Vornado Realty Trust (VNO) 10-Q 4 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2020shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
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	Q1
Document Fiscal Year Focus	2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	191,115,726
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	2020

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Real estate, at cost:
Land	$ 2,589,800	$ 2,591,261
Buildings and improvements	7,946,523	7,953,163
Development costs and construction in progress	1,532,828	1,490,614
Moynihan Train Hall development expenditures	972,199	914,960
Leasehold improvements and equipment	126,910	124,014
Total	13,168,260	13,074,012
Less accumulated depreciation and amortization	(3,049,609)	(3,015,958)
Real estate, net	10,118,651	10,058,054
Right-of-use assets	378,257	379,546
Cash and cash equivalents	1,586,738	1,515,012
Restricted cash	80,570	92,119
Marketable securities	0	33,313
Tenant and other receivables	115,795	95,733
Investments in partially owned entities	3,970,791	3,999,165
Real estate fund investments	45,129	222,649
220 Central Park South condominium units ready for sale	393,417	408,918
Receivable arising from the straight-lining of rents	731,807	742,206
Deferred leasing costs, net of accumulated amortization of $188,976 and $196,229	353,467	353,986
Identified intangible assets, net of accumulated amortization of $100,298 and $98,587	29,123	30,965
Other assets	405,914	355,347
Assets	18,209,659	18,287,013
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Mortgages payable, net	5,643,707	5,639,897
Senior unsecured notes, net	446,076	445,872
Unsecured term loan, net	795,974	745,840
Unsecured revolving credit facilities	1,075,000	575,000
Lease liabilities	497,531	498,254
Moynihan Train Hall obligation	972,199	914,960
Special dividend/distribution payable	0	398,292
Accounts payable and accrued expenses	407,598	440,049
Deferred revenue	54,992	59,429
Deferred compensation plan	90,888	103,773
Other liabilities	308,683	265,754
Total liabilities	10,292,648	10,087,120
Commitments and contingencies
Redeemable noncontrolling interests / partnership units
Class A units - 13,748,709 and 13,298,956 units outstanding	619,264	884,380
Series D cumulative redeemable preferred units - 141,401 units outstanding	4,535	4,535
Total redeemable noncontrolling interests / partnership units	623,799	888,915
Shareholders' / Partner's Equity
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 36,795,540 and 36,795,640 shares	891,211	891,214
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 191,115,726 and 190,985,677 shares	7,624	7,618
Additional capital	8,112,523	7,827,697
Earnings less than distributions	(2,091,612)	(1,954,266)
Accumulated other comprehensive loss	(82,719)	(40,233)
Total Vornado shareholders' / partners equity	6,837,027	6,732,030
Noncontrolling interests in consolidated subsidiaries	456,185	578,948
Total equity	7,293,212	7,310,978
Total liabilities, redeemable noncontrolling interests / partnership units and equity	18,209,659	18,287,013
Vornado Realty L.P.
Real estate, at cost:
Land	2,589,800	2,591,261
Buildings and improvements	7,946,523	7,953,163
Development costs and construction in progress	1,532,828	1,490,614
Moynihan Train Hall development expenditures	972,199	914,960
Leasehold improvements and equipment	126,910	124,014
Total	13,168,260	13,074,012
Less accumulated depreciation and amortization	(3,049,609)	(3,015,958)
Real estate, net	10,118,651	10,058,054
Right-of-use assets	378,257	379,546
Cash and cash equivalents	1,586,738	1,515,012
Restricted cash	80,570	92,119
Marketable securities	0	33,313
Tenant and other receivables	115,795	95,733
Investments in partially owned entities	3,970,791	3,999,165
Real estate fund investments	45,129	222,649
220 Central Park South condominium units ready for sale	393,417	408,918
Receivable arising from the straight-lining of rents	731,807	742,206
Deferred leasing costs, net of accumulated amortization of $188,976 and $196,229	353,467	353,986
Identified intangible assets, net of accumulated amortization of $100,298 and $98,587	29,123	30,965
Other assets	405,914	355,347
Assets	18,209,659	18,287,013
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Mortgages payable, net	5,643,707	5,639,897
Senior unsecured notes, net	446,076	445,872
Unsecured term loan, net	795,974	745,840
Unsecured revolving credit facilities	1,075,000	575,000
Lease liabilities	497,531	498,254
Moynihan Train Hall obligation	972,199	914,960
Special dividend/distribution payable	0	398,292
Accounts payable and accrued expenses	407,598	440,049
Deferred revenue	54,992	59,429
Deferred compensation plan	90,888	103,773
Other liabilities	308,683	265,754
Total liabilities	10,292,648	10,087,120
Commitments and contingencies
Redeemable noncontrolling interests / partnership units
Class A units - 13,748,709 and 13,298,956 units outstanding	619,264	884,380
Series D cumulative redeemable preferred units - 141,401 units outstanding	4,535	4,535
Total redeemable noncontrolling interests / partnership units	623,799	888,915
Shareholders' / Partner's Equity
Partners' capital	9,011,358	8,726,529
Earnings less than distributions	(2,091,612)	(1,954,266)
Accumulated other comprehensive loss	(82,719)	(40,233)
Total Vornado shareholders' / partners equity	6,837,027	6,732,030
Noncontrolling interests in consolidated subsidiaries	456,185	578,948
Total equity	7,293,212	7,310,978
Total liabilities, redeemable noncontrolling interests / partnership units and equity	$ 18,209,659	$ 18,287,013

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Deferred leasing costs, accumulated amortization	$ 188,976	$ 196,229
Identified intangible assets, accumulated amortization	$ 100,298	$ 98,587
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)	36,795,540	36,795,640
Preferred shares of beneficial interest: outstanding shares (shares)	36,795,540	36,795,640
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)	191,115,726	190,985,677
Common shares of beneficial interest: outstanding shares (shares)	191,115,726	190,985,677
Class A Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Outstanding Partnership Units held by Third Parties (units)	13,748,709	13,298,956
Cumulative Redeemable Preferred Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Outstanding Partnership Units held by Third Parties (units)	141,401	141,401
Vornado Realty L.P.
ASSETS
Deferred leasing costs, accumulated amortization	$ 188,976	$ 196,229
Identified intangible assets, accumulated amortization	$ 100,298	$ 98,587
Vornado Realty L.P. | Class A Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS / PARTNERSHIP UNITS AND EQUITY
Outstanding Partnership Units held by Third Parties (units)	13,748,709	13,298,956
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	141,401

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
REVENUES:
Revenues	$ 444,532	$ 534,668
EXPENSES:
Operating	(230,007)	(246,895)
Depreciation and amortization	(92,793)	(116,709)
General and administrative	(52,834)	(58,020)
Benefit (expense) from deferred compensation plan liability	11,245	(5,433)
Transaction related costs, impairment losses and other	(71)	(149)
Total expenses	(364,460)	(427,206)
Income from partially owned entities	19,103	7,320
Loss from real estate fund investments	(183,463)	(167)
Interest and other investment (loss) income, net	(5,904)	5,045
(Loss) income from deferred compensation plan assets	(11,245)	5,433
Interest and debt expense	(58,842)	(102,463)
Net gains on disposition of wholly owned and partially owned assets	68,589	220,294
(Loss) income before income taxes	(91,690)	242,924
Income tax expense	(12,813)	(29,743)
(Loss) income from continuing operations	(104,503)	213,181
Loss from discontinued operations	0	(137)
Net (loss) income	(104,503)	213,044
Less net loss (income) attributable to noncontrolling interests / consolidated subsidiaries in:
Consolidated subsidiaries	122,387	(6,820)
Operating Partnership	(390)	(12,202)
Net income attributable to Vornado / Vornado Realty L.P.	17,494	194,022
Preferred share dividends / unit distributions	(12,531)	(12,534)
NET INCOME attributable to common shareholders / Class A unitholders	$ 4,963	$ 181,488
INCOME PER COMMON SHARE - BASIC:
Net income per common share (in dollars per share)	$ 0.03	$ 0.95
Weighted average shares outstanding, basic (in shares)	191,038	190,689
INCOME PER COMMON SHARE - DILUTED:
Net income per common share (in dollars per share)	$ 0.03	$ 0.95
Weighted average shares outstanding, diluted (in shares)	191,113	190,996
Vornado Realty L.P.
REVENUES:
Revenues	$ 444,532	$ 534,668
EXPENSES:
Operating	(230,007)	(246,895)
Depreciation and amortization	(92,793)	(116,709)
General and administrative	(52,834)	(58,020)
Benefit (expense) from deferred compensation plan liability	11,245	(5,433)
Transaction related costs, impairment losses and other	(71)	(149)
Total expenses	(364,460)	(427,206)
Income from partially owned entities	19,103	7,320
Loss from real estate fund investments	(183,463)	(167)
Interest and other investment (loss) income, net	(5,904)	5,045
(Loss) income from deferred compensation plan assets	(11,245)	5,433
Interest and debt expense	(58,842)	(102,463)
Net gains on disposition of wholly owned and partially owned assets	68,589	220,294
(Loss) income before income taxes	(91,690)	242,924
Income tax expense	(12,813)	(29,743)
(Loss) income from continuing operations	(104,503)	213,181
Loss from discontinued operations	0	(137)
Net (loss) income	(104,503)	213,044
Less net loss (income) attributable to noncontrolling interests / consolidated subsidiaries in:
Consolidated subsidiaries	122,387	(6,820)
Operating Partnership	(390)	(12,202)
Net income attributable to Vornado / Vornado Realty L.P.	17,884	206,224
Preferred share dividends / unit distributions	(12,572)	(12,575)
NET INCOME attributable to common shareholders / Class A unitholders	$ 5,312	$ 193,649
INCOME PER CLASS A UNIT - BASIC:
Net income per Class A unit (in dollars per unit)	$ 0	$ 0.95
Weighted average units outstanding, basic (in shares)	203,370	202,772
INCOME PER CLASS A UNIT - DILUTED:
Net income per Class A unit (in dollars per unit)	$ 0	$ 0.95
Weighted average units outstanding, diluted (in shares)	203,516	203,344
Rental revenues
REVENUES:
Revenues	$ 401,274	$ 499,877
Rental revenues | Vornado Realty L.P.
REVENUES:
Revenues	401,274	499,877
Fee and other income
REVENUES:
Revenues	43,258	34,791
Fee and other income | Vornado Realty L.P.
REVENUES:
Revenues	$ 43,258	$ 34,791

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net (loss) income	$ (104,503)	$ 213,044
Other comprehensive (loss) income:
Reduction in value of interest rate swaps	(45,477)	(17,029)
Other comprehensive income (loss) of nonconsolidated subsidiaries	8	(985)
Amounts reclassified from accumulated other comprehensive loss relating to a nonconsolidated subsidiary	0	(2,311)
Comprehensive (loss) income	(149,972)	192,719
Less comprehensive loss (income) attributable to noncontrolling interests in noncontrolling interests / consolidated subsidiaries	124,980	(17,746)
Comprehensive (loss) income attributable to Vornado / Vornado Realty L.P.	(24,992)	174,973
Vornado Realty L.P.
Net (loss) income	(104,503)	213,044
Other comprehensive (loss) income:
Reduction in value of interest rate swaps	(45,477)	(17,029)
Other comprehensive income (loss) of nonconsolidated subsidiaries	8	(985)
Amounts reclassified from accumulated other comprehensive loss relating to a nonconsolidated subsidiary	0	(2,311)
Comprehensive (loss) income	(149,972)	192,719
Less comprehensive loss (income) attributable to noncontrolling interests in noncontrolling interests / consolidated subsidiaries	122,387	(6,820)
Comprehensive (loss) income attributable to Vornado / Vornado Realty L.P.	$ (27,585)	$ 185,899

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 Income (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 Income (Loss)	Vornado Realty L.P.Non- controlling Interests in Consolidated Subsidiaries	Vornado Realty L.P.Non- controlling Interests in Consolidated SubsidiariesReal estate fund investments	Vornado Realty L.P.Non- controlling Interests in Consolidated SubsidiariesOther
Beginning balance, shares at Dec. 31, 2018				36,800	190,535										36,800	190,535
Beginning balance, value at Dec. 31, 2018	$ 5,107,883			$ 891,294	$ 7,600	$ 7,725,857	$ (4,167,184)	$ 7,664	$ 642,652			$ 5,107,883			$ 891,294	$ 7,733,457	$ (4,167,184)	$ 7,664	$ 642,652
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to Vornado / Vornado Realty L.P.	194,022						194,022					206,224					206,224
Net income attributable to redeemable partnership units	(12,202)											(12,202)					(12,202)
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries	6,820	$ 2,737							6,820			6,820							6,820
Dividends on common shares	(125,876)						(125,876)
Distributions to Vornado												(125,876)					(125,876)
Distributions to preferred shareholders / unitholders (see Note 13 for distributions per unit 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					48											48
Upon redemption of Class A units, at redemption value, value	3,181				$ 2	3,179						3,181				$ 3,181
Under Vornado's employees' share option plan, shares					162											162
Under Vornado's employees' share option plan, value	(7,521)				$ 7	1,164	(8,692)					(7,521)				$ 1,171	(8,692)
Under Vornado's dividend reinvestment plan, shares					5											5
Under Vornado's dividend reinvestment plan, value	340				$ 0	340						340				$ 340
Contributions:
Contributions		3,384	$ 1,810							$ 3,384	$ 1,810		$ 3,384	$ 1,810						$ 3,384	$ 1,810
Distributions:
Distributions	(7,764)								(7,764)			(7,764)							(7,764)
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, shares				(1)	2										(1)	2
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, value	0			$ (31)		$ 31						0			$ (31)	$ 31
Deferred compensation shares and options, shares					9	297										9
Deferred compensation shares and options	297											297				$ 297
Amounts reclassified from accumulated other comprehensive loss relating to a nonconsolidated subsidiary	(2,311)							(2,311)				(2,311)						(2,311)
Other comprehensive income (loss) of nonconsolidated subsidiaries	(985)							(985)				(985)						(985)
Reduction in value of interest rate swaps	(17,029)							(17,029)				(17,029)						(17,029)
Unearned Out-Performance Plan awards acceleration	11,720					$ 11,720						11,720				11,720
Adjustments to carry redeemable Class A units at redemption value	(65,818)					(65,818)						(65,818)				$ (65,818)
Redeemable noncontrolling interests' share of above adjustments	1,276							1,276				1,276						1,276
Other, shares				(1)											(1)
Other, value	(3)						(1)		(2)			(3)					(1)		(2)
Ending balance, shares at Mar. 31, 2019				36,798	190,761										36,798	190,761
Ending balance, value at Mar. 31, 2019	5,090,892			$ 891,263	$ 7,609	7,676,770	(4,120,265)	(11,385)	646,900			5,090,892			$ 891,263	$ 7,684,379	(4,120,265)	(11,385)	646,900
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting change	(16,064)						(16,064)					(16,064)					(16,064)
Beginning balance, shares at Dec. 31, 2019				36,796	190,986										36,796	190,986
Beginning balance, value at Dec. 31, 2019	7,310,978			$ 891,214	$ 7,618	7,827,697	(1,954,266)	(40,233)	578,948			7,310,978			$ 891,214	$ 7,835,315	(1,954,266)	(40,233)	578,948
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to Vornado / Vornado Realty L.P.	17,494						17,494					17,884					17,884
Net income attributable to redeemable partnership units	(390)											(390)					(390)
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries	(122,387)	(127,305)							(122,387)			(122,387)							(122,387)
Dividends on common shares	(126,106)						(126,106)
Distributions to Vornado												(126,106)					(126,106)
Distributions to preferred shareholders / unitholders (see Note 13 for distributions per unit amounts)	(12,531)						(12,531)					(12,531)					(12,531)
Common shares issued: / Class A Units issued to Vornado
Upon redemption of Class A units, at redemption value, shares					27											27
Upon redemption of Class A units, at redemption value, value	1,640				$ 1	1,639						1,640				$ 1,640
Under Vornado's employees' share option plan, shares					69											69
Under Vornado's employees' share option plan, value	3,517				$ 3	3,514						3,517				$ 3,517
Under Vornado's dividend reinvestment plan, shares					21											21
Under Vornado's dividend reinvestment plan, value	1,382				$ 1	1,381						1,382				$ 1,382
Contributions:
Contributions		$ 3,389	$ 1,397							$ 3,389	$ 1,397		$ 3,389	$ 1,397						$ 3,389	$ 1,397
Distributions:
Distributions	(5,235)								(5,235)			(5,235)							(5,235)
Conversion of Series A preferred shares to common shares / Conversion of Series A preferred units to Class A units, value	0			$ (3)		3						0			$ (3)	$ 3
Deferred compensation shares and options, shares					13											13
Deferred compensation shares and options	161				$ 1	297	(137)					161				$ 298	(137)
Amounts reclassified from accumulated other comprehensive loss relating to a nonconsolidated subsidiary	0											0
Other comprehensive income (loss) of nonconsolidated subsidiaries	8							8				8						8
Reduction in value of interest rate swaps	(45,477)							(45,477)				(45,477)						(45,477)
Unearned Out-Performance Plan awards acceleration	10,824					10,824						10,824				10,824
Adjustments to carry redeemable Class A units at redemption value	267,170					267,170						267,170				267,170
Redeemable noncontrolling interests' share of above adjustments	2,983							2,983				2,983						2,983
Other, value	69					(2)	(2)		73			69				$ (2)	(2)		73
Ending balance, shares at Mar. 31, 2020				36,796	191,116										36,796	191,116
Ending balance, value at Mar. 31, 2020	$ 7,293,212			$ 891,211	$ 7,624	$ 8,112,523	$ (2,091,612)	$ (82,719)	$ 456,185			$ 7,293,212			$ 891,211	$ 8,120,147	$ (2,091,612)	$ (82,719)	$ 456,185

