Vornado Realty Trust (VNO) 10-K 10 Feb 25 2024 FY Annual report Financial data

Cover

Cover - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Jun. 30, 2024
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 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
Title of 12(g) Security	Series A Convertible Preferred Shares of beneficial interest, liquidation preference $50.00 per share
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float		$ 4,651,296
Entity Common Stock, Shares Outstanding	190,846,580
Documents Incorporated by Reference	Part III : Portions of Proxy Statement for Annual Meeting of Vornado Realty Trust’s Shareholders to be held on May 22, 2025.
Entity Central Index Key	0000899689
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
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
Trading Symbol	VNO
Security Exchange Name	NYSE
5.40% Series L
Entity Information [Line Items]
Title of 12(b) Security	5.40% Series L
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
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
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
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
Title of 12(g) Security	Class A Units of Limited Partnership Interest
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float		$ 317,537
Entity Central Index Key	0001040765

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Auditor [Line Items]
Auditor Firm ID	34
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	New York, New York
Vornado Realty L.P.
Auditor [Line Items]
Auditor Firm ID	34
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	New York, New York

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Real estate, at cost:
Land	$ 2,434,209	$ 2,436,221
Buildings and improvements	10,439,113	9,952,954
Development costs and construction in progress	1,097,395	1,281,076
Leasehold improvements and equipment	120,915	130,953
Total	14,091,632	13,801,204
Less accumulated depreciation and amortization	(4,025,349)	(3,752,827)
Real estate, net	10,066,283	10,048,377
Right-of-use assets	678,804	680,044
Cash and cash equivalents	733,947	997,002
Restricted cash	215,672	264,582
Tenant and other receivables	58,853	69,543
Investments in partially owned entities	2,691,478	2,610,558
Receivable arising from the straight-lining of rents	707,020	701,666
Deferred leasing costs, net of accumulated amortization of $268,532 and $249,347	354,882	355,010
Identified intangible assets, net of accumulated amortization of $75,002 and $98,589	118,215	127,082
Other assets	373,454	333,801
Assets	15,998,608	16,187,665
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net	5,676,014	5,688,020
Senior unsecured notes, net	1,195,914	1,193,873
Unsecured term loan, net	795,948	794,559
Unsecured revolving credit facilities	575,000	575,000
Lease liabilities	749,759	732,859
Accounts payable and accrued expenses	374,013	411,044
Deferred revenue	28,424	32,199
Deferred compensation plan	114,580	105,245
Other liabilities	317,087	311,132
Total liabilities	9,826,739	9,843,931
Commitments and contingencies
Redeemable noncontrolling interests:
Total redeemable noncontrolling interests	834,658	638,448
Shareholders' equity:
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 48,789,180 and 48,792,902 shares	1,182,364	1,182,459
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 190,846,580 and 190,390,703 shares	7,634	7,594
Additional capital	8,052,793	8,263,291
Earnings less than distributions	(4,142,249)	(4,009,395)
Accumulated other comprehensive income	57,700	65,115
Total shareholders' / partners' equity	5,158,242	5,509,064
Noncontrolling interests in consolidated subsidiaries	178,969	196,222
Total equity	5,337,211	5,705,286
Total liabilities, redeemable noncontrolling interests / partnership units and equity	15,998,608	16,187,665
Partnership Interest
Redeemable noncontrolling interests:
Class A units - 16,850,803 and 17,000,030 units outstanding	708,408	480,251
Series D cumulative redeemable preferred units - 141,400 units outstanding	3,535	3,535
Total redeemable noncontrolling interests	711,943	483,786
Redeemable noncontrolling interest in a consolidated subsidiary
Redeemable noncontrolling interests:
Total redeemable noncontrolling interests	$ 122,715	$ 154,662

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Deferred leasing costs, net of accumulated amortization	$ 268,532	$ 249,347
Identified intangible assets, net of accumulated amortization	$ 75,002	$ 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)	48,789,180	48,792,902
Preferred shares of beneficial interest: outstanding shares (in shares)	48,789,180	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)	190,846,580	190,390,703
Common shares of beneficial interest: outstanding shares (in shares)	190,846,580	190,390,703
Class A Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding partnership units held by third parties (in shares)	16,850,803	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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
REVENUES:
Total revenues	$ 1,787,686	$ 1,811,163	$ 1,799,995
EXPENSES:
Operating	(927,796)	(905,158)	(873,911)
Depreciation and amortization	(447,500)	(434,273)	(504,502)
General and administrative	(148,520)	(162,883)	(133,731)
(Expense) benefit from deferred compensation plan liability	(12,638)	(12,162)	9,617
Transaction related costs, impairment losses and other	(5,242)	(50,691)	(31,722)
Total expenses	(1,541,696)	(1,565,167)	(1,534,249)
Income (loss) from partially owned entities	112,464	38,689	(461,351)
Interest and other investment income, net	45,974	43,287	23,410
Income (loss) from deferred compensation plan assets	12,638	12,162	(9,617)
Interest and debt expense	(390,269)	(349,223)	(279,765)
Net gains on disposition of wholly owned and partially owned assets	16,048	71,199	100,625
Income (loss) before income taxes	42,845	62,110	(360,952)
Income tax expense	(22,729)	(29,222)	(21,660)
Net income (loss)	20,116	32,888	(382,612)
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	51,131	75,967	5,737
Operating Partnership	(860)	(3,361)	30,376
Net income (loss) attributable to Vornado	70,387	105,494	(346,499)
Preferred share dividends/unit distributions	(62,112)	(62,116)	(62,116)
NET INCOME (LOSS) attributable to Class A unitholders	$ 8,275	$ 43,378	$ (408,615)
INCOME (LOSS) PER COMMON SHARE - BASIC:
Net income (loss) per common share (in dollars per share)	$ 0.04	$ 0.23	$ (2.13)
Weighted average shares outstanding (in shares)	190,539	191,005	191,775
INCOME (LOSS) PER COMMON SHARE - DILUTED:
Net income (loss) per common share (in dollars per share)	$ 0.04	$ 0.23	$ (2.13)
Weighted average shares outstanding (in shares)	196,626	191,856	191,775
Rental revenues
REVENUES:
Total revenues	$ 1,568,806	$ 1,607,486	$ 1,607,685
Fee and other income
REVENUES:
Total revenues	$ 218,880	$ 203,677	$ 192,310

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 20,116	$ 32,888	$ (382,612)
Other comprehensive (loss) income:
Other comprehensive (loss) income of nonconsolidated subsidiaries	(6,992)	(8,286)	18,874
Change in fair value of interest rate swaps and other	947	(112,051)	190,493
Comprehensive income (loss)	14,071	(87,449)	(173,245)
Less comprehensive loss attributable to noncontrolling interests	48,876	85,665	19,247
Comprehensive income (loss) attributable to Vornado / Vornado Realty L.P.	$ 62,947	$ (1,784)	$ (153,998)

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 (Loss) Income	Non- controlling Interests in Consolidated Subsidiaries
Beginning balance (in shares) at Dec. 31, 2021		48,793,000
Beginning balance at Dec. 31, 2021	$ 6,515,238	$ 1,182,459	$ 7,648	$ 8,143,093	$ (3,079,320)	$ (17,534)	$ 278,892
Beginning balance (in shares) at Dec. 31, 2021			191,724,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to Vornado	(346,499)				(346,499)
Net income (loss) attributable to nonredeemable noncontrolling interests in consolidated subsidiaries	3,931						3,931
Dividends on common shares	(406,562)				(406,562)
Dividends on preferred shares (see Note 10 for dividends per share amounts)	(62,116)				(62,116)
Common shares issued:
Common shares issued upon redemption of Class A units, at redemption value (in shares)			117,000
Common shares issued upon redemption of Class A units, at redemption value	3,524		$ 5	3,519
Under employees' share option plan	7			7
Under dividend reinvestment plan (in shares)			28,000
Under dividend reinvestment plan	878		$ 1	877
Contributions	5,609						5,609
Distributions	(54,388)						(54,388)
Deferred compensation shares and options (in shares)			(2,000)
Deferred compensation shares and options	503			588	(85)
Other comprehensive income (loss) of nonconsolidated subsidiaries	18,874					18,874
Change in fair value of consolidated interest rate hedges and other	190,494					190,494
Redeemable Class A unit measurement adjustment	221,145			221,145
Operating Partnership	(14,250)					(14,250)
Consolidated subsidiaries	0					(2,616)	2,616
Other	(8)			(1)	2	(1)	(8)
Ending balance (in shares) at Dec. 31, 2022		48,793,000
Ending balance at Dec. 31, 2022	6,076,380	$ 1,182,459	$ 7,654	8,369,228	(3,894,580)	174,967	236,652
Ending balance (in shares) at Dec. 31, 2022			191,867,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to Vornado	105,494				105,494
Net income (loss) attributable to nonredeemable noncontrolling interests in consolidated subsidiaries	(36,582)						(36,582)
Dividends on common shares	(129,066)				(129,066)
Dividends on preferred shares (see Note 10 for dividends per share amounts)	(62,116)				(62,116)
Common shares issued:
Common shares issued upon redemption of Class A units, at redemption value (in shares)			539,000
Common shares issued upon redemption of Class A units, at redemption value	8,489		$ 21	8,468
Under dividend reinvestment plan (in shares)			11,000
Under dividend reinvestment plan	146		$ 0	146
Contributions	24,033						24,033
Distributions	(21,526)						(21,526)
Deferred compensation shares and options (in shares)			(2,000)
Deferred compensation shares and options	296			321	(25)
Repurchase of common shares (in shares)			(2,024,000)
Repurchase of common shares	(29,183)		$ (81)		(29,102)
Other comprehensive income (loss) of nonconsolidated subsidiaries	(8,286)					(8,286)
Change in fair value of consolidated interest rate hedges and other	(112,051)					(112,051)
Unearned 2020 Out-Performance Plan and 2019 Performance AO LTIP awards	20,668			20,668
Redeemable Class A unit measurement adjustment	(138,114)			(135,540)		(2,574)
Operating Partnership	9,340					9,340
Consolidated subsidiaries	0					3,719	(3,719)
Deconsolidation of partially owned entity	$ (2,636)						(2,636)
Ending balance (in shares) at Dec. 31, 2023	48,792,902	48,793,000
Ending balance at Dec. 31, 2023	$ 5,705,286	$ 1,182,459	$ 7,594	8,263,291	(4,009,395)	65,115	196,222
Ending balance (in shares) at Dec. 31, 2023	190,390,703		190,391,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to Vornado	$ 70,387				70,387
Net income (loss) attributable to nonredeemable noncontrolling interests in consolidated subsidiaries	(19,964)						(19,964)
Dividends on common shares	(141,103)				(141,103)
Dividends on preferred shares (see Note 10 for dividends per share amounts)	(62,112)				(62,112)
Common shares issued:
Common shares issued upon redemption of Class A units, at redemption value (in shares)			449,000
Common shares issued upon redemption of Class A units, at redemption value	15,912		$ 18	15,894
Conversion of Series A preferred shares to common shares (in shares)		4,000	7,000
Conversion of Series A preferred shares to common shares	0	$ (95)		95
Contributions	1,961						1,961
Distributions	(1,339)						(1,339)
Other comprehensive income (loss) of nonconsolidated subsidiaries	(6,992)					(6,992)
Change in fair value of consolidated interest rate hedges and other	947					947
Redeemable Class A unit measurement adjustment	(226,586)			(226,612)		26
Operating Partnership	693					693
Consolidated subsidiaries	0					(2,087)	2,087
Other	$ 121		$ 22	125	(26)	(2)	2
Ending balance (in shares) at Dec. 31, 2024	48,789,180	48,789,000
Ending balance at Dec. 31, 2024	$ 5,337,211	$ 1,182,364	$ 7,634	$ 8,052,793	$ (4,142,249)	$ 57,700	$ 178,969
Ending balance (in shares) at Dec. 31, 2024	190,846,580		190,847,000

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common shares, dividends (in dollars per share)	$ 0.74	$ 0.675	$ 2.12

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash Flows from Operating Activities:
Net income (loss)	$ 20,116	$ 32,888	$ (382,612)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs)	469,423	457,574	526,306
Distributions of income from partially owned entities	142,880	172,873	184,501
Equity in net (income) loss of partially owned entities	(112,464)	(38,689)	461,351
Amortization of interest rate cap premiums	41,745	10,989	430
Stock-based compensation expense	30,172	43,201	29,249
Net gains on disposition of wholly owned and partially owned assets	(16,048)	(71,199)	(100,625)
Change in deferred tax liability	13,008	17,020	14,005
Straight-lining of rents	(5,086)	(8,808)	(46,177)
Amortization of below-market leases, net	(3,035)	(5,268)	(5,178)
Real estate impairment losses	0	45,007	19,098
Credit losses on investments	0	8,269	0
Net realized and unrealized (gain) loss on real estate fund investments	0	(1,861)	2,589
Return of capital from real estate fund investments	0	1,861	5,141
Other non-cash adjustments	13,995	9,874	3,532
Changes in operating assets and liabilities:
Tenant and other receivables	4,704	9,379	(4,437)
Prepaid assets	(8,346)	(12,854)	104,186
Other assets	(74,420)	(79,110)	(34,615)
Lease liabilities	16,900	17,582	15,658
Accounts payable and accrued expenses	(6,800)	10,723	5,718
Other liabilities	10,979	28,701	824
Net cash provided by operating activities	537,723	648,152	798,944
Cash Flows from Investing Activities:
Development costs and construction in progress	(242,874)	(552,701)	(737,999)
Additions to real estate	(222,739)	(211,899)	(159,796)
Investments in partially owned entities	(115,357)	(57,297)	(33,172)
Investment in loan receivable	(50,000)	0	0
Proceeds from sale of condominium units at 220 Central Park South	31,605	24,484	88,019
Proceeds from sales of real estate	2,000	123,519	373,264
Proceeds from maturities of U.S. Treasury bills	0	468,598	597,499
Proceeds from repayment of participation in 150 West 34th Street mortgage loan	0	105,000	0
Acquisitions of real estate and other	0	(33,145)	(3,000)
Distributions of capital from partially owned entities	0	18,869	34,417
Deconsolidation of cash and restricted cash held by a previously consolidated entity	0	(14,216)	0
Purchase of U.S. Treasury bills	0	0	(1,066,096)
Net cash used in investing activities	(597,365)	(128,788)	(906,864)
Cash Flows from Financing Activities:
Dividends paid on common shares	(141,103)	(129,066)	(406,562)
Repayments of borrowings	(97,439)	(148,000)	(1,251,373)
Proceeds from borrowings	75,000	0	1,029,773
Dividends paid on preferred shares	(62,112)	(62,116)	(62,116)
Distributions to noncontrolling interests	(18,156)	(38,970)	(84,699)
Deferred financing costs	(13,870)	(4,424)	(32,706)
Contributions from noncontrolling interests	5,300	132,701	5,609
Repurchase of common shares	0	(29,183)	0
Other financing activity, net	57	121	800
Net cash used in financing activities	(252,323)	(278,937)	(801,274)
Net (decrease) increase in cash and cash equivalents and restricted cash	(311,965)	240,427	(909,194)
Cash and cash equivalents and restricted cash at beginning of period	1,261,584	1,021,157	1,930,351
Cash and cash equivalents and restricted cash at end of period	949,619	1,261,584	1,021,157
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	997,002	889,689	1,760,225
Restricted cash at beginning of period	264,582	131,468	170,126
Cash and cash equivalents and restricted cash at beginning of period	1,261,584	1,021,157	1,930,351
Cash and cash equivalents at end of period	733,947	997,002	889,689
Restricted cash at end of period	215,672	264,582	131,468
Cash and cash equivalents and restricted cash at end of period	949,619	1,261,584	1,021,157
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest (excluding capitalized interest) and interest rate cap premiums	322,774	381,410	252,371
Cash payments for income taxes	7,608	10,365	7,947
Non-Cash Information:
Redeemable Class A unit measurement adjustment	(226,586)	(138,114)	221,145
Write-off of fully depreciated assets	(122,548)	(82,343)	(278,561)
Accrued capital expenditures included in accounts payable and accrued expenses	39,784	52,091	104,750
Reclassification of assets held for sale (included in "other assets")	15,279	0	0
Change in fair value of consolidated interest rate hedges and other	947	(112,051)	190,494
Initial investment in Sunset Pier 94 Joint Venture upon contribution of leasehold interest	0	50,090	0
Decrease in assets and liabilities resulting from the deconsolidation of Pier 94:
Real estate	0	21,693	0
Right-of-use assets	0	7,081	0
Lease liabilities	0	(20,692)	0
Additional estimated lease liability arising from the recognition of right-of-use asset	0	0	350,000
Reclassification of condominium units from "development costs and construction in progress" to "other assets"	$ 0	$ 0	$ 32,604

CONSOLIDATED BALANCE SHEETS_2

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Real estate, at cost:
Land	$ 2,434,209	$ 2,436,221
Buildings and improvements	10,439,113	9,952,954
Development costs and construction in progress	1,097,395	1,281,076
Leasehold improvements and equipment	120,915	130,953
Total	14,091,632	13,801,204
Less accumulated depreciation and amortization	(4,025,349)	(3,752,827)
Real estate, net	10,066,283	10,048,377
Right-of-use assets	678,804	680,044
Cash and cash equivalents	733,947	997,002
Restricted cash	215,672	264,582
Tenant and other receivables	58,853	69,543
Investments in partially owned entities	2,691,478	2,610,558
Receivable arising from the straight-lining of rents	707,020	701,666
Deferred leasing costs, net of accumulated amortization of $268,532 and $249,347	354,882	355,010
Identified intangible assets, net of accumulated amortization of $75,002 and $98,589	118,215	127,082
Other assets	373,454	333,801
Assets	15,998,608	16,187,665
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net	5,676,014	5,688,020
Senior unsecured notes, net	1,195,914	1,193,873
Unsecured term loan, net	795,948	794,559
Unsecured revolving credit facilities	575,000	575,000
Lease liabilities	749,759	732,859
Accounts payable and accrued expenses	374,013	411,044
Deferred revenue	28,424	32,199
Deferred compensation plan	114,580	105,245
Other liabilities	317,087	311,132
Total liabilities	9,826,739	9,843,931
Commitments and contingencies
Redeemable noncontrolling interests:
Total redeemable noncontrolling interests	834,658	638,448
Partners' equity:
Earnings less than distributions	(4,142,249)	(4,009,395)
Accumulated other comprehensive income	57,700	65,115
Total shareholders' / partners' equity	5,158,242	5,509,064
Noncontrolling interests in consolidated subsidiaries	178,969	196,222
Total equity	5,337,211	5,705,286
Total liabilities, redeemable noncontrolling interests / partnership units and equity	15,998,608	16,187,665
Partnership Interest
Redeemable noncontrolling interests:
Class A units - 16,850,803 and 17,000,030 units outstanding	708,408	480,251
Series D cumulative redeemable preferred units - 141,400 units outstanding	3,535	3,535
Total redeemable noncontrolling interests	711,943	483,786
Redeemable noncontrolling interest in a consolidated subsidiary
Redeemable noncontrolling interests:
Total redeemable noncontrolling interests	122,715	154,662
Vornado Realty L.P.
Real estate, at cost:
Land	2,434,209	2,436,221
Buildings and improvements	10,439,113	9,952,954
Development costs and construction in progress	1,097,395	1,281,076
Leasehold improvements and equipment	120,915	130,953
Total	14,091,632	13,801,204
Less accumulated depreciation and amortization	(4,025,349)	(3,752,827)
Real estate, net	10,066,283	10,048,377
Right-of-use assets	678,804	680,044
Cash and cash equivalents	733,947	997,002
Restricted cash	215,672	264,582
Tenant and other receivables	58,853	69,543
Investments in partially owned entities	2,691,478	2,610,558
Receivable arising from the straight-lining of rents	707,020	701,666
Deferred leasing costs, net of accumulated amortization of $268,532 and $249,347	354,882	355,010
Identified intangible assets, net of accumulated amortization of $75,002 and $98,589	118,215	127,082
Other assets	373,454	333,801
Assets	15,998,608	16,187,665
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net	5,676,014	5,688,020
Senior unsecured notes, net	1,195,914	1,193,873
Unsecured term loan, net	795,948	794,559
Unsecured revolving credit facilities	575,000	575,000
Lease liabilities	749,759	732,859
Accounts payable and accrued expenses	374,013	411,044
Deferred revenue	28,424	32,199
Deferred compensation plan	114,580	105,245
Other liabilities	317,087	311,132
Total liabilities	9,826,739	9,843,931
Commitments and contingencies
Redeemable noncontrolling interests:
Total redeemable noncontrolling interests	834,658	638,448
Partners' equity:
Partners' capital	9,242,791	9,453,344
Earnings less than distributions	(4,142,249)	(4,009,395)
Accumulated other comprehensive income	57,700	65,115
Total shareholders' / partners' equity	5,158,242	5,509,064
Noncontrolling interests in consolidated subsidiaries	178,969	196,222
Total equity	5,337,211	5,705,286
Total liabilities, redeemable noncontrolling interests / partnership units and equity	15,998,608	16,187,665
Vornado Realty L.P. | Partnership Interest
Redeemable noncontrolling interests:
Class A units - 16,850,803 and 17,000,030 units outstanding	708,408	480,251
Series D cumulative redeemable preferred units - 141,400 units outstanding	3,535	3,535
Total redeemable noncontrolling interests	711,943	483,786
Vornado Realty L.P. | Redeemable noncontrolling interest in a consolidated subsidiary
Redeemable noncontrolling interests:
Total redeemable noncontrolling interests	$ 122,715	$ 154,662

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Deferred leasing costs, net of accumulated amortization	$ 268,532	$ 249,347
Identified intangible assets, net of accumulated amortization	$ 75,002	$ 98,589
Class A Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding partnership units held by third parties (in shares)	16,850,803	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, net of accumulated amortization	$ 268,532	$ 249,347
Identified intangible assets, net of accumulated amortization	$ 75,002	$ 98,589
Vornado Realty L.P. | Class A Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding partnership units held by third parties (in shares)	16,850,803	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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
REVENUES:
Total revenues	$ 1,787,686	$ 1,811,163	$ 1,799,995
EXPENSES:
Operating	(927,796)	(905,158)	(873,911)
Depreciation and amortization	(447,500)	(434,273)	(504,502)
General and administrative	(148,520)	(162,883)	(133,731)
(Expense) benefit from deferred compensation plan liability	(12,638)	(12,162)	9,617
Transaction related costs, impairment losses and other	(5,242)	(50,691)	(31,722)
Total expenses	(1,541,696)	(1,565,167)	(1,534,249)
Income (loss) from partially owned entities	112,464	38,689	(461,351)
Interest and other investment income, net	45,974	43,287	23,410
Income (loss) from deferred compensation plan assets	12,638	12,162	(9,617)
Interest and debt expense	(390,269)	(349,223)	(279,765)
Net gains on disposition of wholly owned and partially owned assets	16,048	71,199	100,625
Income (loss) before income taxes	42,845	62,110	(360,952)
Income tax expense	(22,729)	(29,222)	(21,660)
Net income (loss)	20,116	32,888	(382,612)
Less net loss attributable to noncontrolling interests in consolidated subsidiaries	51,131	75,967	5,737
Net income (loss) attributable to Vornado	70,387	105,494	(346,499)
Preferred unit distributions	(62,112)	(62,116)	(62,116)
NET INCOME (LOSS) attributable to Class A unitholders	8,275	43,378	(408,615)
Rental revenues
REVENUES:
Total revenues	1,568,806	1,607,486	1,607,685
Fee and other income
REVENUES:
Total revenues	218,880	203,677	192,310
Vornado Realty L.P.
REVENUES:
Total revenues	1,787,686	1,811,163	1,799,995
EXPENSES:
Operating	(927,796)	(905,158)	(873,911)
Depreciation and amortization	(447,500)	(434,273)	(504,502)
General and administrative	(148,520)	(162,883)	(133,731)
(Expense) benefit from deferred compensation plan liability	(12,638)	(12,162)	9,617
Transaction related costs, impairment losses and other	(5,242)	(50,691)	(31,722)
Total expenses	(1,541,696)	(1,565,167)	(1,534,249)
Income (loss) from partially owned entities	112,464	38,689	(461,351)
Interest and other investment income, net	45,974	43,287	23,410
Income (loss) from deferred compensation plan assets	12,638	12,162	(9,617)
Interest and debt expense	(390,269)	(349,223)	(279,765)
Net gains on disposition of wholly owned and partially owned assets	16,048	71,199	100,625
Income (loss) before income taxes	42,845	62,110	(360,952)
Income tax expense	(22,729)	(29,222)	(21,660)
Net income (loss)	20,116	32,888	(382,612)
Less net loss attributable to noncontrolling interests in consolidated subsidiaries	51,131	75,967	5,737
Net income (loss) attributable to Vornado	71,247	108,855	(376,875)
Preferred unit distributions	(62,227)	(62,231)	(62,231)
NET INCOME (LOSS) attributable to Class A unitholders	$ 9,020	$ 46,624	$ (439,106)
INCOME (LOSS) PER CLASS A UNIT - BASIC:
Net income (loss) per Class A unit (in dollars per unit)	$ 0.03	$ 0.22	$ (2.15)
Weighted average units outstanding (in shares)	204,981	205,105	205,315
INCOME (LOSS) PER CLASS A UNIT - DILUTED:
Net income (loss) per Class A unit (in dollars per unit)	$ 0.03	$ 0.22	$ (2.15)
Weighted average units outstanding (in shares)	211,068	205,956	205,315
Vornado Realty L.P. | Rental revenues
REVENUES:
Total revenues	$ 1,568,806	$ 1,607,486	$ 1,607,685
Vornado Realty L.P. | Fee and other income
REVENUES:
Total revenues	$ 218,880	$ 203,677	$ 192,310

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net income (loss)	$ 20,116	$ 32,888	$ (382,612)
Other comprehensive (loss) income:
Other comprehensive (loss) income of nonconsolidated subsidiaries	(6,992)	(8,286)	18,874
Change in fair value of interest rate swaps and other	947	(112,051)	190,493
Comprehensive income (loss)	14,071	(87,449)	(173,245)
Less comprehensive loss attributable to noncontrolling interests in consolidated subsidiaries	48,876	85,665	19,247
Comprehensive income (loss) attributable to Vornado / Vornado Realty L.P.	62,947	(1,784)	(153,998)
Vornado Realty L.P.
Net income (loss)	20,116	32,888	(382,612)
Other comprehensive (loss) income:
Other comprehensive (loss) income of nonconsolidated subsidiaries	(6,992)	(8,286)	18,874
Change in fair value of interest rate swaps and other	947	(112,051)	190,493
Comprehensive income (loss)	14,071	(87,449)	(173,245)
Less comprehensive loss attributable to noncontrolling interests in consolidated subsidiaries	49,043	79,686	3,121
Comprehensive income (loss) attributable to Vornado / Vornado Realty L.P.	$ 63,114	$ (7,763)	$ (170,124)

CONSOLIDATED STATEMENTS OF CH_3

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Preferred Units	Class A Units Owned by Vornado	Earnings Less Than Distributions	Accumulated Other Comprehensive (Loss) 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 (Loss) Income	Vornado Realty L.P. Non- controlling Interests in Consolidated Subsidiaries
Beginning balance (in shares) at Dec. 31, 2021		48,793,000						48,793,000
Beginning balance at Dec. 31, 2021	$ 6,515,238	$ 1,182,459		$ (3,079,320)	$ (17,534)	$ 278,892	$ 6,515,238	$ 1,182,459	$ 8,150,741	$ (3,079,320)	$ (17,534)	$ 278,892
Beginning balance (in shares) at Dec. 31, 2021									191,724,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to Vornado	(346,499)			(346,499)			(376,875)			(376,875)
Net loss attributable to redeemable partnership units							30,376			30,376
Net income (loss) attributable to nonredeemable noncontrolling interests in consolidated subsidiaries	3,931					3,931	3,931					3,931
Distributions to Vornado							(406,562)			(406,562)
Distributions to preferred unitholders (see Note 10 for distributions per unit amounts)	(62,116)			(62,116)			(62,116)			(62,116)
Class A units issued to Vornado:
Upon redemption of redeemable Class A units, at redemption value (in shares)									117,000
Upon redemption of redeemable Class A units, at redemption value	3,524						3,524		$ 3,524
Under Vornado's employees' share option plan	7		$ 7
Under Vornado's dividend reinvestment plan (in shares)									28,000
Under Vornado's dividend reinvestment plan	878						878		$ 878
Contributions	5,609					5,609	5,609					5,609
Distributions	(54,388)					(54,388)	(54,388)					(54,388)
Deferred compensation units and options (in shares)									(2,000)
Deferred compensation units and options	503			(85)			503		$ 588	(85)
Other comprehensive income (loss) of nonconsolidated subsidiaries	18,874				18,874		18,874				18,874
Change in fair value of consolidated interest rate hedges and other	190,494				190,494		190,494				190,494
Redeemable Class A unit measurement adjustment	221,145						221,145		221,145		0
Redeemable partnership units	(14,250)				(14,250)		(14,250)				(14,250)
Consolidated subsidiaries	0				(2,616)	2,616	0				(2,616)	2,616
Other	(8)			2	(1)	(8)	(8)		(1)	2	(1)	(8)
Ending balance (in shares) at Dec. 31, 2022		48,793,000						48,793,000
Ending 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
Ending balance (in shares) at Dec. 31, 2022									191,867,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to Vornado	105,494			105,494			108,855			108,855
Net loss attributable to redeemable partnership units							(3,361)			(3,361)
Net income (loss) attributable to nonredeemable noncontrolling interests in consolidated subsidiaries	(36,582)					(36,582)	(36,582)					(36,582)
Distributions to Vornado							(129,066)			(129,066)
Distributions to preferred unitholders (see Note 10 for distributions per unit amounts)	(62,116)			(62,116)			(62,116)			(62,116)
Class A units issued to Vornado:
Upon redemption of redeemable Class A units, at redemption value (in shares)									539,000
Upon redemption of redeemable Class A units, at redemption value	8,489						8,489		$ 8,489
Under Vornado's dividend reinvestment plan (in shares)									11,000
Under Vornado's dividend reinvestment plan	146						146		$ 146
Contributions	24,033					24,033	24,033					24,033
Distributions	(21,526)					(21,526)	(21,526)					(21,526)
Deferred compensation units and options (in shares)									(2,000)
Deferred compensation units and options	296			(25)			296		$ 321	(25)
Repurchase of Class A units owned by Vornado (in shares)									(2,024,000)
Repurchase of Class A units owned by Vornado	(29,183)			(29,102)			(29,183)		$ (81)	(29,102)
Other comprehensive income (loss) of nonconsolidated subsidiaries	(8,286)				(8,286)		(8,286)				(8,286)
Change in fair value of consolidated interest rate hedges and other	(112,051)				(112,051)		(112,051)				(112,051)
Unearned 2020 Out-Performance Plan and 2019 Performance AO LTIP awards	20,668						20,668		20,668
Redeemable Class A unit measurement adjustment	(138,114)				(2,574)		(138,114)		(135,540)		(2,574)
Redeemable partnership units	9,340				9,340		9,340				9,340
Consolidated subsidiaries	0				3,719	(3,719)	0				3,719	(3,719)
Deconsolidation of partially owned entity	$ (2,636)					(2,636)	(2,636)					(2,636)
Ending balance (in shares) at Dec. 31, 2023	48,792,902	48,793,000						48,793,000
Ending 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
Ending balance (in shares) at Dec. 31, 2023	190,390,703								190,391,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to Vornado	$ 70,387			70,387			71,247			71,247
Net loss attributable to redeemable partnership units							(860)			(860)
Net income (loss) attributable to nonredeemable noncontrolling interests in consolidated subsidiaries	(19,964)					(19,964)	(19,964)					(19,964)
Distributions to Vornado							(141,103)			(141,103)
Distributions to preferred unitholders (see Note 10 for distributions per unit amounts)	(62,112)			(62,112)			(62,112)			(62,112)
Class A units issued to Vornado:
Upon redemption of redeemable Class A units, at redemption value (in shares)									449,000
Upon redemption of redeemable Class A units, at redemption value	15,912						15,912		$ 15,912
Conversion of Series A preferred units to common shares (in shares)		(4,000)						(4,000)	7,000
Conversion of Series A preferred units to common shares	0	$ (95)					0	$ (95)	$ 95
Contributions	1,961					1,961	1,961					1,961
Distributions	(1,339)					(1,339)	(1,339)					(1,339)
Other comprehensive income (loss) of nonconsolidated subsidiaries	(6,992)				(6,992)		(6,992)				(6,992)
Change in fair value of consolidated interest rate hedges and other	947				947		947				947
Redeemable Class A unit measurement adjustment	(226,586)				26		(226,586)		(226,612)		26
Redeemable partnership units	693				693		693				693
Consolidated subsidiaries	0				(2,087)	2,087	0				(2,087)	2,087
Other	$ 121			(26)	(2)	2	121		147	(26)	(2)	2
Ending balance (in shares) at Dec. 31, 2024	48,789,180	48,789,000						48,789,000
Ending balance at Dec. 31, 2024	$ 5,337,211	$ 1,182,364		$ (4,142,249)	$ 57,700	$ 178,969	$ 5,337,211	$ 1,182,364	$ 8,060,427	$ (4,142,249)	$ 57,700	$ 178,969
Ending balance (in shares) at Dec. 31, 2024	190,846,580								190,847,000

