v3.25.2
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
REVENUES:        
Total revenues $ 441,437 $ 450,266 $ 903,016 $ 886,641
EXPENSES:        
Operating (219,348) (229,380) (444,088) (455,604)
Depreciation and amortization (115,574) (109,774) (231,729) (218,433)
General and administrative (39,978) (38,475) (78,575) (76,372)
Expense from deferred compensation plan liability (3,123) (1,398) (2,034) (5,918)
Transaction related costs and other (721) (3,361) (764) (4,014)
Total expenses (378,744) (382,388) (757,190) (760,341)
Income from partially owned entities 16,671 47,949 113,648 64,228
Interest and other investment income, net 11,056 10,511 19,317 22,235
Income from deferred compensation plan assets 3,123 1,398 2,034 5,918
Interest and debt expense (87,929) (98,401) (183,745) (188,879)
Gain on sales-type lease 803,248 0 803,248 0
Net gains on disposition of wholly owned and partially owned assets 8,488 16,048 24,039 16,048
Income before income taxes 817,350 45,383 924,367 45,850
Income tax expense (4,123) (5,284) (11,316) (12,024)
Net income 813,227 40,099 913,051 33,826
Less net loss attributable to noncontrolling interests in consolidated subsidiaries 10,981 13,890 21,414 25,872
Net income attributable to Vornado 759,345 50,789 861,713 57,284
Preferred unit distributions (15,526) (15,529) (31,052) (31,058)
NET INCOME attributable to common shareholders 743,819 35,260 830,661 26,226
Rental revenues        
REVENUES:        
Total revenues 382,252 393,595 787,007 782,873
Fee and other income        
REVENUES:        
Total revenues 59,185 56,671 116,009 103,768
Vornado Realty L.P.        
REVENUES:        
Total revenues 441,437 450,266 903,016 886,641
EXPENSES:        
Operating (219,348) (229,380) (444,088) (455,604)
Depreciation and amortization (115,574) (109,774) (231,729) (218,433)
General and administrative (39,978) (38,475) (78,575) (76,372)
Expense from deferred compensation plan liability (3,123) (1,398) (2,034) (5,918)
Transaction related costs and other (721) (3,361) (764) (4,014)
Total expenses (378,744) (382,388) (757,190) (760,341)
Income from partially owned entities 16,671 47,949 113,648 64,228
Interest and other investment income, net 11,056 10,511 19,317 22,235
Income from deferred compensation plan assets 3,123 1,398 2,034 5,918
Interest and debt expense (87,929) (98,401) (183,745) (188,879)
Gain on sales-type lease 803,248 0 803,248 0
Net gains on disposition of wholly owned and partially owned assets 8,488 16,048 24,039 16,048
Income before income taxes 817,350 45,383 924,367 45,850
Income tax expense (4,123) (5,284) (11,316) (12,024)
Net income 813,227 40,099 913,051 33,826
Less net loss attributable to noncontrolling interests in consolidated subsidiaries 10,981 13,890 21,414 25,872
Net income attributable to Vornado 824,208 53,989 934,465 59,698
Preferred unit distributions (15,554) (15,557) (31,109) (31,115)
NET INCOME attributable to common shareholders $ 808,654 $ 38,432 $ 903,356 $ 28,583
INCOME PER CLASS A UNIT - BASIC:        
Net income per Class A unit (in dollars per unit) $ 3.87 $ 0.19 $ 4.33 $ 0.14
Weighted average units outstanding, basic (in shares) 205,809 204,960 205,785 204,917
INCOME PER CLASS A UNIT - DILUTED:        
Net income per Class A unit (in dollars per unit) $ 3.71 $ 0.18 $ 4.15 $ 0.13
Weighted average units outstanding, diluted (in shares) 214,891 208,873 215,032 208,975
Vornado Realty L.P. | Rental revenues        
REVENUES:        
Total revenues $ 382,252 $ 393,595 $ 787,007 $ 782,873
Vornado Realty L.P. | Fee and other income        
REVENUES:        
Total revenues $ 59,185 $ 56,671 $ 116,009 $ 103,768