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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
REVENUES:        
Total revenues $ 443,255 $ 450,995 $ 1,329,896 $ 1,369,277
EXPENSES:        
Operating (236,149) (233,737) (691,753) (685,233)
Depreciation and amortization (116,006) (110,349) (334,439) (324,076)
General and administrative (35,511) (35,838) (111,883) (116,843)
Expense from deferred compensation plan liability (5,171) (1,631) (11,089) (7,541)
Transaction related costs and other 113 (813) (3,901) (1,501)
Total expenses (392,724) (382,368) (1,153,065) (1,135,194)
Income from partially owned entities 18,229 18,269 82,457 72,207
Interest and other investment income, net 12,391 14,717 34,626 37,454
Income from deferred compensation plan assets 5,171 1,631 11,089 7,541
Interest and debt expense (100,907) (88,126) (289,786) (261,528)
Net gains on disposition of wholly owned and partially owned assets 0 56,136 16,048 64,592
(Loss) income before income taxes (14,585) 71,254 31,265 154,349
Income tax expense (4,883) (11,684) (16,907) (20,848)
Net (loss) income (19,468) 59,570 14,358 133,501
Less net loss attributable to noncontrolling interests in consolidated subsidiaries 14,152 13,541 40,024 26,250
Net (loss) income (3,626) 68,375 53,658 150,978
Preferred unit distributions (15,528) (15,529) (46,586) (46,587)
NET (LOSS) INCOME (19,154) 52,846 7,072 104,391
Rental revenues        
REVENUES:        
Total revenues 387,470 400,367 1,170,343 1,215,994
Fee and other income        
REVENUES:        
Total revenues 55,785 50,628 159,553 153,283
Vornado Realty L.P.        
REVENUES:        
Total revenues 443,255 450,995 1,329,896 1,369,277
EXPENSES:        
Operating (236,149) (233,737) (691,753) (685,233)
Depreciation and amortization (116,006) (110,349) (334,439) (324,076)
General and administrative (35,511) (35,838) (111,883) (116,843)
Expense from deferred compensation plan liability (5,171) (1,631) (11,089) (7,541)
Transaction related costs and other 113 (813) (3,901) (1,501)
Total expenses (392,724) (382,368) (1,153,065) (1,135,194)
Income from partially owned entities 18,229 18,269 82,457 72,207
Interest and other investment income, net 12,391 14,717 34,626 37,454
Income from deferred compensation plan assets 5,171 1,631 11,089 7,541
Interest and debt expense (100,907) (88,126) (289,786) (261,528)
Net gains on disposition of wholly owned and partially owned assets 0 56,136 16,048 64,592
(Loss) income before income taxes (14,585) 71,254 31,265 154,349
Income tax expense (4,883) (11,684) (16,907) (20,848)
Net (loss) income (19,468) 59,570 14,358 133,501
Less net loss attributable to noncontrolling interests in consolidated subsidiaries 14,152 13,541 40,024 26,250
Net (loss) income (5,316) 73,111 54,382 159,751
Preferred unit distributions (15,557) (15,558) (46,672) (46,673)
NET (LOSS) INCOME $ (20,873) $ 57,553 $ 7,710 $ 113,078
(LOSS) INCOME PER CLASS A UNIT - BASIC:        
Net (loss) income per Class A unit (in dollars per unit) $ (0.10) $ 0.28 $ 0.04 $ 0.55
Weighted average units outstanding, basic (in shares) 205,025 204,628 204,953 205,268
(LOSS) INCOME PER CLASS A UNIT - DILUTED:        
Net (loss) income per Class A unit (in dollars per unit) $ (0.10) $ 0.28 $ 0.04 $ 0.54
Weighted average units outstanding, diluted (in shares) 205,025 207,185 209,933 207,885
Vornado Realty L.P. | Rental revenues        
REVENUES:        
Total revenues $ 387,470 $ 400,367 $ 1,170,343 $ 1,215,994
Vornado Realty L.P. | Fee and other income        
REVENUES:        
Total revenues $ 55,785 $ 50,628 $ 159,553 $ 153,283