CONSOLIDATED STATEMENTS OF CH_4

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class A common shares, dividends (in dollars per share)	$ 0.74	$ 0.675	$ 2.12
Vornado Realty L.P.
Class A common shares, dividends (in dollars per share)	$ 0.74	$ 0.675	$ 2.12

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash Flows from Operating Activities:
Net income (loss)	$ 20,116	$ 32,888	$ (382,612)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs)	469,423	457,574	526,306
Distributions of income from partially owned entities	142,880	172,873	184,501
Equity in net (income) loss of partially owned entities	(112,464)	(38,689)	461,351
Amortization of interest rate cap premiums	41,745	10,989	430
Stock-based compensation expense	30,172	43,201	29,249
Net gains on disposition of wholly owned and partially owned assets	(16,048)	(71,199)	(100,625)
Change in deferred tax liability	13,008	17,020	14,005
Straight-lining of rents	(5,086)	(8,808)	(46,177)
Amortization of below-market leases, net	(3,035)	(5,268)	(5,178)
Real estate impairment losses	0	45,007	19,098
Credit losses on investments	0	8,269	0
Net realized and unrealized (gain) loss on real estate fund investments	0	(1,861)	2,589
Return of capital from real estate fund investments	0	1,861	5,141
Other non-cash adjustments	13,995	9,874	3,532
Changes in operating assets and liabilities:
Tenant and other receivables	4,704	9,379	(4,437)
Prepaid assets	(8,346)	(12,854)	104,186
Other assets	(74,420)	(79,110)	(34,615)
Lease liabilities	16,900	17,582	15,658
Accounts payable and accrued expenses	(6,800)	10,723	5,718
Other liabilities	10,979	28,701	824
Net cash provided by operating activities	537,723	648,152	798,944
Cash Flows from Investing Activities:
Development costs and construction in progress	(242,874)	(552,701)	(737,999)
Additions to real estate	(222,739)	(211,899)	(159,796)
Investments in partially owned entities	(115,357)	(57,297)	(33,172)
Investment in loan receivable	(50,000)	0	0
Proceeds from sale of condominium units at 220 Central Park South	31,605	24,484	88,019
Proceeds from sales of real estate	2,000	123,519	373,264
Proceeds from maturities of U.S. Treasury bills	0	468,598	597,499
Proceeds from repayment of participation in 150 West 34th Street mortgage loan	0	105,000	0
Acquisitions of real estate and other	0	(33,145)	(3,000)
Distributions of capital from partially owned entities	0	18,869	34,417
Deconsolidation of cash and restricted cash held by a previously consolidated entity	0	(14,216)	0
Purchase of U.S. Treasury bills	0	0	(1,066,096)
Net cash used in investing activities	(597,365)	(128,788)	(906,864)
Cash Flows from Financing Activities:
Distributions to Vornado	(141,103)	(129,066)	(406,562)
Repayments of borrowings	(97,439)	(148,000)	(1,251,373)
Proceeds from borrowings	75,000	0	1,029,773
Distributions to preferred unitholders	(62,112)	(62,116)	(62,116)
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries	(18,156)	(38,970)	(84,699)
Deferred financing costs	(13,870)	(4,424)	(32,706)
Contributions from noncontrolling interests in consolidated subsidiaries	5,300	132,701	5,609
Repurchase of Class A units owned by Vornado	0	(29,183)	0
Other financing activity, net	57	121	800
Net cash used in financing activities	(252,323)	(278,937)	(801,274)
Net (decrease) increase in cash and cash equivalents and restricted cash	(311,965)	240,427	(909,194)
Cash and cash equivalents and restricted cash at beginning of period	1,261,584	1,021,157	1,930,351
Cash and cash equivalents and restricted cash at end of period	949,619	1,261,584	1,021,157
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	997,002	889,689	1,760,225
Restricted cash at beginning of period	264,582	131,468	170,126
Cash and cash equivalents and restricted cash at beginning of period	1,261,584	1,021,157	1,930,351
Cash and cash equivalents at end of period	733,947	997,002	889,689
Restricted cash at end of period	215,672	264,582	131,468
Cash and cash equivalents and restricted cash at end of period	949,619	1,261,584	1,021,157
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest (excluding capitalized interest) and interest rate cap premiums	322,774	381,410	252,371
Cash payments for income taxes	7,608	10,365	7,947
Non-Cash Information:
Redeemable Class A unit measurement adjustment	(226,586)	(138,114)	221,145
Write-off of fully depreciated assets	(122,548)	(82,343)	(278,561)
Accrued capital expenditures included in accounts payable and accrued expenses	39,784	52,091	104,750
Reclassification of assets held for sale (included in "other assets")	15,279	0	0
Change in fair value of consolidated interest rate hedges and other	947	(112,051)	190,494
Initial investment in Sunset Pier 94 Joint Venture upon contribution of leasehold interest	0	50,090	0
Decrease in assets and liabilities resulting from the deconsolidation of Pier 94:
Real estate	0	21,693	0
Right-of-use assets	0	7,081	0
Lease liabilities	0	(20,692)	0
Additional estimated lease liability arising from the recognition of right-of-use asset	0	0	350,000
Reclassification of condominium units from "development costs and construction in progress" to "other assets"	$ 0	$ 0	$ 32,604

Organization and Business

Organization and Business	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Vornado Realty Trust (“Vornado”) is a fully‑integrated real estate investment trust (“REIT”) and conducts its business through, and substantially all of its interests in properties are held by, Vornado Realty L.P. (the “Operating Partnership”), a Delaware limited partnership. Accordingly, Vornado’s cash flow and ability to pay dividends to its shareholders are dependent upon the cash flow of the Operating Partnership and the ability of its direct and indirect subsidiaries to first satisfy their obligations to creditors. Vornado is the sole general partner of and owned approximately 91.4% of the common limited partnership interest in the Operating Partnership as of December 31, 2024. All references to the “Company,” “we,” “us” and “our” mean, collectively, Vornado, the Operating Partnership and those subsidiaries consolidated by Vornado. We currently own all or portions of: New York: • 56 Manhattan operating properties consisting of: • 20.1 million square feet of office space in 30 of the properties; • 2.4 million square feet of street retail space in 49 of the properties; • 1,330 units in two Manhattan residential properties; • Multiple development sites, including 350 Park Avenue, Sunset Pier 94 Studios, the Hotel Pennsylvania site (PENN 15) and other PENN District sites; • A 32.4% interest in Alexander’s, Inc. (“Alexander’s”) (NYSE: ALX), which owns five properties in the greater New York metropolitan area, including 731 Lexington Avenue, the 1.1 million square foot Bloomberg, L.P. headquarters building, and The Alexander, a 312-unit apartment tower in Queens; • Signage throughout the PENN District and Times Square; and • Building Maintenance Services LLC ("BMS"), a wholly owned subsidiary, which provides cleaning and security services for our buildings and third parties. Other Real Estate and Investments: • The 3.7 million square foot THE MART in Chicago; • A 70% controlling interest in 555 California Street, a three-building office complex in San Francisco’s financial district aggregating 1.8 million square feet; and •

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements include the accounts of Vornado and the Operating Partnership and their consolidated subsidiaries. All inter-company amounts have been eliminated. Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), which require us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. In addition, certain prior year balances have been reclassified in order to conform to the current period presentation. Recently Issued Accounting Literature In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 adopted this update effective December 15, 2024. The adoption of ASU 2023-07 did not have a material impact on our disclosures. 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. 2. Basis of Presentation and Significant Accounting Policies - continued Recently Issued Accounting Literature - continued In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), and in January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date ("ASU 2025-01"). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact of these standards on our consolidated financial statements. Significant Accounting Policies Real Estate: Real estate is carried at cost, net of accumulated depreciation and amortization. Betterments, major renewals and certain costs directly related to the improvement and leasing of real estate are capitalized. Maintenance and repairs are expensed as incurred. For redevelopment of existing operating properties, the net book value of the existing property under redevelopment plus the cost for the construction and improvements incurred in connection with the redevelopment, including interest and debt expense, are capitalized to the extent the capitalized costs of the property do not exceed the estimated fair value of the redeveloped property when complete. If the cost of the redeveloped property, including the net book value of the existing property, exceeds the estimated fair value of the redeveloped property, the excess is charged to expense. Depreciation is recognized on a straight-line basis over the estimated useful lives of these assets which range from 7 to 40 years. Tenant allowances are amortized on a straight-line basis over the lives of the related leases, which approximate the useful lives of the assets. Upon the acquisition of real estate, we assess whether the transaction should be accounted for as an asset acquisition or as a business combination. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. Our acquisitions of real estate generally will not meet the definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related identified intangible assets). We assess the fair value of acquired assets (including land, buildings and improvements, identified intangibles, such as acquired above and below-market leases, acquired in-place leases and tenant relationships) and acquired liabilities and we allocate the purchase price based on these assessments which are on a relative fair value basis. We assess fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known trends, and market/economic conditions. We amortize identified intangibles that have finite lives over the period they are expected to contribute directly or indirectly to the future cash flows of the property or business acquired. Our properties, including any related right-of-use ("ROU") assets and intangible assets, are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis. An impairment loss is measured based on the excess of the property’s carrying amount over its estimated fair value. Impairment analyses are based on information available at the time the analyses are prepared. Estimates of future cash flows are subjective and are based, in part, on assumptions regarding future rental revenues, operating expenses, capital expenditures, discount rates and capitalization rates which could differ materially from actual results. 2. Basis of Presentation and Significant Accounting Policies - continued Significant Accounting Policies - continued Partially Owned Entities: We consolidate entities in which we have a controlling financial interest. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider (i) whether the entity is a variable interest entity (“VIE”) in which we are the primary beneficiary or (ii) whether the entity is a voting interest entity in which we have a majority of the voting interests of the entity. We are deemed to be the primary beneficiary of a VIE when we have (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. We generally do not control a partially owned entity if the approval of all of the partners/members is contractually required with respect to decisions that most significantly impact the performance of the partially owned entity. This includes decisions regarding operating/capital budgets, and the placement of new or additional financing secured by the assets of the venture, among others. We account for investments under the equity method when the requirements for consolidation are not met, and we have significant influence over the operations of the investee. Equity method investments are initially recorded at cost and subsequently adjusted for our share of net income or loss and cash contributions and distributions each period. Equity investments that do not qualify for consolidation or equity method accounting are recorded at fair value in accordance with ASC Topic 321, Investments-Equity Securities ("ASC 321") or, if fair value is not readily determinable, are initially recognized at cost and subsequently remeasured if there is an orderly transaction in an identical or similar investment of the same issuer or if the investment is impaired. Investments in unconsolidated partially owned entities are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recorded when there is a decline in the fair value of an investment below its carrying value and we conclude that the decline is other-than-temporary during our intended holding period. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment analyses are based on information available at the time the analyses are prepared. Estimates of future cash flows are subjective and are based, in part, on assumptions regarding future rental revenues, operating expenses, capital expenditures, discount rates and capitalization rates which could differ materially from actual results. Cash and Cash Equivalents: Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less and are carried at cost, which approximates fair value due to their short-term maturities. The majority of our cash and cash equivalents consists of (i) deposits at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit and (ii) Certificate of Deposits placed through an Account Registry Service. Restricted Cash: Restricted cash consists of cash escrowed under loan agreements (including for debt service, real estate taxes, property insurance, leasing costs and capital improvements), security deposits, cash restricted for the purposes of facilitating a Section 1031 Like-Kind exchange and cash restricted in connection with our deferred compensation plan. Deferred Charges: Direct financing costs are deferred and amortized on a straight-line basis, which approximates the effective interest rate method, over the terms of the related agreements as a component of interest expense. Direct and incremental costs related to successful leasing activities are capitalized and amortized on a straight-line basis over the lives of the related leases. 2. Basis of Presentation and Significant Accounting Policies - continued Significant Accounting Policies - continued Revenue Recognition: • Rental revenues include revenues from the leasing of space at our properties to tenants, trade shows, tenant services and parking garage revenues. • Revenues from the leasing of space at our properties to tenants include (i) lease components, including fixed and variable lease payments, and nonlease components which include reimbursement of common area maintenance expenses, and (ii) reimbursement of real estate taxes and insurance expenses. As lessor, we have elected to combine the lease and nonlease components of our operating lease agreements and account for the components as a single lease component in accordance with ASC Topic 842, Leases (“ASC 842”). • Revenues from fixed lease payments for operating leases are recognized on a straight-line basis over the non-cancelable term of the lease, together with renewal options that are reasonably certain of being exercised. We commence revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. • Revenues derived from the reimbursement of real estate taxes, insurance expenses and common area maintenance expenses are variable, and are generally recognized in the same period as the related expenses are incurred. • We recognize amortization of acquired below-market leases as an increase to rental revenues and amortization of acquired above-market leases as a decrease to rental revenues over the term of the lease (see Note 7 - Identified Intangible Assets and Liabilities ). • Revenues from the operation of trade shows at our properties, primarily derived from booth rentals, are recognized when the trade show booths are made available for use by the exhibitors, in accordance with ASC 842. • Revenues derived from sub-metered electric, service elevator, trash removal and other services provided to our tenants at their request are recognized as the services are transferred in accordance with ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"). • Revenues derived from the operations of our parking facilities, which charge hourly or monthly fees to provide parking services to customers, are recognized as the services are transferred in accordance with ASC 606. • We classify revenues derived from management, leasing and other contractual agreements (including BMS cleaning, engineering and security services) with third parties or with partially owned entities as “fee and other income” and recognize revenue as the services are transferred in accordance with ASC 606. We evaluate on an individual lease basis whether it is probable that we will collect substantially all amounts due from our tenants and recognize changes in the collectability assessment of our operating leases as adjustments to rental revenue. Management exercises judgment in assessing collectability of tenant receivables and considers payment history, current credit status and publicly available information about the financial condition of the tenant, and other factors. Tenant receivables, including receivables arising from the straight-lining of rents, are written off when management deems that the collectability of substantially all future lease payments from a specific lease is not probable of collection, at which point, the Company will limit future rental revenues to cash received. 2. Basis of Presentation and Significant Accounting Policies - continued Significant Accounting Policies - continued Income Taxes: Vornado operates in a manner intended to enable it to continue to qualify as a REIT under Sections 856‑860 of the Internal Revenue Code of 1986, as amended. Under those sections, a REIT which distributes at least 90% of its REIT taxable income as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders. Vornado distributes to its shareholders 100% of its REIT taxable income and therefore, no provision for Federal income taxes is required. Dividends distributed for the years ended December 31, 2024, 2023 and 2022 were characterized, for federal income tax purposes, as ordinary income under Section 199A of the Internal Revenue Code. We have elected to treat certain consolidated subsidiaries, and may in the future elect to treat newly formed subsidiaries, as taxable REIT subsidiaries pursuant to an amendment to the Internal Revenue Code that became effective January 1, 2001. Taxable REIT subsidiaries may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to Federal and State income tax at regular corporate tax rates. The Farley Building and our 220 Central Park South (“220 CPS”) condominium project are held through taxable REIT subsidiaries. As of December 31, 2024 and 2023, our taxable REIT subsidiaries had deferred tax assets, net of valuation allowances, of $6,142,000 and $7,557,000, respectively, which are included in “other assets” on our consolidated balance sheets. As of December 31, 2024 and 2023, our taxable REIT subsidiaries had deferred tax liabilities of $84,877,000 and $74,721,000, respectively, which are included in "other liabilities" on our consolidated balance sheets. The deferred tax assets relate to net operating loss carry forwards and temporary differences between the book and tax basis of our assets. The deferred tax liabilities relate to temporary differences between the book and tax basis of our assets. As of December 31, 2024, our taxable REIT subsidiaries have an estimated $181,000,000 of federal net operating loss ("NOL") carryforwards and $246,000,000 of state and local NOL carryforwards, which are reduced by valuation allowances of $162,000,000 for federal NOL carryforwards and $246,000,000 for state and local NOL carryforwards. The NOL carryforwards are subject to certain limitations. For the year ended December 31, 2024, we recognized $22,729,000 of income tax expense based on an effective tax rate of approximately 53.0%. For the years ended December 31, 2023 and 2022, we recognized $29,222,000 and $21,660,000 of income tax expense, based on effective tax rates of approximately 47.0% and negative 6.0%, respectively. Income tax expense recorded in each of the years primarily relates to our consolidated taxable REIT subsidiaries, and certain state, local, and franchise taxes. The year ended December 31, 2024 included $14,353,000 of income tax expense resulting from book to tax differences (primarily straight-line rent adjustments and depreciation) on our investment in The Farley Building and $2,106,000 of income tax expense recognized on the sale of 220 CPS condominium units. The year ended December 31, 2023 included $11,722,000 of income tax expense resulting from book to tax differences on our investment in The Farley Building and $2,168,000 of income tax expense recognized on the sale of 220 CPS condominium units. The year ended December 31, 2022 included $13,665,000 of income tax expense resulting from book to tax differences on our investment in The Farley Building and $6,016,000 of income tax expense recognized on the sale of 220 CPS condominium units. The Company has no uncertain tax positions recognized as of December 31, 2024 and 2023. The Operating Partnership’s partners are required to report their respective share of taxable income on their individual tax returns. The estimated taxable income attributable to Vornado common shareholders (unaudited) for the years ended December 31, 2024, 2023 and 2022 was approximately $145,630,000, $102,903,000, and $398,644,000, respectively. The book to tax differences between net income (loss) and estimated taxable income primarily result from differences in the income recognition or deductibility of depreciation and amortization, gain or loss from the sale of real estate and other capital transactions, impairment losses, straight-line rent adjustments, stock option expense and repairs expense related to the tangible property regulations. The net basis of Vornado’s assets and liabilities for tax reporting purposes is approximately $1.4 billion lower than the amounts reported in Vornado’s consolidated balance sheet as of December 31, 2024.

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 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 years ended December 31, 2024, 2023 and 2022 is set forth in Note 22 - Segment Information. (Amounts in thousands) For the Year Ended December 31, 2024 Total New York Other Property rentals $ 1,486,503 $ 1,215,854 $ 270,649 Trade shows 21,541 — 21,541 Lease revenues (1) 1,508,044 1,215,854 292,190 Tenant services 41,549 29,344 12,205 Parking revenues 19,213 15,228 3,985 Rental revenues 1,568,806 1,260,426 308,380 BMS cleaning fees 149,225 159,903 (10,678) (2) Management and leasing fees 14,680 15,443 (763) Other income 54,975 36,225 18,750 Fee and other income 218,880 211,571 7,309 Total revenues $ 1,787,686 $ 1,471,997 $ 315,689 (Amounts in thousands) For the Year Ended December 31, 2023 Total New York Other Property rentals $ 1,523,890 $ 1,222,229 $ 301,661 (3) Trade shows 20,781 — 20,781 Lease revenues (1) 1,544,671 1,222,229 322,442 Tenant services 42,460 31,086 11,374 Parking revenues 20,355 16,502 3,853 Rental revenues 1,607,486 1,269,817 337,669 BMS cleaning fees 141,937 151,608 (9,671) (2) Management and leasing fees 13,040 13,619 (579) Other income 48,700 17,114 31,586 Fee and other income 203,677 182,341 21,336 Total revenues $ 1,811,163 $ 1,452,158 $ 359,005 ____________________ See notes on following page. 3. Revenue Recognition - continued (Amounts in thousands) For the Year Ended December 31, 2022 Total New York Other Property rentals $ 1,510,648 $ 1,230,851 $ 279,797 Trade shows 32,669 — 32,669 Lease revenues (1) 1,543,317 1,230,851 312,466 Tenant services 45,211 33,351 11,860 Parking revenues 19,157 15,979 3,178 Rental revenues 1,607,685 1,280,181 327,504 BMS cleaning fees 137,673 146,530 (8,857) (2) Management and leasing fees 11,039 11,645 (606) Other income 43,598 11,086 32,512 Fee and other income 192,310 169,261 23,049 Total revenues $ 1,799,995 $ 1,449,442 $ 350,553 ________________________________________ (1) The components of lease revenues were as follows: For the Year Ended December 31, 2024 2023 2022 Fixed billings $ 1,358,256 $ 1,387,731 $ 1,376,527 Variable billings 153,011 150,045 122,947 Total contractual operating lease billings 1,511,267 1,537,776 1,499,474 Adjustment for straight-line rents and amortization of acquired below-market leases and other, net (3,223) 6,895 43,843 Lease revenues $ 1,508,044 $ 1,544,671 $ 1,543,317 (2) Represents the elimination of BMS cleaning fees related to THE MART and 555 California Street which are included as income in the New York segment. (3) 2023 includes the receipt of a $21,350 tenant settlement, of which $6,405 is attributable to noncontrolling interests.

Investments in Partially Owned

Investments in Partially Owned Entities	12 Months Ended
	Dec. 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 December 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 also own $1.828 billion aggregate liquidation preference of preferred equity interests in certain of the Properties. The preferred equity had an annual coupon of 4.25% until April 2024. In April 2024, it increased to 4.75% for a five 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 December 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 $803,757,000, the basis difference primarily resulting from the 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. We receive an annual fee for managing the Properties equal to 2% of the gross revenues from the Properties. In addition, we are entitled to a development fee of 5% of development costs, plus reimbursement of certain costs, for development projects performed by us. We are entitled to 1.5% of development costs, plus reimbursement of certain costs, as a supervisory fee for development projects not performed by us. We provide leasing services for fees calculated based on a percentage of rents, less any commissions paid to third-party real estate brokers, if applicable. We jointly provide leasing services for the retail space with Crown Retail Services LLC, and exclusively provide leasing services for the office space. We recognized property management fee income, included in "fee and other income" on our consolidated statements of income, of $4,276,000, $4,587,000 and $4,397,000 for the years ended December 31, 2024, 2023 and 2022, respectively. Wholly owned subsidiaries of Vornado provide cleaning, security and engineering services at certain Properties. We recognized income for these services, included in "fee and other income" on our consolidated statements of income, of $4,624,000, $4,499,000 and $4,571,000 for the years ended December 31, 2024, 2023 and 2022, respectively. We believe, based on comparable fees charged by other real estate companies, that the fees described above are consistent with the market. On June 10, 2024, the Fifth Avenue and Times Square JV completed a $400,000,000 refinancing of 640 Fifth Avenue. The non-recourse loan matures in July 2029, bears interest at a fixed rate of 7.47% and amortizes at $7,000,000 per annum. The loan replaces the previous $500,000,000 loan, which the joint venture paid down by $100,000,000. The previous loan was fully recourse to the Operating Partnership and bore interest at SOFR plus 1.11%. 4. Investments in Partially Owned Entities - continued Alexander’s, Inc As of December 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. As of December 31, 2024 and 2023, Alexander’s owed us an aggregate of $1,159,000 and $715,000, respectively, pursuant to such agreements. As of December 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 December 31, 2024 closing share price of $200.06, was $330,913,000, or $262,421,000 in excess of the carrying amount on our consolidated balance sheet. As of December 31, 2024, the carrying amount of our investment in Alexander’s, excluding amounts owed to us, exceeds our share of the equity in the net assets of Alexander’s by approximately $29,272,000. 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. We receive an annual fee for managing Alexander’s and all of its properties equal to the sum of (i) $2,800,000, (ii) 2% of the gross revenue from the Rego Park II Shopping Center, (iii) $0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue, and (iv) $376,000, escalating at 3% per annum, for managing the common area of 731 Lexington Avenue. In addition, we are entitled to a development fee of 6% of development costs, as defined. We provide Alexander’s with leasing services for a fee of 3% of rent for the first ten years of a lease term, 2% of rent for the eleventh through twentieth year of a lease term and 1% of rent for the twenty-first through thirtieth year of a lease term, subject to the payment of rents by 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 one-third of the applicable Third-Party Lease Commissions. Wholly owned subsidiaries of Vornado provide cleaning, engineering, security, and garage management services to certain Alexander’s properties. During the years ended December 31, 2024, 2023 and 2022, we recognized $4,611,000, $4,629,000 and $4,601,000 of income, respectively, for these. On May 3, 2024, Alexander’s 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. In connection with the lease amendments discussed above, Alexander’s paid a leasing commission to a third-party real estate broker and paid us a $5,500,000 leasing commission override. On September 30, 2024, Alexander’s completed a $400,000,000 refinancing of the office condominium portion of 731 Lexington Avenue, the Bloomberg LP headquarters building. The interest-only loan carries a fixed rate of 5.04% and matures in October 2028. The loan is prepayable, at Alexander’s option, with no penalty, beginning in October 2026. The loan replaces the previous $490,000,000 loan on the office condominium, that bore interest at the Prime Rate and was scheduled to mature in October 2024. 4. Investments in Partially Owned Entities – continued 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%. On July 8, 2024, the joint venture swapped the interest rate to a fixed rate of 5.84% through September 2028. 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. In connection with the repayment of the mezzanine loan, we recognized our $31,215,000 share of the debt extinguishment gain which is included in “income (loss) from partially owned entities” on our consolidated statements of income. 50-70 West 93rd Street On May 13, 2024, we sold our 49.9% interest in 50-70 West 93rd Street to our joint venture partner. We received net proceeds of $2,000,000 after deducting our share of the existing $83,500,000 mortgage loan, which was scheduled to mature in December 2024, resulting in a net gain of $873,000. The net gain is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. 85 Tenth Avenue On September 24, 2024, a joint venture, in which we have a 49.9% interest, modified the terms of the $625,000,000 mortgage loan on 85 Tenth Avenue. Per the original loan agreement, the mortgage loan is comprised of a (i) $396,000,000 3.82% senior note, (ii) $129,000,000 5.20% mezzanine A note and (iii) $100,000,000 6.60% mezzanine B note. The modification provides for the interest payments due under the mezzanine notes to be deferred until the December 2026 loan maturity. The deferred amounts will not accrue additional interest. The cash available from the deferred interest payments will be used to fund leasing costs at the property. At loan maturity, if there is no event of default, repayment of 50% of the accrued mezzanine interest will be waived. Below is a schedule of our investments in partially owned entities. (Amounts in thousands) Percentage Ownership as of December 31, 2024 Balance as of December 31, 2024 2023 Investments: Fifth Avenue and Times Square JV (see page 87 51.5% $ 2,235,546 $ 2,242,972 Partially owned office buildings/land (1) Various 186,190 118,558 Alexander’s (see page 88 32.4% 68,492 87,510 Other equity method investments (2) Various 201,250 161,518 $ 2,691,478 $ 2,610,558 Investments in partially owned entities included in other liabilities (3) : 7 West 34th Street 53.0% $ (70,552) $ (69,899) 85 Tenth Avenue 49.9% (18,978) (11,330) $ (89,530) $ (81,229) _________________________________________________________________________________________ (1) Includes interests in 280 Park Avenue, 650 Madison 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. 4. Investments in Partially Owned Entities – continued Below is a schedule of income (loss) from partially owned entities. (Amounts in thousands) Percentage Ownership as of December 31, 2024 For the Year Ended December 31, 2024 2023 2022 Our share of net income (loss): Fifth Avenue and Times Square JV (see page 87 Equity in net income (1) 51.5% $ 43,451 $ 35,209 $ 55,248 Return on preferred equity, net of our share of the expense 40,668 37,416 37,416 Non-cash impairment loss — — (489,859) 84,119 72,625 (397,195) Alexander's (see page 88 Equity in net income 32.4% 13,813 15,441 18,439 Management, leasing and development fees 5,263 5,238 4,534 Net gain on sale of land — 16,396 — 19,076 37,075 22,973 Partially owned office buildings (2)(3)(4) Various (839) (73,589) (110,261) Other equity method investments (3)(5) Various 10,108 2,578 23,132 $ 112,464 $ 38,689 $ (461,351) ________________________________________ (1) 2023 includes a $5,120 accrual of default interest which was forgiven by the lender as part of the restructuring of the 697-703 Fifth Avenue loan and is being amortized over the remaining term of the restructured loan, reducing future interest expense. (2) Includes interests in 280 Park Avenue, 7 West 34th Street, 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others. (3) In 2023 and 2022, we recognized $50,458 and $93,353, respectively, of impairment losses. (4) 2024 includes our $31,215 share of the debt extinguishment gain from the repayment of the 280 Park Avenue mezzanine loan. See page 89 (5) Includes interests in Independence Plaza, Rosslyn Plaza and others . 2022 includes $17,185 of net gains from dispositions of two investments. 4. Investments in Partially Owned Entities – continued Below is a summary of the debt of our partially owned entities. (Amounts in thousands) Percentage Ownership as of December 31, 2024 Maturity (1) Weighted Average Interest Rate as of December 31, 2024 (2) 100% Partially Owned Entities’ Debt (3) as of December 31, 2024 2023 Mortgages Payable: Partially owned office buildings (4) Various 2025-2029 4.84% $ 3,146,918 $ 3,275,098 Alexander's 32.4% 2025-2028 3.94% 996,544 1,096,544 Fifth Avenue and Times Square JV 51.5% 2028-2029 6.93% 753,194 855,476 Other (5) Various 2025-2032 5.05% 1,311,662 1,365,954 ________________________________________ (1) Assumes the exercise of as-of-right extension options. (2) 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. (3) The Operating Partnership guarantees $303,000 of debt, primarily comprised of the $300,000 mortgage loan on 7 West 34th Street. (4) Includes interests in 280 Park Avenue, 650 Madison Avenue, 7 West 34th Street, 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others. (5) Includes interests in Independence Plaza, Pier 94 JV, Rosslyn Plaza and others. Based on our ownership interest in the partially owned entities above, our pro rata share of the debt of these partially owned entities was $2,477,701,000 and $2,654,701,000 as of December 31, 2024 and 2023, respectively. Summary of Condensed Combined Financial Information The following is a summary of condensed combined financial information for all of our partially owned entities. (Amounts in thousands) As of December 31, 2024 2023 Balance Sheet: Assets $ 11,296,000 $ 11,533,000 Liabilities 7,073,000 7,326,000 Noncontrolling interests 1,905,000 1,907,000 Equity 2,318,000 2,300,000 (Amounts in thousands) For the Year Ended December 31, 2024 2023 2022 Income Statement: Total revenue $ 1,119,000 $ 1,132,000 $ 1,189,000 Net income (loss) 33,000 34,000 (404,000) Net loss attributable to the entities (49,000) (40,000) (483,000)

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2024
Investments, All Other Investments [Abstract]
Acquisitions	Acquisitions Investment in Loan On August 6, 2024, we purchased a $50,000,000 B-Note secured by a Midtown Manhattan property at par. The B-Note, together with the $35,000,000 A-Note, is in default. The B-Note accrues interest at 5.25% plus 4.00% default interest. The $50,000,000 B-Note investment was recorded to “other assets” on our consolidated balance sheets.