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Unaudited) - Parenthetical (Unaudited) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Common shares/units, dividends (in dollars per share)	$ 0.66	$ 0.66
Vornado Realty L.P.
Common shares/units, dividends (in dollars per share)	$ 0.66	$ 0.66

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash Flows from Operating Activities:
Net (loss) income	$ (104,503)	$ 213,044
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Net unrealized loss (gain) on real estate fund investments	183,520	(100)
Depreciation and amortization (including amortization of deferred financing costs)	96,913	123,135
Net gains on disposition of wholly owned and partially owned assets	(68,589)	(220,294)
Distributions of income from partially owned entities	48,568	14,316
Stock-based compensation expense	25,765	31,654
Equity in net income of partially owned entities	(19,103)	(7,320)
Straight-lining of rents	10,165	1,140
Credit losses on loans receivable	7,261	0
Decrease (increase) in fair value of marketable securities	4,938	(461)
Amortization of below-market leases, net	(4,206)	(6,525)
Other non-cash adjustments	4,156	1,639
Changes in operating assets and liabilities:
Real estate fund investments	(6,000)	(4,000)
Tenant and other receivables, net	(20,938)	(835)
Prepaid assets	(91,878)	(82,862)
Other assets	(8,051)	(6,044)
Accounts payable and accrued expenses	(7,659)	10,426
Other liabilities	1,089	(2,795)
Net cash provided by operating activities	51,448	64,118
Cash Flows from Investing Activities:
Proceeds from sale of condominium units at 220 Central Park South	191,216	425,484
Development costs and construction in progress	(169,845)	(143,302)
Moynihan Train Hall expenditures	(98,794)	(123,533)
Additions to real estate	(49,251)	(55,759)
Proceeds from sales of marketable securities	28,375	167,755
Investments in partially owned entities	(2,130)	(918)
Distributions of capital from partially owned entities	1,090	24,851
Proceeds from sale of real estate and related investments	0	108,512
Proceeds from repayments of loans receivable	0	204
Net cash (used in) provided by investing activities	(99,339)	403,294
Cash Flows from Financing Activities:
Proceeds from borrowings	553,062	456,741
Dividends paid on common shares / Distributions to Vornado	(498,486)	(125,876)
Moynihan Train Hall reimbursement from Empire State Development	98,794	123,533
Distribution to noncontrolling interests / redeemable security holders and noncontrolling interests in consolidated subsidiaries	(40,045)	(16,252)
Dividends paid on preferred shares / Distributions to preferred unitholders	(12,531)	(12,534)
Proceeds received from exercise of employee share options (Vornado stock options) and other	4,899	1,511
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries	4,786	5,194
Repayments of borrowings	(2,150)	(686,555)
Repurchase of shares (Class A units) related to stock compensation arrangements and related tax withholdings	(137)	(8,692)
Debt issuance costs	(124)	(10,860)
Redemption of preferred shares / units	0	(893)
Net cash provided by (used in) financing activities	108,068	(274,683)
Net increase (decrease) in cash and cash equivalents and restricted cash	60,177	192,729
Cash and cash equivalents and restricted cash at beginning of period	1,607,131	716,905
Cash and cash equivalents and restricted cash at end of period	1,667,308	909,634
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	1,515,012	570,916
Restricted cash at beginning of period	92,119	145,989
Cash and cash equivalents and restricted cash at beginning of period	1,607,131	716,905
Cash and cash equivalents at end of period	1,586,738	307,047
Restricted cash at end of period	80,570	593,759
Restricted cash included in assets held for sale at end of period	0	8,828
Cash and cash equivalents and restricted cash at end of period	1,667,308	909,634
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest, excluding capitalized interest of $11,913 and $21,371	53,997	85,796
Cash payments for income taxes	6,089	8,741
Non-Cash Investing and Financing Activities:
Adjustments to carry redeemable Class A units at redemption value	267,170	(65,818)
Reclassification of condominium units from development costs and construction in progress to 220 Central Park South condominium units ready for sale	106,479	395,893
Accrued capital expenditures included in accounts payable and accrued expenses	65,926	77,115
Write-off of fully depreciated assets	(45,115)	(58,309)
Reclassification of assets and related liabilities held for sale:
Assets held for sale	0	3,027,058
Liabilities related to assets held for sale	0	1,097,350
Lease liabilities arising from the recognition of right-of-use assets	0	526,866
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	0	54,962
Vornado Realty L.P.
Cash Flows from Operating Activities:
Net (loss) income	(104,503)	213,044
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Net unrealized loss (gain) on real estate fund investments	183,520	(100)
Depreciation and amortization (including amortization of deferred financing costs)	96,913	123,135
Net gains on disposition of wholly owned and partially owned assets	(68,589)	(220,294)
Distributions of income from partially owned entities	48,568	14,316
Stock-based compensation expense	25,765	31,654
Equity in net income of partially owned entities	(19,103)	(7,320)
Straight-lining of rents	10,165	1,140
Credit losses on loans receivable	7,261	0
Decrease (increase) in fair value of marketable securities	4,938	(461)
Amortization of below-market leases, net	(4,206)	(6,525)
Other non-cash adjustments	4,156	1,639
Changes in operating assets and liabilities:
Real estate fund investments	(6,000)	(4,000)
Tenant and other receivables, net	(20,938)	(835)
Prepaid assets	(91,878)	(82,862)
Other assets	(8,051)	(6,044)
Accounts payable and accrued expenses	(7,659)	10,426
Other liabilities	1,089	(2,795)
Net cash provided by operating activities	51,448	64,118
Cash Flows from Investing Activities:
Proceeds from sale of condominium units at 220 Central Park South	191,216	425,484
Development costs and construction in progress	(169,845)	(143,302)
Moynihan Train Hall expenditures	(98,794)	(123,533)
Additions to real estate	(49,251)	(55,759)
Proceeds from sales of marketable securities	28,375	167,755
Investments in partially owned entities	(2,130)	(918)
Distributions of capital from partially owned entities	1,090	24,851
Proceeds from sale of real estate and related investments	0	108,512
Proceeds from repayments of loans receivable	0	204
Net cash (used in) provided by investing activities	(99,339)	403,294
Cash Flows from Financing Activities:
Proceeds from borrowings	553,062	456,741
Dividends paid on common shares / Distributions to Vornado	(498,486)	(125,876)
Moynihan Train Hall reimbursement from Empire State Development	98,794	123,533
Distribution to noncontrolling interests / redeemable security holders and noncontrolling interests in consolidated subsidiaries	(40,045)	(16,252)
Dividends paid on preferred shares / Distributions to preferred unitholders	(12,531)	(12,534)
Proceeds received from exercise of employee share options (Vornado stock options) and other	4,899	1,511
Contributions from noncontrolling interests / noncontrolling interests in consolidated subsidiaries	4,786	5,194
Repayments of borrowings	(2,150)	(686,555)
Repurchase of shares (Class A units) related to stock compensation arrangements and related tax withholdings	(137)	(8,692)
Debt issuance costs	(124)	(10,860)
Redemption of preferred shares / units	0	(893)
Net cash provided by (used in) financing activities	108,068	(274,683)
Net increase (decrease) in cash and cash equivalents and restricted cash	60,177	192,729
Cash and cash equivalents and restricted cash at beginning of period	1,607,131	716,905
Cash and cash equivalents and restricted cash at end of period	1,667,308	909,634
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	1,515,012	570,916
Restricted cash at beginning of period	92,119	145,989
Cash and cash equivalents and restricted cash at beginning of period	1,607,131	716,905
Cash and cash equivalents at end of period	1,586,738	307,047
Restricted cash at end of period	80,570	593,759
Restricted cash included in assets held for sale at end of period	0	8,828
Cash and cash equivalents and restricted cash at end of period	1,667,308	909,634
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest, excluding capitalized interest of $11,913 and $21,371	53,997	85,796
Cash payments for income taxes	6,089	8,741
Non-Cash Investing and Financing Activities:
Adjustments to carry redeemable Class A units at redemption value	267,170	(65,818)
Reclassification of condominium units from development costs and construction in progress to 220 Central Park South condominium units ready for sale	106,479	395,893
Accrued capital expenditures included in accounts payable and accrued expenses	65,926	77,115
Write-off of fully depreciated assets	(45,115)	(58,309)
Reclassification of assets and related liabilities held for sale:
Assets held for sale	0	3,027,058
Liabilities related to assets held for sale	0	1,097,350
Lease liabilities arising from the recognition of right-of-use assets	0	526,866
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	$ 0	$ 54,962

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Capitalized interest	$ 11,913	$ 21,371
Vornado Realty L.P.
Capitalized interest	$ 11,913	$ 21,371

Organization

Organization	3 Months Ended
	Mar. 31, 2020
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 92.7% of the common limited partnership interest in the Operating Partnership as of March 31, 2020 . All references to the “Company,” “we,” “us” and “our” mean, collectively, Vornado, the Operating Partnership and those subsidiaries consolidated by Vornado.

COVID-19 Pandemic

COVID-19 Pandemic	3 Months Ended
	Mar. 31, 2020
Unusual or Infrequent Items, or Both [Abstract]
COVID-19 Pandemic	COVID-19 Pandemic In December 2019, a novel strain of coronavirus (“COVID-19”) was identified in Wuhan, China and by March 11, 2020, the World Health Organization had declared it a global pandemic. Many states in the U.S., including New York, New Jersey, Illinois and California have implemented stay-at-home orders for all "non-essential" business and activity in an aggressive effort to curb the spread of the virus. Consequently, the U.S. economy has suffered and there has been significant volatility in the financial markets. Many U.S. industries and businesses have been negatively affected and millions of people have filed for unemployment. Our properties, which are concentrated in New York City, and in Chicago and San Francisco, have been adversely affected as a result of the COVID-19 pandemic and the preventive measures taken to curb the spread. Some of the effects on us include the following: • With the exception of grocery stores and other "essential" businesses, substantially all of our retail tenants have closed their stores and many are seeking rent relief. • While our office buildings remain open, substantially all of our office tenants are working remotely. • We have temporarily closed the Hotel Pennsylvania. • We have postponed trade shows at theMART for the remainder of 2020. • Because certain of our development projects are deemed "non-essential," they have been temporarily paused due to New York State executive orders. • Closings on the sale of condominium units at 220 Central Park South have continued. During April 2020 we closed on the sale of four condominium units for net proceeds of $ 157,747,000 . However, future closings may be temporarily delayed to the extent we cannot complete the buildout and obtain temporary certificates of occupancy on time. • We placed 1,803 employees on temporary furlough, including 1,293 employees of Building Maintenance Services LLC, a wholly owned subsidiary, which provides cleaning, security and engineering services primarily to our New York properties, 414 employees at the Hotel Pennsylvania and 96 corporate staff employees. • Effective April 1, 2020, our executive officers waived portions of their annual base salary for the remainder of 2020. • Effective April 1, 2020, each non-management member of our Board of Trustees agreed to forgo his or her $75,000 annual cash retainer for the remainder of 2020. We have collected substantially all of the rent due for March 2020 and collected 90% of rent due from our office tenants for the month of April 2020 and 53% of the rent due from our retail tenants for the month of April 2020, or 83% in the aggregate. Many of our retail tenants and some of our office tenants have requested rent relief and/or rent deferral for April 2020 and beyond. While we believe that our tenants are required to pay rent under their leases, we have implemented and will continue to consider temporary rent deferrals on a case-by-case basis.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2020
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, 2019 , as filed with the SEC. We have made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the operating results for the full year.

Recently Issued Accounting Lite

Recently Issued Accounting Literature	3 Months Ended
	Mar. 31, 2020
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recently Issued Accounting Literature	Recently Issued Accounting Literature In June 2016, the Financial Accounting Standards Board ("FASB") issued an update (“ASU 2016-13”) Measurement of Credit Losses on Financial Instruments establishing Accounting Standards Codification ("ASC") Topic 326, Financial Instruments - Credit Losses ("ASC 326"), as amended by subsequent ASUs on the topic. ASU 2016-13 changes how entities will account for credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance replaces the current “incurred loss” model with an “expected loss” model that requires consideration of a broader range of information to estimate expected credit losses over the lifetime of the financial asset. ASU 2016-13 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2019. In May 2019, the FASB issued ASU 2019-05 Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief to allow companies to irrevocably elect, upon adoption of ASU 2016-13, the fair value option for financial instruments that were previously recorded at amortized cost and are within the scope of ASC Subtopic 326-20 if the instruments are eligible for the fair value option under ASC Subtopic 825-10, Financial Instruments ("ASC 825-10"). We elected to apply the fair value option on an instrument-by-instrument basis to our loans receivable. We adopted this standard effective January 1, 2020 and recorded a $16,064,000 cumulative-effect adjustment to beginning accumulated deficit to recognize credit losses on loans receivable recorded on our consolidated balance sheets. For the three months ended March 31, 2020, we recorded $7,261,000 of credit losses on our loans receivable which is included in "interest and other investment (loss) income, net" on our consolidated statements of income. In March 2020, the FASB issued an update (“ASU 2020-04”) establishing ASC Topic 848, Reference Rate Reform . ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the three months ended March 31, 2020, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In April 2020, the FASB issued a Staff Q&A on accounting for leases during the COVID-19 pandemic, focused on the application of lease guidance in ASC Topic 842, Leases ("ASC 842"). The Q&A states that it would be acceptable to make a policy election regarding rent concessions resulting from COVID-19, which would not require entities to account for these rent concessions as lease modifications under certain conditions. Entities making the election will continue to recognize rental revenue on a straight-line basis for qualifying concessions. Rent abatements would be recognized as reductions to revenue during the period in which they were granted. Rent deferrals would result in an increase to "tenant and other receivables" during the deferral period with no impact on rental revenue recognition. We are evaluating the impact of this policy election and have not yet concluded on whether we will apply the election.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2020
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, lease termination income, revenues from the Hotel Pennsylvania, trade shows and tenant services. ◦ Revenues from the leasing of space at our properties to tenants include (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 in the following tables 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 the 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 Services LLC ("BMS") cleaning, engineering and security services. This revenue is recognized as the services are transferred in accordance with ASC 606. 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 decrease in income of $1,044,000 and $890,000 for the three months ended March 31, 2020 and 2019, respectively. 5 . Revenue Recognition - continued Below is a summary of our revenues by segment. Additional financial information related to these reportable segments for the three months ended March 31, 2020 and 2019 is set forth in Note 21 - Segment Information . (Amounts in thousands) For the Three Months Ended March 31, 2020 Total New York Other Property rentals $ 371,174 $ 298,612 $ 72,562 Hotel Pennsylvania 8,741 8,741 — Trade shows 11,303 — 11,303 Lease revenues (1) 391,218 307,353 83,865 Tenant services 10,056 7,380 2,676 Rental revenues 401,274 314,733 86,541 BMS cleaning fees 32,466 34,429 (1,963 ) (2) Management and leasing fees 2,867 2,874 (7 ) Other income 7,925 3,579 4,346 Fee and other income 43,258 40,882 2,376 Total revenues $ 444,532 $ 355,615 $ 88,917 ____________________ See notes below. (Amounts in thousands) For the Three Months Ended March 31, 2019 Total New York Other Property rentals $ 457,741 $ 385,803 $ 71,938 Hotel Pennsylvania 12,609 12,609 — Trade shows 16,956 — 16,956 Lease revenues (1) 487,306 398,412 88,894 Tenant services 12,571 9,225 3,346 Rental revenues 499,877 407,637 92,240 BMS cleaning fees 29,785 31,757 (1,972 ) (2) Management and leasing fees 2,237 2,251 (14 ) Other income 2,769 1,640 1,129 Fee and other income 34,791 35,648 (857 ) Total revenues $ 534,668 $ 443,285 $ 91,383 ____________________ (1) The components of lease revenues were as follows: For the Three Months Ended March 31, 2020 2019 Fixed lease revenues $ 337,046 $ 414,877 Variable lease revenues 54,172 72,429 Lease revenues $ 391,218 $ 487,306 (2) 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	3 Months Ended
	Mar. 31, 2020
Real Estate Fund Investments [Abstract]
Real Estate Fund Investments	Real Estate Fund Investments We are the general partner and investment manager of Vornado Capital Partners Real Estate Fund (the “Fund”) and own a 25.0% interest in the Fund, which had an initial eight -year term ending February 2019. On January 29, 2018, the Fund's term was extended to February 2023. The Fund's three -year investment period ended in July 2013 . The Fund is accounted for under ASC Topic 946, Financial Services – Investment Companies (“ASC 946”) and its investments are reported on its balance sheet at fair value, with changes in value each period recognized in earnings. We consolidate the accounts of the Fund into our consolidated financial statements, retaining the fair value basis of accounting. We are also the general partner and investment manager of the Crowne Plaza Times Square Hotel Joint Venture (the “Crowne Plaza Joint Venture”) and own a 57.1% interest in the joint venture which owns the 24.7% interest in the Crowne Plaza Times Square Hotel not owned by the Fund. The Crowne Plaza Joint Venture is also accounted for under ASC 946 and we consolidate the accounts of the joint venture into our consolidated financial statements, retaining the fair value basis of accounting. As of March 31, 2020 , we had four real estate fund investments through the Fund and the Crowne Plaza Joint Venture with an aggregate fair value of $45,129,000 , or $296,435,000 below cost, and had remaining unfunded commitments of $29,194,000 , of which our share was $9,266,000 . At December 31, 2019 , we had four real estate fund investments with an aggregate fair value of $222,649,000 . Below is a summary of loss from the Fund and the Crowne Plaza Joint Venture. (Amounts in thousands) For the Three Months Ended March 31, 2020 2019 Net investment income (loss) $ 57 $ (267 ) Net unrealized (loss) gain on held investments (183,520 ) 100 Loss from real estate fund investments (183,463 ) (167 ) Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries 127,305 (2,737 ) Loss from real estate fund investments net of noncontrolling interests in consolidated subsidiaries $ (56,158 ) $ (2,904 )

Marketable Securities

Marketable Securities	3 Months Ended
	Mar. 31, 2020
Marketable Securities [Abstract]
Marketable Securities	Marketable Securities Pennsylvania Real Estate Investment Trust (“PREIT”) (NYSE: PEI) On January 23, 2020, we sold all of our 6,250,000 common shares of PREIT, realizing net proceeds of $28,375,000 . We recorded a $4,938,000 loss (mark-to-market decrease) for the three months ended March 31, 2020 . The table below summarizes the changes of our investment in PREIT. (Amounts in thousands) For the Three Months Ended March 31, 2020 Balance as of December 31, 2019 $ 33,313 Sale of marketable securities on January 23, 2020 (28,375 ) Decrease in fair value of marketable securities (1) (4,938 ) Balance as of March 31, 2020 $ — ____________________ (1) Included in “interest and other investment (loss) income, net” on our consolidated statements of income (see Note 17 - Interest and Other Investment (Loss) Income, Net ).

