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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
REVENUES:        
Property rentals $ 529,294 $ 527,178 $ 1,043,112 $ 1,046,670
Tenant expense reimbursements 60,687 60,841 128,357 120,416
Fee and other income 36,058 33,689 75,418 67,659
Total revenues 626,039 621,708 1,246,887 1,234,745
EXPENSES:        
Operating 256,687 245,138 517,594 501,487
Depreciation and amortization 137,015 141,313 275,826 284,270
General and administrative 42,470 45,564 99,128 94,268
Acquisition and transaction related costs 6,471 2,879 14,476 7,486
Skyline properties impairment loss 0 0 0 160,700
Total expenses 442,643 434,894 907,024 1,048,211
Operating income 183,396 186,814 339,863 186,534
Income (loss) from partially owned entities 46,276 642 47,721 (3,598)
Income from real estate fund investments 4,391 16,389 4,659 27,673
Interest and other investment income, net 9,307 10,236 18,535 13,754
Interest and debt expense (96,797) (105,576) (191,082) (206,065)
Net gains on disposition of wholly owned and partially owned assets 0 159,511 501 160,225
Income before income taxes 146,573 268,016 220,197 178,523
Income tax benefit (expense) 248 (2,109) (1,957) (4,940)
Income from continuing operations 146,821 265,907 218,240 173,583
Income from discontinued operations 663 2,475 3,091 3,191
Net income 147,484 268,382 221,331 176,774
Less net income attributable to noncontrolling interests in:        
Consolidated subsidiaries (7,677) (13,025) (14,414) (22,703)
Operating Partnership (7,706) (14,531) (10,935) (7,044)
Net income attributable to Vornado / Vornado Realty L.P. 132,101 240,826 195,982 147,027
Preferred share dividends / Preferred unit distributions (16,129) (20,363) (32,258) (40,727)
NET INCOME attributable to common shareholders / Class A unitholders $ 115,972 $ 220,463 $ 163,724 $ 106,300
INCOME PER COMMON SHARE / CLASS A UNIT - BASIC:        
Income from continuing operations, net (in dollars per share) $ 0.61 $ 1.16 $ 0.84 $ 0.54
Income from discontinued operations, net (in dollars per share) 0 0.01 0.02 0.02
Net income per common share (in dollars per share) $ 0.61 $ 1.17 $ 0.86 $ 0.56
Weighted average shares outstanding 189,395 188,772 189,304 188,715
INCOME PER COMMON SHARE / CLASS A UNIT - DILUTED:        
Income from continuing operations, net (in dollars per share) $ 0.61 $ 1.15 $ 0.84 $ 0.54
Income from discontinued operations, net (in dollars per share) 0 0.01 0.02 0.02
Net income per common share (in dollars per share) $ 0.61 $ 1.16 $ 0.86 $ 0.56
Weighted average shares outstanding 190,444 189,885 190,674 190,000
DIVIDENDS PER COMMON SHARE (in dollars per share) $ 0.71 $ 0.63 $ 1.42 $ 1.26
Vornado Realty L.P.        
REVENUES:        
Property rentals $ 529,294 $ 527,178 $ 1,043,112 $ 1,046,670
Tenant expense reimbursements 60,687 60,841 128,357 120,416
Fee and other income 36,058 33,689 75,418 67,659
Total revenues 626,039 621,708 1,246,887 1,234,745
EXPENSES:        
Operating 256,687 245,138 517,594 501,487
Depreciation and amortization 137,015 141,313 275,826 284,270
General and administrative 42,470 45,564 99,128 94,268
Acquisition and transaction related costs 6,471 2,879 14,476 7,486
Skyline properties impairment loss 0 0 0 160,700
Total expenses 442,643 434,894 907,024 1,048,211
Operating income 183,396 186,814 339,863 186,534
Income (loss) from partially owned entities 46,276 642 47,721 (3,598)
Income from real estate fund investments 4,391 16,389 4,659 27,673
Interest and other investment income, net 9,307 10,236 18,535 13,754
Interest and debt expense (96,797) (105,576) (191,082) (206,065)
Net gains on disposition of wholly owned and partially owned assets 0 159,511 501 160,225
Income before income taxes 146,573 268,016 220,197 178,523
Income tax benefit (expense) 248 (2,109) (1,957) (4,940)
Income from continuing operations 146,821 265,907 218,240 173,583
Income from discontinued operations 663 2,475 3,091 3,191
Net income 147,484 268,382 221,331 176,774
Less net income attributable to noncontrolling interests in:        
Consolidated subsidiaries (7,677) (13,025) (14,414) (22,703)
Operating Partnership     10,935 7,044
Net income attributable to Vornado / Vornado Realty L.P. 139,807 255,357 206,917 154,071
Preferred share dividends / Preferred unit distributions (16,177) (20,412) (32,355) (40,824)
NET INCOME attributable to common shareholders / Class A unitholders $ 123,630 $ 234,945 $ 174,562 $ 113,247
INCOME PER COMMON SHARE / CLASS A UNIT - BASIC:        
Income from continuing operations, net (in dollars per unit) $ 0.61 $ 1.16 $ 0.84 $ 0.54
Income from discontinued operations, net (in dollars per unit) 0 0.01 0.02 0.02
Net income per Class A unit (in dollars per unit) $ 0.61 $ 1.17 $ 0.86 $ 0.56
Weighted average units outstanding 201,127 200,369 200,987 200,220
INCOME PER COMMON SHARE / CLASS A UNIT - DILUTED:        
Income from continuing operations, net (in dollars per unit) $ 0.61 $ 1.15 $ 0.84 $ 0.54
Income from discontinued operations, net (in dollars per unit) 0 0.01 0.01 0.01
Net income per Class A unit (in dollars per unit) $ 0.61 $ 1.16 $ 0.85 $ 0.55
Weighted average units outstanding 202,623 201,975 202,617 201,821
DISTRIBUTIONS PER CLASS A UNIT (in dollars per unit) $ 0.71 $ 0.63 $ 1.42 $ 1.26