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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
REVENUES:        
Total revenues $ 450,266 $ 472,359 $ 886,641 $ 918,282
EXPENSES:        
Operating (229,380) (222,723) (455,604) (451,496)
Depreciation and amortization (109,774) (107,162) (218,433) (213,727)
General and administrative (38,475) (39,410) (76,372) (81,005)
Expense from deferred compensation plan liability (1,398) (2,182) (5,918) (5,910)
Transaction related costs and other (3,361) (30) (4,014) (688)
Total expenses (382,388) (371,507) (760,341) (752,826)
Income from partially owned entities 47,949 37,272 64,228 53,938
Interest and other investment income, net 10,511 13,153 22,235 22,737
Income from deferred compensation plan assets 1,398 2,182 5,918 5,910
Interest and debt expense (98,401) (87,165) (188,879) (173,402)
Net gains on disposition of wholly owned and partially owned assets 16,048 936 16,048 8,456
Income before income taxes 45,383 67,230 45,850 83,095
Income tax expense (5,284) (4,497) (12,024) (9,164)
Net income 40,099 62,733 33,826 73,931
Less net loss attributable to noncontrolling interests in consolidated subsidiaries 13,890 2,781 25,872 12,709
Net income 50,789 61,906 57,284 82,603
Preferred dividends/distributions (15,529) (15,529) (31,058) (31,058)
NET INCOME 35,260 46,377 26,226 51,545
Rental revenues        
REVENUES:        
Total revenues 393,595 418,834 782,873 815,627
Fee and other income        
REVENUES:        
Total revenues 56,671 53,525 103,768 102,655
Vornado Realty L.P.        
REVENUES:        
Total revenues 450,266 472,359 886,641 918,282
EXPENSES:        
Operating (229,380) (222,723) (455,604) (451,496)
Depreciation and amortization (109,774) (107,162) (218,433) (213,727)
General and administrative (38,475) (39,410) (76,372) (81,005)
Expense from deferred compensation plan liability (1,398) (2,182) (5,918) (5,910)
Transaction related costs and other (3,361) (30) (4,014) (688)
Total expenses (382,388) (371,507) (760,341) (752,826)
Income from partially owned entities 47,949 37,272 64,228 53,938
Interest and other investment income, net 10,511 13,153 22,235 22,737
Income from deferred compensation plan assets 1,398 2,182 5,918 5,910
Interest and debt expense (98,401) (87,165) (188,879) (173,402)
Net gains on disposition of wholly owned and partially owned assets 16,048 936 16,048 8,456
Income before income taxes 45,383 67,230 45,850 83,095
Income tax expense (5,284) (4,497) (12,024) (9,164)
Net income 40,099 62,733 33,826 73,931
Less net loss attributable to noncontrolling interests in consolidated subsidiaries 13,890 2,781 25,872 12,709
Net income 53,989 65,514 59,698 86,640
Preferred dividends/distributions (15,557) (15,557) (31,115) (31,115)
NET INCOME $ 38,432 $ 49,957 $ 28,583 $ 55,525
INCOME PER CLASS A UNIT - BASIC:        
Net income (loss) per Class A unit (in dollars per unit) $ 0.19 $ 0.24 $ 0.14 $ 0.27
Weighted average units outstanding, basic (in shares) 204,960 205,411 204,917 205,606
INCOME PER CLASS A UNIT - DILUTED:        
Net income (loss) per Class A unit (in dollars per unit) $ 0.18 $ 0.24 $ 0.13 $ 0.27
Weighted average units outstanding, diluted (in shares) 208,873 208,747 208,975 208,302
Vornado Realty L.P. | Rental revenues        
REVENUES:        
Total revenues $ 393,595 $ 418,834 $ 782,873 $ 815,627
Vornado Realty L.P. | Fee and other income        
REVENUES:        
Total revenues $ 56,671 $ 53,525 $ 103,768 $ 102,655