Vornado Realty Trust (VNO) 10-Q 29 Jul 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2019shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	001-11954
Entity Registrant Name	Vornado Realty Trust
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	22-1657560
Entity Address, Address Line One	888 Seventh Avenue,
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	(212)
Local Phone Number	894-7000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000899689
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	190,813,470
Common Shares of beneficial interest, $.04 par value per share | New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	Common Shares of beneficial interest, $.04 par value per share
Entity Trading Symbol	VNO
Security Exchange Name	NYSE
5.70% Series K | New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	5.70% Series K
Entity Trading Symbol	VNO/PK
Security Exchange Name	NYSE
5.40% Series L | New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	5.40% Series L
Entity Trading Symbol	VNO/PL
Security Exchange Name	NYSE
5.25% Series M | New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	5.25% Series M
Entity Trading Symbol	VNO/PM
Security Exchange Name	NYSE
Vornado Realty L.P.
Entity Information [Line Items]
Entity File Number	001-34482
Entity Registrant Name	VORNADO REALTY LP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3925979
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001040765
Document Fiscal Year Focus	2019

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Real estate, at cost:
Land	$ 2,609,869	$ 3,306,280
Buildings and improvements	7,813,812	10,110,992
Development costs and construction in progress	1,835,054	2,266,491
Moynihan Train Hall development expenditures	665,226	445,693
Leasehold improvements and equipment	118,428	108,427
Total	13,042,389	16,237,883
Less accumulated depreciation and amortization	(2,894,202)	(3,180,175)
Real estate, net	10,148,187	13,057,708
Right-of-use assets	380,214	0
Cash and cash equivalents	922,604	570,916
Restricted cash	154,306	145,989
Marketable securities	41,081	152,198
Tenant and other receivables, net of allowance for doubtful accounts of $4,154 as of December 31, 2018	85,153	73,322
Investments in partially owned entities	4,025,534	858,113
Real estate fund investments	306,596	318,758
220 Central Park South condominium units ready for sale	328,786	99,627
Receivable arising from the straight-lining of rents, net of allowance of $1,644 as of December 31, 2018	749,198	935,131
Deferred leasing costs, net of accumulated amortization of $187,478 and $207,529	357,511	400,313
Identified intangible assets, net of accumulated amortization of $98,187 and $172,114	32,478	136,781
Other assets	382,209	431,938
Assets	17,913,857	17,180,794
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Mortgages payable, net	6,256,808	8,167,798
Senior unsecured notes, net	445,465	844,002
Unsecured term loan, net	745,331	744,821
Unsecured revolving credit facilities	80,000	80,000
Lease liabilities	483,011	0
Moynihan Train Hall obligation	665,226	445,693
Accounts payable and accrued expenses	392,581	430,976
Deferred revenue	66,835	167,730
Deferred compensation plan	99,879	96,523
Other liabilities	320,515	311,806
Total liabilities	9,555,651	11,289,349
Commitments and contingencies
Redeemable noncontrolling interests / partnership units
Class A units - 13,377,956 and 12,544,477 units outstanding	857,527	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	862,062	783,562
Shareholders' / Partner's Equity
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 36,797,280 and 36,798,580 shares	891,256	891,294
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 190,813,470 and 190,535,499 shares	7,611	7,600
Additional capital	7,845,748	7,725,857
Earnings less than distributions	(1,845,995)	(4,167,184)
Accumulated other comprehensive (loss) income	(38,066)	7,664
Total Vornado shareholders' / partners equity	6,860,554	4,465,231
Noncontrolling interests in consolidated subsidiaries	635,590	642,652
Total equity	7,496,144	5,107,883
Total liabilities, redeemable noncontrolling interests / partnership units and equity	17,913,857	17,180,794
Vornado Realty L.P.
Real estate, at cost:
Land	2,609,869	3,306,280
Buildings and improvements	7,813,812	10,110,992
Development costs and construction in progress	1,835,054	2,266,491
Moynihan Train Hall development expenditures	665,226	445,693
Leasehold improvements and equipment	118,428	108,427
Total	13,042,389	16,237,883
Less accumulated depreciation and amortization	(2,894,202)	(3,180,175)
Real estate, net	10,148,187	13,057,708
Right-of-use assets	380,214	0
Cash and cash equivalents	922,604	570,916
Restricted cash	154,306	145,989
Marketable securities	41,081	152,198
Tenant and other receivables, net of allowance for doubtful accounts of $4,154 as of December 31, 2018	85,153	73,322
Investments in partially owned entities	4,025,534	858,113
Real estate fund investments	306,596	318,758
220 Central Park South condominium units ready for sale	328,786	99,627
Receivable arising from the straight-lining of rents, net of allowance of $1,644 as of December 31, 2018	749,198	935,131
Deferred leasing costs, net of accumulated amortization of $187,478 and $207,529	357,511	400,313
Identified intangible assets, net of accumulated amortization of $98,187 and $172,114	32,478	136,781
Other assets	382,209	431,938
Assets	17,913,857	17,180,794
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Mortgages payable, net	6,256,808	8,167,798
Senior unsecured notes, net	445,465	844,002
Unsecured term loan, net	745,331	744,821
Unsecured revolving credit facilities	80,000	80,000
Lease liabilities	483,011	0
Moynihan Train Hall obligation	665,226	445,693
Accounts payable and accrued expenses	392,581	430,976
Deferred revenue	66,835	167,730
Deferred compensation plan	99,879	96,523
Other liabilities	320,515	311,806
Total liabilities	9,555,651	11,289,349
Commitments and contingencies
Redeemable noncontrolling interests / partnership units
Class A units - 13,377,956 and 12,544,477 units outstanding	857,527	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	862,062	783,562
Shareholders' / Partner's Equity
Partners' capital	8,744,615	8,624,751
Earnings less than distributions	(1,845,995)	(4,167,184)
Accumulated other comprehensive (loss) income	(38,066)	7,664
Total Vornado shareholders' / partners equity	6,860,554	4,465,231
Noncontrolling interests in consolidated subsidiaries	635,590	642,652
Total equity	7,496,144	5,107,883
Total liabilities, redeemable noncontrolling interests / partnership units and equity	$ 17,913,857	$ 17,180,794

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 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	$ 187,478	207,529
Identified intangible assets, accumulated amortization	$ 98,187	$ 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)	36,797,280	36,798,580
Preferred shares of beneficial interest: outstanding shares (shares)	36,797,280	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)	190,813,470	190,535,499
Common shares of beneficial interest: outstanding shares (shares)	190,813,470	190,535,499
Class A Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Outstanding Partnership Units held by Third Parties (units)	13,377,956	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	$ 187,478	207,529
Identified intangible assets, accumulated amortization	$ 98,187	$ 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)	13,377,956	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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
REVENUES:
Revenues	$ 463,103	$ 541,818	$ 997,771	$ 1,078,255
EXPENSES:
Operating	(220,752)	(235,981)	(467,647)	(473,583)
Depreciation and amortization	(113,035)	(111,846)	(229,744)	(220,532)
General and administrative	(38,872)	(34,427)	(96,892)	(76,960)
Expense from deferred compensation plan liability	(1,315)	(2,077)	(6,748)	(1,673)
Transaction related costs, impairment losses and other	(101,590)	(1,017)	(101,739)	(14,173)
Total expenses	(475,564)	(385,348)	(902,770)	(786,921)
Income (loss) from partially owned entities	22,873	8,757	30,193	(1,147)
Loss from real estate fund investments	(15,803)	(28,976)	(15,970)	(37,783)
Interest and other investment income, net	7,840	30,892	12,885	6,508
Income from deferred compensation plan assets	1,315	2,077	6,748	1,673
Interest and debt expense	(63,029)	(87,657)	(165,492)	(175,823)
Net gain on transfer to Fifth Avenue and Times Square JV	2,571,099	0	2,571,099	0
Net gains on disposition of wholly owned and partially owned assets	111,713	23,559	332,007	23,559
Income before income taxes	2,623,547	105,122	2,866,471	108,321
Income tax expense	(26,914)	(467)	(56,657)	(3,021)
Income from continuing operations	2,596,633	104,655	2,809,814	105,300
Income (loss) from discontinued operations	60	683	(77)	320
Net income	2,596,693	105,338	2,809,737	105,620
Less net (income) loss attributable to noncontrolling interests / noncontrolling interests in consolidated subsidiaries
Consolidated subsidiaries	(21,451)	26,175	(28,271)	34,449
Operating Partnership	(162,515)	(7,445)	(174,717)	(6,321)
Net income attributable to Vornado / Vornado Realty L.P.	2,412,727	124,068	2,606,749	133,748
Preferred share dividends / unit distributions	(12,532)	(12,534)	(25,066)	(25,569)
Preferred share / unit issuance costs	0	0	0	(14,486)
NET INCOME attributable to common shareholders / Class A unitholders	$ 2,400,195	$ 111,534	$ 2,581,683	$ 93,693
INCOME PER COMMON SHARE – BASIC:
Net income per common share (in dollars per share)	$ 12.58	$ 0.59	$ 13.53	$ 0.49
Weighted average shares outstanding, basic (in shares)	190,781	190,200	190,735	190,141
INCOME PER COMMON SHARE – DILUTED:
Net income per common share (in dollars per share)	$ 12.56	$ 0.58	$ 13.51	$ 0.49
Weighted average shares outstanding, diluted (in shares)	191,058	191,168	191,030	191,190
Vornado Realty L.P.
REVENUES:
Revenues	$ 463,103	$ 541,818	$ 997,771	$ 1,078,255
EXPENSES:
Operating	(220,752)	(235,981)	(467,647)	(473,583)
Depreciation and amortization	(113,035)	(111,846)	(229,744)	(220,532)
General and administrative	(38,872)	(34,427)	(96,892)	(76,960)
Expense from deferred compensation plan liability	(1,315)	(2,077)	(6,748)	(1,673)
Transaction related costs, impairment losses and other	(101,590)	(1,017)	(101,739)	(14,173)
Total expenses	(475,564)	(385,348)	(902,770)	(786,921)
Income (loss) from partially owned entities	22,873	8,757	30,193	(1,147)
Loss from real estate fund investments	(15,803)	(28,976)	(15,970)	(37,783)
Interest and other investment income, net	7,840	30,892	12,885	6,508
Income from deferred compensation plan assets	1,315	2,077	6,748	1,673
Interest and debt expense	(63,029)	(87,657)	(165,492)	(175,823)
Net gain on transfer to Fifth Avenue and Times Square JV	2,571,099	0	2,571,099	0
Net gains on disposition of wholly owned and partially owned assets	111,713	23,559	332,007	23,559
Income before income taxes	2,623,547	105,122	2,866,471	108,321
Income tax expense	(26,914)	(467)	(56,657)	(3,021)
Income from continuing operations	2,596,633	104,655	2,809,814	105,300
Income (loss) from discontinued operations	60	683	(77)	320
Net income	2,596,693	105,338	2,809,737	105,620
Less net (income) loss attributable to noncontrolling interests / noncontrolling interests in consolidated subsidiaries
Consolidated subsidiaries	(21,451)	26,175	(28,271)	34,449
Operating Partnership	(162,515)	(7,445)	(174,717)	(6,321)
Net income attributable to Vornado / Vornado Realty L.P.	2,575,242	131,513	2,781,466	140,069
Preferred share dividends / unit distributions	(12,573)	(12,582)	(25,148)	(25,666)
Preferred share / unit issuance costs	0	0	0	(14,486)
NET INCOME attributable to common shareholders / Class A unitholders	$ 2,562,669	$ 118,931	$ 2,756,318	$ 99,917
INCOME PER CLASS A UNIT – BASIC:
Net income per Class A unit (in dollars per unit)	$ 12.58	$ 0.58	$ 13.53	$ 0.49
Weighted average units outstanding, basic (in shares)	202,924	202,064	202,848	201,997
INCOME PER CLASS A UNIT – DILUTED:
Net income per Class A unit (in dollars per unit)	$ 12.54	$ 0.58	$ 13.50	$ 0.48
Weighted average units outstanding, diluted (in shares)	203,480	203,354	203,391	203,266
Rental revenues
REVENUES:
Revenues	$ 421,299	$ 502,907	$ 921,176	$ 1,003,327
Rental revenues | Vornado Realty L.P.
REVENUES:
Revenues	421,299	502,907	921,176	1,003,327
Fee and other income
REVENUES:
Revenues	41,804	38,911	76,595	74,928
Fee and other income | Vornado Realty L.P.
REVENUES:
Revenues	$ 41,804	$ 38,911	$ 76,595	$ 74,928

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Net income	$ 2,596,693	$ 105,338	$ 2,809,737	$ 105,620
Other comprehensive income (loss):
Other comprehensive income (loss) of nonconsolidated subsidiaries	25	390	(960)	736
(Reduction) increase in value of interest rate swaps and other	(28,512)	2,908	(45,541)	13,166
Amount reclassified from accumulated other comprehensive loss relating to a nonconsolidated subsidiary	0	0	(2,311)	0
Comprehensive income	2,568,206	108,636	2,760,925	119,522
Less comprehensive (income) loss attributable to noncontrolling interests in consolidated subsidiaries	(182,160)	18,525	(199,906)	27,269
Comprehensive income attributable to Vornado / Vornado Realty L.P.	2,386,046	127,161	2,561,019	146,791
Vornado Realty L.P.
Net income	2,596,693	105,338	2,809,737	105,620
Other comprehensive income (loss):
Other comprehensive income (loss) of nonconsolidated subsidiaries	25	390	(960)	736
(Reduction) increase in value of interest rate swaps and other	(28,512)	2,908	(45,541)	13,166
Amount reclassified from accumulated other comprehensive loss relating to a nonconsolidated subsidiary	0	0	(2,311)	0
Comprehensive income	2,568,206	108,636	2,760,925	119,522
Less comprehensive (income) loss attributable to noncontrolling interests in consolidated subsidiaries	(21,451)	26,175	(28,271)	34,449
Comprehensive income attributable to Vornado / Vornado Realty L.P.	$ 2,546,755	$ 134,811	$ 2,732,654	$ 153,971

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Real estate fund investments	Other	Preferred Shares	Common Shares	Additional Capital	Earnings Less Than Distributions	Accumulated Other Comprehensive Loss	Non- controlling Interests in Consolidated Subsidiaries	Non- controlling Interests in Consolidated SubsidiariesReal estate fund investments	Non- controlling Interests in Consolidated SubsidiariesOther	Vornado Realty L.P.	Vornado Realty L.P.Real estate fund investments	Vornado Realty L.P.Other	Vornado Realty L.P.Preferred Shares	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	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.	133,748						133,748					140,069					140,069
Net income attributable to redeemable partnership units	(6,321)											(6,321)					(6,321)
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries	(34,449)	$ (34,896)							(34,449)			(34,449)							(34,449)
Dividends on common shares	(239,594)						(239,594)
Distributions to Vornado ($0.66 per unit)												(239,594)					(239,594)
Dividends on preferred shares / Distributions to preferred unitholders (see Note 12 for dividends per share amounts)	(25,569)						(25,569)					(25,569)					(25,569)
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					176											176
Upon redemption of Class A units, at redemption value, value	12,246				$ 7	12,239						12,246				$ 12,246
Under Vornado's employees' share option plan, shares					61											61
Under Vornado's employees' share option plan, value	3,786				$ 3	3,783						3,786				$ 3,786
Under Vornado's dividend reinvestment plan, shares					10											10
Under Vornado's dividend reinvestment plan, value	685					685						685				$ 685
Contributions:
Contributions		45,347	$ 14,211							$ 45,347	$ 14,211		$ 45,347	$ 14,211						$ 45,347	$ 14,211
Distributions:
Distributions	(15,891)	(10,246)	(23,201)							(10,246)	(23,201)		(10,246)	(23,201)						(10,246)	(23,201)
Preferred unit issuance, value	(663)			$ (663)								(663)			$ (663)
Deferred compensation shares and options, shares					7											7
Deferred compensation shares and options, value	464					585	(121)					464				$ 585	(121)
Other comprehensive income (loss) of nonconsolidated subsidiaries	736							736				736						736
Increase/reduction in value of interest rate swaps	13,166							13,166				13,166						13,166
Unearned Out-Performance Plan awards acceleration	9,046					9,046						9,046				9,046
Adjustments to carry redeemable Class A units at redemption value	36,450					36,450						36,450				36,450
Redeemable noncontrolling interests' share of above adjustments	(859)							(859)				(859)						(859)
Other, value	549					547	1		1			549				$ 547	1		1
Ending balance, shares at Jun. 30, 2018				36,800	190,238										36,800	190,238
Ending balance, value at Jun. 30, 2018	4,943,587			$ 891,325	$ 7,587	7,555,993	(4,206,381)	33,351	661,712			4,943,587			$ 891,325	$ 7,563,580	(4,206,381)	33,351	661,712
Beginning balance, shares at Mar. 31, 2018				36,800	190,169										36,800	190,169
Beginning 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to Vornado / Vornado Realty L.P.	124,068						124,068					131,513					131,513
Net income attributable to redeemable partnership units	(7,445)											(7,445)					(7,445)
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries	(26,175)	(29,527)							(26,175)			(26,175)							(26,175)
Dividends on common shares	(119,830)						(119,830)
Distributions to Vornado ($0.66 per unit)												(119,830)					(119,830)
Dividends on preferred shares / Distributions to preferred unitholders (see Note 12 for dividends per share amounts)	(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					58											58
Upon redemption of Class A units, at redemption value, value	3,854				$ 2	3,852						3,854				$ 3,854
Under Vornado's employees' share option plan, shares					6											6
Under Vornado's employees' share option plan, value	352				$ 1	351						352				$ 352
Under Vornado's dividend reinvestment plan, shares					5											5
Under Vornado's dividend reinvestment plan, value	350					350						350				$ 350
Contributions:
Contributions		43,653	7,535							43,653	7,535		43,653	7,535						43,653	7,535
Distributions:
Distributions	(7,985)	(8,336)	(19,751)							(8,336)	(19,751)		(8,336)	(19,751)						(8,336)	(19,751)
Deferred compensation shares and options, value	287					287						287				287
Other comprehensive income (loss) of nonconsolidated subsidiaries	390							390				390						390
Increase/reduction in value of interest rate swaps	2,908							2,908				2,908						2,908
Adjustments to carry redeemable Class A units at redemption value	(78,406)					(78,406)						(78,406)				(78,406)
Redeemable noncontrolling interests' share of above adjustments	(205)							(205)				(205)						(205)
Other, value	549					546	3					549				$ 546	3
Ending balance, shares at Jun. 30, 2018				36,800	190,238										36,800	190,238
Ending balance, value at Jun. 30, 2018	4,943,587			$ 891,325	$ 7,587	7,555,993	(4,206,381)	33,351	661,712			4,943,587			$ 891,325	$ 7,563,580	(4,206,381)	33,351	661,712
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.	2,606,749						2,606,749					2,781,466					2,781,466
Net income attributable to redeemable partnership units	(174,717)											(174,717)					(174,717)
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries	28,271	7,692							28,271			28,271							28,271
Dividends on common shares	(251,803)						(251,803)
Distributions to Vornado ($0.66 per unit)												(251,803)					(251,803)
Dividends on preferred shares / Distributions to preferred unitholders (see Note 12 for dividends per share amounts)	(25,066)						(25,066)					(25,066)					(25,066)
Common shares issued: / Class A Units issued to Vornado
Upon redemption of Class A units, at redemption value, shares					92											92
Upon redemption of Class A units, at redemption value, value	6,129				$ 4	6,125						6,129				$ 6,129
Under Vornado's employees' share option plan, shares					165											165
Under Vornado's employees' share option plan, value	(7,347)				$ 7	1,338	(8,692)					(7,347)				$ 1,345	(8,692)
Under Vornado's dividend reinvestment plan, shares					10											10
Under Vornado's dividend reinvestment plan, value	701					701						701				$ 701
Contributions:
Contributions		3,384	4,931							$ 3,384	4,931		$ 3,384	4,931						$ 3,384	4,931
Distributions:
Distributions	(16,936)		(32,204)								(32,204)	(32,204)							(32,204)
Preferred unit issuance, shares															(2)	3
Preferred unit issuance, value												0			$ (38)	$ 38
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, shares				(2)	3
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, value	0			$ (38)		38
Deferred compensation shares and options, shares					8											8
Deferred compensation shares and options, value	563					563						563				$ 563
Amount reclassified related to a nonconsolidated subsidiary	(2,311)							(2,311)				(2,311)						(2,311)
Other comprehensive income (loss) of nonconsolidated subsidiaries	(960)							(960)				(960)						(960)
Increase/reduction in value of interest rate swaps	(45,544)							(45,544)				(45,544)						(45,544)
Unearned Out-Performance Plan awards acceleration	11,720					11,720						11,720				11,720
Adjustments to carry redeemable Class A units at redemption value	99,407					99,407						99,407				99,407
Redeemable noncontrolling interests' share of above adjustments	3,082							3,082				3,082						3,082
Deconsolidation of partially owned entity	(11,441)								(11,441)			(11,441)							(11,441)
Other, value	0					(1)	1	3	(3)			0				$ (1)	1	3	(3)
Other, shares				(1)											(1)
Ending balance, shares at Jun. 30, 2019				36,797	190,813										36,797	190,813
Ending balance, value at Jun. 30, 2019	7,496,144			$ 891,256	$ 7,611	7,845,748	(1,845,995)	(38,066)	635,590			7,496,144			$ 891,256	$ 7,853,359	(1,845,995)	(38,066)	635,590
Beginning balance, shares at Mar. 31, 2019				36,798	190,761										36,798	190,761
Beginning 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to Vornado / Vornado Realty L.P.	2,412,727						2,412,727					2,575,242					2,575,242
Net income attributable to redeemable partnership units	(162,515)											(162,515)					(162,515)
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries	21,451	$ 4,955							21,451			21,451							21,451
Dividends on common shares	(125,927)						(125,927)
Distributions to Vornado ($0.66 per unit)												(125,927)					(125,927)
Dividends on preferred shares / Distributions to preferred unitholders (see Note 12 for dividends per share amounts)	(12,532)						(12,532)					(12,532)					(12,532)
Common shares issued: / Class A Units issued to Vornado
Upon redemption of Class A units, at redemption value, shares					44											44
Upon redemption of Class A units, at redemption value, value	2,948				$ 2	2,946						2,948				$ 2,948
Under Vornado's employees' share option plan, shares					3											3
Under Vornado's employees' share option plan, value	174					174						174				$ 174
Under Vornado's dividend reinvestment plan, shares					5											5
Under Vornado's dividend reinvestment plan, value	361					361						361				$ 361
Contributions:
Contributions	3,121								3,121					3,121							3,121
Distributions:
Distributions	(8,448)		$ (24,440)								$ (24,440)			$ (24,440)							$ (24,440)
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, shares				(1)	1										(1)	1
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, value	0			$ (7)		7						0			$ (7)	$ 7
Deferred compensation shares and options, shares					(1)											(1)
Deferred compensation shares and options, value	266					266						266				$ 266
Other comprehensive income (loss) of nonconsolidated subsidiaries	25							25				25						25
Increase/reduction in value of interest rate swaps	(28,515)							(28,515)				(28,515)						(28,515)
Adjustments to carry redeemable Class A units at redemption value	165,225					165,225						165,225				165,225
Redeemable noncontrolling interests' share of above adjustments	1,806							1,806				1,806						1,806
Deconsolidation of partially owned entity	(11,441)								(11,441)			(11,441)							(11,441)
Other, value	3					(1)	2	3	(1)			3				$ (1)	2	3	(1)
Other, shares				0
Ending balance, shares at Jun. 30, 2019				36,797	190,813										36,797	190,813
Ending balance, value at Jun. 30, 2019	$ 7,496,144			$ 891,256	$ 7,611	$ 7,845,748	$ (1,845,995)	$ (38,066)	$ 635,590			$ 7,496,144			$ 891,256	$ 7,853,359	$ (1,845,995)	$ (38,066)	$ 635,590