Dispositions

Dispositions	12 Months Ended
	Dec. 31, 2024
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract]
Dispositions	Dispositions 220 Central Park South During the year ended December 31, 2024, we closed on the sale of two condominium units at 220 Central Park South (“220 CPS”) for net proceeds of $31,605,000, resulting in a financial statement net gain of $15,175,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. In connection with these sales, $2,106,000 of income tax expense was recognized on our consolidated statements of income. As of December 31, 2024, four units remain unsold, with a carrying value of $21,552,000 which is included in "other assets” on our consolidated balance sheets.

Identified Intangible Assets an

Identified Intangible Assets and Liabilities	12 Months Ended
	Dec. 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 December 31, 2024 2023 Identified intangible assets: Gross amount $ 193,217 $ 225,671 Accumulated amortization (75,002) (98,589) Total, net $ 118,215 $ 127,082 Identified intangible liabilities (included in deferred revenue): Gross amount $ 134,499 $ 206,771 Accumulated amortization (110,982) (178,282) Total, net $ 23,517 $ 28,489 Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental revenues of $3,035,000, $5,268,000 and $5,178,000 for the years ended December 31, 2024, 2023 and 2022, respectively. Estimated annual amortization for each of the five succeeding years commencing January 1, 2025 is below: (Amounts in thousands) 2025 $ 387 2026 290 2027 (249) 2028 (150) 2029 (119) Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $6,930,000, $8,342,000 and $10,516,000 for the years ended December 31, 2024, 2023 and 2022, respectively. Estimated annual amortization for each of the five succeeding years commencing January 1, 2025 is below: (Amounts in thousands) 2025 $ 5,719 2026 5,615 2027 5,308 2028 4,175 2029 3,660

Debt

Debt	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt 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%. 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 replaced the $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 1.15% and a facility fee of 25 basis points. 8. Debt – continued 606 Broadway On September 5, 2024, the $74,119,000 non-recourse mortgage loan on 606 Broadway, in which we hold a 50% interest, matured and was not repaid, at which time the lender declared an event of default. As of December 31, 2024, the property has a carrying value of $53,886,000, which is after an impairment charge recorded in the fourth quarter of 2023. We consolidate the joint venture. The loan currently bears interest at a floating rate of SOFR plus 1.91% (6.39% as of December 31, 2024) and provides for additional default interest of 3.00%. The following is a summary of our debt: (Amounts in thousands) Weighted Average Interest Rate as of December 31, 2024 (1) Balance as of December 31, 2024 2023 Mortgages Payable: Fixed rate (2) 4.63% $ 4,591,400 $ 4,518,200 Variable rate (3) 6.01% (4) 1,115,776 1,211,415 Total 4.90% 5,707,176 5,729,615 Deferred financing costs, net and other (31,162) (41,595) Total, net $ 5,676,014 $ 5,688,020 Unsecured Debt: Senior unsecured notes 3.02% $ 1,200,000 $ 1,200,000 Deferred financing costs, net and other (4,086) (6,127) Senior unsecured notes, net 1,195,914 1,193,873 Unsecured term loan 4.67% 800,000 800,000 Deferred financing costs, net and other (4,052) (5,441) Unsecured term loan, net 795,948 794,559 Unsecured revolving credit facilities 3.88% 575,000 575,000 Total, net $ 2,566,862 $ 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 14 - 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 December 31, 2024, $960,000 of our variable rate debt was subject to interest rate cap arrangements. The interest rate cap arrangements have a weighted average strike rate of 4.79% and a weighted average remaining term of four months. (4) Includes additional 3.00% default interest on the 606 Broadway mortgage loan. The net carrying amount of properties collateralizing the above indebtedness amounted to $5.9 billion as of December 31, 2024. As of December 31, 2024, the principal maturities of mortgages payable and unsecured debt, including as-of-right extension options, for the next five years and thereafter are presented below. The below excludes the $74,119,000 mortgage loan on 606 Broadway which is in maturity default. See above for further details. (Amounts in thousands) Mortgages Payable Unsecured Debt Year Ended December 31, 2025 $ 878,057 $ 450,000 (1) 2026 525,000 400,000 2027 1,580,000 1,375,000 2028 2,300,000 — 2029 — — Thereafter 350,000 350,000 ________________________________________ (1) We repaid our $450,000 3.50% senior unsecured notes on their January 15, 2025 maturity date.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests	12 Months Ended
	Dec. 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 are the details of redeemable noncontrolling partnership units. (Amounts in thousands, except units and per unit amounts) Balance as of December 31, Units Outstanding as of December 31, Per Unit Preferred or Unit Series 2024 2023 2024 2023 Common: Class A units held by third parties $ 708,408 (1) $ 480,251 (1) 16,850,803 17,000,030 n/a $ 0.74 Perpetual Preferred/Redeemable Preferred: 3.25% D-17 Cumulative Redeemable (2) $ 3,535 $ 3,535 141,400 141,400 $ 25.00 $ 0.8125 ________________________________________ (1) Balance reflects the redemption value which is based on Vornado’s quarter-end closing common share price. (2) Holders may tender units for redemption to the Operating Partnership for cash at their stated redemption amount; Vornado, at its option, may assume that obligation and pay the holders either cash or Vornado preferred shares on a one-for-one basis. These units are redeemable at Vornado's option at any time. Below is a table summarizing the activity of redeemable noncontrolling partnership units. (Amounts in thousands) For the Year Ended December 31, 2024 2023 Beginning balance $ 483,786 $ 348,692 Net income 860 3,361 Other comprehensive loss (693) (9,340) Distributions (12,698) (10,783) Redemption of Class A units for Vornado common shares, at redemption value (15,912) (8,489) Redeemable Class A unit measurement adjustment 226,586 138,114 Other, net 30,014 22,231 Ending balance $ 711,943 $ 483,786 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 $49,684,000 and $49,386,000 as of December 31, 2024 and 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 own a 95% interest, developed and owns the Farley Building (the "Farley Project"). As of December 31, 2024, a historic tax credit investor (the "Tax Credit Investor") has funded $208,407,000 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 years ended December 31, 2024 and 2023. 9. Redeemable Noncontrolling Interests - continued Redeemable Noncontrolling Interest in a Consolidated Subsidiary - continued Below is a table summarizing the activity of the redeemable noncontrolling interest in a consolidated subsidiary. For the Year Ended December 31, (Amounts in thousands) 2024 2023 Beginning balance $ 154,662 $ 88,040 Net loss (31,167) (39,385) Distributions (4,119) (6,661) Contributions 3,339 112,668 Ending balance $ 122,715 $ 154,662

Shareholders' Equity_Partners'

Shareholders' Equity/Partners' Capital	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Shareholders' Equity/Partners' Capital	Shareholders' Equity/Partners' Capital Common Shares (Vornado Realty Trust) As of December 31, 2024, there were 190,846,580 common shares outstanding. During 2024, we paid an aggregate of $141,103,000 of common dividends at an annual rate of $0.74 per share. Class A Units (Vornado Realty L.P.) As of December 31, 2024, there were 190,846,580 Class A units outstanding that were held by Vornado. These units are classified as “partners’ capital” on the consolidated balance sheets of the Operating Partnership. As of December 31, 2024, there were 16,850,803 Class A units outstanding, that were held by third parties. These units are classified outside of “partners’ capital” as “redeemable partnership units” on the consolidated balance sheets of the Operating Partnership (see Note 9 – Redeemable Noncontrolling Interests ). During 2024, the Operating Partnership paid an aggregate of $141,103,000 of distributions to Vornado at an annual rate of $0.74 per unit. 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 year ended December 31, 2024, no shares were repurchased. In total, Vornado has repurchased 2,024,495 common shares for $29,143,000 at an average price per share of $14.40. As of December 31, 2024, $170,857,000 remained available and authorized for repurchases. 10. Shareholders' Equity/Partners' Capital - continued Preferred Shares/Units The following table sets forth the details of our preferred shares of beneficial interest and the preferred units of the Operating Partnership outstanding as of December 31, 2024 and 2023. During 2024, we paid $62,112,000 in preferred dividends. (Amounts in thousands, except share/unit and per share/per unit amounts) Per Share/Unit Preferred Shares/Units Balance Shares/Units Outstanding Liquidation Annual (1) Convertible Preferred: 6.5% Series A: authorized 12,902 shares/units (2) $ 825 9,180 $ 50.00 $ 3.25 Cumulative Redeemable Preferred (3) : 5.40% Series L: authorized 13,800,000 shares/units 290,306 12,000,000 25.00 1.35 5.25% Series M: authorized 13,800,000 shares/units 308,946 12,780,000 25.00 1.3125 5.25% Series N: authorized 12,000,000 shares/units 291,134 12,000,000 25.00 1.3125 4.45% Series O: authorized 12,000,000 shares/units 291,153 12,000,000 25.00 1.1125 $ 1,182,364 48,789,180 ________________________________________ (1) Dividends on preferred shares and distributions on preferred units are cumulative and are payable quarterly in arrears. (2) Redeemable at the option of Vornado under certain circumstances, at a redemption price of 1.9531 common shares/Class A units per Series A preferred share/unit plus accrued and unpaid dividends/distributions through the date of redemption, or convertible at any time at the option of the holder for 1.9531 common shares/Class A units per Series A preferred share/unit. (3) 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

Stock-based Compensation	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation Vornado’s 2023 Omnibus Share Plan (the “Plan”) provides the Compensation Committee of Vornado’s Board of Trustees (the “Compensation Committee”) 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. Under the Plan, awards may be granted up to a maximum 10,800,000 shares, if all awards granted are Full Value awards, as defined in the Plan, and up to 21,600,000 shares, if all of the awards granted are Not Full Value Awards, as defined in the Plan. Full Value Awards are securities that have a value equivalent to the underlying Vornado common share or Class A unit of the Operating Partnership, such as restricted Vornado common shares or LTIP Units. Vornado stock options, AO LTIP Units and Performance AO LTIP Units are Not Full Value Awards; these securities require the payment of an exercise price. As of December 31, 2024, Vornado has approximately 1,261,000 shares available for future grants under the Plan, if all awards granted are Full Value Awards, as defined. We account for forfeitures as they occur and any previously recognized compensation cost is reversed in the period that an award is forfeited. 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 Year Ended December 31, 2024 2023 2022 LTIP Units $ 14,044 $ 22,179 $ 21,086 Performance AO LTIP Units 12,774 11,426 94 LTPP Units 2,519 7,189 5,145 OPP Units 835 1,992 1,906 Vornado stock options — 162 296 Vornado restricted stock — 159 292 AO LTIP Units — 94 430 $ 30,172 $ 43,201 $ 29,249 11. Stock-based Compensation - continued Below is a summary of unrecognized stock-based compensation expense as of December 31, 2024. (Amounts in thousands) As of December 31, 2024 Weighted-Average Performance AO LTIP Units $ 24,342 1.7 LTIP Units 17,492 1.5 LTPP Units 2,486 1.2 OPP Units 371 1.0 $ 44,691 1.6 LTPP Units LTPP Units are multi-year, LTIP units-based performance equity compensation plans. Awards granted under the LTPP are bifurcated between operational performance (50%) and relative performance (50%) measurements and may be earned at specified threshold, target and maximum levels. The operational component awards may be earned based on Vornado’s operational performance in the following categories: • FFO, as adjusted per share (75% weighting); and • Sustainability performance metrics consisting of greenhouse emissions reductions, GRESB score and Green Building Certification (LEED) achievements (aggregate 25% weighting). Any LTPP award units tentatively earned based on Vornado’s operational performance are subject to an absolute return modifier pursuant to which such award units are subject to a potential reduction (but not increase) of up to 30% if Vornado’s three-year total shareholder return (“TSR”) is below specified levels. Awards under relative components may be earned based on Vornado’s three-year TSR, measured against the Dow Jones U.S. Real Estate Office Index (50% weighting) and a Northeast peer group custom index (50% weighting). Awards earned under the relative component of the LTPP are subject to reductions of up to 30% if Vornado’s three-year TSR is below specified levels. If the designated performance objectives are achieved, awards earned under the 2023 LTPP will vest 50% in January 2026 and 50% in January 2027. For the 2022 LTPP, 50% of the awards earned vested in January 2025 and the remaining 50% will vest in January 2026. In addition, the Chief Executive Officer is required to hold any earned and vested awards for three years following each such vesting date and all other award recipients are required to hold such awards for one year following each such vesting date. Dividends on awards granted under the LTPP accrue during the applicable performance period and are paid to participants if awards are ultimately earned based on the achievement of the designated performance objectives. There were no LTPP Units granted during the year ended December 31, 2024. LTPP Units granted during the years ended December 31, 2023 and 2022 had grant date fair values of $9,491,000 and $7,847,000, respectively. During the years ended December 31, 2023 and 2022, $4,670,000 and $4,033,000, respectively, was immediately expensed on the respective grant date due to acceleration of vesting for employees who are retirement eligible (have reached age 65 or age 60 with at least 20 years of service). In total, 240,027 units were earned under the 2022 LTPP plan, which includes 168,371 units earned in February 2025. OPP Units OPP Units are multi-year, performance-based equity compensation plans under which participants have the opportunity to earn a class of units of the Operating Partnership if, and only if, Vornado outperforms a predetermined TSR and/or outperforms the market with respect to a relative TSR during the four-year performance period. OPP units, if earned, become convertible into Class A units of the Operating Partnership (and ultimately into Vornado common shares) following vesting. There have been no OPP units granted since 2021. In February 2025, 827,644 units were earned under the 2021 OPP plan. 11. Stock-based Compensation – continued Vornado Stock Options Vornado stock options are granted at an exercise price equal to the average of the high and low market price of Vornado’s common shares on the NYSE on the date of grant, generally vest over four years and expire ten years from the date of grant. Compensation expense related to Vornado stock option awards is recognized on a straight-line basis over the vesting period. Below is a summary of Vornado’s stock option activity for the year ended December 31, 2024. Shares Weighted- Weighted- Outstanding as of December 31, 2023 158,101 $ 65.52 Expired (18,684) 66.18 Outstanding as of December 31, 2024 139,417 $ 65.44 3.43 Options exercisable as of December 31, 2024 139,417 $ 65.44 3.43 There were no Vornado stock options granted during the years ended December 31, 2024, 2023 and 2022. There were no Vornado stock options exercised during the years ended December 31, 2024 and 2023. Cash received from Vornado stock option exercises for the year ended December 31, 2022 was $7,000. The total intrinsic value of Vornado stock options exercised during the year ended December 31, 2022 was $842. As of December 31, 2024, the aggregate intrinsic value of outstanding and exercisable Vornado stock options was $132,527. Performance AO LTIP Units Performance AO LTIP Units are AO LTIP Units that require the achievement of certain performance conditions by a specified date or they are forfeited. If the performance conditions are met, once vested, the awards may be converted into Class A Operating Partnership units in the same manner as AO LTIP Units until ten years from the date of grant. On June 29, 2023, the Committee granted 14,368,750 Performance AO LTIP Units to a broad group of employees of the Company including its named executive officers. Each Performance AO LTIP Unit is potentially convertible into a number of Class A Units, determined by reference to the excess of the closing market price of Vornado common shares on the NYSE on the date of conversion over $16.87. During 2024, the performance conditions under the 2023 Performance AO LTIP plan were satisfied in full following a greater than 75% increase in the share price above the grant date share price. As of December 31, 2024, the aggregate intrinsic value of outstanding Performance AO LTIP Units was $360,416,000. The 2023 Performance AO LTIP units remain subject to time-based vesting requirements. The 2023 Performance AO LTIP Units will vest with respect to 20% on the 3rd anniversary of the Grant Date, and the remaining 80% will vest on the 4th anniversary of the Grant Date, subject to the recipient’s continued employment with the Company. Performance AO LTIP Units granted during the year ended December 31, 2023 had a fair value of $48,710,000. The fair value of each Performance AO LTIP Unit granted was estimated on the date of grant using an option-pricing model with the following weighted-average assumptions for grants in the year ended December 31, 2023: Expected volatility 33% Risk free interest rate 4% Expected dividend yield 6% Below is a summary of Performance AO LTIP Units activity for the year ended December 31, 2024. Shares Weighted- Weighted- Outstanding as of December 31, 2023 14,368,750 $ 16.87 Forfeited (49,500) — Outstanding as of December 31, 2024 14,319,250 $ 16.87 8.5 Options exercisable as of December 31, 2024 — $ — — 11. Stock-based Compensation – continued AO LTIP Units AO LTIP Units are a class of partnership interests in the Operating Partnership that are intended to qualify as “profits interests” for federal income tax purposes and generally only allow the recipient to realize value to the extent the fair market value of a Vornado common share exceeds the threshold level set at the time the AO LTIP Units are granted, subject to any vesting conditions applicable to the award. The threshold level is intended to be equal to 100% of the then fair market value of a Vornado common share on the date of grant. The value of vested AO LTIP Units is realized through conversion of the AO LTIP Units into Class A Operating Partnership units. AO LTIP Units have a term of ten years from the grant date. Each holder will generally receive special income allocations in respect of an AO LTIP Unit equal to 10% (or such other percentage specified in the applicable award agreement) of the income allocated in respect of a Class A Unit. Upon conversion of AO LTIP Units to Class A Units, holders will be entitled to receive in respect of each such AO LTIP Unit, on a per unit basis, a special distribution equal to 10% (or such other percentage specified in the applicable award agreement) of the distributions received by a holder of an equivalent number of Class A Units during the period from the grant date of the AO LTIP Units through the date of conversion. Below is a summary of AO LTIP Units activity for the year ended December 31, 2024. Shares Weighted- Weighted- Outstanding as of December 31, 2023 541,814 $ 59.99 Expired (7,749) 58.22 Exercised (4,229) 36.72 Outstanding as of December 31, 2024 529,836 $ 60.20 4.26 Options exercisable as of December 31, 2024 529,836 $ 60.20 4.26 There were no AO LTIP Units granted during the years ended December 31, 2024, 2023 and 2022. As of December 31, 2024, the aggregate intrinsic value of outstanding and exercisable AO LTIP Units was $592,728. LTIP Units LTIP Units are granted at the average of the high and low market price of Vornado’s common shares on the NYSE on the date of grant, generally vest over a period of three Below is a summary of restricted LTIP unit activity for the year ended December 31, 2024. Unvested Units Units Weighted-Average Unvested as of December 31, 2023 3,210,159 $ 17.24 Granted 92,109 22.84 Vested (374,649) 28.58 Forfeited (8,524) 14.60 Unvested as of December 31, 2024 2,919,095 15.97 LTIP Units granted in 2024, 2023 and 2022 had a fair value of $2,104,000, $45,468,000 and $15,446,000, respectively. The fair value of LTIP Units that vested during the years ended December 31, 2024, 2023 and 2022 was $10,707,000, $37,198,000 and $25,158,000, respectively.

Income (Loss) Per Share and Per

Income (Loss) Per Share and Per Class A Unit	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Income (Loss) Per Share and Per Class A Unit	Income (Loss) Per Share and Per Class A Unit Vornado Realty Trust Basic net income (loss) per common share is computed by dividing (i) net income (loss) 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 income (loss) 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 income per share using the if-converted method, if the effect is dilutive. Net income (loss) 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 income (loss) per common share. (Amounts in thousands, except per share amounts) For the Year Ended December 31, 2024 2023 2022 Numerator: Net income (loss) attributable to Vornado $ 70,387 $ 105,494 $ (346,499) Preferred share dividends (62,112) (62,116) (62,116) Net income (loss) attributable to common shareholders 8,275 43,378 (408,615) Distributions and earnings allocated to unvested participating securities — (2) (18) Numerator for basic and diluted income (loss) per common share $ 8,275 $ 43,376 $ (408,633) Denominator: Denominator for basic income (loss) per common share - weighted average shares 190,539 191,005 191,775 Effect of dilutive securities (1) : Share-based awards 6,087 851 — Denominator for diluted income (loss) per common share - weighted average shares and assumed conversions 196,626 191,856 191,775 Income (loss) per common share: Basic $ 0.04 $ 0.23 $ (2.13) Diluted $ 0.04 $ 0.23 $ (2.13) ____________________ (1) The calculation of diluted income (loss) per common share for the years ended December 31, 2024, 2023, and 2022 excluded weighted average potential common shares of 1,580, 3,458, and 1,706, respectively, as their effect was antidilutive. 12. Income (Loss) Per Share and Per Class A Unit – continued Vornado Realty L.P. Basic net income (loss) per Class A unit is computed by dividing (i) net income (loss) 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 share 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 income (loss) per Class A unit using the treasury stock method. Convertible securities, including 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 income per Class A unit using the if-converted method, if dilutive. (Amounts in thousands, except per unit amounts) For the Year Ended December 31, 2024 2023 2022 Numerator: Net income (loss) attributable to Vornado Realty L.P. $ 71,247 $ 108,855 $ (376,875) Preferred unit distributions (62,227) (62,231) (62,231) Net income (loss) attributable to Class A unitholders 9,020 46,624 (439,106) Distributions and earnings allocated to participating securities (1,964) (1,323) (2,215) Numerator for basic and diluted income (loss) per Class A unit $ 7,056 $ 45,301 $ (441,321) Denominator: Denominator for basic income (loss) per Class A unit – weighted average units 204,981 205,105 205,315 Effect of dilutive securities (1) : Unit-based awards 6,087 851 — Denominator for diluted income (loss) per Class A unit – weighted average units and assumed conversions 211,068 205,956 205,315 Income (loss) per Class A unit: Basic $ 0.03 $ 0.22 $ (2.15) Diluted $ 0.03 $ 0.22 $ (2.15) ____________________ (1) The calculation of diluted income (loss) per Class A unit for the years ended December 31, 2024, 2023, and 2022 excluded weighted average potential Class A units of 1,580, 3,458, and 1,706, respectively, as their effect was antidilutive.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities Unconsolidated VIEs As of December 31, 2024 and 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 primarily account for our investment in these entities under the equity method (see Note 4 – Investments in Partially Owned Entities ). As of December 31, 2024 and 2023, $261,443,000 and $109,220,000, respectively, of the carrying amount of assets related to our unconsolidated VIEs was included in “investments in partially owned entities” on our consolidated balance sheets. Additionally, as of December 31, 2024, $52,530,000 was included in “other assets” on our consolidated balance sheets. Our maximum exposure to loss from our unconsolidated VIEs as of December 31, 2024 and 2023 was $316,973,000 and $196,394,000, respectively. 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 December 31, 2024, the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $4,804,481,000 and $2,738,539,000 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	12 Months Ended
	Dec. 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. 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 December 31, 2024 Total Level 1 Level 2 Level 3 Deferred compensation plan assets ($8,958 included in restricted cash and $105,622 in other assets) $ 114,580 $ 70,025 $ — $ 44,555 Loans receivable ($32,984 included in investments in partially owned entities and $52,335 in other assets) 85,319 — — 85,319 Interest rate swaps and caps designated as a hedge (included in other assets) 88,982 — 88,982 — Interest rate caps not designated as a hedge (included in other assets) 1,040 — 1,040 — Total assets $ 289,921 $ 70,025 $ 90,022 $ 129,874 Mandatorily redeemable instruments (included in other liabilities) $ 49,684 $ 49,684 $ — $ — Interest rate swaps designated as a hedge (included in other liabilities) 1,023 — 1,023 — Interest rate caps not designated as a hedge (included in other liabilities) 1,040 — 1,040 — Total liabilities $ 51,747 $ 49,684 $ 2,063 $ — (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 — Interest rate caps not designated as a hedge (included in other liabilities) 4,092 — 4,092 — Total liabilities $ 60,717 $ 49,386 $ 11,331 $ — 14. Fair Value Measurements - continued Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued Deferred Compensation Plan Assets Deferred compensation plan assets that are classified as Level 3 consist of investments in limited partnerships and investment funds, which are managed by third parties. We receive quarterly financial reports 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 Year Ended December 31, 2024 2023 Beginning balance $ 46,290 $ 38,916 Purchases 1,718 7,855 Sales (9,051) (5,080) Realized and unrealized (losses) gains (2,282) 982 Other, net 7,880 3,617 Ending balance $ 44,555 $ 46,290 Loans Receivable The table below summarizes the changes in fair value of loans receivable that are classified as Level 3. (Amounts in thousands) For the Year Ended December 31, 2024 2023 Beginning balance $ 32,984 $ 54,397 Investment in loan receivable 50,000 — Credit losses — (26,155) (1) Interest accrual 2,906 5,153 Paydowns (571) (411) Ending balance (2) $ 85,319 $ 32,984 ____________________ (1) Includes a $21,114 impairment loss on advances made for our interest in a joint venture, resulting from a decline in the value of the underlying building. The loss was included in “income (loss) from partially owned entities” on our consolidated statements of income for the year ended December 31, 2023. (2) The fair value for $32,984 of the balance was determined by using a discounted cash flow model and Level 3 inputs, which include a terminal capitalization rate of 5.5% and a discount rate of 8.0% as of December 31, 2024 and 2023. The terminal capitalization rate and discount rate disclosed reflect both the range and the weighted average. The fair value for the remaining balance at December 31, 2024 was based on the recent transaction price. 14. 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 December 31, 2024 and 2023, respectively. (Amounts in thousands) As of December 31, 2024 As of December 31, 2023 Notional Amount All-In Swapped Rate Swap/Cap Expiration Date Fair Value Asset Fair Value Liability Fair Value Asset Fair Value Liability Interest rate swaps: 555 California Street mortgage loan $ 840,000 (1) 6.03% 05/26 $ 765 $ — $ 15,494 (2) $ 6,091 770 Broadway mortgage loan 700,000 4.98% 07/27 21,332 — 20,306 — PENN 11 mortgage loan 500,000 (3) 6.28% 10/25 17 282 4,702 1,148 (4) Unsecured revolving credit facility 575,000 3.88% 08/27 18,510 — 17,064 — Unsecured term loan 700,000 4.53% (5) 10,128 — 11,089 — 100 West 33rd Street mortgage loan 480,000 5.26% 06/27 6,808 — 3,550 — 888 Seventh Avenue mortgage loan 200,000 (6) 4.76% 09/27 5,249 — 4,340 — 4 Union Square South mortgage loan 96,400 (7) 3.74% 01/25 12 — 2,327 — 435 Seventh Avenue mortgage loan (8) 75,000 6.96% 04/26 — 741 — — Interest rate caps: 1290 Avenue of the Americas mortgage loan 950,000 (9) 11/25 25,673 — 53,784 — One Park Avenue mortgage loan 525,000 (10) 03/25 464 — 5,297 — Various mortgage loans 24 — 819 — $ 88,982 $ 1,023 $ 138,772 $ 7,239 ________________________________________ (1) Represents our 70.0% share of the $1.2 billion mortgage loan. (2) Represents the fair value of the interest rate swap arrangement that expired in May 2024. (3) 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. (4) Represents the fair value of the forward swap arrangement which became effective March 2024. (5) 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 Through 07/25 $ 700,000 4.53% $ 100,000 07/25 through 10/26 550,000 4.36% 250,000 10/26 through 08/27 50,000 4.04% 750,000 (6) The remaining $58,057 mortgage loan balance bears interest at a floating rate of SOFR plus 1.80% (6.35% as of December 31, 2024). (7) The remaining $23,600 mortgage loan balance bears interest at a floating rate of SOFR plus 1.50% (6.05% as of December 31, 2024). (8) Entered into in May 2024. (9) SOFR strike rate of 1.00%. In connection with the arrangement, we made a $63,100 up-front payment in 2023, of which $18,930 was attributable to noncontrolling interests. (10) SOFR cap strike rate of 3.89%. 14. 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 sheet as of December 31, 2024. During the year ended December 31, 2023, we recognized impairment losses on certain real estate investments. The following table sets forth the details of our impairment losses. (Amounts in thousands) As of and For the Year December 31, 2023 Aggregate Fair Value Impairment Losses Consolidated real estate assets $ 55,097 $ 45,007 (1) Investments in partially owned entities 21,473 29,344 (2) $ 76,570 $ 74,351 ________________________________________ (1) Includes $22,176 attributable to noncontrolling interests. (2) Excludes a $21,114 impairment loss on advances made for our interest in a joint venture. The fair value of these assets was measured using discounted cash flow analyses and Level 3 inputs. Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of these real estate assets. 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. Estimates of the fair value of these instruments are determined by the standard practice of modeling the contractual cash flows required under the instrument and discounting them back to their present value at the appropriate current risk adjusted interest rate, which is provided by a third-party specialist. For floating rate debt, we use forward rates derived from observable market yield curves to project the expected cash flows we would be required to make under the instrument. The fair value of cash equivalents and borrowings under our unsecured revolving credit facilities and unsecured term loan are classified as Level 1. The fair value of our secured debt and unsecured debt are classified as Level 2. The table below summarizes the carrying amounts and fair value of these financial instruments. (Amounts in thousands) As of December 31, 2024 As of December 31, 2023 Carrying Fair Carrying Fair Cash equivalents $ 639,366 $ 639,000 $ 825,720 $ 826,000 Debt: Mortgages payable $ 5,707,176 $ 5,486,000 $ 5,729,615 $ 5,569,000 Senior unsecured notes 1,200,000 1,129,000 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 $ 8,282,176 (1) $ 7,990,000 $ 8,304,615 (1) $ 8,013,000 ________________________________________ (1) Excludes $39,300 and $53,163 of deferred financing costs, net and other as of December 31, 2024 and 2023, respectively.

Transaction Related Costs, Impa

Transaction Related Costs, Impairment losses and Other	12 Months Ended
	Dec. 31, 2024
Transaction Related Costs, Impairment Losses and Other [Abstract]
Transaction Related Costs, Impairment losses and Other	Transaction Related Costs, Impairment losses and Other The following table sets forth the details of impairment losses, transaction related costs and other: (Amounts in thousands) For the Year Ended December 31, 2024 2023 2022 Transaction related costs and other $ 5,242 $ 5,684 $ 12,624 Real estate impairment losses (1) — 45,007 19,098 $ 5,242 $ 50,691 $ 31,722 ________________________________________ (1) See Note 14 - Fair Value Measurements for additional information. 2023 includes $22,176 of impairment loss attributable to noncontrolling interests.

Interest and Other Investment I

Interest and Other Investment Income, Net	12 Months Ended
	Dec. 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 Year Ended December 31, 2024 2023 2022 Interest on cash and cash equivalents and restricted cash $ 42,571 $ 44,786 $ 7,553 Interest on loans receivable 3,450 1,351 5,006 (Loss) income from real estate fund investments (1) (47) 1,590 3,541 Amortization of discount on investments in U.S. Treasury bills — 3,829 7,075 Credit losses on investments — (8,269) — Other, net — — 235 $ 45,974 $ 43,287 $ 23,410 ________________________________________ (1) On November 6, 2024, the $145,000 non-recourse mortgage loan on Lucida, a property owned by the Vornado Capital Partners Real Estate Fund, in which we own a 25% interest, matured and was not repaid.

