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Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
REVENUES:        
Revenues $ 463,103 $ 541,818 $ 997,771 $ 1,078,255
EXPENSES:        
Operating (220,752) (235,981) (467,647) (473,583)
Depreciation and amortization (113,035) (111,846) (229,744) (220,532)
General and administrative (38,872) (34,427) (96,892) (76,960)
Expense from deferred compensation plan liability (1,315) (2,077) (6,748) (1,673)
Transaction related costs, impairment losses and other (101,590) (1,017) (101,739) (14,173)
Total expenses (475,564) (385,348) (902,770) (786,921)
Income (loss) from partially owned entities 22,873 8,757 30,193 (1,147)
Loss from real estate fund investments (15,803) (28,976) (15,970) (37,783)
Interest and other investment income, net 7,840 30,892 12,885 6,508
Income from deferred compensation plan assets 1,315 2,077 6,748 1,673
Interest and debt expense (63,029) (87,657) (165,492) (175,823)
Net gain on transfer to Fifth Avenue and Times Square JV 2,571,099 0 2,571,099 0
Net gains on disposition of wholly owned and partially owned assets 111,713 23,559 332,007 23,559
Income before income taxes 2,623,547 105,122 2,866,471 108,321
Income tax expense (26,914) (467) (56,657) (3,021)
Income from continuing operations 2,596,633 104,655 2,809,814 105,300
Income (loss) from discontinued operations 60 683 (77) 320
Net income 2,596,693 105,338 2,809,737 105,620
Less net (income) loss attributable to noncontrolling interests / noncontrolling interests in consolidated subsidiaries        
Consolidated subsidiaries (21,451) 26,175 (28,271) 34,449
Operating Partnership (162,515) (7,445) (174,717) (6,321)
Net income attributable to Vornado / Vornado Realty L.P. 2,412,727 124,068 2,606,749 133,748
Preferred share dividends / unit distributions (12,532) (12,534) (25,066) (25,569)
Preferred share / unit issuance costs 0 0 0 (14,486)
NET INCOME attributable to common shareholders / Class A unitholders $ 2,400,195 $ 111,534 $ 2,581,683 $ 93,693
INCOME PER COMMON SHARE – BASIC:        
Net income per common share (in dollars per share) $ 12.58 $ 0.59 $ 13.53 $ 0.49
Weighted average shares outstanding, basic (in shares) 190,781 190,200 190,735 190,141
INCOME PER COMMON SHARE – DILUTED:        
Net income per common share (in dollars per share) $ 12.56 $ 0.58 $ 13.51 $ 0.49
Weighted average shares outstanding, diluted (in shares) 191,058 191,168 191,030 191,190
Vornado Realty L.P.        
REVENUES:        
Revenues $ 463,103 $ 541,818 $ 997,771 $ 1,078,255
EXPENSES:        
Operating (220,752) (235,981) (467,647) (473,583)
Depreciation and amortization (113,035) (111,846) (229,744) (220,532)
General and administrative (38,872) (34,427) (96,892) (76,960)
Expense from deferred compensation plan liability (1,315) (2,077) (6,748) (1,673)
Transaction related costs, impairment losses and other (101,590) (1,017) (101,739) (14,173)
Total expenses (475,564) (385,348) (902,770) (786,921)
Income (loss) from partially owned entities 22,873 8,757 30,193 (1,147)
Loss from real estate fund investments (15,803) (28,976) (15,970) (37,783)
Interest and other investment income, net 7,840 30,892 12,885 6,508
Income from deferred compensation plan assets 1,315 2,077 6,748 1,673
Interest and debt expense (63,029) (87,657) (165,492) (175,823)
Net gain on transfer to Fifth Avenue and Times Square JV 2,571,099 0 2,571,099 0
Net gains on disposition of wholly owned and partially owned assets 111,713 23,559 332,007 23,559
Income before income taxes 2,623,547 105,122 2,866,471 108,321
Income tax expense (26,914) (467) (56,657) (3,021)
Income from continuing operations 2,596,633 104,655 2,809,814 105,300
Income (loss) from discontinued operations 60 683 (77) 320
Net income 2,596,693 105,338 2,809,737 105,620
Less net (income) loss attributable to noncontrolling interests / noncontrolling interests in consolidated subsidiaries        
Consolidated subsidiaries (21,451) 26,175 (28,271) 34,449
Operating Partnership (162,515) (7,445) (174,717) (6,321)
Net income attributable to Vornado / Vornado Realty L.P. 2,575,242 131,513 2,781,466 140,069
Preferred share dividends / unit distributions (12,573) (12,582) (25,148) (25,666)
Preferred share / unit issuance costs 0 0 0 (14,486)
NET INCOME attributable to common shareholders / Class A unitholders $ 2,562,669 $ 118,931 $ 2,756,318 $ 99,917
INCOME PER CLASS A UNIT – BASIC:        
Net income per Class A unit (in dollars per unit) $ 12.58 $ 0.58 $ 13.53 $ 0.49
Weighted average units outstanding, basic (in shares) 202,924 202,064 202,848 201,997
INCOME PER CLASS A UNIT – DILUTED:        
Net income per Class A unit (in dollars per unit) $ 12.54 $ 0.58 $ 13.50 $ 0.48
Weighted average units outstanding, diluted (in shares) 203,480 203,354 203,391 203,266
Rental revenues        
REVENUES:        
Revenues $ 421,299 $ 502,907 $ 921,176 $ 1,003,327
Rental revenues | Vornado Realty L.P.        
REVENUES:        
Revenues 421,299 502,907 921,176 1,003,327
Fee and other income        
REVENUES:        
Revenues 41,804 38,911 76,595 74,928
Fee and other income | Vornado Realty L.P.        
REVENUES:        
Revenues $ 41,804 $ 38,911 $ 76,595 $ 74,928