Vornado Realty Trust (VNO) 10-Q 6 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover	3 Months Ended
	Mar. 31, 2024 shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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 Common Stock, Shares Outstanding	190,483,416
Entity Central Index Key	0000899689
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Common Shares of beneficial interest, $.04 par value per share
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
5.40% Series L
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
Entity Information [Line Items]
Title of 12(b) Security	5.25% Series M
Entity Trading Symbol	VNO/PM
Security Exchange Name	NYSE
5.25% Series N
Entity Information [Line Items]
Title of 12(b) Security	5.25% Series N
Entity Trading Symbol	VNO/PN
Security Exchange Name	NYSE
4.45% Series O
Entity Information [Line Items]
Title of 12(b) Security	4.45% Series O
Entity Trading Symbol	VNO/PO
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	2024

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Real estate, at cost:
Land	$ 2,436,221	$ 2,436,221
Buildings and improvements	10,017,573	9,952,954
Development costs and construction in progress	1,322,810	1,281,076
Leasehold improvements and equipment	131,762	130,953
Total	13,908,366	13,801,204
Less accumulated depreciation and amortization	(3,837,679)	(3,752,827)
Real estate, net	10,070,687	10,048,377
Right-of-use assets	678,951	680,044
Cash and cash equivalents	892,652	997,002
Restricted cash	256,268	264,582
Tenant and other receivables	76,627	69,543
Investments in partially owned entities	2,599,134	2,610,558
220 Central Park South condominium units ready for sale	36,578	35,941
Receivable arising from the straight-lining of rents	706,280	701,666
Deferred leasing costs, net of accumulated amortization of $257,027 and $249,347	355,790	355,010
Identified intangible assets, net of accumulated amortization of $101,641 and $98,589	124,887	127,082
Other assets	409,311	297,860
Assets	16,207,165	16,187,665
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net	5,690,639	5,688,020
Senior unsecured notes, net	1,194,383	1,193,873
Unsecured term loan, net	794,906	794,559
Unsecured revolving credit facilities	575,000	575,000
Lease liabilities	737,500	732,859
Accounts payable and accrued expenses	388,988	411,044
Deferred revenue	30,877	32,199
Deferred compensation plan	108,919	105,245
Other liabilities	308,643	311,132
Total liabilities	9,829,855	9,843,931
Commitments and contingencies
Redeemable noncontrolling interests:
Total redeemable noncontrolling interests	643,142	638,448
Shareholders' equity:
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 48,792,902 shares	1,182,459	1,182,459
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 190,483,416 and 190,390,703 shares	7,598	7,594
Additional capital	8,261,568	8,263,291
Earnings less than distributions	(4,018,454)	(4,009,395)
Accumulated other comprehensive income	105,916	65,115
Total shareholders' / partners' equity	5,539,087	5,509,064
Noncontrolling interests in consolidated subsidiaries	195,081	196,222
Total equity	5,734,168	5,705,286
Total liabilities, redeemable noncontrolling interests / partnership units and equity	16,207,165	16,187,665
Partnership Interest
Redeemable noncontrolling interests:
Class A units - 17,116,176 and 17,000,030 units outstanding	492,432	480,251
Series D cumulative redeemable preferred units - 141,400 units outstanding	3,535	3,535
Total redeemable noncontrolling interests	495,967	483,786
Redeemable noncontrolling interest in a consolidated subsidiary
Redeemable noncontrolling interests:
Total redeemable noncontrolling interests	$ 147,175	$ 154,662

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Deferred leasing costs, accumulated amortization	$ 257,027	$ 249,347
Identified intangible assets, accumulated amortization	$ 101,641	$ 98,589
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Preferred shares of beneficial interest: par value per share (in dollars per share)	$ 0	$ 0
Preferred shares of beneficial interest: authorized shares (in shares)	110,000,000	110,000,000
Preferred shares of beneficial interest: issued shares (in shares)	48,792,902	48,792,902
Preferred shares of beneficial interest: outstanding shares (in shares)	48,792,902	48,792,902
Common shares of beneficial interest: par value per share (in dollars per share)	$ 0.04	$ 0.04
Common shares of beneficial interest: authorized shares (in shares)	250,000,000	250,000,000
Common shares of beneficial interest: issued shares (in shares)	190,483,416	190,390,703
Common shares of beneficial interest: outstanding shares (in shares)	190,483,416	190,390,703
Class A Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding partnership units held by third parties (in shares)	17,116,176	17,000,030
Cumulative Redeemable Preferred Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding partnership units held by third parties (in shares)	141,400	141,400

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
REVENUES:
Total revenues	$ 436,375	$ 445,923
EXPENSES:
Operating	(226,224)	(228,773)
Depreciation and amortization	(108,659)	(106,565)
General and administrative	(37,897)	(41,595)
Expense from deferred compensation plan liability	(4,520)	(3,728)
Transaction related costs and other	(653)	(658)
Total expenses	(377,953)	(381,319)
Income from partially owned entities	16,279	16,666
Interest and other investment income, net	11,724	9,584
Income from deferred compensation plan assets	4,520	3,728
Interest and debt expense	(90,478)	(86,237)
Net gains on disposition of wholly owned and partially owned assets	0	7,520
Income before income taxes	467	15,865
Income tax expense	(6,740)	(4,667)
Net (loss) income	(6,273)	11,198
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	11,982	9,928
Operating Partnership	786	(429)
Net income	6,495	20,697
Preferred dividends	(15,529)	(15,529)
NET (LOSS) INCOME	$ (9,034)	$ 5,168
(LOSS) INCOME PER COMMON SHARE - BASIC:
Net (loss) income per common share (in dollars per share)	$ (0.05)	$ 0.03
Weighted average shares outstanding, basic (in shares)	190,429	191,869
(LOSS) INCOME PER COMMON SHARE - DILUTED:
Net (loss) income per common share (in dollars per share)	$ (0.05)	$ 0.03
Weighted average shares outstanding, diluted (in shares)	190,429	191,881
Rental revenues
REVENUES:
Total revenues	$ 389,278	$ 396,793
Fee and other income
REVENUES:
Total revenues	$ 47,097	$ 49,130

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (6,273)	$ 11,198
Other comprehensive income (loss):
Change in fair value of consolidated interest rate hedges and other	48,209	(81,536)
Other comprehensive loss of nonconsolidated subsidiaries	(542)	(3,329)
Comprehensive income (loss)	41,394	(73,667)
Less comprehensive loss attributable to noncontrolling interests	5,924	15,838
Comprehensive income (loss) attributable to Vornado / Vornado Realty L.P.	$ 47,318	$ (57,829)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Preferred Shares	Common Shares	Additional Capital	Earnings Less Than Distributions	Accumulated Other Comprehensive Income	Non-controlling Interests in Consolidated Subsidiaries
Beginning balance (in shares) at Dec. 31, 2022		48,793,000
Beginning balance at Dec. 31, 2022	$ 6,076,380	$ 1,182,459	$ 7,654	$ 8,369,228	$ (3,894,580)	$ 174,967	$ 236,652
Beginning balance (in shares) at Dec. 31, 2022			191,867,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	20,697				20,697
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries	(684)						(684)
Dividends on common shares	(71,950)				(71,950)
Distributions to preferred unitholders (see Note 10 for distributions per share/unit amounts)	(15,529)				(15,529)
Common shares issued: / Class A Units issued to Vornado
Common shares issued upon redemption of Class A units, at redemption value (in shares)			9,000
Common shares issued upon redemption of Class A units, at redemption value	187			187
Under dividend reinvestment plan (in shares)			6,000
Under dividend reinvestment plan	146			146
Contributions	6,128						6,128
Distributions	(811)						(811)
Deferred compensation shares and options (in shares)			(1,000)
Deferred compensation shares and options	54			84	(30)
Other comprehensive loss of nonconsolidated subsidiaries	(3,329)					(3,329)
Change in fair value of consolidated interest rate hedges and other	(81,536)					(81,536)
Redeemable Class A unit measurement adjustment	(23,843)			(22,964)		(879)
Unearned 2020 Out-Performance Plan and 2019 Performance AO LTIP awards	20,668			20,668
Operating Partnership	(6,080)					(6,080)
Consolidated subsidiaries	0					259	(259)
Ending balance (in shares) at Mar. 31, 2023		48,793,000
Ending balance at Mar. 31, 2023	$ 5,932,658	$ 1,182,459	$ 7,654	8,367,349	(3,961,392)	95,562	241,026
Ending balance (in shares) at Mar. 31, 2023			191,881,000
Beginning balance (in shares) at Dec. 31, 2023	48,792,902	48,793,000
Beginning balance at Dec. 31, 2023	$ 5,705,286	$ 1,182,459	$ 7,594	8,263,291	(4,009,395)	65,115	196,222
Beginning balance (in shares) at Dec. 31, 2023	190,390,703		190,391,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 6,495				6,495
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries	(4,495)						(4,495)
Distributions to preferred unitholders (see Note 10 for distributions per share/unit amounts)	(15,529)				(15,529)
Common shares issued: / Class A Units issued to Vornado
Common shares issued upon redemption of Class A units, at redemption value (in shares)			93,000
Common shares issued upon redemption of Class A units, at redemption value	2,489		$ 4	2,485
Contributions	270						270
Distributions	(78)						(78)
Other comprehensive loss of nonconsolidated subsidiaries	(542)					(542)
Change in fair value of consolidated interest rate hedges and other	48,209					48,209
Redeemable Class A unit measurement adjustment	(4,375)			(4,353)		(22)
Operating Partnership	(3,682)					(3,682)
Consolidated subsidiaries	0					(3,162)	3,162
Other (in shares)			(1,000)
Other	$ 120			145	(25)
Ending balance (in shares) at Mar. 31, 2024	48,792,902	48,793,000
Ending balance at Mar. 31, 2024	$ 5,734,168	$ 1,182,459	$ 7,598	$ 8,261,568	$ (4,018,454)	$ 105,916	$ 195,081
Ending balance (in shares) at Mar. 31, 2024	190,483,416		190,483,000

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parentheticals)	3 Months Ended
	Mar. 31, 2023 $ / shares
Statement of Stockholders' Equity [Abstract]
Common shares, dividends (in dollars per share)	$ 0.375

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows from Operating Activities:
Net (loss) income	$ (6,273)	$ 11,198
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs)	114,010	112,578
Distributions of income from partially owned entities	30,438	38,706
Equity in net income of partially owned entities	(16,279)	(16,666)
Amortization of interest rate cap premiums	11,514	427
Stock-based compensation expense	7,519	11,714
Straight-lining of rents	(4,571)	3,821
Change in deferred tax liability	3,947	2,591
Amortization of below-market leases, net	(693)	(1,367)
Net gains on disposition of wholly owned and partially owned assets	0	(7,520)
Other non-cash adjustments	1,247	1,645
Changes in operating assets and liabilities:
Tenant and other receivables	(8,505)	(13,862)
Prepaid assets	(57,910)	(72,347)
Other assets	(32,447)	(6,746)
Lease liabilities	4,641	4,332
Accounts payable and accrued expenses	(14,251)	(1,411)
Other liabilities	(902)	24,779
Net cash provided by operating activities	31,485	91,872
Cash Flows from Investing Activities:
Development costs and construction in progress	(75,292)	(135,550)
Additions to real estate	(51,307)	(57,032)
Investments in partially owned entities	(2,026)	(8,833)
Proceeds from maturities of U.S. Treasury bills	0	197,294
Proceeds from repayment of participation in 150 West 34th Street mortgage loan	0	105,000
Proceeds from sale of condominium units at 220 Central Park South	0	14,216
Distributions of capital from partially owned entities	0	11,559
Acquisitions of real estate and other	0	(1,000)
Net cash (used in) provided by investing activities	(128,625)	125,654
Cash Flows from Financing Activities:
Dividends paid on preferred shares	(15,529)	(15,529)
Deferred financing costs	(279)	(2,798)
Contributions from noncontrolling interests	270	2,129
Distributions to noncontrolling interests	(106)	(6,412)
Repayments of borrowings	0	(110,400)
Dividends paid on common shares	0	(71,950)
Other financing activity, net	120	116
Net cash used in financing activities	(15,524)	(204,844)
Net (decrease) increase in cash and cash equivalents and restricted cash	(112,664)	12,682
Cash and cash equivalents and restricted cash at beginning of period	1,261,584	1,021,157
Cash and cash equivalents and restricted cash at end of period	1,148,920	1,033,839
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	997,002	889,689
Restricted cash at beginning of period	264,582	131,468
Cash and cash equivalents and restricted cash at beginning of period	1,261,584	1,021,157
Cash and cash equivalents at end of period	892,652	890,957
Restricted cash at end of period	256,268	142,882
Cash and cash equivalents and restricted cash at end of period	1,148,920	1,033,839
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest (excluding capitalized interest) and interest rate cap premiums	69,970	85,429
Cash payments for income taxes	1,605	2,175
Non-Cash Information:
Change in fair value of consolidated interest rate hedges and other	48,209	(81,536)
Accrued capital expenditures included in accounts payable and accrued expenses	44,254	70,132
Write-off of fully depreciated assets	(12,559)	(17,776)
Redeemable Class A unit measurement adjustment	$ (4,375)	$ (23,843)

CONSOLIDATED BALANCE SHEETS_2

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Real estate, at cost:
Land	$ 2,436,221	$ 2,436,221
Buildings and improvements	10,017,573	9,952,954
Development costs and construction in progress	1,322,810	1,281,076
Leasehold improvements and equipment	131,762	130,953
Total	13,908,366	13,801,204
Less accumulated depreciation and amortization	(3,837,679)	(3,752,827)
Real estate, net	10,070,687	10,048,377
Right-of-use assets	678,951	680,044
Cash and cash equivalents	892,652	997,002
Restricted cash	256,268	264,582
Tenant and other receivables	76,627	69,543
Investments in partially owned entities	2,599,134	2,610,558
220 Central Park South condominium units ready for sale	36,578	35,941
Receivable arising from the straight-lining of rents	706,280	701,666
Deferred leasing costs, net of accumulated amortization of $257,027 and $249,347	355,790	355,010
Identified intangible assets, net of accumulated amortization of $101,641 and $98,589	124,887	127,082
Other assets	409,311	297,860
Assets	16,207,165	16,187,665
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net	5,690,639	5,688,020
Senior unsecured notes, net	1,194,383	1,193,873
Unsecured term loan, net	794,906	794,559
Unsecured revolving credit facilities	575,000	575,000
Lease liabilities	737,500	732,859
Accounts payable and accrued expenses	388,988	411,044
Deferred revenue	30,877	32,199
Deferred compensation plan	108,919	105,245
Other liabilities	308,643	311,132
Total liabilities	9,829,855	9,843,931
Commitments and contingencies
Redeemable noncontrolling interests:
Total redeemable noncontrolling interests	643,142	638,448
Partners' equity:
Earnings less than distributions	(4,018,454)	(4,009,395)
Accumulated other comprehensive income	105,916	65,115
Total shareholders' / partners' equity	5,539,087	5,509,064
Noncontrolling interests in consolidated subsidiaries	195,081	196,222
Total equity	5,734,168	5,705,286
Total liabilities, redeemable noncontrolling interests / partnership units and equity	16,207,165	16,187,665
Partnership Interest
Redeemable noncontrolling interests:
Class A units - 17,116,176 and 17,000,030 units outstanding	492,432	480,251
Series D cumulative redeemable preferred units - 141,400 units outstanding	3,535	3,535
Total redeemable noncontrolling interests	495,967	483,786
Redeemable noncontrolling interest in a consolidated subsidiary
Redeemable noncontrolling interests:
Total redeemable noncontrolling interests	147,175	154,662
Vornado Realty L.P.
Real estate, at cost:
Land	2,436,221	2,436,221
Buildings and improvements	10,017,573	9,952,954
Development costs and construction in progress	1,322,810	1,281,076
Leasehold improvements and equipment	131,762	130,953
Total	13,908,366	13,801,204
Less accumulated depreciation and amortization	(3,837,679)	(3,752,827)
Real estate, net	10,070,687	10,048,377
Right-of-use assets	678,951	680,044
Cash and cash equivalents	892,652	997,002
Restricted cash	256,268	264,582
Tenant and other receivables	76,627	69,543
Investments in partially owned entities	2,599,134	2,610,558
220 Central Park South condominium units ready for sale	36,578	35,941
Receivable arising from the straight-lining of rents	706,280	701,666
Deferred leasing costs, net of accumulated amortization of $257,027 and $249,347	355,790	355,010
Identified intangible assets, net of accumulated amortization of $101,641 and $98,589	124,887	127,082
Other assets	409,311	297,860
Assets	16,207,165	16,187,665
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net	5,690,639	5,688,020
Senior unsecured notes, net	1,194,383	1,193,873
Unsecured term loan, net	794,906	794,559
Unsecured revolving credit facilities	575,000	575,000
Lease liabilities	737,500	732,859
Accounts payable and accrued expenses	388,988	411,044
Deferred revenue	30,877	32,199
Deferred compensation plan	108,919	105,245
Other liabilities	308,643	311,132
Total liabilities	9,829,855	9,843,931
Commitments and contingencies
Redeemable noncontrolling interests:
Total redeemable noncontrolling interests	643,142	638,448
Partners' equity:
Partners' capital	9,451,625	9,453,344
Earnings less than distributions	(4,018,454)	(4,009,395)
Accumulated other comprehensive income	105,916	65,115
Total shareholders' / partners' equity	5,539,087	5,509,064
Noncontrolling interests in consolidated subsidiaries	195,081	196,222
Total equity	5,734,168	5,705,286
Total liabilities, redeemable noncontrolling interests / partnership units and equity	16,207,165	16,187,665
Vornado Realty L.P. | Partnership Interest
Redeemable noncontrolling interests:
Class A units - 17,116,176 and 17,000,030 units outstanding	492,432	480,251
Series D cumulative redeemable preferred units - 141,400 units outstanding	3,535	3,535
Total redeemable noncontrolling interests	495,967	483,786
Vornado Realty L.P. | Redeemable noncontrolling interest in a consolidated subsidiary
Redeemable noncontrolling interests:
Total redeemable noncontrolling interests	$ 147,175	$ 154,662