Interest and Debt Expense

Interest and Debt Expense	12 Months Ended
	Dec. 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 Year Ended December 31, 2024 2023 2022 Interest expense $ 377,813 $ 357,995 $ 276,616 Capitalized interest and debt expense (51,212) (43,062) (19,085) Amortization of interest rate cap premiums 41,745 10,989 430 Amortization of deferred financing fees 21,923 23,301 21,804 $ 390,269 $ 349,223 $ 279,765

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Leases	Leases As lessor We lease space to tenants under operating leases. Most of the leases provide for the payment of fixed base rent payable monthly in advance. Leases typically provide for periodic step‑ups in rent over the term of the lease and pass through to tenants their share of increases in real estate taxes and operating expenses over a base year. Certain leases also require additional variable rent payments based on a percentage of the tenants’ sales. Electricity is provided to tenants on a sub-metered basis or included in rent based on surveys and adjusted for subsequent utility rate increases. Leases also typically provide for free rent and tenant improvement allowances for all or a portion of the tenant’s initial construction costs of its premises. As of December 31, 2024, future undiscounted cash flows under non-cancelable operating leases were as follows: (Amounts in thousands) As of December 31, 2024 For the year ended December 31, 2025 $ 1,290,179 2026 1,268,356 2027 1,169,119 2028 1,074,024 2029 958,233 Thereafter 6,399,782 As lessee We have a number of ground leases which are classified as operating leases. As of December 31, 2024, our ROU assets and lease liabilities were $678,804,000 and $749,759,000, respectively. As of December 31, 2023, our ROU assets and lease liabilities were $680,044,000 and $732,859,000, respectively. When the rate implicit in a lease is not readily determinable, the discount rate applied to measure each ROU asset and lease liability is based on our incremental borrowing rate ("IBR"). We consider the general economic environment and our ratings and factor in various financing and asset specific adjustments to ensure the IBR is appropriate to the intended use of the underlying lease. Certain of our ground leases offer renewal options which we assess against relevant economic factors to determine whether we are reasonably certain of exercising or not exercising the option. Lease payments associated with renewal periods that we are reasonably certain will be exercised are included in the measurement of the lease liability and corresponding ROU asset. Certain of our ground leases are subject to fair market rent resets based on a percentage of the appraised value of the underlying assets at specified future dates. Fair market rent resets occurring during the lease term, which may be material, do not give rise to remeasurement of the related ROU assets and lease liabilities and will be recognized in the periods in which they are incurred as variable rent expense. The following table sets forth information related to the measurement of our lease liabilities. (Amounts in thousands) For the Year Ended December 31, 2024 2023 2022 Weighted average remaining lease term (in years) 47.2 47.9 48.4 Weighted average discount rate 5.59 % 5.59 % 5.54 % Cash paid for operating leases $ 22,466 $ 22,499 $ 21,861 We recognize rent expense as a component of "operating" expenses on our consolidated statements of income. Rent expense is comprised of fixed and variable lease payments. The following table sets forth the details of our rent expense. (Amounts in thousands) For the Year Ended December 31, 2024 2023 2022 Fixed rent expense $ 45,941 $ 46,538 $ 45,211 Variable rent expense 14,573 14,679 14,180 Rent expense $ 60,514 $ 61,217 $ 59,391 18. Leases - continued As lessee - continued As of December 31, 2024, future lease payments due under operating ground leases were as follows: (Amounts in thousands) As of December 31, 2024 For the year ended December 31, 2025 $ 81,574 2026 46,616 2027 47,027 2028 47,462 2029 47,922 Thereafter 1,821,249 Total undiscounted cash flows 2,091,850 Present value discount (1,342,091) Lease liabilities $ 749,759 PENN 1 Our future lease payments disclosed above include payments for our PENN 1 ground lease based on an amount estimated in January 2022, when we exercised the second of three 25-year renewal options. The first renewal 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. The Farley Building The future lease payments detailed above exclude the ground and building lease at the Farley Building. The consolidated joint venture, in which we own a 95% controlling interest, has a 99-year triple-net lease with Empire State Development ("ESD") for 846,000 rentable square feet of commercial space at the property, comprised of approximately 730,000 square feet of office space and approximately 116,000 square feet of restaurant and retail space. Our lease of the commercial space at the property is accounted for as a “failed sale-leaseback” as a result of us being deemed the "accounting owner" during development of the property in accordance with ASC 842-40-55 and the lease subsequently meeting "finance lease" classification pursuant to ASC 842-40-25 upon substantial completion. The lease calls for annual rent payments and fixed payments in lieu of real estate taxes ("PILOT") through June 2030. Following the fixed PILOT payment period, the PILOT is calculated in a manner consistent with buildings subject to New York City real estate taxes and assessments. As of December 31, 2024, future rent and fixed PILOT payments are $519,049,000.
Leases	Leases As lessor We lease space to tenants under operating leases. Most of the leases provide for the payment of fixed base rent payable monthly in advance. Leases typically provide for periodic step‑ups in rent over the term of the lease and pass through to tenants their share of increases in real estate taxes and operating expenses over a base year. Certain leases also require additional variable rent payments based on a percentage of the tenants’ sales. Electricity is provided to tenants on a sub-metered basis or included in rent based on surveys and adjusted for subsequent utility rate increases. Leases also typically provide for free rent and tenant improvement allowances for all or a portion of the tenant’s initial construction costs of its premises. As of December 31, 2024, future undiscounted cash flows under non-cancelable operating leases were as follows: (Amounts in thousands) As of December 31, 2024 For the year ended December 31, 2025 $ 1,290,179 2026 1,268,356 2027 1,169,119 2028 1,074,024 2029 958,233 Thereafter 6,399,782 As lessee We have a number of ground leases which are classified as operating leases. As of December 31, 2024, our ROU assets and lease liabilities were $678,804,000 and $749,759,000, respectively. As of December 31, 2023, our ROU assets and lease liabilities were $680,044,000 and $732,859,000, respectively. When the rate implicit in a lease is not readily determinable, the discount rate applied to measure each ROU asset and lease liability is based on our incremental borrowing rate ("IBR"). We consider the general economic environment and our ratings and factor in various financing and asset specific adjustments to ensure the IBR is appropriate to the intended use of the underlying lease. Certain of our ground leases offer renewal options which we assess against relevant economic factors to determine whether we are reasonably certain of exercising or not exercising the option. Lease payments associated with renewal periods that we are reasonably certain will be exercised are included in the measurement of the lease liability and corresponding ROU asset. Certain of our ground leases are subject to fair market rent resets based on a percentage of the appraised value of the underlying assets at specified future dates. Fair market rent resets occurring during the lease term, which may be material, do not give rise to remeasurement of the related ROU assets and lease liabilities and will be recognized in the periods in which they are incurred as variable rent expense. The following table sets forth information related to the measurement of our lease liabilities. (Amounts in thousands) For the Year Ended December 31, 2024 2023 2022 Weighted average remaining lease term (in years) 47.2 47.9 48.4 Weighted average discount rate 5.59 % 5.59 % 5.54 % Cash paid for operating leases $ 22,466 $ 22,499 $ 21,861 We recognize rent expense as a component of "operating" expenses on our consolidated statements of income. Rent expense is comprised of fixed and variable lease payments. The following table sets forth the details of our rent expense. (Amounts in thousands) For the Year Ended December 31, 2024 2023 2022 Fixed rent expense $ 45,941 $ 46,538 $ 45,211 Variable rent expense 14,573 14,679 14,180 Rent expense $ 60,514 $ 61,217 $ 59,391 18. Leases - continued As lessee - continued As of December 31, 2024, future lease payments due under operating ground leases were as follows: (Amounts in thousands) As of December 31, 2024 For the year ended December 31, 2025 $ 81,574 2026 46,616 2027 47,027 2028 47,462 2029 47,922 Thereafter 1,821,249 Total undiscounted cash flows 2,091,850 Present value discount (1,342,091) Lease liabilities $ 749,759 PENN 1 Our future lease payments disclosed above include payments for our PENN 1 ground lease based on an amount estimated in January 2022, when we exercised the second of three 25-year renewal options. The first renewal 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. The Farley Building The future lease payments detailed above exclude the ground and building lease at the Farley Building. The consolidated joint venture, in which we own a 95% controlling interest, has a 99-year triple-net lease with Empire State Development ("ESD") for 846,000 rentable square feet of commercial space at the property, comprised of approximately 730,000 square feet of office space and approximately 116,000 square feet of restaurant and retail space. Our lease of the commercial space at the property is accounted for as a “failed sale-leaseback” as a result of us being deemed the "accounting owner" during development of the property in accordance with ASC 842-40-55 and the lease subsequently meeting "finance lease" classification pursuant to ASC 842-40-25 upon substantial completion. The lease calls for annual rent payments and fixed payments in lieu of real estate taxes ("PILOT") through June 2030. Following the fixed PILOT payment period, the PILOT is calculated in a manner consistent with buildings subject to New York City real estate taxes and assessments. As of December 31, 2024, future rent and fixed PILOT payments are $519,049,000.

Multiemployer Benefit Plans

Multiemployer Benefit Plans	12 Months Ended
	Dec. 31, 2024
Multiemployer Plan, Pension, Significant [Abstract]
Multiemployer Benefit Plans	Multiemployer Benefit Plans Our subsidiaries make contributions to certain multiemployer defined benefit plans (“Multiemployer Pension Plans”) and health plans (“Multiemployer Health Plans”) for our union represented employees, pursuant to the respective collective bargaining agreements. Multiemployer Pension Plans Multiemployer Pension Plans differ from single-employer pension plans in that (i) contributions to multiemployer plans may be used to provide benefits to employees of other participating employers and (ii) if other participating employers fail to make their contributions, each of our participating subsidiaries may be required to bear its then pro rata share of unfunded obligations. If a participating subsidiary withdraws from a plan in which it participates, it may be subject to a withdrawal liability. As of December 31, 2024, our subsidiaries’ participation in these plans was not significant to our consolidated financial statements. During the years ended December 31, 2024, 2023 and 2022, we contributed $8,059,000, $7,913,000 and $7,761,000, respectively, towards Multiemployer Pension Plans, which is included as a component of “operating” expenses on our consolidated statements of income. Our subsidiaries’ contributions did not represent more than 5% of total employer contributions in any of these plans for the years ended December 31, 2024, 2023 and 2022. Multiemployer Health Plans Multiemployer Health Plans in which our subsidiaries participate provide health benefits to eligible active and retired employees. During the years ended December 31, 2024, 2023 and 2022, our subsidiaries contributed $29,555,000, $28,764,000 and $26,514,000, respectively, towards these plans, which is included as a component of “operating” expenses on our consolidated statements of income.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 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 $2,396,808 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. 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 December 31, 2024, the aggregate dollar amount of these guarantees is approximately $516,872,000, including the payment guarantee for the mortgage loan secured by 7 West 34th Street. Other than these loans, our mortgage loans are non-recourse to us. As of December 31, 2024, $57,643,000 of letters of credit were outstanding under 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 increased 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. 20. 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 December 31, 2024, the Tax Credit Investor has made $208,407,000 in capital contributions. Vornado and Related have guaranteed certain of the joint venture’s obligations to the Tax Credit Investor. As of December 31, 2024, we had construction commitments aggregating approximately $61,016,000.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Alexander’s, Inc. We own 32.4% of Alexander’s. Steven Roth, the Chairman of Vornado’s Board of Trustee’s and its Chief Executive Officer, is also the Chairman of the Board of Directors and Chief Executive Officer of Alexander’s. We provide various services to Alexander’s in accordance with management, development and leasing agreements. These agreements are described in Note 4 - Investments in Partially Owned Entities . Interstate Properties (“Interstate”) Interstate is a general partnership in which Mr. Roth is the managing general partner. David Mandelbaum and Russell B. Wight, Jr., Trustees of Vornado and Directors of Alexander’s, respectively, are Interstate’s two other general partners. As of December 31, 2024, Interstate and its partners beneficially owned an aggregate of approximately 7.1% of the common shares of beneficial interest of Vornado and 26.0% of Alexander’s common stock. We manage and lease the real estate assets of Interstate pursuant to a management agreement for which we receive an annual fee equal to 4% of annual base rent and percentage rent. The management agreement has a term of one year and is automatically renewable unless terminated by either of the parties on 60 days’ notice at the end of the term. We believe, based upon comparable fees charged by other real estate companies, that the management agreement terms are consistent with the market. We earned $208,000, $206,000, and $204,000 of management fees under the agreement for the years ended December 31, 2024, 2023 and 2022, respectively. Fifth Avenue and Times Square JV We provide various services to Fifth Avenue and Times Square JV in accordance with management, development, leasing and other agreements. These agreements are described in Note 4 - Investments in Partially Owned Entities . Haim Chera, Executive Vice President - Head of Retail, has an investment in Crown Acquisitions Inc. and Crown Retail Services LLC (collectively, "Crown"), companies controlled by Mr. Chera's family. Crown has a nominal minority interest in Fifth Avenue and Times Square JV. Additionally, we have other investments with Crown.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information The Company’s operating segments are based on our method of internal reporting which classifies our operations by geographic area. We aggregate these operating segments into two reportable segments, New York and Other, which is based on similar economic characteristics. Net operating income (“NOI”) at share represents total revenues less operating expenses, including our share of partially owned entities. The Company's chief operating decision maker ("CODM") is its Chief Executive Officer, who considers NOI at share to be the measure of segment profit and loss for making decisions on how to allocate resources and assessing the unlevered performance of our segments as it relates to the return on assets as opposed to the levered return on equity. Asset information by segment is not reported as the CODM does not use this measure to assess segment performance or to make resource allocation decisions. Below is a summary of financial information by segment for the years ended December 31, 2024, 2023 and 2022. (Amounts in thousands) For the Year Ended December 31, 2024 Total New York Other Total revenues $ 1,787,686 $ 1,471,997 $ 315,689 Deduct: operating expenses (1) (927,796) (766,347) (161,449) Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (39,367) (12,899) (26,468) Add: NOI from partially owned entities 279,229 269,159 10,070 NOI at share $ 1,099,752 $ 961,910 $ 137,842 (Amounts in thousands) For the Year Ended December 31, 2023 Total New York Other Total revenues $ 1,811,163 $ 1,452,158 $ 359,005 Deduct: operating expenses (1) (905,158) (733,478) (171,680) Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (48,553) (15,547) (33,006) Add: NOI from partially owned entities 285,761 274,436 11,325 NOI at share $ 1,143,213 $ 977,569 $ 165,644 (Amounts in thousands) For the Year Ended December 31, 2022 Total New York Other Total revenues $ 1,799,995 $ 1,449,442 $ 350,553 Deduct: operating expenses (1) (873,911) (716,148) (157,763) Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (70,029) (45,566) (24,463) Add: NOI from partially owned entities 305,993 293,780 12,213 NOI at share $ 1,162,048 $ 981,508 $ 180,540 __________________________________ (1) Includes various expenses associated with operating our properties, including but not limited to: real estate taxes, ground rent, insurance, and utilities. Our CODM is not regularly provided with significant expense categories and amounts included within net operating income at share. 22. Segment Information - continued Below is a reconciliation of NOI at share to net income (loss) before income taxes for the years ended December 31, 2024, 2023 and 2022. (Amounts in thousands) For the Year Ended December 31, 2024 2023 2022 NOI at share $ 1,099,752 $ 1,143,213 $ 1,162,048 NOI attributable to noncontrolling interests in consolidated subsidiaries 39,367 48,553 70,029 NOI from partially owned entities (279,229) (285,761) (305,993) Net gains on disposition of wholly owned and partially owned assets 16,048 71,199 100,625 Interest and debt expense (390,269) (349,223) (279,765) Interest and other investment income, net 45,974 43,287 23,410 Income (loss) from partially owned entities 112,464 38,689 (461,351) Transaction related costs, impairment losses and other (5,242) (50,691) (31,722) General and administrative expense (148,520) (162,883) (133,731) Depreciation and amortization expense (447,500) (434,273) (504,502) Income (loss) before income taxes $ 42,845 $ 62,110 $ (360,952)

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events 666 Fifth Avenue (Fifth Avenue and Times Square JV) On January 8, 2025, the Fifth Avenue and Times Square JV completed the sale to UNIQLO of the portion of its U.S. flagship store at 666 Fifth Avenue owned by the retail joint venture for $350,000,000. The joint venture continues to own 23,832 square feet of retail space (7,416 square feet at grade) at 666 Fifth Avenue consisting of the Abercrombie & Fitch and Tissot stores. The $342,000,000 of net proceeds from the sale were used to partially redeem Vornado’s $390,000,000 of preferred equity on the asset. The financial statement gain, which will be recognized in the first quarter of 2025, will be approximately $76,000,000. Senior Unsecured Notes due 2025 We repaid our $450,000,000 3.50% senior unsecured notes on their January 15, 2025 maturity date. 220 Central Park South On January 17, 2025, we closed on the sale of a condominium unit at 220 CPS for net proceeds of $11,695,000; three units remain unsold.

Schedule III Real Estate and Ac

Schedule III Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Encumbrances (1) Initial cost to company Costs Gross amount at which Accumulated Date of construction (3) Date Life on which Land Buildings Land Buildings Total (2) New York Manhattan 1290 Avenue of the Americas $ 950,000 $ 518,244 $ 926,992 $ 299,181 $ 518,244 $ 1,226,173 $ 1,744,417 $ 527,598 1963 2007 (4) One Park Avenue 525,000 197,057 369,016 16,545 197,057 385,561 582,618 36,701 1926 2021 (4) 350 Park Avenue 400,000 265,889 363,381 108,646 306,034 431,882 737,916 192,223 1960 2006 (4) PENN 1 — — 412,169 980,523 — 1,392,692 1,392,692 482,628 1972 1998 (4) 100 West 33rd Street 480,000 331,371 361,443 77,562 331,371 439,005 770,376 199,265 1911/2009 2007 (4) 150 West 34th Street 75,000 119,657 268,509 — 119,657 268,509 388,166 64,330 1900 2015 (4) PENN 2 575,000 (5) 53,615 164,903 1,013,238 52,689 1,179,067 1,231,756 110,970 1968 1997 (4) 90 Park Avenue — 8,000 175,890 203,970 8,000 379,860 387,860 223,366 1964 1997 (4) 770 Broadway 700,000 52,898 95,686 179,069 52,898 274,755 327,653 139,014 1907 1998 (4) 888 Seventh Avenue 258,057 — 117,269 180,925 — 298,194 298,194 179,726 1980 1998 (4) PENN 11 500,000 40,333 85,259 148,058 40,333 233,317 273,650 121,166 1923 1997 (4) 909 Third Avenue 350,000 — 120,723 128,903 — 249,626 249,626 154,316 1969 1999 (4) 150 East 58th Street — 39,303 80,216 68,071 39,303 148,287 187,590 83,389 1969 1998 (4) 595 Madison Avenue — 62,731 62,888 84,556 62,731 147,444 210,175 71,395 1968 1999 (4) 330 West 34th Street — — 8,599 170,511 — 179,110 179,110 72,796 1925 1998 (4) 715 Lexington Avenue — — 26,903 21,178 30,086 17,995 48,081 3,947 1923 2001 (4) 4 Union Square South 120,000 24,079 55,220 14,712 24,079 69,932 94,011 32,926 1965/2004 1993 (4) The Farley Building — — 476,235 967,380 — 1,443,615 1,443,615 158,469 1912 2018 (4) 260 Eleventh Avenue — — 80,482 8,246 — 88,728 88,728 20,498 1911 2015 (4) 606 Broadway 74,119 45,406 8,993 486 23,930 30,955 54,885 2,816 2016 (4) 435 Seventh Avenue 75,000 19,893 19,091 146 19,893 19,237 39,130 10,836 2002 1997 (4) 131-135 West 33rd Street — 8,315 21,312 429 8,315 21,741 30,056 5,018 2016 (4) 304 - 306 Canal Street — 3,511 12,905 (14,607) 358 1,451 1,809 190 1910 2014 (4) 1131 Third Avenue — 7,844 7,844 5,816 7,844 13,660 21,504 4,282 1997 (4) 431 Seventh Avenue — 16,700 2,751 300 16,700 3,051 19,751 1,259 2007 (4) 138-142 West 32nd Street — 9,252 9,936 2,232 9,252 12,168 21,420 2,987 1920 2015 (4) 334 Canal Street — 1,693 6,507 (6,700) 154 1,346 1,500 170 2011 (4) 966 Third Avenue — 8,869 3,631 — 8,869 3,631 12,500 1,029 2013 (4) 137 West 33rd Street — 6,398 1,550 — 6,398 1,550 7,948 378 1932 2015 (4) 825 Seventh Avenue — 1,483 697 3,969 1,483 4,666 6,149 1,534 1997 (4) 537 West 26th Street — 10,370 17,632 20,000 26,631 21,371 48,002 5,561 2018 (4) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Encumbrances (1) Initial cost to company Costs Gross amount at which Accumulated Date of construction (3) Date Life on which Land Buildings Land Buildings Total (2) New York - continued Manhattan - continued 339 Greenwich Street $ — $ 2,622 $ 12,333 $ (10,054) $ 866 $ 4,035 $ 4,901 $ 458 2017 (4) Hotel Pennsylvania site (PENN 15) — 29,903 121,712 183,233 29,903 304,945 334,848 — 1919 1997 (4) Other (Including Signage) — 140,477 31,892 79,729 108,589 143,509 252,098 34,864 (4) Total Manhattan 5,082,176 2,025,913 4,530,569 4,936,253 2,051,667 9,441,068 11,492,735 2,946,105 Other Properties Paramus, New Jersey — — — 20,467 1,033 19,434 20,467 15,349 1967 1987 (4) Total Other Properties — — — 20,467 1,033 19,434 20,467 15,349 Total New York 5,082,176 2,025,913 4,530,569 4,956,720 2,052,700 9,460,502 11,513,202 2,961,454 Other THE MART THE MART, Illinois $ — $ 64,528 $ 319,146 $ 487,855 $ 64,535 $ 806,994 $ 871,529 $ 416,326 1930 1998 (4) 527 West Kinzie, Illinois — 5,166 — 362 5,166 362 5,528 — 1998 Total THE MART — 69,694 319,146 488,217 69,701 807,356 877,057 416,326 555 California Street, California 1,200,000 223,446 895,379 273,926 223,446 1,169,305 1,392,751 499,906 1922,1969 -1970 2007 (4) Borgata Land, Atlantic City, NJ — 83,089 — — 83,089 — 83,089 — — 2010 40 East 66th Street Residential, New York — 8,454 13,321 (8,193) 5,273 8,309 13,582 3,761 — 2005 (4) Annapolis, Maryland — — 9,652 — — 9,652 9,652 5,466 2005 (4) Wayne Towne Center, New Jersey — — 26,137 49,654 — 75,791 75,791 45,677 2010 (4) Other — — — 5,593 — 5,593 5,593 3,247 (4) Total Other 1,200,000 384,683 1,263,635 809,197 381,509 2,076,006 2,457,515 974,383 Leasehold improvements, equipment and other — — — 120,915 — 120,915 120,915 89,512 Total December 31, 2024 $ 6,282,176 $ 2,410,596 $ 5,794,204 $ 5,886,832 $ 2,434,209 $ 11,657,423 $ 14,091,632 $ 4,025,349 ________________________________________ (1) Represents contractual debt obligations. (2) The net basis of Vornado's assets and liabilities for tax reporting purposes is approximately $1.4 billion lower than the amounts reported for financial statement purposes. (3) Date of original construction - many properties have had substantial renovation or additional construction, see "costs capitalized subsequent to acquisition" column. (4) Depreciation of the buildings and improvements is calculated over lives ranging from the life of the lease to forty years. (5) Secured amount outstanding on revolving credit facilities. The following is a reconciliation of real estate assets and accumulated depreciation: Year Ended December 31, 2024 2023 2022 Real Estate Balance at beginning of period $ 13,801,204 $ 13,314,755 $ 13,217,845 Additions during the period: Land — 40,145 — Buildings & improvements and other 431,999 713,740 711,722 14,233,203 14,068,640 13,929,567 Less: Assets sold, written-off, reclassified to ready for sale and deconsolidated 141,571 267,436 614,812 Balance at end of period $ 14,091,632 $ 13,801,204 $ 13,314,755 Accumulated Depreciation Balance at beginning of period $ 3,752,827 $ 3,470,991 $ 3,376,347 Depreciation expense 396,231 382,638 449,864 4,149,058 3,853,629 3,826,211 Less: Accumulated depreciation on assets sold, written-off and deconsolidated 123,709 100,802 355,220 Balance at end of period $ 4,025,349 $ 3,752,827 $ 3,470,991

SCHEDULE III REAL ESTATE AND _2

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Encumbrances (1) Initial cost to company Costs Gross amount at which Accumulated Date of construction (3) Date Life on which Land Buildings Land Buildings Total (2) New York Manhattan 1290 Avenue of the Americas $ 950,000 $ 518,244 $ 926,992 $ 299,181 $ 518,244 $ 1,226,173 $ 1,744,417 $ 527,598 1963 2007 (4) One Park Avenue 525,000 197,057 369,016 16,545 197,057 385,561 582,618 36,701 1926 2021 (4) 350 Park Avenue 400,000 265,889 363,381 108,646 306,034 431,882 737,916 192,223 1960 2006 (4) PENN 1 — — 412,169 980,523 — 1,392,692 1,392,692 482,628 1972 1998 (4) 100 West 33rd Street 480,000 331,371 361,443 77,562 331,371 439,005 770,376 199,265 1911/2009 2007 (4) 150 West 34th Street 75,000 119,657 268,509 — 119,657 268,509 388,166 64,330 1900 2015 (4) PENN 2 575,000 (5) 53,615 164,903 1,013,238 52,689 1,179,067 1,231,756 110,970 1968 1997 (4) 90 Park Avenue — 8,000 175,890 203,970 8,000 379,860 387,860 223,366 1964 1997 (4) 770 Broadway 700,000 52,898 95,686 179,069 52,898 274,755 327,653 139,014 1907 1998 (4) 888 Seventh Avenue 258,057 — 117,269 180,925 — 298,194 298,194 179,726 1980 1998 (4) PENN 11 500,000 40,333 85,259 148,058 40,333 233,317 273,650 121,166 1923 1997 (4) 909 Third Avenue 350,000 — 120,723 128,903 — 249,626 249,626 154,316 1969 1999 (4) 150 East 58th Street — 39,303 80,216 68,071 39,303 148,287 187,590 83,389 1969 1998 (4) 595 Madison Avenue — 62,731 62,888 84,556 62,731 147,444 210,175 71,395 1968 1999 (4) 330 West 34th Street — — 8,599 170,511 — 179,110 179,110 72,796 1925 1998 (4) 715 Lexington Avenue — — 26,903 21,178 30,086 17,995 48,081 3,947 1923 2001 (4) 4 Union Square South 120,000 24,079 55,220 14,712 24,079 69,932 94,011 32,926 1965/2004 1993 (4) The Farley Building — — 476,235 967,380 — 1,443,615 1,443,615 158,469 1912 2018 (4) 260 Eleventh Avenue — — 80,482 8,246 — 88,728 88,728 20,498 1911 2015 (4) 606 Broadway 74,119 45,406 8,993 486 23,930 30,955 54,885 2,816 2016 (4) 435 Seventh Avenue 75,000 19,893 19,091 146 19,893 19,237 39,130 10,836 2002 1997 (4) 131-135 West 33rd Street — 8,315 21,312 429 8,315 21,741 30,056 5,018 2016 (4) 304 - 306 Canal Street — 3,511 12,905 (14,607) 358 1,451 1,809 190 1910 2014 (4) 1131 Third Avenue — 7,844 7,844 5,816 7,844 13,660 21,504 4,282 1997 (4) 431 Seventh Avenue — 16,700 2,751 300 16,700 3,051 19,751 1,259 2007 (4) 138-142 West 32nd Street — 9,252 9,936 2,232 9,252 12,168 21,420 2,987 1920 2015 (4) 334 Canal Street — 1,693 6,507 (6,700) 154 1,346 1,500 170 2011 (4) 966 Third Avenue — 8,869 3,631 — 8,869 3,631 12,500 1,029 2013 (4) 137 West 33rd Street — 6,398 1,550 — 6,398 1,550 7,948 378 1932 2015 (4) 825 Seventh Avenue — 1,483 697 3,969 1,483 4,666 6,149 1,534 1997 (4) 537 West 26th Street — 10,370 17,632 20,000 26,631 21,371 48,002 5,561 2018 (4) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Encumbrances (1) Initial cost to company Costs Gross amount at which Accumulated Date of construction (3) Date Life on which Land Buildings Land Buildings Total (2) New York - continued Manhattan - continued 339 Greenwich Street $ — $ 2,622 $ 12,333 $ (10,054) $ 866 $ 4,035 $ 4,901 $ 458 2017 (4) Hotel Pennsylvania site (PENN 15) — 29,903 121,712 183,233 29,903 304,945 334,848 — 1919 1997 (4) Other (Including Signage) — 140,477 31,892 79,729 108,589 143,509 252,098 34,864 (4) Total Manhattan 5,082,176 2,025,913 4,530,569 4,936,253 2,051,667 9,441,068 11,492,735 2,946,105 Other Properties Paramus, New Jersey — — — 20,467 1,033 19,434 20,467 15,349 1967 1987 (4) Total Other Properties — — — 20,467 1,033 19,434 20,467 15,349 Total New York 5,082,176 2,025,913 4,530,569 4,956,720 2,052,700 9,460,502 11,513,202 2,961,454 Other THE MART THE MART, Illinois $ — $ 64,528 $ 319,146 $ 487,855 $ 64,535 $ 806,994 $ 871,529 $ 416,326 1930 1998 (4) 527 West Kinzie, Illinois — 5,166 — 362 5,166 362 5,528 — 1998 Total THE MART — 69,694 319,146 488,217 69,701 807,356 877,057 416,326 555 California Street, California 1,200,000 223,446 895,379 273,926 223,446 1,169,305 1,392,751 499,906 1922,1969 -1970 2007 (4) Borgata Land, Atlantic City, NJ — 83,089 — — 83,089 — 83,089 — — 2010 40 East 66th Street Residential, New York — 8,454 13,321 (8,193) 5,273 8,309 13,582 3,761 — 2005 (4) Annapolis, Maryland — — 9,652 — — 9,652 9,652 5,466 2005 (4) Wayne Towne Center, New Jersey — — 26,137 49,654 — 75,791 75,791 45,677 2010 (4) Other — — — 5,593 — 5,593 5,593 3,247 (4) Total Other 1,200,000 384,683 1,263,635 809,197 381,509 2,076,006 2,457,515 974,383 Leasehold improvements, equipment and other — — — 120,915 — 120,915 120,915 89,512 Total December 31, 2024 $ 6,282,176 $ 2,410,596 $ 5,794,204 $ 5,886,832 $ 2,434,209 $ 11,657,423 $ 14,091,632 $ 4,025,349 ________________________________________ (1) Represents contractual debt obligations. (2) The net basis of Vornado's assets and liabilities for tax reporting purposes is approximately $1.4 billion lower than the amounts reported for financial statement purposes. (3) Date of original construction - many properties have had substantial renovation or additional construction, see "costs capitalized subsequent to acquisition" column. (4) Depreciation of the buildings and improvements is calculated over lives ranging from the life of the lease to forty years. (5) Secured amount outstanding on revolving credit facilities. The following is a reconciliation of real estate assets and accumulated depreciation: Year Ended December 31, 2024 2023 2022 Real Estate Balance at beginning of period $ 13,801,204 $ 13,314,755 $ 13,217,845 Additions during the period: Land — 40,145 — Buildings & improvements and other 431,999 713,740 711,722 14,233,203 14,068,640 13,929,567 Less: Assets sold, written-off, reclassified to ready for sale and deconsolidated 141,571 267,436 614,812 Balance at end of period $ 14,091,632 $ 13,801,204 $ 13,314,755 Accumulated Depreciation Balance at beginning of period $ 3,752,827 $ 3,470,991 $ 3,376,347 Depreciation expense 396,231 382,638 449,864 4,149,058 3,853,629 3,826,211 Less: Accumulated depreciation on assets sold, written-off and deconsolidated 123,709 100,802 355,220 Balance at end of period $ 4,025,349 $ 3,752,827 $ 3,470,991

