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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
REVENUES:        
Total revenues $ 453,700 $ 443,255 $ 1,356,716 $ 1,329,896
EXPENSES:        
Operating (241,769) (236,149) (685,857) (691,753)
Depreciation and amortization (117,122) (116,006) (348,851) (334,439)
General and administrative (37,490) (35,511) (116,065) (111,883)
Expense from deferred compensation plan liability (6,756) (5,171) (8,790) (11,089)
Transaction related costs and other (3,563) 113 (4,327) (3,901)
Total expenses (406,700) (392,724) (1,163,890) (1,153,065)
Income from partially owned entities 21,940 18,229 135,588 82,457
Interest and other investment income, net 22,413 12,391 41,730 34,626
Income from deferred compensation plan assets 6,756 5,171 8,790 11,089
Interest and debt expense (84,459) (100,907) (268,204) (289,786)
Gain on sales-type lease 0 0 803,248 0
Net gains on disposition of wholly owned and partially owned assets 0 0 24,039 16,048
Income (loss) before income taxes 13,650 (14,585) 938,017 31,265
Income tax benefit (expense) 5,589 (4,883) (5,727) (16,907)
Net income (loss) 19,239 (19,468) 932,290 14,358
Less net loss attributable to noncontrolling interests in consolidated subsidiaries 8,912 14,152 30,326 40,024
Net income (loss) attributable to Vornado 27,115 (3,626) 888,828 53,658
Preferred unit distributions (15,526) (15,528) (46,578) (46,586)
NET INCOME (LOSS) attributable to common shareholders 11,589 (19,154) 842,250 7,072
Rental revenues        
REVENUES:        
Total revenues 389,097 387,470 1,176,104 1,170,343
Fee and other income        
REVENUES:        
Total revenues 64,603 55,785 180,612 159,553
Vornado Realty L.P.        
REVENUES:        
Total revenues 453,700 443,255 1,356,716 1,329,896
EXPENSES:        
Operating (241,769) (236,149) (685,857) (691,753)
Depreciation and amortization (117,122) (116,006) (348,851) (334,439)
General and administrative (37,490) (35,511) (116,065) (111,883)
Expense from deferred compensation plan liability (6,756) (5,171) (8,790) (11,089)
Transaction related costs and other (3,563) 113 (4,327) (3,901)
Total expenses (406,700) (392,724) (1,163,890) (1,153,065)
Income from partially owned entities 21,940 18,229 135,588 82,457
Interest and other investment income, net 22,413 12,391 41,730 34,626
Income from deferred compensation plan assets 6,756 5,171 8,790 11,089
Interest and debt expense (84,459) (100,907) (268,204) (289,786)
Gain on sales-type lease 0 0 803,248 0
Net gains on disposition of wholly owned and partially owned assets 0 0 24,039 16,048
Income (loss) before income taxes 13,650 (14,585) 938,017 31,265
Income tax benefit (expense) 5,589 (4,883) (5,727) (16,907)
Net income (loss) 19,239 (19,468) 932,290 14,358
Less net loss attributable to noncontrolling interests in consolidated subsidiaries 8,912 14,152 30,326 40,024
Net income (loss) attributable to Vornado 28,151 (5,316) 962,616 54,382
Preferred unit distributions (15,555) (15,557) (46,664) (46,672)
NET INCOME (LOSS) attributable to common shareholders $ 12,596 $ (20,873) $ 915,952 $ 7,710
INCOME (LOSS) PER CLASS A UNIT - BASIC:        
Net income (loss) per Class A unit (in dollars per unit) $ 0.06 $ (0.10) $ 4.39 $ 0.04
Weighted average units outstanding, basic (in shares) 205,846 205,025 205,806 204,953
INCOME (LOSS) PER CLASS A UNIT - DILUTED:        
Net income (loss) per Class A unit (in dollars per unit) $ 0.06 $ (0.10) $ 4.20 $ 0.04
Weighted average units outstanding, diluted (in shares) 213,946 205,025 215,100 209,933
Vornado Realty L.P. | Rental revenues        
REVENUES:        
Total revenues $ 389,097 $ 387,470 $ 1,176,104 $ 1,170,343
Vornado Realty L.P. | Fee and other income        
REVENUES:        
Total revenues $ 64,603 $ 55,785 $ 180,612 $ 159,553