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Unaudited) - Parenthetical (Unaudited) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Common shares/units, dividends (in dollars per share)	$ 0.66	$ 0.63	$ 1.32	$ 1.26
Vornado Realty L.P.
Common shares/units, dividends (in dollars per share)	$ 0.66	$ 0.63	$ 1.32	$ 1.26

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash Flows from Operating Activities:
Net income	$ 2,809,737	$ 105,620
Adjustments to reconcile net income to net cash provided by operating activities:
Net gain on transfer to Fifth Avenue and Times Square JV	(2,571,099)	0
Net gains on disposition of wholly owned and partially owned assets	(332,007)	(23,559)
Depreciation and amortization (including amortization of deferred financing costs)	240,866	233,748
Non-cash impairment loss on 608 Fifth Avenue right-of-use asset	75,220	0
Stock-based compensation expense	42,174	20,645
Distributions of income from partially owned entities	31,820	45,999
Equity in net (income) loss of partially owned entities	(30,193)	1,147
Real estate impairment losses	26,140	0
Prepayment penalty on redemption of senior unsecured notes due 2022	22,058	0
Net realized and unrealized loss on real estate fund investments	16,162	30,426
Amortization of below-market leases, net	(11,168)	(21,107)
Straight-lining of rents	3,733	(10,122)
(Increase) decrease in fair value of marketable securities	(1,773)	17,102
Return of capital from real estate fund investments	0	20,291
Other non-cash adjustments	18,588	3,675
Changes in operating assets and liabilities:
Real estate fund investments	(4,000)	(68,950)
Tenant and other receivables, net	(12,759)	(7,511)
Prepaid assets	(5,702)	(19,092)
Other assets	(8,498)	(114,881)
Accounts payable and accrued expenses	(11,482)	(11,036)
Other liabilities	(4,965)	38,865
Net cash provided by operating activities	292,852	241,260
Cash Flows from Investing Activities:
Proceeds from transfer of interest in Fifth Avenue and Times Square JV (net of $35,562 of transaction costs and $10,899 of deconsolidated cash and restricted cash)	1,255,756	0
Proceeds from sale of condominium units at 220 Central Park South	690,734	0
Proceeds from redemption of 640 Fifth Avenue preferred equity	500,000	0
Development costs and construction in progress	(289,532)	(185,039)
Moynihan Train Hall expenditures	(205,783)	0
Proceeds from sales of marketable securities	167,852	0
Additions to real estate	(120,060)	(113,300)
Proceeds from sale of real estate and related investments	108,512	44,599
Distributions of capital from partially owned entities	24,880	81,997
Investments in partially owned entities	(15,588)	(26,663)
Acquisitions of real estate and other	(3,260)	(56,500)
Net cash provided by (used in) investing activities	2,113,511	(254,906)
Cash Flows from Financing Activities:
Repayments of borrowings	(1,943,157)	(148,408)
Proceeds from borrowings	458,955	189,042
Purchase of marketable securities in connection with defeasance of mortgage payable	(407,126)	0
Dividends paid on common shares / Distributions to Vornado	(251,803)	(239,594)
Moynihan Train Hall reimbursement from Empire State Development	205,783	0
Distribution to noncontrolling interests / redeemable security holders and noncontrolling interests in consolidated subsidiaries	(49,140)	(49,338)
Dividends paid on preferred shares / Distributions to preferred unitholders	(25,066)	(30,047)
Prepayment penalty on redemption of senior unsecured notes due 2022	(22,058)	0
Debt issuance costs	(13,522)	(3,289)
Repurchase of shares (Class A units) related to stock compensation arrangements and related tax withholdings	(8,692)	(784)
Contributions from noncontrolling interests/ Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries	8,315	59,558
Proceeds received from exercise of employee share options (Vornado stock options) and other	2,046	4,471
Redemption of preferred shares / units	(893)	(470,000)
Debt prepayment and extinguishment costs	0	(818)
Net cash used in financing activities	(2,046,358)	(689,207)
Net increase (decrease) in cash and cash equivalents and restricted cash	360,005	(702,853)
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	1,076,910	1,211,959
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	922,604	1,090,791
Restricted cash at end of period	154,306	121,168
Cash and cash equivalents and restricted cash at end of period	1,076,910	1,211,959
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest, excluding capitalized interest of $39,643 and $28,558	165,022	155,875
Cash payments for income taxes	28,697	4,365
Investments received in exchange for transfer to Fifth Avenue and Times Square JV:
Investments received in exchange for transfer to joint venture, preferred equity	2,327,750	0
Investments received in exchange for transfer to joint venture, common equity	1,449,495	0
Reclassification of condominium units from development costs and construction in progress to 220 Central Park South condominium units ready for sale	647,683	0
Lease liabilities arising from the recognition of right-of-use assets	526,866	0
Marketable securities transferred in connection with the defeasance of mortgage payable	(407,126)	0
Defeasance of mortgage payable	390,000	0
Adjustments to carry redeemable Class A units at redemption value	99,407	36,450
Write-off of fully depreciated assets	(93,390)	(38,117)
Accrued capital expenditures included in accounts payable and accrued expenses	68,900	54,176
Amounts related to our investment in Pennsylvania Real Estate Investment Trust reclassified from investments in partially owned entities and accumulated other comprehensive (loss) 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	2,809,737	105,620
Adjustments to reconcile net income to net cash provided by operating activities:
Net gain on transfer to Fifth Avenue and Times Square JV	(2,571,099)	0
Net gains on disposition of wholly owned and partially owned assets	(332,007)	(23,559)
Depreciation and amortization (including amortization of deferred financing costs)	240,866	233,748
Non-cash impairment loss on 608 Fifth Avenue right-of-use asset	75,220	0
Stock-based compensation expense	42,174	20,645
Distributions of income from partially owned entities	31,820	45,999
Equity in net (income) loss of partially owned entities	(30,193)	1,147
Real estate impairment losses	26,140	0
Prepayment penalty on redemption of senior unsecured notes due 2022	22,058	0
Net realized and unrealized loss on real estate fund investments	16,162	30,426
Amortization of below-market leases, net	(11,168)	(21,107)
Straight-lining of rents	3,733	(10,122)
(Increase) decrease in fair value of marketable securities	(1,773)	17,102
Return of capital from real estate fund investments	0	20,291
Other non-cash adjustments	18,588	3,675
Changes in operating assets and liabilities:
Real estate fund investments	(4,000)	(68,950)
Tenant and other receivables, net	(12,759)	(7,511)
Prepaid assets	(5,702)	(19,092)
Other assets	(8,498)	(114,881)
Accounts payable and accrued expenses	(11,482)	(11,036)
Other liabilities	(4,965)	38,865
Net cash provided by operating activities	292,852	241,260
Cash Flows from Investing Activities:
Proceeds from transfer of interest in Fifth Avenue and Times Square JV (net of $35,562 of transaction costs and $10,899 of deconsolidated cash and restricted cash)	1,255,756	0
Proceeds from sale of condominium units at 220 Central Park South	690,734	0
Proceeds from redemption of 640 Fifth Avenue preferred equity	500,000	0
Development costs and construction in progress	(289,532)	(185,039)
Moynihan Train Hall expenditures	(205,783)	0
Proceeds from sales of marketable securities	167,852	0
Additions to real estate	(120,060)	(113,300)
Proceeds from sale of real estate and related investments	108,512	44,599
Distributions of capital from partially owned entities	24,880	81,997
Investments in partially owned entities	(15,588)	(26,663)
Acquisitions of real estate and other	(3,260)	(56,500)
Net cash provided by (used in) investing activities	2,113,511	(254,906)
Cash Flows from Financing Activities:
Repayments of borrowings	(1,943,157)	(148,408)
Proceeds from borrowings	458,955	189,042
Purchase of marketable securities in connection with defeasance of mortgage payable	(407,126)	0
Dividends paid on common shares / Distributions to Vornado	(251,803)	(239,594)
Moynihan Train Hall reimbursement from Empire State Development	205,783	0
Distribution to noncontrolling interests / redeemable security holders and noncontrolling interests in consolidated subsidiaries	(49,140)	(49,338)
Dividends paid on preferred shares / Distributions to preferred unitholders	(25,066)	(30,047)
Prepayment penalty on redemption of senior unsecured notes due 2022	(22,058)	0
Debt issuance costs	(13,522)	(3,289)
Repurchase of shares (Class A units) related to stock compensation arrangements and related tax withholdings	(8,692)	(784)
Contributions from noncontrolling interests/ Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries	8,315	59,558
Proceeds received from exercise of employee share options (Vornado stock options) and other	2,046	4,471
Redemption of preferred shares / units	(893)	(470,000)
Debt prepayment and extinguishment costs	0	(818)
Net cash used in financing activities	(2,046,358)	(689,207)
Net increase (decrease) in cash and cash equivalents and restricted cash	360,005	(702,853)
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	1,076,910	1,211,959
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	922,604	1,090,791
Restricted cash at end of period	154,306	121,168
Cash and cash equivalents and restricted cash at end of period	1,076,910	1,211,959
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest, excluding capitalized interest of $39,643 and $28,558	165,022	155,875
Cash payments for income taxes	28,697	4,365
Investments received in exchange for transfer to Fifth Avenue and Times Square JV:
Investments received in exchange for transfer to joint venture, preferred equity	2,327,750	0
Investments received in exchange for transfer to joint venture, common equity	1,449,495	0
Reclassification of condominium units from development costs and construction in progress to 220 Central Park South condominium units ready for sale	647,683	0
Lease liabilities arising from the recognition of right-of-use assets	526,866	0
Marketable securities transferred in connection with the defeasance of mortgage payable	(407,126)	0
Defeasance of mortgage payable	390,000	0
Adjustments to carry redeemable Class A units at redemption value	99,407	36,450
Write-off of fully depreciated assets	(93,390)	(38,117)
Accrued capital expenditures included in accounts payable and accrued expenses	68,900	54,176
Amounts related to our investment in Pennsylvania Real Estate Investment Trust reclassified from investments in partially owned entities and accumulated other comprehensive (loss) 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	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Capitalized interest	$ 39,643	$ 28,558
Transaction related costs	379	1,070
Vornado Realty L.P.
Capitalized interest	39,643	$ 28,558
Fifth Avenue and Times Square JV
Deconsolidated restricted cash	10,899
Transaction related costs	35,562
Fifth Avenue and Times Square JV | Vornado Realty L.P.
Deconsolidated restricted cash	11
Transaction related costs	$ 35,562

Organization

Organization	6 Months Ended
	Jun. 30, 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 93.1% of the common limited partnership interest in the Operating Partnership as of June 30, 2019 . All references to the “Company,” “we,” “us” and “our” mean, collectively, Vornado, the Operating Partnership and those entities/subsidiaries consolidated by Vornado.

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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 and six months ended June 30, 2018, "property rentals" of $444,595,000 and $884,705,000 , respectively, and "tenant expense reimbursements" of $58,312,000 and $118,622,000 , respectively, were grouped into "rental revenues" on our consolidated statements of income in accordance with Accounting Standards Codification ("ASC") Topic 205, Presentation of Financial Statements.

Recently Issued Accounting Lite

Recently Issued Accounting Literature	6 Months Ended
	Jun. 30, 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 ("ROU") asset 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 adjusted for accrued rent expense, initial direct costs, lease incentives 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. As of January 1, 2019, we had 12 ground leases classified as operating leases, for which we were required to record a right-of-use asset and a lease liability equal to the present value of the future lease payments. We will continue to recognize expense on a straight-line basis for these leases. We recorded an aggregate of $526,866,000 of ROU 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 and six months ended June 30, 2018, we capitalized $1,358,000 and $2,706,000 , respectively, of internal leasing costs. In addition, we have made changes to our provision policy for lease receivables. Under ASC 842, we must assess on an individual lease basis whether it is probable that we will collect the future lease payments. We consider the tenant's payment history and current credit status when assessing collectability. When collectability is not deemed probable we write-off the tenant's receivables, including straight-line rent receivable, and limit lease income to cash received. 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 $14,492,000 and $15,382,000 decrease in income for the three and six months ended June 30, 2019, respectively. 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 , 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 . ASU 2018-16 expands the list of U.S. benchmark interest rates permitted in the application of hedge accounting by adding the OIS rate based on SOFR as an eligible benchmark interest rate. ASU 2018-16 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2018. We adopted this update effective January 1, 2019. The adoption of this update did not have an impact on our consolidated financial statements.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 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, tenant services and lease termination income. ◦ 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. ◦ Lease termination income is recognized immediately if a tenant vacates or is recognized on a straight-line basis over the shortened remaining lease term in accordance with ASC 842. ◦ 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 and six months ended June 30, 2019 and 2018 is set forth in Note 22 - Segment Information . (Amounts in thousands) For the Three Months Ended June 30, 2019 For the Three Months Ended June 30, 2018 Total New York Other Total New York Other Property rentals (1)(2) $ 372,160 $ 300,925 $ 71,235 $ 450,711 $ 383,440 $ 67,271 Hotel Pennsylvania 25,525 25,525 — 27,082 27,082 — Trade shows 11,547 — 11,547 11,586 — 11,586 Lease revenues 409,232 326,450 82,782 489,379 410,522 78,857 Tenant services 12,067 9,337 2,730 13,528 10,394 3,134 Rental revenues 421,299 335,787 85,512 502,907 420,916 81,991 BMS cleaning fees 32,570 34,944 (2,374 ) (3) 30,867 33,407 (2,540 ) (3) Management and leasing fees 4,500 4,472 28 2,707 2,464 243 Other income 4,734 1,178 3,556 5,337 1,765 3,572 Fee and other income 41,804 40,594 1,210 38,911 37,636 1,275 Total revenues $ 463,103 $ 376,381 $ 86,722 $ 541,818 $ 458,552 $ 83,266 ____________________ (1) Includes $14,492 for the write-off of operating lease receivables deemed uncollectible for the three months ended June 30, 2019. For periods prior to the adoption of ASC 842 on January 1, 2019, changes to the collectability of our operating leases is included in "operating expenses" on our consolidated statements of income. (2) Includes $2,499 of lease termination income for the three months ended June 30, 2019. For periods prior to the adoption of ASC 842 on January 1, 2019, $804 of lease termination income is included in other income. (3) 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 Six Months Ended June 30, 2019 For the Six Months Ended June 30, 2018 Total New York Other Total New York Other Property rentals (1)(2) $ 829,901 $ 686,728 $ 143,173 $ 905,142 $ 772,840 $ 132,302 Hotel Pennsylvania 38,134 38,134 — 41,754 41,754 — Trade shows 28,503 — 28,503 30,461 — 30,461 Lease revenues 896,538 724,862 171,676 977,357 814,594 162,763 Tenant services 24,638 18,562 6,076 25,970 20,158 5,812 Rental revenues 921,176 743,424 177,752 1,003,327 834,752 168,575 BMS cleaning fees 62,355 66,701 (4,346 ) (3) 59,222 63,560 (4,338 ) (3) Management and leasing fees 6,737 6,723 14 5,471 4,945 526 Other income 7,503 2,818 4,685 10,235 3,779 6,456 Fee and other income 76,595 76,242 353 74,928 72,284 2,644 Total revenues $ 997,771 $ 819,666 $ 178,105 $ 1,078,255 $ 907,036 $ 171,219 ____________________ (1) Includes $15,382 for the write-off of operating lease receivables deemed uncollectible for the six months ended June 30, 2019. For periods prior to the adoption of ASC 842 on January 1, 2019, changes to the collectability of our operating leases is included in "operating expenses" on our consolidated statements of income. (2) Includes $2,499 of lease termination income for the six months ended June 30, 2019. For periods prior to the adoption of ASC 842 on January 1, 2019, $1,149 of lease termination income is included in other income. (3) 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

Real Estate Fund Investments	6 Months Ended
	Jun. 30, 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 June 30, 2019 , we have four real estate fund investments through the Fund and the Crowne Plaza Joint Venture with an aggregate fair value of $306,596,000 , or $22,968,000 below our cost, and had remaining unfunded commitments of $44,194,000 , of which our share was $13,969,000 . As of 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) income from the Fund and the Crowne Plaza Joint Venture for the three and six months ended June 30, 2019 and 2018 . (Amounts in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Net investment income $ 459 $ 539 $ 192 $ 3,273 Net unrealized loss on held investments (16,262 ) (29,513 ) (16,162 ) (29,513 ) Net realized loss on exited investments — (2 ) — (913 ) New York City real property transfer tax (the "Transfer Tax") — — — (10,630 ) (1) Loss from real estate fund investments (15,803 ) (28,976 ) (15,970 ) (37,783 ) Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries (4,955 ) 29,527 (7,692 ) 34,896 (Loss) income from real estate fund investments attributable to the Operating Partnership (20,758 ) 551 (23,662 ) (2,887 ) Less loss (income) attributable to noncontrolling interests in the Operating Partnership 1,316 (34 ) 1,498 178 (Loss) income from real estate fund investments attributable to Vornado $ (19,442 ) $ 517 $ (22,164 ) $ (2,709 ) ____________________ (1)

Marketable Securities

Marketable Securities	6 Months Ended
	Jun. 30, 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 . 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, net" on our consolidated statements of income for the six months ended June 30, 2019 . Pennsylvania Real Estate Investment Trust (“PREIT”) (NYSE: PEI) On March 12, 2019 (the "Conversion Date"), we converted all of our 6,250,000 PREIT 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 and six months ended June 30, 2019, we recorded a $1,313,000 increase and $14,336,000 decrease, respectively, in the value of our investment based on PREIT's June 28, 2019 quarter ended closing share price, which is included in "interest and other investment income, net" on our consolidated statements of income . The table below summarizes the changes to our marketable securities portfolio for the six months ended June 30, 2019 . (Amounts in thousands) For the Six Months Ended June 30, 2019 Total Lexington Realty Trust PREIT Other Beginning balance, December 31, 2018 $ 152,198 $ 151,630 $ — $ 568 Sale of marketable securities (167,852 ) (167,698 ) — (154 ) Transfer of PREIT investment balance at Conversion Date 54,962 — 54,962 — Increase (decrease) in fair value of marketable securities (1) 1,773 16,068 (14,336 ) 41 Ending balance, June 30, 2019 $ 41,081 $ — $ 40,626 $ 455 ____________________ (1) Included in “interest and other investment income, net” on our consolidated statements of income (see Note 17 - Interest and Other Investment Income, Net ).