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Deferred leasing costs, accumulated amortization	$ 257,027	$ 249,347
Identified intangible assets, accumulated amortization	$ 101,641	$ 98,589
Class A Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding partnership units held by third parties (in shares)	17,116,176	17,000,030
Cumulative Redeemable Preferred Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding partnership units held by third parties (in shares)	141,400	141,400
Vornado Realty L.P.
ASSETS
Deferred leasing costs, accumulated amortization	$ 257,027	$ 249,347
Identified intangible assets, accumulated amortization	$ 101,641	$ 98,589
Vornado Realty L.P. | Class A Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding partnership units held by third parties (in shares)	17,116,176	17,000,030
Vornado Realty L.P. | Cumulative Redeemable Preferred Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding partnership units held by third parties (in shares)	141,400	141,400

CONSOLIDATED STATEMENTS OF IN_2

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
REVENUES:
Total revenues	$ 436,375	$ 445,923
EXPENSES:
Operating	(226,224)	(228,773)
Depreciation and amortization	(108,659)	(106,565)
General and administrative	(37,897)	(41,595)
Expense from deferred compensation plan liability	(4,520)	(3,728)
Transaction related costs and other	(653)	(658)
Total expenses	(377,953)	(381,319)
Income from partially owned entities	16,279	16,666
Interest and other investment income, net	11,724	9,584
Income from deferred compensation plan assets	4,520	3,728
Interest and debt expense	(90,478)	(86,237)
Net gains on disposition of wholly owned and partially owned assets	0	7,520
Income before income taxes	467	15,865
Income tax expense	(6,740)	(4,667)
Net (loss) income	(6,273)	11,198
Less net loss attributable to noncontrolling interests in consolidated subsidiaries	11,982	9,928
Net income	6,495	20,697
Preferred dividends/distributions	(15,529)	(15,529)
NET (LOSS) INCOME	(9,034)	5,168
Rental revenues
REVENUES:
Total revenues	389,278	396,793
Fee and other income
REVENUES:
Total revenues	47,097	49,130
Vornado Realty L.P.
REVENUES:
Total revenues	436,375	445,923
EXPENSES:
Operating	(226,224)	(228,773)
Depreciation and amortization	(108,659)	(106,565)
General and administrative	(37,897)	(41,595)
Expense from deferred compensation plan liability	(4,520)	(3,728)
Transaction related costs and other	(653)	(658)
Total expenses	(377,953)	(381,319)
Income from partially owned entities	16,279	16,666
Interest and other investment income, net	11,724	9,584
Income from deferred compensation plan assets	4,520	3,728
Interest and debt expense	(90,478)	(86,237)
Net gains on disposition of wholly owned and partially owned assets	0	7,520
Income before income taxes	467	15,865
Income tax expense	(6,740)	(4,667)
Net (loss) income	(6,273)	11,198
Less net loss attributable to noncontrolling interests in consolidated subsidiaries	11,982	9,928
Net income	5,709	21,126
Preferred dividends/distributions	(15,558)	(15,558)
NET (LOSS) INCOME	$ (9,849)	$ 5,568
(LOSS) INCOME PER CLASS A UNIT - BASIC:
Net income (loss) per Class A unit (in dollars per unit)	$ (0.05)	$ 0.03
Weighted average units outstanding, basic (in shares)	204,873	205,802
(LOSS) INCOME PER CLASS A UNIT - DILUTED:
Net income (loss) per Class A unit (in dollars per unit)	$ (0.05)	$ 0.03
Weighted average units outstanding, diluted (in shares)	204,873	205,814
Vornado Realty L.P. | Rental revenues
REVENUES:
Total revenues	$ 389,278	$ 396,793
Vornado Realty L.P. | Fee and other income
REVENUES:
Total revenues	$ 47,097	$ 49,130

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net (loss) income	$ (6,273)	$ 11,198
Other comprehensive income (loss):
Change in fair value of consolidated interest rate hedges and other	48,209	(81,536)
Other comprehensive loss of nonconsolidated subsidiaries	(542)	(3,329)
Comprehensive income (loss)	41,394	(73,667)
Less comprehensive loss attributable to noncontrolling interests in consolidated subsidiaries	5,924	15,838
Comprehensive income (loss) attributable to Vornado / Vornado Realty L.P.	47,318	(57,829)
Vornado Realty L.P.
Net (loss) income	(6,273)	11,198
Other comprehensive income (loss):
Change in fair value of consolidated interest rate hedges and other	48,209	(81,536)
Other comprehensive loss of nonconsolidated subsidiaries	(542)	(3,329)
Comprehensive income (loss)	41,394	(73,667)
Less comprehensive loss attributable to noncontrolling interests in consolidated subsidiaries	8,820	10,187
Comprehensive income (loss) attributable to Vornado / Vornado Realty L.P.	$ 50,214	$ (63,480)

CONSOLIDATED STATEMENTS OF CH_3

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Preferred Units	Earnings Less Than Distributions	Accumulated Other Comprehensive Income	Non-controlling Interests in Consolidated Subsidiaries	Vornado Realty L.P.	Vornado Realty L.P. Preferred Units	Vornado Realty L.P. Class A Units Owned by Vornado	Vornado Realty L.P. Earnings Less Than Distributions	Vornado Realty L.P. Accumulated Other Comprehensive Income	Vornado Realty L.P. Non-controlling Interests in Consolidated Subsidiaries
Beginning balance (in shares) at Dec. 31, 2022		48,793,000					48,793,000
Beginning balance at Dec. 31, 2022	$ 6,076,380	$ 1,182,459	$ (3,894,580)	$ 174,967	$ 236,652	$ 6,076,380	$ 1,182,459	$ 8,376,882	$ (3,894,580)	$ 174,967	$ 236,652
Beginning balance (in shares) at Dec. 31, 2022								191,867,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	20,697		20,697			21,126			21,126
Net loss attributable to redeemable partnership units	(429)		(429)
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries	(684)				(684)	(684)					(684)
Distributions to Vornado						(71,950)			(71,950)
Distributions to preferred unitholders (see Note 9 for distributions per share/unit amounts)	(15,529)		(15,529)			(15,529)			(15,529)
Common shares issued: / Class A Units issued to Vornado
Class A units redeemed for common shares (in shares)								9,000
Class A units redeemed for common shares	187					187		$ 187
Under Vornado's dividend reinvestment plan (in shares)								6,000
Under Vornado's dividend reinvestment plan	146					146		$ 146
Contributions	6,128				6,128	6,128					6,128
Distributions	(811)				(811)	(811)					(811)
Deferred compensation units and options (in shares)								(1,000)
Deferred compensation units and options	54		(30)			54		$ 84	(30)
Other comprehensive loss of nonconsolidated subsidiaries	(3,329)			(3,329)		(3,329)				(3,329)
Change in fair value of consolidated interest rate hedges and other	(81,536)			(81,536)		(81,536)				(81,536)
Redeemable Class A unit measurement adjustment	(23,843)			(879)		(23,843)		(22,964)		(879)
Unearned 2020 Out-Performance Plan and 2019 Performance AO LTIP awards	20,668					20,668		20,668
Other Comprehensive Income (Loss), Net Of Tax, Portion Attributable To Redeemable Partnership Units	(6,080)			(6,080)		(6,080)				(6,080)
Consolidated subsidiaries	0			259	(259)	0				259	(259)
Ending balance (in shares) at Mar. 31, 2023		48,793,000					48,793,000
Ending balance at Mar. 31, 2023	$ 5,932,658	$ 1,182,459	(3,961,392)	95,562	241,026	5,932,658	$ 1,182,459	$ 8,375,003	(3,961,392)	95,562	241,026
Ending balance (in shares) at Mar. 31, 2023								191,881,000
Beginning balance (in shares) at Dec. 31, 2023	48,792,902	48,793,000					48,793,000
Beginning balance at Dec. 31, 2023	$ 5,705,286	$ 1,182,459	(4,009,395)	65,115	196,222	5,705,286	$ 1,182,459	$ 8,270,885	(4,009,395)	65,115	196,222
Beginning balance (in shares) at Dec. 31, 2023	190,390,703							190,391,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 6,495		6,495			5,709			5,709
Net loss attributable to redeemable partnership units	786					786			786
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries	(4,495)				(4,495)	(4,495)					(4,495)
Distributions to preferred unitholders (see Note 9 for distributions per share/unit amounts)	(15,529)		(15,529)			(15,529)			(15,529)
Common shares issued: / Class A Units issued to Vornado
Class A units redeemed for common shares (in shares)								93,000
Class A units redeemed for common shares	2,489					2,489		$ 2,489
Contributions	270				270	270					270
Distributions	(78)				(78)	(78)					(78)
Other comprehensive loss of nonconsolidated subsidiaries	(542)			(542)		(542)				(542)
Change in fair value of consolidated interest rate hedges and other	48,209			48,209		48,209				48,209
Redeemable Class A unit measurement adjustment	(4,375)			(22)		(4,375)		$ (4,353)		(22)
Other Comprehensive Income (Loss), Net Of Tax, Portion Attributable To Redeemable Partnership Units	(3,682)			(3,682)		(3,682)				(3,682)
Consolidated subsidiaries	0			(3,162)	3,162	0				(3,162)	3,162
Other (in shares)								(1,000)
Other	$ 120		(25)			120		$ 145	(25)
Ending balance (in shares) at Mar. 31, 2024	48,792,902	48,793,000					48,793,000
Ending balance at Mar. 31, 2024	$ 5,734,168	$ 1,182,459	$ (4,018,454)	$ 105,916	$ 195,081	$ 5,734,168	$ 1,182,459	$ 8,269,166	$ (4,018,454)	$ 105,916	$ 195,081
Ending balance (in shares) at Mar. 31, 2024	190,483,416							190,483,000

CONSOLIDATED STATEMENTS OF CH_4

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parentheticals)	3 Months Ended
	Mar. 31, 2023 $ / shares
Common shares/units, dividends (in dollars per share)	$ 0.375
Vornado Realty L.P.
Common shares/units, dividends (in dollars per share)	$ 0.375

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows from Operating Activities:
Net (loss) income	$ (6,273)	$ 11,198
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs)	114,010	112,578
Distributions of income from partially owned entities	30,438	38,706
Equity in net income of partially owned entities	(16,279)	(16,666)
Amortization of interest rate cap premiums	11,514	427
Stock-based compensation expense	7,519	11,714
Straight-lining of rents	(4,571)	3,821
Change in deferred tax liability	3,947	2,591
Amortization of below-market leases, net	(693)	(1,367)
Net gains on disposition of wholly owned and partially owned assets	0	(7,520)
Other non-cash adjustments	1,247	1,645
Changes in operating assets and liabilities:
Tenant and other receivables	(8,505)	(13,862)
Prepaid assets	(57,910)	(72,347)
Other assets	(32,447)	(6,746)
Lease liabilities	4,641	4,332
Accounts payable and accrued expenses	(14,251)	(1,411)
Other liabilities	(902)	24,779
Net cash provided by operating activities	31,485	91,872
Cash Flows from Investing Activities:
Development costs and construction in progress	(75,292)	(135,550)
Additions to real estate	(51,307)	(57,032)
Investments in partially owned entities	(2,026)	(8,833)
Proceeds from maturities of U.S. Treasury bills	0	197,294
Proceeds from repayment of participation in 150 West 34th Street mortgage loan	0	105,000
Proceeds from sale of condominium units at 220 Central Park South	0	14,216
Distributions of capital from partially owned entities	0	11,559
Acquisitions of real estate and other	0	(1,000)
Net cash (used in) provided by investing activities	(128,625)	125,654
Cash Flows from Financing Activities:
Distributions to preferred unitholders	(15,529)	(15,529)
Deferred financing costs	(279)	(2,798)
Contributions from noncontrolling interests in consolidated subsidiaries	270	2,129
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries	(106)	(6,412)
Repayments of borrowings	0	(110,400)
Distributions to Vornado	0	(71,950)
Other financing activity, net	120	116
Net cash used in financing activities	(15,524)	(204,844)
Net (decrease) increase in cash and cash equivalents and restricted cash	(112,664)	12,682
Cash and cash equivalents and restricted cash at beginning of period	1,261,584	1,021,157
Cash and cash equivalents and restricted cash at end of period	1,148,920	1,033,839
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	997,002	889,689
Restricted cash at beginning of period	264,582	131,468
Cash and cash equivalents and restricted cash at beginning of period	1,261,584	1,021,157
Cash and cash equivalents at end of period	892,652	890,957
Restricted cash at end of period	256,268	142,882
Cash and cash equivalents and restricted cash at end of period	1,148,920	1,033,839
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest (excluding capitalized interest) and interest rate cap premiums	69,970	85,429
Cash payments for income taxes	1,605	2,175
Non-Cash Information:
Change in fair value of consolidated interest rate hedges and other	48,209	(81,536)
Accrued capital expenditures included in accounts payable and accrued expenses	44,254	70,132
Write-off of fully depreciated assets	(12,559)	(17,776)
Redeemable Class A unit measurement adjustment	(4,375)	(23,843)
Vornado Realty L.P.
Cash Flows from Operating Activities:
Net (loss) income	(6,273)	11,198
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs)	114,010	112,578
Distributions of income from partially owned entities	30,438	38,706
Equity in net income of partially owned entities	(16,279)	(16,666)
Amortization of interest rate cap premiums	11,514	427
Stock-based compensation expense	7,519	11,714
Straight-lining of rents	(4,571)	3,821
Change in deferred tax liability	3,947	2,591
Amortization of below-market leases, net	(693)	(1,367)
Net gains on disposition of wholly owned and partially owned assets	0	(7,520)
Other non-cash adjustments	1,247	1,645
Changes in operating assets and liabilities:
Tenant and other receivables	(8,505)	(13,862)
Prepaid assets	(57,910)	(72,347)
Other assets	(32,447)	(6,746)
Lease liabilities	4,641	4,332
Accounts payable and accrued expenses	(14,251)	(1,411)
Other liabilities	(902)	24,779
Net cash provided by operating activities	31,485	91,872
Cash Flows from Investing Activities:
Development costs and construction in progress	(75,292)	(135,550)
Additions to real estate	(51,307)	(57,032)
Investments in partially owned entities	(2,026)	(8,833)
Proceeds from maturities of U.S. Treasury bills	0	197,294
Proceeds from repayment of participation in 150 West 34th Street mortgage loan	0	105,000
Proceeds from sale of condominium units at 220 Central Park South	0	14,216
Distributions of capital from partially owned entities	0	11,559
Acquisitions of real estate and other	0	(1,000)
Net cash (used in) provided by investing activities	(128,625)	125,654
Cash Flows from Financing Activities:
Distributions to preferred unitholders	(15,529)	(15,529)
Deferred financing costs	(279)	(2,798)
Contributions from noncontrolling interests in consolidated subsidiaries	270	2,129
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries	(106)	(6,412)
Repayments of borrowings	0	(110,400)
Distributions to Vornado	0	(71,950)
Other financing activity, net	120	116
Net cash used in financing activities	(15,524)	(204,844)
Net (decrease) increase in cash and cash equivalents and restricted cash	(112,664)	12,682
Cash and cash equivalents and restricted cash at beginning of period	1,261,584	1,021,157
Cash and cash equivalents and restricted cash at end of period	1,148,920	1,033,839
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	997,002	889,689
Restricted cash at beginning of period	264,582	131,468
Cash and cash equivalents and restricted cash at beginning of period	1,261,584	1,021,157
Cash and cash equivalents at end of period	892,652	890,957
Restricted cash at end of period	256,268	142,882
Cash and cash equivalents and restricted cash at end of period	1,148,920	1,033,839
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest (excluding capitalized interest) and interest rate cap premiums	69,970	85,429
Cash payments for income taxes	1,605	2,175
Non-Cash Information:
Change in fair value of consolidated interest rate hedges and other	48,209	(81,536)
Accrued capital expenditures included in accounts payable and accrued expenses	44,254	70,132
Write-off of fully depreciated assets	(12,559)	(17,776)
Redeemable Class A unit measurement adjustment	$ (4,375)	$ (23,843)

Organization

Organization	3 Months Ended
	Mar. 31, 2024
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. (the “Operating Partnership”), a Delaware limited partnership. Vornado is the sole general partner of and owned approximately 91.0% of the common limited partnership interest in the Operating Partnership as of March 31, 2024. All references to the “Company,” “we,” “us” and “our” mean, collectively, Vornado, the Operating Partnership and those subsidiaries consolidated by Vornado.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2024
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 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, 2023, 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, 2024 are not necessarily indicative of the operating results for the full year. In addition, certain prior year balances have been reclassified in order to conform to the current period presentation.

