XML 17 R4.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
REVENUES        
Property rentals $ 37,970 $ 37,598 $ 114,507 $ 113,129
Expense reimbursements 20,124 19,522 58,006 56,554
Total revenues 58,094 57,120 172,513 169,683
EXPENSES        
Operating, including fees to Vornado of $1,146, $1,082, $3,365 and $3,389, respectively 21,272 21,714 62,937 60,702
Depreciation and amortization 8,430 8,045 24,613 25,745
General and administrative, including management fees to Vornado of $595 and $1,785 in each three and nine month period, respectively 1,228 1,225 4,080 4,285
Total expenses 30,930 30,984 91,630 90,732
OPERATING INCOME 27,164 26,136 80,883 78,951
Interest and other income, net 2,081 522 4,105 2,388
Interest and debt expense (8,940) (5,615) (22,355) (16,476)
Income before income taxes 20,305 21,043 62,633 64,863
Income tax expense (6) (7) (7) (41)
Net income $ 20,299 $ 21,036 $ 62,626 $ 64,822
Net income per common share - basic and diluted $ 3.97 $ 4.11 $ 12.24 $ 12.68
Weighted average shares outstanding - basic and diluted 5,115,982 5,114,701 5,115,339 5,113,877
Dividends per common share $ 4.25 $ 4.00 $ 12.75 $ 12.00