per share
Schedule Of Earnings Per Share Basic And Diluted	Vornado Realty Trust The following table provides a reconciliation of both net income attributable to Vornado and the number of common shares used in the computation of (i) basic income (loss) per common share - which includes the weighted average number of common shares outstanding without regard to dilutive potential common shares, and (ii) diluted income (loss) per common share - which includes the weighted average common shares and dilutive share equivalents. Dilutive share equivalents may include our Series A convertible preferred shares, employee stock options, restricted stock awards, OP Performance Units, AO LTIP Units, Performance Conditioned AO LTIP Units and OPPs. (Amounts in thousands, except per share amounts) For the Three Months Ended March 31, 2019 2018 Numerator: Income from continuing operations, net of income attributable to noncontrolling interests $ 194,150 $ 10,021 Loss from discontinued operations, net of income attributable to noncontrolling interests (128 ) (341 ) Net income attributable to Vornado 194,022 9,680 Preferred share dividends (12,534 ) (13,035 ) Preferred share issuance costs — (14,486 ) Net income (loss) attributable to common shareholders 181,488 (17,841 ) Earnings allocated to unvested participating securities (19 ) (11 ) Numerator for basic income (loss) per share 181,469 (17,852 ) Impact of assumed conversions: Convertible preferred share dividends 15 — Numerator for diluted income (loss) per share $ 181,484 $ (17,852 ) Denominator: Denominator for basic income (loss) per share – weighted average shares 190,689 190,081 Effect of dilutive securities (1) : Employee stock options and restricted share awards 271 — Convertible preferred shares 36 — Denominator for diluted income (loss) per share – weighted average shares and assumed conversions 190,996 190,081 INCOME (LOSS) PER COMMON SHARE – BASIC: Income (loss) from continuing operations, net $ 0.95 $ (0.09 ) Net income (loss) per common share $ 0.95 $ (0.09 ) INCOME (LOSS) PER COMMON SHARE – DILUTED: Income (loss) from continuing operations, net $ 0.95 $ (0.09 ) Net income (loss) per common share $ 0.95 $ (0.09 ) ____________________ (1) The effect of dilutive securities for the three months ended March 31, 2019 and 2018 excludes an aggregate of 12,525 and 13,334
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 attributable to Vornado Realty L.P. and the number of Class A units used in the computation of (i) basic income (loss) per Class A unit - which includes the weighted average number of Class A units outstanding without regard to dilutive potential Class A units, and (ii) diluted income (loss) per Class A unit - which includes the weighted average Class A units and dilutive unit equivalents. Dilutive unit equivalents may include our Series A convertible preferred units, Vornado stock options, Vornado restricted stock awards, OP Units, AO LTIP Units, Performance Conditioned AO LTIP Units and OPPs. (Amounts in thousands, except per unit amounts) For the Three Months Ended March 31, 2019 2018 Numerator: Income from continuing operations, net of income attributable to noncontrolling interests in consolidated subsidiaries $ 206,361 $ 8,919 Loss from discontinued operations (137 ) (363 ) Net income attributable to Vornado Realty L.P. 206,224 8,556 Preferred unit distributions (12,575 ) (13,084 ) Preferred unit issuance costs — (14,486 ) Net income (loss) attributable to Class A unitholders 193,649 (19,014 ) Earnings allocated to unvested participating securities (1,147 ) (771 ) Numerator for basic income (loss) per Class A unit 192,502 (19,785 ) Impact of assumed conversions: Convertible preferred unit distributions 15 — Numerator for diluted income (loss) per Class A unit $ 192,517 $ (19,785 ) Denominator: Denominator for basic income (loss) per Class A unit – weighted average units 202,772 201,929 Effect of dilutive securities (1) : Vornado stock options and restricted unit awards 536 — Convertible preferred units 36 — Denominator for diluted income (loss) per Class A unit – weighted average units and assumed conversions 203,344 201,929 INCOME (LOSS) PER CLASS A UNIT – BASIC: Income (loss) from continuing operations, net $ 0.95 $ (0.10 ) Net income (loss) per Class A unit $ 0.95 $ (0.10 ) INCOME (LOSS) PER CLASS A UNIT – DILUTED: Income (loss) from continuing operations, net $ 0.95 $ (0.10 ) Net income (loss) per Class A unit $ 0.95 $ (0.10 ) ____________________ (1) The effect of dilutive securities for the three months ended March 31, 2019 and 2018 excludes an aggregate of 177 and 1,446

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Lessor, Operating Lease, Payments to be Received, Maturity	As of March 31, 2019 , under ASC 842, future undiscounted cash flows under non-cancelable operating leases were as follows: (Amounts in thousands) As of March 31, 2019 For the remainder of 2019 $ 1,977,372 For the year ended December 31, 2020 1,525,340 2021 1,492,760 2022 1,433,740 2023 1,298,470 2024 1,080,729 Thereafter 4,929,317 As of December 31, 2018, under ASC 840, future undiscounted cash flows under non-cancelable operating leases were as follows: (Amounts in thousands) As of December 31, 2018 For the year ended December 31, 2019 $ 1,547,162 2020 1,510,097 2021 1,465,024 2022 1,407,615 2023 1,269,141 Thereafter 5,832,467
Components of Fixed and Variable Lease Revenues	The components of lease revenues for the three months ended March 31, 2019 were as follows: (Amounts in thousands) For the Fixed lease revenues $ 414,877 Variable lease revenues 72,429 Lease revenues $ 487,306
Schedule of Amounts Included in Measurement of Lease Liability	The following table sets forth information related to the measurement of our lease liabilities as of March 31, 2019 : (Amounts in thousands) As of March 31, 2019 Weighted average remaining lease term (in years) 41.55 Weighted average discount rate 4.89 % Cash paid for operating leases $ 6,111
Schedule of Rent Expense	The following table sets forth the details of rent expense for the three months ended March 31, 2019 : (Amounts in thousands) For the Fixed rent expense $ 10,626 Variable rent expense 620 Rent expense $ 11,246
Lessee, Operating Lease, Liability, Maturity	As of March 31, 2019 , future lease payments under operating ground leases were as follows: (Amounts in thousands) As of March 31, 2019 For the remainder of 2019 $ 20,361 For the year ended December 31, 2020 28,352 2021 28,745 2022 29,646 2023 30,061 2024 30,495 Thereafter 1,037,252 Total undiscounted cash flows 1,204,912 Present value discount (720,739 ) Lease liabilities $ 484,173 (Amounts in thousands) As of March 31, 2019 For the remainder of 2019 $ 6,822 For the year ended December 31, 2020 10,402 2021 7,229 2022 7,444 2023 7,809 2024 8,330 Thereafter 519,048
Schedule of Future Minimum Rental Payments for Operating Leases	As of December 31, 2018, under ASC 840, future lease payments under operating ground leases were as follows: (Amounts in thousands) As of December 31, 2018 For the year ended December 31, 2019 $ 46,147 2020 45,258 2021 42,600 2022 43,840 2023 44,747 Thereafter 1,612,627