Recently Issued Accounting Lite

Recently Issued Accounting Literature	3 Months Ended
	Mar. 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recently Issued Accounting Literature	Recently Issued Accounting Literature In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. The update also requires disclosure regarding the chief operating decision maker and expands the interim segment disclosure requirements. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of ASU 2023-07 on our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires entities to disclose additional information with respect to the effective tax rate reconciliation and to disclose the disaggregation by jurisdiction of income tax expense and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of ASU 2023-09 on our consolidated financial statements.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Below is a summary of our revenues by segment. Additional financial information related to these reportable segments for the three months ended March 31, 2024 and 2023 is set forth in Note 17 - Segment Information. (Amounts in thousands) For the Three Months Ended March 31, 2024 For the Three Months Ended March 31, 2023 Total New York Other Total New York Other Property rentals $ 369,883 $ 301,531 $ 68,352 $ 376,829 $ 307,722 $ 69,107 Trade shows 5,716 — 5,716 5,048 — 5,048 Lease revenues (1) 375,599 301,531 74,068 381,877 307,722 74,155 Tenant services 9,028 6,547 2,481 9,769 7,582 2,187 Parking revenues 4,651 3,657 994 5,147 4,212 935 Rental revenues 389,278 311,735 77,543 396,793 319,516 77,277 BMS cleaning fees 35,780 38,640 (2,860) (2) 35,328 37,678 (2,350) (2) Management and leasing fees 2,611 2,712 (101) 3,049 3,173 (124) Other income 8,706 5,147 3,559 10,753 3,447 7,306 Fee and other income 47,097 46,499 598 49,130 44,298 4,832 Total revenues $ 436,375 $ 358,234 $ 78,141 $ 445,923 $ 363,814 $ 82,109 ____________________ (1) The components of lease revenues were as follows: For the Three Months Ended March 31, 2024 2023 Fixed billings $ 331,014 $ 347,914 Variable billings 41,053 37,939 Total contractual operating lease billings 372,067 385,853 Adjustment for straight-line rents and amortization of acquired below-market leases and other, net 3,635 (3,976) Less: write-off of straight-line rent and tenant receivables deemed uncollectible (103) — Lease revenues $ 375,599 $ 381,877 (2) Represents the elimination of Building Maintenance Services LLC ("BMS") cleaning fees related to THE MART and 555 California Street which are included as income in the New York segment.

Investments in Partially Owned

Investments in Partially Owned Entities	3 Months Ended
	Mar. 31, 2024
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, 2024, 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 provide various services to Fifth Avenue and Times Square JV in accordance with management, development, leasing and other agreements. We also own $1.828 billion aggregate liquidation preference of preferred equity interests in certain of the Properties. The preferred equity has an annual coupon of 4.25% through April 2024, increasing to 4.75% for the subsequent five years and thereafter at a formulaic rate. It can be redeemed under certain conditions on a tax deferred basis. Fifth Avenue and Times Square JV operates pursuant to a limited partnership agreement (the “Partnership Agreement”) among VRLP, a wholly owned subsidiary of VRLP (“Vornado GP”) and the Investors. Vornado GP is the general partner of Fifth Avenue and Times Square JV. VRLP is jointly and severally liable with Vornado GP for Vornado GP’s obligations under the Partnership Agreement. Pursuant to the Partnership Agreement and the organizational documents of the entities owning the Properties, the Investors or directors of the entities owning the Properties appointed by the Investors, as the case may be, have the right to approve annual business plans and budgets for the Properties and certain other specified major decisions with respect to the Properties and Fifth Avenue and Times Square JV. The Partnership Agreement affords the Investors the right to remove and replace Vornado GP in the event Vornado GP or certain of its affiliates commit fraud or other bad acts in connection with Fifth Avenue and Times Square JV, become bankrupt or insolvent, or default on certain of their respective obligations under the Partnership Agreement (subject to notice and cure periods in certain circumstances). The Partnership Agreement includes (i) remedies for the failure of any partner to make a required capital contribution for necessary expenses and (ii) liquidity provisions, including transfer rights subject to mutual rights of first offer and a mutual buy-sell, customary for similar partnerships. Subject to certain limitations, either party may transfer more than 50% or control of its respective interests in Fifth Avenue and Times Square JV or exercise a buy-sell on a Property-by-Property basis (with only one property subject to a buy-sell at any time), and commencing April 18, 2029, either party may exercise a buy-sell on multiple properties concurrently. In the event the buy-sell is exercised with respect to any Property in which VRLP holds preferred equity and VRLP is the selling partner in the buy-sell, VRLP may elect whether or not to include its preferred equity in the buy-sell for the Property to be sold. As of March 31, 2024, the carrying amount of our investment in the joint venture was less than our share of the equity in the net assets of the joint venture by approximately $838,278,000, the basis difference primarily resulting from non-cash impairment losses recognized in prior periods. Substantially all of this basis difference was allocated, based on our estimates of the fair values of Fifth Avenue and Times Square JV’s assets and liabilities, to real estate (land and buildings). We are amortizing the basis difference related to the buildings into earnings as a reduction to depreciation expense over their estimated useful lives. Alexander's, Inc. ("Alexander's") (NYSE: ALX) As of March 31, 2024, 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. In addition, wholly owned subsidiaries of Vornado provide cleaning, engineering, security, and garage management services to certain Alexander’s properties. As of March 31, 2024, 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, 2024 closing share price of $217.14, was $359,164,000, or $273,904,000 in excess of the carrying amount on our consolidated balance sheets. As of March 31, 2024, the carrying amount of our investment in Alexander’s, excluding amounts owed to us, exceeded our share of the equity in the net assets of Alexander’s by approximately $29,494,000. 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. 5. Investments in Partially Owned Entities - continued Below is a schedule summarizing our investments in partially owned entities. (Amounts in thousands) Percentage Ownership as of March 31, 2024 Balance as of March 31, 2024 December 31, 2023 Investments: Fifth Avenue and Times Square JV (see page 22 51.5% $ 2,241,278 $ 2,242,972 Partially owned office buildings/land (1) Various 110,224 118,558 Alexander's (see page 22 32.4% 85,260 87,510 Other investments (2) Various 162,372 161,518 $ 2,599,134 $ 2,610,558 Investments in partially owned entities included in other liabilities (3) : 7 West 34th Street 53.0% $ (70,207) $ (69,899) 85 Tenth Avenue 49.9% (13,852) (11,330) $ (84,059) $ (81,229) ____________________ (1) Includes interests in 280 Park Avenue, 512 West 22nd Street, 61 Ninth Avenue and others. (2) Includes interests in Independence Plaza, Sunset Pier 94 Joint Venture (“Pier 94 JV”), Rosslyn Plaza 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 Ownership as of March 31, 2024 For the Three Months Ended March 31, 2024 2023 Our share of net income (loss): Fifth Avenue and Times Square JV (see page 22 Equity in net income 51.5% $ 9,291 $ 10,199 Return on preferred equity, net of our share of the expense 9,328 9,226 18,619 19,425 Alexander's (see page 22 Equity in net income 32.4% 5,154 3,571 Management, leasing and development fees 1,180 1,173 6,334 4,744 Partially owned office buildings (1) Various (10,403) (8,963) Other investments (2) Various 1,729 1,460 $ 16,279 $ 16,666 ____________________ (1) Includes interests in 280 Park Avenue, 7 West 34th Street, 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others. (2) Includes interests in Independence Plaza, Rosslyn Plaza and others.

Identified Intangible Assets an

Identified Intangible Assets and Liabilities	3 Months Ended
	Mar. 31, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Identified Intangible Assets and Liabilities	Identified Intangible Assets and Liabilities The following summarizes our identified intangible assets (primarily in-place and above-market leases) and liabilities (primarily below-market leases). (Amounts in thousands) Balance as of March 31, 2024 December 31, 2023 Identified intangible assets: Gross amount $ 226,528 $ 225,671 Accumulated amortization (101,641) (98,589) Total, net $ 124,887 $ 127,082 Identified intangible liabilities (included in deferred revenue): Gross amount $ 210,746 $ 206,771 Accumulated amortization (183,432) (178,282) Total, net $ 27,314 $ 28,489 Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental revenues of $693,000 and $1,367,000 for the three months ended March 31, 2024 and 2023, respectively. Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $1,711,000 and $1,987,000 for the three months ended March 31, 2024 and 2023, respectively.

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt The following is a summary of our debt: (Amounts in thousands) Weighted Average Interest Rate as of March 31, 2024 (1) Balance as of March 31, 2024 December 31, 2023 Mortgages Payable: Fixed rate (2) 3.87% $ 4,517,750 $ 4,518,200 Variable rate (3) 6.22% 1,211,865 1,211,415 Total 4.37% 5,729,615 5,729,615 Deferred financing costs, net and other (38,976) (41,595) Total, net $ 5,690,639 $ 5,688,020 Unsecured Debt: Senior unsecured notes 3.02% $ 1,200,000 $ 1,200,000 Deferred financing costs, net and other (5,617) (6,127) Senior unsecured notes, net 1,194,383 1,193,873 Unsecured term loan 4.78% 800,000 800,000 Deferred financing costs, net and other (5,094) (5,441) Unsecured term loan, net 794,906 794,559 Unsecured revolving credit facilities 3.87% 575,000 575,000 Total, net $ 2,564,289 $ 2,563,432 ____________________ (1) Represents the interest rate in effect as of period end based on the appropriate reference rate as of the contractual reset date plus contractual spread, adjusted for hedging instruments, as applicable. See Note 13 - Fair Value Measurements for further information on our consolidated hedging instruments. (2) Includes variable rate mortgages with interest rates fixed by interest rate swap arrangements and the $950,000 1290 Avenue of the Americas mortgage loan which is subject to a 1.00% SOFR interest rate cap arrangement. (3) Includes variable rate mortgages subject to interest rate cap arrangements, except for the 1290 Avenue of the Americas mortgage loan discussed above. As of March 31, 2024, $1,034,119 of our variable rate debt is subject to interest rate cap arrangements. The interest rate cap arrangements have a weighted average SOFR strike rate of 4.50% and a weighted average remaining term of eight months.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests	3 Months Ended
	Mar. 31, 2024
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interests	Redeemable Noncontrolling Interests Redeemable Noncontrolling Partnership Units Redeemable noncontrolling partnership units are primarily comprised of Class A Operating Partnership units held by third parties and are recorded at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’ capital” on the consolidated balance sheets of the Operating Partnership. Class A units may be tendered for redemption to the Operating Partnership for cash; Vornado, at its option, may assume that obligation and pay the holder either cash or Vornado common shares on a one-for-one basis. Because the number of Vornado common shares outstanding at all times equals the number of Class A units owned by Vornado, the redemption value of each Class A unit is equivalent to the market value of one Vornado common share, and a distribution made to a Class A unitholder is equal to the dividend paid to a Vornado common shareholder. Below is a table summarizing the activity of redeemable noncontrolling partnership units. (Amounts in thousands) For the Three Months Ended March 31, 2024 2023 Beginning balance $ 483,786 $ 348,692 Net (loss) income (786) 429 Other comprehensive income (loss) 3,682 (6,080) Distributions (28) (5,601) Redemption of Class A units for Vornado common shares, at redemption value (2,489) (187) Redeemable Class A unit measurement adjustment 4,375 23,843 Other, net 7,427 (9,353) Ending balance $ 495,967 $ 351,743 As of March 31, 2024 and December 31, 2023, the aggregate redemption value of redeemable Class A units of the Operating Partnership, which are those units held by third parties, was $492,432,000 and $480,251,000, respectively, based on Vornado’s quarter-end closing common share price. Redeemable noncontrolling 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 . Accordingly, the fair value of these units is included as a component of “other liabilities” on our consolidated balance sheets and aggregated $49,383,000 and $49,386,000 as of March 31, 2024 and December 31, 2023, respectively. Changes in the value from period to period, if any, are charged to “interest and debt expense” on our consolidated statements of income. Redeemable Noncontrolling Interest in a Consolidated Subsidiary A consolidated joint venture, in which we hold a 95% interest, developed and owns the Farley Building (the "Farley Project"). As of March 31, 2024, a historic tax credit investor (the "Tax Credit Investor") has funded $205,068,000 of capital contributions to the Farley Project in connection with the development. The arrangement includes a put option whereby the joint venture may be obligated to purchase the Tax Credit Investor’s ownership interest in the Farley Project at a future date. The put price is calculated based on a pre-determined formula. As exercise of the put option is outside of the joint venture’s control, the Tax Credit Investor’s interest, together with the put option, have been recorded to “redeemable noncontrolling interest in a consolidated subsidiary” on our consolidated balance sheets. The redeemable noncontrolling interest is recorded at the greater of the 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. There was no adjustment required for the three months ended March 31, 2024 and 2023. Below is a table summarizing the activity of the redeemable noncontrolling interest in a consolidated subsidiary. (Amounts in thousands) For the Three Months Ended March 31, 2024 2023 Beginning balance $ 154,662 $ 88,040 Net loss (7,487) (9,244) Ending balance $ 147,175 $ 78,796

Shareholders' Equity_Partners'

Shareholders' Equity/Partners' Capital	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Shareholders' Equity/Partners' Capital	Shareholders' Equity/Partners' Capital The following table sets forth the details of our dividends/distributions per common share/Class A unit and dividends/distributions per share/unit for each class of preferred shares/units of beneficial interest. (Per share/unit) For the Three Months Ended March 31, 2024 2023 Common shares/Class A units held by Vornado: authorized 250,000,000 shares/units $ — $ 0.375 Preferred shares/units (1) : Convertible preferred: 6.5% Series A: authorized 12,902 shares/units (2) 0.8125 0.8125 Cumulative redeemable preferred (3) : 5.40% Series L: authorized 13,800,000 shares/units 0.3375 0.3375 5.25% Series M: authorized 13,800,000 shares/units 0.3281 0.3281 5.25% Series N: authorized 12,000,000 shares/units 0.3281 0.3281 4.45% Series O: authorized 12,000,000 shares/units 0.2781 0.2781 ____________________ (1) Preferred share dividends/preferred unit distributions 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) Series L and Series M preferred shares/units are 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. Series N preferred shares/units are redeemable commencing November 2025 and Series O preferred shares/units are redeemable commencing September 2026, each at a redemption price of $25.00 per share/unit. We anticipate that we will pay a common share dividend for 2024 in the fourth quarter, subject to approval by our Board of Trustees. Share Repurchase Program In April 2023, our Board of Trustees authorized a share repurchase plan under which Vornado is authorized to repurchase up to $200,000,000 of its outstanding common shares. To the extent Vornado repurchases any of its common shares, in order to fund the common share repurchase and maintain the one-to-one ratio of the number of Vornado common shares outstanding and the number of Class A units owned by Vornado, the Operating Partnership will repurchase from Vornado an equal number of its Class A units at the same price. Share repurchases may be made from time to time in the open market, through privately negotiated transactions or through other means as permitted by federal securities laws, including through block trades, accelerated share repurchase transactions and/or trading plans intended to qualify under Rule 10b5-1. The timing, manner, price and amount of any repurchases will be determined in Vornado’s discretion depending on business, economic and market conditions, corporate and regulatory requirements, prevailing prices for Vornado’s common shares, alternative uses for capital and other considerations. The program does not have an expiration date and may be suspended or discontinued at any time and does not obligate Vornado to make any repurchases of its common shares. During the three months ended March 31, 2024, no shares were repurchased. In total, Vornado has repurchased 2,024,495 common shares at an average price per share of $14.40. The Operating Partnership repurchased Class A units from Vornado equivalent to the number and price of common shares repurchased by Vornado. As of March 31, 2024, $170,857,000 remained available and authorized for repurchases.

