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Consolidated Statements of Income (USD $)
In Thousands, except Per Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
REVENUES:        
Property rentals $ 573,646 $ 565,412 $ 1,144,806 $ 1,117,869
Tenant expense reimbursements 82,325 86,420 173,284 178,350
Cleveland Medical Mart development project 32,369 0 73,068 0
Fee and other income 41,811 32,157 76,104 73,084
Total Revenues 730,151 683,989 1,467,262 1,369,303
EXPENSES:        
Operating 273,152 261,845 563,925 536,538
Depreciation and amortization 131,898 133,277 264,125 267,070
General and administrative 50,251 49,540 109,254 98,170
Cleveland Medical Mart development project 29,940 0 68,218 0
Acquisition and other costs 1,897 1,930 20,167 1,930
Total expenses 487,138 446,592 1,025,689 903,708
Operating income 243,013 237,397 441,573 465,595
Income (loss) from partially owned entities 3,557 (16,552) 132,785 120,662
Income from Real Estate Fund (of which $12,102 and $12,028 is allocated to noncontrolling interests, in the three and six months ended June 30, 2011, respectively) 19,058 0 20,138 0
Interest and other investment income (loss), net 8,007 3,876 125,115 18,580
Interest and debt expense (including amortization of deferred financing costs of $5,235 and $4,514 in each three-month period, respectively, and $9,868 and $8,915 in each six-month period, respectively) (137,202) (142,175) (271,967) (277,902)
Net (loss) gain on early extinguishment of debt 0 (1,072) 0 (1,072)
Net gain on disposition of wholly owned and partially owned assets 0 4,382 6,677 7,687
Income before income taxes 136,433 85,856 454,321 333,550
Income tax expense (5,922) (4,964) (12,304) (10,544)
Income from continuing operations 130,511 80,892 442,017 323,006
Income (loss) from discontinued operations 458 (3,681) 134,773 (13,251)
Net income 130,969 77,211 576,790 309,755
Net income attributable to noncontrolling interests in consolidated subsidiaries (13,657) (981) (15,007) (1,194)
Net income attributable to noncontrolling interests in the Operating Partnership, including unit distributions (8,731) (4,124) (40,539) (21,903)
Net income attributable to Vornado 108,581 72,106 521,244 286,658
Preferred share dividends (16,668) (14,266) (30,116) (28,533)
NET INCOME attributable to common shareholders 91,913 57,840 491,128 258,125
INCOME PER COMMON SHARE - BASIC:        
Income from continuing operations, net $ 0.50 $ 0.34 $ 1.98 $ 1.49
(Loss) income from discontinued operations, net $ 0.00 $ (0.02) $ 0.69 $ (0.07)
Net income per common share $ 0.50 $ 0.32 $ 2.67 $ 1.42
Weighted average shares 184,268 182,027 184,129 181,786
INCOME PER COMMON SHARE - DILUTED:        
Income from continuing operations, net $ 0.49 $ 0.33 $ 1.97 $ 1.48
(Loss) income from discontinued operations, net $ 0.00 $ (0.02) $ 0.66 $ (0.07)
Net income per common share $ 0.49 $ 0.31 $ 2.63 $ 1.41
Weighted average shares 186,144 183,644 191,736 183,598
DIVIDENDS PER COMMON SHARE $ 0.69 $ 0.65 $ 1.38 $ 1.30
Toys R Us [Member]
       
EXPENSES:        
Income (loss) from partially owned entities (22,846) (21,004) 90,098 104,866
All Equity Method Investees Excluding Toys [Member]
       
EXPENSES:        
Income (loss) from partially owned entities $ 26,403 $ 4,452 $ 42,687 $ 15,796