Investments in Partially Owned

Investments in Partially Owned Entities	6 Months Ended
	Jun. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
Investments in Partially Owned Entities	Investments in Partially Owned Entities Fifth Avenue and Times Square JV On April 18, 2019 (the “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, we contributed our 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 (of which 45.4% was transferred from Vornado). 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. We also provided $500,000,000 of temporary preferred equity on 640 Fifth Avenue until May 23, 2019 when mortgage financing was completed. All of 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 from the Transaction were $1.186 billion , after (i) deductions for the defeasance of a $390,000,000 mortgage loan on 666 Fifth Avenue and the repayment of a $140,000,000 mortgage loan on 655 Fifth Avenue, (ii) proceeds from a $500,000,000 mortgage loan on 640 Fifth Avenue, described below, (iii) approximately $23,000,000 used to purchase noncontrolling investors' interests and (iv) approximately $53,000,000 of transaction costs (including $17,000,000 of costs related to the defeasance of the 666 Fifth Avenue mortgage loan). We continue to manage and lease the Properties. We share control with the Investors over major decisions of the joint venture, including decisions regarding leasing, operating and capital budgets, and refinancings. Accordingly, we no longer hold a controlling financial interest in the Properties which has been transferred to the joint venture. As a result, our investment in Fifth Avenue and Times Square JV is accounted for under the equity method from the date of transfer. T he Transaction valued the Properties at $5,556,000,000 resulting in a financial statement net gain of $2,571,099,000 , before noncontrolling interest of $11,945,000 , including the related step-up in our basis of the retained portion of the assets to fair value. The net gain is included in "net gain on transfer to Fifth Avenue and Times Square JV" on our consolidated statements of income for the three and six months ended June 30, 2019. The gain for tax purposes was approximately $735,000,000 . On May 23, 2019, we received $500,000,000 from the redemption of our preferred equity in 640 Fifth Avenue. The preferred equity was redeemed from the proceeds of a $500,000,000 mortgage financing that was completed on the property. The five year loan, which is guaranteed by us, is interest only at LIBOR plus 1.01% . The interest rate was swapped for four years to a fixed rate of 3.07% . Related Party Transactions We provide various services to Fifth Avenue and Times Square JV in accordance with management, development, leasing and other agreements, as described below. We receive an annual fee for managing the Properties equal to 2% of the gross revenues from the Properties. In addition, we are entitled to a development fee of 5% of development costs, plus reimbursement of certain costs, for development projects performed by us. We are entitled to 1.5% of development costs, plus reimbursement of certain costs, as a supervisory fee for development projects not performed by us. We provide leasing services for fees calculated based on a percentage of rents, less any commissions paid to third-party real estate brokers, if applicable. We jointly provide leasing services for the retail space with Crown Acquisitions Inc. ("Crown"), and exclusively provide leasing services for the office space. During the three and six months ended June 30, 2019, we recognized $830,000 of property management fee income. BMS, our wholly-owned subsidiary, supervises cleaning, security and engineering services at certain of the Properties. During the three and six months ended June 30, 2019, we recognized $791,000 of income for these services. We believe, based on comparable fees charged by other real estate companies, that the fees described above are at fair market value. Haim Chera, Executive Vice President - Head of Retail, has an investment in Crown, a company controlled by Mr. Chera's family. Crown has a nominal minority interest in Fifth Avenue and Times Square JV. Additionally, we have other investments with Crown. 7 . Investments in Partially Owned Entities - continued Alexander’s, Inc. (“Alexander’s”) (NYSE: ALX) As of June 30, 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 June 30, 2019 , the market value ("fair value" pursuant to ASC 820) of our investment in Alexander’s, based on Alexander’s June 28, 2019 quarter ended closing share price of $370.30 , was $612,501,000 , or $509,496,000 in excess of the carrying amount on our consolidated balance sheet. As of June 30, 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 $38,928,000 . 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. 512 West 22nd Street On June 28, 2019, a joint venture, in which we have a 55% interest, completed a $145,700,000 refinancing of 512 West 22 nd Street, a 173,000 square foot office building in the West Chelsea submarket of Manhattan. The four-year interest only loan carries a rate of LIBOR plus 2.00% ( 4.40% as of June 30, 2019) and matures in June 2023 with a one-year extension option. The loan replaces the previous $126,000,000 construction loan that bore interest at LIBOR plus 2.65% and was scheduled to mature in 2019. 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 six months ended June 30, 2019. 61 Ninth Avenue On January 28, 2019, a 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 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% ( 3.77% as of June 30, 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. 330 Madison Avenue On July 11, 2019, we sold our 25% interest in 330 Madison Avenue to our joint venture partner. We received net proceeds of approximately $100,000,000 after deducting our share of the existing $500,000,000 mortgage loan. The third quarter financial statement gain will be approximately $159,000,000 . The tax gain will be approximately $138,000,000 . 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, in which we owned a 32.5% interest, was declared effective and our stock in Toys was canceled. As of December 31, 2018, we carried our Toys investment at zero . The canceling of our stock in Toys resulted in 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 June 30, 2019 December 31, 2018 Investments: Fifth Avenue and Times Square JV (see page 30 for details) 51.5% $ 3,306,389 $ — Partially owned office buildings/land (1) Various 469,264 499,005 Alexander’s 32.4% 103,005 107,983 PREIT (2) N/A — 59,491 UE (3) N/A — 45,344 Other investments (4) Various 146,876 146,290 $ 4,025,534 $ 858,113 Investments in partially owned entities included in other liabilities (5) : 330 Madison Avenue (6) 25.0% $ (60,097 ) $ (58,117 ) 7 West 34th Street 53.0% (53,143 ) (51,579 ) 85 Tenth Avenue 49.9% (5,098 ) — $ (118,338 ) $ (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 31 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. (6) Sold on July 11, 2019 (see page 31 for details). Below is a schedule of income (loss) from partially owned entities. (Amounts in thousands) Percentage For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Our share of net income (loss): Fifth Avenue and Times Square JV (see page 30 for details): Equity in net income 51.5% $ 11,217 $ — $ 11,217 $ — Return on preferred equity, net of our share of the expense 8,586 — 8,586 — 19,803 — 19,803 — Alexander's (see page 31 for details): Equity in net income (1) 32.4% 3,597 6,146 9,314 2,937 Management, leasing and development fees 1,122 1,021 2,179 2,229 4,719 7,167 11,493 5,166 Partially owned office buildings (2) Various (1,451 ) 2,002 (1,345 ) (2,281 ) Other investments (3) Various (198 ) (412 ) 242 (4,032 ) $ 22,873 $ 8,757 $ 30,193 $ (1,147 ) ____________________ (1) The six months ended June 30, 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. Alexander's recorded this expense 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 (sold on July 11, 2019), 512 West 22nd Street, 85 Tenth Avenue and others. The three and six months ended June 30, 2019 includes a $1,079 reduction in income from the non-cash write-off of straight-line rent receivable related to The Four Seasons Restaurant at 280 Park Avenue. The six months ended June 30, 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) Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, Rosslyn Plaza, 50-70 West 93rd Street, 666 Fifth Avenue Office Condominium (sold on August 3, 2018), UE (sold on March 4, 2019), PREIT (accounted as a marketable security from March 12, 2019) and others.

220 Central Park South 220 CPS

220 Central Park South 220 CPS	6 Months Ended
	Jun. 30, 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 June 30, 2019 . During the three months ended June 30, 2019, we closed on the sale of 11 condominium units at 220 CPS for net proceeds aggregating $265,250,000 resulting in a financial statement net gain of $111,713,000 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, $22,792,000 of income tax expense was recognized in our consolidated statements of income. During the six months ended June 30, 2019, we closed on the sale of 23 condominium units at 220 CPS for net proceeds of $690,734,000 resulting in a financial statement net gain of $269,612,000 . In connection with these sales, $49,737,000 of income tax expense was recognized in our consolidated statements of income. From inception to June 30, 2019, we closed on the sale of 34 units for aggregate net proceeds of $905,510,000 which was used to pay $901,117,000 of the $950,000,000 220 CPS loan.

Identified Intangible Assets an

Identified Intangible Assets and Liabilities	6 Months Ended
	Jun. 30, 2019
Intangible Assets, Net (Excluding Goodwill) [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 June 30, 2019 and December 31, 2018 . (Amounts in thousands) Balance as of June 30, 2019 December 31, 2018 Identified intangible assets: Gross amount $ 130,665 $ 308,895 Accumulated amortization (98,187 ) (172,114 ) Total, net $ 32,478 $ 136,781 Identified intangible liabilities (included in deferred revenue): Gross amount $ 325,449 $ 503,373 Accumulated amortization (264,493 ) (341,779 ) Total, net $ 60,956 $ 161,594 Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental revenues of $4,643,000 and $10,526,000 for the three months ended June 30, 2019 and 2018 , respectively, and $11,168,000 and $21,107,000 for the six months ended June 30, 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 $ 16,643 2021 11,934 2022 8,792 2023 6,261 2024 2,518 Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $1,935,000 and $4,876,000 for the three months ended June 30, 2019 and 2018 , respectively, and $5,480,000 and $9,735,000 for the six months ended June 30, 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	6 Months Ended
	Jun. 30, 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% ( 3.73% as of June 30, 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% ( 3.98% as of June 30, 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. On May 24, 2019, we extended our $375,000,000 mortgage loan on 888 Seventh Avenue, a 886,000 square foot Manhattan office building, from December 2020 to December 2025. The interest rate on the extended mortgage loan is LIBOR plus 1.70% ( 4.11% as of June 30, 2019). Pursuant to an existing swap agreement, the interest rate on the $375,000,000 mortgage loan has been swapped to 3.25% through December 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 six months ended June 30, 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 June 30, 2019 December 31, 2018 Mortgages Payable: Fixed rate 3.52% $ 4,608,463 $ 5,003,465 Variable rate 4.09% 1,683,182 3,212,382 Total 3.68% 6,291,645 8,215,847 Deferred financing costs, net and other (34,837 ) (48,049 ) Total, net $ 6,256,808 $ 8,167,798 Unsecured Debt: Senior unsecured notes 3.50% $ 450,000 $ 850,000 Deferred financing costs, net and other (4,535 ) (5,998 ) Senior unsecured notes, net 445,465 844,002 Unsecured term loan 3.87% 750,000 750,000 Deferred financing costs, net and other (4,669 ) (5,179 ) Unsecured term loan, net 745,331 744,821 Unsecured revolving credit facilities 3.40% 80,000 80,000 Total, net $ 1,270,796 $ 1,668,823

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests/Redeemable Partnership Units	6 Months Ended
	Jun. 30, 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) For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Beginning balance $ 867,085 $ 857,026 $ 783,562 $ 984,937 Net income 162,515 7,445 174,717 6,321 Other comprehensive (loss) income (1,806 ) 205 (3,082 ) 859 Distributions (8,448 ) (7,985 ) (16,936 ) (15,891 ) Redemption of Class A units for Vornado common shares, at redemption value (2,948 ) (3,854 ) (6,129 ) (12,246 ) Adjustments to carry redeemable Class A units at redemption value (165,225 ) 78,406 (99,407 ) (36,450 ) Other, net 10,889 6,798 29,337 10,511 Ending balance $ 862,062 $ 938,041 $ 862,062 $ 938,041 As of June 30, 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 $857,527,000 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 June 30, 2019 and December 31, 2018 . Changes in the value from period to period, if any, are charged to “interest and debt expense” on our consolidated statements of income.

Shareholders' Equity_Partners'

Shareholders' Equity/Partners' Capital	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2019 and 2018 . (Per share/unit) For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Shares/Units: Common shares/Class A units held by Vornado: authorized 250,000,000 shares/units $ 0.66 $ 0.63 $ 1.32 $ 1.26 Convertible Preferred (1) : 6.5% Series A: authorized 83,977 shares/units (2) 0.8125 0.8125 1.6250 1.6250 Cumulative Redeemable Preferred (1) : 5.70% Series K: authorized 12,000,000 shares/units (3) 0.3563 0.3563 0.7126 0.7126 5.40% Series L: authorized 12,000,000 shares/units (3) 0.3375 0.3375 0.6750 0.6750 5.25% Series M: authorized 12,780,000 shares/units (3) 0.3281 0.3281 0.6562 0.6562 ____________________ (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. (Amounts in thousands) Total Marketable securities Pro rata share of nonconsolidated subsidiaries' OCI Interest rate swaps Other For the three months ended June 30, 2019: Balance, March 31, 2019 $ (11,385 ) $ — $ (43 ) $ (5,270 ) $ (6,072 ) Net current period other comprehensive (loss) income (26,681 ) — 25 (28,515 ) 1,809 Balance, June 30, 2019 $ (38,066 ) $ — $ (18 ) $ (33,785 ) $ (4,263 ) For the three months ended June 30, 2018: Balance, March 31, 2018 $ 30,258 $ — $ 2,444 $ 36,651 $ (8,837 ) Net current period other comprehensive income (loss) 3,093 — 390 2,908 (205 ) Balance, June 30, 2018 $ 33,351 $ — $ 2,834 $ 39,559 $ (9,042 ) For the six months ended June 30, 2019: Balance, December 31, 2018 $ 7,664 $ — $ 3,253 $ 11,759 $ (7,348 ) Net current period other comprehensive (loss) income (43,419 ) — (960 ) (45,544 ) 3,085 Amount reclassified from AOCI (1) (2,311 ) — (2,311 ) — — Balance, June 30, 2019 $ (38,066 ) $ — $ (18 ) $ (33,785 ) $ (4,263 ) For the six months ended June 30, 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) 13,043 — 736 13,166 (859 ) Balance, June 30, 2018 $ 33,351 $ — $ 2,834 $ 39,559 $ (9,042 ) ____________________ (1) Amount reclassified related to the conversion of our PREIT operating partnership units into common shares.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2019
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities ("VIEs") Unconsolidated VIEs As of June 30, 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. As of June 30, 2019 and December 31, 2018 , the net carrying amount of our investments in these entities was $214,623,000 and $257,882,000 , respectively. 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 June 30, 2019 , the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $4,633,391,000 and $2,421,708,000 , 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 , respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 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 June 30, 2019 and December 31, 2018 , respectively. (Amounts in thousands) As of June 30, 2019 Total Level 1 Level 2 Level 3 Marketable securities $ 41,081 $ 41,081 $ — $ — Real estate fund investments 306,596 — — 306,596 Deferred compensation plan assets ($25,133 included in restricted cash and $74,746 in other assets) 99,879 77,888 — 21,991 Interest rate swaps (included in other assets) 9,295 — 9,295 — Total assets $ 456,851 $ 118,969 $ 9,295 $ 328,587 Mandatorily redeemable instruments (included in other liabilities) $ 50,561 $ 50,561 $ — $ — Interest rate swaps (included in other liabilities) 43,047 — 43,047 — Total liabilities $ 93,608 $ 50,561 $ 43,047 $ — (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 $ — 14 . Fair Value Measurements - continued Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued Real Estate Fund Investments As of June 30, 2019 , we have four real estate fund investments with an aggregate fair value of $306,596,000 , or $22,968,000 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 June 30, 2019 and December 31, 2018 . Range Weighted Average (based on fair value of investments) Unobservable Quantitative Input June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 Discount rates 10.0% to 15.0% 10.0% to 15.0% 13.5% 13.4% Terminal capitalization rates 5.1% to 7.6% 5.4% to 7.7% 5.5% 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 and six months ended June 30, 2019 and 2018 . (Amounts in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Beginning balance $ 322,858 $ 336,552 $ 318,758 $ 354,804 Purchases/additional fundings — 66,000 4,000 68,950 Net unrealized loss on held investments (16,262 ) (29,513 ) (16,162 ) (29,513 ) Dispositions — — — (20,291 ) Net realized loss on exited investments — (2 ) — (913 ) Other, net — 2 — 2 Ending balance $ 306,596 $ 373,039 $ 306,596 $ 373,039 14 . 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 and six months ended June 30, 2019 and 2018 . (Amounts in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Beginning balance $ 37,562 $ 39,485 $ 37,808 $ 40,128 Sales (18,041 ) (1,874 ) (20,155 ) (3,509 ) Purchases 1,969 1,619 2,877 1,633 Realized and unrealized gains 215 34 738 712 Other, net 286 606 723 906 Ending balance $ 21,991 $ 39,870 $ 21,991 $ 39,870 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 and right-of-use assets required to be measured for impairment as of June 30, 2019 and December 31, 2018 . As of June 30, 2019, our estimate of the fair value of the 608 Fifth Avenue assets was measured using a discounted cash flow analysis based upon market conditions and expectations of growth, resulting in a write-down to zero (see Note 16 - Transaction Related Costs, Impairment Losses and Other ). For real estate assets to be sold, the sales price per the executed purchase and sale agreement, net of closing costs, was utilized to determine the fair value. As of December 31, 2018, the fair value of real estate assets required to be measured for impairment were determined using comparable sales activity. (Amounts in thousands) As of June 30, 2019 Total Level 1 Level 2 Level 3 Real estate assets $ 67,102 $ — $ 67,102 $ — Right-of-use assets $ — $ — $ — $ — As of December 31, 2018 Total Level 1 Level 2 Level 3 Real estate assets $ 14,971 $ — $ — $ 14,971 14 . 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 June 30, 2019 and December 31, 2018 . (Amounts in thousands) As of June 30, 2019 As of December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Cash equivalents $ 749,035 $ 749,000 $ 261,981 $ 262,000 Debt: Mortgages payable $ 6,291,645 $ 6,336,000 $ 8,215,847 $ 8,179,000 Senior unsecured notes 450,000 459,000 850,000 847,000 Unsecured term loan 750,000 750,000 750,000 750,000 Unsecured revolving credit facilities 80,000 80,000 80,000 80,000 Total $ 7,571,645 (1) $ 7,625,000 $ 9,895,847 (1) $ 9,856,000 ____________________ (1) Excludes $44,041 and $59,226 of deferred financing costs, net and other as of June 30, 2019 and December 31, 2018 , respectively.