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Schedule of Segment Information	Below is a reconciliation of net income, the most directly comparable GAAP financial measure, to NOI at share and NOI at share - cash basis for the three months ended March 31, 2019 and 2018 . (Amounts in thousands) For the Three Months Ended March 31, 2019 2018 Net income $ 213,044 $ 282 Deduct: (Income) loss from partially owned entities (7,320 ) 9,904 Interest and other investment (income) loss, net (5,045 ) 24,384 Net gains on disposition of wholly owned and partially owned assets (220,294 ) — NOI attributable to noncontrolling interests in consolidated subsidiaries (17,403 ) (17,312 ) Add: Loss from real estate fund investments 167 8,807 Depreciation and amortization expense 116,709 108,686 General and administrative expense 58,020 42,533 Transaction related costs and other 149 13,156 NOI from partially owned entities 67,402 67,513 Interest and debt expense 102,463 88,166 Loss from discontinued operations 137 363 Income tax expense 29,743 2,554 NOI at share 337,772 349,036 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (5,181 ) (17,948 ) NOI at share - cash basis $ 332,591 $ 331,088 22 . Segment Information - continued Below is a summary of NOI at share and NOI at share - cash basis by segment for the three months ended March 31, 2019 and 2018 . (Amounts in thousands) For the Three Months Ended March 31, 2019 Total New York Other Total revenues $ 534,668 $ 443,285 $ 91,383 Operating expenses 246,895 198,095 48,800 NOI - consolidated 287,773 245,190 42,583 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (17,403 ) (11,407 ) (5,996 ) Add: NOI from partially owned entities 67,402 49,575 17,827 NOI at share 337,772 283,358 54,414 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (5,181 ) (6,618 ) 1,437 NOI at share - cash basis $ 332,591 $ 276,740 $ 55,851 (Amounts in thousands) For the Three Months Ended March 31, 2018 Total New York Other Total revenues $ 536,437 $ 448,484 $ 87,953 Operating expenses 237,602 197,916 39,686 NOI - consolidated 298,835 250,568 48,267 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (17,312 ) (11,745 ) (5,567 ) Add: NOI from partially owned entities 67,513 49,773 17,740 NOI at share 349,036 288,596 60,440 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (17,948 ) (17,323 ) (625 ) NOI at share - cash basis $ 331,088 $ 271,273 $ 59,815

Organization (Narrative) (Detai

Organization (Narrative) (Details)	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common limited partnership interest in the Operating Partnership (percent)	93.40%

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
General and Administrative Expense
Basis of Presentation [Line Items]
Unincorporated business tax	$ (1,100)
Income Tax Expense
Basis of Presentation [Line Items]
Unincorporated business tax	1,100
Lease revenues
Basis of Presentation [Line Items]
Property rentals	440,110
Tenant expense reimbursement	$ 60,310

Recently Issued Accounting Li_3

Recently Issued Accounting Literature (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use assets	$ 457,662,000			$ 0
Lease liabilities	484,173,000			$ 0
Capitalized leasing costs		$ 1,348,000
Rental revenues	487,306,000
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use assets			$ 526,866,000
Lease liabilities			$ 526,866,000
Rental revenues	$ (890,000)

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details)	3 Months Ended
	Mar. 31, 2019segment
Revenue from Contract with Customer [Abstract]
Number of reportable segments	2

Revenue Recognition - Revenues

Revenue Recognition - Revenues by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Lease income	$ 487,306
Total revenues	534,668	$ 536,437
New York
Disaggregation of Revenue [Line Items]
Total revenues	443,285	448,484
Other
Disaggregation of Revenue [Line Items]
Total revenues	91,383	87,953
Rental revenues
Disaggregation of Revenue [Line Items]
Total revenues	499,877	500,420
Rental revenues | New York
Disaggregation of Revenue [Line Items]
Total revenues	407,637	413,836
Rental revenues | Other
Disaggregation of Revenue [Line Items]
Total revenues	92,240	86,584
Property rentals
Disaggregation of Revenue [Line Items]
Lease income	457,741	454,403
Property rentals | New York
Disaggregation of Revenue [Line Items]
Lease income	385,803	389,385
Property rentals | Other
Disaggregation of Revenue [Line Items]
Lease income	71,938	65,018
Hotel Pennsylvania
Disaggregation of Revenue [Line Items]
Lease income	12,609	14,680
Hotel Pennsylvania | New York
Disaggregation of Revenue [Line Items]
Lease income	12,609	14,680
Hotel Pennsylvania | Other
Disaggregation of Revenue [Line Items]
Lease income	0	0
Trade shows
Disaggregation of Revenue [Line Items]
Lease income	16,956	18,873
Trade shows | New York
Disaggregation of Revenue [Line Items]
Lease income	0	0
Trade shows | Other
Disaggregation of Revenue [Line Items]
Lease income	16,956	18,873
Lease revenues
Disaggregation of Revenue [Line Items]
Lease income	487,306	487,956
Lease revenues | New York
Disaggregation of Revenue [Line Items]
Lease income	398,412	404,065
Lease revenues | Other
Disaggregation of Revenue [Line Items]
Lease income	88,894	83,891
Tenant services
Disaggregation of Revenue [Line Items]
Revenue	12,571	12,464
Tenant services | New York
Disaggregation of Revenue [Line Items]
Revenue	9,225	9,771
Tenant services | Other
Disaggregation of Revenue [Line Items]
Revenue	3,346	2,693
Fee and other income
Disaggregation of Revenue [Line Items]
Revenue	34,791	36,017
Total revenues	34,791	36,017
Fee and other income | New York
Disaggregation of Revenue [Line Items]
Revenue	35,648	34,648
Fee and other income | Other
Disaggregation of Revenue [Line Items]
Revenue	(857)	1,369
BMS cleaning fees
Disaggregation of Revenue [Line Items]
Revenue	29,785	28,355
BMS cleaning fees | New York
Disaggregation of Revenue [Line Items]
Revenue	31,757	30,153
BMS cleaning fees | Other
Disaggregation of Revenue [Line Items]
Revenue	(1,972)	(1,798)
Management and leasing fees
Disaggregation of Revenue [Line Items]
Revenue	2,237	2,764
Management and leasing fees | New York
Disaggregation of Revenue [Line Items]
Revenue	2,251	2,481
Management and leasing fees | Other
Disaggregation of Revenue [Line Items]
Revenue	(14)	283
Other income
Disaggregation of Revenue [Line Items]
Revenue	2,769	4,898
Other income | New York
Disaggregation of Revenue [Line Items]
Revenue	1,640	2,014
Other income | Other
Disaggregation of Revenue [Line Items]
Revenue	$ 1,129	$ 2,884

Real Estate Fund Investments (N

Real Estate Fund Investments (Narrative) (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)investment	Dec. 31, 2018USD ($)investment
Investment Holdings
Aggregate fair value of Real Estate Fund investments (in US Dollars)	$ 322,858	$ 318,758
Vornado Capital Partners Real Estate Fund
Investment Holdings
Equity method ownership percentage	25.00%
Investment fund period expiration date	2013-07
Term of the Fund, years	8 years
Investment period for commitments of the Fund, years	3 years
Real estate fund investments
Investment Holdings
Number of investments held by fund (investment) | investment	4	4
Excess of fair value over cost	$ 6,706
Unfunded commitments of fund	44,194
Vornado Realty Trust
Investment Holdings
Unfunded commitments of fund	$ 13,969
Joint Venture | Crowne Plaza Times Square Hotel Joint Venture
Investment Holdings
Equity method ownership percentage	57.10%
Joint Venture | Crowne Plaza Times Square Hotel Joint Venture | Crowne Plaza Time Square Hotel
Investment Holdings
Ownership percentage by noncontrolling owners	24.70%
Level 3 | Real estate fund investments
Investment Holdings
Aggregate fair value of Real Estate Fund investments (in US Dollars)	$ 322,858