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net loss attributable to the entities	$ 70,387	$ 105,494	$ (346,499)

Award Timing Disclosure

Award Timing Disclosure	12 Months Ended
	Dec. 31, 2024
Award Timing Disclosures [Line Items]
Award Timing MNPI Considered	true

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 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

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We employ a comprehensive risk management strategy for the assessment, identification and management of material risks stemming from cybersecurity threats. Our methodologies involve a systematic evaluation of potential threats, vulnerabilities, and their potential impacts on our organization’s operations, data, and systems. Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program, including legal, compliance, strategic, operational, and financial risk areas. Our cybersecurity risk management program includes: • Risk assessments designed to help identify material cybersecurity risks to our critical systems, information, and our broader enterprise IT environment; • A team principally responsible for managing our (i) cybersecurity risk assessment processes, (ii) security controls and (iii) response to cybersecurity incidents; • The use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security controls; • Cybersecurity awareness training of our employees, incident response personnel and senior management, including through the use of third-party providers for regular mandatory trainings; • A cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and • A risk management process for third-party service providers, suppliers, and vendors. We employ rigorous vetting processes and ongoing monitoring mechanisms designed to ensure their compliance with cybersecurity standards. As of the date of this Annual Report on Form 10-K, we are not aware of any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program, including legal, compliance, strategic, operational, and financial risk areas.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board of Trustee’s considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee (the “Committee”) oversight of cybersecurity and other information technology risks. The Committee oversees management’s implementation of our cybersecurity risk management program. The Committee receives periodic reports from management on our potential cybersecurity risks and threats and receives presentations on cybersecurity topics from our Chief Information Officer. The Committee reports to the full Board of Trustees regarding its activities, including those related to cybersecurity. The full Board of Trustees also receives briefings from management on cybersecurity matters as needed.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our management team, including our Chief Information Officer, is responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our Chief Information Officer has many years of experience leading cybersecurity oversight and overall has broad, extensive experience with information technology, including security, auditing, compliance, systems and programming.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Committee receives periodic reports from management on our potential cybersecurity risks and threats and receives presentations on cybersecurity topics from our Chief Information Officer. The Committee reports to the full Board of Trustees regarding its activities, including those related to cybersecurity. The full Board of Trustees also receives briefings from management on cybersecurity matters as needed. Our management team, including our Chief Information Officer, is responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our Chief Information Officer has many years of experience leading cybersecurity oversight and overall has broad, extensive experience with information technology, including security, auditing, compliance, systems and programming. Our management team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment. Our cybersecurity incident response plan governs our assessment and response upon the occurrence of a material cybersecurity incident, including the process for informing senior management and our Board of Trustees.
Cybersecurity Risk Role of Management [Text Block]	Our cybersecurity risk management program includes: • Risk assessments designed to help identify material cybersecurity risks to our critical systems, information, and our broader enterprise IT environment; • A team principally responsible for managing our (i) cybersecurity risk assessment processes, (ii) security controls and (iii) response to cybersecurity incidents; • The use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security controls; • Cybersecurity awareness training of our employees, incident response personnel and senior management, including through the use of third-party providers for regular mandatory trainings; • A cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and • A risk management process for third-party service providers, suppliers, and vendors. We employ rigorous vetting processes and ongoing monitoring mechanisms designed to ensure their compliance with cybersecurity standards.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our management team, including our Chief Information Officer, is responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our Chief Information Officer has many years of experience leading cybersecurity oversight and overall has broad, extensive experience with information technology, including security, auditing, compliance, systems and programming.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Chief Information Officer has many years of experience leading cybersecurity oversight and overall has broad, extensive experience with information technology, including security, auditing, compliance, systems and programming.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our management team, including our Chief Information Officer, is responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our Chief Information Officer has many years of experience leading cybersecurity oversight and overall has broad, extensive experience with information technology, including security, auditing, compliance, systems and programming.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements include the accounts of Vornado and the Operating Partnership and their consolidated subsidiaries. All inter-company amounts have been eliminated. Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), which require us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. 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 Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 adopted this update effective December 15, 2024. The adoption of ASU 2023-07 did not have a material impact on our disclosures. 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. 2. Basis of Presentation and Significant Accounting Policies - continued Recently Issued Accounting Literature - continued In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), and in January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date ("ASU 2025-01"). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact of these standards on our consolidated financial statements.
Real Estate	Real Estate: Real estate is carried at cost, net of accumulated depreciation and amortization. Betterments, major renewals and certain costs directly related to the improvement and leasing of real estate are capitalized. Maintenance and repairs are expensed as incurred. For redevelopment of existing operating properties, the net book value of the existing property under redevelopment plus the cost for the construction and improvements incurred in connection with the redevelopment, including interest and debt expense, are capitalized to the extent the capitalized costs of the property do not exceed the estimated fair value of the redeveloped property when complete. If the cost of the redeveloped property, including the net book value of the existing property, exceeds the estimated fair value of the redeveloped property, the excess is charged to expense. Depreciation is recognized on a straight-line basis over the estimated useful lives of these assets which range from 7 to 40 years. Tenant allowances are amortized on a straight-line basis over the lives of the related leases, which approximate the useful lives of the assets. Upon the acquisition of real estate, we assess whether the transaction should be accounted for as an asset acquisition or as a business combination. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. Our acquisitions of real estate generally will not meet the definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related identified intangible assets). We assess the fair value of acquired assets (including land, buildings and improvements, identified intangibles, such as acquired above and below-market leases, acquired in-place leases and tenant relationships) and acquired liabilities and we allocate the purchase price based on these assessments which are on a relative fair value basis. We assess fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known trends, and market/economic conditions. We amortize identified intangibles that have finite lives over the period they are expected to contribute directly or indirectly to the future cash flows of the property or business acquired. Our properties, including any related right-of-use ("ROU") assets and intangible assets, are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis. An impairment loss is measured based on the excess of the property’s carrying amount over its estimated fair value. Impairment analyses are based on information available at the time the analyses are prepared. Estimates of future cash flows are subjective and are based, in part, on assumptions regarding future rental revenues, operating expenses, capital expenditures, discount rates and capitalization rates which could differ materially from actual results.
Partially Owned Entities	Partially Owned Entities: We consolidate entities in which we have a controlling financial interest. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider (i) whether the entity is a variable interest entity (“VIE”) in which we are the primary beneficiary or (ii) whether the entity is a voting interest entity in which we have a majority of the voting interests of the entity. We are deemed to be the primary beneficiary of a VIE when we have (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. We generally do not control a partially owned entity if the approval of all of the partners/members is contractually required with respect to decisions that most significantly impact the performance of the partially owned entity. This includes decisions regarding operating/capital budgets, and the placement of new or additional financing secured by the assets of the venture, among others. We account for investments under the equity method when the requirements for consolidation are not met, and we have significant influence over the operations of the investee. Equity method investments are initially recorded at cost and subsequently adjusted for our share of net income or loss and cash contributions and distributions each period. Equity investments that do not qualify for consolidation or equity method accounting are recorded at fair value in accordance with ASC Topic 321, Investments-Equity Securities ("ASC 321") or, if fair value is not readily determinable, are initially recognized at cost and subsequently remeasured if there is an orderly transaction in an identical or similar investment of the same issuer or if the investment is impaired. Investments in unconsolidated partially owned entities are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recorded when there is a decline in the fair value of an investment below its carrying value and we conclude that the decline is other-than-temporary during our intended holding period. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment analyses are based on information available at the time the analyses are prepared. Estimates of future cash flows are subjective and are based, in part, on assumptions regarding future rental revenues, operating expenses, capital expenditures, discount rates and capitalization rates which could differ materially from actual results.
Cash And Cash Equivalents	Cash and Cash Equivalents:
Restricted Cash	Restricted Cash: Restricted cash consists of cash escrowed under loan agreements (including for debt service, real estate taxes, property insurance, leasing costs and capital improvements), security deposits, cash restricted for the purposes of facilitating a Section 1031 Like-Kind exchange and cash restricted in connection with our deferred compensation plan.
Deferred Charges	Deferred Charges: Direct financing costs are deferred and amortized on a straight-line basis, which approximates the effective interest rate method, over the terms of the related agreements as a component of interest expense. Direct and incremental costs related to successful leasing activities are capitalized and amortized on a straight-line basis over the lives of the related leases.
Revenue Recognition	Revenue Recognition: • Rental revenues include revenues from the leasing of space at our properties to tenants, trade shows, tenant services and parking garage revenues. • Revenues from the leasing of space at our properties to tenants include (i) lease components, including fixed and variable lease payments, and nonlease components which include reimbursement of common area maintenance expenses, and (ii) reimbursement of real estate taxes and insurance expenses. As lessor, we have elected to combine the lease and nonlease components of our operating lease agreements and account for the components as a single lease component in accordance with ASC Topic 842, Leases (“ASC 842”). • Revenues from fixed lease payments for operating leases are recognized on a straight-line basis over the non-cancelable term of the lease, together with renewal options that are reasonably certain of being exercised. We commence revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. • Revenues derived from the reimbursement of real estate taxes, insurance expenses and common area maintenance expenses are variable, and are generally recognized in the same period as the related expenses are incurred. • We recognize amortization of acquired below-market leases as an increase to rental revenues and amortization of acquired above-market leases as a decrease to rental revenues over the term of the lease (see Note 7 - Identified Intangible Assets and Liabilities ). • Revenues from the operation of trade shows at our properties, primarily derived from booth rentals, are recognized when the trade show booths are made available for use by the exhibitors, in accordance with ASC 842. • Revenues derived from sub-metered electric, service elevator, trash removal and other services provided to our tenants at their request are recognized as the services are transferred in accordance with ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"). • Revenues derived from the operations of our parking facilities, which charge hourly or monthly fees to provide parking services to customers, are recognized as the services are transferred in accordance with ASC 606. • We classify revenues derived from management, leasing and other contractual agreements (including BMS cleaning, engineering and security services) with third parties or with partially owned entities as “fee and other income” and recognize revenue as the services are transferred in accordance with ASC 606. We evaluate on an individual lease basis whether it is probable that we will collect substantially all amounts due from our tenants and recognize changes in the collectability assessment of our operating leases as adjustments to rental revenue. Management exercises judgment in assessing collectability of tenant receivables and considers payment history, current credit status and publicly available information about the financial condition of the tenant, and other factors. Tenant receivables, including receivables arising from the straight-lining of rents, are written off when management deems that the collectability of substantially all future lease payments from a specific lease is not probable of collection, at which point, the Company will limit future rental revenues to cash received.
Income Taxes	Income Taxes: Vornado operates in a manner intended to enable it to continue to qualify as a REIT under Sections 856‑860 of the Internal Revenue Code of 1986, as amended. Under those sections, a REIT which distributes at least 90% of its REIT taxable income as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders. Vornado distributes to its shareholders 100% of its REIT taxable income and therefore, no provision for Federal income taxes is required. Dividends distributed for the years ended December 31, 2024, 2023 and 2022 were characterized, for federal income tax purposes, as ordinary income under Section 199A of the Internal Revenue Code. We have elected to treat certain consolidated subsidiaries, and may in the future elect to treat newly formed subsidiaries, as taxable REIT subsidiaries pursuant to an amendment to the Internal Revenue Code that became effective January 1, 2001. Taxable REIT subsidiaries may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to Federal and State income tax at regular corporate tax rates. The Farley Building and our 220 Central Park South (“220 CPS”) condominium project are held through taxable REIT subsidiaries.
Redeemable Noncontrolling Partnership Units	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.
Unconsolidated & Consolidated VIEs	Unconsolidated VIEs As of December 31, 2024 and 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 primarily account for our investment in these entities under the equity method (see Note 4 – Investments in Partially Owned Entities 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.
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.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 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 years ended December 31, 2024, 2023 and 2022 is set forth in Note 22 - Segment Information. (Amounts in thousands) For the Year Ended December 31, 2024 Total New York Other Property rentals $ 1,486,503 $ 1,215,854 $ 270,649 Trade shows 21,541 — 21,541 Lease revenues (1) 1,508,044 1,215,854 292,190 Tenant services 41,549 29,344 12,205 Parking revenues 19,213 15,228 3,985 Rental revenues 1,568,806 1,260,426 308,380 BMS cleaning fees 149,225 159,903 (10,678) (2) Management and leasing fees 14,680 15,443 (763) Other income 54,975 36,225 18,750 Fee and other income 218,880 211,571 7,309 Total revenues $ 1,787,686 $ 1,471,997 $ 315,689 (Amounts in thousands) For the Year Ended December 31, 2023 Total New York Other Property rentals $ 1,523,890 $ 1,222,229 $ 301,661 (3) Trade shows 20,781 — 20,781 Lease revenues (1) 1,544,671 1,222,229 322,442 Tenant services 42,460 31,086 11,374 Parking revenues 20,355 16,502 3,853 Rental revenues 1,607,486 1,269,817 337,669 BMS cleaning fees 141,937 151,608 (9,671) (2) Management and leasing fees 13,040 13,619 (579) Other income 48,700 17,114 31,586 Fee and other income 203,677 182,341 21,336 Total revenues $ 1,811,163 $ 1,452,158 $ 359,005 ____________________ See notes on following page. 3. Revenue Recognition - continued (Amounts in thousands) For the Year Ended December 31, 2022 Total New York Other Property rentals $ 1,510,648 $ 1,230,851 $ 279,797 Trade shows 32,669 — 32,669 Lease revenues (1) 1,543,317 1,230,851 312,466 Tenant services 45,211 33,351 11,860 Parking revenues 19,157 15,979 3,178 Rental revenues 1,607,685 1,280,181 327,504 BMS cleaning fees 137,673 146,530 (8,857) (2) Management and leasing fees 11,039 11,645 (606) Other income 43,598 11,086 32,512 Fee and other income 192,310 169,261 23,049 Total revenues $ 1,799,995 $ 1,449,442 $ 350,553 ________________________________________ (1) The components of lease revenues were as follows: For the Year Ended December 31, 2024 2023 2022 Fixed billings $ 1,358,256 $ 1,387,731 $ 1,376,527 Variable billings 153,011 150,045 122,947 Total contractual operating lease billings 1,511,267 1,537,776 1,499,474 Adjustment for straight-line rents and amortization of acquired below-market leases and other, net (3,223) 6,895 43,843 Lease revenues $ 1,508,044 $ 1,544,671 $ 1,543,317 (2) Represents the elimination of BMS cleaning fees related to THE MART and 555 California Street which are included as income in the New York segment. (3) 2023 includes the receipt of a $21,350 tenant settlement, of which $6,405 is attributable to noncontrolling interests.
Schedule of Components of Lease Revenues	The components of lease revenues were as follows: For the Year Ended December 31, 2024 2023 2022 Fixed billings $ 1,358,256 $ 1,387,731 $ 1,376,527 Variable billings 153,011 150,045 122,947 Total contractual operating lease billings 1,511,267 1,537,776 1,499,474 Adjustment for straight-line rents and amortization of acquired below-market leases and other, net (3,223) 6,895 43,843 Lease revenues $ 1,508,044 $ 1,544,671 $ 1,543,317

Investments in Partially Owne_2

Investments in Partially Owned Entities (Tables)	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments in Partially Owned Entities	Below is a schedule of our investments in partially owned entities. (Amounts in thousands) Percentage Ownership as of December 31, 2024 Balance as of December 31, 2024 2023 Investments: Fifth Avenue and Times Square JV (see page 87 51.5% $ 2,235,546 $ 2,242,972 Partially owned office buildings/land (1) Various 186,190 118,558 Alexander’s (see page 88 32.4% 68,492 87,510 Other equity method investments (2) Various 201,250 161,518 $ 2,691,478 $ 2,610,558 Investments in partially owned entities included in other liabilities (3) : 7 West 34th Street 53.0% $ (70,552) $ (69,899) 85 Tenth Avenue 49.9% (18,978) (11,330) $ (89,530) $ (81,229) _________________________________________________________________________________________ (1) Includes interests in 280 Park Avenue, 650 Madison 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. 4. Investments in Partially Owned Entities – continued Below is a schedule of income (loss) from partially owned entities. (Amounts in thousands) Percentage Ownership as of December 31, 2024 For the Year Ended December 31, 2024 2023 2022 Our share of net income (loss): Fifth Avenue and Times Square JV (see page 87 Equity in net income (1) 51.5% $ 43,451 $ 35,209 $ 55,248 Return on preferred equity, net of our share of the expense 40,668 37,416 37,416 Non-cash impairment loss — — (489,859) 84,119 72,625 (397,195) Alexander's (see page 88 Equity in net income 32.4% 13,813 15,441 18,439 Management, leasing and development fees 5,263 5,238 4,534 Net gain on sale of land — 16,396 — 19,076 37,075 22,973 Partially owned office buildings (2)(3)(4) Various (839) (73,589) (110,261) Other equity method investments (3)(5) Various 10,108 2,578 23,132 $ 112,464 $ 38,689 $ (461,351) ________________________________________ (1) 2023 includes a $5,120 accrual of default interest which was forgiven by the lender as part of the restructuring of the 697-703 Fifth Avenue loan and is being amortized over the remaining term of the restructured loan, reducing future interest expense. (2) Includes interests in 280 Park Avenue, 7 West 34th Street, 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others. (3) In 2023 and 2022, we recognized $50,458 and $93,353, respectively, of impairment losses. (4) 2024 includes our $31,215 share of the debt extinguishment gain from the repayment of the 280 Park Avenue mezzanine loan. See page 89 (5) Includes interests in Independence Plaza, Rosslyn Plaza and others . 2022 includes $17,185 of net gains from dispositions of two investments. Below is a summary of the debt of our partially owned entities. (Amounts in thousands) Percentage Ownership as of December 31, 2024 Maturity (1) Weighted Average Interest Rate as of December 31, 2024 (2) 100% Partially Owned Entities’ Debt (3) as of December 31, 2024 2023 Mortgages Payable: Partially owned office buildings (4) Various 2025-2029 4.84% $ 3,146,918 $ 3,275,098 Alexander's 32.4% 2025-2028 3.94% 996,544 1,096,544 Fifth Avenue and Times Square JV 51.5% 2028-2029 6.93% 753,194 855,476 Other (5) Various 2025-2032 5.05% 1,311,662 1,365,954 ________________________________________ (1) Assumes the exercise of as-of-right extension options. (2) 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. (3) The Operating Partnership guarantees $303,000 of debt, primarily comprised of the $300,000 mortgage loan on 7 West 34th Street. (4) Includes interests in 280 Park Avenue, 650 Madison Avenue, 7 West 34th Street, 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others. (5) Includes interests in Independence Plaza, Pier 94 JV, Rosslyn Plaza and others. The following is a summary of condensed combined financial information for all of our partially owned entities. (Amounts in thousands) As of December 31, 2024 2023 Balance Sheet: Assets $ 11,296,000 $ 11,533,000 Liabilities 7,073,000 7,326,000 Noncontrolling interests 1,905,000 1,907,000 Equity 2,318,000 2,300,000 (Amounts in thousands) For the Year Ended December 31, 2024 2023 2022 Income Statement: Total revenue $ 1,119,000 $ 1,132,000 $ 1,189,000 Net income (loss) 33,000 34,000 (404,000) Net loss attributable to the entities (49,000) (40,000) (483,000)

Identified Intangible Assets _2

Identified Intangible Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
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 December 31, 2024 2023 Identified intangible assets: Gross amount $ 193,217 $ 225,671 Accumulated amortization (75,002) (98,589) Total, net $ 118,215 $ 127,082 Identified intangible liabilities (included in deferred revenue): Gross amount $ 134,499 $ 206,771 Accumulated amortization (110,982) (178,282) Total, net $ 23,517 $ 28,489
Below Market Leases Net Of Above Market Leases
Finite-Lived Intangible Assets [Line Items]
Schedule of Estimated Annual Amortization	Estimated annual amortization for each of the five succeeding years commencing January 1, 2025 is below: (Amounts in thousands) 2025 $ 387 2026 290 2027 (249) 2028 (150) 2029 (119)
Other Identified Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Schedule of Estimated Annual Amortization	Estimated annual amortization for each of the five succeeding years commencing January 1, 2025 is below: (Amounts in thousands) 2025 $ 5,719 2026 5,615 2027 5,308 2028 4,175 2029 3,660

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 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 December 31, 2024 (1) Balance as of December 31, 2024 2023 Mortgages Payable: Fixed rate (2) 4.63% $ 4,591,400 $ 4,518,200 Variable rate (3) 6.01% (4) 1,115,776 1,211,415 Total 4.90% 5,707,176 5,729,615 Deferred financing costs, net and other (31,162) (41,595) Total, net $ 5,676,014 $ 5,688,020 Unsecured Debt: Senior unsecured notes 3.02% $ 1,200,000 $ 1,200,000 Deferred financing costs, net and other (4,086) (6,127) Senior unsecured notes, net 1,195,914 1,193,873 Unsecured term loan 4.67% 800,000 800,000 Deferred financing costs, net and other (4,052) (5,441) Unsecured term loan, net 795,948 794,559 Unsecured revolving credit facilities 3.88% 575,000 575,000 Total, net $ 2,566,862 $ 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 14 - 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 December 31, 2024, $960,000 of our variable rate debt was subject to interest rate cap arrangements. The interest rate cap arrangements have a weighted average strike rate of 4.79% and a weighted average remaining term of four months. (4) Includes additional 3.00% default interest on the 606 Broadway mortgage loan.
Schedule of Principal Maturities of Mortgages Payable and Unsecured Debt	As of December 31, 2024, the principal maturities of mortgages payable and unsecured debt, including as-of-right extension options, for the next five years and thereafter are presented below. The below excludes the $74,119,000 mortgage loan on 606 Broadway which is in maturity default. See above for further details. (Amounts in thousands) Mortgages Payable Unsecured Debt Year Ended December 31, 2025 $ 878,057 $ 450,000 (1) 2026 525,000 400,000 2027 1,580,000 1,375,000 2028 2,300,000 — 2029 — — Thereafter 350,000 350,000 ________________________________________ (1) We repaid our $450,000 3.50% senior unsecured notes on their January 15, 2025 maturity date.

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests (Tables)	12 Months Ended
	Dec. 31, 2024
Noncontrolling Interest [Abstract]
Schedule of Redeemable Noncontrolling Partnership Units	Below are the details of redeemable noncontrolling partnership units. (Amounts in thousands, except units and per unit amounts) Balance as of December 31, Units Outstanding as of December 31, Per Unit Preferred or Unit Series 2024 2023 2024 2023 Common: Class A units held by third parties $ 708,408 (1) $ 480,251 (1) 16,850,803 17,000,030 n/a $ 0.74 Perpetual Preferred/Redeemable Preferred: 3.25% D-17 Cumulative Redeemable (2) $ 3,535 $ 3,535 141,400 141,400 $ 25.00 $ 0.8125 ________________________________________ (1) Balance reflects the redemption value which is based on Vornado’s quarter-end closing common share price. (2) Holders may tender units for redemption to the Operating Partnership for cash at their stated redemption amount; Vornado, at its option, may assume that obligation and pay the holders either cash or Vornado preferred shares on a one-for-one basis. These units are redeemable at Vornado's option at any time.
Schedule of Activity of Redeemable Noncontrolling Interests	Below is a table summarizing the activity of redeemable noncontrolling partnership units. (Amounts in thousands) For the Year Ended December 31, 2024 2023 Beginning balance $ 483,786 $ 348,692 Net income 860 3,361 Other comprehensive loss (693) (9,340) Distributions (12,698) (10,783) Redemption of Class A units for Vornado common shares, at redemption value (15,912) (8,489) Redeemable Class A unit measurement adjustment 226,586 138,114 Other, net 30,014 22,231 Ending balance $ 711,943 $ 483,786 Below is a table summarizing the activity of the redeemable noncontrolling interest in a consolidated subsidiary. For the Year Ended December 31, (Amounts in thousands) 2024 2023 Beginning balance $ 154,662 $ 88,040 Net loss (31,167) (39,385) Distributions (4,119) (6,661) Contributions 3,339 112,668 Ending balance $ 122,715 $ 154,662

Shareholders' Equity_Partners_2

Shareholders' Equity/Partners' Capital (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule of Preferred Units	The following table sets forth the details of our preferred shares of beneficial interest and the preferred units of the Operating Partnership outstanding as of December 31, 2024 and 2023. During 2024, we paid $62,112,000 in preferred dividends. (Amounts in thousands, except share/unit and per share/per unit amounts) Per Share/Unit Preferred Shares/Units Balance Shares/Units Outstanding Liquidation Annual (1) Convertible Preferred: 6.5% Series A: authorized 12,902 shares/units (2) $ 825 9,180 $ 50.00 $ 3.25 Cumulative Redeemable Preferred (3) : 5.40% Series L: authorized 13,800,000 shares/units 290,306 12,000,000 25.00 1.35 5.25% Series M: authorized 13,800,000 shares/units 308,946 12,780,000 25.00 1.3125 5.25% Series N: authorized 12,000,000 shares/units 291,134 12,000,000 25.00 1.3125 4.45% Series O: authorized 12,000,000 shares/units 291,153 12,000,000 25.00 1.1125 $ 1,182,364 48,789,180 ________________________________________ (1) Dividends on preferred shares and distributions on preferred units are cumulative and are payable quarterly in arrears. (2) Redeemable at the option of Vornado under certain circumstances, at a redemption price of 1.9531 common shares/Class A units per Series A preferred share/unit plus accrued and unpaid dividends/distributions through the date of redemption, or convertible at any time at the option of the holder for 1.9531 common shares/Class A units per Series A preferred share/unit. (3) 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)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of 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 Year Ended December 31, 2024 2023 2022 LTIP Units $ 14,044 $ 22,179 $ 21,086 Performance AO LTIP Units 12,774 11,426 94 LTPP Units 2,519 7,189 5,145 OPP Units 835 1,992 1,906 Vornado stock options — 162 296 Vornado restricted stock — 159 292 AO LTIP Units — 94 430 $ 30,172 $ 43,201 $ 29,249
Schedule of Unrecognized Compensation Expense	Below is a summary of unrecognized stock-based compensation expense as of December 31, 2024. (Amounts in thousands) As of December 31, 2024 Weighted-Average Performance AO LTIP Units $ 24,342 1.7 LTIP Units 17,492 1.5 LTPP Units 2,486 1.2 OPP Units 371 1.0 $ 44,691 1.6
Schedule of Share Based Compensation Stock Options Activity	Below is a summary of Vornado’s stock option activity for the year ended December 31, 2024. Shares Weighted- Weighted- Outstanding as of December 31, 2023 158,101 $ 65.52 Expired (18,684) 66.18 Outstanding as of December 31, 2024 139,417 $ 65.44 3.43 Options exercisable as of December 31, 2024 139,417 $ 65.44 3.43 Below is a summary of AO LTIP Units activity for the year ended December 31, 2024. Shares Weighted- Weighted- Outstanding as of December 31, 2023 541,814 $ 59.99 Expired (7,749) 58.22 Exercised (4,229) 36.72 Outstanding as of December 31, 2024 529,836 $ 60.20 4.26 Options exercisable as of December 31, 2024 529,836 $ 60.20 4.26
Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions	The fair value of each Performance AO LTIP Unit granted was estimated on the date of grant using an option-pricing model with the following weighted-average assumptions for grants in the year ended December 31, 2023: Expected volatility 33% Risk free interest rate 4% Expected dividend yield 6%
Schedule of Performance AO LTIP Units Activity	Below is a summary of Performance AO LTIP Units activity for the year ended December 31, 2024. Shares Weighted- Weighted- Outstanding as of December 31, 2023 14,368,750 $ 16.87 Forfeited (49,500) — Outstanding as of December 31, 2024 14,319,250 $ 16.87 8.5 Options exercisable as of December 31, 2024 — $ — —
Schedule of Share Based Compensation Restricted Operating Partnership Units Activity	Below is a summary of restricted LTIP unit activity for the year ended December 31, 2024. Unvested Units Units Weighted-Average Unvested as of December 31, 2023 3,210,159 $ 17.24 Granted 92,109 22.84 Vested (374,649) 28.58 Forfeited (8,524) 14.60 Unvested as of December 31, 2024 2,919,095 15.97