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation Vornado’s 2023 Omnibus Share Plan provides the Compensation Committee of Vornado’s Board of Trustees the ability to grant incentive and non-qualified Vornado stock options, restricted Vornado common shares, restricted Operating Partnership units (“LTIP Units”), out-performance plan awards (“OPP Units”), appreciation-only long-term incentive plan units (“AO LTIP Units”), performance conditioned appreciation-only long-term incentive plan units (“Performance AO LTIP Units”), and long-term performance plan units (“LTPP Units”) to certain of our employees and officers. Below is a summary of our stock-based compensation expense, a component of “general and administrative” expense on our consolidated statements of income. (Amounts in thousands) For the Three Months Ended March 31, 2024 2023 Performance AO LTIP Units $ 3,463 $ — LTIP Units 3,218 6,308 LTPP Units 630 3,924 OPP Units 208 1,365 Other — 117 $ 7,519 $ 11,714

(Loss) Income Per Share_(Loss)

(Loss) Income Per Share/(Loss) Income Per Class A Unit	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
(Loss) Income Per Share/(Loss) Income Per Class A Unit	(Loss) Income Per Share/(Loss) Income Per Class A Unit Vornado Realty Trust Basic net (loss) income per common share is computed by dividing (i) net (loss) income attributable to common stockholders after allocation of dividends and undistributed earnings to participating securities by (ii) the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the dilutive impact of potential common shares and is computed after allocation of earnings to participating securities. Vornado’s participating securities include unvested restricted common shares. Employee stock options, OPP Units, AO LTIP Units, Performance AO LTIP Units and LTPP Units are included in the calculation of diluted (loss) income per share using the treasury stock method, if the effect is dilutive. Series A convertible preferred shares, Series G-1 through G-4 convertible preferred units, and Series D-13 redeemable preferred units, are included in the calculation of diluted (loss) income per share using the if-converted method, if the effect is dilutive. Net (loss) income is allocated to redeemable Class A units of the Operating Partnership on a one-for-one basis with Vornado common shares. As such, redemption of these units for Vornado common shares would not have a dilutive effect on (loss) income per common share. (Amounts in thousands, except per share amounts) For the Three Months Ended March 31, 2024 2023 Numerator: Net income attributable to Vornado $ 6,495 $ 20,697 Preferred share dividends (15,529) (15,529) Net (loss) income attributable to common shareholders (9,034) 5,168 Distributions and earnings allocated to unvested participating securities — (1) Numerator for basic and diluted (loss) income per common share $ (9,034) $ 5,167 Denominator: Denominator for basic (loss) income per common share - weighted average shares 190,429 191,869 Effect of dilutive securities (1) : Share-based awards — 12 Denominator for diluted (loss) income per common share - weighted average shares and assumed conversions 190,429 191,881 (LOSS) INCOME PER COMMON SHARE: Basic $ (0.05) $ 0.03 Diluted $ (0.05) $ 0.03 _____________________________________ (1) The calculation of diluted loss per share for the three months ended March 31, 2024 excluded the following potential common shares as their inclusion would be antidilutive: (i) 13,777 Performance AO LTIP Units with an exercise price of $16.87, (ii) 1,749 common share equivalents of our convertible securities, and (iii) 556 LTPP Units deemed earned if the end of the reporting period were the end of the performance period. 11. (Loss) Income Per Share/(Loss) Income Per Class A Unit - continued Vornado Realty L.P. Basic net (loss) income per Class A unit is computed by dividing (i) net (loss) income attributable to Class A unitholders after allocation of distributions and undistributed earnings to participating securities by (ii) the weighted average number of Class A units outstanding for the period. Diluted earnings per unit reflects the dilutive impact of potential Class A units and is computed after allocation of earnings to participating securities. VRLP’s participating securities include unvested LTIP Units and LTPP Units for which the applicable performance vesting conditions were satisfied. Equity awards subject to market and/or performance vesting conditions, including Vornado stock options, OPP Units, AO LTIP Units, Performance AO LTIP Units and LTPP Units, are included in the calculation of diluted (loss) income per Class A unit using the treasury stock method, if the effect is dilutive. Convertible securities, including Series A convertible preferred units, Series G-1 through G-4 convertible preferred units, and Series D-13 redeemable preferred units, are included in the calculation of diluted (loss) income per Class A unit using the if-converted method, if the effect is dilutive. (Amounts in thousands, except per unit amounts) For the Three Months Ended March 31, 2024 2023 Numerator: Net income attributable to Vornado Realty L.P. $ 5,709 $ 21,126 Preferred unit distributions (15,558) (15,558) Net (loss) income attributable to Class A unitholders (9,849) 5,568 Distributions and earnings allocated to participating securities — (340) Numerator for basic and diluted (loss) income per Class A unit $ (9,849) $ 5,228 Denominator: Denominator for basic (loss) income per Class A unit – weighted average units 204,873 205,802 Effect of dilutive securities (1) : Unit-based payment awards — 12 Denominator for diluted (loss) income per Class A unit – weighted average units and assumed conversions 204,873 205,814 (LOSS) INCOME PER CLASS A UNIT: Basic $ (0.05) $ 0.03 Diluted $ (0.05) $ 0.03 ____________________ (1) The calculation of diluted loss per Class A unit for the three months ended March 31, 2024 excluded the following potential Class A units as their inclusion would be antidilutive: (i) 13,777 Performance AO LTIP Units with an exercise price of $16.87, (ii) 1,749 Class A unit equivalents of our convertible securities, and (iii) 556 LTPP Units deemed earned if the end of the reporting period were the end of the performance period.

Variable Interest Entities ("VI

Variable Interest Entities ("VIEs")	3 Months Ended
	Mar. 31, 2024
Variable Interest Entities [Abstract]
Variable Interest Entities ("VIEs")	Variable Interest Entities ("VIEs") Unconsolidated VIEs As of March 31, 2024 and December 31, 2023, we had several unconsolidated VIEs. We do not consolidate these entities because we are not the primary beneficiary and the nature of our involvement in the activities of these entities does not give us power over decisions that significantly affect these entities’ economic performance. We account for our investment in these entities under the equity method (see Note 5 – Investments in Partially Owned Entities ). As of March 31, 2024 and December 31, 2023, the carrying amount of assets related to our unconsolidated VIEs was $115,386,000 and $109,220,000, respectively, included in “investments in partially owned entities” on our consolidated balance sheets. Our maximum exposure to loss from our unconsolidated VIEs as of March 31, 2024 and December 31, 2023 was $183,476,000 and $196,394,000, respectively, which includes our completion guarantee provided to the lender of the Pier 94 JV. Consolidated VIEs Our most significant consolidated VIEs are the Operating Partnership (for Vornado), the Farley Project and certain properties that have noncontrolling interests. These entities are VIEs because the noncontrolling interests do not have substantive kick-out or participating rights. We consolidate these entities because we control all significant business activities. As of March 31, 2024, the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $4,887,050,000 and $2,733,197,000, respectively. As of December 31, 2023, the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $4,901,150,000 and $2,735,826,000, respectively.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
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 as well as certain U.S. Treasury securities that are highly liquid and are actively traded in secondary markets; 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. 13. 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) the assets in our deferred compensation plan (for which there is a corresponding liability on our consolidated balance sheets), (ii) loans receivable (for which we have elected the fair value option under ASC Subtopic 825-10, Financial Instruments ("ASC 825-10")), (iii) interest rate swaps and caps and (iv) 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, 2024 Total Level 1 Level 2 Level 3 Deferred compensation plan assets ($5,296 included in restricted cash and $103,623 in other assets) $ 108,919 $ 60,375 $ — $ 48,544 Loans receivable (included in investments in partially owned entities) 32,984 — — 32,984 Interest rate swaps and caps designated as a hedge (included in other assets) 168,853 — 168,853 — Interest rate caps not designated as a hedge (included in other assets) 2,472 — 2,472 — Total assets $ 313,228 $ 60,375 $ 171,325 $ 81,528 Mandatorily redeemable instruments (included in other liabilities) $ 49,383 $ 49,383 $ — $ — Sold interest rate caps not designated as a hedge (included in other liabilities) 2,438 — 2,438 — Total liabilities $ 51,821 $ 49,383 $ 2,438 $ — (Amounts in thousands) As of December 31, 2023 Total Level 1 Level 2 Level 3 Deferred compensation plan assets ($26,363 included in restricted cash and $78,883 in other assets) $ 105,246 $ 58,956 $ — $ 46,290 Loans receivable (included in investments in partially owned entities) 32,984 — — 32,984 Interest rate swaps and caps designated as a hedge (included in other assets) 138,772 — 138,772 — Interest rate caps not designated as a hedge (included in other assets) 4,154 — 4,154 — Total assets $ 281,156 $ 58,956 $ 142,926 $ 79,274 Mandatorily redeemable instruments (included in other liabilities) $ 49,386 $ 49,386 $ — $ — Interest rate swaps designated as a hedge (included in other liabilities) 7,239 — 7,239 — Sold interest rate caps not designated as a hedge (included in other liabilities) 4,092 — 4,092 — Total liabilities $ 60,717 $ 49,386 $ 11,331 $ — 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 that provide net asset values on a fair value basis from a third-party administrator, which are compiled from the quarterly reports provided to them from each limited partnership and investment fund. 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, 2024 Beginning balance $ 46,290 Purchases 1,118 Sales (1,876) Realized and unrealized gains 2,272 Other, net 740 Ending balance $ 48,544 13. Fair Value Measurements - continued Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued Derivatives and Hedging We use derivative instruments principally to reduce our exposure to interest rate increases. We do not enter into or hold derivative instruments for speculative trading purposes. We recognize the fair values of all derivatives in "other assets" or "other liabilities" on our consolidated balance sheets. Changes in the fair value of our cash flow hedges are 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 hedging instruments and hedged items, but will have no effect on cash flows. Cash payments and receipts related to our interest rate hedges are classified as operating activities and included within our disclosure of cash paid for interest on our consolidated statements of cash flows, consistent with the classification of the hedged interest payments. The following table summarizes our consolidated hedging instruments, all of which hedge variable rate debt, as of March 31, 2024 and December 31, 2023. (Amounts in thousands) As of March 31, 2024 As of December 31, 2023 Notional Amount All-In Swapped Rate Swap/Cap Expiration Date Fair Value Asset Fair Value Asset Fair Value Liability Interest rate swaps: 555 California Street mortgage loan: In-place swap $ 840,000 (1) 2.29% 05/24 $ 5,187 $ 15,494 $ — Forward swap (effective 05/24) 840,000 (1) 6.03% 05/26 6,108 — 6,091 770 Broadway mortgage loan 700,000 4.98% 07/27 29,953 20,306 — PENN 11 mortgage loan 500,000 (2) 6.28% 10/25 3,247 4,702 1,148 Unsecured revolving credit facility 575,000 3.87% 08/27 25,251 17,064 — Unsecured term loan 700,000 4.52% (3) 18,577 11,089 — 100 West 33rd Street mortgage loan 480,000 5.06% 06/27 10,826 3,550 — 888 Seventh Avenue mortgage loan 200,000 (4) 4.76% 09/27 7,299 4,340 — 4 Union Square South mortgage loan 97,750 (5) 3.74% 01/25 2,048 2,327 — Interest rate caps: 1290 Avenue of the Americas mortgage loan 950,000 (6) 11/25 54,223 53,784 — One Park Avenue mortgage loan 525,000 (7) 03/25 5,464 5,297 — Various mortgage loans 670 819 — $ 168,853 $ 138,772 $ 7,239 ____________________ (1) Represents our 70.0% share of the $1.2 billion mortgage loan. (2) In January 2024, we entered into an interest rate swap arrangement for $250,000 of the $500,000 PENN 11 mortgage loan. Together with the existing swap arrangement the loan will bear interest at an all-in swapped rate of 6.28% through October 2025. (3) Represents the aggregate fair value of various interest rate swap arrangements to hedge interest payments on our unsecured term loan, which matures in December 2027. The impact of these interest rate swap arrangements is detailed below: Swapped Balance All-In Swapped Rate Unswapped Balance (bears interest at S+129) 10/23 through 07/25 700,000 4.52% 100,000 07/25 through 10/26 550,000 4.35% 250,000 10/26 through 08/27 50,000 4.03% 750,000 (4) The remaining $59,800 mortgage loan balance bears interest at a floating rate of SOFR plus 1.80% (7.13% as of March 31, 2024). (5) The remaining $22,250 mortgage loan balance bears interest at a floating rate of SOFR plus 1.50% (6.83% as of March 31, 2024). (6) SOFR cap strike rate of 1.00%. In connection with the arrangement, we made a $63,100 up-front payment in November 2023, of which $18,930 was attributable to noncontrolling interests. (7) SOFR cap strike rate of 3.89%. 13. Fair Value Measurements - continued 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, 2024. As of December 31, 2023, we had $76,570,000 of assets measured at fair value on a nonrecurring basis, comprised of $55,097,000 of consolidated real estate assets and $21,473,000 of investments in partially owned entities. These assets were written down to estimated fair value for impairment purposes and were classified as Level 3 investments. The fair values of these assets were measured using discounted cash flow analyses and the significant unobservable quantitative inputs in the table below. As of December 31, 2023 Unobservable Quantitative Input Range Weighted Average Discount rates 7.50% - 8.00% 7.99% Terminal capitalization rates 5.50% 5.50% 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. The fair values of these instruments are estimated using discounted cash flow analyses 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, 2024 As of December 31, 2023 Carrying Fair Carrying Fair Cash equivalents $ 675,125 $ 675,000 $ 825,720 $ 826,000 Debt: Mortgages payable $ 5,729,615 $ 5,570,000 $ 5,729,615 $ 5,569,000 Senior unsecured notes 1,200,000 1,080,000 1,200,000 1,069,000 Unsecured term loan 800,000 800,000 800,000 800,000 Unsecured revolving credit facilities 575,000 575,000 575,000 575,000 Total $ 8,304,615 (1) $ 8,025,000 $ 8,304,615 (1) $ 8,013,000 ____________________ (1) Excludes $49,687 and $53,163 of deferred financing costs, net and other as of March 31, 2024 and December 31, 2023, respectively.

Interest and Other Investment I

Interest and Other Investment Income, Net	3 Months Ended
	Mar. 31, 2024
Interest and Other Income [Abstract]
Interest and Other Investment Income, Net	Interest and Other Investment Income, Net The following table sets forth the details of interest and other investment income, net: (Amounts in thousands) For the Three Months Ended March 31, 2024 2023 Interest on cash and cash equivalents and restricted cash $ 11,689 $ 5,674 Income (loss) from real estate fund investments 35 (19) Amortization of discount on investments in U.S. Treasury bills — 3,445 Interest on loans receivable — 484 $ 11,724 $ 9,584

Interest and Debt Expense

Interest and Debt Expense	3 Months Ended
	Mar. 31, 2024
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, 2024 2023 Interest expense $ 97,691 $ 89,081 Capitalized interest and debt expense (12,564) (8,857) Amortization of deferred financing costs 5,351 6,013 $ 90,478 $ 86,237

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Insurance For our properties, we maintain general liability insurance with limits of $300,000,000 per occurrence and per property, of which $275,000,000 includes communicable disease coverage and we maintain 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, excluding communicable disease coverage. 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 $2,112,753 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. Certain condominiums in which we own an interest (including the Farley Condominiums) maintain insurance policies with different per occurrence and aggregate limits than our policies described above. 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 January 2022, we exercised the second of three 25-year renewal options on our PENN 1 ground lease. The first renewal option period commenced June 2023 and, together with the second option exercise, extends the lease term through June 2073. The ground lease is subject to fair market value resets at each 25-year renewal period. The rent reset process for the June 2023 renewal period is currently ongoing and the timing is uncertain. The final fair market value determination may be materially higher or lower than our January 2022 estimate. We may, from time to time, enter into guarantees including, but not limited to, payment guarantees to lenders of unconsolidated joint ventures for tax purposes, completion guarantees for development and redevelopment projects, and guarantees to fund leasing costs. These agreements terminate either upon the satisfaction of specified obligations or repayment of the underlying loans. As of March 31, 2024, the aggregate dollar amount of these guarantees was approximately $1,177,000,000, primarily comprised of payment guarantees for the mortgage loans secured by 640 Fifth Avenue, 7 West 34th Street, and 435 Seventh Avenue and the completion guarantee provided to the lender of the Pier 94 JV. Other than these loans, our mortgage loans are non-recourse to us. As of March 31, 2024, $30,233,000 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 the credit rating assigned to our senior unsecured notes. 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. 16. Commitments and Contingencies - continued Other Commitments and Contingencies - continued Our 95% consolidated joint venture (5% is owned by Related Companies ("Related")) developed and owns the Farley Building. In connection with the development of the property, the joint venture admitted a historic tax credit investor partner. Under the terms of the historic tax credit arrangement, the joint venture is required to comply with various laws, regulations, and contractual provisions. Non-compliance with applicable requirements could result in projected tax benefits not being realized and, therefore, may require a refund or reduction of the Tax Credit Investor’s capital contributions. As of March 31, 2024, the Tax Credit Investor has made $205,068,000 in capital contributions. Vornado and Related have guaranteed certain of the joint venture’s obligations to the Tax Credit Investor. 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. As of March 31, 2024, our share of unfunded commitments to the Fund was $5,769,000. As of March 31, 2024, we had construction commitments aggregating approximately $70,625,000.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2024
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, accruals for ground rent resets yet to be determined, 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. Asset information by segment is not reported as we do not use this measure to assess segment performance or to make resource allocation decisions. Below is a summary of NOI at share and NOI at share - cash basis by segment for the three months ended March 31, 2024 and 2023. (Amounts in thousands) For the Three Months Ended March 31, 2024 Total New York Other Total revenues $ 436,375 $ 358,234 $ 78,141 Operating expenses (226,224) (188,278) (37,946) NOI - consolidated 210,151 169,956 40,195 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (11,396) (4,536) (6,860) Add: NOI from partially owned entities 70,369 67,709 2,660 NOI at share 269,124 233,129 35,995 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (1,511) (2,335) 824 NOI at share - cash basis $ 267,613 $ 230,794 $ 36,819 (Amounts in thousands) For the Three Months Ended March 31, 2023 Total New York Other Total revenues $ 445,923 $ 363,814 $ 82,109 Operating expenses (228,773) (188,321) (40,452) NOI - consolidated 217,150 175,493 41,657 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (11,764) (4,823) (6,941) Add: NOI from partially owned entities 68,097 65,324 2,773 NOI at share 273,483 235,994 37,489 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other 5,052 5,033 19 NOI at share - cash basis $ 278,535 $ 241,027 $ 37,508 17. 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, 2024 and 2023. (Amounts in thousands) For the Three Months Ended March 31, 2024 2023 Net (loss) income $ (6,273) $ 11,198 Depreciation and amortization expense 108,659 106,565 General and administrative expense 37,897 41,595 Transaction related costs and other 653 658 Income from partially owned entities (16,279) (16,666) Interest and other investment income, net (11,724) (9,584) Interest and debt expense 90,478 86,237 Net gains on disposition of wholly owned and partially owned assets — (7,520) Income tax expense 6,740 4,667 NOI from partially owned entities 70,369 68,097 NOI attributable to noncontrolling interests in consolidated subsidiaries (11,396) (11,764) NOI at share 269,124 273,483 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (1,511) 5,052 NOI at share - cash basis $ 267,613 $ 278,535

