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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
REVENUES:      
Property rentals $ 1,760,205 $ 1,714,952 $ 1,662,093
Tenant expense reimbursements 247,128 233,424 221,563
Fee and other income 156,387 135,750 120,086
Total revenues 2,163,720 2,084,126 2,003,742
EXPENSES:      
Operating 963,478 886,596 844,566
Depreciation and amortization 446,570 429,389 421,023
General and administrative 141,871 150,782 143,643
(Benefit) expense from deferred compensation plan liability (2,480) 6,932 5,213
Transaction related costs, impairment loss and other 31,320 1,776 9,451
Total expenses 1,580,759 1,475,475 1,423,896
Operating income 582,961 608,651 579,846
Income from partially owned entities 9,149 15,200 168,948
(Loss) income from real estate fund investments (89,231) 3,240 (23,602)
Interest and other investment income, net 17,057 30,861 24,335
(Loss) income from deferred compensation plan assets (2,480) 6,932 5,213
Interest and debt expense (347,949) (345,654) (330,240)
Purchase price fair value adjustment 44,060 0 0
Net gains on disposition of wholly owned and partially owned assets 246,031 501 160,433
Income before income taxes 459,598 319,731 584,933
Income tax expense (37,633) (42,375) (7,923)
Income from continuing operations 421,965 277,356 577,010
Income (loss) from discontinued operations 638 (13,228) 404,912
Net income 422,603 264,128 981,922
Less net loss (income) attributable to noncontrolling interests in:      
Consolidated subsidiaries 53,023 (25,802) (21,351)
Operating Partnership (25,672) (10,910) (53,654)
Net income attributable to Vornado / Vornado Realty L.P. 449,954 227,416 906,917
Preferred share dividends / unit distributions (50,636) (65,399) (75,903)
Preferred share / unit issuance cost (14,486) 0 (7,408)
NET INCOME attributable to common shareholders / Class A unitholders $ 384,832 $ 162,017 $ 823,606
INCOME PER COMMON SHARE – BASIC:      
Income from continuing operations, net (in dollars per share) $ 2.02 $ 0.92 $ 2.35
Income (loss) from discontinued operations, net (in dollars per share) 0.00 (0.07) 2.01
Net income per common share (in dollars per share) $ 2.02 $ 0.85 $ 4.36
Weighted average shares outstanding 190,219 189,526 188,837
INCOME PER COMMON SHARE – DILUTED:      
Income from continuing operations, net (in dollars per share) $ 2.01 $ 0.91 $ 2.34
Income (loss) from discontinued operations, net (in dollars per share) 0.00 (0.06) 2.00
Net income per common share (in dollars per share) $ 2.01 $ 0.85 $ 4.34
Weighted average shares outstanding 191,290 191,258 190,173
Vornado Realty L.P.      
REVENUES:      
Property rentals $ 1,760,205 $ 1,714,952 $ 1,662,093
Tenant expense reimbursements 247,128 233,424 221,563
Fee and other income 156,387 135,750 120,086
Total revenues 2,163,720 2,084,126 2,003,742
EXPENSES:      
Operating 963,478 886,596 844,566
Depreciation and amortization 446,570 429,389 421,023
General and administrative 141,871 150,782 143,643
(Benefit) expense from deferred compensation plan liability (2,480) 6,932 5,213
Transaction related costs, impairment loss and other 31,320 1,776 9,451
Total expenses 1,580,759 1,475,475 1,423,896
Operating income 582,961 608,651 579,846
Income from partially owned entities 9,149 15,200 168,948
(Loss) income from real estate fund investments (89,231) 3,240 (23,602)
Interest and other investment income, net 17,057 30,861 24,335
(Loss) income from deferred compensation plan assets (2,480) 6,932 5,213
Interest and debt expense (347,949) (345,654) (330,240)
Purchase price fair value adjustment 44,060 0 0
Net gains on disposition of wholly owned and partially owned assets 246,031 501 160,433
Income before income taxes 459,598 319,731 584,933
Income tax expense (37,633) (42,375) (7,923)
Income from continuing operations 421,965 277,356 577,010
Income (loss) from discontinued operations 638 (13,228) 404,912
Net income 422,603 264,128 981,922
Less net loss (income) attributable to noncontrolling interests in:      
Consolidated subsidiaries 53,023 (25,802) (21,351)
Operating Partnership (25,672) (10,910) (53,654)
Net income attributable to Vornado / Vornado Realty L.P. 475,626 238,326 960,571
Preferred share dividends / unit distributions (50,830) (65,593) (76,097)
Preferred share / unit issuance cost (14,486) 0 (7,408)
NET INCOME attributable to common shareholders / Class A unitholders $ 410,310 $ 172,733 $ 877,066
INCOME PER CLASS A UNIT – BASIC:      
Income from continuing operations, net (in dollars per share) $ 2.01 $ 0.91 $ 2.34
Income (loss) from discontinued operations, net (in dollars per share) 0.01 (0.07) 2.02
Net income per Class A unit (in dollars per share) $ 2.02 $ 0.84 $ 4.36
Weighted average units outstanding 202,068 201,214 200,350
INCOME PER CLASS A UNIT – DILUTED:      
Income from continuing operations, net (in dollars per share) $ 2.00 $ 0.90 $ 2.32
Income (loss) from discontinued operations, net (in dollars per share) 0.00 (0.07) 2.00
Net income per Class A unit (in dollars per share) $ 2.00 $ 0.83 $ 4.32
Weighted average units outstanding 203,412 203,300 202,017