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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Fiscal Year Ended: | December 31, |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from | to |
Commission File Number: | (Vornado Realty Trust) | |||||||
Commission File Number: | (Vornado Realty L.P.) |
(Exact name of registrants as specified in its charter) |
Vornado Realty Trust | Maryland | 22-1657560 | ||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |||||||||||||
Vornado Realty L.P. | Delaware | 13-3925979 | ||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
888 Seventh Avenue, | New York, | New York | 10019 | ||||||||||||||
(Address of principal executive offices) (Zip Code) |
(212) | 894-7000 | ||||
(Registrants’ telephone number, including area code) | |||||
Registrant | ||||||||||||||||||||
Title of Each Class | Trading Symbol(s) | Name of Exchange on Which Registered | ||||||||||||||||||
Vornado Realty Trust | Common Shares of beneficial interest, | VNO | New York Stock Exchange | |||||||||||||||||
Cumulative Redeemable Preferred Shares of beneficial liquidation preference $25.00 per share:interest, | ||||||||||||||||||||
Vornado Realty Trust | VNO/PL | New York Stock Exchange | ||||||||||||||||||
Vornado Realty Trust | 5.25% Series M | VNO/PM | New York Stock Exchange | |||||||||||||||||
Vornado Realty Trust | 5.25% Series N | VNO/PN | New York Stock Exchange | |||||||||||||||||
Vornado Realty Trust | 4.45% Series O | VNO/PO | New York Stock Exchange | |||||||||||||||||
Registrant | ||||||||
Title of Each Class | ||||||||
Vornado Realty Trust | Series A Convertible Preferred Shares of beneficial interest, liquidation preference $50.00 per share | |||||||
Vornado Realty L.P. | Class A Units of Limited Partnership Interest |
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Accelerated Filer | ||||||||||||||
☐ | Non-Accelerated Filer | Smaller Reporting Company | ||||||||||||
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Accelerated Filer | ||||||||||||||
☑ | Non-Accelerated Filer | Smaller Reporting Company | ||||||||||||
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Item | Financial Information: | Page Number | |||||||||||||||
Item | Financial Information: | Page Number | |||
13. | Certain Relationships and Related Transactions, and Director Independence(1) | ||||
16. | Form 10-K Summary | ||||
ITEM 1. BUSINESS |
Square Feet | |||||||||||||||||
NEW YORK SEGMENT Property | % Ownership | Type | % Occupancy | In Service | Under Development or Not Available for Lease | Total Property | |||||||||||
One Penn Plaza (ground leased through 2098) | 100.0 | % | Office/Retail | 92.5 | % | 2,530,000 | — | 2,530,000 | |||||||||
1290 Avenue of the Americas | 70.0 | % | Office/Retail | 100.0 | % | 2,114,000 | — | 2,114,000 | |||||||||
Two Penn Plaza | 100.0 | % | Office/Retail | 98.7 | % | 1,634,000 | — | 1,634,000 | |||||||||
909 Third Avenue (ground leased through 2063) | 100.0 | % | Office | 97.6 | % | 1,347,000 | — | 1,347,000 | |||||||||
Independence Plaza, Tribeca (1,327 units)(1) | 50.1 | % | Retail/Residential | 97.7 | % | (2) | 1,245,000 | 12,000 | 1,257,000 | ||||||||
280 Park Avenue(1) | 50.0 | % | Office/Retail | 97.4 | % | 1,254,000 | — | 1,254,000 | |||||||||
770 Broadway | 100.0 | % | Office/Retail | 100.0 | % | 1,160,000 | — | 1,160,000 | |||||||||
Eleven Penn Plaza | 100.0 | % | Office/Retail | 99.2 | % | 1,152,000 | — | 1,152,000 | |||||||||
90 Park Avenue | 100.0 | % | Office/Retail | 98.3 | % | 961,000 | — | 961,000 | |||||||||
One Park Avenue(1) | 55.0 | % | Office/Retail | 99.1 | % | 939,000 | — | 939,000 | |||||||||
888 Seventh Avenue (ground leased through 2067) | 100.0 | % | Office/Retail | 97.3 | % | 889,000 | — | 889,000 | |||||||||
100 West 33rd Street | 100.0 | % | Office | 98.2 | % | 855,000 | — | 855,000 | |||||||||