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events 280 Park Avenue On April 4, 2024, a joint venture, in which we have a 50% interest, amended and extended the $1,075,000,000 mortgage loan on 280 Park Avenue. The maturity date on the amended loan was extended to September 2026, with options to fully extend to September 2028, subject to certain conditions. The interest rate on the amended loan remains at SOFR plus 1.78%. Additionally, on April 4, 2024, the joint venture amended and extended the $125,000,000 mezzanine loan, and subsequently repaid the loan for $62,500,000. 435 Seventh Avenue On April 9, 2024, we completed a $75,000,000 refinancing of 435 Seventh Avenue, of which $37,500,000 is recourse to the Operating Partnership. The interest-only loan bears a rate of SOFR plus 2.10% and matures in April 2028. The interest rate on the loan was swapped to a fixed rate of 6.96% through April 2026. The loan replaces the previous $95,696,000 fully recourse loan, which bore interest at SOFR plus 1.41%. 220 Central Park South (“220 CPS”) On April 12, 2024, we closed on the sale of two condominium units at 220 CPS for net proceeds of $31,605,000; four units remain unsold. Unsecured Revolving Credit Facility On May 3, 2024, we extended one of our two unsecured revolving credit facilities to April 2029 (as fully extended). The new $915,000,000 facility replaces the existing $1.25 billion facility that was due to mature in April 2026. The new facility currently bears interest at a rate of SOFR plus 1.20% with a facility fee of 25 basis points. Our $1.25 billion revolving credit facility matures in December 2027 (as fully extended) and has an interest rate of SOFR plus 1.14% and a facility fee of 25 basis points. Alexander’s On May 3, 2024, Alexander’s, in which we own a 32.4% common equity interest, and Bloomberg L.P. reached an agreement to extend the leases covering approximately 947,000 square feet at 731 Lexington Avenue that were scheduled to expire in February 2029 for a term of eleven years to February 2040. We provide Alexander’s with leasing services for a fee of 3% of rent for the first ten years of a lease term, 2% of rent for the eleventh through the twentieth year of a lease term, and 1% of rent for the twenty-first through thirtieth year of a lease term, subject to the payment of rents by tenants. Under the agreements in effect prior to May 1, 2024, in the event third-party real estate brokers were used, the fees due to us increased by 1% and we were responsible for the payment of fees to the third-party real estate brokers (“Third-Party Lease Commissions”). On May 1, 2024, our Board of Trustees approved amendments to the leasing agreements, subject to applicable consents from Alexander’s lenders, pursuant to which Alexander’s is directly responsible for any Third-Party Lease Commissions and, in such circumstances, our fee is 33% of the applicable Third-Party Lease Commissions. In connection with the lease amendments discussed above, Alexander’s will pay a leasing commission to a third-party real estate broker and pay us a $5,500,000 leasing commission override.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 6,495	$ 20,697

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Recently Issued Accounting Li_2

Recently Issued Accounting Literature (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Standards Update and Change in Accounting Principle [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 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, 2023, 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, 2024 are not necessarily indicative of the operating results for the full year. In addition, certain prior year balances have been reclassified in order to conform to the current period presentation.
Recently Issued Accounting Literature	Recently Issued Accounting Literature In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. The update also requires disclosure regarding the chief operating decision maker and expands the interim segment disclosure requirements. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of ASU 2023-07 on our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires entities to disclose additional information with respect to the effective tax rate reconciliation and to disclose the disaggregation by jurisdiction of income tax expense and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of ASU 2023-09 on our consolidated financial statements.
Redeemable Noncontrolling Interests	Redeemable noncontrolling partnership units are primarily comprised of Class A Operating Partnership units held by third parties and are recorded at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’ capital” on the consolidated balance sheets of the Operating Partnership. Class A units may be tendered for redemption to the Operating Partnership for cash; Vornado, at its option, may assume that obligation and pay the holder either cash or Vornado common shares on a one-for-one basis. Because the number of Vornado common shares outstanding at all times equals the number of Class A units owned by Vornado, the redemption value of each Class A unit is equivalent to the market value of one Vornado common share, and a distribution made to a Class A unitholder is equal to the dividend paid to a Vornado common shareholder. Redeemable noncontrolling partnership units exclude our Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units, as they are accounted for as liabilities in accordance with ASC Topic 480, Distinguishing Liabilities and Equity
Fair Value Measurement	ASC 820 defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities as well as certain U.S. Treasury securities that are highly liquid and are actively traded in secondary markets; 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, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Revenues 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, 2024 and 2023 is set forth in Note 17 - Segment Information. (Amounts in thousands) For the Three Months Ended March 31, 2024 For the Three Months Ended March 31, 2023 Total New York Other Total New York Other Property rentals $ 369,883 $ 301,531 $ 68,352 $ 376,829 $ 307,722 $ 69,107 Trade shows 5,716 — 5,716 5,048 — 5,048 Lease revenues (1) 375,599 301,531 74,068 381,877 307,722 74,155 Tenant services 9,028 6,547 2,481 9,769 7,582 2,187 Parking revenues 4,651 3,657 994 5,147 4,212 935 Rental revenues 389,278 311,735 77,543 396,793 319,516 77,277 BMS cleaning fees 35,780 38,640 (2,860) (2) 35,328 37,678 (2,350) (2) Management and leasing fees 2,611 2,712 (101) 3,049 3,173 (124) Other income 8,706 5,147 3,559 10,753 3,447 7,306 Fee and other income 47,097 46,499 598 49,130 44,298 4,832 Total revenues $ 436,375 $ 358,234 $ 78,141 $ 445,923 $ 363,814 $ 82,109 ____________________ (1) The components of lease revenues were as follows: For the Three Months Ended March 31, 2024 2023 Fixed billings $ 331,014 $ 347,914 Variable billings 41,053 37,939 Total contractual operating lease billings 372,067 385,853 Adjustment for straight-line rents and amortization of acquired below-market leases and other, net 3,635 (3,976) Less: write-off of straight-line rent and tenant receivables deemed uncollectible (103) — Lease revenues $ 375,599 $ 381,877 (2) Represents the elimination of Building Maintenance Services LLC ("BMS") cleaning fees related to THE MART and 555 California Street which are included as income in the New York segment.
Schedule of Components of Lease Revenues	The components of lease revenues were as follows: For the Three Months Ended March 31, 2024 2023 Fixed billings $ 331,014 $ 347,914 Variable billings 41,053 37,939 Total contractual operating lease billings 372,067 385,853 Adjustment for straight-line rents and amortization of acquired below-market leases and other, net 3,635 (3,976) Less: write-off of straight-line rent and tenant receivables deemed uncollectible (103) — Lease revenues $ 375,599 $ 381,877

Investments in Partially Owne_2

Investments in Partially Owned Entities (Tables)	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments in Partially Owned Entities	Below is a schedule summarizing our investments in partially owned entities. (Amounts in thousands) Percentage Ownership as of March 31, 2024 Balance as of March 31, 2024 December 31, 2023 Investments: Fifth Avenue and Times Square JV (see page 22 51.5% $ 2,241,278 $ 2,242,972 Partially owned office buildings/land (1) Various 110,224 118,558 Alexander's (see page 22 32.4% 85,260 87,510 Other investments (2) Various 162,372 161,518 $ 2,599,134 $ 2,610,558 Investments in partially owned entities included in other liabilities (3) : 7 West 34th Street 53.0% $ (70,207) $ (69,899) 85 Tenth Avenue 49.9% (13,852) (11,330) $ (84,059) $ (81,229) ____________________ (1) Includes interests in 280 Park Avenue, 512 West 22nd Street, 61 Ninth Avenue and others. (2) Includes interests in Independence Plaza, Sunset Pier 94 Joint Venture (“Pier 94 JV”), Rosslyn Plaza 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 Ownership as of March 31, 2024 For the Three Months Ended March 31, 2024 2023 Our share of net income (loss): Fifth Avenue and Times Square JV (see page 22 Equity in net income 51.5% $ 9,291 $ 10,199 Return on preferred equity, net of our share of the expense 9,328 9,226 18,619 19,425 Alexander's (see page 22 Equity in net income 32.4% 5,154 3,571 Management, leasing and development fees 1,180 1,173 6,334 4,744 Partially owned office buildings (1) Various (10,403) (8,963) Other investments (2) Various 1,729 1,460 $ 16,279 $ 16,666 ____________________ (1) Includes interests in 280 Park Avenue, 7 West 34th Street, 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others. (2) Includes interests in Independence Plaza, Rosslyn Plaza and others.

Identified Intangible Assets _2

Identified Intangible Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Schedule of Identified Intangible Assets and Intangible Liabilities	The following summarizes our identified intangible assets (primarily in-place and above-market leases) and liabilities (primarily below-market leases). (Amounts in thousands) Balance as of March 31, 2024 December 31, 2023 Identified intangible assets: Gross amount $ 226,528 $ 225,671 Accumulated amortization (101,641) (98,589) Total, net $ 124,887 $ 127,082 Identified intangible liabilities (included in deferred revenue): Gross amount $ 210,746 $ 206,771 Accumulated amortization (183,432) (178,282) Total, net $ 27,314 $ 28,489

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The following is a summary of our debt: (Amounts in thousands) Weighted Average Interest Rate as of March 31, 2024 (1) Balance as of March 31, 2024 December 31, 2023 Mortgages Payable: Fixed rate (2) 3.87% $ 4,517,750 $ 4,518,200 Variable rate (3) 6.22% 1,211,865 1,211,415 Total 4.37% 5,729,615 5,729,615 Deferred financing costs, net and other (38,976) (41,595) Total, net $ 5,690,639 $ 5,688,020 Unsecured Debt: Senior unsecured notes 3.02% $ 1,200,000 $ 1,200,000 Deferred financing costs, net and other (5,617) (6,127) Senior unsecured notes, net 1,194,383 1,193,873 Unsecured term loan 4.78% 800,000 800,000 Deferred financing costs, net and other (5,094) (5,441) Unsecured term loan, net 794,906 794,559 Unsecured revolving credit facilities 3.87% 575,000 575,000 Total, net $ 2,564,289 $ 2,563,432 ____________________ (1) Represents the interest rate in effect as of period end based on the appropriate reference rate as of the contractual reset date plus contractual spread, adjusted for hedging instruments, as applicable. See Note 13 - Fair Value Measurements for further information on our consolidated hedging instruments. (2) Includes variable rate mortgages with interest rates fixed by interest rate swap arrangements and the $950,000 1290 Avenue of the Americas mortgage loan which is subject to a 1.00% SOFR interest rate cap arrangement. (3) Includes variable rate mortgages subject to interest rate cap arrangements, except for the 1290 Avenue of the Americas mortgage loan discussed above. As of March 31, 2024, $1,034,119 of our variable rate debt is subject to interest rate cap arrangements. The interest rate cap arrangements have a weighted average SOFR strike rate of 4.50% and a weighted average remaining term of eight months.

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests (Tables)	3 Months Ended
	Mar. 31, 2024
Noncontrolling Interest [Abstract]
Schedule of Activity of Redeemable Noncontrolling Interests	Below is a table summarizing the activity of redeemable noncontrolling partnership units. (Amounts in thousands) For the Three Months Ended March 31, 2024 2023 Beginning balance $ 483,786 $ 348,692 Net (loss) income (786) 429 Other comprehensive income (loss) 3,682 (6,080) Distributions (28) (5,601) Redemption of Class A units for Vornado common shares, at redemption value (2,489) (187) Redeemable Class A unit measurement adjustment 4,375 23,843 Other, net 7,427 (9,353) Ending balance $ 495,967 $ 351,743 Below is a table summarizing the activity of the redeemable noncontrolling interest in a consolidated subsidiary. (Amounts in thousands) For the Three Months Ended March 31, 2024 2023 Beginning balance $ 154,662 $ 88,040 Net loss (7,487) (9,244) Ending balance $ 147,175 $ 78,796

Shareholders' Equity_Partners_2

Shareholders' Equity/Partners' Capital (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 2023 Common shares/Class A units held by Vornado: authorized 250,000,000 shares/units $ — $ 0.375 Preferred shares/units (1) : Convertible preferred: 6.5% Series A: authorized 12,902 shares/units (2) 0.8125 0.8125 Cumulative redeemable preferred (3) : 5.40% Series L: authorized 13,800,000 shares/units 0.3375 0.3375 5.25% Series M: authorized 13,800,000 shares/units 0.3281 0.3281 5.25% Series N: authorized 12,000,000 shares/units 0.3281 0.3281 4.45% Series O: authorized 12,000,000 shares/units 0.2781 0.2781 ____________________ (1) Preferred share dividends/preferred unit distributions 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) Series L and Series M preferred shares/units are 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. Series N preferred shares/units are redeemable commencing November 2025 and Series O preferred shares/units are redeemable commencing September 2026, each at a redemption price of $25.00 per share/unit.

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of our Stock-Based Compensation Expense	Below is a summary of our stock-based compensation expense, a component of “general and administrative” expense on our consolidated statements of income. (Amounts in thousands) For the Three Months Ended March 31, 2024 2023 Performance AO LTIP Units $ 3,463 $ — LTIP Units 3,218 6,308 LTPP Units 630 3,924 OPP Units 208 1,365 Other — 117 $ 7,519 $ 11,714

