Vornado Realty VNO Property Management Fee — Revenue from related parties
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Where this comes from
Reported directly by Vornado Realty in its filing.
Tagged under the XBRL concept us-gaap:RevenueFromRelatedParties.
The source filing: Vornado Realty’s 10-K, filed February 13, 2023.
- Filed
- Feb 13, 2023
- Fiscal year
- FY2022
- Accession
- 0000899689-23-000010
We receive an annual fee for managing the Properties equal to 2% of the gross revenues from the Properties. In addition, we are entitled to a development fee of 5% of development costs, plus reimbursement of certain costs, for development projects performed by us. We are entitled to 1.5% of development costs, plus reimbursement of certain costs, as a supervisory fee for development projects not performed by us. We provide leasing services for fees calculated based on a percentage of rents, less any commissions paid to third-party real estate brokers, if applicable. We jointly provide leasing services for the retail space with Crown Retail Services LLC, and exclusively provide leasing services for the office space. We recognized property management fee income, included in "fee and other income" on our consolidated statements of income, of $4,397,000, $4,297,000 and $3,982,000 for the years ended December 31, 2022, 2021 and 2020, respectively.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
FAQ
- What is Vornado Realty's property management fee — revenue from related parties?
- Vornado Realty (VNO) reported property management fee — revenue from related parties of $1.1M in Q4 2022.
- How has Vornado Realty's property management fee — revenue from related parties changed year-over-year?
- Vornado Realty's property management fee — revenue from related parties increased by 2.3% year-over-year, from $1.07M to $1.1M.
- What does property management fee — revenue from related parties mean?
- This metric represents the revenue generated from providing property management, leasing, or administrative services to unconsolidated joint ventures or affiliated entities. It reflects the company's ability to monetize its operational expertise and platform scale by managing assets where it maintains a partial ownership interest. This income stream serves as a recurring, fee-based revenue component that complements the company's core rental income from its consolidated real estate portfolio.
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