Investments in Partially Owned

Investments in Partially Owned Entities	3 Months Ended
	Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Investments in Partially Owned Entities	Investments in Partially Owned Entities Fifth Avenue and Times Square JV As of March 31, 2020 , we own a 51.5% common interest in a joint venture ("Fifth Avenue and Times Square JV") which owns 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"). The remaining 48.5% common interest in the joint venture is owned by a group of institutional investors (the "Investors"). Our 51.5% common interest in the joint venture represents an effective 51.0% interest in the Properties. The 48.5% common interest in the joint venture owned by the Investors represents an effective 47.2% interest in the Properties. We also own $1.828 billion of preferred equity interests in certain of the properties. 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. We provide various services to Fifth Avenue and Times Square JV in accordance with management, development, leasing and other agreements. During the three months ended March 31, 2020, we recognized $1,032,000 of property management fee income which is included in "fee and other income" on our consolidated statements of income. BMS, our wholly-owned subsidiary, supervises cleaning, security and engineering services at certain of the Properties. During the three months ended March 31, 2020, we recognized $1,025,000 of income for these services which is included in "fee and other income" on our consolidated statements of income. Below is a summary of the latest available financial information for the Fifth Avenue and Times Square JV, which was entered into on April 18, 2019. (Amounts in thousands) Income statement for the three months ended March 31, 2020: Revenues $ 80,475 Net income 9,978 Net loss attributable to Fifth Avenue and Times Square JV (after allocation to our preferred equity interests) (9,071 ) Alexander’s, Inc. (“Alexander’s”) (NYSE: ALX) As of March 31, 2020 , we own 1,654,068 Alexander’s common shares, or approximately 32.4% of Alexander’s common equity. We manage, develop and lease Alexander’s properties pursuant to agreements which expire in March of each year and are automatically renewable. As of March 31, 2020 , the market value ("fair value" pursuant to ASC Topic 820, Fair Value Measurements ("ASC 820")) of our investment in Alexander’s, based on Alexander’s March 31, 2020 closing share price of $275.95 , was $456,440,000 , or $363,673,000 in excess of the carrying amount on our consolidated balance sheet. As of March 31, 2020 , 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 $38,791,000 . 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. 8 . Investments in Partially Owned Entities - continued Below is a schedule summarizing our investments in partially owned entities. (Amounts in thousands) Percentage Ownership at Balance as of March 31, 2020 December 31, 2019 Investments: Fifth Avenue and Times Square JV 51.5% $ 3,272,854 $ 3,291,231 Partially owned office buildings/land (1) Various 460,885 464,109 Alexander’s 32.4% 92,767 98,543 Other investments (2) Various 144,285 145,282 $ 3,970,791 $ 3,999,165 Investments in partially owned entities included in other liabilities (3) : 7 West 34th Street 53.0% $ (53,951 ) $ (54,004 ) 85 Tenth Avenue 49.9% (7,366 ) (6,186 ) $ (61,317 ) $ (60,190 ) ____________________ (1) Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 512 West 22nd Street, 61 Ninth Avenue and others. (2) Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, Rosslyn Plaza, 50-70 West 93rd Street and others. (3) Our negative basis results from distributions in excess of our investment. Below is a schedule of income from partially owned entities. (Amounts in thousands) Percentage For the Three Months Ended March 31, 2020 2019 Our share of net income: Fifth Avenue and Times Square JV (see page 25 for details) (1) : Equity in net income 51.5% $ 5,496 $ — Return on preferred equity, net of our share of the expense 9,166 — 14,662 — Alexander's (see page 25 for details): Equity in net income 32.4% 1,416 5,717 Management, leasing and development fees 1,260 1,057 2,676 6,774 Partially owned office buildings (2) Various 1,322 106 Other investments (3) Various 443 440 $ 19,103 $ 7,320 ____________________ (1) Entered into on April 18, 2019. (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, 61 Ninth Avenue, 85 Tenth Avenue and others. (3) Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, Rosslyn Plaza, 50-70 West 93rd Street, Urban Edge Properties (sold on March 4, 2019), PREIT (accounted for as a marketable security from March 12, 2019 and sold on January 23, 2020) and others.

220 Central Park South 220 CPS

220 Central Park South 220 CPS	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
220 Central Park South 220 CPS	220 Central Park South ("220 CPS") We are completing construction of 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 $1.450 billion , of which $1.395 billion has been expended as of March 31, 2020 . During the three months ended March 31, 2020 , we closed on the sale of seven condominium units at 220 CPS for net proceeds aggregating $191,216,000 resulting in a financial statement net gain of $68,589,000 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, $8,678,000 of income tax expense was recognized on our consolidated statements of income. From inception to March 31, 2020 , we closed on the sale of 72 units for aggregate net proceeds of $2,011,348,000 .

Identified Intangible Assets an

Identified Intangible Assets and Liabilities	3 Months Ended
	Mar. 31, 2020
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 below-market leases). (Amounts in thousands) Balance as of March 31, 2020 December 31, 2019 Identified intangible assets: Gross amount $ 129,421 $ 129,552 Accumulated amortization (100,298 ) (98,587 ) Total, net $ 29,123 $ 30,965 Identified intangible liabilities (included in deferred revenue): Gross amount $ 315,930 $ 316,119 Accumulated amortization (266,714 ) (262,580 ) Total, net $ 49,216 $ 53,539 Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental revenues of $4,206,000 and $6,525,000 for the three months ended March 31, 2020 and 2019 , 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, 2021 is as follows: (Amounts in thousands) 2021 $ 11,087 2022 9,061 2023 6,531 2024 2,787 2025 1,233 Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $1,727,000 and $3,545,000 for the three months ended March 31, 2020 and 2019 , 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, 2021 is as follows: (Amounts in thousands) 2021 $ 5,251 2022 3,538 2023 3,452 2024 2,838 2025 1,921

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt	Debt Unsecured Term Loan On February 28, 2020, we increased our unsecured term loan balance to $800,000,000 (from $750,000,000 ) by exercising an accordion feature. Pursuant to an existing swap agreement, $750,000,000 of the loan bears interest at a fixed rate of 3.87% through October 2023, and the balance of $50,000,000 floats at a rate of LIBOR plus 1.00% ( 1.94% as of March 31, 2020). The entire $800,000,000 will float thereafter for the duration of the loan through February 2024. The following is a summary of our debt: (Amounts in thousands) Weighted Average Interest Rate at Balance as of March 31, 2020 December 31, 2019 Mortgages Payable: Fixed rate 3.52% $ 4,599,366 $ 4,601,516 Variable rate 2.89% 1,071,562 1,068,500 Total 3.40% 5,670,928 5,670,016 Deferred financing costs, net and other (27,221 ) (30,119 ) Total, net $ 5,643,707 $ 5,639,897 Unsecured Debt: Senior unsecured notes 3.50% $ 450,000 $ 450,000 Deferred financing costs, net and other (3,924 ) (4,128 ) Senior unsecured notes, net 446,076 445,872 Unsecured term loan 3.75% 800,000 750,000 Deferred financing costs, net and other (4,026 ) (4,160 ) Unsecured term loan, net 795,974 745,840 Unsecured revolving credit facilities 1.78% 1,075,000 575,000 Total, net $ 2,317,050 $ 1,766,712

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests/Redeemable Partnership Units	3 Months Ended
	Mar. 31, 2020
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. Below is a table summarizing the activity of redeemable noncontrolling interests/redeemable partnership units. (Amounts in thousands) For the Three Months Ended March 31, 2020 2019 Beginning balance $ 888,915 $ 783,562 Net income 390 12,202 Other comprehensive loss (2,983 ) (1,276 ) Distributions (8,898 ) (8,488 ) Redemption of Class A units for Vornado common shares, at redemption value (1,640 ) (3,181 ) Adjustments to carry redeemable Class A units at redemption value (267,170 ) 65,818 Other, net 15,185 18,448 Ending balance $ 623,799 $ 867,085 As of March 31, 2020 and December 31, 2019 , the aggregate redemption value of redeemable Class A units of the Operating Partnership, which are those units held by third parties, was $619,264,000 and $884,380,000 , 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 $49,938,000 and $50,561,000 as of March 31, 2020 and December 31, 2019 , respectively. 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	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Shareholders' Equity/Partners' Capital	Shareholders' Equity/Partners' Capital Common Shares (Vornado Realty Trust) On December 18, 2019, Vornado's Board of Trustees declared a special dividend of $1.95 per share, or $372,380,000 in the aggregate, which was paid on January 15, 2020 to common shareholders of record on December 30, 2019 (the "Record Date"). Class A Units (Vornado Realty L.P.) On January 15, 2020, distributions of $1.95 per unit, or $398,292,000 in the aggregate, were paid to Class A unitholders of the Operating Partnership as of the Record Date, of which $372,380,000 was distributed to Vornado, in connection with the special dividend declared on December 18, 2019 by Vornado's Board of Trustees. 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. (Per share/unit) For the Three Months Ended March 31, 2020 2019 Shares/Units: Common shares/Class A units held by Vornado: authorized 250,000,000 shares/units $ 0.66 $ 0.66 Convertible Preferred (1) : 6.5% Series A: authorized 15,540 and 83,977 shares/units (2) 0.8125 0.8125 Cumulative Redeemable Preferred (1) : 5.70% Series K: authorized 12,000,000 shares/units (3) 0.3563 0.3563 5.40% Series L: authorized 13,800,000 shares/units (3) 0.3375 0.3375 5.25% Series M: authorized 13,800,000 shares/units (3) 0.3281 0.3281 ____________________ (1) Dividends on preferred shares and distributions on preferred units are cumulative and are payable quarterly in arrears. (2) Redeemable at the option of Vornado under certain circumstances, at a redemption price of 1.9531 common shares/Class A units per Series A Preferred Share/Unit plus accrued and unpaid dividends/distributions through the date of redemption, or convertible at any time at the option of the holder for 1.9531 common shares/ Class A units per Series A Preferred Share/Unit. (3) Redeemable at Vornado's option at a redemption price of $25.00 per share/unit, plus accrued and unpaid dividends/distributions through the date of redemption. 13 . Shareholders' Equity/Partners' Capital - continued Accumulated Other Comprehensive Loss The following tables set forth the changes in accumulated other comprehensive loss by component. (Amounts in thousands) Total Accumulated other comprehensive income (loss) of nonconsolidated subsidiaries Interest rate swaps Other For the three months ended March 31, 2020: Balance as of December 31, 2019 $ (40,233 ) $ 4 $ (36,126 ) $ (4,111 ) Other comprehensive (loss) income (42,486 ) 8 (45,477 ) 2,983 Balance as of March 31, 2020 $ (82,719 ) $ 12 $ (81,603 ) $ (1,128 ) For the three months ended March 31, 2019: Balance as of December 31, 2018 $ 7,664 $ 3,253 $ 11,759 $ (7,348 ) Other comprehensive (loss) income (16,738 ) (985 ) (17,029 ) 1,276 Amount reclassified from accumulated other comprehensive loss (2,311 ) (2,311 ) — — Balance as of March 31, 2019 $ (11,385 ) $ (43 ) $ (5,270 ) $ (6,072 )