Income (Loss) Per Share and P_2

Income (Loss) Per Share and Per Class A Unit (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings per share
Schedule of Earnings Per Share Basic and Diluted	(Amounts in thousands, except per share amounts) For the Year Ended December 31, 2024 2023 2022 Numerator: Net income (loss) attributable to Vornado $ 70,387 $ 105,494 $ (346,499) Preferred share dividends (62,112) (62,116) (62,116) Net income (loss) attributable to common shareholders 8,275 43,378 (408,615) Distributions and earnings allocated to unvested participating securities — (2) (18) Numerator for basic and diluted income (loss) per common share $ 8,275 $ 43,376 $ (408,633) Denominator: Denominator for basic income (loss) per common share - weighted average shares 190,539 191,005 191,775 Effect of dilutive securities (1) : Share-based awards 6,087 851 — Denominator for diluted income (loss) per common share - weighted average shares and assumed conversions 196,626 191,856 191,775 Income (loss) per common share: Basic $ 0.04 $ 0.23 $ (2.13) Diluted $ 0.04 $ 0.23 $ (2.13) ____________________ (1) The calculation of diluted income (loss) per common share for the years ended December 31, 2024, 2023, and 2022 excluded weighted average potential common shares of 1,580, 3,458, and 1,706, respectively, as their effect was antidilutive.
Vornado Realty L.P.
Earnings per share
Schedule of Earnings Per Share Basic and Diluted	(Amounts in thousands, except per unit amounts) For the Year Ended December 31, 2024 2023 2022 Numerator: Net income (loss) attributable to Vornado Realty L.P. $ 71,247 $ 108,855 $ (376,875) Preferred unit distributions (62,227) (62,231) (62,231) Net income (loss) attributable to Class A unitholders 9,020 46,624 (439,106) Distributions and earnings allocated to participating securities (1,964) (1,323) (2,215) Numerator for basic and diluted income (loss) per Class A unit $ 7,056 $ 45,301 $ (441,321) Denominator: Denominator for basic income (loss) per Class A unit – weighted average units 204,981 205,105 205,315 Effect of dilutive securities (1) : Unit-based awards 6,087 851 — Denominator for diluted income (loss) per Class A unit – weighted average units and assumed conversions 211,068 205,956 205,315 Income (loss) per Class A unit: Basic $ 0.03 $ 0.22 $ (2.15) Diluted $ 0.03 $ 0.22 $ (2.15) ____________________ (1) The calculation of diluted income (loss) per Class A unit for the years ended December 31, 2024, 2023, and 2022 excluded weighted average potential Class A units of 1,580, 3,458, and 1,706, respectively, as their effect was antidilutive.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 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 December 31, 2024 Total Level 1 Level 2 Level 3 Deferred compensation plan assets ($8,958 included in restricted cash and $105,622 in other assets) $ 114,580 $ 70,025 $ — $ 44,555 Loans receivable ($32,984 included in investments in partially owned entities and $52,335 in other assets) 85,319 — — 85,319 Interest rate swaps and caps designated as a hedge (included in other assets) 88,982 — 88,982 — Interest rate caps not designated as a hedge (included in other assets) 1,040 — 1,040 — Total assets $ 289,921 $ 70,025 $ 90,022 $ 129,874 Mandatorily redeemable instruments (included in other liabilities) $ 49,684 $ 49,684 $ — $ — Interest rate swaps designated as a hedge (included in other liabilities) 1,023 — 1,023 — Interest rate caps not designated as a hedge (included in other liabilities) 1,040 — 1,040 — Total liabilities $ 51,747 $ 49,684 $ 2,063 $ — (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 — 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 Year Ended December 31, 2024 2023 Beginning balance $ 46,290 $ 38,916 Purchases 1,718 7,855 Sales (9,051) (5,080) Realized and unrealized (losses) gains (2,282) 982 Other, net 7,880 3,617 Ending balance $ 44,555 $ 46,290
Schedule of Changes In Fair Value of Loans Receivable	The table below summarizes the changes in fair value of loans receivable that are classified as Level 3. (Amounts in thousands) For the Year Ended December 31, 2024 2023 Beginning balance $ 32,984 $ 54,397 Investment in loan receivable 50,000 — Credit losses — (26,155) (1) Interest accrual 2,906 5,153 Paydowns (571) (411) Ending balance (2) $ 85,319 $ 32,984 ____________________ (1) Includes a $21,114 impairment loss on advances made for our interest in a joint venture, resulting from a decline in the value of the underlying building. The loss was included in “income (loss) from partially owned entities” on our consolidated statements of income for the year ended December 31, 2023. (2)
Schedule of Derivative Assets at Fair Value	The following table summarizes our consolidated hedging instruments, all of which hedge variable rate debt, as of December 31, 2024 and 2023, respectively. (Amounts in thousands) As of December 31, 2024 As of December 31, 2023 Notional Amount All-In Swapped Rate Swap/Cap Expiration Date Fair Value Asset Fair Value Liability Fair Value Asset Fair Value Liability Interest rate swaps: 555 California Street mortgage loan $ 840,000 (1) 6.03% 05/26 $ 765 $ — $ 15,494 (2) $ 6,091 770 Broadway mortgage loan 700,000 4.98% 07/27 21,332 — 20,306 — PENN 11 mortgage loan 500,000 (3) 6.28% 10/25 17 282 4,702 1,148 (4) Unsecured revolving credit facility 575,000 3.88% 08/27 18,510 — 17,064 — Unsecured term loan 700,000 4.53% (5) 10,128 — 11,089 — 100 West 33rd Street mortgage loan 480,000 5.26% 06/27 6,808 — 3,550 — 888 Seventh Avenue mortgage loan 200,000 (6) 4.76% 09/27 5,249 — 4,340 — 4 Union Square South mortgage loan 96,400 (7) 3.74% 01/25 12 — 2,327 — 435 Seventh Avenue mortgage loan (8) 75,000 6.96% 04/26 — 741 — — Interest rate caps: 1290 Avenue of the Americas mortgage loan 950,000 (9) 11/25 25,673 — 53,784 — One Park Avenue mortgage loan 525,000 (10) 03/25 464 — 5,297 — Various mortgage loans 24 — 819 — $ 88,982 $ 1,023 $ 138,772 $ 7,239 ________________________________________ (1) Represents our 70.0% share of the $1.2 billion mortgage loan. (2) Represents the fair value of the interest rate swap arrangement that expired in May 2024. (3) 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. (4) Represents the fair value of the forward swap arrangement which became effective March 2024. (5) 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 Through 07/25 $ 700,000 4.53% $ 100,000 07/25 through 10/26 550,000 4.36% 250,000 10/26 through 08/27 50,000 4.04% 750,000 (6) The remaining $58,057 mortgage loan balance bears interest at a floating rate of SOFR plus 1.80% (6.35% as of December 31, 2024). (7) The remaining $23,600 mortgage loan balance bears interest at a floating rate of SOFR plus 1.50% (6.05% as of December 31, 2024). (8) Entered into in May 2024. (9) SOFR strike rate of 1.00%. In connection with the arrangement, we made a $63,100 up-front payment in 2023, of which $18,930 was attributable to noncontrolling interests. (10) 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 December 31, 2024 and 2023, respectively. (Amounts in thousands) As of December 31, 2024 As of December 31, 2023 Notional Amount All-In Swapped Rate Swap/Cap Expiration Date Fair Value Asset Fair Value Liability Fair Value Asset Fair Value Liability Interest rate swaps: 555 California Street mortgage loan $ 840,000 (1) 6.03% 05/26 $ 765 $ — $ 15,494 (2) $ 6,091 770 Broadway mortgage loan 700,000 4.98% 07/27 21,332 — 20,306 — PENN 11 mortgage loan 500,000 (3) 6.28% 10/25 17 282 4,702 1,148 (4) Unsecured revolving credit facility 575,000 3.88% 08/27 18,510 — 17,064 — Unsecured term loan 700,000 4.53% (5) 10,128 — 11,089 — 100 West 33rd Street mortgage loan 480,000 5.26% 06/27 6,808 — 3,550 — 888 Seventh Avenue mortgage loan 200,000 (6) 4.76% 09/27 5,249 — 4,340 — 4 Union Square South mortgage loan 96,400 (7) 3.74% 01/25 12 — 2,327 — 435 Seventh Avenue mortgage loan (8) 75,000 6.96% 04/26 — 741 — — Interest rate caps: 1290 Avenue of the Americas mortgage loan 950,000 (9) 11/25 25,673 — 53,784 — One Park Avenue mortgage loan 525,000 (10) 03/25 464 — 5,297 — Various mortgage loans 24 — 819 — $ 88,982 $ 1,023 $ 138,772 $ 7,239 ________________________________________ (1) Represents our 70.0% share of the $1.2 billion mortgage loan. (2) Represents the fair value of the interest rate swap arrangement that expired in May 2024. (3) 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. (4) Represents the fair value of the forward swap arrangement which became effective March 2024. (5) 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 Through 07/25 $ 700,000 4.53% $ 100,000 07/25 through 10/26 550,000 4.36% 250,000 10/26 through 08/27 50,000 4.04% 750,000 (6) The remaining $58,057 mortgage loan balance bears interest at a floating rate of SOFR plus 1.80% (6.35% as of December 31, 2024). (7) The remaining $23,600 mortgage loan balance bears interest at a floating rate of SOFR plus 1.50% (6.05% as of December 31, 2024). (8) Entered into in May 2024. (9) SOFR strike rate of 1.00%. In connection with the arrangement, we made a $63,100 up-front payment in 2023, of which $18,930 was attributable to noncontrolling interests. (10) SOFR cap strike rate of 3.89%.
Schedule of Impairment Losses	The following table sets forth the details of our impairment losses. (Amounts in thousands) As of and For the Year December 31, 2023 Aggregate Fair Value Impairment Losses Consolidated real estate assets $ 55,097 $ 45,007 (1) Investments in partially owned entities 21,473 29,344 (2) $ 76,570 $ 74,351 ________________________________________ (1) Includes $22,176 attributable to noncontrolling interests. (2) Excludes a $21,114 impairment loss on advances made for our interest in a joint venture.
Schedule of Fair Value Inputs Quantitative Information	The fair value of these assets was measured using discounted cash flow analyses and Level 3 inputs. Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of these real estate assets. 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 December 31, 2024 As of December 31, 2023 Carrying Fair Carrying Fair Cash equivalents $ 639,366 $ 639,000 $ 825,720 $ 826,000 Debt: Mortgages payable $ 5,707,176 $ 5,486,000 $ 5,729,615 $ 5,569,000 Senior unsecured notes 1,200,000 1,129,000 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 $ 8,282,176 (1) $ 7,990,000 $ 8,304,615 (1) $ 8,013,000 ________________________________________ (1) Excludes $39,300 and $53,163 of deferred financing costs, net and other as of December 31, 2024 and 2023, respectively.

Transaction Related Costs, Im_2

Transaction Related Costs, Impairment losses and Other (Tables)	12 Months Ended
	Dec. 31, 2024
Transaction Related Costs, Impairment Losses and Other [Abstract]
Schedule of Impairment Losses, Transaction Related Costs and Other	The following table sets forth the details of impairment losses, transaction related costs and other: (Amounts in thousands) For the Year Ended December 31, 2024 2023 2022 Transaction related costs and other $ 5,242 $ 5,684 $ 12,624 Real estate impairment losses (1) — 45,007 19,098 $ 5,242 $ 50,691 $ 31,722 ________________________________________ (1) See Note 14 - Fair Value Measurements for additional information. 2023 includes $22,176 of impairment loss attributable to noncontrolling interests.

Interest and Other Investment_2

Interest and Other Investment Income, Net (Tables)	12 Months Ended
	Dec. 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 Year Ended December 31, 2024 2023 2022 Interest on cash and cash equivalents and restricted cash $ 42,571 $ 44,786 $ 7,553 Interest on loans receivable 3,450 1,351 5,006 (Loss) income from real estate fund investments (1) (47) 1,590 3,541 Amortization of discount on investments in U.S. Treasury bills — 3,829 7,075 Credit losses on investments — (8,269) — Other, net — — 235 $ 45,974 $ 43,287 $ 23,410 ________________________________________ (1) On November 6, 2024, the $145,000 non-recourse mortgage loan on Lucida, a property owned by the Vornado Capital Partners Real Estate Fund, in which we own a 25% interest, matured and was not repaid.

Interest and Debt Expense (Tabl

Interest and Debt Expense (Tables)	12 Months Ended
	Dec. 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 Year Ended December 31, 2024 2023 2022 Interest expense $ 377,813 $ 357,995 $ 276,616 Capitalized interest and debt expense (51,212) (43,062) (19,085) Amortization of interest rate cap premiums 41,745 10,989 430 Amortization of deferred financing fees 21,923 23,301 21,804 $ 390,269 $ 349,223 $ 279,765

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Schedule of Future Undiscounted Cash Flows Under Non-Cancelable Operating Leases	As of December 31, 2024, future undiscounted cash flows under non-cancelable operating leases were as follows: (Amounts in thousands) As of December 31, 2024 For the year ended December 31, 2025 $ 1,290,179 2026 1,268,356 2027 1,169,119 2028 1,074,024 2029 958,233 Thereafter 6,399,782
Schedule of Amounts Included in Measurement of Lease Liability	The following table sets forth information related to the measurement of our lease liabilities. (Amounts in thousands) For the Year Ended December 31, 2024 2023 2022 Weighted average remaining lease term (in years) 47.2 47.9 48.4 Weighted average discount rate 5.59 % 5.59 % 5.54 % Cash paid for operating leases $ 22,466 $ 22,499 $ 21,861
Schedule of Rent Expense	The following table sets forth the details of our rent expense. (Amounts in thousands) For the Year Ended December 31, 2024 2023 2022 Fixed rent expense $ 45,941 $ 46,538 $ 45,211 Variable rent expense 14,573 14,679 14,180 Rent expense $ 60,514 $ 61,217 $ 59,391
Schedule of Future Lease Payments Due Under Operating Ground Leases	As of December 31, 2024, future lease payments due under operating ground leases were as follows: (Amounts in thousands) As of December 31, 2024 For the year ended December 31, 2025 $ 81,574 2026 46,616 2027 47,027 2028 47,462 2029 47,922 Thereafter 1,821,249 Total undiscounted cash flows 2,091,850 Present value discount (1,342,091) Lease liabilities $ 749,759

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Information	Below is a summary of financial information by segment for the years ended December 31, 2024, 2023 and 2022. (Amounts in thousands) For the Year Ended December 31, 2024 Total New York Other Total revenues $ 1,787,686 $ 1,471,997 $ 315,689 Deduct: operating expenses (1) (927,796) (766,347) (161,449) Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (39,367) (12,899) (26,468) Add: NOI from partially owned entities 279,229 269,159 10,070 NOI at share $ 1,099,752 $ 961,910 $ 137,842 (Amounts in thousands) For the Year Ended December 31, 2023 Total New York Other Total revenues $ 1,811,163 $ 1,452,158 $ 359,005 Deduct: operating expenses (1) (905,158) (733,478) (171,680) Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (48,553) (15,547) (33,006) Add: NOI from partially owned entities 285,761 274,436 11,325 NOI at share $ 1,143,213 $ 977,569 $ 165,644 (Amounts in thousands) For the Year Ended December 31, 2022 Total New York Other Total revenues $ 1,799,995 $ 1,449,442 $ 350,553 Deduct: operating expenses (1) (873,911) (716,148) (157,763) Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (70,029) (45,566) (24,463) Add: NOI from partially owned entities 305,993 293,780 12,213 NOI at share $ 1,162,048 $ 981,508 $ 180,540 __________________________________ (1) Includes various expenses associated with operating our properties, including but not limited to: real estate taxes, ground rent, insurance, and utilities. Our CODM is not regularly provided with significant expense categories and amounts included within net operating income at share. Below is a reconciliation of NOI at share to net income (loss) before income taxes for the years ended December 31, 2024, 2023 and 2022. (Amounts in thousands) For the Year Ended December 31, 2024 2023 2022 NOI at share $ 1,099,752 $ 1,143,213 $ 1,162,048 NOI attributable to noncontrolling interests in consolidated subsidiaries 39,367 48,553 70,029 NOI from partially owned entities (279,229) (285,761) (305,993) Net gains on disposition of wholly owned and partially owned assets 16,048 71,199 100,625 Interest and debt expense (390,269) (349,223) (279,765) Interest and other investment income, net 45,974 43,287 23,410 Income (loss) from partially owned entities 112,464 38,689 (461,351) Transaction related costs, impairment losses and other (5,242) (50,691) (31,722) General and administrative expense (148,520) (162,883) (133,731) Depreciation and amortization expense (447,500) (434,273) (504,502) Income (loss) before income taxes $ 42,845 $ 62,110 $ (360,952)

Organization and Business (Deta

Organization and Business (Details) ft² in Millions	12 Months Ended
	Dec. 31, 2024 ft² unit property building
Alexander's
Real Estate Properties
Equity method ownership percentage	32.40%
New York | Manhattan
Real Estate Properties
Number of real estate properties | property	56
New York | Manhattan | Office Building
Real Estate Properties
Number of real estate properties | property	30
Square footage of real estate property (in sqft) | ft²	20.1
New York | Manhattan | Retail
Real Estate Properties
Number of real estate properties | property	49
Square footage of real estate property (in sqft) | ft²	2.4
New York | Manhattan | Residential Properties
Real Estate Properties
Number of real estate properties | property	2
Number of units in real estate property | unit	1,330
New York | New York City Metropolitan Area | Alexander's
Real Estate Properties
Number of real estate properties | property	5
Equity method ownership percentage	32.40%
New York | New York City Metropolitan Area | Alexander's | 731 Lexington Avenue
Real Estate Properties
Square footage of real estate property (in sqft) | ft²	1.1
New York | New York City Metropolitan Area | Residential Properties | Alexander's
Real Estate Properties
Number of units in real estate property | unit	312
Other | Chicago | THE MART, Illinois
Real Estate Properties
Square footage of real estate property (in sqft) | ft²	3.7
Other | San Francisco | Office Building | 555 California Street, California
Real Estate Properties
Square footage of real estate property (in sqft) | ft²	1.8
Number of buildings | building	3
Other | San Francisco | Office Building | 555 California Street, California | 555 California Street, California
Real Estate Properties
Equity method ownership percentage	70%
Operating Partnership
Real Estate Properties
Common limited partnership interest in the operating partnership	91.40%

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Real Estate) (Details)	Dec. 31, 2024
Minimum
Real Estate [Line Items]
Real estate and accumulated depreciation life used for depreciation (in years)	7 years
Maximum
Real Estate [Line Items]
Real estate and accumulated depreciation life used for depreciation (in years)	40 years

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies (Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Contingency [Line Items]
Deferred tax assets, net	$ 6,142	$ 7,557
Deferred tax liabilities	84,877	74,721
Income tax expense	$ 22,729	$ 29,222	$ 21,660
Effective income tax reconciliation (as a percent)	53%	47%	6%
Estimated taxable income net	$ 145,630	$ 102,903	$ 398,644
Net basis difference of assets and liabilities between tax basis and GAAP basis	1,400,000
The Farley Building
Income Tax Contingency [Line Items]
Income tax expense	14,353	11,722	13,665
220 Central Park South
Income Tax Contingency [Line Items]
Income tax expense		$ 2,168	$ 6,016
Federal Tax Authority
Income Tax Contingency [Line Items]
Net operating loss carryforwards	181,000
Net operating loss carryforwards, valuation allowance	162,000
State and Local Jurisdiction
Income Tax Contingency [Line Items]
Net operating loss carryforwards	246,000
Net operating loss carryforwards, valuation allowance	$ 246,000
Ordinary Income
Income Tax Contingency [Line Items]
Taxable income distributed (as a percent)	100%	100%	100%

Revenue Recognition (Schedule o

Revenue Recognition (Schedule of Revenues by Segment ) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total revenues	Total revenues	Total revenues
Lease income	$ 1,508,044	$ 1,544,671	$ 1,543,317
Total revenues	1,787,686	1,811,163	1,799,995
Tenant settlement		21,350
Non- controlling Interests in Consolidated Subsidiaries
Disaggregation of Revenue [Line Items]
Tenant settlement		6,405
Rental revenues
Disaggregation of Revenue [Line Items]
Total revenues	1,568,806	1,607,486	1,607,685
Lease revenues
Disaggregation of Revenue [Line Items]
Lease income	1,508,044	1,544,671	1,543,317
Property rentals
Disaggregation of Revenue [Line Items]
Lease income	1,486,503	1,523,890	1,510,648
Trade shows
Disaggregation of Revenue [Line Items]
Lease income	21,541	20,781	32,669
Tenant services
Disaggregation of Revenue [Line Items]
Revenues	41,549	42,460	45,211
Parking revenues
Disaggregation of Revenue [Line Items]
Revenues	19,213	20,355	19,157
Fee and other income
Disaggregation of Revenue [Line Items]
Revenues	218,880	203,677	192,310
Total revenues	218,880	203,677	192,310
BMS cleaning fees
Disaggregation of Revenue [Line Items]
Revenues	149,225	141,937	137,673
Management and leasing fees
Disaggregation of Revenue [Line Items]
Revenues	14,680	13,040	11,039
Other income
Disaggregation of Revenue [Line Items]
Revenues	54,975	48,700	43,598
New York
Disaggregation of Revenue [Line Items]
Total revenues	1,471,997	1,452,158	1,449,442
New York | Rental revenues
Disaggregation of Revenue [Line Items]
Total revenues	1,260,426	1,269,817	1,280,181
New York | Lease revenues
Disaggregation of Revenue [Line Items]
Lease income	1,215,854	1,222,229	1,230,851
New York | Property rentals
Disaggregation of Revenue [Line Items]
Lease income	1,215,854	1,222,229	1,230,851
New York | Trade shows
Disaggregation of Revenue [Line Items]
Lease income	0	0	0
New York | Tenant services
Disaggregation of Revenue [Line Items]
Revenues	29,344	31,086	33,351
New York | Parking revenues
Disaggregation of Revenue [Line Items]
Revenues	15,228	16,502	15,979
New York | Fee and other income
Disaggregation of Revenue [Line Items]
Revenues	211,571	182,341	169,261
New York | BMS cleaning fees
Disaggregation of Revenue [Line Items]
Revenues	159,903	151,608	146,530
New York | Management and leasing fees
Disaggregation of Revenue [Line Items]
Revenues	15,443	13,619	11,645
New York | Other income
Disaggregation of Revenue [Line Items]
Revenues	36,225	17,114	11,086
Other
Disaggregation of Revenue [Line Items]
Total revenues	315,689	359,005	350,553
Other | Rental revenues
Disaggregation of Revenue [Line Items]
Total revenues	308,380	337,669	327,504
Other | Lease revenues
Disaggregation of Revenue [Line Items]
Lease income	292,190	322,442	312,466
Other | Property rentals
Disaggregation of Revenue [Line Items]
Lease income	270,649	301,661	279,797
Other | Trade shows
Disaggregation of Revenue [Line Items]
Lease income	21,541	20,781	32,669
Other | Tenant services
Disaggregation of Revenue [Line Items]
Revenues	12,205	11,374	11,860
Other | Parking revenues
Disaggregation of Revenue [Line Items]
Revenues	3,985	3,853	3,178
Other | Fee and other income
Disaggregation of Revenue [Line Items]
Revenues	7,309	21,336	23,049
Other | BMS cleaning fees
Disaggregation of Revenue [Line Items]
Revenues	(10,678)	(9,671)	(8,857)
Other | Management and leasing fees
Disaggregation of Revenue [Line Items]
Revenues	(763)	(579)	(606)
Other | Other income
Disaggregation of Revenue [Line Items]
Revenues	$ 18,750	$ 31,586	$ 32,512

Revenue Recognition (Schedule_2

Revenue Recognition (Schedule of Components of Lease Revenues) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Fixed billings	$ 1,358,256	$ 1,387,731	$ 1,376,527
Variable billings	153,011	150,045	122,947
Total contractual operating lease billings	1,511,267	1,537,776	1,499,474
Adjustment for straight-line rents and amortization of acquired below-market leases and other, net	(3,223)	6,895	43,843
Lease revenues	$ 1,508,044	$ 1,544,671	$ 1,543,317

Investments in Partially Owne_3

Investments in Partially Owned Entities (Fifth Avenue and Times Square JV) (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Jun. 10, 2024	Apr. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jun. 09, 2024
Schedule of Equity Method Investments [Line Items]
Total revenues			$ 1,787,686	$ 1,811,163	$ 1,799,995
Loans payable			5,676,014	5,688,020
Repayments of long-term debt			97,439	148,000	1,251,373
Fee and other income
Schedule of Equity Method Investments [Line Items]
Total revenues			218,880	203,677	192,310
JV | Fee and other income | Fifth Avenue and Times Square JV
Schedule of Equity Method Investments [Line Items]
Total revenues			$ 4,624	4,499	4,571
Fifth Avenue and Times Square JV
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage			51.50%
Fifth Avenue and Times Square JV | JV
Schedule of Equity Method Investments [Line Items]
Aggregate of preferred equity interests			$ 1,828,000
Transfer threshold			50%
Real estate basis difference, carrying amount			$ 803,757
Property management fee agreement percentage of income (as a percent)			2%
Development fee (as a percent)			5%
Supervisory fee (as a percent)			1.50%
Fifth Avenue and Times Square JV | JV | Fee and other income
Schedule of Equity Method Investments [Line Items]
Property management fee income			$ 4,276	$ 4,587	$ 4,397
Fifth Avenue and Times Square JV | JV | Percentage For First Five Years
Schedule of Equity Method Investments [Line Items]
Stated rate (as a percent)		4.25%
Fifth Avenue and Times Square JV | JV | Percentage After Fifth Anniversary
Schedule of Equity Method Investments [Line Items]
Stated rate (as a percent)		4.75%
Debt term		5 years
Fifth Avenue and Times Square JV | JV | Investors
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage			48.50%
Equity method effective ownership percentage			47.20%
Fifth Avenue and Times Square JV | Vornado Realty Trust | JV
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage			51.50%
Equity method effective ownership percentage			51%
640 Fifth Avenue | Office And Retail Building | Non-recourse
Schedule of Equity Method Investments [Line Items]
Stated rate (as a percent)	7.47%
Loans payable	$ 400,000
Per annum amortization	7,000
640 Fifth Avenue | Office And Retail Building | Recourse
Schedule of Equity Method Investments [Line Items]
Loans payable						$ 500,000
Repayments of long-term debt	$ 100,000
Basis spread on variable rate	1.11%

Investments in Partially Owne_4

Investments in Partially Owned Entities (Alexander's Inc.) (Details) $ / shares in Units, ft² in Thousands, $ in Thousands		4 Months Ended	12 Months Ended
	May 03, 2024 USD ($) ft²	Apr. 30, 2024	Dec. 31, 2024 USD ($) $ / shares $ / ft² shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2024 USD ($)	Sep. 29, 2024 USD ($)
Schedule of Equity Method Investments [Line Items]
Tenant and other receivables			$ 58,853	$ 69,543
Loans payable			5,676,014	5,688,020
Mortgages Payable
Schedule of Equity Method Investments [Line Items]
Loans payable			$ 5,676,014	5,688,020
Alexander's
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage			32.40%
Alexander's | Mortgage, 731 Lexington Avenue | Mortgages Payable
Schedule of Equity Method Investments [Line Items]
Loans payable						$ 400,000	$ 490,000
Stated rate (as a percent)						5.04%
Alexander's | Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Ownership common shares, investee (in shares) | shares			1,654,068
Equity method ownership percentage			32.40%
Tenant and other receivables			$ 1,159	715
Closing share price (in dollars per share) | $ / shares			$ 200.06
Equity method investment fair value			$ 330,913
Excess of investee's fair value over carrying amount			262,421
Excess of investee's carrying amount over equity in net assets			29,272
Management fee income			$ 2,800
Development fee (as a percent)			6%
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%
Alexander's | Equity Method Investee | Bloomberg L.P
Schedule of Equity Method Investments [Line Items]
Square footage of real estate property (in sqft) | ft²	947
Lease term	11 years
Lease commissions override	$ 5,500
Alexander's | Equity Method Investee | Fee and other income
Schedule of Equity Method Investments [Line Items]
Fee income recognized by equity method investees for building maintenance services			$ 4,611	$ 4,629	$ 4,601
Alexander's | Equity Method Investee | Rego Park 2 Property
Schedule of Equity Method Investments [Line Items]
Property management fee agreement percentage of income (as a percent)			2%
Alexander's | Equity Method Investee | 731 Lexington Avenue
Schedule of Equity Method Investments [Line Items]
Property management fee agreement price per square foot | $ / ft²			0.50
Alexander's | Equity Method Investee | Common Area 731 Lexington Avenue
Schedule of Equity Method Investments [Line Items]
Management fee income			$ 376
Property management fee agreement escalation percentage (as a percent)			3%

Investments in Partially Owne_5

Investments in Partially Owned Entities (280 Park Avenue) (Details) - 280 Park Avenue - JV - USD ($)	Apr. 04, 2024	Jul. 08, 2024
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage	50%
280 Park Avenue | Mortgages Payable
Schedule of Equity Method Investments [Line Items]
Debt amount	$ 1,075,000,000
Basis spread on variable rate	1.78%
Stated rate (as a percent)		5.84%
Mezzanine Loan | Mortgages Payable
Schedule of Equity Method Investments [Line Items]
Debt amount	$ 125,000,000
Repaid on loan	62,500,000
Gain on extinguishment of debt	$ 31,215,000

Investments in Partially Owne_6

Investments in Partially Owned Entities (50-70 West 93rd Street) (Details) - USD ($) $ in Thousands		12 Months Ended
	May 13, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of real estate		$ 31,605	$ 24,484	$ 88,019
Residential Building | 50-70 West 93rd Street
Schedule of Equity Method Investments [Line Items]
Ownership percentage	49.90%
Proceeds from sale of real estate	$ 2,000
Net gain on sale of land	873
Residential Building | 50-70 West 93rd Street | Participating Mortgages
Schedule of Equity Method Investments [Line Items]
Debt amount	$ 83,500

Investments in Partially Owne_7

Investments in Partially Owned Entities (85 Tenth Avenue) (Details) - 85 Tenth Avenue - USD ($)	Sep. 24, 2024	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage		49.90%
JV | Mortgage 85 Tenth Avenue | Mortgages Payable
Schedule of Equity Method Investments [Line Items]
Debt amount	$ 625,000,000
JV | 3.82% Senior Notes | Mortgages Payable
Schedule of Equity Method Investments [Line Items]
Debt amount	$ 396,000,000
Stated rate (as a percent)	3.82%
JV | Mezzanine A Note | Mortgages Payable
Schedule of Equity Method Investments [Line Items]
Debt amount	$ 129,000,000
Stated rate (as a percent)	5.20%
Non-default accrued interest rate waiver	50%
JV | Mezzanine B Note | Mortgages Payable
Schedule of Equity Method Investments [Line Items]
Debt amount	$ 100,000,000
Stated rate (as a percent)	6.60%
Non-default accrued interest rate waiver	50%
Residential Building | JV
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage	49.90%

Investments in Partially Owne_8

Investments in Partially Owned Entities (Schedule of Investments) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Carrying amount of investments in partially owned entities	$ 2,691,478	$ 2,610,558
Other Liabilities
Schedule of Equity Method Investments [Line Items]
Carrying amount of investments in partially owned entities	$ (89,530)	(81,229)
Fifth Avenue and Times Square JV
Schedule of Equity Method Investments [Line Items]
Interest	51.50%
Carrying amount of investments in partially owned entities	$ 2,235,546	2,242,972
Partially owned office buildings/land
Schedule of Equity Method Investments [Line Items]
Carrying amount of investments in partially owned entities	$ 186,190	118,558
Alexander's
Schedule of Equity Method Investments [Line Items]
Interest	32.40%
Carrying amount of investments in partially owned entities	$ 68,492	87,510
Other equity method investments
Schedule of Equity Method Investments [Line Items]
Carrying amount of investments in partially owned entities	$ 201,250	161,518
7 West 34th Street
Schedule of Equity Method Investments [Line Items]
Interest	53%
7 West 34th Street | Other Liabilities
Schedule of Equity Method Investments [Line Items]
Carrying amount of investments in partially owned entities	$ (70,552)	(69,899)
85 Tenth Avenue
Schedule of Equity Method Investments [Line Items]
Interest	49.90%
85 Tenth Avenue | Other Liabilities
Schedule of Equity Method Investments [Line Items]
Carrying amount of investments in partially owned entities	$ (18,978)	$ (11,330)

Investments in Partially Owne_9

Investments in Partially Owned Entities (Schedule of Income (Loss) ) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) investment
Schedule of Equity Method Investments [Line Items]
Equity in net income	$ 112,464	$ 38,689	$ (461,351)
Return on preferred equity, net of our share of the expense	142,880	172,873	184,501
Non-cash impairment loss	0	(45,007)	(19,098)
Our share of net income (loss)	112,464	38,689	(461,351)
Net gains on disposition of wholly owned and partially owned assets	$ 16,048	71,199	100,625
Fifth Avenue and Times Square JV
Schedule of Equity Method Investments [Line Items]
Interest	51.50%
Equity in net income	$ 43,451	35,209	55,248
Return on preferred equity, net of our share of the expense	40,668	37,416	37,416
Non-cash impairment loss	0	0	(489,859)
Our share of net income (loss)	$ 84,119	72,625	(397,195)
Default accrual interest amount		5,120
Alexander's
Schedule of Equity Method Investments [Line Items]
Interest	32.40%
Equity in net income	$ 13,813	15,441	18,439
Management, leasing and development fees	5,263	5,238	4,534
Net gain on sale of land	0	16,396	0
Our share of net income (loss)	19,076	37,075	22,973
Partially owned office buildings
Schedule of Equity Method Investments [Line Items]
Our share of net income (loss)	(839)	(73,589)	(110,261)
Gain on extinguishment of debt	31,215
Other equity method investments
Schedule of Equity Method Investments [Line Items]
Our share of net income (loss)	$ 10,108	2,578	23,132
Net gains on disposition of wholly owned and partially owned assets			$ 17,185
Number of investments | investment			2
650 Madison Avenue
Schedule of Equity Method Investments [Line Items]
Non-cash impairment loss		$ (50,458)	$ (93,353)