Real Estate Fund Investments (I

Real Estate Fund Investments (Income from the Fund and the Co-Investment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Details Of Income From Real Estate Funds
Loss from real estate fund investments	$ (167)	$ (8,807)
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries	(6,820)	8,274
Real estate fund investments
Details Of Income From Real Estate Funds
Net investment (loss) income	(267)	2,734
Net unrealized gain on held investments	100	0
New York City real property transfer tax (the Transfer Tax)	0	(10,630)
Net realized loss on exited investments	0	(911)
Loss from real estate fund investments	(167)	(8,807)
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries	(2,737)	5,369
Loss from real estate fund investments attributable to the Operating Partnership	(2,904)	(3,438)
Less loss attributable to noncontrolling interests in the Operating Partnership	182	212
Less loss attributable to noncontrolling interests in the Operating Partnership	$ (2,722)	$ (3,226)

Marketable Securities (Narrativ

Marketable Securities (Narrative) (Details) - USD ($) $ in Thousands	Mar. 12, 2019	Mar. 01, 2019	Mar. 31, 2019	Mar. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase (decrease) in fair value of marketable securities			$ 461	$ (32,986)
Lexington Realty Trust
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Shares sold (shares)		18,468,969
Proceeds from sale of equity method investments		$ 167,698
Mark-to-market increase in fair value			16,068
Increase (decrease) in fair value of marketable securities			16,068	(32,875)
PREIT
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Shares issued upon conversion of operating partnership units (shares)	6,250,000
Increase (decrease) in fair value of marketable securities			$ (15,649)	$ 0

Marketable Securities (Marketab

Marketable Securities (Marketable securities portfolio) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Marketable Securities [Roll Forward]
Beginning balance	$ 152,198
Sale of marketable securities	(167,755)
Transfer of PREIT investment balance at Conversion Date	54,962
Increase (decrease) in fair value of marketable securities	461	$ (32,986)
Ending balance	39,866
Lexington Realty Trust
Marketable Securities [Roll Forward]
Beginning balance	151,630
Sale of marketable securities	(167,698)
Transfer of PREIT investment balance at Conversion Date	0
Increase (decrease) in fair value of marketable securities	16,068
Ending balance	0
PREIT
Marketable Securities [Roll Forward]
Beginning balance	0
Sale of marketable securities	0
Transfer of PREIT investment balance at Conversion Date	54,962
Increase (decrease) in fair value of marketable securities	(15,649)
Ending balance	39,313
Other
Marketable Securities [Roll Forward]
Beginning balance	568
Sale of marketable securities	(57)
Transfer of PREIT investment balance at Conversion Date	0
Increase (decrease) in fair value of marketable securities	42
Ending balance	$ 553

Investments in Partially Owne_3

Investments in Partially Owned Entities (Alexander's Inc.) (Details) - Alexanders Inc $ / shares in Units, $ in Thousands	Mar. 31, 2019USD ($)$ / sharesshares
Equity Method Investments And Income From Equity Method Investments
Ownership common shares, investee (in shares) | shares	1,654,068
Equity method ownership percentage	32.40%
Closing share price (in dollars per share) | $ / shares	$ 376.17
Equity method investment fair value	$ 622,211
Excess of investee's fair value over carrying amount	515,425
Excess of investee's carrying amount over equity in net assets	$ 39,097

Investments in Partially Owne_4

Investments in Partially Owned Entities (Urban Edge Properties) (Details) - UE $ in Thousands	Mar. 04, 2019USD ($)shares
Schedule Of Equity Method Investments
Shares sold (shares) | shares	5,717,184
Proceeds from sale of equity method investments	$ 108,512
Gain on sale of equity investments	$ 62,395

Investments in Partially Owne_5

Investments in Partially Owned Entities (61 Ninth Avenue) (Details) ft² in Thousands, $ in Thousands	Jan. 28, 2019USD ($)ft²	Jan. 27, 2019USD ($)	Mar. 31, 2019
Joint Venture | 61 9th Avenue
Schedule Of Equity Method Investments
Equity method ownership percentage	45.10%
61 9th Avenue | Office and Retail Property
Schedule Of Equity Method Investments
Net proceeds from debt	$ 31,000
61 9th Avenue | Office and Retail Property | Maturing in January 2026
Schedule Of Equity Method Investments
Loans payable	$ 167,500
Square footage of real estate property (in sqft) | ft²	166
Debt term (in years)	7 years
61 9th Avenue | Office and Retail Property | Maturing in 2021
Schedule Of Equity Method Investments
Loans payable		$ 90,000
LIBOR | 61 9th Avenue | Office and Retail Property | Maturing in January 2026
Schedule Of Equity Method Investments
Spread Over LIBOR (percent)	1.35%
Debt instrument, interest rate, stated percentage (percent)			3.85%
LIBOR | 61 9th Avenue | Office and Retail Property | Maturing in 2021
Schedule Of Equity Method Investments
Spread Over LIBOR (percent)		3.05%

Investments in Partially Owne_6

Investments in Partially Owned Entities (Toys R Us) (Details) - Toys R Us - USD ($)	Mar. 31, 2019	Feb. 01, 2019	Dec. 31, 2018
Schedule Of Equity Method Investments
Equity method ownership percentage		32.50%
Equity method investment, aggregate cost			$ 0
Tax basis of investments, capital loss for income tax purposes	$ 420,000,000

Investments in Partially Owne_7

Investments in Partially Owned Entities (Summary of Investments) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ 730,264	$ 858,113
Other liabilities
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ (117,375)	(109,696)
330 Madison Avenue | Other liabilities
Schedule Of Equity Method Investments
Equity method ownership percentage	25.00%
Carrying amount of investments in partially owned entities	$ (60,054)	(58,117)
7 West 34th Street | Other liabilities
Schedule Of Equity Method Investments
Equity method ownership percentage	53.00%
Carrying amount of investments in partially owned entities	$ (51,464)	(51,579)
85 Tenth Avenue | Other liabilities
Schedule Of Equity Method Investments
Equity method ownership percentage	49.90%
Carrying amount of investments in partially owned entities	$ (5,857)	0
Partially Owned Office Buildings
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ 478,240	499,005
Alexanders Inc
Schedule Of Equity Method Investments
Equity method ownership percentage	32.40%
Carrying amount of investments in partially owned entities	$ 106,786	107,983
PREIT
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	0	59,491
UE
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	0	45,344
Other investments
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ 145,238	$ 146,290