Stock-based Compensation

Stock-based Compensation	6 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation On January 14, 2019, the Committee approved the issuance of performance conditioned appreciation-only long-term incentive plan units ("Performance Conditioned AO LTIP Units") pursuant to the Plan to our named executive officers ("NEOs") in our 2019 proxy statement. 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 is being amortized into expense over a four-year period from the date of grant using a graded vesting attribution model. On May 16, 2019, our shareholders approved the 2019 Omnibus Share Plan (the “Plan"), which replaces the 2010 Omnibus Share Plan. Under the Plan, the Compensation Committee of the Board (the “Committee”) may 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 AO LTIP Units to certain of our employees and officers. Awards may be granted up to a maximum 5,500,000 shares, if all awards granted are Full Value awards, as defined, and up to 11,000,000 shares, if all of the awards granted are Not Full Value Awards, as defined in the Plan. Full Value Awards are awards of securities, such as restricted shares, that, if all vesting requirements are met, do not require the payment of an exercise price or strike price to acquire the securities. Not Full Value Awards are awards of securities, such as options, that do require the payment of an exercise price or strike price. 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" expense on our consolidated statements of income, was $10,520,000 and $6,976,000 for the three months ended June 30, 2019 and 2018, respectively, and $42,174,000 and $20,645,000 for the six months ended June 30, 2019 and 2018, respectively. Stock-based compensation expense for the three months ended March 31, 2019 included $16,211,000 from 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 was partially offset by lower stock-based compensation expense of $2,578,000 in the three months ended June 30, 2019; and will be completely offset by lower stock-based compensation expense of $2,578,000 in each of the third and fourth quarters of 2019 and $8,477,000 thereafter. Stock-based compensation expense for the three and six months ended June 30, 2019 also includes $5,316,000 for OP units granted outside of the Plan to an executive officer in connection with his employment in reliance on the employment inducement exception to shareholder approval provided under the New York Stock Exchange Listing Rule 303A.08, and $329,000 for OP units granted under the Plan to certain executive officers as a result of promotions. The award granted outside of the Plan has a grant date fair value of $25,500,000 and vests 20% on the grant date, 40% on the three-year anniversary of the date of grant, and 40% on the four-year anniversary of the date of grant. The awards granted under the Plan have an aggregate grant date fair value of $15,000,000 and cliff vest after four years. Compensation expense related to OP unit grants are recognized ratably over the vesting period. Additional non-cash expense associated with these awards will be $2,401,000 in each of the next two quarters, $9,603,000 in each of 2020 and 2021, $7,718,000 in 2022 and $2,655,000 in 2023.

Transaction Related Costs, Impa

Transaction Related Costs, Impairment Losses and Other	6 Months Ended
	Jun. 30, 2019
Transaction Related Costs, Impairment Losses and Other [Abstract]
Transaction Related Costs, Impairment Losses and Other	Transaction Related Costs, Impairment Losses and Other The following table sets forth the details of transaction related costs, impairment losses and other: (Amounts in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Non-cash impairment losses, substantially 608 Fifth Avenue (see below) $ 101,360 $ — $ 101,360 $ — Transaction related costs 230 1,017 379 1,070 Transfer tax (1) — — — 13,103 $ 101,590 $ 1,017 $ 101,739 $ 14,173 ____________________ (1) Disputed additional Transfer Tax recorded in the first quarter 2018 related to the December 2012 acquisition of Independence Plaza. The joint venture, in which we have a 50.1% economic interest, that owns Independence Plaza recorded this expense based on the precedent established by the Tax Tribunal's decision regarding One Park Avenue (see Note 5 - Real Estate Fund Investments ). 608 Fifth Avenue During the second quarter of 2019, Arcadia Group US Ltd ("Arcadia Group"), the operator of Topshop, our retail tenant at 608 Fifth Avenue, filed for Chapter 15 bankruptcy protection in the United States. On June 28, 2019, Arcadia Group closed all of its stores in the United States. 608 Fifth Avenue is subject to a land and building lease which expires in 2033. The non-recourse lease calls for fixed lease payments through the term, plus payments for real estate taxes, insurance and operating expenses. Based on current market rental rates, the cash flows of the property would not be sufficient to cover the operating expenses, including the fixed lease payments. Consequently, we concluded that the carrying amount of the property, which includes our right-of-use asset, was not recoverable. Our estimate of fair value of the property was derived from a discounted cash flow model based upon market conditions and expectations of growth. We recognized a $93,860,000 non-cash impairment loss on our consolidated statements of income, of which $75,220,000 resulted from the impairment of our right-of-use asset. A corresponding $72,588,000 lease liability remains, which will be recognized as income if and when the non-recourse lease is terminated.

Interest and Other Investment I

Interest and Other Investment Income, Net	6 Months Ended
	Jun. 30, 2019
Interest and Other Income [Abstract]
Interest and Other Investment Income, Net	Interest and Other Investment Income, Net The following table sets forth the details of interest and other investment income, net: (Amounts in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Increase (decrease) in fair value of marketable securities: PREIT (see page 29 for details) $ 1,313 $ — $ (14,336 ) $ — Lexington (see page 29 for details) — 15,883 16,068 (16,992 ) Other (1 ) 1 41 (110 ) 1,312 15,884 1,773 (17,102 ) Interest on cash and cash equivalents and restricted cash 2,626 4,487 4,693 8,044 Interest on loans receivable (1) 1,635 6,205 3,241 6,948 Dividends on marketable securities 1,313 3,353 1,313 6,706 Other, net 954 963 1,865 1,912 $ 7,840 $ 30,892 $ 12,885 $ 6,508 ____________________ (1) 2018 includes $5,457 of income from profit participation on the April 2018 sale of 701 Seventh Avenue. We received this income in connection with our 25% participation in an October 2012, $137,500 mezzanine loan, which was repaid in January 2014.

Interest and Debt Expense

Interest and Debt Expense	6 Months Ended
	Jun. 30, 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 June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Interest expense (1) $ 76,605 $ 96,377 $ 194,252 $ 191,165 Capitalized interest and debt expense (19,812 ) (16,754 ) (43,137 ) (31,480 ) Amortization of deferred financing costs 6,236 8,034 14,377 16,138 $ 63,029 $ 87,657 $ 165,492 $ 175,823 ____________________ (1) The six months ended June 30, 2019 includes $22,540 debt prepayment costs in connection with the redemption of $400,000 5.00% senior unsecured notes which were scheduled to mature in January 2022.

Income Per Share_Income Per Cla

Income Per Share/Income Per Class A Unit	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Income Per Share/Income Per Class A Unit	Income Per Share/Income Per Class A Unit Vornado Realty Trust The following table presents the calculations of (i) basic income per common share which includes the weighted average number of common shares outstanding without regard to dilutive potential common shares and (ii) diluted income per common share which includes the weighted average common shares and dilutive share equivalents. Unvested share-based payment awards that contain non-forfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. Earnings are allocated to participating securities, which include restricted stock awards, based on the two-class method. Other potential dilutive share equivalents such as our employee stock options, OP Units, OPPs, AO LTIP Units and Performance Conditioned AO LTIP Units are included in the computation of diluted Earnings Per Share ("EPS") using the treasury stock method, while the dilutive effect of our Series A convertible preferred shares is reflected in diluted EPS by application of the if-converted method. (Amounts in thousands, except per share amounts) For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Numerator: Income from continuing operations, net of income attributable to noncontrolling interests $ 2,412,671 $ 123,427 $ 2,606,821 $ 133,448 Income (loss) from discontinued operations, net of income attributable to noncontrolling interests 56 641 (72 ) 300 Net income attributable to Vornado 2,412,727 124,068 2,606,749 133,748 Preferred share dividends (12,532 ) (12,534 ) (25,066 ) (25,569 ) Preferred share issuance costs — — — (14,486 ) Net income attributable to common shareholders 2,400,195 111,534 2,581,683 93,693 Earnings allocated to unvested participating securities (239 ) (11 ) (258 ) (22 ) Numerator for basic income per share 2,399,956 111,523 2,581,425 93,671 Impact of assumed conversions: Convertible preferred share dividends 14 16 29 — Earnings allocated to Out-Performance Plan units — — 9 37 Numerator for diluted income per share $ 2,399,970 $ 111,539 $ 2,581,463 $ 93,708 Denominator: Denominator for basic income per share – weighted average shares 190,781 190,200 190,735 190,141 Effect of dilutive securities (1) : Employee stock options and restricted stock awards 243 930 256 934 Convertible preferred shares 34 38 35 — Out-Performance Plan units — — 4 115 Denominator for diluted income per share – weighted average shares and assumed conversions 191,058 191,168 191,030 191,190 INCOME PER COMMON SHARE – BASIC: Income from continuing operations, net $ 12.58 $ 0.59 $ 13.53 $ 0.49 Net income per common share $ 12.58 $ 0.59 $ 13.53 $ 0.49 INCOME PER COMMON SHARE – DILUTED: Income from continuing operations, net $ 12.56 $ 0.58 $ 13.51 $ 0.49 Net income per common share $ 12.56 $ 0.58 $ 13.51 $ 0.49 ____________________ (1) The effect of dilutive securities excludes an aggregate of 12,609 and 12,299 weighted average common share equivalents, for the three months ended June 30, 2019 and 2018 , respectively, and 12,521 and 12,252 weighted average common share equivalents for the six months ended June 30, 2019 and 2018 , respectively, as their effect was anti-dilutive. 19 . Income Per Share/Income Per Class A Unit - continued Vornado Realty L.P. The following table presents the calculations of (i) basic income per Class A unit which includes the weighted average number of Class A units outstanding without regard to dilutive potential Class A units and (ii) diluted income per Class A unit which includes the weighted average Class A unit and dilutive Class A unit equivalents. Unvested share-based payment awards that contain non-forfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. Earnings are allocated to participating securities, which include Vornado restricted stock awards, OP Units and OPPs, based on the two-class method. Other potential dilutive share equivalents such as Vornado stock options, AO LTIP Units and Performance Conditioned AO LTIP Units are included in the computation of diluted income per share using the treasury stock method, while the dilutive effect of our Series A convertible preferred shares is reflected in diluted EPS by application of the if-converted method. (Amounts in thousands, except per unit amounts) For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Numerator: Income from continuing operations, net of income attributable to noncontrolling interests in consolidated subsidiaries $ 2,575,182 $ 130,830 $ 2,781,543 $ 139,749 Income (loss) from discontinued operations 60 683 (77 ) 320 Net income attributable to Vornado Realty L.P. 2,575,242 131,513 2,781,466 140,069 Preferred unit distributions (12,573 ) (12,582 ) (25,148 ) (25,666 ) Preferred unit issuance costs — — — (14,486 ) Net income attributable to Class A unitholders 2,562,669 118,931 2,756,318 99,917 Earnings allocated to unvested participating securities (10,162 ) (772 ) (10,860 ) (1,544 ) Numerator for basic income per Class A unit 2,552,507 118,159 2,745,458 98,373 Impact of assumed conversions: Convertible preferred unit distributions 14 16 29 — Numerator for diluted income per Class A unit $ 2,552,521 $ 118,175 $ 2,745,487 $ 98,373 Denominator: Denominator for basic income per Class A unit – weighted average units 202,924 202,064 202,848 201,997 Effect of dilutive securities (1) : Vornado stock options, Vornado restricted stock awards, OP Units and OPPs 522 1,252 508 1,269 Convertible preferred units 34 38 35 — Denominator for diluted income per Class A unit – weighted average units and assumed conversions 203,480 203,354 203,391 203,266 INCOME PER CLASS A UNIT – BASIC: Income from continuing operations, net $ 12.58 $ 0.58 $ 13.53 $ 0.49 Net income per Class A unit $ 12.58 $ 0.58 $ 13.53 $ 0.49 INCOME PER CLASS A UNIT – DILUTED: Income from continuing operations, net $ 12.54 $ 0.58 $ 13.50 $ 0.48 Net income per Class A unit $ 12.54 $ 0.58 $ 13.50 $ 0.48 ____________________ (1) The effect of dilutive securities excludes an aggregate of 187 and 112 weighted average Class A unit equivalents, for the three months ended June 30, 2019 and 2018 respectively, and 160 and 175

Leases

Leases	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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 June 30, 2019 , under ASC 842, future undiscounted cash flows under non-cancelable operating leases were as follows: (Amounts in thousands) As of June 30, 2019 For the remainder of 2019 $ 664,483 For the year ended December 31, 2020 1,278,724 2021 1,250,716 2022 1,182,435 2023 1,056,135 2024 876,527 Thereafter 4,239,951 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 and six months ended June 30, 2019 were as follows: (Amounts in thousands) For the Three Months Ended June 30, 2019 For the Six Months Ended June 30, 2019 Fixed lease revenues $ 377,524 $ 807,611 Variable lease revenues 31,708 88,927 Lease revenues $ 409,232 $ 896,538 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 June 30, 2019 , our ROU assets and lease liabilities were $380,214,000 and $483,011,000 , 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 June 30, 2019 : (Amounts in thousands) As of June 30, 2019 Weighted average remaining lease term (in years) 41.33 Weighted average discount rate 4.89 % Cash paid for operating leases $ 13,158 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 and six months ended June 30, 2019 : (Amounts in thousands) For the Three Months Ended June 30, 2019 For the Six Months Ended June 30, 2019 Fixed rent expense $ 8,689 $ 19,315 Variable rent expense 534 1,154 Rent expense $ 9,223 $ 20,469 As of June 30, 2019 , future lease payments under operating ground leases were as follows: (Amounts in thousands) As of June 30, 2019 For the remainder of 2019 $ 13,369 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 1,197,920 Present value discount (714,909 ) Lease liabilities $ 483,011 20 . Leases - continued As lessee - continued 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 Certain of our ground leases are subject to fair market rent resets based on a percentage of the appraised value of the underlying assets at specified future dates. Fair market rent resets do not give rise to remeasurement of the related right-of-use assets and lease liabilities. Fair market rent resets, which may be material, will be recognized in the periods in which they are incurred. Farley Office and Retail Building The future lease payments detailed previously exclude the ground and building lease at the Farley Office and Retail Building (the "Project"). We have a 95.0% 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 845,000 rentable square feet of commercial space, comprised of approximately 725,000 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 ongoing. 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 June 30, 2019 were as follows: (Amounts in thousands) As of June 30, 2019 For the remainder of 2019 $ 3,411 For the year ended December 31, 2020 10,402 2021 7,229 2022 7,444 2023 7,809 2024 8,330 Thereafter 519,048
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 and six months ended June 30, 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 June 30, 2019 , under ASC 842, future undiscounted cash flows under non-cancelable operating leases were as follows: (Amounts in thousands) As of June 30, 2019 For the remainder of 2019 $ 664,483 For the year ended December 31, 2020 1,278,724 2021 1,250,716 2022 1,182,435 2023 1,056,135 2024 876,527 Thereafter 4,239,951 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 and six months ended June 30, 2019 were as follows: (Amounts in thousands) For the Three Months Ended June 30, 2019 For the Six Months Ended June 30, 2019 Fixed lease revenues $ 377,524 $ 807,611 Variable lease revenues 31,708 88,927 Lease revenues $ 409,232 $ 896,538 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 June 30, 2019 , our ROU assets and lease liabilities were $380,214,000 and $483,011,000 , 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 June 30, 2019 : (Amounts in thousands) As of June 30, 2019 Weighted average remaining lease term (in years) 41.33 Weighted average discount rate 4.89 % Cash paid for operating leases $ 13,158 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 and six months ended June 30, 2019 : (Amounts in thousands) For the Three Months Ended June 30, 2019 For the Six Months Ended June 30, 2019 Fixed rent expense $ 8,689 $ 19,315 Variable rent expense 534 1,154 Rent expense $ 9,223 $ 20,469 As of June 30, 2019 , future lease payments under operating ground leases were as follows: (Amounts in thousands) As of June 30, 2019 For the remainder of 2019 $ 13,369 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 1,197,920 Present value discount (714,909 ) Lease liabilities $ 483,011 20 . Leases - continued As lessee - continued 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 Certain of our ground leases are subject to fair market rent resets based on a percentage of the appraised value of the underlying assets at specified future dates. Fair market rent resets do not give rise to remeasurement of the related right-of-use assets and lease liabilities. Fair market rent resets, which may be material, will be recognized in the periods in which they are incurred. Farley Office and Retail Building The future lease payments detailed previously exclude the ground and building lease at the Farley Office and Retail Building (the "Project"). We have a 95.0% 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 845,000 rentable square feet of commercial space, comprised of approximately 725,000 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 ongoing. 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 June 30, 2019 were as follows: (Amounts in thousands) As of June 30, 2019 For the remainder of 2019 $ 3,411 For the year ended December 31, 2020 10,402 2021 7,229 2022 7,444 2023 7,809 2024 8,330 Thereafter 519,048

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 $350,000,000 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 loans secured by 640 Fifth Avenue, 7 West 34th Street and 435 Seventh Avenue, which we guaranteed and therefore are 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 June 30, 2019 , the aggregate dollar amount of these guarantees and master leases is approximately $1,031,000,000 . As of June 30, 2019 , $15,880,000 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 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 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 June 30, 2019 , we expect to fund additional capital to certain of our partially owned entities aggregating approximately $15,400,000 . As of June 30, 2019 , we have construction commitments aggregating approximately $730,000,000 .