(Loss) Income Per Share_(Loss_2

(Loss) Income Per Share/(Loss) Income Per Class A Unit (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings per share
Schedule Of Earnings Per Share Basic And Diluted	Vornado Realty Trust Basic net (loss) income per common share is computed by dividing (i) net (loss) income attributable to common stockholders after allocation of dividends and undistributed earnings to participating securities by (ii) the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the dilutive impact of potential common shares and is computed after allocation of earnings to participating securities. Vornado’s participating securities include unvested restricted common shares. Employee stock options, OPP Units, AO LTIP Units, Performance AO LTIP Units and LTPP Units are included in the calculation of diluted (loss) income per share using the treasury stock method, if the effect is dilutive. Series A convertible preferred shares, Series G-1 through G-4 convertible preferred units, and Series D-13 redeemable preferred units, are included in the calculation of diluted (loss) income per share using the if-converted method, if the effect is dilutive. Net (loss) income is allocated to redeemable Class A units of the Operating Partnership on a one-for-one basis with Vornado common shares. As such, redemption of these units for Vornado common shares would not have a dilutive effect on (loss) income per common share. (Amounts in thousands, except per share amounts) For the Three Months Ended March 31, 2024 2023 Numerator: Net income attributable to Vornado $ 6,495 $ 20,697 Preferred share dividends (15,529) (15,529) Net (loss) income attributable to common shareholders (9,034) 5,168 Distributions and earnings allocated to unvested participating securities — (1) Numerator for basic and diluted (loss) income per common share $ (9,034) $ 5,167 Denominator: Denominator for basic (loss) income per common share - weighted average shares 190,429 191,869 Effect of dilutive securities (1) : Share-based awards — 12 Denominator for diluted (loss) income per common share - weighted average shares and assumed conversions 190,429 191,881 (LOSS) INCOME PER COMMON SHARE: Basic $ (0.05) $ 0.03 Diluted $ (0.05) $ 0.03 _____________________________________ (1) The calculation of diluted loss per share for the three months ended March 31, 2024 excluded the following potential common shares as their inclusion would be antidilutive: (i) 13,777 Performance AO LTIP Units with an exercise price of $16.87, (ii) 1,749 common share equivalents of our convertible securities, and (iii) 556 LTPP Units deemed earned if the end of the reporting period were the end of the performance period.
Vornado Realty L.P.
Earnings per share
Schedule Of Earnings Per Share Basic And Diluted	Vornado Realty L.P. Basic net (loss) income per Class A unit is computed by dividing (i) net (loss) income attributable to Class A unitholders after allocation of distributions and undistributed earnings to participating securities by (ii) the weighted average number of Class A units outstanding for the period. Diluted earnings per unit reflects the dilutive impact of potential Class A units and is computed after allocation of earnings to participating securities. VRLP’s participating securities include unvested LTIP Units and LTPP Units for which the applicable performance vesting conditions were satisfied. Equity awards subject to market and/or performance vesting conditions, including Vornado stock options, OPP Units, AO LTIP Units, Performance AO LTIP Units and LTPP Units, are included in the calculation of diluted (loss) income per Class A unit using the treasury stock method, if the effect is dilutive. Convertible securities, including Series A convertible preferred units, Series G-1 through G-4 convertible preferred units, and Series D-13 redeemable preferred units, are included in the calculation of diluted (loss) income per Class A unit using the if-converted method, if the effect is dilutive. (Amounts in thousands, except per unit amounts) For the Three Months Ended March 31, 2024 2023 Numerator: Net income attributable to Vornado Realty L.P. $ 5,709 $ 21,126 Preferred unit distributions (15,558) (15,558) Net (loss) income attributable to Class A unitholders (9,849) 5,568 Distributions and earnings allocated to participating securities — (340) Numerator for basic and diluted (loss) income per Class A unit $ (9,849) $ 5,228 Denominator: Denominator for basic (loss) income per Class A unit – weighted average units 204,873 205,802 Effect of dilutive securities (1) : Unit-based payment awards — 12 Denominator for diluted (loss) income per Class A unit – weighted average units and assumed conversions 204,873 205,814 (LOSS) INCOME PER CLASS A UNIT: Basic $ (0.05) $ 0.03 Diluted $ (0.05) $ 0.03 ____________________ (1) The calculation of diluted loss per Class A unit for the three months ended March 31, 2024 excluded the following potential Class A units as their inclusion would be antidilutive: (i) 13,777 Performance AO LTIP Units with an exercise price of $16.87, (ii) 1,749 Class A unit equivalents of our convertible securities, and (iii) 556 LTPP Units deemed earned if the end of the reporting period were the end of the performance period.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Aggregate the Fair Values of these Financial Assets and Liabilities	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, 2024 Total Level 1 Level 2 Level 3 Deferred compensation plan assets ($5,296 included in restricted cash and $103,623 in other assets) $ 108,919 $ 60,375 $ — $ 48,544 Loans receivable (included in investments in partially owned entities) 32,984 — — 32,984 Interest rate swaps and caps designated as a hedge (included in other assets) 168,853 — 168,853 — Interest rate caps not designated as a hedge (included in other assets) 2,472 — 2,472 — Total assets $ 313,228 $ 60,375 $ 171,325 $ 81,528 Mandatorily redeemable instruments (included in other liabilities) $ 49,383 $ 49,383 $ — $ — Sold interest rate caps not designated as a hedge (included in other liabilities) 2,438 — 2,438 — Total liabilities $ 51,821 $ 49,383 $ 2,438 $ — (Amounts in thousands) As of December 31, 2023 Total Level 1 Level 2 Level 3 Deferred compensation plan assets ($26,363 included in restricted cash and $78,883 in other assets) $ 105,246 $ 58,956 $ — $ 46,290 Loans receivable (included in investments in partially owned entities) 32,984 — — 32,984 Interest rate swaps and caps designated as a hedge (included in other assets) 138,772 — 138,772 — Interest rate caps not designated as a hedge (included in other assets) 4,154 — 4,154 — Total assets $ 281,156 $ 58,956 $ 142,926 $ 79,274 Mandatorily redeemable instruments (included in other liabilities) $ 49,386 $ 49,386 $ — $ — Interest rate swaps designated as a hedge (included in other liabilities) 7,239 — 7,239 — Sold interest rate caps not designated as a hedge (included in other liabilities) 4,092 — 4,092 — Total liabilities $ 60,717 $ 49,386 $ 11,331 $ —
Schedule of Changes in Fair Value of Deferred Compensation Plan Assets	The table below summarizes the changes in the fair value of deferred compensation plan assets that are classified as Level 3. (Amounts in thousands) For the Three Months Ended March 31, 2024 Beginning balance $ 46,290 Purchases 1,118 Sales (1,876) Realized and unrealized gains 2,272 Other, net 740 Ending balance $ 48,544
Schedule of Derivative Assets at Fair Value	The following table summarizes our consolidated hedging instruments, all of which hedge variable rate debt, as of March 31, 2024 and December 31, 2023. (Amounts in thousands) As of March 31, 2024 As of December 31, 2023 Notional Amount All-In Swapped Rate Swap/Cap Expiration Date Fair Value Asset Fair Value Asset Fair Value Liability Interest rate swaps: 555 California Street mortgage loan: In-place swap $ 840,000 (1) 2.29% 05/24 $ 5,187 $ 15,494 $ — Forward swap (effective 05/24) 840,000 (1) 6.03% 05/26 6,108 — 6,091 770 Broadway mortgage loan 700,000 4.98% 07/27 29,953 20,306 — PENN 11 mortgage loan 500,000 (2) 6.28% 10/25 3,247 4,702 1,148 Unsecured revolving credit facility 575,000 3.87% 08/27 25,251 17,064 — Unsecured term loan 700,000 4.52% (3) 18,577 11,089 — 100 West 33rd Street mortgage loan 480,000 5.06% 06/27 10,826 3,550 — 888 Seventh Avenue mortgage loan 200,000 (4) 4.76% 09/27 7,299 4,340 — 4 Union Square South mortgage loan 97,750 (5) 3.74% 01/25 2,048 2,327 — Interest rate caps: 1290 Avenue of the Americas mortgage loan 950,000 (6) 11/25 54,223 53,784 — One Park Avenue mortgage loan 525,000 (7) 03/25 5,464 5,297 — Various mortgage loans 670 819 — $ 168,853 $ 138,772 $ 7,239 ____________________ (1) Represents our 70.0% share of the $1.2 billion mortgage loan. (2) In January 2024, we entered into an interest rate swap arrangement for $250,000 of the $500,000 PENN 11 mortgage loan. Together with the existing swap arrangement the loan will bear interest at an all-in swapped rate of 6.28% through October 2025. (3) Represents the aggregate fair value of various interest rate swap arrangements to hedge interest payments on our unsecured term loan, which matures in December 2027. The impact of these interest rate swap arrangements is detailed below: Swapped Balance All-In Swapped Rate Unswapped Balance (bears interest at S+129) 10/23 through 07/25 700,000 4.52% 100,000 07/25 through 10/26 550,000 4.35% 250,000 10/26 through 08/27 50,000 4.03% 750,000 (4) The remaining $59,800 mortgage loan balance bears interest at a floating rate of SOFR plus 1.80% (7.13% as of March 31, 2024). (5) The remaining $22,250 mortgage loan balance bears interest at a floating rate of SOFR plus 1.50% (6.83% as of March 31, 2024). (6) SOFR cap strike rate of 1.00%. In connection with the arrangement, we made a $63,100 up-front payment in November 2023, of which $18,930 was attributable to noncontrolling interests. (7) SOFR cap strike rate of 3.89%.
Schedule of Derivative Liabilities at Fair Value	The following table summarizes our consolidated hedging instruments, all of which hedge variable rate debt, as of March 31, 2024 and December 31, 2023. (Amounts in thousands) As of March 31, 2024 As of December 31, 2023 Notional Amount All-In Swapped Rate Swap/Cap Expiration Date Fair Value Asset Fair Value Asset Fair Value Liability Interest rate swaps: 555 California Street mortgage loan: In-place swap $ 840,000 (1) 2.29% 05/24 $ 5,187 $ 15,494 $ — Forward swap (effective 05/24) 840,000 (1) 6.03% 05/26 6,108 — 6,091 770 Broadway mortgage loan 700,000 4.98% 07/27 29,953 20,306 — PENN 11 mortgage loan 500,000 (2) 6.28% 10/25 3,247 4,702 1,148 Unsecured revolving credit facility 575,000 3.87% 08/27 25,251 17,064 — Unsecured term loan 700,000 4.52% (3) 18,577 11,089 — 100 West 33rd Street mortgage loan 480,000 5.06% 06/27 10,826 3,550 — 888 Seventh Avenue mortgage loan 200,000 (4) 4.76% 09/27 7,299 4,340 — 4 Union Square South mortgage loan 97,750 (5) 3.74% 01/25 2,048 2,327 — Interest rate caps: 1290 Avenue of the Americas mortgage loan 950,000 (6) 11/25 54,223 53,784 — One Park Avenue mortgage loan 525,000 (7) 03/25 5,464 5,297 — Various mortgage loans 670 819 — $ 168,853 $ 138,772 $ 7,239 ____________________ (1) Represents our 70.0% share of the $1.2 billion mortgage loan. (2) In January 2024, we entered into an interest rate swap arrangement for $250,000 of the $500,000 PENN 11 mortgage loan. Together with the existing swap arrangement the loan will bear interest at an all-in swapped rate of 6.28% through October 2025. (3) Represents the aggregate fair value of various interest rate swap arrangements to hedge interest payments on our unsecured term loan, which matures in December 2027. The impact of these interest rate swap arrangements is detailed below: Swapped Balance All-In Swapped Rate Unswapped Balance (bears interest at S+129) 10/23 through 07/25 700,000 4.52% 100,000 07/25 through 10/26 550,000 4.35% 250,000 10/26 through 08/27 50,000 4.03% 750,000 (4) The remaining $59,800 mortgage loan balance bears interest at a floating rate of SOFR plus 1.80% (7.13% as of March 31, 2024). (5) The remaining $22,250 mortgage loan balance bears interest at a floating rate of SOFR plus 1.50% (6.83% as of March 31, 2024). (6) SOFR cap strike rate of 1.00%. In connection with the arrangement, we made a $63,100 up-front payment in November 2023, of which $18,930 was attributable to noncontrolling interests. (7) SOFR cap strike rate of 3.89%.
Schedule of Fair Value Inputs Quantitative Information	The fair values of these assets were measured using discounted cash flow analyses and the significant unobservable quantitative inputs in the table below. As of December 31, 2023 Unobservable Quantitative Input Range Weighted Average Discount rates 7.50% - 8.00% 7.99% Terminal capitalization rates 5.50% 5.50%
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, 2024 As of December 31, 2023 Carrying Fair Carrying Fair Cash equivalents $ 675,125 $ 675,000 $ 825,720 $ 826,000 Debt: Mortgages payable $ 5,729,615 $ 5,570,000 $ 5,729,615 $ 5,569,000 Senior unsecured notes 1,200,000 1,080,000 1,200,000 1,069,000 Unsecured term loan 800,000 800,000 800,000 800,000 Unsecured revolving credit facilities 575,000 575,000 575,000 575,000 Total $ 8,304,615 (1) $ 8,025,000 $ 8,304,615 (1) $ 8,013,000 ____________________ (1) Excludes $49,687 and $53,163 of deferred financing costs, net and other as of March 31, 2024 and December 31, 2023, respectively.

Interest and Other Investment_2

Interest and Other Investment Income, Net (Tables)	3 Months Ended
	Mar. 31, 2024
Interest and Other Income [Abstract]
Schedule Of Interest And Other Investment Income, Net	The following table sets forth the details of interest and other investment income, net: (Amounts in thousands) For the Three Months Ended March 31, 2024 2023 Interest on cash and cash equivalents and restricted cash $ 11,689 $ 5,674 Income (loss) from real estate fund investments 35 (19) Amortization of discount on investments in U.S. Treasury bills — 3,445 Interest on loans receivable — 484 $ 11,724 $ 9,584

Interest and Debt Expense (Tabl

Interest and Debt Expense (Tables)	3 Months Ended
	Mar. 31, 2024
Interest and Debt Expense [Abstract]
Schedule of 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, 2024 2023 Interest expense $ 97,691 $ 89,081 Capitalized interest and debt expense (12,564) (8,857) Amortization of deferred financing costs 5,351 6,013 $ 90,478 $ 86,237

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Information	Below is a summary of NOI at share and NOI at share - cash basis by segment for the three months ended March 31, 2024 and 2023. (Amounts in thousands) For the Three Months Ended March 31, 2024 Total New York Other Total revenues $ 436,375 $ 358,234 $ 78,141 Operating expenses (226,224) (188,278) (37,946) NOI - consolidated 210,151 169,956 40,195 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (11,396) (4,536) (6,860) Add: NOI from partially owned entities 70,369 67,709 2,660 NOI at share 269,124 233,129 35,995 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (1,511) (2,335) 824 NOI at share - cash basis $ 267,613 $ 230,794 $ 36,819 (Amounts in thousands) For the Three Months Ended March 31, 2023 Total New York Other Total revenues $ 445,923 $ 363,814 $ 82,109 Operating expenses (228,773) (188,321) (40,452) NOI - consolidated 217,150 175,493 41,657 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (11,764) (4,823) (6,941) Add: NOI from partially owned entities 68,097 65,324 2,773 NOI at share 273,483 235,994 37,489 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other 5,052 5,033 19 NOI at share - cash basis $ 278,535 $ 241,027 $ 37,508 17. 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, 2024 and 2023. (Amounts in thousands) For the Three Months Ended March 31, 2024 2023 Net (loss) income $ (6,273) $ 11,198 Depreciation and amortization expense 108,659 106,565 General and administrative expense 37,897 41,595 Transaction related costs and other 653 658 Income from partially owned entities (16,279) (16,666) Interest and other investment income, net (11,724) (9,584) Interest and debt expense 90,478 86,237 Net gains on disposition of wholly owned and partially owned assets — (7,520) Income tax expense 6,740 4,667 NOI from partially owned entities 70,369 68,097 NOI attributable to noncontrolling interests in consolidated subsidiaries (11,396) (11,764) NOI at share 269,124 273,483 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (1,511) 5,052 NOI at share - cash basis $ 267,613 $ 278,535

Organization (Details)

Organization (Details)	3 Months Ended
	Mar. 31, 2024
Operating Partnership
Organization [Line Items]
Common limited partnership interest in the operating partnership	91%

Revenue Recognition (Schedule o

Revenue Recognition (Schedule of Revenues by Segment ) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total revenues	Total revenues
Lease income	$ 375,599	$ 381,877
Total revenues	436,375	445,923
New York
Disaggregation of Revenue [Line Items]
Total revenues	358,234	363,814
Other
Disaggregation of Revenue [Line Items]
Total revenues	78,141	82,109
Rental revenues
Disaggregation of Revenue [Line Items]
Total revenues	389,278	396,793
Rental revenues | New York
Disaggregation of Revenue [Line Items]
Total revenues	311,735	319,516
Rental revenues | Other
Disaggregation of Revenue [Line Items]
Total revenues	77,543	77,277
Lease revenues
Disaggregation of Revenue [Line Items]
Lease income	375,599	381,877
Lease revenues | New York
Disaggregation of Revenue [Line Items]
Lease income	301,531	307,722
Lease revenues | Other
Disaggregation of Revenue [Line Items]
Lease income	74,068	74,155
Property rentals
Disaggregation of Revenue [Line Items]
Lease income	369,883	376,829
Property rentals | New York
Disaggregation of Revenue [Line Items]
Lease income	301,531	307,722
Property rentals | Other
Disaggregation of Revenue [Line Items]
Lease income	68,352	69,107
Trade shows
Disaggregation of Revenue [Line Items]
Lease income	5,716	5,048
Trade shows | New York
Disaggregation of Revenue [Line Items]
Lease income	0	0
Trade shows | Other
Disaggregation of Revenue [Line Items]
Lease income	5,716	5,048
Tenant services
Disaggregation of Revenue [Line Items]
Revenue	9,028	9,769
Tenant services | New York
Disaggregation of Revenue [Line Items]
Revenue	6,547	7,582
Tenant services | Other
Disaggregation of Revenue [Line Items]
Revenue	2,481	2,187
Parking revenues
Disaggregation of Revenue [Line Items]
Revenue	4,651	5,147
Parking revenues | New York
Disaggregation of Revenue [Line Items]
Revenue	3,657	4,212
Parking revenues | Other
Disaggregation of Revenue [Line Items]
Revenue	994	935
Fee and other income
Disaggregation of Revenue [Line Items]
Revenue	47,097	49,130
Total revenues	47,097	49,130
Fee and other income | New York
Disaggregation of Revenue [Line Items]
Revenue	46,499	44,298
Fee and other income | Other
Disaggregation of Revenue [Line Items]
Revenue	598	4,832
BMS cleaning fees
Disaggregation of Revenue [Line Items]
Revenue	35,780	35,328
BMS cleaning fees | New York
Disaggregation of Revenue [Line Items]
Revenue	38,640	37,678
BMS cleaning fees | Other
Disaggregation of Revenue [Line Items]
Revenue	(2,860)	(2,350)
Management and leasing fees
Disaggregation of Revenue [Line Items]
Revenue	2,611	3,049
Management and leasing fees | New York
Disaggregation of Revenue [Line Items]
Revenue	2,712	3,173
Management and leasing fees | Other
Disaggregation of Revenue [Line Items]
Revenue	(101)	(124)
Other income
Disaggregation of Revenue [Line Items]
Revenue	8,706	10,753
Other income | New York
Disaggregation of Revenue [Line Items]
Revenue	5,147	3,447
Other income | Other
Disaggregation of Revenue [Line Items]
Revenue	$ 3,559	$ 7,306