Investments in Partially Owne_8

Investments in Partially Owned Entities (Summary of Income (Loss) ) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Schedule Of Equity Method Investments
Our share of net income (loss)	$ 7,320	$ (9,904)
Alexanders Inc
Schedule Of Equity Method Investments
Equity method ownership percentage	32.40%
Equity in net income (loss)	$ 5,717	(3,209)
Management, leasing and development fees	1,057	1,208
Our share of net income (loss)	6,774	(2,001)
Partially Owned Office Buildings
Schedule Of Equity Method Investments
Our share of net income (loss)	106	(4,283)
Other investments
Schedule Of Equity Method Investments
Our share of net income (loss)	$ 440	(3,620)
One Park Avenue
Schedule Of Equity Method Investments
Transfer tax		4,978
Alexanders Inc | Kings Plaza Regional Shopping Center
Schedule Of Equity Method Investments
Transfer tax		$ 7,708

220 Central Park South 220 CPS

220 Central Park South 220 CPS - Narrative (Details) ft² in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2019USD ($)ft²unit	Mar. 31, 2018USD ($)	Mar. 31, 2019USD ($)ft²unit
Real Estate [Line Items]
Net gain on sale of real estate	$ 220,294	$ 0
Income tax expense	29,743	2,554
Repayments of construction loan	$ 123,533	$ 0
220 Central Park South
Real Estate [Line Items]
Square footage of real estate property (in sqft) | ft²	397		397
Development costs	$ 1,400,000		$ 1,400,000
Development costs expended	$ 1,300,000		$ 1,300,000
Number of condominium units sold (unit) | unit	12		23
Cash proceeds from the sale of real estate	$ 425,484		$ 640,260
Net gain on sale of real estate	157,899
Income tax expense	26,945
Repayments of construction loan			637,000
Construction loan	$ 950,000		$ 950,000

Properties Held for Sale - Narr

Properties Held for Sale - Narrative (Details) ft² in Thousands, $ in Thousands	Apr. 18, 2019USD ($)ft²	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Real Estate [Line Items]
Real estate held-for-sale			$ 229,567	$ 99,627
Subsequent Event
Real Estate [Line Items]
Payments to acquire noncontrolling interest interest in joint venture	$ 26,000
Payments for transaction costs for joint venture	56,000
Real estate held-for-sale	5,556,000
Tax gain from real estate joint venture	735,000
666 Fifth Avenue | Subsequent Event
Real Estate [Line Items]
Payments of mortgage loans held-for-sale	390,000
655 Fifth Avenue | Subsequent Event
Real Estate [Line Items]
Payments of mortgage loans held-for-sale	140,000
640 Fifth Avenue | Subsequent Event
Real Estate [Line Items]
Proceeds from mortgage loan	$ 500,000
Retail | Subsequent Event
Real Estate [Line Items]
Square footage of real estate property (in sqft) | ft²	489
Office | Subsequent Event
Real Estate [Line Items]
Square footage of real estate property (in sqft) | ft²	327
Forecast
Real Estate [Line Items]
Proceeds from real estate joint ventures		$ 2,600,000
Fifth Avenue and Times Square JV | Joint Venture | Subsequent Event
Real Estate [Line Items]
Aggregate of preferred equity interests	$ 1,827,750
Preferred equity coupon, stated percentage (percent)	4.25%
Fifth Avenue and Times Square JV | 666 Fifth Avenue | Joint Venture | Subsequent Event
Real Estate [Line Items]
Equity method ownership percentage	52.00%
Aggregate of preferred equity interests	$ 390,000
Fifth Avenue and Times Square JV | 655 Fifth Avenue | Joint Venture | Subsequent Event
Real Estate [Line Items]
Equity method ownership percentage	50.00%
Aggregate of preferred equity interests	$ 140,000
Fifth Avenue and Times Square JV | 640 Fifth Avenue | Joint Venture | Subsequent Event
Real Estate [Line Items]
Equity method ownership percentage	52.00%
Aggregate of preferred equity interests	$ 0
Fifth Avenue and Times Square JV | Vornado Realty Trust | Joint Venture | Subsequent Event
Real Estate [Line Items]
Equity method ownership percentage	51.50%
Equity method effective ownership percentage	51.00%
Aggregate of preferred equity interests	$ 500,000
Proceeds from real estate joint ventures	$ 1,198,000
Fifth Avenue and Times Square JV | Increase in Percentage After Fifth Anniversary | Joint Venture | Subsequent Event
Real Estate [Line Items]
Preferred equity coupon, stated percentage (percent)	4.75%
Investors | Fifth Avenue and Times Square JV | Joint Venture | Subsequent Event
Real Estate [Line Items]
Equity method ownership percentage	48.50%
Equity method effective ownership percentage	47.20%

Properties Held for Sale - Summ

Properties Held for Sale - Summary of Preferred Equity Interests and Effective Ownership Interest (Details) - Fifth Avenue and Times Square JV - Subsequent Event - Joint Venture $ in Thousands	Apr. 18, 2019USD ($)
Real Estate [Line Items]
Aggregate of preferred equity interests	$ 1,827,750
640 Fifth Avenue
Real Estate [Line Items]
Equity method ownership percentage	52.00%
Aggregate of preferred equity interests	$ 0
655 Fifth Avenue
Real Estate [Line Items]
Equity method ownership percentage	50.00%
Aggregate of preferred equity interests	$ 140,000
666 Fifth Avenue
Real Estate [Line Items]
Equity method ownership percentage	52.00%
Aggregate of preferred equity interests	$ 390,000
689 Fifth Avenue
Real Estate [Line Items]
Equity method ownership percentage	52.00%
Aggregate of preferred equity interests	$ 130,000
697 to 703 Fifth Avenue
Real Estate [Line Items]
Equity method ownership percentage	44.80%
Aggregate of preferred equity interests	$ 0
1535 Broadway
Real Estate [Line Items]
Equity method ownership percentage	52.00%
Aggregate of preferred equity interests	$ 628,875
1540 Broadway
Real Estate [Line Items]
Equity method ownership percentage	52.00%
Aggregate of preferred equity interests	$ 538,875
Vornado Realty Trust
Real Estate [Line Items]
Equity method ownership percentage	51.50%
Aggregate of preferred equity interests	$ 500,000

Properties Held for Sale - Su_2

Properties Held for Sale - Summary of Assets and Liabilities Held for Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets held for sale:
Right-of-use assets	$ 457,662	$ 0
Receivable arising from the straight-lining of rents	766,634	935,131
Deferred leasing costs, net	345,241	400,313
Identified intangible assets, net	34,161	136,781
Assets held for sale	3,027,058	0
Liabilities related to assets held for sale:
Mortgages payable, net	6,519,189	8,167,798
Lease liabilities	484,173	0
Deferred revenue	71,328	167,730
Liabilities related to assets held for sale	1,097,350	$ 0
Fifth Avenue and Times Square JV | Disposal Group, Held-for-sale, Not Discontinued Operations
Assets held for sale:
Real estate, net	2,656,509
Right-of-use assets	49,134
Restricted cash	8,828
Receivable arising from the straight-lining of rents	167,612
Deferred leasing costs, net	70,511
Identified intangible assets, net	74,464
Assets held for sale	3,027,058
Liabilities related to assets held for sale:
Mortgages payable, net	971,618
Lease liabilities	41,235
Deferred revenue	84,497
Liabilities related to assets held for sale	$ 1,097,350