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2020
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities ("VIEs") Unconsolidated VIEs As of March 31, 2020 and December 31, 2019 , we have several unconsolidated VIEs. We do not consolidate these entities because we are not the primary beneficiary and the nature of our involvement in the activities of these entities does not give us power over decisions that significantly affect these entities’ economic performance. We account for our investment in these entities under the equity method (see Note 8 – Investments in Partially Owned Entities ). As of March 31, 2020 and December 31, 2019 , the net carrying amount of our investments in these entities was $215,962,000 and $217,451,000 , respectively and our maximum exposure to loss in these entities is limited to the carrying amount of our investments. Consolidated VIEs Our most significant consolidated VIEs are the Operating Partnership (for Vornado), the Farley joint venture and certain properties that have non-controlling interests. These entities are VIEs because the non-controlling interests do not have substantive kick-out or participating rights. We consolidate these entities because we control all significant business activities. As of March 31, 2020 , the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $4,860,033,000 and $2,692,361,000 , respectively. As of December 31, 2019 , the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $4,923,656,000 and $2,646,623,000 , respectively.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
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. 15 . Fair Value Measurements - continued 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) loans receivable (for which we have elected the fair value option under ASC 825-10), (v) interest rate swaps and (vi) 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. (Amounts in thousands) As of March 31, 2020 Total Level 1 Level 2 Level 3 Real estate fund investments $ 45,129 $ — $ — $ 45,129 Deferred compensation plan assets ($12,116 included in restricted cash and $78,772 in other assets) 90,888 60,320 — 30,568 Loans receivable ($40,547 included in investments in partially owned entities and $11,443 in other assets) 51,990 — — 51,990 Interest rate swaps (included in other assets) 94 — 94 — Total assets $ 188,101 $ 60,320 $ 94 $ 127,687 Mandatorily redeemable instruments (included in other liabilities) $ 49,938 $ 49,938 $ — $ — Interest rate swaps (included in other liabilities) 81,601 — 81,601 — Total liabilities $ 131,539 $ 49,938 $ 81,601 $ — (Amounts in thousands) As of December 31, 2019 Total Level 1 Level 2 Level 3 Marketable securities $ 33,313 $ 33,313 $ — $ — Real estate fund investments 222,649 — — 222,649 Deferred compensation plan assets ($11,819 included in restricted cash and $91,954 in other assets) 103,773 71,338 — 32,435 Interest rate swaps (included in other assets) 4,327 — 4,327 — Total assets $ 364,062 $ 104,651 $ 4,327 $ 255,084 Mandatorily redeemable instruments (included in other liabilities) $ 50,561 $ 50,561 $ — $ — Interest rate swaps (included in other liabilities) 40,354 — 40,354 — Total liabilities $ 90,915 $ 50,561 $ 40,354 $ — Real Estate Fund Investments As of March 31, 2020 , we had four real estate fund investments with an aggregate fair value of $45,129,000 , or $296,435,000 below 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. Range Weighted Average (based on fair value of investments) Unobservable Quantitative Input March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Discount rates 10.0% to 15.0% 8.2% to 12.0% 13.8% 9.3% Terminal capitalization rates 6.0% to 9.9% 4.6% to 8.2% 7.6% 5.3% 15 . Fair Value Measurements - continued Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued Real Estate Fund Investments - continued The inputs on the previous page 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. (Amounts in thousands) For the Three Months Ended March 31, 2020 2019 Beginning balance $ 222,649 $ 318,758 Purchases/additional fundings 6,000 4,000 Net unrealized (loss) gain on held investments (183,520 ) 100 Ending balance $ 45,129 $ 322,858 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. (Amounts in thousands) For the Three Months Ended March 31, 2020 2019 Beginning balance $ 32,435 $ 37,808 Sales (2,475 ) (2,114 ) Purchases 1,293 908 Realized and unrealized (losses) gains (1,229 ) 523 Other, net 544 437 Ending balance $ 30,568 $ 37,562 Loans Receivable Loans receivable consist of loan investments in real estate related assets for which we have elected the fair value option under ASC 825-10 as of January 1, 2020. 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 loans receivable. March 31, 2020 Range Weighted Average Unobservable Quantitative Input Discount rates 6.0% to 14.0% 7.0% Terminal capitalization rates 5.0% to 6.0% 5.1% 15 . Fair Value Measurements - continued Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued Loans Receivable - continued The table below summarizes the changes in fair value of loans receivable that are classified as Level 3. (Amounts in thousands) For the Three Months Ended March 31, 2020 Beginning balance $ 59,251 Credit losses (7,261 ) Ending balance $ 51,990 Fair Value Measurements on a Nonrecurring Basis There were no assets measured at fair value on a nonrecurring basis on our consolidated balance sheets as of March 31, 2020 and December 31, 2019 . Financial Assets and Liabilities not Measured at Fair Value Financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash equivalents (primarily money market funds, which invest in obligations of the United States government), and our secured and unsecured debt. Estimates of the fair value of these instruments are determined by the standard practice of modeling the contractual cash flows required under the instrument and discounting them back to their present value at the appropriate current risk adjusted interest rate, which is provided by a third-party specialist. For floating rate debt, we use forward rates derived from observable market yield curves to project the expected cash flows we would be required to make under the instrument. The fair value of cash equivalents and borrowings under our unsecured revolving credit facilities and unsecured term loan are classified as Level 1. The fair value of our secured debt and unsecured debt are classified as Level 2. The table below summarizes the carrying amounts and fair value of these financial instruments. (Amounts in thousands) As of March 31, 2020 As of December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Cash equivalents $ 1,422,502 $ 1,423,000 $ 1,276,815 $ 1,277,000 Debt: Mortgages payable $ 5,670,928 $ 5,689,000 $ 5,670,016 $ 5,714,000 Senior unsecured notes 450,000 434,000 450,000 468,000 Unsecured term loan 800,000 800,000 750,000 750,000 Unsecured revolving credit facilities 1,075,000 1,075,000 575,000 575,000 Total $ 7,995,928 (1) $ 7,998,000 $ 7,445,016 (1) $ 7,507,000 ____________________ (1) Excludes $35,171 and $38,407 of deferred financing costs, net and other as of March 31, 2020 and December 31, 2019 , respectively. Derivatives and Hedging We utilize various financial instruments to mitigate the impact of interest rate fluctuations on our cash flows and earnings, including hedging strategies, depending on our analysis of the interest rate environment and the costs and risks of such strategies. We recognize the fair values of all derivatives in "other assets" or "other liabilities" on our consolidated balance sheets. Derivatives that are not hedges are adjusted to fair value through earnings. If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative will either be offset against the change in fair value of the hedge asset, liability, or firm commitment through earnings, or recognized in other comprehensive income until the hedged item is recognized in earnings. Reported net income and equity may increase or decrease prospectively, depending on future levels of interest rates and other variables affecting the fair values of derivative instruments and hedged items, but will have no effect on cash flows. 15 . Fair Value Measurements - continued Derivatives and Hedging - continued The following table summarizes our consolidated derivative instruments, all of which hedge variable rate debt. (Amounts in thousands) As of March 31, 2020 Variable Rate Hedged Item (Interest rate swaps) Fair Value Notional Amount Spread over LIBOR Interest Rate Swapped Rate Expiration Date Included in other assets: Other $ 94 $ 175,000 Included in other liabilities: Unsecured term loan $ 68,439 $ 750,000 (1) L+100 1.94% 3.87% 10/23 33-00 Northern Boulevard mortgage loan 9,141 100,000 L+180 2.81% 4.14% 1/25 888 Seventh Avenue mortgage loan 3,077 375,000 L+170 2.62% 3.25% 12/20 770 Broadway mortgage loan 944 700,000 L+175 2.76% 2.56% 9/20 $ 81,601 $ 1,925,000 ____________________ (1) Remaining $50,000 balance of our unsecured term loan bears interest at a floating rate of LIBOR plus 1.00% .

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation 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 $25,765,000 and $31,654,000 for the three months ended March 31, 2020 and 2019 , respectively. 2020 Outperformance Plan ("2020 OPP") On March 30, 2020, the Compensation Committee of Vornado's Board of Trustees (the "Committee") approved the 2020 OPP, a multi-year, $35,000,000 performance-based equity compensation plan of which $32,930,000 was granted to senior executives. The fair value of the 2020 OPP granted was $11,686,000 , of which $7,583,000 was immediately expensed due to the acceleration of vesting for employees who are retirement eligible (have reached age 65 or age 60 with at least 20 years of service). The remaining $4,103,000 is being amortized into expense over a five -year period from the date of grant using a graded vesting attribution model. Under the 2020 OPP, participants have the opportunity to earn compensation payable in the form of equity awards if Vornado common shares outperform a predetermined total shareholder return (“TSR”) and/or outperform the market with respect to relative total TSR during the three -year performance period (the “Performance Period”) from March 30, 2020 to March 30, 2023 (the “Measurement Date”). Specifically, awards under the 2020 OPP may potentially be earned if Vornado (i) achieves a TSR above a benchmark weighted index (the “Index”) comprised 80% of the SNL US Office REIT Index and 20% of the SNL US Retail Index over the Performance Period (the “Relative Component”), and/or (ii) achieves a TSR greater than 21% over the Performance Period (the “Absolute Component”). The value of awards under the Relative Component and Absolute Component will be calculated separately and will each be subject to an aggregate $35,000,000 maximum award cap for all participants. The two components will be added together to determine the aggregate award size, which shall also be subject to the aggregate $35,000,000 maximum award cap for all participants. In the event awards are earned under the Absolute Component, but Vornado underperforms the Index by more than 200 basis points per annum over the Performance Period (600 basis points over the three years ), the amount earned under the Absolute Component will be reduced based on the degree by which the Index exceeds Vornado’s TSR with the maximum payout being 50% under the Absolute Component. In the event awards are earned under the Relative Component, but Vornado fails to achieve a TSR of at least 2% per annum, awards earned under the Relative Component will be reduced on a ratable sliding scale based on Vornado’s absolute TSR performance, with awards earned under the Relative Component being reduced by a maximum of 50% in the event Vornado’s TSR during the Measurement Period is 0% or negative. If the designated performance objectives are achieved, awards earned under the 2020 OPP will vest ratably on the Measurement Date and the first and second anniversary of the Measurement Date. In addition, all of Vornado’s Named Executive Officers (as defined in Vornado’s Proxy Statement filed on Schedule 14A with the Securities and Exchange Commission on April 3, 2020) are required to hold any earned and vested awards for one year following each such vesting date. Dividends on awards granted under the 2020 OPP accrue during the Performance Period and are paid to participants if awards are ultimately earned based on the achievement of the designated performance objectives.

Interest and Other Investment (

Interest and Other Investment (Loss) Income, Net	3 Months Ended
	Mar. 31, 2020
Interest and Other Income [Abstract]
Interest and Other Investment (Loss) Income, Net	Interest and Other Investment (Loss) Income, Net The following table sets forth the details of interest and other investment (loss) income, net: (Amounts in thousands) For the Three Months Ended March 31, 2020 2019 (Decrease) increase in fair value of marketable securities: PREIT (1) $ (4,938 ) $ (15,649 ) Lexington Realty Trust (2) — 16,068 Other — 42 (4,938 ) 461 Credit losses on loans receivable (3) (7,261 ) — Interest on cash and cash equivalents and restricted cash 3,966 2,067 Interest on loans receivable 1,426 1,606 Other, net 903 911 $ (5,904 ) $ 5,045 ____________________ (1) Sold on January 23, 2020 (see page 24 for details). (2) Sold on March 1, 2019. (3) See Note 4 - Recently Issued Accounting Literature for details.

Interest and Debt Expense

Interest and Debt Expense	3 Months Ended
	Mar. 31, 2020
Interest and Debt Expense [Abstract]
Interest And Debt Expense	Interest and Debt Expense The following table sets forth the details of interest and debt expense: (Amounts in thousands) For the Three Months Ended March 31, 2020 2019 Interest expense (1) $ 66,635 $ 117,647 Capitalized interest and debt expense (12,055 ) (23,325 ) Amortization of deferred financing costs 4,262 8,141 $ 58,842 $ 102,463 ____________________ (1) 2019 includes $22,540 of 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	3 Months Ended
	Mar. 31, 2020
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 nonforfeitable 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, 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 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 March 31, 2020 2019 Numerator: Income from continuing operations, net of income attributable to noncontrolling interests $ 17,494 $ 194,150 Loss from discontinued operations — (128 ) Net income attributable to Vornado 17,494 194,022 Preferred share dividends (12,531 ) (12,534 ) Net income attributable to common shareholders 4,963 181,488 Earnings allocated to unvested participating securities (51 ) (19 ) Numerator for basic income per share 4,912 181,469 Impact of assumed conversions: Convertible preferred share dividends — 15 Numerator for diluted income per share $ 4,912 $ 181,484 Denominator: Denominator for basic income per share – weighted average shares 191,038 190,689 Effect of dilutive securities (1) : Employee stock options and restricted stock awards 75 271 Convertible preferred shares — 36 Denominator for diluted income per share – weighted average shares and assumed conversions 191,113 190,996 INCOME PER COMMON SHARE - BASIC: Net income per common share $ 0.03 $ 0.95 INCOME PER COMMON SHARE - DILUTED: Net income per common share $ 0.03 $ 0.95 ____________________ (1) The effect of dilutive securities for the three months ended March 31, 2020 and 2019 excluded an aggregate of 13,543 and 12,525 weighted average common share equivalents, 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 unit equivalents such as Vornado stock options, AO LTIP Units and Performance Conditioned AO LTIP Units are included in the computation of diluted income per unit ("EPU") using the treasury stock method, while the dilutive effect of our Series A convertible preferred units is reflected in diluted EPU by application of the if-converted method. (Amounts in thousands, except per unit amounts) For the Three Months Ended March 31, 2020 2019 Numerator: Income from continuing operations, net of income attributable to noncontrolling interests in consolidated subsidiaries $ 17,884 $ 206,361 Loss from discontinued operations — (137 ) Net income attributable to Vornado Realty L.P. 17,884 206,224 Preferred unit distributions (12,572 ) (12,575 ) Net income attributable to Class A unitholders 5,312 193,649 Earnings allocated to unvested participating securities (4,918 ) (1,147 ) Numerator for basic income per Class A unit 394 192,502 Impact of assumed conversions: Convertible preferred unit distributions — 15 Numerator for diluted income per Class A unit $ 394 $ 192,517 Denominator: Denominator for basic income per Class A unit – weighted average units 203,370 202,772 Effect of dilutive securities (1) : Vornado stock options, Vornado restricted stock awards, OP Units and OPPs 146 536 Convertible preferred units — 36 Denominator for diluted income per Class A unit – weighted average units and assumed conversions 203,516 203,344 INCOME PER CLASS A UNIT - BASIC: Net income per Class A unit $ — $ 0.95 INCOME PER CLASS A UNIT - DILUTED: Net income per Class A unit $ — $ 0.95 ____________________ (1) The effect of dilutive securities for the three months ended March 31, 2020 and 2019 excluded an aggregate of 1,140 and 177

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Insurance For our properties except the Farley Office and Retail Building, 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 certified terrorism acts with limits of $6.0 billion per occurrence and in the aggregate (as listed below), $1.2 billion for non-certified acts of terrorism, and $5.0 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 Act of 2002, as amended to date and which has been extended through December 2027. 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 $1,430,413 and 20% 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. For the Farley Office and Retail Building, we maintain general liability insurance with limits of $100,000,000 per occurrence, and builder’s risk insurance including coverage for existing property and development activities of $2.8 billion per occurrence and in the aggregate. We maintain coverage for certified and non-certified terrorism acts with limits of $1.0 billion per occurrence and in the aggregate . We continue to monitor the state of the insurance market and the scope and costs of coverage for acts of terrorism and other events. However, we cannot anticipate what coverage will be available on commercially reasonable terms in the future. We are responsible for uninsured losses and 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 reasonable costs in the future. Further, if lenders insist on greater coverage than we are able to obtain it could adversely affect our ability to finance or refinance our properties and expand our portfolio. Other Commitments and Contingencies We are from time to time involved in legal actions arising in the ordinary course of business. In our opinion, after consultation with legal counsel, the outcome of such matters is not currently expected to have a material adverse effect on our financial position, results of operations or cash flows. Each of our properties has been subjected to varying degrees of environmental assessment at various times. The environmental assessments did not reveal any material environmental contamination. However, there can be no assurance that the identification of new areas of contamination, changes in the extent or known scope of contamination, the discovery of additional sites or changes in cleanup requirements would not result in significant costs to us. In July 2018, we leased 78,000 square feet at 345 Montgomery Street in San Francisco, CA, to a subsidiary of Regus PLC, for an initial term of 15 years . The obligations under the lease were guaranteed by Regus PLC in an amount of up to $90,000,000 . The tenant purported to terminate the lease prior to space delivery. We commenced a suit on October 23, 2019 seeking to enforce the lease and the guarantee. In November 2011, we entered into an agreement with the New York City Economic Development Corporation ("EDC") to lease Piers 92 and 94 (the "Piers") for a 49-year term with five 10-year renewal options. The non-recourse lease with a single-purpose entity calls for current annual rent payments of $2,000,000 with fixed rent steps through the initial term. We operate trade shows and special events at the Piers (and sublease to others for the same uses). In February 2019, an inspection revealed that the piles supporting Pier 92 were structurally unsound (an obligation of EDC to maintain) and we were issued an order by EDC to vacate the property. We continued to make the required lease payments through February 2020, with no abatement provided by EDC for the loss of our right-to-use Pier 92 or reimbursement for lost revenues. In March 2020, as no resolution had been reached with EDC, we did not pay the monthly rent due under the non-recourse lease. As of March 31, 2020, we have a $45,790,000 lease liability and a $34,732,000 right-of-use asset recorded for this lease. 20 . Commitments and Contingencies - continued Other Commitments and Contingencies - continued In August 2019, we delivered the required nine month notice to the ground lessor of our land and building lease at 608 Fifth Avenue that we will surrender the property in May 2020. As of March 31, 2020 , a $71,071,000 lease liability remains, which will be recognized as income when the non-recourse lease is terminated. 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 underlying loans. In addition, we have guaranteed the rent and payments in lieu of real estate taxes due to Empire State Development ("ESD"), an entity of New York State, for the Farley Office and Retail Building. As of March 31, 2020 , the aggregate dollar amount of these guarantees and master leases is approximately $1,543,000,000 . As of March 31, 2020 , $17,458,000 of letters of credit were outstanding under one of our unsecured revolving credit facilities. Our unsecured revolving credit facilities contain financial covenants that require us to maintain minimum interest coverage and maximum debt to market capitalization ratios and provide for higher interest rates in the event of a decline in our ratings below Baa3/BBB. Our unsecured revolving credit facilities also contain customary conditions precedent to borrowing, including representations and warranties, and also contain customary events of default that could give rise to accelerated repayment, including such items as failure to pay interest or principal. The joint venture in which we own a 95.0% ownership interest was designated by ESD 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 investment manager of the Fund we are entitled to an incentive allocation after the limited partners have received a preferred return on their invested capital. The incentive allocation is subject to catch-up and clawback provisions. Accordingly, based on the March 31, 2020 fair value of the Fund assets, at liquidation we would be required to make a $24,300,000 payment to the limited partners representing a clawback of previously paid incentive allocations, which would have no income statement impact as it was previously accrued. As of March 31, 2020 , we expect to fund additional capital to certain of our partially owned entities aggregating approximately $11,000,000 . As of March 31, 2020 , we have construction commitments aggregating approximately $559,000,000 .