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Segment Information	Segment Information We operate in the following reportable segments, New York and Other, which is based on how we manage our business. 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 summary of NOI at share and NOI at share - cash basis by segment for the three and six months ended June 30, 2019 and 2018 . (Amounts in thousands) For the Three Months Ended June 30, 2019 Total New York Other Total revenues $ 463,103 $ 376,381 $ 86,722 Operating expenses 220,752 187,819 32,933 NOI - consolidated 242,351 188,562 53,789 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (16,416 ) (10,030 ) (6,386 ) Add: NOI from partially owned entities 82,974 79,170 3,804 NOI at share 308,909 257,702 51,207 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other 9,748 8,437 1,311 NOI at share - cash basis $ 318,657 $ 266,139 $ 52,518 (Amounts in thousands) For the Three Months Ended June 30, 2018 Total New York Other Total revenues $ 541,818 $ 458,552 $ 83,266 Operating expenses 235,981 200,903 35,078 NOI - consolidated 305,837 257,649 48,188 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (17,160 ) (11,560 ) (5,600 ) Add: NOI from partially owned entities 65,752 49,778 15,974 NOI at share 354,429 295,867 58,562 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (12,481 ) (12,713 ) 232 NOI at share - cash basis $ 341,948 $ 283,154 $ 58,794 (Amounts in thousands) For the Six Months Ended June 30, 2019 Total New York Other Total revenues $ 997,771 $ 819,666 $ 178,105 Operating expenses 467,647 385,914 81,733 NOI - consolidated 530,124 433,752 96,372 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (33,819 ) (21,437 ) (12,382 ) Add: NOI from partially owned entities 150,376 128,745 21,631 NOI at share 646,681 541,060 105,621 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other 4,567 1,819 2,748 NOI at share - cash basis $ 651,248 $ 542,879 $ 108,369 (Amounts in thousands) For the Six Months Ended June 30, 2018 Total New York Other Total revenues $ 1,078,255 $ 907,036 $ 171,219 Operating expenses 473,583 398,819 74,764 NOI - consolidated 604,672 508,217 96,455 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (34,472 ) (23,305 ) (11,167 ) Add: NOI from partially owned entities 133,265 99,551 33,714 NOI at share 703,465 584,463 119,002 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (30,429 ) (30,036 ) (393 ) NOI at share - cash basis $ 673,036 $ 554,427 $ 118,609 22 . Segment Information - continued 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 and six months ended June 30, 2019 and 2018 . (Amounts in thousands) For the Three Months Ended For the Six Months Ended 2019 2018 2019 2018 Net income $ 2,596,693 $ 105,338 $ 2,809,737 $ 105,620 Deduct: Net gain on transfer to Fifth Avenue and Times Square JV (2,571,099 ) — (2,571,099 ) — (Income) loss from partially owned entities (22,873 ) (8,757 ) (30,193 ) 1,147 Interest and other investment income, net (7,840 ) (30,892 ) (12,885 ) (6,508 ) Net gains on disposition of wholly owned and partially owned assets (111,713 ) (23,559 ) (332,007 ) (23,559 ) NOI attributable to noncontrolling interests in consolidated subsidiaries (16,416 ) (17,160 ) (33,819 ) (34,472 ) (Income) loss from discontinued operations (60 ) (683 ) 77 (320 ) Add: Loss from real estate fund investments 15,803 28,976 15,970 37,783 Depreciation and amortization expense 113,035 111,846 229,744 220,532 General and administrative expense 38,872 34,427 96,892 76,960 Transaction related costs, impairment losses and other 101,590 1,017 101,739 14,173 NOI from partially owned entities 82,974 65,752 150,376 133,265 Interest and debt expense 63,029 87,657 165,492 175,823 Income tax expense 26,914 467 56,657 3,021 NOI at share 308,909 354,429 646,681 703,465 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other 9,748 (12,481 ) 4,567 (30,429 ) NOI at share - cash basis $ 318,657 $ 341,948 $ 651,248 $ 673,036

Recently Issued Accounting Li_2

Recently Issued Accounting Literature (Policies)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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 and six months ended June 30, 2018, "property rentals" of $444,595,000 and $884,705,000 , respectively, and "tenant expense reimbursements" of $58,312,000 and $118,622,000 , respectively, were grouped into "rental revenues" on our consolidated statements of income in accordance with Accounting Standards Codification ("ASC") Topic 205, Presentation of Financial Statements.
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 ("ROU") asset 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 adjusted for accrued rent expense, initial direct costs, lease incentives 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. As of January 1, 2019, we had 12 ground leases classified as operating leases, for which we were required to record a right-of-use asset and a lease liability equal to the present value of the future lease payments. We will continue to recognize expense on a straight-line basis for these leases. We recorded an aggregate of $526,866,000 of ROU 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 and six months ended June 30, 2018, we capitalized $1,358,000 and $2,706,000 , respectively, of internal leasing costs. In addition, we have made changes to our provision policy for lease receivables. Under ASC 842, we must assess on an individual lease basis whether it is probable that we will collect the future lease payments. We consider the tenant's payment history and current credit status when assessing collectability. When collectability is not deemed probable we write-off the tenant's receivables, including straight-line rent receivable, and limit lease income to cash received. 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 $14,492,000 and $15,382,000 decrease in income for the three and six months ended June 30, 2019, respectively. 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 , 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 . ASU 2018-16 expands the list of U.S. benchmark interest rates permitted in the application of hedge accounting by adding the OIS rate based on SOFR as an eligible benchmark interest rate. ASU 2018-16 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2018. We adopted this update effective January 1, 2019. The adoption of this update did not have an impact on our consolidated financial statements.
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, tenant services and lease termination income. ◦ 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. ◦ Lease termination income is recognized immediately if a tenant vacates or is recognized on a straight-line basis over the shortened remaining lease term in accordance with ASC 842. ◦ 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.
Real Estate Fund Investments	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.
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)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2019 and 2018 is set forth in Note 22 - Segment Information . (Amounts in thousands) For the Three Months Ended June 30, 2019 For the Three Months Ended June 30, 2018 Total New York Other Total New York Other Property rentals (1)(2) $ 372,160 $ 300,925 $ 71,235 $ 450,711 $ 383,440 $ 67,271 Hotel Pennsylvania 25,525 25,525 — 27,082 27,082 — Trade shows 11,547 — 11,547 11,586 — 11,586 Lease revenues 409,232 326,450 82,782 489,379 410,522 78,857 Tenant services 12,067 9,337 2,730 13,528 10,394 3,134 Rental revenues 421,299 335,787 85,512 502,907 420,916 81,991 BMS cleaning fees 32,570 34,944 (2,374 ) (3) 30,867 33,407 (2,540 ) (3) Management and leasing fees 4,500 4,472 28 2,707 2,464 243 Other income 4,734 1,178 3,556 5,337 1,765 3,572 Fee and other income 41,804 40,594 1,210 38,911 37,636 1,275 Total revenues $ 463,103 $ 376,381 $ 86,722 $ 541,818 $ 458,552 $ 83,266 ____________________ (1) Includes $14,492 for the write-off of operating lease receivables deemed uncollectible for the three months ended June 30, 2019. For periods prior to the adoption of ASC 842 on January 1, 2019, changes to the collectability of our operating leases is included in "operating expenses" on our consolidated statements of income. (2) Includes $2,499 of lease termination income for the three months ended June 30, 2019. For periods prior to the adoption of ASC 842 on January 1, 2019, $804 of lease termination income is included in other income. (3) 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 Six Months Ended June 30, 2019 For the Six Months Ended June 30, 2018 Total New York Other Total New York Other Property rentals (1)(2) $ 829,901 $ 686,728 $ 143,173 $ 905,142 $ 772,840 $ 132,302 Hotel Pennsylvania 38,134 38,134 — 41,754 41,754 — Trade shows 28,503 — 28,503 30,461 — 30,461 Lease revenues 896,538 724,862 171,676 977,357 814,594 162,763 Tenant services 24,638 18,562 6,076 25,970 20,158 5,812 Rental revenues 921,176 743,424 177,752 1,003,327 834,752 168,575 BMS cleaning fees 62,355 66,701 (4,346 ) (3) 59,222 63,560 (4,338 ) (3) Management and leasing fees 6,737 6,723 14 5,471 4,945 526 Other income 7,503 2,818 4,685 10,235 3,779 6,456 Fee and other income 76,595 76,242 353 74,928 72,284 2,644 Total revenues $ 997,771 $ 819,666 $ 178,105 $ 1,078,255 $ 907,036 $ 171,219 ____________________ (1) Includes $15,382 for the write-off of operating lease receivables deemed uncollectible for the six months ended June 30, 2019. For periods prior to the adoption of ASC 842 on January 1, 2019, changes to the collectability of our operating leases is included in "operating expenses" on our consolidated statements of income. (2) Includes $2,499 of lease termination income for the six months ended June 30, 2019. For periods prior to the adoption of ASC 842 on January 1, 2019, $1,149 of lease termination income is included in other income. (3) 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)	6 Months Ended
	Jun. 30, 2019
Real Estate Fund Investments [Abstract]
Schedule Of Income And Loss From The Fund	Below is a summary of (loss) income from the Fund and the Crowne Plaza Joint Venture for the three and six months ended June 30, 2019 and 2018 . (Amounts in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Net investment income $ 459 $ 539 $ 192 $ 3,273 Net unrealized loss on held investments (16,262 ) (29,513 ) (16,162 ) (29,513 ) Net realized loss on exited investments — (2 ) — (913 ) New York City real property transfer tax (the "Transfer Tax") — — — (10,630 ) (1) Loss from real estate fund investments (15,803 ) (28,976 ) (15,970 ) (37,783 ) Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries (4,955 ) 29,527 (7,692 ) 34,896 (Loss) income from real estate fund investments attributable to the Operating Partnership (20,758 ) 551 (23,662 ) (2,887 ) Less loss (income) attributable to noncontrolling interests in the Operating Partnership 1,316 (34 ) 1,498 178 (Loss) income from real estate fund investments attributable to Vornado $ (19,442 ) $ 517 $ (22,164 ) $ (2,709 ) ____________________ (1)

Marketable Securities (Tables)

Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2019
Marketable Securities [Abstract]
Unrealized Gain (Loss) on Investments	The table below summarizes the changes to our marketable securities portfolio for the six months ended June 30, 2019 . (Amounts in thousands) For the Six Months Ended June 30, 2019 Total Lexington Realty Trust PREIT Other Beginning balance, December 31, 2018 $ 152,198 $ 151,630 $ — $ 568 Sale of marketable securities (167,852 ) (167,698 ) — (154 ) Transfer of PREIT investment balance at Conversion Date 54,962 — 54,962 — Increase (decrease) in fair value of marketable securities (1) 1,773 16,068 (14,336 ) 41 Ending balance, June 30, 2019 $ 41,081 $ — $ 40,626 $ 455 ____________________ (1) Included in “interest and other investment income, net” on our consolidated statements of income (see Note 17 - Interest and Other Investment Income, Net ).

Investments in Partially Owne_2

Investments in Partially Owned Entities (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2019 December 31, 2018 Investments: Fifth Avenue and Times Square JV (see page 30 for details) 51.5% $ 3,306,389 $ — Partially owned office buildings/land (1) Various 469,264 499,005 Alexander’s 32.4% 103,005 107,983 PREIT (2) N/A — 59,491 UE (3) N/A — 45,344 Other investments (4) Various 146,876 146,290 $ 4,025,534 $ 858,113 Investments in partially owned entities included in other liabilities (5) : 330 Madison Avenue (6) 25.0% $ (60,097 ) $ (58,117 ) 7 West 34th Street 53.0% (53,143 ) (51,579 ) 85 Tenth Avenue 49.9% (5,098 ) — $ (118,338 ) $ (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 31 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. (6) Sold on July 11, 2019 (see page 31 for details). Below is a schedule of income (loss) from partially owned entities. (Amounts in thousands) Percentage For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Our share of net income (loss): Fifth Avenue and Times Square JV (see page 30 for details): Equity in net income 51.5% $ 11,217 $ — $ 11,217 $ — Return on preferred equity, net of our share of the expense 8,586 — 8,586 — 19,803 — 19,803 — Alexander's (see page 31 for details): Equity in net income (1) 32.4% 3,597 6,146 9,314 2,937 Management, leasing and development fees 1,122 1,021 2,179 2,229 4,719 7,167 11,493 5,166 Partially owned office buildings (2) Various (1,451 ) 2,002 (1,345 ) (2,281 ) Other investments (3) Various (198 ) (412 ) 242 (4,032 ) $ 22,873 $ 8,757 $ 30,193 $ (1,147 ) ____________________ (1) The six months ended June 30, 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. Alexander's recorded this expense 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 (sold on July 11, 2019), 512 West 22nd Street, 85 Tenth Avenue and others. The three and six months ended June 30, 2019 includes a $1,079 reduction in income from the non-cash write-off of straight-line rent receivable related to The Four Seasons Restaurant at 280 Park Avenue. The six months ended June 30, 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) Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, Rosslyn Plaza, 50-70 West 93rd Street, 666 Fifth Avenue Office Condominium (sold on August 3, 2018), UE (sold on March 4, 2019), PREIT (accounted as a marketable security from March 12, 2019) and others.

Identified Intangible Assets _2

Identified Intangible Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2019 and December 31, 2018 . (Amounts in thousands) Balance as of June 30, 2019 December 31, 2018 Identified intangible assets: Gross amount $ 130,665 $ 308,895 Accumulated amortization (98,187 ) (172,114 ) Total, net $ 32,478 $ 136,781 Identified intangible liabilities (included in deferred revenue): Gross amount $ 325,449 $ 503,373 Accumulated amortization (264,493 ) (341,779 ) Total, net $ 60,956 $ 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 $ 16,643 2021 11,934 2022 8,792 2023 6,261 2024 2,518
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)	6 Months Ended
	Jun. 30, 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 June 30, 2019 December 31, 2018 Mortgages Payable: Fixed rate 3.52% $ 4,608,463 $ 5,003,465 Variable rate 4.09% 1,683,182 3,212,382 Total 3.68% 6,291,645 8,215,847 Deferred financing costs, net and other (34,837 ) (48,049 ) Total, net $ 6,256,808 $ 8,167,798 Unsecured Debt: Senior unsecured notes 3.50% $ 450,000 $ 850,000 Deferred financing costs, net and other (4,535 ) (5,998 ) Senior unsecured notes, net 445,465 844,002 Unsecured term loan 3.87% 750,000 750,000 Deferred financing costs, net and other (4,669 ) (5,179 ) Unsecured term loan, net 745,331 744,821 Unsecured revolving credit facilities 3.40% 80,000 80,000 Total, net $ 1,270,796 $ 1,668,823

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests/Redeemable Partnership Units (Tables)	6 Months Ended
	Jun. 30, 2019
Noncontrolling Interest [Abstract]
Summary Of Activity Of Redeemable Noncontrolling Interests	(Amounts in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Beginning balance $ 867,085 $ 857,026 $ 783,562 $ 984,937 Net income 162,515 7,445 174,717 6,321 Other comprehensive (loss) income (1,806 ) 205 (3,082 ) 859 Distributions (8,448 ) (7,985 ) (16,936 ) (15,891 ) Redemption of Class A units for Vornado common shares, at redemption value (2,948 ) (3,854 ) (6,129 ) (12,246 ) Adjustments to carry redeemable Class A units at redemption value (165,225 ) 78,406 (99,407 ) (36,450 ) Other, net 10,889 6,798 29,337 10,511 Ending balance $ 862,062 $ 938,041 $ 862,062 $ 938,041

Shareholders' Equity_Partners_2

Shareholders' Equity/Partners' Capital (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2019 and 2018 . (Per share/unit) For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Shares/Units: Common shares/Class A units held by Vornado: authorized 250,000,000 shares/units $ 0.66 $ 0.63 $ 1.32 $ 1.26 Convertible Preferred (1) : 6.5% Series A: authorized 83,977 shares/units (2) 0.8125 0.8125 1.6250 1.6250 Cumulative Redeemable Preferred (1) : 5.70% Series K: authorized 12,000,000 shares/units (3) 0.3563 0.3563 0.7126 0.7126 5.40% Series L: authorized 12,000,000 shares/units (3) 0.3375 0.3375 0.6750 0.6750 5.25% Series M: authorized 12,780,000 shares/units (3) 0.3281 0.3281 0.6562 0.6562 ____________________ (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.
Schedule of Accumulated Other Comprehensive Income (Loss)	The following tables set forth the changes in accumulated other comprehensive (loss) income by component. (Amounts in thousands) Total Marketable securities Pro rata share of nonconsolidated subsidiaries' OCI Interest rate swaps Other For the three months ended June 30, 2019: Balance, March 31, 2019 $ (11,385 ) $ — $ (43 ) $ (5,270 ) $ (6,072 ) Net current period other comprehensive (loss) income (26,681 ) — 25 (28,515 ) 1,809 Balance, June 30, 2019 $ (38,066 ) $ — $ (18 ) $ (33,785 ) $ (4,263 ) For the three months ended June 30, 2018: Balance, March 31, 2018 $ 30,258 $ — $ 2,444 $ 36,651 $ (8,837 ) Net current period other comprehensive income (loss) 3,093 — 390 2,908 (205 ) Balance, June 30, 2018 $ 33,351 $ — $ 2,834 $ 39,559 $ (9,042 ) For the six months ended June 30, 2019: Balance, December 31, 2018 $ 7,664 $ — $ 3,253 $ 11,759 $ (7,348 ) Net current period other comprehensive (loss) income (43,419 ) — (960 ) (45,544 ) 3,085 Amount reclassified from AOCI (1) (2,311 ) — (2,311 ) — — Balance, June 30, 2019 $ (38,066 ) $ — $ (18 ) $ (33,785 ) $ (4,263 ) For the six months ended June 30, 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) 13,043 — 736 13,166 (859 ) Balance, June 30, 2018 $ 33,351 $ — $ 2,834 $ 39,559 $ (9,042 ) ____________________ (1) Amount reclassified related to the conversion of our PREIT operating partnership units into common shares.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2019 and December 31, 2018 , respectively. (Amounts in thousands) As of June 30, 2019 Total Level 1 Level 2 Level 3 Marketable securities $ 41,081 $ 41,081 $ — $ — Real estate fund investments 306,596 — — 306,596 Deferred compensation plan assets ($25,133 included in restricted cash and $74,746 in other assets) 99,879 77,888 — 21,991 Interest rate swaps (included in other assets) 9,295 — 9,295 — Total assets $ 456,851 $ 118,969 $ 9,295 $ 328,587 Mandatorily redeemable instruments (included in other liabilities) $ 50,561 $ 50,561 $ — $ — Interest rate swaps (included in other liabilities) 43,047 — 43,047 — Total liabilities $ 93,608 $ 50,561 $ 43,047 $ — (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 June 30, 2019 Total Level 1 Level 2 Level 3 Real estate assets $ 67,102 $ — $ 67,102 $ — Right-of-use assets $ — $ — $ — $ — As of December 31, 2018 Total Level 1 Level 2 Level 3 Real estate assets $ 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 June 30, 2019 and December 31, 2018 . (Amounts in thousands) As of June 30, 2019 As of December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Cash equivalents $ 749,035 $ 749,000 $ 261,981 $ 262,000 Debt: Mortgages payable $ 6,291,645 $ 6,336,000 $ 8,215,847 $ 8,179,000 Senior unsecured notes 450,000 459,000 850,000 847,000 Unsecured term loan 750,000 750,000 750,000 750,000 Unsecured revolving credit facilities 80,000 80,000 80,000 80,000 Total $ 7,571,645 (1) $ 7,625,000 $ 9,895,847 (1) $ 9,856,000 ____________________ (1) Excludes $44,041 and $59,226 of deferred financing costs, net and other as of June 30, 2019 and December 31, 2018 , respectively.
Real estate fund investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Fair value inputs quantitative information	Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of these real estate fund investments as of June 30, 2019 and December 31, 2018 . Range Weighted Average (based on fair value of investments) Unobservable Quantitative Input June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 Discount rates 10.0% to 15.0% 10.0% to 15.0% 13.5% 13.4% Terminal capitalization rates 5.1% to 7.6% 5.4% to 7.7% 5.5% 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 and six months ended June 30, 2019 and 2018 . (Amounts in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Beginning balance $ 322,858 $ 336,552 $ 318,758 $ 354,804 Purchases/additional fundings — 66,000 4,000 68,950 Net unrealized loss on held investments (16,262 ) (29,513 ) (16,162 ) (29,513 ) Dispositions — — — (20,291 ) Net realized loss on exited investments — (2 ) — (913 ) Other, net — 2 — 2 Ending balance $ 306,596 $ 373,039 $ 306,596 $ 373,039
Deferred Compensation Plan Assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Changes in the fair value of deferred compensation plan assets	The table below summarizes the changes in the fair value of deferred compensation plan assets that are classified as Level 3, for the three and six months ended June 30, 2019 and 2018 . (Amounts in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Beginning balance $ 37,562 $ 39,485 $ 37,808 $ 40,128 Sales (18,041 ) (1,874 ) (20,155 ) (3,509 ) Purchases 1,969 1,619 2,877 1,633 Realized and unrealized gains 215 34 738 712 Other, net 286 606 723 906 Ending balance $ 21,991 $ 39,870 $ 21,991 $ 39,870

Transaction Related Costs, Im_2

Transaction Related Costs, Impairment Losses and Other (Tables)	6 Months Ended
	Jun. 30, 2019
Transaction Related Costs, Impairment Losses and Other [Abstract]
Schedule of Transaction Related Costs, Impairment Losses and Other	The following table sets forth the details of transaction related costs, impairment losses and other: (Amounts in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Non-cash impairment losses, substantially 608 Fifth Avenue (see below) $ 101,360 $ — $ 101,360 $ — Transaction related costs 230 1,017 379 1,070 Transfer tax (1) — — — 13,103 $ 101,590 $ 1,017 $ 101,739 $ 14,173 ____________________ (1) Disputed additional Transfer Tax recorded in the first quarter 2018 related to the December 2012 acquisition of Independence Plaza. The joint venture, in which we have a 50.1% economic interest, that owns Independence Plaza recorded this expense based on the precedent established by the Tax Tribunal's decision regarding One Park Avenue (see Note 5 - Real Estate Fund Investments ).