Identified Intangible Assets _3

Identified Intangible Assets and Liabilities - Schedule of Identified Intangible Assets and Intangible Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Gross amount	$ 131,910	$ 308,895
Accumulated amortization	(97,749)	(172,114)
Total, net	34,161	136,781
Gross amount	386,512	503,373
Accumulated amortization	(321,152)	(341,779)
Total, net	$ 65,360	$ 161,594

Identified Intangible Assets _4

Identified Intangible Assets and Liabilities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Below Market Leases Net Of Above Market Leases
Finite-Lived Intangible Assets and Liabilities
Increase to rental income	$ 6,525	$ 10,581
Other Identified Intangible Assets
Finite-Lived Intangible Assets and Liabilities
Amortization of intangible assets	$ 3,545	$ 4,876

Identified Intangible Assets _5

Identified Intangible Assets and Liabilities - Schedule of Future Amortization Expense of Intangible Assets (Details) $ in Thousands	Mar. 31, 2019USD ($)
Other Identified Intangible Assets
Finite-Lived Intangible Assets and Liabilities
2020	$ 6,308
2021	4,779
2022	3,049
2023	2,962
2024	2,350
Below Market Leases Net Of Above Market Leases
Finite-Lived Intangible Assets and Liabilities
2020	16,605
2021	11,932
2022	8,800
2023	6,269
2024	$ 2,497

Debt (Narrative) (Details)

Debt (Narrative) (Details) ft² in Thousands	Mar. 26, 2019USD ($)	Mar. 25, 2019USD ($)credit_facility	Mar. 01, 2019USD ($)	Feb. 12, 2019USD ($)ft²	Feb. 11, 2019USD ($)	Feb. 04, 2019USD ($)ft²	Feb. 03, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Debt Instrument
Unsecured revolving credit facilities								$ 530,000,000	$ 80,000,000
Maturing in February 2024 | 435 Seventh Avenue | Retail
Debt Instrument
Refinancing						$ 95,700,000
Square footage of real estate property (in sqft) | ft²						43
Maturing in February 2024 | 435 Seventh Avenue | Retail | LIBOR
Debt Instrument
Spread Over LIBOR (percent)						1.30%
Debt instrument, interest rate, stated percentage (percent)								3.78%
Maturing in August 2019 | 435 Seventh Avenue | Retail | LIBOR
Debt Instrument
Spread Over LIBOR (percent)							2.25%
Maturing in August 2019 | Mortgages | 435 Seventh Avenue | Retail
Debt Instrument
Repayments of debt							$ 95,700,000
Maturing in April 2024 | 100 West 33rd Street | Retail
Debt Instrument
Square footage of real estate property (in sqft) | ft²				256
Maturing in April 2024 | 100 West 33rd Street | Retail | LIBOR
Debt Instrument
Spread Over LIBOR (percent)				1.55%
Debt instrument, interest rate, stated percentage (percent)								4.03%
Number of extensions (extension)				2
Length of extension available				1 year
Maturing in April 2024 | 100 West 33rd Street | Office and Retail Property
Debt Instrument
Refinancing				$ 580,000,000
Square footage of real estate property (in sqft) | ft²				1,100
Maturing in April 2024 | 100 West 33rd Street | Office
Debt Instrument
Square footage of real estate property (in sqft) | ft²				859
Maturing in July 2020 | 100 West 33rd Street | Retail | LIBOR
Debt Instrument
Spread Over LIBOR (percent)					1.65%
Maturing in July 2020 | Mortgages | 100 West 33rd Street | Retail
Debt Instrument
Repayments of debt					$ 580,000,000
Senior Unsecured Notes Due 2022 | Senior Unsecured Notes
Debt Instrument
Debt instrument, interest rate, stated percentage (percent)			5.00%
Debt instrument, redeemed			$ 400,000,000
Debt instrument, redemption price, percentage (percent)			105.51%
Charge related to prepayment and unamortized financing costs								$ 22,540,000
Maturing in February 2022 | Line of Credit
Debt Instrument
Number of revolving credit facility (credit facility) | credit_facility		2
Revolving Credit Facility | Maturing in February 2022 | Line of Credit
Debt Instrument
Unsecured revolving credit facilities		$ 1,250,000,000
Facility fee, percentage	0.20%
Revolving Credit Facility | Maturing in February 2022 | Line of Credit | LIBOR
Debt Instrument
Spread Over LIBOR (percent)		1.00%
Revolving Credit Facility | Maturing in March 2024 | Line of Credit
Debt Instrument
Unsecured revolving credit facilities	$ 1,500,000,000
Revolving Credit Facility | Maturing in March 2024 | Line of Credit | LIBOR
Debt Instrument
Spread Over LIBOR (percent)	0.90%
Revolving Credit Facility | Matures in January 2023 | Line of Credit
Debt Instrument
Length of extension available	6 months

Debt (Summary of Debt) (Details

Debt (Summary of Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument
Deferred financing costs, net and other	$ (46,508)	$ (59,226)
Mortgages payable, net	6,519,189	8,167,798
Unsecured debt - Carrying amount	845,261	844,002
Unsecured term loan, net	745,076	744,821
Revolving credit facilities	530,000	80,000
Unsecured debt and revolving credit facility	$ 2,120,337	1,668,823
Mortgages
Debt Instrument
Interest rate, end of period (percent)	3.72%
Mortgages payable, gross	$ 6,556,034	8,215,847
Deferred financing costs, net and other	(36,845)	(48,049)
Mortgages payable, net	$ 6,519,189	8,167,798
Mortgages | Fixed Rate
Debt Instrument
Interest rate, end of period (percent)	3.52%
Mortgages payable, gross	$ 4,610,526	5,003,465
Mortgages | Variable Rate
Debt Instrument
Interest rate, end of period (percent)	4.20%
Mortgages payable, gross	$ 1,945,508	3,212,382
Senior Unsecured Notes
Debt Instrument
Interest rate, end of period (percent)	4.21%
Deferred financing costs, net and other	$ (4,739)	(5,998)
Unsecured debt, gross	850,000	850,000
Unsecured debt - Carrying amount	$ 845,261	844,002
Unsecured Term Loan
Debt Instrument
Interest rate, end of period (percent)	3.87%
Deferred financing costs, net and other	$ (4,924)	(5,179)
Unsecured debt, gross	750,000	750,000
Unsecured term loan, net	$ 745,076	744,821
Unsecured Revolving Credit Facilities
Debt Instrument
Interest rate, end of period (percent)	3.46%
Revolving credit facilities	$ 530,000	$ 80,000

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests/Redeemable Partnership Units (Activity of Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Redeemable Noncontrolling Interests Rollforward
Balance as of December 31	$ 783,562	$ 984,937
Net income (loss)	12,202	(1,124)
Other comprehensive (loss) income	(1,276)	654
Distributions	(8,488)	(7,906)
Other, net	18,448	3,713
Balance as of March 31	867,085	857,026
Class A Unit
Redeemable Noncontrolling Interests Rollforward
Redemption of Class A units for Vornado common shares, at redemption value	(3,181)	(8,392)
Adjustments to carry redeemable Class A units at redemption value	$ 65,818	$ (114,856)