Revenue Recognition (Schedule_2

Revenue Recognition (Schedule of Components of Lease Revenues) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Fixed billings	$ 331,014	$ 347,914
Variable billings	41,053	37,939
Total contractual operating lease billings	372,067	385,853
Adjustment for straight-line rents and amortization of acquired below-market leases and other, net	3,635	(3,976)
Less: write-off of straight-line rent and tenant receivables deemed uncollectible	(103)	0
Lease revenues	$ 375,599	$ 381,877

Investments in Partially Owne_3

Investments in Partially Owned Entities (Fifth Avenue and Times Square JV) (Details) - Fifth Avenue and Times Square JV $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Schedule Of Equity Method Investments
Equity method ownership percentage	51.50%
Joint Venture
Schedule Of Equity Method Investments
Aggregate of preferred equity interests	$ 1,828,000
Transfer threshold	50%
Real estate basis difference, carrying amount	$ 838,278
Joint Venture | Percentage For First Five Years
Schedule Of Equity Method Investments
Debt instrument, interest rate, stated percentage	4.25%
Joint Venture | Percentage After Fifth Anniversary
Schedule Of Equity Method Investments
Debt instrument, interest rate, stated percentage	4.75%
Debt term	5 years
Joint Venture | Investors
Schedule Of Equity Method Investments
Equity method ownership percentage	48.50%
Equity method effective ownership percentage	47.20%
Joint Venture | Vornado Realty Trust
Schedule Of Equity Method Investments
Equity method ownership percentage	51.50%
Equity method effective ownership percentage	51%

Investments in Partially Owne_4

Investments in Partially Owned Entities (Alexander's Inc.) (Details) - Alexander's $ / shares in Units, $ in Thousands	Mar. 31, 2024 USD ($) $ / shares shares
Schedule Of Equity Method Investments
Equity method ownership percentage	32.40%
Equity Method Investee
Schedule Of 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	$ 217.14
Equity method investment fair value	$ 359,164
Excess of investee's fair value over carrying amount	273,904
Excess of investee's carrying amount over equity in net assets	$ 29,494

Investments in Partially Owne_5

Investments in Partially Owned Entities (Schedule of Investments) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ 2,599,134	$ 2,610,558
Other liabilities
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ (84,059)	(81,229)
Fifth Avenue and Times Square JV
Schedule Of Equity Method Investments
Interest	51.50%
Carrying amount of investments in partially owned entities	$ 2,241,278	2,242,972
Partially owned office buildings/land
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ 110,224	118,558
Alexander's
Schedule Of Equity Method Investments
Interest	32.40%
Carrying amount of investments in partially owned entities	$ 85,260	87,510
Other investments
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ 162,372	161,518
7 West 34th Street
Schedule Of Equity Method Investments
Interest	53%
7 West 34th Street | Other liabilities
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ (70,207)	(69,899)
85 Tenth Avenue
Schedule Of Equity Method Investments
Interest	49.90%
85 Tenth Avenue | Other liabilities
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ (13,852)	$ (11,330)

Investments in Partially Owne_6

Investments in Partially Owned Entities (Schedule of Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule Of Equity Method Investments
Equity in net income	$ 16,279	$ 16,666
Distributions of income from partially owned entities	30,438	38,706
Our share of net income (loss)	$ 16,279	16,666
Fifth Avenue and Times Square JV
Schedule Of Equity Method Investments
Interest	51.50%
Equity in net income	$ 9,291	10,199
Distributions of income from partially owned entities	9,328	9,226
Our share of net income (loss)	$ 18,619	19,425
Alexander's
Schedule Of Equity Method Investments
Interest	32.40%
Equity in net income	$ 5,154	3,571
Management, leasing and development fees	1,180	1,173
Our share of net income (loss)	6,334	4,744
Partially owned office buildings/land
Schedule Of Equity Method Investments
Our share of net income (loss)	(10,403)	(8,963)
Other investments
Schedule Of Equity Method Investments
Our share of net income (loss)	$ 1,729	$ 1,460

Identified Intangible Assets _3

Identified Intangible Assets and Liabilities (Schedule of Identified Intangible Assets and Intangible Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross amount	$ 226,528	$ 225,671
Accumulated amortization	(101,641)	(98,589)
Total, net	124,887	127,082
Identified intangible liabilities (included in deferred revenue):
Gross amount	210,746	206,771
Accumulated amortization	(183,432)	(178,282)
Total, net	$ 27,314	$ 28,489

Identified Intangible Assets _4

Identified Intangible Assets and Liabilities (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Below Market Leases Net Of Above Market Leases
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 693	$ 1,367
Other Identified Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 1,711	$ 1,987

Debt (Schedule of Debt) (Detail

Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument
Deferred financing costs, net and other	$ (49,687)	$ (53,163)
Total, net	5,690,639	5,688,020
Long term debt	$ 2,564,289	2,563,432
Mortgages Payable:
Debt Instrument
Interest rate, end of period	4.37%
Long-term debt, gross	$ 5,729,615	5,729,615
Deferred financing costs, net and other	(38,976)	(41,595)
Total, net	$ 5,690,639	5,688,020
Mortgages Payable: | Fixed rate
Debt Instrument
Interest rate, end of period	3.87%
Long-term debt, gross	$ 4,517,750	4,518,200
Mortgages Payable: | Fixed rate | Interest Rate Cap
Debt Instrument
Derivative, notional amount	$ 950,000
Cap strike rate	1%
Mortgages Payable: | Variable rate
Debt Instrument
Interest rate, end of period	6.22%
Long-term debt, gross	$ 1,211,865	1,211,415
Mortgages Payable: | Variable rate | Interest Rate Cap
Debt Instrument
Derivative, notional amount	$ 1,034,119
Cap strike rate	4.50%
Derivative, average remaining maturity	8 months
Unsecured Debt:
Debt Instrument
Interest rate, end of period	3.02%
Long-term debt, gross	$ 1,200,000	1,200,000
Deferred financing costs, net and other	(5,617)	(6,127)
Long term debt	$ 1,194,383	1,193,873
Unsecured term loan
Debt Instrument
Interest rate, end of period	4.78%
Long-term debt, gross	$ 800,000	800,000
Deferred financing costs, net and other	(5,094)	(5,441)
Long term debt	$ 794,906	794,559
Unsecured revolving credit facilities
Debt Instrument
Interest rate, end of period	3.87%
Long term debt	$ 575,000	$ 575,000

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests (Activity of Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Redeemable Noncontrolling Interests Rollforward
Beginning balance	$ 638,448
Net (loss) income	(786)	$ 429
Other comprehensive income (loss)	3,682	6,080
Other comprehensive income (loss)	0	0
Ending balance	643,142
Partnership Interest
Redeemable Noncontrolling Interests Rollforward
Beginning balance	483,786	348,692
Net (loss) income	(786)	429
Other comprehensive income (loss)	3,682	(6,080)
Distributions	(28)	(5,601)
Other, net	7,427	(9,353)
Ending balance	495,967	351,743
Partnership Interest | Class A Unit
Redeemable Noncontrolling Interests Rollforward
Redemption of Class A units for Vornado common shares, at redemption value	(2,489)	(187)
Redeemable Class A unit measurement adjustment	4,375	23,843
Subsidiary
Redeemable Noncontrolling Interests Rollforward
Beginning balance	154,662	88,040
Net (loss) income	(7,487)	(9,244)
Ending balance	$ 147,175	$ 78,796

Redeemable Noncontrolling Int_4

Redeemable Noncontrolling Interests (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Redeemable Noncontrolling Interest
Exchange ratio	1
Fair value conversion ratio	1
Cumulative Redeemable Preferred Unit
Redeemable Noncontrolling Interest
Mandatorily redeemable instruments (included in other liabilities)	$ 49,383	$ 49,386
The Farley Building | Joint Venture
Redeemable Noncontrolling Interest
Equity method ownership percentage	95%
Capital contributions	$ 205,068
Partnership Interest
Redeemable Noncontrolling Interest
Redemption value of redeemable class A units	492,432	480,251
Partnership Interest | Class A Units
Redeemable Noncontrolling Interest
Redemption value of redeemable class A units	$ 492,432	$ 480,251

Shareholders' Equity_Partners_3

Shareholders' Equity/Partners' Capital (Schedule of Dividends) (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Class of Stock [Line Items]
Common shares of beneficial interest: authorized shares (in shares)	250,000,000		250,000,000
Common shares, dividends (in dollars per share)		$ 0.375
Preferred shares of beneficial interest: authorized shares (in shares)	110,000,000		110,000,000
Common Class A
Class of Stock [Line Items]
Common shares of beneficial interest: authorized shares (in shares)	250,000,000	250,000,000
Common shares, dividends (in dollars per share)	$ 0	$ 0.375
Series A Preferred Stock | Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage	6.50%	6.50%
Preferred shares of beneficial interest: authorized shares (in shares)	12,902	12,902
Preferred stock, dividend rate, per-dollar-amount (in dollars per share)	$ 0.8125	$ 0.8125
Preferred stock, redemption price per share (in common shares/class A units per share/unit)	1.9531	1.9531
Series A Preferred Stock | Convertible Preferred Stock | Class A Unit
Class of Stock [Line Items]
Preferred stock, redemption price per share (in common shares/class A units per share/unit)	$ 1.9531	$ 1.9531
Series L Preferred Stock | Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage	5.40%	5.40%
Preferred shares of beneficial interest: authorized shares (in shares)	13,800,000	13,800,000
Preferred stock, dividend rate, per-dollar-amount (in dollars per share)	$ 0.3375	$ 0.3375
Preferred stock, liquidation preference per share (in dollars per share/unit)	$ 25	$ 25
Series M Preferred Stock | Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage	5.25%	5.25%
Preferred shares of beneficial interest: authorized shares (in shares)	13,800,000	13,800,000
Preferred stock, dividend rate, per-dollar-amount (in dollars per share)	$ 0.3281	$ 0.3281
Preferred stock, liquidation preference per share (in dollars per share/unit)	$ 25	$ 25
Series N Preferred Stock | Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage	5.25%	5.25%
Preferred shares of beneficial interest: authorized shares (in shares)	12,000,000	12,000,000
Preferred stock, dividend rate, per-dollar-amount (in dollars per share)	$ 0.3281	$ 0.3281
Preferred stock, liquidation preference per share (in dollars per share/unit)	$ 25	$ 25
Series O Preferred Stock | Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage	4.45%	4.45%
Preferred shares of beneficial interest: authorized shares (in shares)	12,000,000	12,000,000
Preferred stock, dividend rate, per-dollar-amount (in dollars per share)	$ 0.2781	$ 0.2781
Preferred stock, liquidation preference per share (in dollars per share/unit)	$ 25	$ 25

Shareholders' Equity_Partners_4

Shareholders' Equity/Partners' Capital (Narrative) (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Apr. 26, 2023
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount (up to)		$ 200,000,000
Common shares outstanding ratio to class A units ratio		100%
Common Shares
Equity, Class of Treasury Stock [Line Items]
Shares repurchase program (in shares)	2,024,495
Average price per share (in dollars per share)	$ 14.40
Stock repurchase program, remaining authorized repurchase amount	$ 170,857,000

Stock-based Compensation (Detai

Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 7,519	$ 11,714
Performance AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	3,463	0
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	3,218	6,308
LTPP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	630	3,924
OPP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	208	1,365
Other
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0	$ 117

(Loss) Income Per Share_(Loss_3

(Loss) Income Per Share/(Loss) Income Per Class A Unit - Schedule Of Earnings Per Share Basic And Diluted (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) $ / shares shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share
Income tax, allocation ratio	1
Net Income (Loss) Attributable to Parent [Abstract]
Net income | $	$ 6,495	$ 20,697
Preferred dividends/distributions | $	(15,529)	(15,529)
NET (LOSS) INCOME | $	(9,034)	5,168
Distributions and earnings allocated to unvested participating securities | $	0	(1)
Numerator for basic and diluted (loss) income per common share/unit | $	$ (9,034)	$ 5,167
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Denominator for basic (loss) income per share - weighted average shares (in shares)	190,429	191,869
Effect of dilutive securities (in shares)	0	12
Denominator for diluted (loss) income per share - weighted average shares and assumed conversions (in shares)	190,429	191,881
(LOSS) INCOME PER COMMON SHARE:
Basic (in dollars per share) | $ / shares	$ (0.05)	$ 0.03
(LOSS) INCOME PER COMMON SHARE:
Diluted (in dollars per share) | $ / shares	$ (0.05)	$ 0.03
Performance AO LTIP Units
(LOSS) INCOME PER CLASS A UNIT:
Weighted average common share / class A unit equivalents of excluded dilutive securities due to anti-dilutive effect (in shares)	13,777
Exercise price (in dollars per share) | $ / shares	$ 16.87
Convertible Common Stock
(LOSS) INCOME PER CLASS A UNIT:
Weighted average common share / class A unit equivalents of excluded dilutive securities due to anti-dilutive effect (in shares)	1,749
LTPP Units
(LOSS) INCOME PER CLASS A UNIT:
Weighted average common share / class A unit equivalents of excluded dilutive securities due to anti-dilutive effect (in shares)	556
Vornado Realty L.P.
Net Income (Loss) Attributable to Parent [Abstract]
Net income | $	$ 5,709	$ 21,126
Preferred dividends/distributions | $	(15,558)	(15,558)
NET (LOSS) INCOME | $	(9,849)	5,568
Distributions and earnings allocated to unvested participating securities | $	0	(340)
Numerator for basic and diluted (loss) income per common share/unit | $	$ (9,849)	$ 5,228
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Denominator for basic (loss) income (loss) per Class A unit – weighted average units (in shares)	204,873	205,802
Effect of dilutive securities (in shares)	0	12
Denominator for diluted (loss) income per Class A unit – weighted average units and assumed conversions (in shares)	204,873	205,814
(LOSS) INCOME PER CLASS A UNIT:
Basic (in dollars per unit) | $ / shares	$ (0.05)	$ 0.03
(LOSS) INCOME PER CLASS A UNIT:
Diluted (in dollars per unit) | $ / shares	$ (0.05)	$ 0.03
Vornado Realty L.P. | Performance AO LTIP Units
(LOSS) INCOME PER CLASS A UNIT:
Weighted average common share / class A unit equivalents of excluded dilutive securities due to anti-dilutive effect (in shares)	13,777
Exercise price (in dollars per share) | $ / shares	$ 16.87
Vornado Realty L.P. | Convertible Common Stock
(LOSS) INCOME PER CLASS A UNIT:
Weighted average common share / class A unit equivalents of excluded dilutive securities due to anti-dilutive effect (in shares)	1,749
Vornado Realty L.P. | LTPP Units
(LOSS) INCOME PER CLASS A UNIT:
Weighted average common share / class A unit equivalents of excluded dilutive securities due to anti-dilutive effect (in shares)	556

Variable Interest Entities ("_2

Variable Interest Entities ("VIEs") (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entities
Assets	$ 16,207,165	$ 16,187,665
Total liabilities	9,829,855	9,843,931
Unconsolidated VIEs
Variable Interest Entities
Assets	115,386	109,220
Guarantor obligations, maximum exposure, undiscounted	183,476	196,394
Consolidated VIEs
Variable Interest Entities
Assets	4,887,050	4,901,150
Total liabilities	$ 2,733,197	$ 2,735,826

Fair Value Measurements (Financ

Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Deferred compensation plan assets (included in restricted cash and other assets)	$ 108,919	$ 105,246
Loans receivable (included in investments in partially owned entities and in other assets)	32,984	32,984
Total assets	313,228	281,156
Mandatorily redeemable instruments (included in other liabilities)	49,383	49,386
Total liabilities	51,821	60,717
Designated as Hedging Instrument
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Interest rate swaps and caps	168,853	138,772
Interest rate swaps and caps designated as a hedge (included in other liabilities)		7,239
Not Designated as Hedging Instrument
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Interest rate swaps and caps	2,472	4,154
Interest rate swaps and caps designated as a hedge (included in other liabilities)	2,438	4,092
Level 1
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Deferred compensation plan assets (included in restricted cash and other assets)	60,375	58,956
Loans receivable (included in investments in partially owned entities and in other assets)	0	0
Total assets	60,375	58,956
Mandatorily redeemable instruments (included in other liabilities)	49,383	49,386
Total liabilities	49,383	49,386
Level 1 | Designated as Hedging Instrument
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Interest rate swaps and caps	0	0
Interest rate swaps and caps designated as a hedge (included in other liabilities)		0
Level 1 | Not Designated as Hedging Instrument
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Interest rate swaps and caps	0	0
Interest rate swaps and caps designated as a hedge (included in other liabilities)	0	0
Level 2
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
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	0
Total assets	171,325	142,926
Mandatorily redeemable instruments (included in other liabilities)	0	0
Total liabilities	2,438	11,331
Level 2 | Designated as Hedging Instrument
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Interest rate swaps and caps	168,853	138,772
Interest rate swaps and caps designated as a hedge (included in other liabilities)		7,239
Level 2 | Not Designated as Hedging Instrument
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Interest rate swaps and caps	2,472	4,154
Interest rate swaps and caps designated as a hedge (included in other liabilities)	2,438	4,092
Level 3
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Deferred compensation plan assets (included in restricted cash and other assets)	48,544	46,290
Loans receivable (included in investments in partially owned entities and in other assets)	32,984	32,984
Total assets	81,528	79,274
Mandatorily redeemable instruments (included in other liabilities)	0	0
Total liabilities	0	0
Level 3 | Designated as Hedging Instrument
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Interest rate swaps and caps	0	0
Interest rate swaps and caps designated as a hedge (included in other liabilities)		0
Level 3 | Not Designated as Hedging Instrument
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Interest rate swaps and caps	0	0
Interest rate swaps and caps designated as a hedge (included in other liabilities)	0	0
Restricted Cash
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Deferred compensation plan assets (included in restricted cash and other assets)	5,296	26,363
Other Assets
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Deferred compensation plan assets (included in restricted cash and other assets)	$ 103,623	$ 78,883