Interest and Other Investment_2

Interest and Other Investment Income, Net (Tables)	6 Months Ended
	Jun. 30, 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, net: (Amounts in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Increase (decrease) in fair value of marketable securities: PREIT (see page 29 for details) $ 1,313 $ — $ (14,336 ) $ — Lexington (see page 29 for details) — 15,883 16,068 (16,992 ) Other (1 ) 1 41 (110 ) 1,312 15,884 1,773 (17,102 ) Interest on cash and cash equivalents and restricted cash 2,626 4,487 4,693 8,044 Interest on loans receivable (1) 1,635 6,205 3,241 6,948 Dividends on marketable securities 1,313 3,353 1,313 6,706 Other, net 954 963 1,865 1,912 $ 7,840 $ 30,892 $ 12,885 $ 6,508 ____________________ (1) 2018 includes $5,457 of income from profit participation on the April 2018 sale of 701 Seventh Avenue. We received this income in connection with our 25% participation in an October 2012, $137,500 mezzanine loan, which was repaid in January 2014.

Interest and Debt Expense (Tabl

Interest and Debt Expense (Tables)	6 Months Ended
	Jun. 30, 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 June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Interest expense (1) $ 76,605 $ 96,377 $ 194,252 $ 191,165 Capitalized interest and debt expense (19,812 ) (16,754 ) (43,137 ) (31,480 ) Amortization of deferred financing costs 6,236 8,034 14,377 16,138 $ 63,029 $ 87,657 $ 165,492 $ 175,823 ____________________ (1) The six months ended June 30, 2019 includes $22,540 debt prepayment costs in connection with the redemption of $400,000 5.00% senior unsecured notes which were scheduled to mature in January 2022.

Income Per Share_Income Per C_2

Income Per Share/Income Per Class A Unit (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings per share
Schedule Of Earnings Per Share Basic And Diluted	Vornado Realty Trust The following table presents the calculations of (i) basic income per common share which includes the weighted average number of common shares outstanding without regard to dilutive potential common shares and (ii) diluted income per common share which includes the weighted average common shares and dilutive share equivalents. Unvested share-based payment awards that contain non-forfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. Earnings are allocated to participating securities, which include restricted stock awards, based on the two-class method. Other potential dilutive share equivalents such as our employee stock options, OP Units, OPPs, AO LTIP Units and Performance Conditioned AO LTIP Units are included in the computation of diluted Earnings Per Share ("EPS") using the treasury stock method, while the dilutive effect of our Series A convertible preferred shares is reflected in diluted EPS by application of the if-converted method. (Amounts in thousands, except per share amounts) For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Numerator: Income from continuing operations, net of income attributable to noncontrolling interests $ 2,412,671 $ 123,427 $ 2,606,821 $ 133,448 Income (loss) from discontinued operations, net of income attributable to noncontrolling interests 56 641 (72 ) 300 Net income attributable to Vornado 2,412,727 124,068 2,606,749 133,748 Preferred share dividends (12,532 ) (12,534 ) (25,066 ) (25,569 ) Preferred share issuance costs — — — (14,486 ) Net income attributable to common shareholders 2,400,195 111,534 2,581,683 93,693 Earnings allocated to unvested participating securities (239 ) (11 ) (258 ) (22 ) Numerator for basic income per share 2,399,956 111,523 2,581,425 93,671 Impact of assumed conversions: Convertible preferred share dividends 14 16 29 — Earnings allocated to Out-Performance Plan units — — 9 37 Numerator for diluted income per share $ 2,399,970 $ 111,539 $ 2,581,463 $ 93,708 Denominator: Denominator for basic income per share – weighted average shares 190,781 190,200 190,735 190,141 Effect of dilutive securities (1) : Employee stock options and restricted stock awards 243 930 256 934 Convertible preferred shares 34 38 35 — Out-Performance Plan units — — 4 115 Denominator for diluted income per share – weighted average shares and assumed conversions 191,058 191,168 191,030 191,190 INCOME PER COMMON SHARE – BASIC: Income from continuing operations, net $ 12.58 $ 0.59 $ 13.53 $ 0.49 Net income per common share $ 12.58 $ 0.59 $ 13.53 $ 0.49 INCOME PER COMMON SHARE – DILUTED: Income from continuing operations, net $ 12.56 $ 0.58 $ 13.51 $ 0.49 Net income per common share $ 12.56 $ 0.58 $ 13.51 $ 0.49 ____________________ (1) The effect of dilutive securities excludes an aggregate of 12,609 and 12,299 weighted average common share equivalents, for the three months ended June 30, 2019 and 2018 , respectively, and 12,521 and 12,252 weighted average common share equivalents for the six months ended June 30, 2019 and 2018
Vornado Realty L.P.
Earnings per share
Schedule Of Earnings Per Share Basic And Diluted	Vornado Realty L.P. The following table presents the calculations of (i) basic income per Class A unit which includes the weighted average number of Class A units outstanding without regard to dilutive potential Class A units and (ii) diluted income per Class A unit which includes the weighted average Class A unit and dilutive Class A unit equivalents. Unvested share-based payment awards that contain non-forfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. Earnings are allocated to participating securities, which include Vornado restricted stock awards, OP Units and OPPs, based on the two-class method. Other potential dilutive share equivalents such as Vornado stock options, AO LTIP Units and Performance Conditioned AO LTIP Units are included in the computation of diluted income per share using the treasury stock method, while the dilutive effect of our Series A convertible preferred shares is reflected in diluted EPS by application of the if-converted method. (Amounts in thousands, except per unit amounts) For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Numerator: Income from continuing operations, net of income attributable to noncontrolling interests in consolidated subsidiaries $ 2,575,182 $ 130,830 $ 2,781,543 $ 139,749 Income (loss) from discontinued operations 60 683 (77 ) 320 Net income attributable to Vornado Realty L.P. 2,575,242 131,513 2,781,466 140,069 Preferred unit distributions (12,573 ) (12,582 ) (25,148 ) (25,666 ) Preferred unit issuance costs — — — (14,486 ) Net income attributable to Class A unitholders 2,562,669 118,931 2,756,318 99,917 Earnings allocated to unvested participating securities (10,162 ) (772 ) (10,860 ) (1,544 ) Numerator for basic income per Class A unit 2,552,507 118,159 2,745,458 98,373 Impact of assumed conversions: Convertible preferred unit distributions 14 16 29 — Numerator for diluted income per Class A unit $ 2,552,521 $ 118,175 $ 2,745,487 $ 98,373 Denominator: Denominator for basic income per Class A unit – weighted average units 202,924 202,064 202,848 201,997 Effect of dilutive securities (1) : Vornado stock options, Vornado restricted stock awards, OP Units and OPPs 522 1,252 508 1,269 Convertible preferred units 34 38 35 — Denominator for diluted income per Class A unit – weighted average units and assumed conversions 203,480 203,354 203,391 203,266 INCOME PER CLASS A UNIT – BASIC: Income from continuing operations, net $ 12.58 $ 0.58 $ 13.53 $ 0.49 Net income per Class A unit $ 12.58 $ 0.58 $ 13.53 $ 0.49 INCOME PER CLASS A UNIT – DILUTED: Income from continuing operations, net $ 12.54 $ 0.58 $ 13.50 $ 0.48 Net income per Class A unit $ 12.54 $ 0.58 $ 13.50 $ 0.48 ____________________ (1) The effect of dilutive securities excludes an aggregate of 187 and 112 weighted average Class A unit equivalents, for the three months ended June 30, 2019 and 2018 respectively, and 160 and 175

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Lessor, Operating Lease, Payments to be Received, Maturity	As of June 30, 2019 , under ASC 842, future undiscounted cash flows under non-cancelable operating leases were as follows: (Amounts in thousands) As of June 30, 2019 For the remainder of 2019 $ 664,483 For the year ended December 31, 2020 1,278,724 2021 1,250,716 2022 1,182,435 2023 1,056,135 2024 876,527 Thereafter 4,239,951 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 and six months ended June 30, 2019 were as follows: (Amounts in thousands) For the Three Months Ended June 30, 2019 For the Six Months Ended June 30, 2019 Fixed lease revenues $ 377,524 $ 807,611 Variable lease revenues 31,708 88,927 Lease revenues $ 409,232 $ 896,538
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 June 30, 2019 : (Amounts in thousands) As of June 30, 2019 Weighted average remaining lease term (in years) 41.33 Weighted average discount rate 4.89 % Cash paid for operating leases $ 13,158
Schedule of Rent Expense	The following table sets forth the details of rent expense for the three and six months ended June 30, 2019 : (Amounts in thousands) For the Three Months Ended June 30, 2019 For the Six Months Ended June 30, 2019 Fixed rent expense $ 8,689 $ 19,315 Variable rent expense 534 1,154 Rent expense $ 9,223 $ 20,469
Lessee, Operating Lease, Liability, Maturity	Future undiscounted cash flows for the lease, including fixed payments in lieu of real estate taxes, as of June 30, 2019 were as follows: (Amounts in thousands) As of June 30, 2019 For the remainder of 2019 $ 3,411 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 June 30, 2019 , future lease payments under operating ground leases were as follows: (Amounts in thousands) As of June 30, 2019 For the remainder of 2019 $ 13,369 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 1,197,920 Present value discount (714,909 ) Lease liabilities $ 483,011
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)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Schedule of Segment Information	Below is a summary of NOI at share and NOI at share - cash basis by segment for the three and six months ended June 30, 2019 and 2018 . (Amounts in thousands) For the Three Months Ended June 30, 2019 Total New York Other Total revenues $ 463,103 $ 376,381 $ 86,722 Operating expenses 220,752 187,819 32,933 NOI - consolidated 242,351 188,562 53,789 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (16,416 ) (10,030 ) (6,386 ) Add: NOI from partially owned entities 82,974 79,170 3,804 NOI at share 308,909 257,702 51,207 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other 9,748 8,437 1,311 NOI at share - cash basis $ 318,657 $ 266,139 $ 52,518 (Amounts in thousands) For the Three Months Ended June 30, 2018 Total New York Other Total revenues $ 541,818 $ 458,552 $ 83,266 Operating expenses 235,981 200,903 35,078 NOI - consolidated 305,837 257,649 48,188 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (17,160 ) (11,560 ) (5,600 ) Add: NOI from partially owned entities 65,752 49,778 15,974 NOI at share 354,429 295,867 58,562 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (12,481 ) (12,713 ) 232 NOI at share - cash basis $ 341,948 $ 283,154 $ 58,794 (Amounts in thousands) For the Six Months Ended June 30, 2019 Total New York Other Total revenues $ 997,771 $ 819,666 $ 178,105 Operating expenses 467,647 385,914 81,733 NOI - consolidated 530,124 433,752 96,372 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (33,819 ) (21,437 ) (12,382 ) Add: NOI from partially owned entities 150,376 128,745 21,631 NOI at share 646,681 541,060 105,621 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other 4,567 1,819 2,748 NOI at share - cash basis $ 651,248 $ 542,879 $ 108,369 (Amounts in thousands) For the Six Months Ended June 30, 2018 Total New York Other Total revenues $ 1,078,255 $ 907,036 $ 171,219 Operating expenses 473,583 398,819 74,764 NOI - consolidated 604,672 508,217 96,455 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (34,472 ) (23,305 ) (11,167 ) Add: NOI from partially owned entities 133,265 99,551 33,714 NOI at share 703,465 584,463 119,002 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (30,429 ) (30,036 ) (393 ) NOI at share - cash basis $ 673,036 $ 554,427 $ 118,609 22 . Segment Information - continued 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 and six months ended June 30, 2019 and 2018 . (Amounts in thousands) For the Three Months Ended For the Six Months Ended 2019 2018 2019 2018 Net income $ 2,596,693 $ 105,338 $ 2,809,737 $ 105,620 Deduct: Net gain on transfer to Fifth Avenue and Times Square JV (2,571,099 ) — (2,571,099 ) — (Income) loss from partially owned entities (22,873 ) (8,757 ) (30,193 ) 1,147 Interest and other investment income, net (7,840 ) (30,892 ) (12,885 ) (6,508 ) Net gains on disposition of wholly owned and partially owned assets (111,713 ) (23,559 ) (332,007 ) (23,559 ) NOI attributable to noncontrolling interests in consolidated subsidiaries (16,416 ) (17,160 ) (33,819 ) (34,472 ) (Income) loss from discontinued operations (60 ) (683 ) 77 (320 ) Add: Loss from real estate fund investments 15,803 28,976 15,970 37,783 Depreciation and amortization expense 113,035 111,846 229,744 220,532 General and administrative expense 38,872 34,427 96,892 76,960 Transaction related costs, impairment losses and other 101,590 1,017 101,739 14,173 NOI from partially owned entities 82,974 65,752 150,376 133,265 Interest and debt expense 63,029 87,657 165,492 175,823 Income tax expense 26,914 467 56,657 3,021 NOI at share 308,909 354,429 646,681 703,465 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other 9,748 (12,481 ) 4,567 (30,429 ) NOI at share - cash basis $ 318,657 $ 341,948 $ 651,248 $ 673,036

Organization (Narrative) (Detai

Organization (Narrative) (Details)	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common limited partnership interest in the Operating Partnership (percent)	93.10%

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details) - Accounting Standards Update 2016-02 - Rental revenues - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
Basis of Presentation [Line Items]
Property rentals	$ 444,595,000	$ 884,705,000
Tenant expense reimbursement	$ 58,312,000	$ 118,622,000

Recently Issued Accounting Li_3

Recently Issued Accounting Literature (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jan. 01, 2019USD ($)ground_lease	Dec. 31, 2018USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of properties subject to ground leases | ground_lease					12
Right-of-use assets	$ 380,214		$ 380,214			$ 0
Lease liabilities	483,011		483,011			$ 0
Capitalized lease costs		$ 1,358		$ 2,706
Lease revenues	409,232		896,538
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use assets					$ 526,866
Lease liabilities					$ 526,866
Lease revenues	$ (14,492)		$ (15,382)

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details)	6 Months Ended
	Jun. 30, 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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Lease income	$ 409,232		$ 896,538
Total revenues	463,103	$ 541,818	997,771	$ 1,078,255
New York
Disaggregation of Revenue [Line Items]
Total revenues	376,381	458,552	819,666	907,036
Other
Disaggregation of Revenue [Line Items]
Total revenues	86,722	83,266	178,105	171,219
Rental revenues
Disaggregation of Revenue [Line Items]
Total revenues	421,299	502,907	921,176	1,003,327
Rental revenues | New York
Disaggregation of Revenue [Line Items]
Total revenues	335,787	420,916	743,424	834,752
Rental revenues | Other
Disaggregation of Revenue [Line Items]
Total revenues	85,512	81,991	177,752	168,575
Property rentals(1)(2)
Disaggregation of Revenue [Line Items]
Lease income	372,160	450,711	829,901	905,142
Write-offs of lease receivables	14,492		15,382
Lease termination income	2,499		2,499
Property rentals(1)(2) | New York
Disaggregation of Revenue [Line Items]
Lease income	300,925	383,440	686,728	772,840
Property rentals(1)(2) | Other
Disaggregation of Revenue [Line Items]
Lease income	71,235	67,271	143,173	132,302
Hotel Pennsylvania
Disaggregation of Revenue [Line Items]
Lease income	25,525	27,082	38,134	41,754
Hotel Pennsylvania | New York
Disaggregation of Revenue [Line Items]
Lease income	25,525	27,082	38,134	41,754
Hotel Pennsylvania | Other
Disaggregation of Revenue [Line Items]
Lease income	0	0	0	0
Trade shows
Disaggregation of Revenue [Line Items]
Lease income	11,547	11,586	28,503	30,461
Trade shows | New York
Disaggregation of Revenue [Line Items]
Lease income	0	0	0	0
Trade shows | Other
Disaggregation of Revenue [Line Items]
Lease income	11,547	11,586	28,503	30,461
Lease revenues
Disaggregation of Revenue [Line Items]
Lease income	409,232	489,379	896,538	977,357
Lease revenues | New York
Disaggregation of Revenue [Line Items]
Lease income	326,450	410,522	724,862	814,594
Lease revenues | Other
Disaggregation of Revenue [Line Items]
Lease income	82,782	78,857	171,676	162,763
Tenant services
Disaggregation of Revenue [Line Items]
Revenue	12,067	13,528	24,638	25,970
Tenant services | New York
Disaggregation of Revenue [Line Items]
Revenue	9,337	10,394	18,562	20,158
Tenant services | Other
Disaggregation of Revenue [Line Items]
Revenue	2,730	3,134	6,076	5,812
Fee and other income
Disaggregation of Revenue [Line Items]
Revenue	41,804	38,911	76,595	74,928
Total revenues	41,804	38,911	76,595	74,928
Fee and other income | New York
Disaggregation of Revenue [Line Items]
Revenue	40,594	37,636	76,242	72,284
Fee and other income | Other
Disaggregation of Revenue [Line Items]
Revenue		1,275	353	2,644
Lease termination income	1,210
BMS cleaning fees
Disaggregation of Revenue [Line Items]
Revenue	32,570	30,867	62,355	59,222
BMS cleaning fees | New York
Disaggregation of Revenue [Line Items]
Revenue	34,944	33,407	66,701	63,560
BMS cleaning fees | Other
Disaggregation of Revenue [Line Items]
Revenue	(2,374)	(2,540)	(4,346)	(4,338)
Management and leasing fees
Disaggregation of Revenue [Line Items]
Revenue	4,500	2,707	6,737	5,471
Management and leasing fees | New York
Disaggregation of Revenue [Line Items]
Revenue	4,472	2,464	6,723	4,945
Management and leasing fees | Other
Disaggregation of Revenue [Line Items]
Revenue	28	243	14	526
Other income
Disaggregation of Revenue [Line Items]
Revenue	4,734	5,337	7,503	10,235
Lease termination income		804		1,149
Other income | New York
Disaggregation of Revenue [Line Items]
Revenue	1,178	1,765	2,818	3,779
Other income | Other
Disaggregation of Revenue [Line Items]
Revenue	$ 3,556	$ 3,572	$ 4,685	$ 6,456

Real Estate Fund Investments (N

Real Estate Fund Investments (Narrative) (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019USD ($)investment	Dec. 31, 2018USD ($)investment
Investment Holdings
Aggregate fair value of Real Estate Fund investments (in US Dollars)	$ 306,596	$ 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
Aggregate fair value of Real Estate Fund investments (in US Dollars)	$ 306,596	$ 318,758
Fair value below cost	22,968
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%

Real Estate Fund Investments (I

Real Estate Fund Investments (Income from the Fund and the Co-Investment) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Investment Holdings
New York City real property transfer tax (the Transfer Tax)	$ 0	$ 0	$ 0	$ (13,103)
Loss from real estate fund investments	(15,803)	(28,976)	(15,970)	(37,783)
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries	(21,451)	26,175	(28,271)	34,449
Real estate fund investments
Investment Holdings
Net investment income	459	539	192	3,273
Net unrealized loss on held investments	(16,262)	(29,513)	(16,162)	(29,513)
Net realized loss on exited investments	0	(2)	0	(913)
New York City real property transfer tax (the Transfer Tax)	0	0	0	(10,630)
Loss from real estate fund investments	(15,803)	(28,976)	(15,970)	(37,783)
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries	(4,955)	29,527	(7,692)	34,896
(Loss) income from real estate fund investments attributable to the Operating Partnership	(20,758)	551	(23,662)	(2,887)
Less loss (income) attributable to noncontrolling interests in the Operating Partnership	1,316	(34)	1,498	178
(Loss) income from real estate fund investments attributable to Vornado	$ (19,442)	$ 517	$ (22,164)	$ (2,709)

Marketable Securities (Narrativ

Marketable Securities (Narrative) (Details) - USD ($) $ in Thousands	Mar. 12, 2019	Mar. 01, 2019	Mar. 01, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase (decrease) in fair value of marketable securities				$ 1,312	$ 15,884	$ 1,773	$ (17,102)
Lexington Realty Trust
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Shares sold (shares)		18,468,969	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				0	15,883	16,068	(16,992)
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				$ 1,313	$ 0	$ (14,336)	$ 0