Redeemable Noncontrolling Int_4

Redeemable Noncontrolling Interests/Redeemable Partnership Units (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Redeemable Noncontrolling Interest
Redeemable noncontrolling interest, equity, common, carrying amount	$ 862,550	$ 778,134
Class A Unit
Redeemable Noncontrolling Interest
Redeemable noncontrolling interest, equity, common, carrying amount	862,550	778,134
Cumulative Redeemable Preferred Unit
Redeemable Noncontrolling Interest
Fair value of Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units	$ 50,561	$ 50,561

Shareholders' Equity_Partners_3

Shareholders' Equity/Partners' Capital - Schedule of Dividends (Details) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Class of Stock [Line Items]
Common shares, dividends (in dollars per share)	$ 0.66	$ 0.63
Common shares of beneficial interest: authorized shares (shares)	250,000,000	250,000,000	250,000,000
Preferred shares of beneficial interest: authorized shares (shares)	110,000,000		110,000,000
Convertible Preferred Stock | Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate, per-dollar-amount (in dollars per share)	$ 0.8125	$ 0.8125
Preferred shares of beneficial interest: authorized shares (shares)	83,977
Preferred stock, dividend rate, percentage (percent)	6.50%
Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred stock, liquidation preference per share (in dollars per share/unit)	$ 25
Redeemable Preferred Stock | Series K Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate, per-dollar-amount (in dollars per share)	$ 0.3563	0.3563
Preferred shares of beneficial interest: authorized shares (shares)	12,000,000
Preferred stock, dividend rate, percentage (percent)	5.70%
Redeemable Preferred Stock | Series L Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate, per-dollar-amount (in dollars per share)	$ 0.3375	0.3375
Preferred shares of beneficial interest: authorized shares (shares)	12,000,000
Preferred stock, dividend rate, percentage (percent)	5.40%
Redeemable Preferred Stock | Series M Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate, per-dollar-amount (in dollars per share)	$ 0.3281	$ 0.3281
Preferred shares of beneficial interest: authorized shares (shares)	12,780,000
Preferred stock, dividend rate, percentage (percent)	5.25%
Class A Unit
Class of Stock [Line Items]
Convertible shares (shares)	1.9531

Shareholders' Equity_Partners_4

Shareholders' Equity/Partners' Capital - AOCI by Component (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Jan. 01, 2018	Dec. 31, 2017
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, value	$ 5,107,883	$ 5,007,701
Cumulative effect of accounting change				$ 14,519
Ending balance, value	5,090,892	5,024,878
Accumulated Other Comprehensive (Loss) Income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, value	7,664	128,682
Cumulative effect of accounting change			$ (108,374)	$ (108,374)
Net current period other comprehensive (loss) income	(16,738)	9,950
Amounts reclassified from AOCI	(2,311)
Ending balance, value	(11,385)	30,258
Marketable securities
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, value	0	109,554
Cumulative effect of accounting change			(109,554)
Net current period other comprehensive (loss) income	0	0
Amounts reclassified from AOCI	0
Ending balance, value	0	0
Pro-rata share of nonconsolidated subsidiaries' OCI
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, value	3,253	3,769
Cumulative effect of accounting change			(1,671)
Net current period other comprehensive (loss) income	(985)	346
Amounts reclassified from AOCI	(2,311)
Ending balance, value	(43)	2,444
Other
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, value	(7,348)	(8,183)
Cumulative effect of accounting change			0
Net current period other comprehensive (loss) income	1,276	(654)
Amounts reclassified from AOCI	0
Ending balance, value	(6,072)	(8,837)
Interest rate swaps
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, value	11,759	23,542
Cumulative effect of accounting change			$ 2,851
Net current period other comprehensive (loss) income	(17,029)	10,258
Amounts reclassified from AOCI	0
Ending balance, value	$ (5,270)	$ 36,651

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Unconsolidated VIEs
Variable Interest Entities
Net carrying amount of our investments in unconsolidated VIEs	$ 213,719,000	$ 257,882,000
Consolidated VIEs
Variable Interest Entities
Variable interest entity, consolidated, carrying amount, assets	4,601,771,000	4,445,436,000
Variable interest entity, consolidated, carrying amount, liabilities	$ 2,381,310,000	$ 2,533,753,000

Fair Value Measurements (Financ

Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	$ 39,866	$ 152,198
Real estate fund investments	322,858	318,758
Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	39,866	152,198
Real estate fund investments	322,858	318,758
Deferred compensation plan assets (included in restricted cash and other assets)	101,923	96,524
Interest rate swaps (included in other assets)	19,613	27,033
Total assets	484,260	594,513
Mandatorily redeemable instruments (included in other liabilities)	50,561	50,561
Interest rate swaps (included in other liabilities)	24,851	15,236
Total liabilities	75,412	65,797
Recurring | Level 1
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	39,866	152,198
Real estate fund investments	0	0
Deferred compensation plan assets (included in restricted cash and other assets)	64,361	58,716
Interest rate swaps (included in other assets)	0	0
Total assets	104,227	210,914
Mandatorily redeemable instruments (included in other liabilities)	50,561	50,561
Interest rate swaps (included in other liabilities)	0	0
Total liabilities	50,561	50,561
Recurring | Level 2
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	0	0
Real estate fund investments	0	0
Deferred compensation plan assets (included in restricted cash and other assets)	0	0
Interest rate swaps (included in other assets)	19,613	27,033
Total assets	19,613	27,033
Mandatorily redeemable instruments (included in other liabilities)	0	0
Interest rate swaps (included in other liabilities)	24,851	15,236
Total liabilities	24,851	15,236
Recurring | Level 3
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	0	0
Real estate fund investments	322,858	318,758
Deferred compensation plan assets (included in restricted cash and other assets)	37,562	37,808
Interest rate swaps (included in other assets)	0	0
Total assets	360,420	356,566
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 (included in restricted cash and other assets)	93,176	88,122
Restricted Cash | Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Deferred compensation plan assets (included in restricted cash and other assets)	$ 8,747	$ 8,402

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)investment	Dec. 31, 2018USD ($)investment
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate fund investments	$ 322,858	$ 318,758
Real estate fund investments
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Number of investments held by fund (investment) | investment	4	4
Excess of fair value over cost	$ 6,706
Level 3 | Real estate fund investments
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate fund investments	$ 322,858

Fair Value Measurements (Unober

Fair Value Measurements (Unobervable Quantitative Input Ratios) (Details) - Recurring - Level 3 - Real estate fund investments	Mar. 31, 2019	Dec. 31, 2018
Discount Rate | Minimum
Unobservable Quantitative Input
Real estate, measurement input	0.100	0.100
Discount Rate | Maximum
Unobservable Quantitative Input
Real estate, measurement input	0.150	0.150
Discount Rate | Weighted Average
Unobservable Quantitative Input
Real estate, measurement input	0.134	0.134
Cap Rate | Minimum
Unobservable Quantitative Input
Real estate, measurement input	0.055	0.054
Cap Rate | Maximum
Unobservable Quantitative Input
Real estate, measurement input	0.077	0.077
Cap Rate | Weighted Average
Unobservable Quantitative Input
Real estate, measurement input	0.058	0.057