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segment Information	Segment Information We operate in two reportable segments, New York and Other, which is based on how we manage our business. Net operating income ("NOI") at share represents total revenues less operating expenses including our share of partially owned entities. NOI at share - cash basis represents NOI at share adjusted to exclude straight-line rental income and expense, amortization of acquired below and above market leases, net and other non-cash adjustments. We consider NOI at share - cash basis 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 at share - cash basis, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. NOI at share and NOI at share - cash basis should not be considered alternatives to net income or cash flow from operations and may not be comparable to similarly titled measures employed by other companies. 21 . Segment Information - continued Below is a reconciliation of net (loss) income to NOI at share and NOI at share - cash basis for the three months ended March 31, 2020 and 2019 . (Amounts in thousands) For the Three Months Ended 2020 2019 Net (loss) income $ (104,503 ) $ 213,044 Depreciation and amortization expense 92,793 116,709 General and administrative expense 52,834 58,020 Transaction related costs and other 71 149 Income from partially owned entities (19,103 ) (7,320 ) Loss from real estate fund investments 183,463 167 Interest and other investment loss (income), net 5,904 (5,045 ) Interest and debt expense 58,842 102,463 Net gains on disposition of wholly owned and partially owned assets (68,589 ) (220,294 ) Income tax expense 12,813 29,743 Loss from discontinued operations — 137 NOI from partially owned entities 81,881 67,402 NOI attributable to noncontrolling interests in consolidated subsidiaries (15,493 ) (17,403 ) NOI at share 280,913 337,772 Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other 3,076 (5,181 ) NOI at share - cash basis $ 283,989 $ 332,591 Below is a summary of NOI at share, NOI at share - cash basis by segment for the three months ended March 31, 2020 and 2019 . (Amounts in thousands) For the Three Months Ended March 31, 2020 Total New York Other Total revenues $ 444,532 $ 355,615 $ 88,917 Operating expenses (230,007 ) (183,031 ) (46,976 ) NOI - consolidated 214,525 172,584 41,941 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (15,493 ) (8,433 ) (7,060 ) Add: NOI from partially owned entities 81,881 78,408 3,473 NOI at share 280,913 242,559 38,354 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other 3,076 1,106 1,970 NOI at share - cash basis $ 283,989 $ 243,665 $ 40,324 (Amounts in thousands) For the Three Months Ended March 31, 2019 Total New York Other Total revenues $ 534,668 $ 443,285 $ 91,383 Operating expenses (246,895 ) (198,095 ) (48,800 ) NOI - consolidated 287,773 245,190 42,583 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (17,403 ) (11,407 ) (5,996 ) Add: NOI from partially owned entities 67,402 49,575 17,827 NOI at share 337,772 283,358 54,414 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (5,181 ) (6,618 ) 1,437 NOI at share - cash basis $ 332,591 $ 276,740 $ 55,851

Recently Issued Accounting Li_2

Recently Issued Accounting Literature (Policies)	3 Months Ended
	Mar. 31, 2020
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, 2019 , as filed with the SEC. We have made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the operating results for the full year.
Recently Issued Accounting Literature	In June 2016, the Financial Accounting Standards Board ("FASB") issued an update (“ASU 2016-13”) Measurement of Credit Losses on Financial Instruments establishing Accounting Standards Codification ("ASC") Topic 326, Financial Instruments - Credit Losses ("ASC 326"), as amended by subsequent ASUs on the topic. ASU 2016-13 changes how entities will account for credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance replaces the current “incurred loss” model with an “expected loss” model that requires consideration of a broader range of information to estimate expected credit losses over the lifetime of the financial asset. ASU 2016-13 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2019. In May 2019, the FASB issued ASU 2019-05 Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief to allow companies to irrevocably elect, upon adoption of ASU 2016-13, the fair value option for financial instruments that were previously recorded at amortized cost and are within the scope of ASC Subtopic 326-20 if the instruments are eligible for the fair value option under ASC Subtopic 825-10, Financial Instruments ("ASC 825-10"). We elected to apply the fair value option on an instrument-by-instrument basis to our loans receivable. We adopted this standard effective January 1, 2020 and recorded a $16,064,000 cumulative-effect adjustment to beginning accumulated deficit to recognize credit losses on loans receivable recorded on our consolidated balance sheets. For the three months ended March 31, 2020, we recorded $7,261,000 of credit losses on our loans receivable which is included in "interest and other investment (loss) income, net" on our consolidated statements of income. In March 2020, the FASB issued an update (“ASU 2020-04”) establishing ASC Topic 848, Reference Rate Reform . ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the three months ended March 31, 2020, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In April 2020, the FASB issued a Staff Q&A on accounting for leases during the COVID-19 pandemic, focused on the application of lease guidance in ASC Topic 842, Leases ("ASC 842"). The Q&A states that it would be acceptable to make a policy election regarding rent concessions resulting from COVID-19, which would not require entities to account for these rent concessions as lease modifications under certain conditions. Entities making the election will continue to recognize rental revenue on a straight-line basis for qualifying concessions. Rent abatements would be recognized as reductions to revenue during the period in which they were granted. Rent deferrals would result in an increase to "tenant and other receivables" during the deferral period with no impact on rental revenue recognition. We are evaluating the impact of this policy election and have not yet concluded on whether we will apply the election.
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, lease termination income, revenues from the Hotel Pennsylvania, trade shows and tenant services. ◦ Revenues from the leasing of space at our properties to tenants include (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 in the following tables 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 the 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 Services LLC ("BMS") cleaning, engineering and security services. This revenue is recognized as the services are transferred in accordance with ASC 606. 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 decrease in income of $1,044,000 and $890,000 for the three months ended March 31, 2020 and 2019, respectively.
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/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 Redeemable noncontrolling interests on Vornado’s consolidated balance sheets and redeemable partnership units on the consolidated balance sheets of the Operating Partnership are primarily comprised of Class A Operating Partnership units held by third parties and are recorded at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’ capital” on the consolidated balance sheets of the Operating Partnership.
Fair Value Measurement	ASC 820 defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment is necessary to interpret Level 2 and 3 inputs in determining the fair value of our financial and non-financial assets and liabilities. Accordingly, our fair value estimates, which are made at the end of each reporting period, may be different than the amounts that may ultimately be realized upon sale or disposition of these assets.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Summary of Revenue Sources by Segment	Below is a summary of our revenues by segment. Additional financial information related to these reportable segments for the three months ended March 31, 2020 and 2019 is set forth in Note 21 - Segment Information . (Amounts in thousands) For the Three Months Ended March 31, 2020 Total New York Other Property rentals $ 371,174 $ 298,612 $ 72,562 Hotel Pennsylvania 8,741 8,741 — Trade shows 11,303 — 11,303 Lease revenues (1) 391,218 307,353 83,865 Tenant services 10,056 7,380 2,676 Rental revenues 401,274 314,733 86,541 BMS cleaning fees 32,466 34,429 (1,963 ) (2) Management and leasing fees 2,867 2,874 (7 ) Other income 7,925 3,579 4,346 Fee and other income 43,258 40,882 2,376 Total revenues $ 444,532 $ 355,615 $ 88,917 ____________________ See notes below. (Amounts in thousands) For the Three Months Ended March 31, 2019 Total New York Other Property rentals $ 457,741 $ 385,803 $ 71,938 Hotel Pennsylvania 12,609 12,609 — Trade shows 16,956 — 16,956 Lease revenues (1) 487,306 398,412 88,894 Tenant services 12,571 9,225 3,346 Rental revenues 499,877 407,637 92,240 BMS cleaning fees 29,785 31,757 (1,972 ) (2) Management and leasing fees 2,237 2,251 (14 ) Other income 2,769 1,640 1,129 Fee and other income 34,791 35,648 (857 ) Total revenues $ 534,668 $ 443,285 $ 91,383 ____________________ (1) The components of lease revenues were as follows: For the Three Months Ended March 31, 2020 2019 Fixed lease revenues $ 337,046 $ 414,877 Variable lease revenues 54,172 72,429 Lease revenues $ 391,218 $ 487,306 (2) Represents the elimination of theMART and 555 California Street BMS cleaning fees which are included as income in the New York segment.
Components of Fixed and Variable Lease Revenues	The components of lease revenues were as follows: For the Three Months Ended March 31, 2020 2019 Fixed lease revenues $ 337,046 $ 414,877 Variable lease revenues 54,172 72,429 Lease revenues $ 391,218 $ 487,306

Real Estate Fund Investments (T

Real Estate Fund Investments (Tables)	3 Months Ended
	Mar. 31, 2020
Real Estate Fund Investments [Abstract]
Schedule Of Income And Loss From The Fund	Below is a summary of loss from the Fund and the Crowne Plaza Joint Venture. (Amounts in thousands) For the Three Months Ended March 31, 2020 2019 Net investment income (loss) $ 57 $ (267 ) Net unrealized (loss) gain on held investments (183,520 ) 100 Loss from real estate fund investments (183,463 ) (167 ) Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries 127,305 (2,737 ) Loss from real estate fund investments net of noncontrolling interests in consolidated subsidiaries $ (56,158 ) $ (2,904 )

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2020
Marketable Securities [Abstract]
Unrealized Gain (Loss) on Investments	The table below summarizes the changes of our investment in PREIT. (Amounts in thousands) For the Three Months Ended March 31, 2020 Balance as of December 31, 2019 $ 33,313 Sale of marketable securities on January 23, 2020 (28,375 ) Decrease in fair value of marketable securities (1) (4,938 ) Balance as of March 31, 2020 $ — ____________________ (1) Included in “interest and other investment (loss) income, net” on our consolidated statements of income (see Note 17 - Interest and Other Investment (Loss) Income, Net ).

Investments in Partially Owne_2

Investments in Partially Owned Entities (Tables)	3 Months Ended
	Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Below is a schedule summarizing our investments in partially owned entities. (Amounts in thousands) Percentage Ownership at Balance as of March 31, 2020 December 31, 2019 Investments: Fifth Avenue and Times Square JV 51.5% $ 3,272,854 $ 3,291,231 Partially owned office buildings/land (1) Various 460,885 464,109 Alexander’s 32.4% 92,767 98,543 Other investments (2) Various 144,285 145,282 $ 3,970,791 $ 3,999,165 Investments in partially owned entities included in other liabilities (3) : 7 West 34th Street 53.0% $ (53,951 ) $ (54,004 ) 85 Tenth Avenue 49.9% (7,366 ) (6,186 ) $ (61,317 ) $ (60,190 ) ____________________ (1) Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 512 West 22nd Street, 61 Ninth Avenue and others. (2) Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, Rosslyn Plaza, 50-70 West 93rd Street and others. (3) Our negative basis results from distributions in excess of our investment. Below is a schedule of income from partially owned entities. (Amounts in thousands) Percentage For the Three Months Ended March 31, 2020 2019 Our share of net income: Fifth Avenue and Times Square JV (see page 25 for details) (1) : Equity in net income 51.5% $ 5,496 $ — Return on preferred equity, net of our share of the expense 9,166 — 14,662 — Alexander's (see page 25 for details): Equity in net income 32.4% 1,416 5,717 Management, leasing and development fees 1,260 1,057 2,676 6,774 Partially owned office buildings (2) Various 1,322 106 Other investments (3) Various 443 440 $ 19,103 $ 7,320 ____________________ (1) Entered into on April 18, 2019. (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, 61 Ninth Avenue, 85 Tenth Avenue and others. (3) Includes interests in Independence Plaza, Fashion Centre Mall/Washington Tower, Rosslyn Plaza, 50-70 West 93rd Street, Urban Edge Properties (sold on March 4, 2019), PREIT (accounted for as a marketable security from March 12, 2019 and sold on January 23, 2020) and others. Below is a summary of the latest available financial information for the Fifth Avenue and Times Square JV, which was entered into on April 18, 2019. (Amounts in thousands) Income statement for the three months ended March 31, 2020: Revenues $ 80,475 Net income 9,978 Net loss attributable to Fifth Avenue and Times Square JV (after allocation to our preferred equity interests) (9,071 )

Identified Intangible Assets _2

Identified Intangible Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2020
Finite-Lived Intangible Assets and Liabilities
Schedule of Identified Intangible Assets and Intangible Liabilities	The following summarizes our identified intangible assets (primarily above-market leases) and liabilities (primarily below-market leases). (Amounts in thousands) Balance as of March 31, 2020 December 31, 2019 Identified intangible assets: Gross amount $ 129,421 $ 129,552 Accumulated amortization (100,298 ) (98,587 ) Total, net $ 29,123 $ 30,965 Identified intangible liabilities (included in deferred revenue): Gross amount $ 315,930 $ 316,119 Accumulated amortization (266,714 ) (262,580 ) Total, net $ 49,216 $ 53,539
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, 2021 is as follows: (Amounts in thousands) 2021 $ 11,087 2022 9,061 2023 6,531 2024 2,787 2025 1,233
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, 2021 is as follows: (Amounts in thousands) 2021 $ 5,251 2022 3,538 2023 3,452 2024 2,838 2025 1,921

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Debt	The following is a summary of our debt: (Amounts in thousands) Weighted Average Interest Rate at Balance as of March 31, 2020 December 31, 2019 Mortgages Payable: Fixed rate 3.52% $ 4,599,366 $ 4,601,516 Variable rate 2.89% 1,071,562 1,068,500 Total 3.40% 5,670,928 5,670,016 Deferred financing costs, net and other (27,221 ) (30,119 ) Total, net $ 5,643,707 $ 5,639,897 Unsecured Debt: Senior unsecured notes 3.50% $ 450,000 $ 450,000 Deferred financing costs, net and other (3,924 ) (4,128 ) Senior unsecured notes, net 446,076 445,872 Unsecured term loan 3.75% 800,000 750,000 Deferred financing costs, net and other (4,026 ) (4,160 ) Unsecured term loan, net 795,974 745,840 Unsecured revolving credit facilities 1.78% 1,075,000 575,000 Total, net $ 2,317,050 $ 1,766,712

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests/Redeemable Partnership Units (Tables)	3 Months Ended
	Mar. 31, 2020
Noncontrolling Interest [Abstract]
Summary Of Activity Of Redeemable Noncontrolling Interests	Below is a table summarizing the activity of redeemable noncontrolling interests/redeemable partnership units. (Amounts in thousands) For the Three Months Ended March 31, 2020 2019 Beginning balance $ 888,915 $ 783,562 Net income 390 12,202 Other comprehensive loss (2,983 ) (1,276 ) Distributions (8,898 ) (8,488 ) Redemption of Class A units for Vornado common shares, at redemption value (1,640 ) (3,181 ) Adjustments to carry redeemable Class A units at redemption value (267,170 ) 65,818 Other, net 15,185 18,448 Ending balance $ 623,799 $ 867,085