Marketable Securities (Marketab

Marketable Securities (Marketable securities portfolio) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Marketable Securities [Roll Forward]
Beginning balance			$ 152,198
Sale of marketable securities			(167,852)
Transfer of PREIT investment balance at Conversion Date			54,962
Increase (decrease) in fair value of marketable securities	$ 1,312	$ 15,884	1,773	$ (17,102)
Ending balance	41,081		41,081
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		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			(14,336)
Ending balance	40,626		40,626
Other
Marketable Securities [Roll Forward]
Beginning balance			568
Sale of marketable securities			(154)
Transfer of PREIT investment balance at Conversion Date			0
Increase (decrease) in fair value of marketable securities			41
Ending balance	$ 455		$ 455

Investments in Partially Owne_3

Investments in Partially Owned Entities - Fifth Avenue and Times Square JV (Details) ft² in Thousands	May 24, 2019USD ($)	May 23, 2019USD ($)	Apr. 18, 2019USD ($)ft²	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Schedule Of Equity Method Investments
Real estate held-for-sale				$ 328,786,000		$ 328,786,000		$ 99,627,000
Net gain on transfer to Fifth Avenue and Times Square JV				$ 2,571,099,000	$ 0	2,571,099,000	$ 0
Proceeds from redemption of preferred equity						$ 500,000,000	$ 0
Fifth Avenue and Times Square JV
Schedule Of Equity Method Investments
Equity method ownership percentage				51.50%		51.50%
Payments to acquire noncontrolling interest interest in joint venture			$ 23,000,000
Payments for transaction costs for joint venture			53,000,000
Real estate held-for-sale			5,556,000,000
Net gain on transfer to Fifth Avenue and Times Square JV				$ 2,571,099,000
Tax gain from real estate joint venture			735,000,000
Joint Venture | Fifth Avenue and Times Square JV
Schedule Of Equity Method Investments
Aggregate of preferred equity interests			$ 1,828,000,000
Temporary equity, value		$ 500,000,000
Debt instrument, interest rate, stated percentage (percent)			4.25%
Management, leasing and development agreements, renewable term (years)						5 years
Joint Venture | Investors | Fifth Avenue and Times Square JV
Schedule Of Equity Method Investments
Equity method ownership percentage			48.50%
Equity method effective ownership percentage			47.20%
Retail | Fifth Avenue and Times Square JV
Schedule Of Equity Method Investments
Square footage of real estate property (in sqft) | ft²			489
Office Space | Fifth Avenue and Times Square JV
Schedule Of Equity Method Investments
Square footage of real estate property (in sqft) | ft²			327
Vornado Realty Trust | Joint Venture | Fifth Avenue and Times Square JV
Schedule Of Equity Method Investments
Equity method ownership percentage			51.50%
Equity method effective ownership percentage			51.00%
Proceeds from real estate joint ventures			$ 1,186,000,000
Net gain from real estate investment partnership, attributable to noncontrolling interest						$ 11,945,000
Vornado Realty Trust | Joint Venture | Investors | Fifth Avenue and Times Square JV
Schedule Of Equity Method Investments
Equity method investment, effective ownership transferred percentage			45.40%
Percentage After Fifth Anniversary | Joint Venture | Fifth Avenue and Times Square JV
Schedule Of Equity Method Investments
Debt instrument, interest rate, stated percentage (percent)			4.75%
666 Fifth Avenue | Fifth Avenue and Times Square JV
Schedule Of Equity Method Investments
Payments of mortgage loans held-for-sale			$ 390,000,000
Payments for transaction costs for joint venture			17,000,000
655 Fifth Avenue | Fifth Avenue and Times Square JV
Schedule Of Equity Method Investments
Payments of mortgage loans held-for-sale			140,000,000
640 Fifth Avenue
Schedule Of Equity Method Investments
Proceeds from mortgage loan	$ 500,000,000
Proceeds from redemption of preferred equity		$ 500,000,000
640 Fifth Avenue | Fifth Avenue and Times Square JV
Schedule Of Equity Method Investments
Debt instrument, interest rate, stated percentage (percent)		3.07%
Proceeds from mortgage loan			$ 500,000,000
Long-term debt, term (years)		4 years
LIBOR | 640 Fifth Avenue | Fifth Avenue and Times Square JV
Schedule Of Equity Method Investments
Long-term debt, term (years)		5 years
Spread Over LIBOR (percent)		1.01%

Investments in Partially Owne_4

Investments in Partially Owned Entities - Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Fifth Avenue and Times Square JV | Joint Venture
Related Party Transaction [Line Items]
Property management fee agreement percentage of gross revenue		2.00%
Development fee as percentage of development costs		1.50%
Vornado Realty Trust | Fifth Avenue and Times Square JV | Joint Venture
Related Party Transaction [Line Items]
Development fee as percentage of development costs		5.00%
Property management fee revenue	$ 830	$ 830
BMS cleaning fees | Majority-Owned Subsidiary
Related Party Transaction [Line Items]
Revenue from related parties	$ 791	$ 791

Investments in Partially Owne_5

Investments in Partially Owned Entities (Alexander's Inc.) (Details) - Alexanders Inc $ / shares in Units, $ in Thousands	Jun. 30, 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	$ 370.30
Equity method investment fair value	$ 612,501
Excess of investee's fair value over carrying amount	509,496
Excess of investee's carrying amount over equity in net assets	$ 38,928

Investments in Partially Owne_6

Investments in Partially Owned Entities (512 West 22nd Street) (Details) ft² in Thousands, $ in Thousands	Jun. 28, 2019USD ($)ft²	Jun. 27, 2019USD ($)	Jun. 30, 2019
Joint Venture | Five One Two West 22nd Street
Schedule Of Equity Method Investments
Equity method ownership percentage	55.00%
Matures in June 2023 | Office | Five One Two West 22nd Street
Schedule Of Equity Method Investments
Loans payable	$ 145,700
Square footage of real estate property (in sqft) | ft²	173
Debt term (in years)	4 years
Debt instrument, interest rate, stated percentage (percent)			4.40%
Length of extension available (years)	1 year
Matures in 2019 | Office | Five One Two West 22nd Street
Schedule Of Equity Method Investments
Loans payable		$ 126,000
LIBOR | Matures in June 2023 | Office | Five One Two West 22nd Street
Schedule Of Equity Method Investments
Spread Over LIBOR (percent)	2.00%
LIBOR | Matures in 2019 | Office | Five One Two West 22nd Street
Schedule Of Equity Method Investments
Spread Over LIBOR (percent)		2.65%

Investments in Partially Owne_7

Investments in Partially Owned Entities (Urban Edge Properties) (Details) - UE - USD ($) $ in Thousands	Mar. 04, 2019	Jun. 30, 2019
Schedule Of Equity Method Investments
Shares sold (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_8

Investments in Partially Owned Entities (61 Ninth Avenue) (Details) ft² in Thousands, $ in Thousands	Jan. 28, 2019USD ($)ft²	Jan. 27, 2019USD ($)	Jun. 30, 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
Debt instrument, interest rate, stated percentage (percent)			3.77%
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%
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_9

Investments in Partially Owned Entities (330 Madison Avenue) (Details) - Subsequent Event $ in Thousands	Jul. 11, 2019USD ($)
330 Madison Avenue
Schedule Of Equity Method Investments
Gain on sale of equity investments	$ 159,000
Net tax gain on equity investment	$ 138,000
Joint Venture | 330 Madison Avenue
Schedule Of Equity Method Investments
Equity method ownership percentage	25.00%
330 Madison Avenue
Schedule Of Equity Method Investments
Net proceeds from debt	$ 100,000
Loans payable	$ 500,000

Investments in Partially Own_10

Investments in Partially Owned Entities (Toys R Us) (Details) - Toys R Us - USD ($)	Jun. 30, 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 Own_11

Investments in Partially Owned Entities (Summary of Investments) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ 4,025,534	$ 858,113
Other liabilities
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ (118,338)	(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	$ (60,097)	(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	$ (53,143)	(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	$ (5,098)	0
Fifth Avenue and Times Square JV
Schedule Of Equity Method Investments
Equity method ownership percentage	51.50%
Carrying amount of investments in partially owned entities	$ 3,306,389	0
Partially Owned Office Buildings
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ 469,264	499,005
Alexanders Inc
Schedule Of Equity Method Investments
Equity method ownership percentage	32.40%
Carrying amount of investments in partially owned entities	$ 103,005	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	$ 146,876	$ 146,290

Investments in Partially Own_12

Investments in Partially Owned Entities (Summary of Income (Loss) ) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Schedule Of Equity Method Investments
Our share of net income (loss)	$ 22,873	$ 8,757	$ 30,193	$ (1,147)
Transfer tax	$ 0	0	$ 0	13,103
Fifth Avenue and Times Square JV
Schedule Of Equity Method Investments
Equity method ownership percentage	51.50%		51.50%
Equity in net income (loss)	$ 11,217	0	$ 11,217	0
Return on preferred equity, net of our share of the expense	8,586	0	8,586	0
Our share of net income (loss)	$ 19,803	0	$ 19,803	0
Alexanders Inc
Schedule Of Equity Method Investments
Equity method ownership percentage	32.40%		32.40%
Equity in net income (loss)	$ 3,597	6,146	$ 9,314	2,937
Management, leasing and development fees	1,122	1,021	2,179	2,229
Our share of net income (loss)	4,719	7,167	11,493	5,166
Partially Owned Office Buildings
Schedule Of Equity Method Investments
Our share of net income (loss)	(1,451)	2,002	(1,345)	(2,281)
Other investments
Schedule Of Equity Method Investments
Our share of net income (loss)	$ (198)	$ (412)	242	(4,032)
280 Park Avenue
Schedule Of Equity Method Investments
Our share of net income (loss)			$ (1,079)
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		9 Months Ended
	Jun. 30, 2019USD ($)ft²unit	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)ft²unit	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)ft²unit
Real Estate [Line Items]
Net gain on sale of real estate			$ 2,571,099	$ 0
Income tax expense	$ 26,914	$ 467	56,657	3,021
Repayments of construction loan for Moynihan Train Hall			$ 205,783	$ 0
220 Central Park South
Real Estate [Line Items]
Square footage of real estate property (in sqft) | ft²	397		397		397
Development costs	$ 1,400,000		$ 1,400,000		$ 1,400,000
Development costs expended	$ 1,300,000		$ 1,300,000		$ 1,300,000
Number of condominium units sold (unit) | unit	11		23		34
Cash proceeds from the sale of real estate	$ 265,250		$ 690,734		$ 905,510
Net gain on sale of real estate	111,713		269,612
Income tax expense	22,792		49,737
Repayments of construction loan for Moynihan Train Hall					901,117
Construction loan	$ 950,000		$ 950,000		$ 950,000

Identified Intangible Assets _3

Identified Intangible Assets and Liabilities - Schedule of Identified Intangible Assets and Intangible Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross amount	$ 130,665	$ 308,895
Accumulated amortization	(98,187)	(172,114)
Total, net	32,478	136,781
Gross amount	325,449	503,373
Accumulated amortization	(264,493)	(341,779)
Total, net	$ 60,956	$ 161,594

Identified Intangible Assets _4

Identified Intangible Assets and Liabilities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Below Market Leases Net Of Above Market Leases
Finite-Lived Intangible Assets and Liabilities
Increase to rental income	$ 4,643	$ 10,526	$ 11,168	$ 21,107
Other Identified Intangible Assets
Finite-Lived Intangible Assets and Liabilities
Amortization of intangible assets	$ 1,935	$ 4,876	$ 5,480	$ 9,735

Identified Intangible Assets _5

Identified Intangible Assets and Liabilities - Schedule of Future Amortization Expense of Intangible Assets (Details) $ in Thousands	Jun. 30, 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	16,643
2021	11,934
2022	8,792
2023	6,261
2024	$ 2,518

Debt (Narrative) (Details)

Debt (Narrative) (Details) ft² in Thousands	May 24, 2019USD ($)ft²	Mar. 26, 2019USD ($)	Mar. 25, 2019USD ($)credit_facility	Mar. 01, 2019USD ($)	Feb. 12, 2019USD ($)ft²	Feb. 11, 2019USD ($)	Feb. 04, 2019USD ($)ft²	Feb. 03, 2019USD ($)	Jun. 30, 2019USD ($)	May 25, 2019USD ($)	Dec. 31, 2018USD ($)
Debt Instrument
Unsecured revolving credit facilities									$ 80,000,000		$ 80,000,000
Mortgages
Debt Instrument
Interest rate, effective (percent)									3.68%
Senior Unsecured Notes
Debt Instrument
Interest rate, effective (percent)									3.50%
Maturing in February 2024 | 435 Seventh Avenue | Retail
Debt Instrument
Refinancing							$ 95,700,000
Square footage of real estate property (in sqft) | ft²							43
Interest rate, effective (percent)									3.73%
Maturing in February 2024 | 435 Seventh Avenue | Retail | LIBOR
Debt Instrument
Spread Over LIBOR (percent)							1.30%
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
Length of extension available (years)					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
Interest rate, effective (percent)									3.98%
Number of extensions (extension)					2
Maturing in April 2024 | 100 West 33rd Street | Office and Retail Property | LIBOR
Debt Instrument
Spread Over LIBOR (percent)					1.55%
Maturing in April 2024 | 100 West 33rd Street | Office Space
Debt Instrument
Square footage of real estate property (in sqft) | ft²					859
Maturing in July 2020 | 100 West 33rd Street | Office and Retail Property | LIBOR
Debt Instrument
Spread Over LIBOR (percent)						1.65%
Maturing in July 2020 | Mortgages | 100 West 33rd Street | Office and Retail Property
Debt Instrument
Repayments of debt						$ 580,000,000
Maturing in December 2025 | 888 Seventh Avenue | Office Building
Debt Instrument
Refinancing	$ 375,000,000
Square footage of real estate property (in sqft) | ft²	886
Interest rate, effective (percent)									4.11%
Maturing in December 2025 | 888 Seventh Avenue | Office Building | LIBOR
Debt Instrument
Spread Over LIBOR (percent)	1.70%
Fixed Through December 2020 | 888 Seventh Avenue | Office Building
Debt Instrument
Refinancing										$ 375,000,000
Debt instrument, interest rate, stated percentage (percent)										3.25%
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%

Debt (Summary of Debt) (Details

Debt (Summary of Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument
Deferred financing costs, net and other	$ (44,041)	$ (59,226)
Mortgages payable, net	6,256,808	8,167,798
Unsecured debt - Carrying amount	445,465	844,002
Unsecured term loan, net	745,331	744,821
Revolving credit facilities	80,000	80,000
Unsecured debt and revolving credit facility	$ 1,270,796	1,668,823
Mortgages
Debt Instrument
Interest rate, end of period (percent)	3.68%
Mortgages payable, gross	$ 6,291,645	8,215,847
Deferred financing costs, net and other	(34,837)	(48,049)
Mortgages payable, net	$ 6,256,808	8,167,798
Mortgages | Fixed Rate
Debt Instrument
Interest rate, end of period (percent)	3.52%
Mortgages payable, gross	$ 4,608,463	5,003,465
Mortgages | Variable Rate
Debt Instrument
Interest rate, end of period (percent)	4.09%
Mortgages payable, gross	$ 1,683,182	3,212,382
Senior Unsecured Notes
Debt Instrument
Interest rate, end of period (percent)	3.50%
Deferred financing costs, net and other	$ (4,535)	(5,998)
Unsecured debt, gross	450,000	850,000
Unsecured debt - Carrying amount	$ 445,465	844,002
Unsecured Term Loan
Debt Instrument
Interest rate, end of period (percent)	3.87%
Deferred financing costs, net and other	$ (4,669)	(5,179)
Unsecured debt, gross	750,000	750,000
Unsecured term loan, net	$ 745,331	744,821
Unsecured Revolving Credit Facilities
Debt Instrument
Interest rate, end of period (percent)	3.40%
Revolving credit facilities	$ 80,000	$ 80,000

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests/Redeemable Partnership Units (Activity of Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Redeemable Noncontrolling Interests Rollforward
Beginning balance	$ 867,085	$ 857,026	$ 783,562	$ 984,937
Net income (loss)	162,515	7,445	174,717	6,321
Other comprehensive (loss) income	(1,806)	205	(3,082)	859
Distributions	(8,448)	(7,985)	(16,936)	(15,891)
Other, net	10,889	6,798	29,337	10,511
Ending balance	862,062	938,041	862,062	938,041
Class A Unit
Redeemable Noncontrolling Interests Rollforward
Redemption of Class A units for Vornado common shares, at redemption value	(2,948)	(3,854)	(6,129)	(12,246)
Adjustments to carry redeemable Class A units at redemption value	$ (165,225)	$ 78,406	$ (99,407)	$ (36,450)

Redeemable Noncontrolling Int_4

Redeemable Noncontrolling Interests/Redeemable Partnership Units (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Redeemable Noncontrolling Interest
Redeemable noncontrolling interest, equity, common, carrying amount	$ 857,527	$ 778,134
Class A Unit
Redeemable Noncontrolling Interest
Redeemable noncontrolling interest, equity, common, carrying amount	857,527	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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Class of Stock [Line Items]
Common shares, dividends (in dollars per share)	$ 0.66	$ 0.63	$ 1.32	$ 1.26
Common shares of beneficial interest: authorized shares (shares)	250,000,000	250,000,000	250,000,000	250,000,000	250,000,000
Preferred shares of beneficial interest: authorized shares (shares)	110,000,000		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	$ 1.6250	$ 1.6250
Preferred shares of beneficial interest: authorized shares (shares)	83,977	83,977	83,977	83,977
Preferred stock, dividend rate, percentage (percent)			6.50%	6.50%
Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred stock, liquidation preference per share (in dollars per share/unit)	$ 25		$ 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	$ 0.7126	$ 0.7126
Preferred shares of beneficial interest: authorized shares (shares)	12,000,000	12,000,000	12,000,000	12,000,000
Preferred stock, dividend rate, percentage (percent)			5.70%	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	$ 0.6750	$ 0.6750
Preferred shares of beneficial interest: authorized shares (shares)	12,000,000	12,000,000	12,000,000	12,000,000
Preferred stock, dividend rate, percentage (percent)			5.40%	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	$ 0.6562	$ 0.6562
Preferred shares of beneficial interest: authorized shares (shares)	12,780,000	12,780,000	12,780,000	12,780,000
Preferred stock, dividend rate, percentage (percent)			5.25%	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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jan. 01, 2018	Dec. 31, 2017
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance, value	$ 5,090,892	$ 5,024,878	$ 5,107,883	$ 5,007,701
Cumulative effect of accounting change					$ (108,374)	$ 14,519
Net current period other comprehensive (loss) income	(26,681)	3,093	(43,419)	13,043
Amounts reclassified from AOCI			(2,311)
Ending balance, value	7,496,144	4,943,587	7,496,144	4,943,587
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance, value	(11,385)	30,258	7,664	128,682
Ending balance, value	(38,066)	33,351	(38,066)	33,351
Marketable securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance, value	0	0	0	109,554
Cumulative effect of accounting change					(109,554)
Net current period other comprehensive (loss) income	0	0	0	0
Amounts reclassified from AOCI			0
Ending balance, value	0	0	0	0
Pro rata share of nonconsolidated subsidiaries' OCI
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance, value	(43)	2,444	3,253	3,769
Cumulative effect of accounting change					(1,671)
Net current period other comprehensive (loss) income	25	390	(960)	736
Amounts reclassified from AOCI			(2,311)
Ending balance, value	(18)	2,834	(18)	2,834
Interest rate swaps | Interest rate swaps
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance, value	(5,270)	36,651	11,759	23,542
Cumulative effect of accounting change					2,851
Net current period other comprehensive (loss) income	(28,515)	2,908	(45,544)	13,166
Amounts reclassified from AOCI			0
Ending balance, value	(33,785)	39,559	(33,785)	39,559
Other
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance, value	(6,072)	(8,837)	(7,348)	(8,183)
Cumulative effect of accounting change					$ 0
Net current period other comprehensive (loss) income	1,809	(205)	3,085	(859)
Amounts reclassified from AOCI			0
Ending balance, value	$ (4,263)	$ (9,042)	$ (4,263)	$ (9,042)