Fair Value Measurements (Change

Fair Value Measurements (Changes in the Fair Value of Real Estate Fund Investments and Deferred Compensation Plan Assets) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Real estate fund investments
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 318,758	$ 354,804
Purchases/additional fundings	4,000	2,950
Net unrealized gain on held investments	100	0
Dispositions	0	(20,291)
Net realized loss on exited investments	0	(911)
Ending balance	322,858	336,552
Deferred Compensation Plan Assets
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	37,808	40,128
Sales	(2,114)	(1,635)
Purchases/additional fundings	908	14
Realized and unrealized gains	523	678
Other, net	437	300
Ending balance	$ 37,562	$ 39,485

Fair Value Measurements (Fair V

Fair Value Measurements (Fair Value Measurements on a Nonrecurring Basis) (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Level 3 | Nonrecurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate asset		$ 14,971,000
Real Estate
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate asset	$ 0
Real Estate | Nonrecurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate asset		14,971,000
Real Estate | Level 1 | Nonrecurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate asset		0
Real Estate | Level 2 | Nonrecurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate asset		$ 0

Fair Value Measurements (Carryi

Fair Value Measurements (Carrying amounts and fair value of financial instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured revolving credit facilities	$ 530,000	$ 80,000
Deferred financing costs, net and other	46,508	59,226
Senior Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured debt, gross	850,000	850,000
Deferred financing costs, net and other	4,739	5,998
Unsecured Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured debt, gross	750,000	750,000
Deferred financing costs, net and other	4,924	5,179
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents, carrying amount	207,481	261,981
Mortgages payable, gross	6,556,034	8,215,847
Unsecured revolving credit facilities	530,000	80,000
Debt instrument - Carrying amount	8,686,034	9,895,847
Carrying Amount | Senior Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured debt, gross	850,000	850,000
Carrying Amount | Unsecured Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured debt, gross	750,000	750,000
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	8,713,000	9,856,000
Fair Value | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents, fair value	207,000	262,000
Unsecured revolving credit facilities	530,000	80,000
Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages payable, gross	6,565,000	8,179,000
Fair Value | Senior Unsecured Notes | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured debt, gross	868,000	847,000
Fair Value | Unsecured Term Loan | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured debt, gross	$ 750,000	$ 750,000

Stock-based Compensation (Narra

Stock-based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended					12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense				$ 31,654	$ 13,669
Performance Conditioned AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Threshold percentage to satisfy performance based condition (percent)				110.00%
Weighted average grant date fair value (in usd per share)				$ 64.48
Threshold period to satisfy performance based condition (in days)				20 days
Stock options expiration term (years)				10 years
Grant-Date Fair Value				$ 8,983
Share-based compensation expense				7,481
Amortized share based compensation				$ 1,502
Amortization period (years)				4 years
Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ (2,578)	$ (2,578)	$ (2,578)			$ (8,477)
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense				$ 16,211

Interest and Other Investment_3

Interest and Other Investment Income (Loss), Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net Investment Income [Line Items]
Increase (decrease) in fair value of marketable securities:	$ 461	$ (32,986)
Interest on cash and cash equivalents and restricted cash	2,067	3,557
Interest on loans receivable	1,606	743
Dividends on marketable securities	0	3,353
Other, net	911	949
Interest and other investment income, net	5,045	(24,384)
Lexington Realty Trust
Net Investment Income [Line Items]
Increase (decrease) in fair value of marketable securities:	16,068	(32,875)
PREIT
Net Investment Income [Line Items]
Increase (decrease) in fair value of marketable securities:	(15,649)	0
Other
Net Investment Income [Line Items]
Increase (decrease) in fair value of marketable securities:	$ 42	$ (111)

Interest and Debt Expense (Deta

Interest and Debt Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Interest and Debt Expense [Abstract]
Interest expense	$ 117,647	$ 94,788
Capitalized interest and debt expense	(23,325)	(14,726)
Amortization of deferred financing costs	8,141	8,104
Interest and debt expense, Total	$ 102,463	$ 88,166

Interest and Debt Expense - Foo

Interest and Debt Expense - Footnote (Details) - Senior Unsecured Notes - Senior Unsecured Notes Due 2022 - USD ($)	Mar. 31, 2019	Mar. 01, 2019
Debt Instrument, Redemption [Line Items]
Charge related to prepayment and unamortized financing costs	$ 22,540,000
Debt instrument, redeemed		$ 400,000,000
Debt instrument, interest rate, stated percentage (percent)		5.00%

Income (Loss) Per Share_Incom_3

Income (Loss) Per Share/Income (Loss) Per Class A Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Numerator:
Income from continuing operations, net of income attributable to noncontrolling interests / in consolidated subsidiaries	$ 194,150	$ 10,021
Loss from discontinued operations, net of income attributable to noncontrolling interests	(128)	(341)
Net income attributable to Vornado / Vornado Realty L.P.	194,022	9,680
Preferred share dividends / unit distributions	(12,534)	(13,035)
Preferred share / unit issuance costs	0	(14,486)
NET INCOME (LOSS) attributable to common shareholders / Class A unitholders	181,488	(17,841)
Earnings allocated to unvested participating securities	(19)	(11)
Numerator for basic income (loss) per share / per Class A unit	181,469	(17,852)
Convertible preferred share dividends / unit distributions	15	0
Numerator for diluted income (loss) per share	$ 181,484	$ (17,852)
Denominator:
Denominator for basic income (loss) per share - weighted average shares (in shares)	190,689	190,081
Vornado employee stock options and restricted share / unit awards (in shares)	271	0
Convertible preferred shares/units	36	0
Denominator for diluted income (loss) per share - weighted average shares and assumed conversions (in shares)	190,996	190,081
INCOME (LOSS) PER COMMON SHARE – BASIC:
Income (loss) from continuing operations, net (in dollars per share)	$ 0.95	$ (0.09)
Net income (loss) per common share (in dollars per share)	0.95	(0.09)
INCOME (LOSS) PER COMMON SHARE – DILUTED:
Income (loss) from continuing operations, net (in dollars per share)	0.95	(0.09)
Net income (loss) per common share (in dollars per share)	$ 0.95	$ (0.09)
Vornado Realty L.P.
Numerator:
Income from continuing operations, net of income attributable to noncontrolling interests / in consolidated subsidiaries	$ 206,361	$ 8,919
Loss from discontinued operations, net of income attributable to noncontrolling interests	(137)	(363)
Net income attributable to Vornado / Vornado Realty L.P.	206,224	8,556
Preferred share dividends / unit distributions	(12,575)	(13,084)
Preferred share / unit issuance costs	0	(14,486)
NET INCOME (LOSS) attributable to common shareholders / Class A unitholders	193,649	(19,014)
Earnings allocated to unvested participating securities	(1,147)	(771)
Numerator for basic income (loss) per share / per Class A unit	192,502	(19,785)
Convertible preferred share dividends / unit distributions	15	0
Numerator for diluted income (loss) per Class A unit	$ 192,517	$ (19,785)
Denominator:
Denominator for basic income (loss) per Class A unit – weighted average units (in shares)	202,772	201,929
Vornado employee stock options and restricted share / unit awards (in shares)	536	0
Convertible preferred shares/units	36	0
Denominator for diluted income (loss) per Class A unit - weighted average units and assumed conversions	203,344	201,929
INCOME (LOSS) PER CLASS A UNIT – BASIC:
Income (loss) from continuing operations, net (in dollars per unit)	$ 0.95	$ (0.10)
Net income (loss) per Class A unit (in dollars per unit)	0.95	(0.10)
INCOME (LOSS) PER CLASS A UNIT – DILUTED:
Income (loss) from continuing operations, net (in dollars per unit)	0.95	(0.10)
Net income (loss) per Class A unit (in dollars per unit)	$ 0.95	$ (0.10)