Shareholders' Equity_Partners_2

Shareholders' Equity/Partners' Capital (Tables)	3 Months Ended
	Mar. 31, 2020
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. (Per share/unit) For the Three Months Ended March 31, 2020 2019 Shares/Units: Common shares/Class A units held by Vornado: authorized 250,000,000 shares/units $ 0.66 $ 0.66 Convertible Preferred (1) : 6.5% Series A: authorized 15,540 and 83,977 shares/units (2) 0.8125 0.8125 Cumulative Redeemable Preferred (1) : 5.70% Series K: authorized 12,000,000 shares/units (3) 0.3563 0.3563 5.40% Series L: authorized 13,800,000 shares/units (3) 0.3375 0.3375 5.25% Series M: authorized 13,800,000 shares/units (3) 0.3281 0.3281 ____________________ (1) Dividends on preferred shares and distributions on preferred units are cumulative and are payable quarterly in arrears. (2) Redeemable at the option of Vornado under certain circumstances, at a redemption price of 1.9531 common shares/Class A units per Series A Preferred Share/Unit plus accrued and unpaid dividends/distributions through the date of redemption, or convertible at any time at the option of the holder for 1.9531 common shares/ Class A units per Series A Preferred Share/Unit. (3) Redeemable at Vornado's option at a redemption price of $25.00 per share/unit, plus accrued and unpaid dividends/distributions through the date of redemption.
Schedule of Accumulated Other Comprehensive Income (Loss)	The following tables set forth the changes in accumulated other comprehensive loss by component. (Amounts in thousands) Total Accumulated other comprehensive income (loss) of nonconsolidated subsidiaries Interest rate swaps Other For the three months ended March 31, 2020: Balance as of December 31, 2019 $ (40,233 ) $ 4 $ (36,126 ) $ (4,111 ) Other comprehensive (loss) income (42,486 ) 8 (45,477 ) 2,983 Balance as of March 31, 2020 $ (82,719 ) $ 12 $ (81,603 ) $ (1,128 ) For the three months ended March 31, 2019: Balance as of December 31, 2018 $ 7,664 $ 3,253 $ 11,759 $ (7,348 ) Other comprehensive (loss) income (16,738 ) (985 ) (17,029 ) 1,276 Amount reclassified from accumulated other comprehensive loss (2,311 ) (2,311 ) — — Balance as of March 31, 2019 $ (11,385 ) $ (43 ) $ (5,270 ) $ (6,072 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Fair value, schedule of assets and liabilities measures on recurring basis	The tables below aggregate the fair values of these financial assets and liabilities by their levels in the fair value hierarchy. (Amounts in thousands) As of March 31, 2020 Total Level 1 Level 2 Level 3 Real estate fund investments $ 45,129 $ — $ — $ 45,129 Deferred compensation plan assets ($12,116 included in restricted cash and $78,772 in other assets) 90,888 60,320 — 30,568 Loans receivable ($40,547 included in investments in partially owned entities and $11,443 in other assets) 51,990 — — 51,990 Interest rate swaps (included in other assets) 94 — 94 — Total assets $ 188,101 $ 60,320 $ 94 $ 127,687 Mandatorily redeemable instruments (included in other liabilities) $ 49,938 $ 49,938 $ — $ — Interest rate swaps (included in other liabilities) 81,601 — 81,601 — Total liabilities $ 131,539 $ 49,938 $ 81,601 $ — (Amounts in thousands) As of December 31, 2019 Total Level 1 Level 2 Level 3 Marketable securities $ 33,313 $ 33,313 $ — $ — Real estate fund investments 222,649 — — 222,649 Deferred compensation plan assets ($11,819 included in restricted cash and $91,954 in other assets) 103,773 71,338 — 32,435 Interest rate swaps (included in other assets) 4,327 — 4,327 — Total assets $ 364,062 $ 104,651 $ 4,327 $ 255,084 Mandatorily redeemable instruments (included in other liabilities) $ 50,561 $ 50,561 $ — $ — Interest rate swaps (included in other liabilities) 40,354 — 40,354 — Total liabilities $ 90,915 $ 50,561 $ 40,354 $ —
Schedule of carrying amounts and fair values of financial instruments	The table below summarizes the carrying amounts and fair value of these financial instruments. (Amounts in thousands) As of March 31, 2020 As of December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Cash equivalents $ 1,422,502 $ 1,423,000 $ 1,276,815 $ 1,277,000 Debt: Mortgages payable $ 5,670,928 $ 5,689,000 $ 5,670,016 $ 5,714,000 Senior unsecured notes 450,000 434,000 450,000 468,000 Unsecured term loan 800,000 800,000 750,000 750,000 Unsecured revolving credit facilities 1,075,000 1,075,000 575,000 575,000 Total $ 7,995,928 (1) $ 7,998,000 $ 7,445,016 (1) $ 7,507,000 ____________________ (1) Excludes $35,171 and $38,407 of deferred financing costs, net and other as of March 31, 2020 and December 31, 2019 , respectively.
Schedule of derivative assets at fair value	The following table summarizes our consolidated derivative instruments, all of which hedge variable rate debt. (Amounts in thousands) As of March 31, 2020 Variable Rate Hedged Item (Interest rate swaps) Fair Value Notional Amount Spread over LIBOR Interest Rate Swapped Rate Expiration Date Included in other assets: Other $ 94 $ 175,000 Included in other liabilities: Unsecured term loan $ 68,439 $ 750,000 (1) L+100 1.94% 3.87% 10/23 33-00 Northern Boulevard mortgage loan 9,141 100,000 L+180 2.81% 4.14% 1/25 888 Seventh Avenue mortgage loan 3,077 375,000 L+170 2.62% 3.25% 12/20 770 Broadway mortgage loan 944 700,000 L+175 2.76% 2.56% 9/20 $ 81,601 $ 1,925,000 ____________________ (1) Remaining $50,000 balance of our unsecured term loan bears interest at a floating rate of LIBOR plus 1.00% .
Schedule of derivative liabilities at fair value	The following table summarizes our consolidated derivative instruments, all of which hedge variable rate debt. (Amounts in thousands) As of March 31, 2020 Variable Rate Hedged Item (Interest rate swaps) Fair Value Notional Amount Spread over LIBOR Interest Rate Swapped Rate Expiration Date Included in other assets: Other $ 94 $ 175,000 Included in other liabilities: Unsecured term loan $ 68,439 $ 750,000 (1) L+100 1.94% 3.87% 10/23 33-00 Northern Boulevard mortgage loan 9,141 100,000 L+180 2.81% 4.14% 1/25 888 Seventh Avenue mortgage loan 3,077 375,000 L+170 2.62% 3.25% 12/20 770 Broadway mortgage loan 944 700,000 L+175 2.76% 2.56% 9/20 $ 81,601 $ 1,925,000 ____________________ (1) Remaining $50,000 balance of our unsecured term loan bears interest at a floating rate of LIBOR plus 1.00% .
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. Range Weighted Average (based on fair value of investments) Unobservable Quantitative Input March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Discount rates 10.0% to 15.0% 8.2% to 12.0% 13.8% 9.3% Terminal capitalization rates 6.0% to 9.9% 4.6% to 8.2% 7.6% 5.3%
Summary of changes in level 3 plan assets	The table below summarizes the changes in the fair value of real estate fund investments that are classified as Level 3. (Amounts in thousands) For the Three Months Ended March 31, 2020 2019 Beginning balance $ 222,649 $ 318,758 Purchases/additional fundings 6,000 4,000 Net unrealized (loss) gain on held investments (183,520 ) 100 Ending balance $ 45,129 $ 322,858
Deferred Compensation Plan Assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Schedule of changes in fair value of plan assets	The table below summarizes the changes in the fair value of deferred compensation plan assets that are classified as Level 3. (Amounts in thousands) For the Three Months Ended March 31, 2020 2019 Beginning balance $ 32,435 $ 37,808 Sales (2,475 ) (2,114 ) Purchases 1,293 908 Realized and unrealized (losses) gains (1,229 ) 523 Other, net 544 437 Ending balance $ 30,568 $ 37,562
Loans Receivable
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 loans receivable. March 31, 2020 Range Weighted Average Unobservable Quantitative Input Discount rates 6.0% to 14.0% 7.0% Terminal capitalization rates 5.0% to 6.0% 5.1%
Summary of changes in level 3 plan assets	The table below summarizes the changes in fair value of loans receivable that are classified as Level 3. (Amounts in thousands) For the Three Months Ended March 31, 2020 Beginning balance $ 59,251 Credit losses (7,261 ) Ending balance $ 51,990

Interest and Other Investment_2

Interest and Other Investment (Loss) Income, Net (Tables)	3 Months Ended
	Mar. 31, 2020
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 (loss) income, net: (Amounts in thousands) For the Three Months Ended March 31, 2020 2019 (Decrease) increase in fair value of marketable securities: PREIT (1) $ (4,938 ) $ (15,649 ) Lexington Realty Trust (2) — 16,068 Other — 42 (4,938 ) 461 Credit losses on loans receivable (3) (7,261 ) — Interest on cash and cash equivalents and restricted cash 3,966 2,067 Interest on loans receivable 1,426 1,606 Other, net 903 911 $ (5,904 ) $ 5,045 ____________________ (1) Sold on January 23, 2020 (see page 24 for details). (2) Sold on March 1, 2019. (3) See Note 4 - Recently Issued Accounting Literature for details.

Interest and Debt Expense (Tabl

Interest and Debt Expense (Tables)	3 Months Ended
	Mar. 31, 2020
Interest and Debt Expense [Abstract]
Interest And Debt Expense	The following table sets forth the details of interest and debt expense: (Amounts in thousands) For the Three Months Ended March 31, 2020 2019 Interest expense (1) $ 66,635 $ 117,647 Capitalized interest and debt expense (12,055 ) (23,325 ) Amortization of deferred financing costs 4,262 8,141 $ 58,842 $ 102,463 ____________________ (1) 2019 includes $22,540 of 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)	3 Months Ended
	Mar. 31, 2020
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 nonforfeitable 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, 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 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 March 31, 2020 2019 Numerator: Income from continuing operations, net of income attributable to noncontrolling interests $ 17,494 $ 194,150 Loss from discontinued operations — (128 ) Net income attributable to Vornado 17,494 194,022 Preferred share dividends (12,531 ) (12,534 ) Net income attributable to common shareholders 4,963 181,488 Earnings allocated to unvested participating securities (51 ) (19 ) Numerator for basic income per share 4,912 181,469 Impact of assumed conversions: Convertible preferred share dividends — 15 Numerator for diluted income per share $ 4,912 $ 181,484 Denominator: Denominator for basic income per share – weighted average shares 191,038 190,689 Effect of dilutive securities (1) : Employee stock options and restricted stock awards 75 271 Convertible preferred shares — 36 Denominator for diluted income per share – weighted average shares and assumed conversions 191,113 190,996 INCOME PER COMMON SHARE - BASIC: Net income per common share $ 0.03 $ 0.95 INCOME PER COMMON SHARE - DILUTED: Net income per common share $ 0.03 $ 0.95 ____________________ (1) The effect of dilutive securities for the three months ended March 31, 2020 and 2019 excluded an aggregate of 13,543 and 12,525
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 unit equivalents such as Vornado stock options, AO LTIP Units and Performance Conditioned AO LTIP Units are included in the computation of diluted income per unit ("EPU") using the treasury stock method, while the dilutive effect of our Series A convertible preferred units is reflected in diluted EPU by application of the if-converted method. (Amounts in thousands, except per unit amounts) For the Three Months Ended March 31, 2020 2019 Numerator: Income from continuing operations, net of income attributable to noncontrolling interests in consolidated subsidiaries $ 17,884 $ 206,361 Loss from discontinued operations — (137 ) Net income attributable to Vornado Realty L.P. 17,884 206,224 Preferred unit distributions (12,572 ) (12,575 ) Net income attributable to Class A unitholders 5,312 193,649 Earnings allocated to unvested participating securities (4,918 ) (1,147 ) Numerator for basic income per Class A unit 394 192,502 Impact of assumed conversions: Convertible preferred unit distributions — 15 Numerator for diluted income per Class A unit $ 394 $ 192,517 Denominator: Denominator for basic income per Class A unit – weighted average units 203,370 202,772 Effect of dilutive securities (1) : Vornado stock options, Vornado restricted stock awards, OP Units and OPPs 146 536 Convertible preferred units — 36 Denominator for diluted income per Class A unit – weighted average units and assumed conversions 203,516 203,344 INCOME PER CLASS A UNIT - BASIC: Net income per Class A unit $ — $ 0.95 INCOME PER CLASS A UNIT - DILUTED: Net income per Class A unit $ — $ 0.95 ____________________ (1) The effect of dilutive securities for the three months ended March 31, 2020 and 2019 excluded an aggregate of 1,140 and 177

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Schedule of Segment Information	Below is a reconciliation of net (loss) income to NOI at share and NOI at share - cash basis for the three months ended March 31, 2020 and 2019 . (Amounts in thousands) For the Three Months Ended 2020 2019 Net (loss) income $ (104,503 ) $ 213,044 Depreciation and amortization expense 92,793 116,709 General and administrative expense 52,834 58,020 Transaction related costs and other 71 149 Income from partially owned entities (19,103 ) (7,320 ) Loss from real estate fund investments 183,463 167 Interest and other investment loss (income), net 5,904 (5,045 ) Interest and debt expense 58,842 102,463 Net gains on disposition of wholly owned and partially owned assets (68,589 ) (220,294 ) Income tax expense 12,813 29,743 Loss from discontinued operations — 137 NOI from partially owned entities 81,881 67,402 NOI attributable to noncontrolling interests in consolidated subsidiaries (15,493 ) (17,403 ) NOI at share 280,913 337,772 Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other 3,076 (5,181 ) NOI at share - cash basis $ 283,989 $ 332,591 Below is a summary of NOI at share, NOI at share - cash basis by segment for the three months ended March 31, 2020 and 2019 . (Amounts in thousands) For the Three Months Ended March 31, 2020 Total New York Other Total revenues $ 444,532 $ 355,615 $ 88,917 Operating expenses (230,007 ) (183,031 ) (46,976 ) NOI - consolidated 214,525 172,584 41,941 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (15,493 ) (8,433 ) (7,060 ) Add: NOI from partially owned entities 81,881 78,408 3,473 NOI at share 280,913 242,559 38,354 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other 3,076 1,106 1,970 NOI at share - cash basis $ 283,989 $ 243,665 $ 40,324 (Amounts in thousands) For the Three Months Ended March 31, 2019 Total New York Other Total revenues $ 534,668 $ 443,285 $ 91,383 Operating expenses (246,895 ) (198,095 ) (48,800 ) NOI - consolidated 287,773 245,190 42,583 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (17,403 ) (11,407 ) (5,996 ) Add: NOI from partially owned entities 67,402 49,575 17,827 NOI at share 337,772 283,358 54,414 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (5,181 ) (6,618 ) 1,437 NOI at share - cash basis $ 332,591 $ 276,740 $ 55,851

Organization (Narrative) (Detai

Organization (Narrative) (Details)	3 Months Ended
	Mar. 31, 2020
Operating Partnership
Organization [Line Items]
Common limited partnership interest in the Operating Partnership (percent)	92.70%

COVID-19 Pandemic - Narrative (

COVID-19 Pandemic - Narrative (Details)	1 Months Ended	3 Months Ended	18 Months Ended
	Apr. 30, 2020USD ($)unit	Mar. 31, 2020USD ($)employeeunit	Mar. 31, 2020USD ($)unit	Apr. 01, 2020USD ($)
Subsequent Event
Unusual or Infrequent Item, or Both [Line Items]
Percentage of rent collected from office tenants	90.00%
Percentage of rent collected from retail tenants	53.00%
Percentage of rent collected from tenants	83.00%
220 Central Park South
Unusual or Infrequent Item, or Both [Line Items]
Number of condominium units sold (unit) | unit		7	72
Cash proceeds from the sale of real estate | $		$ 191,216,000	$ 2,011,348,000
COVID-19
Unusual or Infrequent Item, or Both [Line Items]
Number of employees furloughed		1,803
COVID-19 | 220 Central Park South | Subsequent Event
Unusual or Infrequent Item, or Both [Line Items]
Number of condominium units sold (unit) | unit	4
Cash proceeds from the sale of real estate | $	$ 157,747,000
COVID-19 | Building Maintenance Service LLC
Unusual or Infrequent Item, or Both [Line Items]
Number of employees furloughed		1,293
COVID-19 | Hotel Pennsylvania
Unusual or Infrequent Item, or Both [Line Items]
Number of employees furloughed		414
COVID-19 | Vornado Realty Trust
Unusual or Infrequent Item, or Both [Line Items]
Number of employees furloughed		96
Non-Management Member Board of Trustees | COVID-19 | Subsequent Event
Unusual or Infrequent Item, or Both [Line Items]
Annual cash retainer forgone | $				$ 75,000

Recently Issued Accounting Li_3

Recently Issued Accounting Literature (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Jan. 01, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of accounting change				$ 16,064
Credit losses on loans receivable	$ 7,261	$ 0
Accounting Standards Update 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Credit losses on loans receivable	$ 7,261
Earnings Less Than Distributions
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of accounting change				$ 16,064
Earnings Less Than Distributions | Accounting Standards Update 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of accounting change			$ 16,064

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)segment	Mar. 31, 2019USD ($)
Disaggregation of Revenue [Line Items]
Number of reportable segments | segment	2
Operating Lease, Lease Income	$ 391,218	$ 487,306
Accounting Standards Update 2016-02
Disaggregation of Revenue [Line Items]
Operating Lease, Lease Income	$ (1,044)	$ (890)

Revenue Recognition - Revenues

Revenue Recognition - Revenues by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Lease income	$ 391,218	$ 487,306
Total revenues	444,532	534,668
New York
Disaggregation of Revenue [Line Items]
Total revenues	355,615	443,285
Other
Disaggregation of Revenue [Line Items]
Total revenues	88,917	91,383
Rental revenues
Disaggregation of Revenue [Line Items]
Total revenues	401,274	499,877
Rental revenues | New York
Disaggregation of Revenue [Line Items]
Total revenues	314,733	407,637
Rental revenues | Other
Disaggregation of Revenue [Line Items]
Total revenues	86,541	92,240
Property rentals
Disaggregation of Revenue [Line Items]
Lease income	371,174	457,741
Property rentals | New York
Disaggregation of Revenue [Line Items]
Lease income	298,612	385,803
Property rentals | Other
Disaggregation of Revenue [Line Items]
Lease income	72,562	71,938
Hotel Pennsylvania
Disaggregation of Revenue [Line Items]
Lease income	8,741	12,609
Hotel Pennsylvania | New York
Disaggregation of Revenue [Line Items]
Lease income	8,741	12,609
Hotel Pennsylvania | Other
Disaggregation of Revenue [Line Items]
Lease income	0	0
Trade shows
Disaggregation of Revenue [Line Items]
Lease income	11,303	16,956
Trade shows | New York
Disaggregation of Revenue [Line Items]
Lease income	0	0
Trade shows | Other
Disaggregation of Revenue [Line Items]
Lease income	11,303	16,956
Lease revenues
Disaggregation of Revenue [Line Items]
Lease income	391,218	487,306
Lease revenues | New York
Disaggregation of Revenue [Line Items]
Lease income	307,353	398,412
Lease revenues | Other
Disaggregation of Revenue [Line Items]
Lease income	83,865	88,894
Tenant services
Disaggregation of Revenue [Line Items]
Revenue	10,056	12,571
Tenant services | New York
Disaggregation of Revenue [Line Items]
Revenue	7,380	9,225
Tenant services | Other
Disaggregation of Revenue [Line Items]
Revenue	2,676	3,346
Fee and other income
Disaggregation of Revenue [Line Items]
Revenue	43,258	34,791
Total revenues	43,258	34,791
Fee and other income | New York
Disaggregation of Revenue [Line Items]
Revenue	40,882	35,648
Fee and other income | Other
Disaggregation of Revenue [Line Items]
Revenue	2,376	(857)
BMS cleaning fees
Disaggregation of Revenue [Line Items]
Revenue	32,466	29,785
BMS cleaning fees | New York
Disaggregation of Revenue [Line Items]
Revenue	34,429	31,757
BMS cleaning fees | Other
Disaggregation of Revenue [Line Items]
Revenue	(1,963)	(1,972)
Management and leasing fees
Disaggregation of Revenue [Line Items]
Revenue	2,867	2,237
Management and leasing fees | New York
Disaggregation of Revenue [Line Items]
Revenue	2,874	2,251
Management and leasing fees | Other
Disaggregation of Revenue [Line Items]
Revenue	(7)	(14)
Other income
Disaggregation of Revenue [Line Items]
Revenue	7,925	2,769
Other income | New York
Disaggregation of Revenue [Line Items]
Revenue	3,579	1,640
Other income | Other
Disaggregation of Revenue [Line Items]
Revenue	$ 4,346	$ 1,129