Investments in Partially Own_10

Investments in Partially Owned Entities (Schedule of Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Mortgage loans on real estate, face amount of mortgages	$ 303,000
Investments in partially owned entities
Schedule of Equity Method Investments [Line Items]
Equity method investment pro rata share debt of partially owned entities	2,477,701	$ 2,654,701
7 West 34th Street
Schedule of Equity Method Investments [Line Items]
Mortgage loans on real estate, face amount of mortgages	$ 300,000
Partially owned office buildings
Schedule of Equity Method Investments [Line Items]
Weighted average interest rate	4.84%
Equity method investment debt of partially owned entities	$ 3,146,918	3,275,098
Alexander's
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage	32.40%
Weighted average interest rate	3.94%
Equity method investment debt of partially owned entities	$ 996,544	1,096,544
Fifth Avenue and Times Square JV
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage	51.50%
Weighted average interest rate	6.93%
Equity method investment debt of partially owned entities	$ 753,194	855,476
Other
Schedule of Equity Method Investments [Line Items]
Weighted average interest rate	5.05%
Equity method investment debt of partially owned entities	$ 1,311,662	$ 1,365,954

Investments in Partially Own_11

Investments in Partially Owned Entities (Schedule of Condensed Combined Financial Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Real Estate Properties
Assets	$ 15,998,608	$ 16,187,665
Liabilities	9,826,739	9,843,931
Noncontrolling interests	834,658	638,448
Equity	5,158,242	5,509,064
Total revenues	1,787,686	1,811,163	$ 1,799,995
Net income (loss)	20,116	32,888	(382,612)
Net loss attributable to the entities	70,387	105,494	(346,499)
Investments in partially owned entities
Real Estate Properties
Assets	11,296,000	11,533,000
Liabilities	7,073,000	7,326,000
Noncontrolling interests	1,905,000	1,907,000
Equity	2,318,000	2,300,000
Total revenues	1,119,000	1,132,000	1,189,000
Net income (loss)	33,000	34,000	(404,000)
Net loss attributable to the entities	$ (49,000)	$ (40,000)	$ (483,000)

Acquisitions (Details)

Acquisitions (Details) - Real Estate - Loans Receivable $ in Thousands	Aug. 06, 2024 USD ($)
B-Note
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note	$ 50,000
Interest rate	5.25%
Default interest rate	4%
A-Note
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note	$ 35,000

Dispositions (Details)

Dispositions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate	$ 31,605	$ 24,484	$ 88,019
220 Central Park South
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Continued operation, tax effect of gain (loss) from disposal of not discontinued operations	$ 2,106
220 Central Park South | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | property	2
Proceeds from sale of real estate	$ 31,605
Net gain on sale of land	$ 15,175
Number of properties unsold | property	4
Unsold carrying amount	$ 21,552

Identified Intangible Assets _3

Identified Intangible Assets and Liabilities (Schedule of Identified Intangible Assets and Intangible Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross amount	$ 193,217	$ 225,671
Accumulated amortization	(75,002)	(98,589)
Total, net	118,215	127,082
Identified intangible liabilities (included in deferred revenue):
Gross amount	134,499	206,771
Accumulated amortization	(110,982)	(178,282)
Total, net	$ 23,517	$ 28,489

Identified Intangible Assets _4

Identified Intangible Assets and Liabilities (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Below Market Leases Net Of Above Market Leases
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 3,035	$ 5,268	$ 5,178
Other Identified Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 6,930	$ 8,342	$ 10,516

Identified Intangible Assets _5

Identified Intangible Assets and Liabilities (Schedule of Estimated Annual Amortization) (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Below Market Leases Net Of Above Market Leases
Finite-Lived Intangible Assets [Line Items]
2025	$ 387
2026	290
2027	(249)
2028	(150)
2029	(119)
Other Identified Intangible Assets
Finite-Lived Intangible Assets [Line Items]
2025	5,719
2026	5,615
2027	5,308
2028	4,175
2029	$ 3,660

Debt (Narrative) (Details)

Debt (Narrative) (Details)	Sep. 05, 2024 USD ($)	May 03, 2024 USD ($) credit_facility	Apr. 09, 2024 USD ($)	Apr. 08, 2024 USD ($)	Dec. 31, 2024 USD ($)	May 02, 2024 USD ($)
Debt Instrument
Collateral property, net carrying value					$ 5,900,000,000
JV | Mortgage, 606 Broadway
Debt Instrument
Equity method ownership percentage	50%
Mortgages Payable
Debt Instrument
Interest rate, effective percentage (in percent)					4.90%
Mortgages Payable | Variable rate
Debt Instrument
Interest rate, effective percentage (in percent)					6.01%
Default rate	3%
435 Seventh Avenue | Mortgages Payable
Debt Instrument
Debt amount			$ 75,000,000	$ 95,696,000
Basis spread on variable rate			2.10%	1.41%
Swapped rate			6.96%
435 Seventh Avenue | Mortgages Payable | Recourse
Debt Instrument
Debt amount			$ 37,500,000
Unsecured Revolving Credit Facility, Maturing April 2026 | Line of Credit | Revolving Credit Facility
Debt Instrument
Basis spread on variable rate		1.20%
Number of credit facilities | credit_facility		2
Maximum borrowing capacity						$ 1,250,000,000
Facility fee (as a percent)		0.25%
Unsecured Revolving Credit Facility, Maturing April 2029 | Line of Credit | Revolving Credit Facility
Debt Instrument
Maximum borrowing capacity		$ 915,000,000
Unsecured Revolving Credit Facility, Maturing December 2027 | Line of Credit | Revolving Credit Facility
Debt Instrument
Basis spread on variable rate		1.15%
Maximum borrowing capacity		$ 1,250,000,000
Facility fee (as a percent)		0.25%
Mortgage, 606 Broadway | Mortgages Payable | JV
Debt Instrument
Basis spread on variable rate	1.91%
Interest rate, effective percentage (in percent)					6.39%
Mortgage, 606 Broadway | Mortgages Payable | Non-recourse | JV
Debt Instrument
Default amount	$ 74,119,000
Property carrying value					$ 53,886,000

Debt (Schedule of Debt) (Detail

Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Nov. 06, 2024	Sep. 05, 2024	Dec. 31, 2023
Debt Instrument
Deferred financing costs, net and other	$ (39,300)			$ (53,163)
Total, net	5,676,014			5,688,020
Long-term debt	$ 2,566,862			2,563,432
Mortgages Payable
Debt Instrument
Weighted Average Interest Rate	4.90%
Long-term debt, gross	$ 5,707,176			5,729,615
Deferred financing costs, net and other	(31,162)			(41,595)
Total, net	$ 5,676,014			5,688,020
Long-term debt		$ 145,000
Mortgages Payable | Fixed rate
Debt Instrument
Weighted Average Interest Rate	4.63%
Long-term debt, gross	$ 4,591,400			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
Weighted Average Interest Rate	6.01%
Long-term debt, gross	$ 1,115,776			1,211,415
Default rate			3%
Mortgages Payable | Variable rate | Interest Rate Cap
Debt Instrument
Derivative, notional amount	$ 960,000
Cap strike rate	4.79%
Derivative, average remaining maturity	4 months
Senior unsecured notes
Debt Instrument
Weighted Average Interest Rate	3.02%
Long-term debt, gross	$ 1,200,000			1,200,000
Deferred financing costs, net and other	(4,086)			(6,127)
Long-term debt	$ 1,195,914			1,193,873
Unsecured term loan
Debt Instrument
Weighted Average Interest Rate	4.67%
Long-term debt, gross	$ 800,000			800,000
Deferred financing costs, net and other	(4,052)			(5,441)
Long-term debt	$ 795,948			794,559
Unsecured revolving credit facilities
Debt Instrument
Weighted Average Interest Rate	3.88%
Long-term debt	$ 575,000			$ 575,000

Debt (Schedule of Principal Mat

Debt (Schedule of Principal Maturities of Mortgages Payable and Unsecured Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Nov. 06, 2024	Dec. 31, 2023
Debt Instrument
Long term debt	$ 2,566,862		$ 2,563,432
Mortgages Payable
Debt Instrument
Long term debt		$ 145,000
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract]
2025	878,057
2026	525,000
2027	1,580,000
2028	2,300,000
2029	0
Thereafter	$ 350,000
Interest rate, effective percentage (in percent)	4.90%
Unsecured Debt
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract]
2025	$ 450,000
2026	400,000
2027	1,375,000
2028	0
2029	0
Thereafter	350,000
Senior unsecured notes
Debt Instrument
Long term debt	$ 1,195,914		$ 1,193,873
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract]
Interest rate, effective percentage (in percent)	3.02%
Mortgage, 606 Broadway
Debt Instrument
Long term debt	$ 74,119

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Redeemable Noncontrolling Interest
Exchange ratio	1
Fair value conversion ratio	1
Farley Office and Retail Building | JV
Redeemable Noncontrolling Interest
Equity method ownership percentage	95%
Capital contributions	$ 208,407
Redeemable Noncontrolling Partnership Units
Redeemable Noncontrolling Interest
Mandatorily redeemable instruments (included in other liabilities)	$ 49,684	$ 49,386

Redeemable Noncontrolling Int_4

Redeemable Noncontrolling Interests (Schedule of Redeemable Noncontrolling Partnership Units) (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) shares
Redeemable Noncontrolling Interest
Exchange ratio	1
Class A units held by third parties
Redeemable Noncontrolling Interest
Class A units held by third parties | $	$ 708,408	$ 480,251
Units outstanding (in shares) | shares	16,850,803	17,000,030
Preferred or annual distribution rate (in dollars per share)	$ 0.74
3.25% D-17 Cumulative Redeemable
Redeemable Noncontrolling Interest
Stated rate (as a percent)	3.25%
Perpetual Preferred/Redeemable Preferred: | $	$ 3,535	$ 3,535
Units outstanding (in shares) | shares	141,400	141,400
Per unit liquidation preference (in dollars per share)	$ 25
Preferred or annual distribution rate (in dollars per share)	$ 0.8125

Redeemable Noncontrolling Int_5

Redeemable Noncontrolling Interests (Schedule of Activity of Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Redeemable Noncontrolling Interests Rollforward
Beginning balance	$ 638,448
Net income (loss)	860	$ 3,361	$ (30,376)
Other comprehensive loss	0	0	0
Ending balance	834,658	638,448
Partnership Interest
Redeemable Noncontrolling Interests Rollforward
Beginning balance	483,786	348,692
Net income (loss)	860	3,361
Other comprehensive loss	(693)	(9,340)
Distributions	(12,698)	(10,783)
Other, net	30,014	22,231
Ending balance	711,943	483,786	348,692
Partnership Interest | Class A Unit
Redeemable Noncontrolling Interests Rollforward
Redemption of Class A units for Vornado common shares, at redemption value	(15,912)	(8,489)
Redeemable Class A unit measurement adjustment	226,586	138,114
Subsidiary
Redeemable Noncontrolling Interests Rollforward
Beginning balance	154,662	88,040
Net income (loss)	(31,167)	(39,385)
Distributions	(4,119)	(6,661)
Contributions	3,339	112,668
Ending balance	$ 122,715	$ 154,662	$ 88,040

Shareholders' Equity_Partners_3

Shareholders' Equity/Partners' Capital (Narrative) (Details) - USD ($)	12 Months Ended			21 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2024	Apr. 30, 2023
Class A Units [Line Items]
Common shares of beneficial interest: outstanding shares (in shares)	190,846,580	190,390,703		190,846,580
Dividends, common stock	$ (141,103,000)	$ (129,066,000)	$ (406,562,000)
Stock repurchase program, authorized amount					$ 200,000,000
Common shares outstanding ratio to class A units ratio					100%
Stock repurchased during period, value		$ 29,183,000
Common Shares
Class A Units [Line Items]
Repurchase of common shares (in shares)	0			2,024,495
Stock repurchased during period, value				$ 29,143,000
Average price per share (in dollars per share)				$ 14.40
Stock repurchase program, remaining authorized repurchase amount	$ 170,857,000			$ 170,857,000
Class A Unit
Class A Units [Line Items]
Outstanding partnership units held by third parties (in shares)	16,850,803	17,000,030		16,850,803
Earnings Less Than Distributions
Class A Units [Line Items]
Dividends, common stock	$ (141,103,000)	$ (129,066,000)	$ (406,562,000)
Stock repurchased during period, value		29,102,000
Vornado Realty Trust
Class A Units [Line Items]
Common shares of beneficial interest: outstanding shares (in shares)	190,846,580			190,846,580
Dividends to Vornado (in dollars per share)	$ 0.74			$ 0.74
Vornado Realty L.P.
Class A Units [Line Items]
Stock repurchased during period, value		$ 29,183,000
Vornado Realty L.P. | Class A Unit
Class A Units [Line Items]
Common shares of beneficial interest: outstanding shares (in shares)	190,846,580			190,846,580
Dividends to Vornado (in dollars per share)	$ 0.74			$ 0.74
Outstanding partnership units held by third parties (in shares)	16,850,803	17,000,030		16,850,803
Vornado Realty L.P. | Earnings Less Than Distributions
Class A Units [Line Items]
Stock repurchased during period, value		$ 29,102,000

Shareholders' Equity_Partners_4

Shareholders' Equity/Partners' Capital (Schedule of Preferred Units) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Details Of Preferred Shares Of Beneficial Interest
Dividends on preferred shares	$ 62,112	$ 62,116	$ 62,116
Preferred shares of beneficial interest: authorized shares (in shares)	110,000,000	110,000,000
Preferred shares of beneficial interest	$ 1,182,364	$ 1,182,459
Preferred shares/units outstanding (in shares)	48,789,180	48,792,902
6.5% Series A | Convertible Preferred Stock
Details Of Preferred Shares Of Beneficial Interest
Preferred stock dividend rate	6.50%	6.50%
Preferred shares of beneficial interest: authorized shares (in shares)	12,902	12,902
Preferred shares of beneficial interest	$ 825	$ 825
Preferred shares/units outstanding (in shares)	9,180	9,180
Preferred stock, liquidation preference (in dollars per share/unit)	$ 50	$ 50
Preferred stock, annual dividend/ distribution (in dollars per share)	3.25	3.25
Preferred stock, redemption price per share (in dollars per share)	1.9531	1.9531
6.5% Series A | Convertible Preferred Stock | Class A Unit
Details Of Preferred Shares Of Beneficial Interest
Preferred stock, redemption price per share (in dollars per share)	$ 1.9531	$ 1.9531
5.40% Series L | Redeemable Preferred Stock
Details Of Preferred Shares Of Beneficial Interest
Preferred stock dividend rate	5.40%	5.40%
Preferred shares of beneficial interest: authorized shares (in shares)	13,800,000	13,800,000
Preferred shares of beneficial interest	$ 290,306	$ 290,306
Preferred shares/units outstanding (in shares)	12,000,000	12,000,000
Preferred stock, liquidation preference (in dollars per share/unit)	$ 25	$ 25
Preferred stock, annual dividend/ distribution (in dollars per share)	$ 1.35	$ 1.35
5.25% Series M | Redeemable Preferred Stock
Details Of Preferred Shares Of Beneficial Interest
Preferred stock dividend rate	5.25%	5.25%
Preferred shares of beneficial interest: authorized shares (in shares)	13,800,000	13,800,000
Preferred shares of beneficial interest	$ 308,946	$ 308,946
Preferred shares/units outstanding (in shares)	12,780,000	12,780,000
Preferred stock, liquidation preference (in dollars per share/unit)	$ 25	$ 25
Preferred stock, annual dividend/ distribution (in dollars per share)	$ 1.3125	$ 1.3125
5.25% Series N | Redeemable Preferred Stock
Details Of Preferred Shares Of Beneficial Interest
Preferred stock dividend rate	5.25%	5.25%
Preferred shares of beneficial interest: authorized shares (in shares)	12,000,000	12,000,000
Preferred shares of beneficial interest	$ 291,134	$ 291,134
Preferred shares/units outstanding (in shares)	12,000,000	12,000,000
Preferred stock, liquidation preference (in dollars per share/unit)	$ 25	$ 25
Preferred stock, annual dividend/ distribution (in dollars per share)	$ 1.3125	$ 1.3125
4.45% Series O | Redeemable Preferred Stock
Details Of Preferred Shares Of Beneficial Interest
Preferred stock dividend rate	4.45%	4.45%
Preferred shares of beneficial interest: authorized shares (in shares)	12,000,000	12,000,000
Preferred shares of beneficial interest	$ 291,153	$ 291,153
Preferred shares/units outstanding (in shares)	12,000,000	12,000,000
Preferred stock, liquidation preference (in dollars per share/unit)	$ 25	$ 25
Preferred stock, annual dividend/ distribution (in dollars per share)	$ 1.1125	$ 1.1125

Stock-based Compensation (Stock

Stock-based Compensation (Stock-based Compensation Expense) (Narrative) (Details)	Dec. 31, 2024 shares
Full Value Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for future grants (in shares)	1,261,000
Maximum | Full Value Awards | 2023 Omnibus Share Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for future grants (in shares)	10,800,000
Maximum | Not Full Value Awards | 2023 Omnibus Share Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for future grants (in shares)	21,600,000

Stock-based Compensation (Sto_2

Stock-based Compensation (Stock-based Compensation Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 30,172	$ 43,201	$ 29,249
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	14,044	22,179	21,086
Performance AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	12,774	11,426	94
LTPP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	2,519	7,189	5,145
OPP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	835	1,992	1,906
Vornado stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	0	162	296
Vornado restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	0	159	292
AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0	$ 94	$ 430

Stock-based Compensation (Sched

Stock-based Compensation (Schedule of Unrecognized Compensation Expense) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 44,691
Weighted-Average Remaining Amortization Period	1 year 7 months 6 days
Performance AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 24,342
Weighted-Average Remaining Amortization Period	1 year 8 months 12 days
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 17,492
Weighted-Average Remaining Amortization Period	1 year 6 months
LTPP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 2,486
Weighted-Average Remaining Amortization Period	1 year 2 months 12 days
OPP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 371
Weighted-Average Remaining Amortization Period	1 year

Stock-based Compensation (LTPP

Stock-based Compensation (LTPP Units & OPP Units) (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands		12 Months Ended			37 Months Ended
	Feb. 10, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Feb. 10, 2025
LTPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant-date fair value		$ 0	$ 9,491	$ 7,847
Share-based compensation expense			$ 4,670	$ 4,033
Long-Term Performance Award 2022 | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units earned under the plan (in shares)	168,371				240,027
OPP Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance vesting period		4 years
Out Performance Plan 2021 | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units earned under the plan (in shares)	827,644
Operational | LTPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage breakdown of awards		50%
Operational | LTPP | Comparable FFO per Share
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage breakdown of awards		75%
Operational | LTPP | Sustainability Performance Metrics
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage breakdown of awards		25%
Relative | LTPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage breakdown of awards		50%
Percentage reduction threshold		30%
Duration of performance measurement period		3 years
Relative | LTPP | Dow Jones U.S. Real Estate Office Index
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage reduction threshold		50%
Relative | LTPP | Northeast Peer Group Custom Index
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage reduction threshold		50%
Absolute | LTPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage reduction threshold		30%
Award requisite service period (in years)		1 year
Absolute | LTPP | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period (in years)		3 years
Absolute | LTPP | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent vested, year three		50%
Percent vested, year four		50%
Absolute | Long-Term Performance Award 2022 | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent vested, year three		50%
Percent vested, year four		50%

Stock-based Compensation (Vorna

Stock-based Compensation (Vornado Stock Options, Performance AO LTIP Units, AO LTIP Units & LTIP Units) (Narrative) (Details) - USD ($)		12 Months Ended
	Jun. 29, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Performance AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant-date fair value			$ 48,710,000
Vornado stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance vesting period		4 years
Awards expiration term		10 years
Proceeds from stock options exercised		$ 0	0	$ 7,000
Exercises in period, intrinsic value				842
Aggregate intrinsic value		132,527
Options exercisable		$ 132,527
Performance AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards expiration term		10 years
Aggregate intrinsic value		$ 360,416,000
Performance AO LTIP Units | 2023 Omnibus Share Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate issuance (in shares)	14,368,750
Share price (in dollars per share)	$ 16.87
Increase in share price (as a percent)		75%
Performance AO LTIP Units | 2023 Omnibus Share Plan | Fourth Anniversary Of The Grant Date | Performance condition 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights (as a percent)	80%
2023 Performance AO LTIP Units | 2023 Omnibus Share Plan | Third Anniversary Of The Grant Date | Performance condition 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights (as a percent)	20%
AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards expiration term		10 years
Threshold level (as a percent)		100%
Special allocation (as a percent)		10%
Special distribution (as a percent)		10%
Options exercisable		$ 592,728
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant-date fair value		2,104,000	45,468,000	15,446,000
Distributions, share-based compensation		2,160,000	1,302,000	2,197,000
Vested in period, fair value		$ 10,707,000	$ 37,198,000	$ 25,158,000
LTIP Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance vesting period		3 years
LTIP Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance vesting period		4 years

Stock-based Compensation (Sch_2

Stock-based Compensation (Schedule Of Share Based Compensation Stock Options Activity) (Details)	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Vornado stock options
Shares
Options outstanding at beginning of period (in shares) | shares	158,101
Expired (in shares) | shares	(18,684)
Options outstanding at end of period (in shares) | shares	139,417
Option exercisable at end of period (in shares) | shares	139,417
Weighted- Average Exercise Price
Options outstanding at beginning of period (in dollars per share) | $ / shares	$ 65.52
Expired (in dollars per share) | $ / shares	66.18
Options outstanding at end of period (in dollars per share) | $ / shares	65.44
Options exercisable at end of period (in dollars per share) | $ / shares	$ 65.44
Weighted- Average Remaining Contractual Term
Options outstanding	3 years 5 months 4 days
Options exercisable	3 years 5 months 4 days
Performance AO LTIP Units
Shares
Options outstanding at beginning of period (in shares) | shares	14,368,750
Forfeited (in shares) | shares	(49,500)
Options outstanding at end of period (in shares) | shares	14,319,250
Option exercisable at end of period (in shares) | shares	0
Weighted- Average Exercise Price
Options outstanding at beginning of period (in dollars per share) | $ / shares	$ 16.87
Forfeited (in dollars per share) | $ / shares	0
Options outstanding at end of period (in dollars per share) | $ / shares	16.87
Options exercisable at end of period (in dollars per share) | $ / shares	$ 0
Weighted- Average Remaining Contractual Term
Options outstanding	8 years 6 months
AO LTIP Units
Shares
Options outstanding at beginning of period (in shares) | shares	541,814
Expired (in shares) | shares	(7,749)
Exercised (in shares) | shares	(4,229)
Options outstanding at end of period (in shares) | shares	529,836
Option exercisable at end of period (in shares) | shares	529,836
Weighted- Average Exercise Price
Options outstanding at beginning of period (in dollars per share) | $ / shares	$ 59.99
Expired (in dollars per share) | $ / shares	58.22
Exercised (in dollars per share) | $ / shares	36.72
Options outstanding at end of period (in dollars per share) | $ / shares	60.20
Options exercisable at end of period (in dollars per share) | $ / shares	$ 60.20
Weighted- Average Remaining Contractual Term
Options outstanding	4 years 3 months 3 days
Options exercisable	4 years 3 months 3 days

Stock-based Compensation (Sch_3

Stock-based Compensation (Schedule Of Share Based Payment Award Stock Options Valuation Assumptions) (Details) - Performance AO LTIP Units	12 Months Ended
	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	33%
Risk free interest rate	4%
Expected dividend yield	6%

Stock-based Compensation (Sch_4

Stock-based Compensation (Schedule of Restricted LTIP Unit ) (Details) - LTIP Units	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Units
Unvested at beginning of period (in shares) | shares	3,210,159
Granted (in shares) | shares	92,109
Vested (in shares) | shares	(374,649)
Forfeited (in shares) | shares	(8,524)
Unvested at end of period (in shares) | shares	2,919,095
Weighted-Average Grant-Date Fair Value
Unvested at beginning of period (in dollars per share) | $ / shares	$ 17.24
Granted (in dollars per share) | $ / shares	22.84
Vested (in dollars per share) | $ / shares	28.58
Forfeited (in usd per share) | $ / shares	14.60
Unvested at end of period (in dollars per share) | $ / shares	$ 15.97

Income (Loss) Per Share and P_3

Income (Loss) Per Share and Per Class A Unit (Narrative) (Details)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Net income (loss) allocation	1

Income (Loss) Per Share and P_4

Income (Loss) Per Share and Per Class A Unit - Schedule Of Earnings Per Share Basic And Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net income (loss) attributable to Vornado	$ 70,387	$ 105,494	$ (346,499)
Preferred share dividends/unit distributions	(62,112)	(62,116)	(62,116)
NET INCOME (LOSS) attributable to Class A unitholders	8,275	43,378	(408,615)
Distributions and earnings allocated to unvested participating securities	0	(2)	(18)
Numerator for basic income (loss) per common share/Class A unit	8,275	43,376	(408,633)
Numerator for diluted income (loss) per common share/Class A unit	$ 8,275	$ 43,376	$ (408,633)
Denominator:
Denominator for basic income (loss) per common share - weighted average shares (in shares)	190,539	191,005	191,775
Effect of dilutive securities/units
Share-based awards (in shares)	6,087	851	0
Denominator for diluted income (loss) per common share - weighted average shares and assumed conversions (in shares)	196,626	191,856	191,775
Income (loss) per common share:
Basic (in dollars per share)	$ 0.04	$ 0.23	$ (2.13)
Diluted (in dollars per share)	$ 0.04	$ 0.23	$ (2.13)
Income (loss) per Class A unit:
Weighted average common share / class A unit equivalents of excluded dilutive securities due to anti-dilutive effect (in shares)	1,580	3,458	1,706
Vornado Realty L.P.
Numerator:
Net income (loss) attributable to Vornado	$ 71,247	$ 108,855	$ (376,875)
Preferred share dividends/unit distributions	(62,227)	(62,231)	(62,231)
NET INCOME (LOSS) attributable to Class A unitholders	9,020	46,624	(439,106)
Distributions and earnings allocated to unvested participating securities	(1,964)	(1,323)	(2,215)
Numerator for basic income (loss) per common share/Class A unit	7,056	45,301	(441,321)
Numerator for diluted income (loss) per common share/Class A unit	$ 7,056	$ 45,301	$ (441,321)
Denominator:
Denominator for basic income (loss) per Class A unit – weighted average units (in shares)	204,981	205,105	205,315
Effect of dilutive securities/units
Share-based awards (in shares)	6,087	851	0
Denominator for diluted income (loss) per Class A unit – weighted average units and assumed conversions (in shares)	211,068	205,956	205,315
Income (loss) per Class A unit:
Basic (in dollars per share)	$ 0.03	$ 0.22	$ (2.15)
Diluted (in dollars per share)	$ 0.03	$ 0.22	$ (2.15)
Weighted average common share / class A unit equivalents of excluded dilutive securities due to anti-dilutive effect (in shares)	1,580	3,458	1,706

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Variable Interest Entity
Carrying amount of investments in partially owned entities	$ 2,691,478	$ 2,610,558
Other assets	373,454	333,801
Assets	15,998,608	16,187,665
Liabilities	9,826,739	9,843,931
Unconsolidated VIEs
Variable Interest Entity
Carrying amount of investments in partially owned entities	261,443	109,220
Other assets	52,530
Maximum exposure to loss	316,973	196,394
Consolidated VIEs
Variable Interest Entity
Assets	4,804,481	4,901,150
Liabilities	$ 2,738,539	$ 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	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets (included in restricted cash and other assets)	$ 114,580	$ 105,246
Loans receivable (included in investments in partially owned entities and in other assets)	85,319	32,984
Total assets	289,921	281,156
Mandatorily redeemable instruments (included in other liabilities)	49,684	49,386
Total liabilities	51,747	60,717
Designated as a Hedge
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps and caps	88,982	138,772
Interest rate swaps and caps	1,023	7,239
Not Designated as a Hedge
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps and caps	1,040	4,154
Interest rate swaps and caps	1,040	4,092
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets (included in restricted cash and other assets)	70,025	58,956
Loans receivable (included in investments in partially owned entities and in other assets)	0	0
Total assets	70,025	58,956
Mandatorily redeemable instruments (included in other liabilities)	49,684	49,386
Total liabilities	49,684	49,386
Level 1 | Designated as a Hedge
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps and caps	0	0
Interest rate swaps and caps	0	0
Level 1 | Not Designated as a Hedge
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps and caps	0	0
Interest rate swaps and caps	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
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	90,022	142,926
Mandatorily redeemable instruments (included in other liabilities)	0	0
Total liabilities	2,063	11,331
Level 2 | Designated as a Hedge
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps and caps	88,982	138,772
Interest rate swaps and caps	1,023	7,239
Level 2 | Not Designated as a Hedge
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps and caps	1,040	4,154
Interest rate swaps and caps	1,040	4,092
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets (included in restricted cash and other assets)	44,555	46,290
Loans receivable (included in investments in partially owned entities and in other assets)	85,319	32,984
Total assets	129,874	79,274
Mandatorily redeemable instruments (included in other liabilities)	0	0
Total liabilities	0	0
Level 3 | Designated as a Hedge
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps and caps	0	0
Interest rate swaps and caps	0	0
Level 3 | Not Designated as a Hedge
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps and caps	0	0
Interest rate swaps and caps	0	0
Restricted Cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets (included in restricted cash and other assets)	8,958	26,363
Other Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets (included in restricted cash and other assets)	105,622	$ 78,883
Loans receivable (included in investments in partially owned entities and in other assets)	52,335
Investments in partially owned entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable (included in investments in partially owned entities and in other assets)	$ 32,984

Fair Value Measurements (Change

Fair Value Measurements (Changes in the Fair Value of Deferred Compensation Plan Assets) (Details) - Deferred Compensation Plan Assets - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 46,290	$ 38,916
Purchases	1,718	7,855
Sales	(9,051)	(5,080)
Realized and unrealized (losses) gains	(2,282)	982
Other, net	7,880	3,617
Ending balance	$ 44,555	$ 46,290

Fair Value Measurements (Chan_2

Fair Value Measurements (Changes in the Fair Value of Loans Receivable) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Non-cash loss on our investment		$ 74,351
Level 3 | Capitalization Rate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Loans receivable fair value input	0.055	0.055
Level 3 | Discount rates
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Loans receivable fair value input	0.080	0.080
Loans Receivable
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 32,984	$ 54,397
Investment in loan receivable	50,000	0
Credit losses	0	(26,155)
Interest accrual	2,906	5,153
Paydowns	(571)	(411)
Ending balance	85,319	32,984
Fair value using discounted cash flow model	$ 85,319	32,984
Loans Receivable | JV
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Non-cash loss on our investment		$ 21,114

