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Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
REVENUES:        
Property rentals $ 437,560 $ 432,062 $ 1,322,265 $ 1,275,597
Tenant expense reimbursements 66,387 63,401 185,009 174,091
Fee and other income 38,101 33,292 113,029 98,212
EXPENSES:        
Operating 235,575 225,226 709,158 661,585
Depreciation and amortization 113,169 104,972 333,701 315,223
General and administrative 31,977 34,286 108,937 115,866
Expense from deferred compensation plan liability 1,861 1,975 3,534 5,233
Transaction related costs and other 2,510 61 16,683 1,073
Total expenses 385,092 366,520 1,172,013 1,098,980
Operating income 156,956 162,235 448,290 448,920
Income (loss) from partially owned entities 7,206 (41,801) 6,059 5,578
Loss from real estate fund investments (190) (6,308) (37,973) (1,649)
Interest and other investment income, net 2,893 7,331 9,401 22,567
Income from deferred compensation plan assets 1,861 1,975 3,534 5,233
Interest and debt expense (88,951) (85,068) (264,774) (252,581)
Net gains on disposition of wholly owned and partially owned assets 141,269 0 164,828 501
Income before income taxes 221,044 38,364 329,365 228,569
Income tax expense (1,943) (1,188) (4,964) (3,491)
Income from continuing operations 219,101 37,176 324,401 225,078
Income (loss) from discontinued operations 61 (47,930) 381 (14,501)
Net income (loss) 219,162 (10,754) 324,782 210,577
Less net (income) loss attributable to noncontrolling interests in Consolidated subsidiaries (3,312) (4,022) 31,137 (18,436)
Operating Partnership (12,671) 1,878 (18,992) (9,057)
Net income (loss) attributable to Vornado / Vornado Realty L.P. 203,179 (12,898) 336,927 183,084
Preferred share dividends / unit distributions (12,534) (16,128) (38,103) (48,386)
Preferred share / unit issuance costs 0 0 (14,486) 0
NET INCOME (LOSS) attributable to common shareholders / Class A unitholders $ 190,645 $ (29,026) $ 284,338 $ 134,698
INCOME (LOSS) PER COMMON SHARE – BASIC:        
Income from continuing operations, net (in dollars per share) $ 1.00 $ 0.09 $ 1.50 $ 0.78
Loss from discontinued operations, net (in dollars per share) 0.00 (0.24) 0.00 (0.07)
Net income (loss) per common share (in dollars per share) $ 1.00 $ (0.15) $ 1.50 $ 0.71
Weighted average shares outstanding, basic 190,245 189,593 190,176 189,401
INCOME (LOSS) PER COMMON SHARE – DILUTED:        
Income from continuing operations, net (in dollars per share) $ 1.00 $ 0.09 $ 1.49 $ 0.78
Loss from discontinued operations, net (in dollars per share) 0.00 (0.24) 0.00 (0.07)
Net income (loss) per common share (in dollars per share) $ 1.00 $ (0.15) $ 1.49 $ 0.71
Weighted average shares outstanding, diluted 191,327 190,847 191,292 191,257
INCOME (LOSS) PER CLASS A UNIT – DILUTED:        
DIVIDENDS PER COMMON SHARE (in dollars per share) $ 0.63 $ 0.60 $ 1.89 $ 2.02
Vornado Realty L.P.        
REVENUES:        
Property rentals $ 437,560 $ 432,062 $ 1,322,265 $ 1,275,597
Tenant expense reimbursements 66,387 63,401 185,009 174,091
Fee and other income 38,101 33,292 113,029 98,212
EXPENSES:        
Operating 235,575 225,226 709,158 661,585
Depreciation and amortization 113,169 104,972 333,701 315,223
General and administrative 31,977 34,286 108,937 115,866
Expense from deferred compensation plan liability 1,861 1,975 3,534 5,233
Transaction related costs and other 2,510 61 16,683 1,073
Total expenses 385,092 366,520 1,172,013 1,098,980
Operating income 156,956 162,235 448,290 448,920
Income (loss) from partially owned entities 7,206 (41,801) 6,059 5,578
Loss from real estate fund investments (190) (6,308) (37,973) (1,649)
Interest and other investment income, net 2,893 7,331 9,401 22,567
Income from deferred compensation plan assets 1,861 1,975 3,534 5,233
Interest and debt expense (88,951) (85,068) (264,774) (252,581)
Net gains on disposition of wholly owned and partially owned assets 141,269 0 164,828 501
Income before income taxes 221,044 38,364 329,365 228,569
Income tax expense (1,943) (1,188) (4,964) (3,491)
Income from continuing operations 219,101 37,176 324,401 225,078
Income (loss) from discontinued operations 61 (47,930) 381 (14,501)
Net income (loss) 219,162 (10,754) 324,782 210,577
Less net (income) loss attributable to noncontrolling interests in Consolidated subsidiaries (3,312) (4,022) 31,137 (18,436)
Operating Partnership     (18,992) (9,057)
Net income (loss) attributable to Vornado / Vornado Realty L.P. 215,850 (14,776) 355,919 192,141
Preferred share dividends / unit distributions (12,582) (16,176) (38,248) (48,531)
Preferred share / unit issuance costs 0 0 (14,486) 0
NET INCOME (LOSS) attributable to common shareholders / Class A unitholders $ 203,268 $ (30,952) $ 303,185 $ 143,610
INCOME (LOSS) PER CLASS A UNIT – BASIC:        
Income from continuing operations, net (in dollars per unit) $ 1.00 $ 0.08 $ 1.49 $ 0.77
Loss from discontinued operations, net (in dollars per unit) 0.00 (0.24) 0.00 (0.07)
Net income (loss) per Class A unit (in dollars per unit) $ 1.00 $ (0.16) $ 1.49 $ 0.70
Weighted average units outstanding, basic (in shares) 202,103 201,300 202,033 201,093
INCOME (LOSS) PER CLASS A UNIT – DILUTED:        
Income from continuing operations, net (in dollars per unit) $ 0.99 $ 0.08 $ 1.48 $ 0.76
Loss from discontinued operations, net (in dollars per unit) 0.00 (0.24) 0.00 (0.07)
Net income (loss) per Class A unit (in dollars per unit) $ 0.99 $ (0.16) $ 1.48 $ 0.69
Weighted average units outstanding, diluted (in shares) 203,594 203,113 203,400 203,311
DISTRIBUTIONS PER CLASS A UNIT (in dollars per share) $ 0.63 $ 0.60 $ 1.89 $ 2.02
Real Estate        
REVENUES:        
Total revenues $ 542,048 $ 528,755 $ 1,620,303 $ 1,547,900
Real Estate | Vornado Realty L.P.        
REVENUES:        
Total revenues $ 542,048 $ 528,755 $ 1,620,303 $ 1,547,900