Revenue Recognition - Component

Revenue Recognition - Components of Lease Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Fixed lease revenues	$ 337,046	$ 414,877
Variable lease revenues	54,172	72,429
Total lease revenues	$ 391,218	$ 487,306

Real Estate Fund Investments (N

Real Estate Fund Investments (Narrative) (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)investment	Dec. 31, 2019USD ($)investment
Investment Holdings
Aggregate fair value of Real Estate Fund investments (in US Dollars)	$ 45,129	$ 222,649
Vornado Capital Partners Real Estate Fund
Investment Holdings
Equity method ownership percentage	25.00%
Investment fund period expiration date	2013-07
Investment fund, extension of term	2023-02
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)	$ 45,129	$ 222,649
Fair value below cost	296,435
Unfunded commitments of fund	$ 29,194
Joint Venture | Crowne Plaza Times Square Hotel Joint Venture
Investment Holdings
Equity method ownership percentage	57.10%
Crowne Plaza Time Square Hotel | Joint Venture | Crowne Plaza Times Square Hotel Joint Venture
Investment Holdings
Ownership percentage by noncontrolling owners	24.70%
Vornado Realty Trust | Real estate fund investments
Investment Holdings
Unfunded commitments of fund	$ 9,266

Real Estate Fund Investments (I

Real Estate Fund Investments (Income from the Fund and the Co-Investment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Investment Holdings
Loss from real estate fund investments	$ (183,463)	$ (167)
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries	122,387	(6,820)
Real estate fund investments
Investment Holdings
Net investment income (loss)	57	(267)
Net unrealized (loss) gain on held investments	(183,520)	100
Loss from real estate fund investments	(183,463)	(167)
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries	127,305	(2,737)
Loss from real estate fund investments net of noncontrolling interests in consolidated subsidiaries	$ (56,158)	$ (2,904)

Marketable Securities (Narrativ

Marketable Securities (Narrative) (Details) - USD ($) $ in Thousands	Jan. 23, 2020	Mar. 31, 2020	Mar. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in fair value of marketable securities		$ (4,938)	$ 461
PREIT
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Shares sold (shares)	6,250,000
Proceeds from sale of equity method investments	$ 28,375
Decrease in fair value of marketable securities		$ (4,938)	$ (15,649)

Marketable Securities (Marketab

Marketable Securities (Marketable securities portfolio) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Marketable Securities [Roll Forward]
Beginning balance	$ 33,313
Decrease in fair value of marketable securities	(4,938)	$ 461
Ending balance	0
PREIT
Marketable Securities [Roll Forward]
Beginning balance	33,313
Sale of marketable securities	(28,375)
Decrease in fair value of marketable securities	(4,938)	$ (15,649)
Ending balance	$ 0

Investments in Partially Owne_3

Investments in Partially Owned Entities - Fifth Avenue and Times Square JV (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Fifth Avenue and Times Square JV
Schedule Of Equity Method Investments
Equity method ownership percentage	51.50%
Joint Venture | Fifth Avenue and Times Square JV
Schedule Of Equity Method Investments
Aggregate of preferred equity interests	$ 1,828,000
Debt instrument, interest rate, stated percentage (percent)	4.25%
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%
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%
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%
Building Maintenance Service | Majority-Owned Subsidiary
Schedule Of Equity Method Investments
Revenue from related parties	$ 1,032
Building Maintenance Service
Schedule Of Equity Method Investments
Other real estate revenue from equity method investees	$ 1,025

Investments in Partially Owne_4

Investments in Partially Owned Entities - Latest Financial Information of Fifth Avenue and Times Square JV (Details) - Fifth Avenue and Times Square JV $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Schedule Of Equity Method Investments
Revenues	$ 80,475
Net income	9,978
Net loss attributable to Fifth Avenue and Times Square JV	$ (9,071)

Investments in Partially Owne_5

Investments in Partially Owned Entities (Alexander's Inc.) (Details) - Alexanders Inc $ / shares in Units, $ in Thousands	Mar. 31, 2020USD ($)$ / 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	$ 275.95
Equity method investment fair value	$ 456,440
Excess of investee's fair value over carrying amount	363,673
Excess of investee's carrying amount over equity in net assets	$ 38,791

Investments in Partially Owne_6

Investments in Partially Owned Entities (Summary of Investments) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ 3,970,791	$ 3,999,165
Other liabilities
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ (61,317)	(60,190)
7 West 34th Street
Schedule Of Equity Method Investments
Equity method ownership percentage	53.00%
7 West 34th Street | Other liabilities
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ (53,951)	(54,004)
85 Tenth Avenue
Schedule Of Equity Method Investments
Equity method ownership percentage	49.90%
85 Tenth Avenue | Other liabilities
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ (7,366)	(6,186)
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	$ 3,272,854	3,291,231
Partially Owned Office Buildings
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ 460,885	464,109
Alexanders Inc
Schedule Of Equity Method Investments
Equity method ownership percentage	32.40%
Carrying amount of investments in partially owned entities	$ 92,767	98,543
Other investments
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ 144,285	$ 145,282

Investments in Partially Owne_7

Investments in Partially Owned Entities (Summary of Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Schedule Of Equity Method Investments
Our share of net income (loss)	$ 19,103	$ 7,320
Fifth Avenue and Times Square JV
Schedule Of Equity Method Investments
Equity method ownership percentage	51.50%
Equity in net income (loss)	$ 5,496	0
Return on preferred equity, net of our share of the expense	9,166	0
Our share of net income (loss)	$ 14,662	0
Alexanders Inc
Schedule Of Equity Method Investments
Equity method ownership percentage	32.40%
Equity in net income (loss)	$ 1,416	5,717
Management, leasing and development fees	1,260	1,057
Our share of net income (loss)	2,676	6,774
Partially Owned Office Buildings
Schedule Of Equity Method Investments
Our share of net income (loss)	1,322	106
Other investments
Schedule Of Equity Method Investments
Our share of net income (loss)	$ 443	$ 440

220 Central Park South 220 CPS

220 Central Park South 220 CPS - Narrative (Details) ft² in Thousands, $ in Thousands	3 Months Ended		18 Months Ended
	Mar. 31, 2020USD ($)ft²unit	Mar. 31, 2019USD ($)	Mar. 31, 2020USD ($)ft²unit
Real Estate [Line Items]
Income tax expense	$ 12,813	$ 29,743
220 Central Park South
Real Estate [Line Items]
Square footage of real estate property (in sqft) | ft²	397		397
Development costs	$ 1,450,000		$ 1,450,000
Development costs expended	$ 1,395,000		$ 1,395,000
Number of condominium units sold (unit) | unit	7		72
Cash proceeds from the sale of real estate	$ 191,216		$ 2,011,348
Net gain on sale of real estate	68,589
Income tax expense	$ 8,678

Identified Intangible Assets _3

Identified Intangible Assets and Liabilities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Below Market Leases Net Of Above Market Leases
Finite-Lived Intangible Assets and Liabilities
Increase to rental income	$ 4,206	$ 6,525
Other Identified Intangible Assets
Finite-Lived Intangible Assets and Liabilities
Amortization of intangible assets	$ 1,727	$ 3,545

Identified Intangible Assets _4

Identified Intangible Assets and Liabilities - Schedule of Identified Intangible Assets and Intangible Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross amount	$ 129,421	$ 129,552
Accumulated amortization	(100,298)	(98,587)
Total, net	29,123	30,965
Identified intangible liabilities (included in deferred revenue):
Gross amount	315,930	316,119
Accumulated amortization	(266,714)	(262,580)
Total, net	$ 49,216	$ 53,539

Identified Intangible Assets _5

Identified Intangible Assets and Liabilities - Schedule of Future Amortization Expense of Intangible Assets (Details) $ in Thousands	Mar. 31, 2020USD ($)
Below Market Leases Net Of Above Market Leases
Finite-Lived Intangible Assets and Liabilities
2021	$ 11,087
2022	9,061
2023	6,531
2024	2,787
2025	1,233
Other Identified Intangible Assets
Finite-Lived Intangible Assets and Liabilities
2021	5,251
2022	3,538
2023	3,452
2024	2,838
2025	$ 1,921

Debt (Narrative) (Details)

Debt (Narrative) (Details) - Unsecured term loan - USD ($)	Feb. 28, 2020	Mar. 31, 2020	Feb. 27, 2020	Dec. 31, 2019
Debt Instrument
Long-term debt, gross	$ 800,000,000	$ 800,000,000	$ 750,000,000	$ 750,000,000
Long-term debt, interest accrued at fixed rate	$ 750,000,000
Debt instrument, interest rate, stated percentage (percent)	3.87%	1.94%
Long-term debt, interest accrued at floating rate	$ 50,000,000
Debt Instrument, Interest Rate, Effective Percentage		3.75%
LIBOR
Debt Instrument
Spread Over LIBOR (percent)	1.00%

Debt (Summary of Debt) (Details

Debt (Summary of Debt) (Details) - USD ($)	Mar. 31, 2020	Feb. 28, 2020	Feb. 27, 2020	Dec. 31, 2019
Debt Instrument
Deferred financing costs, net and other	$ (35,171,000)			$ (38,407,000)
Long term debt	$ 2,317,050,000			1,766,712,000
Mortgages
Debt Instrument
Interest rate, end of period (percent)	3.40%
Long-term debt, gross	$ 5,670,928,000			5,670,016,000
Deferred financing costs, net and other	(27,221,000)			(30,119,000)
Long term debt	$ 5,643,707,000			5,639,897,000
Mortgages | Fixed Rate
Debt Instrument
Interest rate, end of period (percent)	3.52%
Long-term debt, gross	$ 4,599,366,000			4,601,516,000
Mortgages | Variable Rate
Debt Instrument
Interest rate, end of period (percent)	2.89%
Long-term debt, gross	$ 1,071,562,000			1,068,500,000
Senior Unsecured Notes
Debt Instrument
Interest rate, end of period (percent)	3.50%
Long-term debt, gross	$ 450,000,000			450,000,000
Deferred financing costs, net and other	(3,924,000)			(4,128,000)
Long term debt	$ 446,076,000			445,872,000
Unsecured term loan
Debt Instrument
Interest rate, end of period (percent)	3.75%
Long-term debt, gross	$ 800,000,000	$ 800,000,000	$ 750,000,000	750,000,000
Deferred financing costs, net and other	(4,026,000)			(4,160,000)
Long term debt	$ 795,974,000			745,840,000
Unsecured Revolving Credit Facilities
Debt Instrument
Interest rate, end of period (percent)	1.78%
Long term debt	$ 1,075,000,000			$ 575,000,000

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests/Redeemable Partnership Units (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Redeemable Noncontrolling Interest
Redemption value of redeemable Class A units	$ 619,264	$ 884,380
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	$ 49,938	$ 50,561

Redeemable Noncontrolling Int_4

Redeemable Noncontrolling Interests/Redeemable Partnership Units (Activity of Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Redeemable Noncontrolling Interests Rollforward
Beginning balance	$ 888,915	$ 783,562
Net income (loss)	390	12,202
Other comprehensive loss	(2,983)	(1,276)
Distributions	(8,898)	(8,488)
Other, net	15,185	18,448
Ending balance	623,799	867,085
Class A Unit
Redeemable Noncontrolling Interests Rollforward
Redemption of Class A units for Vornado common shares, at redemption value	(1,640)	(3,181)
Adjustments to carry redeemable Class A units at redemption value	$ (267,170)	$ 65,818

Shareholders' Equity_Partners_3

Shareholders' Equity/Partners' Capital - Narrative (Details) $ / shares in Units, $ in Thousands	Jan. 15, 2020USD ($)$ / shares
Class of Stock [Line Items]
Dividends payable, amount per share (in usd per share) | $ / shares	$ 1.95
Payments of special dividend, common stock | $	$ 372,380
Vornado Realty L.P. | Class A Unit
Class of Stock [Line Items]
Dividends payable, amount per share (in usd per share) | $ / shares	$ 1.95
Payments of special dividend, common stock | $	$ 398,292

Shareholders' Equity_Partners_4

Shareholders' Equity/Partners' Capital - Schedule of Dividends (Details) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Class of Stock [Line Items]
Common shares, dividends (in dollars per share)	$ 0.66	$ 0.66
Common shares of beneficial interest: authorized shares (shares)	250,000,000	250,000,000	250,000,000
Preferred shares of beneficial interest: authorized shares (shares)	110,000,000		110,000,000
Preferred stock, redemption price per share (in dollars per share/unit)	$ 1.9531
Convertible Preferred Stock | Series A Preferred Stock
Class of Stock [Line Items]
Common shares, dividends (in dollars per share)	0.66	$ 0.66
Preferred stock, dividend rate, per-dollar-amount (in dollars per share)	$ 0.8125	$ 0.8125
Preferred shares of beneficial interest: authorized shares (shares)	15,540	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
Redeemable Preferred Stock | Series K Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate, per-dollar-amount (in dollars per share)	$ 0.3563	$ 0.3563
Preferred shares of beneficial interest: authorized shares (shares)	12,000,000	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
Preferred shares of beneficial interest: authorized shares (shares)	13,800,000	13,800,000
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
Preferred shares of beneficial interest: authorized shares (shares)	13,800,000	13,800,000
Preferred stock, dividend rate, percentage (percent)	5.25%	5.25%
Class A Unit
Class of Stock [Line Items]
Preferred stock, redemption price per share (in dollars per share/unit)	$ 1.9531

Shareholders' Equity_Partners_5

Shareholders' Equity/Partners' Capital - AOCI by Component (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance, value	$ 7,310,978	$ 5,107,883
Other comprehensive (loss) income	(42,486)	(16,738)
Amounts reclassified from AOCI		(2,311)
Ending balance, value	7,293,212	5,090,892
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance, value	(40,233)	7,664
Ending balance, value	(82,719)	(11,385)
Accumulated other comprehensive income (loss) of nonconsolidated subsidiaries
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance, value	4	3,253
Other comprehensive (loss) income	8	(985)
Amounts reclassified from AOCI		(2,311)
Ending balance, value	12	(43)
Interest rate swaps
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance, value	(36,126)	11,759
Other comprehensive (loss) income	(45,477)	(17,029)
Amounts reclassified from AOCI		0
Ending balance, value	(81,603)	(5,270)
Other
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance, value	(4,111)	(7,348)
Other comprehensive (loss) income	2,983	1,276
Amounts reclassified from AOCI		0
Ending balance, value	$ (1,128)	$ (6,072)

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Variable Interest Entities
Assets	$ 18,209,659,000	$ 18,287,013,000
Liabilities	10,292,648,000	10,087,120,000
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entities
Assets	215,962,000	217,451,000
Variable Interest Entity, Primary Beneficiary
Variable Interest Entities
Assets	4,860,033,000	4,923,656,000
Liabilities	$ 2,692,361,000	$ 2,646,623,000

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)investment	Dec. 31, 2019USD ($)investment
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate fund investments	$ 45,129,000	$ 222,649,000
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	$ 45,129,000	$ 222,649,000
Excess of fair value over cost	296,435,000
Level 3 | Real estate fund investments
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate fund investments	45,129,000
Excess of fair value over cost	296,435,000
Nonrecurring | Real estate assets
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Real estate asset	$ 0	$ 0

Fair Value Measurements (Financ

Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities	$ 0	$ 33,313
Real estate fund investments	45,129	222,649
Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities		33,313
Real estate fund investments	45,129	222,649
Deferred compensation plan assets (included in restricted cash and other assets)	90,888	103,773
Loans receivable (included in investments in partially owned entities and in other assets)	51,990
Interest rate swaps (included in other assets)	94	4,327
Total assets	188,101	364,062
Mandatorily redeemable instruments (included in other liabilities)	49,938	50,561
Interest rate swaps (included in other liabilities)	81,601	40,354
Total liabilities	131,539	90,915
Recurring | Level 1
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities		33,313
Real estate fund investments	0	0
Deferred compensation plan assets (included in restricted cash and other assets)	60,320	71,338
Loans receivable (included in investments in partially owned entities and in other assets)	0
Interest rate swaps (included in other assets)	0	0
Total assets	60,320	104,651
Mandatorily redeemable instruments (included in other liabilities)	49,938	50,561
Interest rate swaps (included in other liabilities)	0	0
Total liabilities	49,938	50,561
Recurring | Level 2
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities		0
Real estate fund investments	0	0
Deferred compensation plan assets (included in restricted cash and other assets)	0	0
Loans receivable (included in investments in partially owned entities and in other assets)	0
Interest rate swaps (included in other assets)	94	4,327
Total assets	94	4,327
Mandatorily redeemable instruments (included in other liabilities)	0	0
Interest rate swaps (included in other liabilities)	81,601	40,354
Total liabilities	81,601	40,354
Recurring | Level 3
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable securities		0
Real estate fund investments	45,129	222,649
Deferred compensation plan assets (included in restricted cash and other assets)	30,568	32,435
Loans receivable (included in investments in partially owned entities and in other assets)	51,990
Interest rate swaps (included in other assets)	0	0
Total assets	127,687	255,084
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)	12,116	11,819
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)	78,772	$ 91,954
Loans receivable (included in investments in partially owned entities and in other assets)	11,443
Investments in Partially Owned Properties | Recurring
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Loans receivable (included in investments in partially owned entities and in other assets)	$ 40,547

