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Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
REVENUES:        
Revenues $ 465,961 $ 542,048 $ 1,463,732 $ 1,620,303
EXPENSES:        
Operating (226,359) (235,575) (694,006) (709,158)
Depreciation and amortization (96,437) (113,169) (326,181) (333,701)
General and administrative (33,237) (31,977) (130,129) (108,937)
Expense from deferred compensation plan liability (974) (1,861) (7,722) (3,534)
Transaction related costs, impairment losses and other (1,576) (2,510) (103,315) (16,683)
Total expenses (358,583) (385,092) (1,261,353) (1,172,013)
Income from partially owned entities 25,946 7,206 56,139 6,059
Income (loss) from real estate fund investments 2,190 (190) (13,780) (37,973)
Interest and other investment income, net 3,045 2,893 15,930 9,401
Income from deferred compensation plan assets 974 1,861 7,722 3,534
Interest and debt expense (61,448) (88,951) (226,940) (264,774)
Net gain on transfer to Fifth Avenue and Times Square JV 0 0 2,571,099 0
Net gains on disposition of wholly owned and partially owned assets 309,657 141,269 641,664 164,828
Income before income taxes 387,742 221,044 3,254,213 329,365
Income tax expense (23,885) (1,943) (80,542) (4,964)
Income from continuing operations 363,857 219,101 3,173,671 324,401
(Loss) income from discontinued operations (8) 61 (85) 381
Net income 363,849 219,162 3,173,586 324,782
Less net (income) loss attributable to noncontrolling interests / noncontrolling interests in consolidated subsidiaries        
Consolidated subsidiaries (5,774) (3,312) (34,045) 31,137
Operating Partnership (22,637) (12,671) (197,354) (18,992)
Net income attributable to Vornado / Vornado Realty L.P. 335,438 203,179 2,942,187 336,927
Preferred share dividends / unit distributions (12,532) (12,534) (37,598) (38,103)
Preferred share / unit issuance costs 0 0 0 (14,486)
NET INCOME attributable to common shareholders / Class A unitholders $ 322,906 $ 190,645 $ 2,904,589 $ 284,338
INCOME PER COMMON SHARE – BASIC:        
Net income per common share (in dollars per share) $ 1.69 $ 1.00 $ 15.22 $ 1.50
Weighted average shares outstanding, basic (in shares) 190,814 190,245 190,762 190,176
INCOME PER COMMON SHARE – DILUTED:        
Net income per common share (in dollars per share) $ 1.69 $ 1.00 $ 15.20 $ 1.49
Weighted average shares outstanding, diluted (in shares) 191,024 191,327 191,027 191,292
Vornado Realty L.P.        
REVENUES:        
Revenues $ 465,961 $ 542,048 $ 1,463,732 $ 1,620,303
EXPENSES:        
Operating (226,359) (235,575) (694,006) (709,158)
Depreciation and amortization (96,437) (113,169) (326,181) (333,701)
General and administrative (33,237) (31,977) (130,129) (108,937)
Expense from deferred compensation plan liability (974) (1,861) (7,722) (3,534)
Transaction related costs, impairment losses and other (1,576) (2,510) (103,315) (16,683)
Total expenses (358,583) (385,092) (1,261,353) (1,172,013)
Income from partially owned entities 25,946 7,206 56,139 6,059
Income (loss) from real estate fund investments 2,190 (190) (13,780) (37,973)
Interest and other investment income, net 3,045 2,893 15,930 9,401
Income from deferred compensation plan assets 974 1,861 7,722 3,534
Interest and debt expense (61,448) (88,951) (226,940) (264,774)
Net gain on transfer to Fifth Avenue and Times Square JV 0 0 2,571,099 0
Net gains on disposition of wholly owned and partially owned assets 309,657 141,269 641,664 164,828
Income before income taxes 387,742 221,044 3,254,213 329,365
Income tax expense (23,885) (1,943) (80,542) (4,964)
Income from continuing operations 363,857 219,101 3,173,671 324,401
(Loss) income from discontinued operations (8) 61 (85) 381
Net income 363,849 219,162 3,173,586 324,782
Less net (income) loss attributable to noncontrolling interests / noncontrolling interests in consolidated subsidiaries        
Consolidated subsidiaries (5,774) (3,312) (34,045) 31,137
Operating Partnership (22,637) (12,671) (197,354) (18,992)
Net income attributable to Vornado / Vornado Realty L.P. 358,075 215,850 3,139,541 355,919
Preferred share dividends / unit distributions (12,574) (12,582) (37,722) (38,248)
Preferred share / unit issuance costs 0 0 0 (14,486)
NET INCOME attributable to common shareholders / Class A unitholders $ 345,501 $ 203,268 $ 3,101,819 $ 303,185
INCOME PER CLASS A UNIT – BASIC:        
Net income per Class A unit (in dollars per unit) $ 1.69 $ 1.00 $ 15.21 $ 1.49
Weighted average units outstanding, basic (in shares) 203,009 202,103 202,903 202,033
INCOME PER CLASS A UNIT – DILUTED:        
Net income per Class A unit (in dollars per unit) $ 1.69 $ 0.99 $ 15.18 $ 1.48
Weighted average units outstanding, diluted (in shares) 203,550 203,594 203,416 203,400
Rental revenues        
REVENUES:        
Revenues $ 427,638 $ 503,947 $ 1,348,814 $ 1,507,274
Rental revenues | Vornado Realty L.P.        
REVENUES:        
Revenues 427,638 503,947 1,348,814 1,507,274
Fee and other income        
REVENUES:        
Revenues 38,323 38,101 114,918 113,029
Fee and other income | Vornado Realty L.P.        
REVENUES:        
Revenues $ 38,323 $ 38,101 $ 114,918 $ 113,029