Fair Value Measurements (Change

Fair Value Measurements (Changes in the Fair Value of Deferred Compensation Plan Assets) (Details) - Deferred Compensation Plan Assets $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 46,290
Purchases	1,118
Sales	(1,876)
Realized and unrealized gains	2,272
Other, net	740
Ending balance	$ 48,544

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule of Derivative Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jan. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Long term debt	$ 2,564,289		$ 2,563,432
Matures in May 2028 | 555 California Street | Office
Derivative [Line Items]
Equity method ownership percentage	70%		70%
Debt instrument, amount	$ 1,200,000		$ 1,200,000
Designated as Hedging Instrument | Interest rate swaps
Derivative [Line Items]
Derivative, Average Fixed Interest Rate	1.29%
Designated as Hedging Instrument | Interest Rate Cap
Derivative [Line Items]
Fair Value Asset	$ 168,853		138,772
Fair Value Liability			7,239
Designated as Hedging Instrument | 555 California Street Mortgage Loan, In-Place Swap | Interest rate swaps
Derivative [Line Items]
Notional amount and swapped balance	$ 840,000
All-In Swapped Rate	2.29%
Fair Value Asset	$ 5,187		15,494
Fair Value Liability			0
Designated as Hedging Instrument | 555 California Street Mortgage Loan, Forward Swap | Interest rate swaps
Derivative [Line Items]
Notional amount and swapped balance	$ 840,000
All-In Swapped Rate	6.03%
Fair Value Asset	$ 6,108		0
Fair Value Liability			6,091
Designated as Hedging Instrument | 770 Broadway mortgage loan | Interest rate swaps
Derivative [Line Items]
Notional amount and swapped balance	$ 700,000
All-In Swapped Rate	4.98%
Fair Value Asset	$ 29,953		20,306
Fair Value Liability			0
Designated as Hedging Instrument | PENN 11 mortgage loan | Interest rate swaps
Derivative [Line Items]
Notional amount and swapped balance	$ 500,000
All-In Swapped Rate	6.28%
Fair Value Asset	$ 3,247		4,702
Fair Value Liability			1,148
Designated as Hedging Instrument | Unsecured revolving credit facility | Interest rate swaps
Derivative [Line Items]
Notional amount and swapped balance	$ 575,000
All-In Swapped Rate	3.87%
Fair Value Asset	$ 25,251		17,064
Fair Value Liability			0
Designated as Hedging Instrument | Unsecured term loan | Interest rate swaps
Derivative [Line Items]
Notional amount and swapped balance	$ 700,000
All-In Swapped Rate	4.52%
Fair Value Asset	$ 18,577		11,089
Fair Value Liability			0
Designated as Hedging Instrument | 100 West 33rd Street mortgage loan | Interest rate swaps
Derivative [Line Items]
Notional amount and swapped balance	$ 480,000
All-In Swapped Rate	5.06%
Fair Value Asset	$ 10,826		3,550
Fair Value Liability			0
Designated as Hedging Instrument | 888 Seventh Avenue mortgage loan | Interest rate swaps
Derivative [Line Items]
Notional amount and swapped balance	$ 200,000
All-In Swapped Rate	4.76%
Fair Value Asset	$ 7,299		4,340
Fair Value Liability			0
Long term debt	$ 59,800
Rate	7.13%
Designated as Hedging Instrument | 888 Seventh Avenue mortgage loan | Interest rate swaps | SOFR
Derivative [Line Items]
Derivative, basis spread on variable rate	1.80%
Designated as Hedging Instrument | 4 Union Square South mortgage loan | Interest rate swaps
Derivative [Line Items]
Notional amount and swapped balance	$ 97,750
All-In Swapped Rate	3.74%
Fair Value Asset	$ 2,048		2,327
Fair Value Liability			0
Long term debt	$ 22,250
Rate	6.83%
Designated as Hedging Instrument | 4 Union Square South mortgage loan | Interest rate swaps | SOFR
Derivative [Line Items]
Derivative, basis spread on variable rate	1.50%
Designated as Hedging Instrument | 1290 Avenue of the Americas mortgage loan | Interest Rate Cap
Derivative [Line Items]
Notional amount and swapped balance	$ 950,000
Fair Value Asset	54,223		53,784
Fair Value Liability			0
Premium paid in connection with the purchase of cap arrangement	63,100
Designated as Hedging Instrument | 1290 Avenue of the Americas mortgage loan | Interest Rate Cap | Non-controlling Interests in Consolidated Subsidiaries
Derivative [Line Items]
Premium paid in connection with the purchase of cap arrangement	$ 18,930
Designated as Hedging Instrument | 1290 Avenue of the Americas mortgage loan | Interest Rate Cap | SOFR
Derivative [Line Items]
Cap strike rate	1%
Designated as Hedging Instrument | One Park Avenue mortgage loan | Interest Rate Cap
Derivative [Line Items]
Notional amount and swapped balance	$ 525,000
Fair Value Asset	$ 5,464		5,297
Fair Value Liability			0
Designated as Hedging Instrument | One Park Avenue mortgage loan | Interest Rate Cap | SOFR
Derivative [Line Items]
Cap strike rate	3.89%
Designated as Hedging Instrument | Various mortgage loans | Interest Rate Cap
Derivative [Line Items]
Fair Value Asset	$ 670		819
Fair Value Liability			$ 0
Designated as Hedging Instrument | PENN 11 mortgage loan, Forward Swap | Interest rate swaps
Derivative [Line Items]
Notional amount and swapped balance		$ 250,000
Designated as Hedging Instrument | PENN 11 mortgage loan, In-Place Swap | Interest rate swaps
Derivative [Line Items]
All-In Swapped Rate		6.28%
Long term debt		$ 500,000
Designated as Hedging Instrument | Unsecured Term Loan Expiring July 2025 | Interest rate swaps
Derivative [Line Items]
Notional amount and swapped balance	$ 700,000
All-In Swapped Rate	4.52%
Unswapped Balance	$ 100,000
Designated as Hedging Instrument | Unsecured Term Loan Expiring October 2026 | Interest rate swaps
Derivative [Line Items]
Notional amount and swapped balance	$ 550,000
All-In Swapped Rate	4.35%
Unswapped Balance	$ 250,000
Designated as Hedging Instrument | Unsecured Term Loan Expiring August 2027 | Interest rate swaps
Derivative [Line Items]
Notional amount and swapped balance	$ 50,000
All-In Swapped Rate	4.03%
Unswapped Balance	$ 750,000

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - Nonrecurring - Fair Value - Level 3 $ in Thousands	Dec. 31, 2023 USD ($)
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Fair value investment	$ 76,570
Consolidated Real Estate Assets
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Fair value investment	55,097
Investments in Partially Owned Entities
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Fair value investment	$ 21,473

Fair Value Measurements (Unobse

Fair Value Measurements (Unobservable Quantitative Input Ratios) (Details) - Nonrecurring - Level 3	Dec. 31, 2023
Discount rates | Minimum
Unobservable Quantitative Input
Other real estate owned, measurement input	0.0750
Discount rates | Maximum
Unobservable Quantitative Input
Other real estate owned, measurement input	0.0800
Discount rates | Weighted Average
Unobservable Quantitative Input
Other real estate owned, measurement input	0.0799
Terminal capitalization rates
Unobservable Quantitative Input
Other real estate owned, measurement input	0.0550
Terminal capitalization rates | Weighted Average
Unobservable Quantitative Input
Other real estate owned, measurement input	0.0550

Fair Value Measurements (Carryi

Fair Value Measurements (Carrying Amounts and Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured revolving credit facilities	$ 575,000	$ 575,000
Deferred financing costs, net and other	49,687	53,163
Senior unsecured notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, carrying amount	1,200,000	1,200,000
Deferred financing costs, net and other	5,617	6,127
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	675,125	825,720
Mortgages payable	5,729,615	5,729,615
Unsecured revolving credit facilities	575,000	575,000
Debt, carrying amount	8,304,615	8,304,615
Carrying Amount | Senior unsecured notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured term loan	1,200,000	1,200,000
Carrying Amount | Unsecured term loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured term loan	800,000	800,000
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value	8,025,000	8,013,000
Fair Value | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	675,000	826,000
Unsecured revolving credit facilities	575,000	575,000
Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages payable	5,570,000	5,569,000
Fair Value | Senior unsecured notes | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured term loan	1,080,000	1,069,000
Fair Value | Unsecured term loan | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured term loan	$ 800,000	$ 800,000

Interest and Other Investment_3

Interest and Other Investment Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Interest and Other Income [Abstract]
Interest on cash and cash equivalents and restricted cash	$ 11,689	$ 5,674
Income (loss) from real estate fund investments	35	(19)
Amortization of discount on investments in U.S. Treasury bills	0	3,445
Interest on loans receivable	0	484
Interest and other investment income, net	$ 11,724	$ 9,584

Interest and Debt Expense (Deta

Interest and Debt Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Interest and Debt Expense [Abstract]
Interest expense	$ 97,691	$ 89,081
Capitalized interest and debt expense	(12,564)	(8,857)
Amortization of deferred financing costs	5,351	6,013
Interest and debt expense, Total	$ 90,478	$ 86,237

Commitments and Contingencies (

Commitments and Contingencies (Details)	1 Months Ended	3 Months Ended
	Jan. 31, 2022 renewal_option	Mar. 31, 2024 USD ($)
Other Commitments
Fair value reset renewal period	25 years
Guarantees and master leases		$ 1,177,000,000
Construction commitment		$ 70,625,000
Joint Venture | Farley Office and Retail
Other Commitments
Equity method ownership percentage		95%
Capital contributions		$ 205,068,000
Joint Venture | Vornado Capital Partners Real Estate Fund
Other Commitments
Equity method ownership percentage		25%
Unfunded commitments of fund		$ 5,769,000
Affiliated Entity | Farley Office and Retail
Other Commitments
Equity method ownership percentage		5%
Unsecured revolving credit facilities
Other Commitments
Outstanding letters of credit		$ 30,233,000
PENN 1
Other Commitments
Number of renewal options | renewal_option	3
Term of contract	25 years
General Liability
Insurance
Insurance limit per occurrence		300,000,000
Insurance limit per property		300,000,000
Disease Coverage
Insurance
Insurance limit per property		275,000,000
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%
Terrorism Acts
Insurance
Insurance limit per occurrence		$ 6,000,000,000
Insurance maximum coverage limit in aggregate		6,000,000,000
Non-Certified Acts of Terrorism
Insurance
Insurance maximum coverage limit in aggregate		1,200,000,000
NBCR Acts
Insurance
Insurance limit per occurrence		5,000,000,000
Insurance maximum coverage limit in aggregate		5,000,000,000
NBCR Acts | PPIC
Insurance
Insurance deductible		$ 2,112,753
Insurance deductible percentage of balance of covered loss		20%

Segment Information (Narrative)

Segment Information (Narrative) (Details)	3 Months Ended
	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Information (Schedule o

Segment Information (Schedule of NOI by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Information
Total revenues	$ 436,375	$ 445,923
Operating expenses	(226,224)	(228,773)
NOI - consolidated	210,151	217,150
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(11,396)	(11,764)
Add: NOI from partially owned entities	70,369	68,097
NOI at share	269,124	273,483
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(1,511)	5,052
NOI at share - cash basis	267,613	278,535
New York
Segment Information
Total revenues	358,234	363,814
Operating expenses	(188,278)	(188,321)
NOI - consolidated	169,956	175,493
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(4,536)	(4,823)
Add: NOI from partially owned entities	67,709	65,324
NOI at share	233,129	235,994
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(2,335)	5,033
NOI at share - cash basis	230,794	241,027
Other
Segment Information
Total revenues	78,141	82,109
Operating expenses	(37,946)	(40,452)
NOI - consolidated	40,195	41,657
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(6,860)	(6,941)
Add: NOI from partially owned entities	2,660	2,773
NOI at share	35,995	37,489
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	824	19
NOI at share - cash basis	$ 36,819	$ 37,508

Segment Information (Net Income

Segment Information (Net Income to NOI Reconciliation) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting [Abstract]
Net (loss) income	$ (6,273)	$ 11,198
Depreciation and amortization expense	108,659	106,565
General and administrative expense	37,897	41,595
Transaction related costs and other	653	658
Income from partially owned entities	(16,279)	(16,666)
Interest and other investment income, net	(11,724)	(9,584)
Interest and debt expense	90,478	86,237
Net gains on disposition of wholly owned and partially owned assets	0	(7,520)
Income tax expense	6,740	4,667
NOI from partially owned entities	70,369	68,097
NOI attributable to noncontrolling interests in consolidated subsidiaries	(11,396)	(11,764)
NOI at share	269,124	273,483
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(1,511)	5,052
NOI at share - cash basis	$ 267,613	$ 278,535

Subsequent Events (Details)

Subsequent Events (Details) ft² in Thousands							1 Months Ended
	May 03, 2024 USD ($) ft² credit_facility	May 01, 2024	Apr. 12, 2024 USD ($) property	Apr. 09, 2024 USD ($)	Apr. 08, 2024 USD ($)	Apr. 04, 2024 USD ($)	May 08, 2024 USD ($)	May 02, 2024 USD ($)	Mar. 31, 2024
Alexander's
Subsequent Events
Equity method ownership percentage									32.40%
Equity Method Investee | Alexander's
Subsequent Events
Equity method ownership percentage									32.40%
Subsequent Event | Alexander’s and Bloomberg L.P.
Subsequent Events
Term	11 years
Subsequent Event | Alexander’s and Bloomberg L.P. | Office and Retail Building
Subsequent Events
Square footage of real estate property (in sqft) | ft²	947
Lease commission override							$ 5,500,000
Subsequent Event | Sale | 220 Central Park South
Subsequent Events
Number of condominium units sold (unit) | property			2
Proceeds from sale of real estate			$ 31,605,000
Subsequent Event | 435 Seventh Avenue | Mortgages Payable:
Subsequent Events
Loan				$ 75,000,000	$ 95,696,000
Swapped rate				6.96%
Subsequent Event | 435 Seventh Avenue | Mortgages Payable: | Recourse
Subsequent Events
Loan				$ 37,500,000
Subsequent Event | 435 Seventh Avenue | Mortgages Payable: | SOFR
Subsequent Events
Basis spread on variable rate				2.10%	1.41%
Subsequent Event | Unsecured Revolving Credit Facility, Maturing April 2029 | Revolving Credit Facility
Subsequent Events
Number of credit facilities | credit_facility	2
Maximum borrowing capacity	$ 915,000,000							$ 1,250,000,000
Facility fee (percent)	0.25%
Subsequent Event | Unsecured Revolving Credit Facility, Maturing April 2029 | SOFR | Revolving Credit Facility
Subsequent Events
Basis spread on variable rate	1.20%
Subsequent Event | Unsecured Revolving Credit Facility, Maturing December 2027 | Revolving Credit Facility
Subsequent Events
Maximum borrowing capacity	$ 1,250,000,000
Facility fee (percent)	0.25%
Subsequent Event | Unsecured Revolving Credit Facility, Maturing December 2027 | SOFR | Revolving Credit Facility
Subsequent Events
Basis spread on variable rate	1.14%
Subsequent Event | Joint Venture | 280 Park Avenue
Subsequent Events
Equity method ownership percentage						50%
Subsequent Event | Joint Venture | 280 Park Avenue | 280 Park Avenue | Mortgages Payable:
Subsequent Events
Loan						$ 1,075,000,000
Subsequent Event | Joint Venture | 280 Park Avenue | 280 Park Avenue | Mortgages Payable: | SOFR
Subsequent Events
Basis spread on variable rate						1.78%
Subsequent Event | Joint Venture | 280 Park Avenue | Mezzanine Loan | Mortgages Payable:
Subsequent Events
Loan						$ 125,000,000
Repaid on loan						$ 62,500,000
Subsequent Event | Affiliated Entity | Leasing Fees
Subsequent Events
Lease fee percentage of rent one to ten years	3%
Lease fee percentage of rent eleven to twenty years	2%
Lease fee percentage of rent twenty first to thirty years	1%
Percentage increase lease fee if broker used	1%
Percentage of third-party lease commission		33%
Subsequent Event | Equity Method Investee | Alexander's
Subsequent Events
Equity method ownership percentage	32.40%