XML 28 R12.htm IDEA: XBRL DOCUMENT v3.23.2
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
REVENUES:        
Total revenues $ 472,359 $ 453,494 $ 918,282 $ 895,624
EXPENSES:        
Operating (222,723) (222,309) (451,496) (438,838)
Depreciation and amortization (107,162) (118,662) (213,727) (236,105)
General and administrative (39,410) (31,902) (81,005) (73,118)
(Expense) benefit from deferred compensation plan liability (2,182) 7,594 (5,910) 9,538
Transaction related costs and other (30) (2,960) (688) (3,965)
Total expenses (371,507) (368,239) (752,826) (742,488)
Income from partially owned entities 37,272 25,720 53,938 59,434
(Loss) income from real estate fund investments (102) (142) (121) 5,532
Interest and other investment income, net 13,255 3,036 22,858 4,054
Income (loss) from deferred compensation plan assets 2,182 (7,594) 5,910 (9,538)
Interest and debt expense (87,165) (62,640) (173,402) (114,749)
Net gains on disposition of wholly owned and partially owned assets 936 28,832 8,456 35,384
Income before income taxes 67,230 72,467 83,095 133,253
Income tax expense (4,497) (3,564) (9,164) (10,975)
Net income 62,733 68,903 73,931 122,278
Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries 2,781 826 12,709 (8,548)
Net income attributable to Vornado / Vornado Realty L.P. 61,906 65,947 82,603 107,954
Preferred share dividends / unit distributions (15,529) (15,529) (31,058) (31,058)
NET INCOME attributable to common shareholders / Class A unitholders 46,377 50,418 51,545 76,896
Rental revenues        
REVENUES:        
Total revenues 418,834 405,194 815,627 802,477
Fee and other income        
REVENUES:        
Total revenues 53,525 48,300 102,655 93,147
Vornado Realty L.P.        
REVENUES:        
Total revenues 472,359 453,494 918,282 895,624
EXPENSES:        
Operating (222,723) (222,309) (451,496) (438,838)
Depreciation and amortization (107,162) (118,662) (213,727) (236,105)
General and administrative (39,410) (31,902) (81,005) (73,118)
(Expense) benefit from deferred compensation plan liability (2,182) 7,594 (5,910) 9,538
Transaction related costs and other (30) (2,960) (688) (3,965)
Total expenses (371,507) (368,239) (752,826) (742,488)
Income from partially owned entities 37,272 25,720 53,938 59,434
(Loss) income from real estate fund investments (102) (142) (121) 5,532
Interest and other investment income, net 13,255 3,036 22,858 4,054
Income (loss) from deferred compensation plan assets 2,182 (7,594) 5,910 (9,538)
Interest and debt expense (87,165) (62,640) (173,402) (114,749)
Net gains on disposition of wholly owned and partially owned assets 936 28,832 8,456 35,384
Income before income taxes 67,230 72,467 83,095 133,253
Income tax expense (4,497) (3,564) (9,164) (10,975)
Net income 62,733 68,903 73,931 122,278
Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries 2,781 826 12,709 (8,548)
Net income attributable to Vornado / Vornado Realty L.P. 65,514 69,729 86,640 113,730
Preferred share dividends / unit distributions (15,557) (15,557) (31,115) (31,115)
NET INCOME attributable to common shareholders / Class A unitholders $ 49,957 $ 54,172 $ 55,525 $ 82,615
INCOME PER CLASS A UNIT - BASIC:        
Net income per Class A unit (in dollars per unit) $ 0.24 $ 0.26 $ 0.27 $ 0.40
Weighted average units outstanding, basic (in shares) 205,411 205,259 205,606 205,200
INCOME PER CLASS A UNIT - DILUTED:        
Net income per Class A unit (in dollars per unit) $ 0.24 $ 0.26 $ 0.27 $ 0.39
Weighted average units outstanding, diluted (in shares) 208,747 205,930 208,302 205,922
Vornado Realty L.P. | Rental revenues        
REVENUES:        
Total revenues $ 418,834 $ 405,194 $ 815,627 $ 802,477
Vornado Realty L.P. | Fee and other income        
REVENUES:        
Total revenues $ 53,525 $ 48,300 $ 102,655 $ 93,147