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Unconsolidated VIEs
Variable Interest Entities
Net carrying amount of our investments in unconsolidated VIEs	$ 214,623	$ 257,882
Consolidated VIEs
Variable Interest Entities
Variable interest entity, consolidated, carrying amount, assets	4,633,391	4,445,436
Variable interest entity, consolidated, carrying amount, liabilities	$ 2,421,708	$ 2,533,753

Fair Value Measurements (Financ

Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	$ 41,081	$ 152,198
Real estate fund investments	306,596	318,758
Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	41,081	152,198
Real estate fund investments	306,596	318,758
Deferred compensation plan assets (included in restricted cash and other assets)	99,879	96,524
Interest rate swaps (included in other assets)	9,295	27,033
Total assets	456,851	594,513
Mandatorily redeemable instruments (included in other liabilities)	50,561	50,561
Interest rate swaps (included in other liabilities)	43,047	15,236
Total liabilities	93,608	65,797
Recurring | Level 1
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	41,081	152,198
Real estate fund investments	0	0
Deferred compensation plan assets (included in restricted cash and other assets)	77,888	58,716
Interest rate swaps (included in other assets)	0	0
Total assets	118,969	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)	9,295	27,033
Total assets	9,295	27,033
Mandatorily redeemable instruments (included in other liabilities)	0	0
Interest rate swaps (included in other liabilities)	43,047	15,236
Total liabilities	43,047	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	306,596	318,758
Deferred compensation plan assets (included in restricted cash and other assets)	21,991	37,808
Interest rate swaps (included in other assets)	0	0
Total assets	328,587	356,566
Mandatorily redeemable instruments (included in other liabilities)	0	0
Interest rate swaps (included in other liabilities)	0	0
Total liabilities	0	0
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)	25,133	8,402
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)	$ 74,746	$ 88,122

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019USD ($)investment	Dec. 31, 2018USD ($)investment
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate fund investments	$ 306,596	$ 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
Real estate fund investments	$ 306,596	$ 318,758
Excess of fair value over cost	22,968
Level 3 | Real estate fund investments
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate fund investments	306,596
Excess of fair value over cost	$ 22,968

Fair Value Measurements (Unober

Fair Value Measurements (Unobervable Quantitative Input Ratios) (Details) - Recurring - Level 3 - Real estate fund investments	Jun. 30, 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	0.135	0.134
Cap Rate | Minimum
Unobservable Quantitative Input
Real estate, measurement input	0.051	0.054
Cap Rate | Maximum
Unobservable Quantitative Input
Real estate, measurement input	0.076	0.077
Cap Rate | Weighted Average
Unobservable Quantitative Input
Real estate, measurement input	0.055	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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Real estate fund investments
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 322,858	$ 336,552	$ 318,758	$ 354,804
Purchases/additional fundings	0	66,000	4,000	68,950
Net unrealized loss on held investments	(16,262)	(29,513)	(16,162)	(29,513)
Dispositions	0	0	0	(20,291)
Net realized loss on exited investments	0	(2)	0	(913)
Other, net	0	2	0	2
Ending balance	306,596	373,039	306,596	373,039
Deferred Compensation Plan Assets
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	37,562	39,485	37,808	40,128
Sales	(18,041)	(1,874)	(20,155)	(3,509)
Purchases/additional fundings	1,969	1,619	2,877	1,633
Realized and unrealized gains	215	34	738	712
Other, net	286	606	723	906
Ending balance	$ 21,991	$ 39,870	$ 21,991	$ 39,870

Fair Value Measurements (Fair V

Fair Value Measurements (Fair Value Measurements on a Nonrecurring Basis) (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Nonrecurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Right-of-use assets	$ 0
Level 1 | Nonrecurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Right-of-use assets	0
Level 2 | Nonrecurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Right-of-use assets	0
Level 3 | Nonrecurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Right-of-use assets	0
Real estate assets | Nonrecurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate asset	67,102,000	$ 14,971,000
Real estate assets | Level 1 | Nonrecurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate asset	0	0
Real estate assets | Level 2 | Nonrecurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate asset	67,102,000	0
Real estate assets | Level 3 | Nonrecurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate asset	0	$ 14,971,000
Valuation Technique, Discounted Cash Flow | 608 Fifth Avenue
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	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured revolving credit facilities	$ 80,000	$ 80,000
Deferred financing costs, net and other	44,041	59,226
Senior Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured debt, gross	450,000	850,000
Deferred financing costs, net and other	4,535	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	4,669	5,179
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents, carrying amount	749,035	261,981
Mortgages payable, gross	6,291,645	8,215,847
Unsecured revolving credit facilities	80,000	80,000
Debt, Carrying Amount	7,571,645	9,895,847
Carrying Amount | Senior Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured debt, gross	450,000	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]
Debt, Fair Value	7,625,000	9,856,000
Fair Value | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents, fair value	749,000	262,000
Unsecured revolving credit facilities	80,000	80,000
Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages payable, gross	6,336,000	8,179,000
Fair Value | Senior Unsecured Notes | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured debt, gross	459,000	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 ($)

3 Months Ended

6 Months Ended

12 Months Ended

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Jun. 30, 2018

Jun. 30, 2019

Jun. 30, 2018

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

May 16, 2019

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based compensation expense

$ 2,578,000

Share-based comepnsation expense, accelerated cost

$ 16,211,000

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

8,983,000

$ 8,983,000

Lower share-based compensation expense

7,481,000

Share-based compensation, amount capitalized

$ 1,502,000

Amortization period (years)

4 years

Forecast

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based compensation expense

$ 2,578,000

$ 2,578,000

$ 8,477,000

General and Administrative Expense

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based compensation expense

10,520,000

$ 6,976,000

$ 42,174,000

$ 20,645,000

2019 Omnibus Share Plan | Not Full Value Awards

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares authorized (shares)

5,500,000

2019 Omnibus Share Plan | Full Value Awards

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares authorized (shares)

11,000,000

2019 Omnibus Share Plan | Forecast

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based compensation expense

$ 2,401,000

$ 2,401,000

$ 2,655,000

$ 7,718,000

$ 9,603,000

$ 9,603,000

Executive Officer

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Grant-Date Fair Value

25,500,000

25,500,000

Executive Officer | General and Administrative Expense

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based compensation expense

5,316,000,000

5,316,000

Executive Officer | 2019 Omnibus Share Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Grant-Date Fair Value

$ 15,000,000

$ 15,000,000

Vesting period (in years)

4 years

Executive Officer | 2019 Omnibus Share Plan | General and Administrative Expense

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based compensation expense

$ 329,000

Share-based Payment Arrangement, Tranche One | Executive Officer

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting rights, percentage

20.00%

Share-based Payment Arrangement, Tranche Two | Executive Officer

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting rights, percentage

40.00%

Share-based Payment Arrangement, Tranche Three | Executive Officer

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting rights, percentage

40.00%

Transaction Related Costs, Im_3

Transaction Related Costs, Impairment Losses and Other - Schedule of Transaction Related Costs, Impairment Losses and Other (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Transaction Related Costs, Impairment Losses and Other [Line Items]
Non-cash impairment loss	$ 101,360	$ 0	$ 101,360	$ 0
Transaction related costs	230	1,017	379	1,070
Transfer tax	0	0	0	13,103
Transaction related costs, impairment losses and other	$ 101,590	$ 1,017	$ 101,739	$ 14,173
Independence Plaza
Transaction Related Costs, Impairment Losses and Other [Line Items]
Equity method ownership percentage	50.10%		50.10%

Transaction Related Costs, Im_4

Transaction Related Costs, Impairment Losses and Other - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Transaction Related Costs, Impairment Losses and Other [Line Items]
Non-cash impairment loss	$ 101,360	$ 0	$ 101,360	$ 0
Operating lease, impairment loss			75,220	$ 0
Lease liabilities	483,011		483,011		$ 0
608 Fifth Avenue
Transaction Related Costs, Impairment Losses and Other [Line Items]
Non-cash impairment loss	93,860
Operating lease, impairment loss	75,220
Lease liabilities	$ 72,588		$ 72,588

Interest and Other Investment_3

Interest and Other Investment Income, Net (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Apr. 30, 2018	Jan. 31, 2014	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Net Investment Income [Line Items]
Increase (decrease) in fair value of marketable securities:			$ 1,312	$ 15,884	$ 1,773	$ (17,102)
Interest on cash and cash equivalents and restricted cash			2,626	4,487	4,693	8,044
Interest on loans receivable			1,635	6,205	3,241	6,948
Dividends on marketable securities			1,313	3,353	1,313	6,706
Other, net			954	963	1,865	1,912
Interest and other investment income, net			7,840	30,892	12,885	6,508
PREIT
Net Investment Income [Line Items]
Increase (decrease) in fair value of marketable securities:			1,313	0	(14,336)	0
Lexington Realty Trust
Net Investment Income [Line Items]
Increase (decrease) in fair value of marketable securities:			0	15,883	16,068	(16,992)
Other
Net Investment Income [Line Items]
Increase (decrease) in fair value of marketable securities:			$ (1)	$ 1	$ 41	$ (110)
701 Seventh Avenue
Net Investment Income [Line Items]
Interest on loans receivable	$ 5,457
Debt, percentage of participation for loan					25.00%
Loans payable		$ 137,500

Interest and Debt Expense (Deta

Interest and Debt Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Interest and Debt Expense [Abstract]
Interest expense	$ 76,605	$ 96,377	$ 194,252	$ 191,165
Capitalized interest and debt expense	(19,812)	(16,754)	(43,137)	(31,480)
Amortization of deferred financing costs	6,236	8,034	14,377	16,138
Interest and debt expense, Total	$ 63,029	$ 87,657	$ 165,492	$ 175,823

Interest and Debt Expense - Foo

Interest and Debt Expense - Footnote (Details) - Senior Unsecured Notes - Senior Unsecured Notes Due 2022 - USD ($)	Jun. 30, 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 Per Share_Income Per C_3

Income Per Share/Income Per Class A Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator:
Income from continuing operations, net of income attributable to noncontrolling interests / in consolidated subsidiaries	$ 2,412,671	$ 123,427	$ 2,606,821	$ 133,448
Income (loss) from discontinued operations, net of income attributable to noncontrolling interests	56	641	(72)	300
Net income attributable to Vornado / Vornado Realty L.P.	2,412,727	124,068	2,606,749	133,748
Preferred share dividends / unit distributions	(12,532)	(12,534)	(25,066)	(25,569)
Preferred share / unit issuance costs	0	0	0	(14,486)
NET INCOME attributable to common shareholders / Class A unitholders	2,400,195	111,534	2,581,683	93,693
Earnings allocated to unvested participating securities	(239)	(11)	(258)	(22)
Numerator for basic income (loss) per share / per Class A unit	2,399,956	111,523	2,581,425	93,671
Convertible preferred share dividends / unit distributions	14	16	29	0
Earnings allocated to Out-Performance Plan units	0	0	9	37
Numerator for diluted income (loss) per share	$ 2,399,970	$ 111,539	$ 2,581,463	$ 93,708
Denominator:
Denominator for basic income per share - weighted average shares (in shares)	190,781	190,200	190,735	190,141
Vornado employee stock options and restricted share / unit awards (in shares)	243	930	256	934
Convertible preferred shares/units	34	38	35	0
Out-Performance Plan units	0	0	4	115
Denominator for diluted income (loss) per share - weighted average shares and assumed conversions (in shares)	191,058	191,168	191,030	191,190
INCOME PER COMMON SHARE – BASIC:
Income from continuing operations, net (in dollars per share)	$ 12.58	$ 0.59	$ 13.53	$ 0.49
Net income per common share (in dollars per share)	12.58	0.59	13.53	0.49
INCOME PER COMMON SHARE – DILUTED:
Income from continuing operations, net (in dollars per share)	12.56	0.58	13.51	0.49
Net income per common share (in dollars per share)	$ 12.56	$ 0.58	$ 13.51	$ 0.49
Vornado Realty L.P.
Numerator:
Income from continuing operations, net of income attributable to noncontrolling interests / in consolidated subsidiaries	$ 2,575,182	$ 130,830	$ 2,781,543	$ 139,749
Income (loss) from discontinued operations, net of income attributable to noncontrolling interests	60	683	(77)	320
Net income attributable to Vornado / Vornado Realty L.P.	2,575,242	131,513	2,781,466	140,069
Preferred share dividends / unit distributions	(12,573)	(12,582)	(25,148)	(25,666)
Preferred share / unit issuance costs	0	0	0	(14,486)
NET INCOME attributable to common shareholders / Class A unitholders	2,562,669	118,931	2,756,318	99,917
Earnings allocated to unvested participating securities	(10,162)	(772)	(10,860)	(1,544)
Numerator for basic income (loss) per share / per Class A unit	2,552,507	118,159	2,745,458	98,373
Convertible preferred share dividends / unit distributions	14	16	29	0
Numerator for diluted income (loss) per Class A unit	$ 2,552,521	$ 118,175	$ 2,745,487	$ 98,373
Denominator:
Denominator for basic income (loss) per Class A unit – weighted average units (in shares)	202,924	202,064	202,848	201,997
Vornado employee stock options and restricted share / unit awards (in shares)	522	1,252	508	1,269
Convertible preferred shares/units	34	38	35	0
Denominator for diluted income (loss) per Class A unit - weighted average units and assumed conversions	203,480	203,354	203,391	203,266
INCOME PER CLASS A UNIT – BASIC:
Income from continuing operations, net (in dollars per unit)	$ 12.58	$ 0.58	$ 13.53	$ 0.49
Net income per Class A unit (in dollars per unit)	12.58	0.58	13.53	0.49
INCOME PER CLASS A UNIT – DILUTED:
Income from continuing operations, net (in dollars per unit)	12.54	0.58	13.50	0.48
Net income per Class A unit (in dollars per unit)	$ 12.54	$ 0.58	$ 13.50	$ 0.48

Income Per Share_Income Per C_4

Income Per Share/Income Per Class A Unit (Narrative) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 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	12,609	12,299	12,521	12,252
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	187	112	160	175

Leases - Lessor, Operating Leas

Leases - Lessor, Operating Lease, Payments to be Received (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]
For the remainder of 2019	$ 664,483
2020	1,278,724
2021	1,250,716
2022	1,182,435
2023	1,056,135
2024	876,527
Thereafter	$ 4,239,951
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) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Fixed lease revenues	$ 377,524	$ 807,611
Variable lease revenues	31,708	88,927
Total lease revenues	$ 409,232	$ 896,538

Leases - Narrative (Details)

Leases - Narrative (Details) ft² in Thousands, $ in Thousands	Jun. 30, 2019USD ($)ft²	Jan. 01, 2019USD ($)	Dec. 31, 2018USD ($)
Leases [Line Items]
Operating lease, right-of-use asset	$ 380,214		$ 0
Operating lease liabilities	483,011		0
Decrease in other liabilities	320,515		311,806
Decrease in deferred revenue	66,835		167,730
Increase in identified intangible assets, net	32,478		136,781
Prepaid lease payment	$ 382,209		$ 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)
Increase in identified intangible assets, net		(23,665)
Prepaid lease payment		$ (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	845
Lessee, operating lease, lease not yet commenced, term (years)	99 years
Farley Office and Retail Building | Office Space
Leases [Line Items]
Square footage of real estate property (in sqft) | ft²	725
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	6 Months Ended
	Jun. 30, 2019USD ($)
Leases [Abstract]
Weighted average remaining lease term (in years)	41 years 3 months 29 days
Weighted average discount rate (percent)	4.89%
Cash paid for operating leases	$ 13,158

Leases - Schedule of Components

Leases - Schedule of Components of Rent Expense (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Fixed rent expense	$ 8,689	$ 19,315
Variable rent expense	534	1,154
Rent expense	$ 9,223	$ 20,469

Leases - Lessee, Operating Leas

Leases - Lessee, Operating Lease, Liability, Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
For the remainder of 2019	$ 13,369
2020	28,352
2021	28,745
2022	29,646
2023	30,061
2024	30,495
Thereafter	1,037,252
Total undiscounted cash flows	1,197,920
Present value discount	(714,909)
Lease liabilities	483,011	$ 0
Farley Office and Retail Building
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
For the remainder of 2019	3,411
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)	6 Months Ended
	Jun. 30, 2019USD ($)
Other Commitments
Guarantees and master leases	$ 1,031,000,000
Outstanding letters of credit	15,880,000
Commitment to fund additional capital to partially owned entities	15,400,000
Construction commitment	730,000,000
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	350,000,000
Insurance maximum coverage limit in aggregate	$ 350,000,000
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 o

Segment Information - Summary of NOI by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Information
Total revenues	$ 463,103	$ 541,818	$ 997,771	$ 1,078,255
Operating expenses	220,752	235,981	467,647	473,583
NOI - consolidated	242,351	305,837	530,124	604,672
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(16,416)	(17,160)	(33,819)	(34,472)
Add: NOI from partially owned entities	82,974	65,752	150,376	133,265
NOI at share	308,909	354,429	646,681	703,465
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	9,748	(12,481)	4,567	(30,429)
NOI at share - cash basis	318,657	341,948	651,248	673,036
New York
Segment Information
Total revenues	376,381	458,552	819,666	907,036
Operating expenses	187,819	200,903	385,914	398,819
NOI - consolidated	188,562	257,649	433,752	508,217
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(10,030)	(11,560)	(21,437)	(23,305)
Add: NOI from partially owned entities	79,170	49,778	128,745	99,551
NOI at share	257,702	295,867	541,060	584,463
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	8,437	(12,713)	1,819	(30,036)
NOI at share - cash basis	266,139	283,154	542,879	554,427
Other
Segment Information
Total revenues	86,722	83,266	178,105	171,219
Operating expenses	32,933	35,078	81,733	74,764
NOI - consolidated	53,789	48,188	96,372	96,455
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(6,386)	(5,600)	(12,382)	(11,167)
Add: NOI from partially owned entities	3,804	15,974	21,631	33,714
NOI at share	51,207	58,562	105,621	119,002
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	1,311	232	2,748	(393)
NOI at share - cash basis	$ 52,518	$ 58,794	$ 108,369	$ 118,609

Segment Information (Summary of

Segment Information (Summary of net income and EBITDA reconciliation by segment) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting [Abstract]
Net income	$ 2,596,693	$ 105,338	$ 2,809,737	$ 105,620
Net gain on transfer to Fifth Avenue and Times Square JV	(2,571,099)	0	(2,571,099)	0
(Income) loss from partially owned entities	(22,873)	(8,757)	(30,193)	1,147
Interest and other investment income, net	(7,840)	(30,892)	(12,885)	(6,508)
Net gains on disposition of wholly owned and partially owned assets	(111,713)	(23,559)	(332,007)	(23,559)
NOI attributable to noncontrolling interests in consolidated subsidiaries	(16,416)	(17,160)	(33,819)	(34,472)
(Income) loss from discontinued operations	(60)	(683)	77	(320)
Loss from real estate fund investments	15,803	28,976	15,970	37,783
Depreciation and amortization expense	113,035	111,846	229,744	220,532
General and administrative expense	38,872	34,427	96,892	76,960
Transaction related costs, impairment losses and other	101,590	1,017	101,739	14,173
NOI from partially owned entities	82,974	65,752	150,376	133,265
Interest and debt expense	63,029	87,657	165,492	175,823
Income tax expense	26,914	467	56,657	3,021
NOI at share	308,909	354,429	646,681	703,465
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	9,748	(12,481)	4,567	(30,429)
NOI at share - cash basis	$ 318,657	$ 341,948	$ 651,248	$ 673,036