Fair Value Measurements (Unober

Fair Value Measurements (Unobervable Quantitative Input Ratios) (Details) - Recurring - Level 3	Mar. 31, 2020	Dec. 31, 2019
Discount Rate | Real estate fund investments | Minimum
Unobservable Quantitative Input
Other real estate owned, measurement input	0.100	0.082
Discount Rate | Real estate fund investments | Maximum
Unobservable Quantitative Input
Other real estate owned, measurement input	0.150	0.120
Discount Rate | Real estate fund investments | Weighted Average
Unobservable Quantitative Input
Other real estate owned, measurement input	0.138	0.093
Cap Rate | Minimum
Unobservable Quantitative Input
Loans receivable, measurement input	0.050
Cap Rate | Maximum
Unobservable Quantitative Input
Loans receivable, measurement input	0.060
Cap Rate | Real estate fund investments | Minimum
Unobservable Quantitative Input
Other real estate owned, measurement input	0.060	0.046
Cap Rate | Real estate fund investments | Maximum
Unobservable Quantitative Input
Other real estate owned, measurement input	0.099	0.082
Cap Rate | Real estate fund investments | Weighted Average
Unobservable Quantitative Input
Other real estate owned, measurement input	0.076	0.053
Loans Receivable | Discount Rate | Minimum
Unobservable Quantitative Input
Loans receivable, measurement input	0.060
Loans Receivable | Discount Rate | Maximum
Unobservable Quantitative Input
Loans receivable, measurement input	0.140
Loans Receivable | Discount Rate | Weighted Average
Unobservable Quantitative Input
Loans receivable, measurement input	0.070
Loans Receivable | Cap Rate | Weighted Average
Unobservable Quantitative Input
Loans receivable, measurement input	0.051

Fair Value Measurements (Change

Fair Value Measurements (Changes in the Fair Value of Real Estate Fund Investments and Deferred Compensation Plan Assets) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Real estate fund investments
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 222,649	$ 318,758
Purchases/additional fundings	6,000	4,000
Net unrealized (loss) gain on held investments	(183,520)	100
Ending balance	45,129	322,858
Deferred Compensation Plan Assets
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	32,435	37,808
Sales	(2,475)	(2,114)
Purchases/additional fundings	1,293	908
Realized and unrealized (losses) gains	(1,229)	523
Other, net	544	437
Ending balance	$ 30,568	$ 37,562

Fair Value Measurements (Chan_2

Fair Value Measurements (Changes in the Fair Value of Loans Receivable) (Details) - Loans Receivable $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 59,251
Credit losses	(7,261)
Ending balance	$ 51,990

Fair Value Measurements (Carryi

Fair Value Measurements (Carrying amounts and fair value of financial instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured revolving credit facilities	$ 1,075,000	$ 575,000
Deferred financing costs, net and other	35,171	38,407
Senior Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, Carrying Amount	450,000	450,000
Deferred financing costs, net and other	3,924	4,128
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents, carrying amount	1,422,502	1,276,815
Mortgages payable, gross	5,670,928	5,670,016
Unsecured revolving credit facilities	1,075,000	575,000
Debt, Carrying Amount	7,995,928	7,445,016
Carrying Amount | Senior Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured debt, gross	450,000	450,000
Carrying Amount | Unsecured Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured debt, gross	800,000	750,000
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, Fair Value	7,998,000	7,507,000
Fair Value | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents, fair value	1,423,000	1,277,000
Unsecured revolving credit facilities	1,075,000	575,000
Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages payable, gross	5,689,000	5,714,000
Fair Value | Senior Unsecured Notes | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured debt, gross	434,000	468,000
Fair Value | Unsecured Term Loan | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured debt, gross	$ 800,000	$ 750,000

Fair Value Measurements (Summar

Fair Value Measurements (Summary of Derivative Instruments) (Details) - Interest rate swaps - Designated as Hedging Instrument	3 Months Ended
	Mar. 31, 2020USD ($)
Other liabilities
Derivative [Line Items]
Derivative Liability, Fair Value	$ 81,601,000
Derivative Liability, Notional Amount	1,925,000,000
Other | Other Assets
Derivative [Line Items]
Derivative Asset, Fair Value	94,000
Derivative Asset, Notional Amount	175,000,000
Unsecured term loan | Other liabilities
Derivative [Line Items]
Derivative Liability, Fair Value	68,439,000
Derivative Liability, Notional Amount	$ 750,000,000
Derivative, Interest Rate	1.94%
Derivative, Swap Rate	3.87%
Derivative expiration date	2023-10
33-00 Northern Boulevard mortgage loan | Other liabilities
Derivative [Line Items]
Derivative Liability, Fair Value	$ 9,141,000
Derivative Liability, Notional Amount	$ 100,000,000
Derivative, Interest Rate	2.81%
Derivative, Swap Rate	4.14%
Derivative expiration date	2025-01
888 Seventh Avenue mortgage loan | Other liabilities
Derivative [Line Items]
Derivative Liability, Fair Value	$ 3,077,000
Derivative Liability, Notional Amount	$ 375,000,000
Derivative, Interest Rate	2.62%
Derivative, Swap Rate	3.25%
Derivative expiration date	2020-12
770 Broadway mortgage loan | Other liabilities
Derivative [Line Items]
Derivative Liability, Fair Value	$ 944,000
Derivative Liability, Notional Amount	$ 700,000,000
Derivative, Interest Rate	2.76%
Derivative, Swap Rate	2.56%
Derivative expiration date	2020-09
LIBOR | Unsecured term loan | Other liabilities
Derivative [Line Items]
Derivative, Basis Spread on Variable Rate	1.00%
LIBOR | 33-00 Northern Boulevard mortgage loan | Other liabilities
Derivative [Line Items]
Derivative, Basis Spread on Variable Rate	1.80%
LIBOR | 888 Seventh Avenue mortgage loan | Other liabilities
Derivative [Line Items]
Derivative, Basis Spread on Variable Rate	1.70%
LIBOR | 770 Broadway mortgage loan | Other liabilities
Derivative [Line Items]
Derivative, Basis Spread on Variable Rate	1.75%
Floating | Unsecured term loan | Other liabilities
Derivative [Line Items]
Derivative Liability, Notional Amount	$ 50,000
Floating | LIBOR | Unsecured term loan | Other liabilities
Derivative [Line Items]
Derivative, Basis Spread on Variable Rate	1.00%

Stock-based Compensation (Narra

Stock-based Compensation (Narrative) (Details)	Mar. 30, 2020USD ($)component	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)
Out Performance Plan 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Out of performance plan notional amount	$ 35,000,000
Grant-Date Fair Value	11,686,000
Amount expensed immediately	$ 7,583,000
Revised age limit fo awards vesting criteria	65 years
Revised age for vesting with years of service	60 years
Years of service	20 years
Out performance plan notional amount remaining		$ 4,103,000
Award vesting period	5 years
Number of components of out performance plan | component	2
Amount of basis points by which vornado underperforms the index	2.00%
Amount of basis points by which vornado underperforms the index, total	6.00%
Executive Officer | Out Performance Plan 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Out of performance plan notional amount granted	$ 32,930,000
Absolute | Out Performance Plan 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Duration of performance measurement period	3 years
Required shareholder return three year	21.00%
Absolute | Maximum | Out Performance Plan 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage awards will be reduced if total shareholder return Is zero or negative	50.00%
Relative | Out Performance Plan 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Required shareholder return under relative component	2.00%
Percentage of shareholder return under which no awards will be earned	0.00%
Relative | Maximum | Out Performance Plan 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage awards will be reduced if total shareholder return Is zero or negative	50.00%
Relative | SNL US Office REIT Index | Out Performance Plan 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Required shareholder return per year	80.00%
Relative | SNL US Retail Index | Out Performance Plan 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Required shareholder return per year	20.00%
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 25,765,000	$ 31,654,000

Interest and Other Investment_3

Interest and Other Investment (Loss) Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net Investment Income [Line Items]
Decrease (increase) in fair value of marketable securities	$ (4,938)	$ 461
Credit losses on loans receivable	(7,261)	0
Interest on cash and cash equivalents and restricted cash	3,966	2,067
Interest on loans receivable	1,426	1,606
Other, net	903	911
Interest and other investment income, net	(5,904)	5,045
PREIT
Net Investment Income [Line Items]
Decrease (increase) in fair value of marketable securities	(4,938)	(15,649)
Lexington Realty Trust
Net Investment Income [Line Items]
Decrease (increase) in fair value of marketable securities	0	16,068
Other
Net Investment Income [Line Items]
Decrease (increase) in fair value of marketable securities	$ 0	$ 42

Interest and Debt Expense (Deta

Interest and Debt Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Interest and Debt Expense [Abstract]
Interest expense	$ 66,635	$ 117,647
Capitalized interest and debt expense	(12,055)	(23,325)
Amortization of deferred financing costs	4,262	8,141
Interest and debt expense, Total	$ 58,842	$ 102,463

Interest and Debt Expense - Foo

Interest and Debt Expense - Footnote (Details) - Senior Unsecured Notes - Senior Unsecured Notes Due 2022	12 Months Ended
	Dec. 31, 2019USD ($)
Debt Instrument, Redemption [Line Items]
Debt prepayment 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 (Narrative) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
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	13,543	12,525
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	1,140	177

Income Per Share_Income Per C_4

Income Per Share/Income Per Class A Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Income from continuing operations, net of income attributable to noncontrolling interests	$ 17,494	$ 194,150
Loss from discontinued operations	0	(128)
Net income attributable to Vornado / Vornado Realty L.P.	17,494	194,022
Preferred share dividends / unit distributions	(12,531)	(12,534)
NET INCOME attributable to common shareholders / Class A unitholders	4,963	181,488
Earnings allocated to unvested participating securities	(51)	(19)
Numerator for basic income (loss) per share / per Class A unit	4,912	181,469
Convertible preferred share dividends / unit distributions	0	15
Numerator for diluted income (loss) per share	$ 4,912	$ 181,484
Denominator:
Denominator for basic income per share - weighted average shares (in shares)	191,038	190,689
Vornado employee stock options and restricted share / unit awards (in shares)	75	271
Convertible preferred shares/units	0	36
Denominator for diluted income (loss) per share - weighted average shares and assumed conversions (in shares)	191,113	190,996
INCOME PER COMMON SHARE - BASIC:
Net income per common share (in dollars per share)	$ 0.03	$ 0.95
INCOME PER COMMON SHARE - DILUTED:
Net income per common share (in dollars per share)	$ 0.03	$ 0.95
Vornado Realty L.P.
Numerator:
Income from continuing operations, net of income attributable to noncontrolling interests	$ 17,884	$ 206,361
Loss from discontinued operations	0	(137)
Net income attributable to Vornado / Vornado Realty L.P.	17,884	206,224
Preferred share dividends / unit distributions	(12,572)	(12,575)
NET INCOME attributable to common shareholders / Class A unitholders	5,312	193,649
Earnings allocated to unvested participating securities	(4,918)	(1,147)
Numerator for basic income (loss) per share / per Class A unit	394	192,502
Convertible preferred share dividends / unit distributions	0	15
Numerator for diluted income (loss) per Class A unit	$ 394	$ 192,517
Denominator:
Denominator for basic income (loss) per Class A unit – weighted average units (in shares)	203,370	202,772
Vornado employee stock options and restricted share / unit awards (in shares)	146	536
Convertible preferred shares/units	0	36
Denominator for diluted income (loss) per Class A unit - weighted average units and assumed conversions	203,516	203,344
INCOME PER CLASS A UNIT - BASIC:
Net income per Class A unit (in dollars per unit)	$ 0	$ 0.95
INCOME PER CLASS A UNIT - DILUTED:
Net income per Class A unit (in dollars per unit)	$ 0	$ 0.95

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) ft² in Thousands	1 Months Ended	3 Months Ended
	Nov. 30, 2011extension	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jul. 31, 2018USD ($)ft²
Other Commitments
Lease liabilities		$ 497,531,000	$ 498,254,000
Right-of-use assets		378,257,000	$ 379,546,000
Guarantees and master leases		1,543,000,000
Clawback payment		24,300,000
Commitment to fund additional capital to partially owned entities		11,000,000
Construction commitment		559,000,000
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%
Non-Certified Acts of Terrorism
Insurance
Insurance maximum coverage limit in aggregate		$ 1,200,000,000
Terrorism Acts
Insurance
Insurance limit per occurrence		6,000,000,000
Insurance maximum coverage limit in aggregate		6,000,000,000
NBCR Acts
Insurance
Insurance limit per occurrence		5,000,000,000
Insurance maximum coverage limit in aggregate		5,000,000,000
PPIC | NBCR Acts
Insurance
Insurance deductible		$ 1,430,413
Insurance deductible percentage of balance of covered loss		20.00%
Farley Office and Retail Building | General Liability
Insurance
Insurance limit per occurrence		$ 100,000,000
Farley Office and Retail Building | Non-Certified Acts of Terrorism
Insurance
Insurance limit per occurrence		1,000,000,000
Insurance maximum coverage limit in aggregate		1,000,000,000
Farley Office and Retail Building | Terrorism Acts
Insurance
Insurance limit per occurrence		1,000,000,000
Insurance maximum coverage limit in aggregate		1,000,000,000
Farley Office and Retail Building | Property and Development Activities
Insurance
Insurance limit per occurrence		2,800,000,000
Insurance maximum coverage limit in aggregate		$ 2,800,000,000
Joint Venture | Farley Office and Retail Building
Other Commitments
Equity method ownership percentage		95.00%
345 Montgomery Street | Regus PLC
Other Commitments
Guarantor obligations, maximum exposure, undiscounted				$ 90,000,000
608 Fifth Avenue
Other Commitments
Lease liabilities		$ 71,071,000
Subsidiary of Regus PLC | 345 Montgomery Street
Other Commitments
Square footage of real estate property (in sqft) | ft²				78
Lessor, operating lease, lease not yet commenced, term of contract				15 years
New York City Economic Development Corporation
Other Commitments
Operating lease, term of contract	49 years
Leases, number of renewal terms | extension	5
Lease, term (in years)	10 years
Annual rent payments		2,000,000
Lease liabilities		45,790,000
Right-of-use assets		34,732,000
Unsecured Revolving Credit Facilities
Other Commitments
Outstanding letters of credit		$ 17,458,000

Segment Information (Narrative)

Segment Information (Narrative) (Details)	3 Months Ended
	Mar. 31, 2020segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Information (Summary of

Segment Information (Summary of net income and EBITDA reconciliation by segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting [Abstract]
Net (loss) income	$ (104,503)	$ 213,044
Depreciation and amortization expense	92,793	116,709
General and administrative expense	52,834	58,020
Transaction related costs, impairment losses and other	71	149
Income from partially owned entities	(19,103)	(7,320)
Loss from real estate fund investments	183,463	167
Interest and other investment loss (income), net	5,904	(5,045)
Interest and debt expense	58,842	102,463
Net gains on disposition of wholly owned and partially owned assets	(68,589)	(220,294)
Income tax expense	12,813	29,743
Loss from discontinued operations	0	137
NOI from partially owned entities	81,881	67,402
NOI attributable to noncontrolling interests in consolidated subsidiaries	(15,493)	(17,403)
NOI at share	280,913	337,772
Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	3,076	(5,181)
NOI at share - cash basis	$ 283,989	$ 332,591

Segment Information - Summary o

Segment Information - Summary of NOI by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Information
Total revenues	$ 444,532	$ 534,668
Operating expenses	(230,007)	(246,895)
NOI - consolidated	214,525	287,773
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(15,493)	(17,403)
Add: NOI from partially owned entities	81,881	67,402
NOI at share	280,913	337,772
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	3,076	(5,181)
NOI at share - cash basis	283,989	332,591
New York
Segment Information
Total revenues	355,615	443,285
Operating expenses	(183,031)	(198,095)
NOI - consolidated	172,584	245,190
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(8,433)	(11,407)
Add: NOI from partially owned entities	78,408	49,575
NOI at share	242,559	283,358
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	1,106	(6,618)
NOI at share - cash basis	243,665	276,740
Other
Segment Information
Total revenues	88,917	91,383
Operating expenses	(46,976)	(48,800)
NOI - consolidated	41,941	42,583
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(7,060)	(5,996)
Add: NOI from partially owned entities	3,473	17,827
NOI at share	38,354	54,414
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	1,970	1,437
NOI at share - cash basis	$ 40,324	$ 55,851