Income (Loss) Per Share_Incom_4

Income (Loss) Per Share/Income (Loss) Per Class A Unit (Narrative) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Antidilutive Securities Excluded From Computation Of Earnings Per Share
Weighted average common share / class A unit equivalents of excluded dilutive securities due to anti-dilutive effect	12,525	13,334
Vornado Realty L.P.
Antidilutive Securities Excluded From Computation Of Earnings Per Share
Weighted average common share / class A unit equivalents of excluded dilutive securities due to anti-dilutive effect	177	1,446

Leases - Lessor, Operating Leas

Leases - Lessor, Operating Lease, Payments to be Received (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]
For the remainder of 2019	$ 1,977,372
2020	1,525,340
2021	1,492,760
2022	1,433,740
2023	1,298,470
2024	1,080,729
Thereafter	$ 4,929,317
Under ASC 840
2019		$ 1,547,162
2020		1,510,097
2021		1,465,024
2022		1,407,615
2023		1,269,141
Thereafter		$ 5,832,467

Leases - Components of Fixed an

Leases - Components of Fixed and Variable Lease Revenues (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Fixed lease revenues	$ 414,877
Variable lease revenues	72,429
Total lease revenues	$ 487,306

Leases - Narrative (Details)

Leases - Narrative (Details) ft² in Thousands, $ in Thousands	Mar. 31, 2019USD ($)ft²	Jan. 01, 2019USD ($)	Dec. 31, 2018USD ($)
Leases [Line Items]
Operating lease, right-of-use asset	$ 457,662		$ 0
Operating lease liabilities	484,173		0
Decrease in other liabilities	(292,187)		(311,806)
Decrease in deferred revenue	(71,328)		(167,730)
Decrease in identified intangible assets, net	(34,161)		(136,781)
Decrease in other assets	$ (497,219)		$ (431,938)
Accounting Standards Update 2016-02
Leases [Line Items]
Operating lease, right-of-use asset		$ 526,866
Operating lease liabilities		526,866
Decrease in other liabilities		37,269
Decrease in deferred revenue		4,267
Decrease in identified intangible assets, net		23,665
Decrease in other assets		$ 1,584
Farley Office and Retail Building
Leases [Line Items]
Equity method ownership percentage	95.00%
Square footage of real estate property (in sqft) | ft²	850
Lessee, operating lease, lease not yet commenced, term (years)	99 years
Farley Office and Retail Building | Office
Leases [Line Items]
Square footage of real estate property (in sqft) | ft²	730
Farley Office and Retail Building | Retail
Leases [Line Items]
Square footage of real estate property (in sqft) | ft²	120

Leases - Schedule of Amounts In

Leases - Schedule of Amounts Included in the Measurement of Lease Liability (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Weighted average remaining lease term (in years)	41 years 6 months 18 days
Weighted average discount rate (percent)	4.89%
Cash paid for operating leases	$ 6,111

Leases - Schedule of Components

Leases - Schedule of Components of Rent Expense (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Fixed rent expense	$ 10,626
Variable rent expense	620
Rent expense	$ 11,246

Leases - Lessee, Operating Leas

Leases - Lessee, Operating Lease, Liability, Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Operating Lease Liabilities, Payments Due [Abstract]
For the remainder of 2019	$ 20,361
2020	28,352
2021	28,745
2022	29,646
2023	30,061
2024	30,495
Thereafter	1,037,252
Total undiscounted cash flows	1,204,912
Present value discount	(720,739)
Lease liabilities	484,173	$ 0
Farley Office and Retail Building
Operating Lease Liabilities, Payments Due [Abstract]
For the remainder of 2019	6,822
2020	10,402
2021	7,229
2022	7,444
2023	7,809
2024	8,330
Thereafter	$ 519,048

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2018USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2019	$ 46,147
2020	45,258
2021	42,600
2022	43,840
2023	44,747
Thereafter	$ 1,612,627

Commitments and Contingencies (

Commitments and Contingencies (Details)	3 Months Ended
	Mar. 31, 2019USD ($)
Other Commitments
Guarantees and master leases	$ 582,000,000
Outstanding letters of credit	15,365,000
Commitment to fund additional capital to partially owned entities	16,000,000
Construction commitment	774,000,000
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	260,000,000
Insurance maximum coverage limit in aggregate	$ 260,000,000
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	$ 1,453,000
Insurance deductible percentage of balance of covered loss	19.00%
Joint Venture | Moynihan Office Building
Other Commitments
Equity method ownership percentage	95.00%

Segment Information (Summary of

Segment Information (Summary of net income and EBITDA reconciliation by segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting [Abstract]
Net income	$ 213,044	$ 282
(Income) loss from partially owned entities	(7,320)	9,904
Interest and other investment (income) loss, net	(5,045)	24,384
Net gains on disposition of wholly owned and partially owned assets	(220,294)	0
NOI attributable to noncontrolling interests in consolidated subsidiaries	(17,403)	(17,312)
Loss from real estate fund investments	167	8,807
Depreciation and amortization expense	116,709	108,686
General and administrative expense	58,020	42,533
Transaction related costs and other	149	13,156
NOI from partially owned entities	67,402	67,513
Interest and debt expense	102,463	88,166
Loss from discontinued operations	137	363
Income tax expense	29,743	2,554
NOI at share	337,772	349,036
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(5,181)	(17,948)
NOI at share - cash basis	$ 332,591	$ 331,088

Segment Information - Summary o

Segment Information - Summary of NOI by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Information
Total revenues	$ 534,668	$ 536,437
Operating expenses	246,895	237,602
NOI - consolidated	287,773	298,835
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(17,403)	(17,312)
Add: NOI from partially owned entities	67,402	67,513
NOI at share	337,772	349,036
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(5,181)	(17,948)
NOI at share - cash basis	332,591	331,088
New York
Segment Information
Total revenues	443,285	448,484
Operating expenses	198,095	197,916
NOI - consolidated	245,190	250,568
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(11,407)	(11,745)
Add: NOI from partially owned entities	49,575	49,773
NOI at share	283,358	288,596
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(6,618)	(17,323)
NOI at share - cash basis	276,740	271,273
Other
Segment Information
Total revenues	91,383	87,953
Operating expenses	48,800	39,686
NOI - consolidated	42,583	48,267
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(5,996)	(5,567)
Add: NOI from partially owned entities	17,827	17,740
NOI at share	54,414	60,440
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	1,437	(625)
NOI at share - cash basis	$ 55,851	$ 59,815