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule of Derivative Instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jan. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Long term debt	$ 2,566,862		$ 2,563,432
Matures in May 2028 | 555 California Street, California | Office Building
Derivative [Line Items]
Equity method ownership percentage	70%		70%
Debt amount	$ 1,200,000		$ 1,200,000
Designated as a Hedge
Derivative [Line Items]
Fair Value Asset	88,982		138,772
Fair Value Liability	1,023		7,239
Designated as a Hedge | 555 California Street mortgage loan | Interest Rate Swap
Derivative [Line Items]
Notional amount and swapped balance	$ 840,000
All-In Swapped Rate	6.03%
Fair Value Asset	$ 765		15,494
Fair Value Liability	0		6,091
Designated as a Hedge | 770 Broadway mortgage loan | Interest Rate Swap
Derivative [Line Items]
Notional amount and swapped balance	$ 700,000
All-In Swapped Rate	4.98%
Fair Value Asset	$ 21,332		20,306
Fair Value Liability	0		0
Designated as a Hedge | PENN 11 mortgage loan | Interest Rate Swap
Derivative [Line Items]
Notional amount and swapped balance	$ 500,000
All-In Swapped Rate	6.28%
Fair Value Asset	$ 17		4,702
Fair Value Liability	282		1,148
Designated as a Hedge | Unsecured revolving credit facility | Interest Rate Swap
Derivative [Line Items]
Notional amount and swapped balance	$ 575,000
All-In Swapped Rate	3.88%
Fair Value Asset	$ 18,510		17,064
Fair Value Liability	0		0
Designated as a Hedge | Unsecured term loan | Interest Rate Swap
Derivative [Line Items]
Notional amount and swapped balance	$ 700,000
All-In Swapped Rate	4.53%
Fair Value Asset	$ 10,128		11,089
Fair Value Liability	0		0
Designated as a Hedge | 100 West 33rd Street mortgage loan | Interest Rate Swap
Derivative [Line Items]
Notional amount and swapped balance	$ 480,000
All-In Swapped Rate	5.26%
Fair Value Asset	$ 6,808		3,550
Fair Value Liability	0		0
Designated as a Hedge | 888 Seventh Avenue mortgage loan | Interest Rate Swap
Derivative [Line Items]
Notional amount and swapped balance	$ 200,000
All-In Swapped Rate	4.76%
Fair Value Asset	$ 5,249		4,340
Fair Value Liability	0		0
Long term debt	$ 58,057
Derivative, basis spread on variable rate	1.80%
Variable interest rate	6.35%
Designated as a Hedge | 4 Union Square South mortgage loan | Interest Rate Swap
Derivative [Line Items]
Notional amount and swapped balance	$ 96,400
All-In Swapped Rate	3.74%
Fair Value Asset	$ 12		2,327
Fair Value Liability	0		0
Long term debt	$ 23,600
Derivative, basis spread on variable rate	1.50%
Variable interest rate	6.05%
Designated as a Hedge | 435 Seventh Avenue mortgage loan | Interest Rate Swap
Derivative [Line Items]
Notional amount and swapped balance	$ 75,000
All-In Swapped Rate	6.96%
Fair Value Asset	$ 0		0
Fair Value Liability	741		0
Designated as a Hedge | 1290 Avenue of the Americas mortgage loan | Interest Rate Cap
Derivative [Line Items]
Notional amount and swapped balance	950,000
Fair Value Asset	25,673		53,784
Fair Value Liability	$ 0		0
Cap strike rate	1%
Premium paid in connection with the purchase of cap arrangement			63,100
Designated as a Hedge | 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 a Hedge | One Park Avenue mortgage loan | Interest Rate Cap
Derivative [Line Items]
Notional amount and swapped balance	$ 525,000
Fair Value Asset	464		5,297
Fair Value Liability	$ 0		0
Cap strike rate	3.89%
Designated as a Hedge | Various mortgage loans | Interest Rate Cap
Derivative [Line Items]
Fair Value Asset	$ 24		819
Fair Value Liability	0		$ 0
Designated as a Hedge | PENN 11 mortgage loan, Interest Rate Swap | Interest Rate Swap
Derivative [Line Items]
Notional amount and swapped balance		$ 250,000
Designated as a Hedge | PENN 11 mortgage loan, In-Place Swap | Interest Rate Swap
Derivative [Line Items]
All-In Swapped Rate		6.28%
Long term debt		$ 500,000
Designated as a Hedge | Unsecured Term Loan Expiring July 2025 | Interest Rate Swap
Derivative [Line Items]
Notional amount and swapped balance	$ 700,000
All-In Swapped Rate	4.53%
Unswapped Balance	$ 100,000
Designated as a Hedge | Unsecured Term Loan July 2025 through October 2026 | Interest Rate Swap
Derivative [Line Items]
Notional amount and swapped balance	$ 550,000
All-In Swapped Rate	4.36%
Unswapped Balance	$ 250,000
Designated as a Hedge | Unsecured Term Loan October 2026 through August 2027 | Interest Rate Swap
Derivative [Line Items]
Notional amount and swapped balance	$ 50,000
All-In Swapped Rate	4.04%
Unswapped Balance	$ 750,000

Fair Value Measurements (Impair

Fair Value Measurements (Impairment Losses) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment Losses	$ 74,351
Loans Receivable | JV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment Losses	21,114
Consolidated real estate assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment Losses	45,007
Consolidated real estate assets | Non- controlling Interests in Consolidated Subsidiaries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment Losses	22,176
Investments in partially owned entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment Losses	29,344
Fair Value | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate Fair Value	76,570
Fair Value | Nonrecurring | Consolidated real estate assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate Fair Value	55,097
Fair Value | Nonrecurring | Investments in partially owned entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate Fair Value	$ 21,473

Fair Value Measurements (Unobse

Fair Value Measurements (Unobservable Quantitative Input Ratios) (Details) - Level 3 - Nonrecurring	Dec. 31, 2023
Discount rates | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Real estate, measurement input	0.0750
Discount rates | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Real estate, measurement input	0.0800
Discount rates | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Real estate, measurement input	7.99
Terminal capitalization rates
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Real estate, measurement input	0.0550
Terminal capitalization rates | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Real estate, measurement input	5.5

Fair Value Measurements (Carryi

Fair Value Measurements (Carrying Amounts and Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Unsecured revolving credit facilities, carrying amount	$ 575,000	$ 575,000
Deferred financing costs, net and other	39,300	53,163
Senior unsecured notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt, carrying amount	1,200,000	1,200,000
Deferred financing costs, net and other	4,086	6,127
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Cash equivalents, carrying amount	639,366	825,720
Mortgages payable	5,707,176	5,729,615
Unsecured revolving credit facilities, carrying amount	575,000	575,000
Debt, carrying amount	8,282,176	8,304,615
Carrying Amount | Senior unsecured notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt	1,200,000	1,200,000
Carrying Amount | Unsecured term loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt	800,000	800,000
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt, fair value	7,990,000	8,013,000
Fair Value | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Cash equivalents, fair value	639,000	826,000
Unsecured revolving credit facilities, fair value	575,000	575,000
Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Mortgages payable	5,486,000	5,569,000
Fair Value | Senior unsecured notes | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt	1,129,000	1,069,000
Fair Value | Unsecured term loan | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt	$ 800,000	$ 800,000

Transaction Related Costs, Im_3

Transaction Related Costs, Impairment losses and Other (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Transaction Related Costs, Impairment Losses and Other [Line Items]
Transaction related costs and other	$ 5,242	$ 5,684	$ 12,624
Real estate impairment losses	0	45,007	19,098
Impairment losses and transaction related costs, net	$ 5,242	50,691	$ 31,722
Non-cash loss on our investment		74,351
Consolidated real estate assets
Transaction Related Costs, Impairment Losses and Other [Line Items]
Non-cash loss on our investment		45,007
Non- controlling Interests in Consolidated Subsidiaries | Consolidated real estate assets
Transaction Related Costs, Impairment Losses and Other [Line Items]
Non-cash loss on our investment		$ 22,176

Interest and Other Investment_3

Interest and Other Investment Income, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Nov. 06, 2024
Net Investment Income [Line Items]
Interest on cash and cash equivalents and restricted cash	$ 42,571	$ 44,786	$ 7,553
Interest on loans receivable	3,450	1,351	5,006
(Loss) income from real estate fund investments	(47)	1,590	3,541
Amortization of discount on investments in U.S. Treasury bills	0	3,829	7,075
Credit losses on investments	0	(8,269)	0
Other, net	0	0	235
Interest and other investment income, net	45,974	43,287	$ 23,410
Long term debt	$ 2,566,862	$ 2,563,432
Vornado Capital Partners Real Estate Fund
Net Investment Income [Line Items]
Equity method ownership percentage				25%
Mortgages Payable
Net Investment Income [Line Items]
Long term debt				$ 145,000

Interest and Debt Expense (Deta

Interest and Debt Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Interest and Debt Expense [Abstract]
Interest expense	$ 377,813	$ 357,995	$ 276,616
Capitalized interest and debt expense	(51,212)	(43,062)	(19,085)
Amortization of interest rate cap premiums	41,745	10,989	430
Amortization of deferred financing fees	21,923	23,301	21,804
Interest and debt expense, total	$ 390,269	$ 349,223	$ 279,765

Leases (Schedule of Future Undi

Leases (Schedule of Future Undiscounted Cash Flows Under Non-Cancelable Operating Leases) (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]
2025	$ 1,290,179
2026	1,268,356
2027	1,169,119
2028	1,074,024
2029	958,233
Thereafter	$ 6,399,782

Leases (Narrative) (Details)

Leases (Narrative) (Details) ft² in Thousands, $ in Thousands	Dec. 31, 2024 USD ($) ft² renewal_option	Dec. 31, 2023 USD ($)
Leases [Line Items]
Right-of-use assets | $	$ 678,804	$ 680,044
Lease liabilities | $	$ 749,759	$ 732,859
PENN 1
Leases [Line Items]
Number of renewal options | renewal_option	3
Lease term	25 years
Farley Building
Leases [Line Items]
Equity method ownership percentage	95%
Lease term	99 years
Square footage of real estate property (in sqft) | ft²	846
Future rent and fixed PILOT payments | $	$ 519,049
Farley Building | Office Building
Leases [Line Items]
Square footage of real estate property (in sqft) | ft²	730
Farley Building | Retail
Leases [Line Items]
Square footage of real estate property (in sqft) | ft²	116

Leases (Schedule of Amounts Inc

Leases (Schedule of Amounts Included in the Measurement of Lease Liability) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted average remaining lease term (in years)	47 years 2 months 12 days	47 years 10 months 24 days	48 years 4 months 24 days
Weighted average discount rate	5.59%	5.59%	5.54%
Cash paid for operating leases	$ 22,466	$ 22,499	$ 21,861

Leases (Schedule of Rent Expens

Leases (Schedule of Rent Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Fixed rent expense	$ 45,941	$ 46,538	$ 45,211
Variable rent expense	14,573	14,679	14,180
Rent expense	$ 60,514	$ 61,217	$ 59,391

Leases (Schedule of Future Leas

Leases (Schedule of Future Lease Payments Due Under Operating Ground Leases) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2025	$ 81,574
2026	46,616
2027	47,027
2028	47,462
2029	47,922
Thereafter	1,821,249
Total undiscounted cash flows	2,091,850
Present value discount	(1,342,091)
Lease liabilities	$ 749,759	$ 732,859

Multiemployer Benefit Plans (De

Multiemployer Benefit Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Multiemployer Pension Plans
Multiemployer Benefit Plans
Multiemployer plan, period contributions	$ 8,059	$ 7,913	$ 7,761
Multiemployer Health Plans
Multiemployer Benefit Plans
Multiemployer plan, period contributions	$ 29,555	$ 28,764	$ 26,514

Commitments and Contingencies (

Commitments and Contingencies (Details)	12 Months Ended
	Dec. 31, 2024 USD ($)
Other Commitments
Payment guarantees	$ 516,872,000
Construction commitment	$ 61,016,000
Farley Office And Retail Building | JV
Other Commitments
Equity method ownership percentage	95%
Farley Office And Retail Building | Affiliated Entity
Other Commitments
Equity method ownership percentage	5%
Farley Office and Retail Building | JV
Other Commitments
Equity method ownership percentage	95%
Capital contributions	$ 208,407,000
Unsecured revolving credit facilities
Other Commitments
Outstanding letters of credit	57,643,000
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
Insurance
Insurance limit per occurrence	5,000,000,000
Insurance maximum coverage limit in aggregate	5,000,000,000
NBCR | PPIC
Insurance
Insurance deductible	$ 2,396,808
Insurance deductible percentage of balance of covered loss	20%

Related Party Transactions (Det

Related Party Transactions (Details) - Affiliated Entity $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) partner	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Alexander's
Related Party Transaction
Percentage of affiliated entity owned by company	32.40%
Number of other general partners | partner	2
Percentage of affiliated entity owned by related parties	26%
Interstate Properties
Related Party Transaction
Percentage of company owned by related party	7.10%
Related party transaction annual fee percentage	4%
Term of management agreement	1 year
Period allowed for termination of automatic renewal of management agreement	60 days
Fee and other income from related parties | $	$ 208	$ 206	$ 204

Segment Information (Narrative)

Segment Information (Narrative) (Details)	12 Months Ended
	Dec. 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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total revenues	$ 1,787,686	$ 1,811,163	$ 1,799,995
Deduct: operating expenses	(927,796)	(905,158)	(873,911)
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(39,367)	(48,553)	(70,029)
Add: NOI from partially owned entities	279,229	285,761	305,993
NOI at share	1,099,752	1,143,213	1,162,048
New York
Segment Reporting Information [Line Items]
Total revenues	1,471,997	1,452,158	1,449,442
Deduct: operating expenses	(766,347)	(733,478)	(716,148)
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(12,899)	(15,547)	(45,566)
Add: NOI from partially owned entities	269,159	274,436	293,780
NOI at share	961,910	977,569	981,508
Other
Segment Reporting Information [Line Items]
Total revenues	315,689	359,005	350,553
Deduct: operating expenses	(161,449)	(171,680)	(157,763)
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(26,468)	(33,006)	(24,463)
Add: NOI from partially owned entities	10,070	11,325	12,213
NOI at share	$ 137,842	$ 165,644	$ 180,540

Segment Information (Net Income

Segment Information (Net Income (Loss) to NOI Reconciliation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting [Abstract]
NOI at share	$ 1,099,752	$ 1,143,213	$ 1,162,048
NOI attributable to noncontrolling interests in consolidated subsidiaries	39,367	48,553	70,029
NOI from partially owned entities	(279,229)	(285,761)	(305,993)
Net gains on disposition of wholly owned and partially owned assets	16,048	71,199	100,625
Interest and debt expense	(390,269)	(349,223)	(279,765)
Interest and other investment income, net	45,974	43,287	23,410
Income (loss) from partially owned entities	112,464	38,689	(461,351)
Transaction related costs, impairment losses and other	(5,242)	(50,691)	(31,722)
General and administrative	(148,520)	(162,883)	(133,731)
Depreciation and amortization	(447,500)	(434,273)	(504,502)
Income (loss) before income taxes	$ 42,845	$ 62,110	$ (360,952)

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands				3 Months Ended	12 Months Ended
	Jan. 17, 2025 USD ($)	Jan. 15, 2025 USD ($)	Jan. 08, 2025 USD ($) ft²	Mar. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Subsequent Event [Line Items]
Proceeds from sale of real estate					$ 31,605	$ 24,484	$ 88,019
666 Fifth Avenue | JV | Forecast
Subsequent Event [Line Items]
Net gain on sale				$ 76,000
Subsequent Event | 220 Central Park South | Discontinued Operations, Held-for-Sale or Disposed of by Sale
Subsequent Event [Line Items]
Cash proceeds from sale of real estate	$ 11,695
Subsequent Event | Senior unsecured notes | Senior Unsecured Notes Due 2025
Subsequent Event [Line Items]
Repaid on loan		$ 450,000
Stated rate (as a percent)		3.50%
Subsequent Event | 666 Fifth Avenue | JV
Subsequent Event [Line Items]
Proceeds from sale of real estate			$ 350,000
Net proceeds from sale			342,000
Preferred equity asset			$ 390,000
Subsequent Event | 666 Fifth Avenue | JV | 666 Fifth Avenue
Subsequent Event [Line Items]
Square footage of real estate property (in sqft) | ft²			23,832
Subsequent Event | 666 Fifth Avenue, At Grade | JV | 666 Fifth Avenue
Subsequent Event [Line Items]
Square footage of real estate property (in sqft) | ft²			7,416

Schedule III Real Estate and _3

Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate And Accumulated Depreciation
Encumbrances	$ 6,282,176
Initial cost to company
Land	2,410,596
Buildings and improvements	5,794,204
Costs capitalized subsequent to acquisition	5,886,832
Gross amount at which carried at close of period
Land	2,434,209
Buildings and improvements	11,657,423
Total	14,091,632
Accumulated depreciation and amortization	4,025,349	$ 3,752,827	$ 3,470,991	$ 3,376,347
Net basis difference of assets and liabilities between tax basis and GAAP basis	$ 1,400,000
Maximum
Gross amount at which carried at close of period
Real estate and accumulated depreciation life used for depreciation (in years)	40 years
Leasehold improvements, equipment and other
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	0
Costs capitalized subsequent to acquisition	120,915
Gross amount at which carried at close of period
Land	0
Buildings and improvements	120,915
Total	120,915
Accumulated depreciation and amortization	89,512
New York
Real Estate And Accumulated Depreciation
Encumbrances	5,082,176
Initial cost to company
Land	2,025,913
Buildings and improvements	4,530,569
Costs capitalized subsequent to acquisition	4,956,720
Gross amount at which carried at close of period
Land	2,052,700
Buildings and improvements	9,460,502
Total	11,513,202
Accumulated depreciation and amortization	2,961,454
New York | Manhattan
Real Estate And Accumulated Depreciation
Encumbrances	5,082,176
Initial cost to company
Land	2,025,913
Buildings and improvements	4,530,569
Costs capitalized subsequent to acquisition	4,936,253
Gross amount at which carried at close of period
Land	2,051,667
Buildings and improvements	9,441,068
Total	11,492,735
Accumulated depreciation and amortization	2,946,105
New York | Other Properties
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	0
Buildings and improvements	0
Costs capitalized subsequent to acquisition	20,467
Gross amount at which carried at close of period
Land	1,033
Buildings and improvements	19,434
Total	20,467
Accumulated depreciation and amortization	15,349
New York | 1290 Avenue of the Americas | Manhattan
Real Estate And Accumulated Depreciation
Encumbrances	950,000
Initial cost to company
Land	518,244
Buildings and improvements	926,992
Costs capitalized subsequent to acquisition	299,181
Gross amount at which carried at close of period
Land	518,244
Buildings and improvements	1,226,173
Total	1,744,417
Accumulated depreciation and amortization	527,598
New York | One Park Avenue | Manhattan
Real Estate And Accumulated Depreciation
Encumbrances	525,000
Initial cost to company
Land	197,057
Buildings and improvements	369,016
Costs capitalized subsequent to acquisition	16,545
Gross amount at which carried at close of period
Land	197,057
Buildings and improvements	385,561
Total	582,618
Accumulated depreciation and amortization	36,701
New York | 350 Park Avenue | Manhattan
Real Estate And Accumulated Depreciation
Encumbrances	400,000
Initial cost to company
Land	265,889
Buildings and improvements	363,381
Costs capitalized subsequent to acquisition	108,646
Gross amount at which carried at close of period
Land	306,034
Buildings and improvements	431,882
Total	737,916
Accumulated depreciation and amortization	192,223
New York | PENN 1 | Manhattan
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	0
Buildings and improvements	412,169
Costs capitalized subsequent to acquisition	980,523
Gross amount at which carried at close of period
Land	0
Buildings and improvements	1,392,692
Total	1,392,692
Accumulated depreciation and amortization	482,628
New York | 100 West 33rd Street | Manhattan
Real Estate And Accumulated Depreciation
Encumbrances	480,000
Initial cost to company
Land	331,371
Buildings and improvements	361,443
Costs capitalized subsequent to acquisition	77,562
Gross amount at which carried at close of period
Land	331,371
Buildings and improvements	439,005
Total	770,376
Accumulated depreciation and amortization	199,265
New York | 150 West 34th Street | Manhattan
Real Estate And Accumulated Depreciation
Encumbrances	75,000
Initial cost to company
Land	119,657
Buildings and improvements	268,509
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	119,657
Buildings and improvements	268,509
Total	388,166
Accumulated depreciation and amortization	64,330
New York | PENN 2 | Manhattan
Real Estate And Accumulated Depreciation
Encumbrances	575,000
Initial cost to company
Land	53,615
Buildings and improvements	164,903
Costs capitalized subsequent to acquisition	1,013,238
Gross amount at which carried at close of period
Land	52,689
Buildings and improvements	1,179,067
Total	1,231,756
Accumulated depreciation and amortization	110,970
New York | 90 Park Avenue | Manhattan
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	8,000
Buildings and improvements	175,890
Costs capitalized subsequent to acquisition	203,970
Gross amount at which carried at close of period
Land	8,000
Buildings and improvements	379,860
Total	387,860
Accumulated depreciation and amortization	223,366
New York | 770 Broadway | Manhattan
Real Estate And Accumulated Depreciation
Encumbrances	700,000
Initial cost to company
Land	52,898
Buildings and improvements	95,686
Costs capitalized subsequent to acquisition	179,069
Gross amount at which carried at close of period
Land	52,898
Buildings and improvements	274,755
Total	327,653
Accumulated depreciation and amortization	139,014
New York | 888 Seventh Avenue | Manhattan
Real Estate And Accumulated Depreciation
Encumbrances	258,057
Initial cost to company
Land	0
Buildings and improvements	117,269
Costs capitalized subsequent to acquisition	180,925
Gross amount at which carried at close of period
Land	0
Buildings and improvements	298,194
Total	298,194
Accumulated depreciation and amortization	179,726
New York | PENN 11 | Manhattan
Real Estate And Accumulated Depreciation
Encumbrances	500,000
Initial cost to company
Land	40,333
Buildings and improvements	85,259
Costs capitalized subsequent to acquisition	148,058
Gross amount at which carried at close of period
Land	40,333
Buildings and improvements	233,317
Total	273,650
Accumulated depreciation and amortization	121,166
New York | 909 Third Avenue | Manhattan
Real Estate And Accumulated Depreciation
Encumbrances	350,000
Initial cost to company
Land	0
Buildings and improvements	120,723
Costs capitalized subsequent to acquisition	128,903
Gross amount at which carried at close of period
Land	0
Buildings and improvements	249,626
Total	249,626
Accumulated depreciation and amortization	154,316
New York | 150 East 58th Street | Manhattan
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	39,303
Buildings and improvements	80,216
Costs capitalized subsequent to acquisition	68,071
Gross amount at which carried at close of period
Land	39,303
Buildings and improvements	148,287
Total	187,590
Accumulated depreciation and amortization	83,389
New York | 595 Madison Avenue | Manhattan
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	62,731
Buildings and improvements	62,888
Costs capitalized subsequent to acquisition	84,556
Gross amount at which carried at close of period
Land	62,731
Buildings and improvements	147,444
Total	210,175
Accumulated depreciation and amortization	71,395
New York | 330 West 34th Street | Manhattan
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	0
Buildings and improvements	8,599
Costs capitalized subsequent to acquisition	170,511
Gross amount at which carried at close of period
Land	0
Buildings and improvements	179,110
Total	179,110
Accumulated depreciation and amortization	72,796
New York | 715 Lexington Avenue | Manhattan
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	0
Buildings and improvements	26,903
Costs capitalized subsequent to acquisition	21,178
Gross amount at which carried at close of period
Land	30,086
Buildings and improvements	17,995
Total	48,081
Accumulated depreciation and amortization	3,947
New York | 4 Union Square South | Manhattan
Real Estate And Accumulated Depreciation
Encumbrances	120,000
Initial cost to company
Land	24,079
Buildings and improvements	55,220
Costs capitalized subsequent to acquisition	14,712
Gross amount at which carried at close of period
Land	24,079
Buildings and improvements	69,932
Total	94,011
Accumulated depreciation and amortization	32,926
New York | The Farley Building | Manhattan
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	0
Buildings and improvements	476,235
Costs capitalized subsequent to acquisition	967,380
Gross amount at which carried at close of period
Land	0
Buildings and improvements	1,443,615
Total	1,443,615
Accumulated depreciation and amortization	158,469
New York | 260 Eleventh Avenue | Manhattan
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	0
Buildings and improvements	80,482
Costs capitalized subsequent to acquisition	8,246
Gross amount at which carried at close of period
Land	0
Buildings and improvements	88,728
Total	88,728
Accumulated depreciation and amortization	20,498
New York | 606 Broadway | Manhattan
Real Estate And Accumulated Depreciation
Encumbrances	74,119
Initial cost to company
Land	45,406
Buildings and improvements	8,993
Costs capitalized subsequent to acquisition	486
Gross amount at which carried at close of period
Land	23,930
Buildings and improvements	30,955
Total	54,885
Accumulated depreciation and amortization	2,816
New York | 435 Seventh Avenue | Manhattan
Real Estate And Accumulated Depreciation
Encumbrances	75,000
Initial cost to company
Land	19,893
Buildings and improvements	19,091
Costs capitalized subsequent to acquisition	146
Gross amount at which carried at close of period
Land	19,893
Buildings and improvements	19,237
Total	39,130
Accumulated depreciation and amortization	10,836
New York | 131-135 West 33rd Street | Manhattan
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	8,315
Buildings and improvements	21,312
Costs capitalized subsequent to acquisition	429
Gross amount at which carried at close of period
Land	8,315
Buildings and improvements	21,741
Total	30,056
Accumulated depreciation and amortization	5,018
New York | 304 - 306 Canal Street | Manhattan
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	3,511
Buildings and improvements	12,905
Costs capitalized subsequent to acquisition	(14,607)
Gross amount at which carried at close of period
Land	358
Buildings and improvements	1,451
Total	1,809
Accumulated depreciation and amortization	190
New York | 1131 Third Avenue | Manhattan
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	7,844
Buildings and improvements	7,844
Costs capitalized subsequent to acquisition	5,816
Gross amount at which carried at close of period
Land	7,844
Buildings and improvements	13,660
Total	21,504
Accumulated depreciation and amortization	4,282
New York | 431 Seventh Avenue | Manhattan
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	16,700
Buildings and improvements	2,751
Costs capitalized subsequent to acquisition	300
Gross amount at which carried at close of period
Land	16,700
Buildings and improvements	3,051
Total	19,751
Accumulated depreciation and amortization	1,259
New York | 138-142 West 32nd Street | Manhattan
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	9,252
Buildings and improvements	9,936
Costs capitalized subsequent to acquisition	2,232
Gross amount at which carried at close of period
Land	9,252
Buildings and improvements	12,168
Total	21,420
Accumulated depreciation and amortization	2,987
New York | 334 Canal Street | Manhattan
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	1,693
Buildings and improvements	6,507
Costs capitalized subsequent to acquisition	(6,700)
Gross amount at which carried at close of period
Land	154
Buildings and improvements	1,346
Total	1,500
Accumulated depreciation and amortization	170
New York | 966 Third Avenue | Manhattan
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	8,869
Buildings and improvements	3,631
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	8,869
Buildings and improvements	3,631
Total	12,500
Accumulated depreciation and amortization	1,029
New York | 137 West 33rd Street | Manhattan
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	6,398
Buildings and improvements	1,550
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	6,398
Buildings and improvements	1,550
Total	7,948
Accumulated depreciation and amortization	378
New York | 825 Seventh Avenue | Manhattan
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	1,483
Buildings and improvements	697
Costs capitalized subsequent to acquisition	3,969
Gross amount at which carried at close of period
Land	1,483
Buildings and improvements	4,666
Total	6,149
Accumulated depreciation and amortization	1,534
New York | 537 West 26th Street | Manhattan
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	10,370
Buildings and improvements	17,632
Costs capitalized subsequent to acquisition	20,000
Gross amount at which carried at close of period
Land	26,631
Buildings and improvements	21,371
Total	48,002
Accumulated depreciation and amortization	5,561
New York | 339 Greenwich Street | Manhattan
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	2,622
Buildings and improvements	12,333
Costs capitalized subsequent to acquisition	(10,054)
Gross amount at which carried at close of period
Land	866
Buildings and improvements	4,035
Total	4,901
Accumulated depreciation and amortization	458
New York | Hotel Pennsylvania site (PENN 15) | Manhattan
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	29,903
Buildings and improvements	121,712
Costs capitalized subsequent to acquisition	183,233
Gross amount at which carried at close of period
Land	29,903
Buildings and improvements	304,945
Total	334,848
Accumulated depreciation and amortization	0
New York | Other (Including Signage) | Manhattan
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	140,477
Buildings and improvements	31,892
Costs capitalized subsequent to acquisition	79,729
Gross amount at which carried at close of period
Land	108,589
Buildings and improvements	143,509
Total	252,098
Accumulated depreciation and amortization	34,864
New York | Paramus, New Jersey | Other Properties
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	0
Buildings and improvements	0
Costs capitalized subsequent to acquisition	20,467
Gross amount at which carried at close of period
Land	1,033
Buildings and improvements	19,434
Total	20,467
Accumulated depreciation and amortization	15,349
Other
Real Estate And Accumulated Depreciation
Encumbrances	1,200,000
Initial cost to company
Land	384,683
Buildings and improvements	1,263,635
Costs capitalized subsequent to acquisition	809,197
Gross amount at which carried at close of period
Land	381,509
Buildings and improvements	2,076,006
Total	2,457,515
Accumulated depreciation and amortization	974,383
Other | THE MART, Illinois
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	64,528
Buildings and improvements	319,146
Costs capitalized subsequent to acquisition	487,855
Gross amount at which carried at close of period
Land	64,535
Buildings and improvements	806,994
Total	871,529
Accumulated depreciation and amortization	416,326
Other | 527 West Kinzie, Illinois
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	5,166
Buildings and improvements	0
Costs capitalized subsequent to acquisition	362
Gross amount at which carried at close of period
Land	5,166
Buildings and improvements	362
Total	5,528
Accumulated depreciation and amortization	0
Other | Total THE MART
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	69,694
Buildings and improvements	319,146
Costs capitalized subsequent to acquisition	488,217
Gross amount at which carried at close of period
Land	69,701
Buildings and improvements	807,356
Total	877,057
Accumulated depreciation and amortization	416,326
Other | 555 California Street, California
Real Estate And Accumulated Depreciation
Encumbrances	1,200,000
Initial cost to company
Land	223,446
Buildings and improvements	895,379
Costs capitalized subsequent to acquisition	273,926
Gross amount at which carried at close of period
Land	223,446
Buildings and improvements	1,169,305
Total	1,392,751
Accumulated depreciation and amortization	499,906
Other | Borgata Land, Atlantic City, NJ
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	83,089
Buildings and improvements	0
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	83,089
Buildings and improvements	0
Total	83,089
Accumulated depreciation and amortization	0
Other | 40 East 66th Street Residential, New York
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	8,454
Buildings and improvements	13,321
Costs capitalized subsequent to acquisition	(8,193)
Gross amount at which carried at close of period
Land	5,273
Buildings and improvements	8,309
Total	13,582
Accumulated depreciation and amortization	3,761
Other | Annapolis, Maryland
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	0
Buildings and improvements	9,652
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	0
Buildings and improvements	9,652
Total	9,652
Accumulated depreciation and amortization	5,466
Other | Wayne Towne Center, New Jersey
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	0
Buildings and improvements	26,137
Costs capitalized subsequent to acquisition	49,654
Gross amount at which carried at close of period
Land	0
Buildings and improvements	75,791
Total	75,791
Accumulated depreciation and amortization	45,677
Other | Other
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	0
Buildings and improvements	0
Costs capitalized subsequent to acquisition	5,593
Gross amount at which carried at close of period
Land	0
Buildings and improvements	5,593
Total	5,593
Accumulated depreciation and amortization	$ 3,247

SCHEDULE III REAL ESTATE AND _4

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Real estate, balance at beginning of period	$ 13,801,204	$ 13,314,755	$ 13,217,845
Additions during the period	14,233,203	14,068,640	13,929,567
Less: Assets sold, written-off, reclassified to ready for sale and deconsolidated	141,571	267,436	614,812
Real estate, balance at end of period	14,091,632	13,801,204	13,314,755
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Accumulated depreciation, balance at beginning of period	3,752,827	3,470,991	3,376,347
Depreciation expense	396,231	382,638	449,864
Real estate accumulated depreciation	4,149,058	3,853,629	3,826,211
Less: Accumulated depreciation on assets sold, written-off and deconsolidated	123,709	100,802	355,220
Accumulated depreciation, balance at end of period	4,025,349	3,752,827	3,470,991
Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Additions during the period	0	40,145	0
Buildings & improvements and other
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Additions during the period	$ 431,999	$ 713,740	$ 711,722