Moynihan Train Hall/Farley Building(1) | 50.1 | % | Office/Retail | n/a | — | 850,000 | 850,000 | ||||||||||
330 Madison Avenue(1) | 25.0 | % | Office/Retail | 98.1 | % | 846,000 | — | 846,000 | |||||||||
330 West 34th Street (ground leased through 2149) | 100.0 | % | Office/Retail | 92.6 | % | 709,000 | — | 709,000 | |||||||||
85 Tenth Avenue(1) | 49.9 | % | Office/Retail | 100.0 | % | 627,000 | — | 627,000 | |||||||||
650 Madison Avenue(1) | 20.1 | % | Office/Retail | 91.1 | % | 593,000 | — | 593,000 | |||||||||
350 Park Avenue | 100.0 | % | Office/Retail | 100.0 | % | 571,000 | — | 571,000 | |||||||||
150 East 58th Street (ground leased through 2098) | 100.0 | % | Office/Retail | 94.3 | % | 542,000 | — | 542,000 | |||||||||
7 West 34th Street (1) | 53.0 | % | Office/Retail | 98.8 | % | 479,000 | — | 479,000 | |||||||||
33-00 Northern Boulevard (Center Building) | 100.0 | % | Office | 99.6 | % | 471,000 | — | 471,000 | |||||||||
595 Madison Avenue | 100.0 | % | Office/Retail | 91.5 | % | 325,000 | — | 325,000 | |||||||||
640 Fifth Avenue | 100.0 | % | Office/Retail | 91.8 | % | 314,000 | — | 314,000 | |||||||||
50-70 W 93rd Street (326 units)(1) | 49.9 | % | Residential | 95.1 | % | 283,000 | — | 283,000 | |||||||||
Manhattan Mall | 100.0 | % | Retail | 97.4 | % | 256,000 | — | 256,000 | |||||||||
40 Fulton Street | 100.0 | % | Office/Retail | 88.1 | % | 251,000 | — | 251,000 | |||||||||
4 Union Square South | 100.0 | % | Retail | 100.0 | % | 206,000 | — | 206,000 | |||||||||
260 Eleventh Avenue (ground leased through 2114) | 100.0 | % | Office | 100.0 | % | 184,000 | — | 184,000 | |||||||||
512 W 22nd Street(1) | 55.0 | % | Office | n/a | — | 173,000 | 173,000 | ||||||||||
61 Ninth Avenue (ground leased through 2115)(1) | 45.1 | % | Office/Retail | 100.0 | % | 23,000 | 147,000 | 170,000 | |||||||||
825 Seventh Avenue | 51.2 | % | Office (1) /Retail | 100.0 | % | 169,000 | — | 169,000 | |||||||||
1540 Broadway | 100.0 | % | Retail | 100.0 | % | 160,000 | — | 160,000 | |||||||||
608 Fifth Avenue (ground leased through 2033) | 100.0 | % | Office/Retail | 99.9 | % | 137,000 | — | 137,000 | |||||||||
Paramus | 100.0 | % | Office | 94.7 | % | 129,000 | — | 129,000 | |||||||||
666 Fifth Avenue Retail Condominium | 100.0 | % | Retail | 100.0 | % | 114,000 | — | 114,000 | |||||||||
1535 Broadway (Marriott Marquis - retail and signage) (ground and building leased through 2032) | 100.0 | % | Retail/Theatre | 98.1 | % | 106,000 | — | 106,000 | |||||||||
57th Street (2 buildings)(1) | 50.0 | % | Office/Retail | 87.9 | % | 103,000 | — | 103,000 | |||||||||
689 Fifth Avenue | 100.0 | % | Office/Retail | 91.7 | % | 98,000 | — | 98,000 | |||||||||
478-486 Broadway (2 buildings) (10 units) | 100.0 | % | Retail/Residential | 100.0 | % | (2) | 85,000 | — | 85,000 | ||||||||
150 West 34th Street | 100.0 | % | Retail | 100.0 | % | 78,000 | — | 78,000 | |||||||||
510 Fifth Avenue | 100.0 | % | Retail | 100.0 | % | 66,000 | — | 66,000 | |||||||||
655 Fifth Avenue | 92.5 | % | Retail | 100.0 | % | 57,000 | — | 57,000 | |||||||||
155 Spring Street | 100.0 | % | Retail | 93.6 | % | 50,000 | — | 50,000 | |||||||||
3040 M Street | 100.0 | % | Retail | 100.0 | % | 44,000 | — | 44,000 | |||||||||
435 Seventh Avenue | 100.0 | % | Retail | 100.0 | % | 43,000 | — | 43,000 | |||||||||
692 Broadway | 100.0 | % | Retail | 100.0 | % | 36,000 | — | 36,000 | |||||||||
606 Broadway | 50.0 | % | Office/Retail | n/a | — | 34,000 | 34,000 | ||||||||||
697-703 Fifth Avenue (St. Regis - retail) | 74.3 | % | Retail | 100.0 | % | 26,000 | — | 26,000 | |||||||||
715 Lexington Avenue | 100.0 | % | Retail | 35.9 | % | 23,000 | — | 23,000 |
Square Feet | ||||||||||||||||||||||||||||||||||||||
NEW YORK SEGMENT Property | % Ownership | Type | % Occupancy | In Service | Under Development or Not Available for Lease | Total Property | ||||||||||||||||||||||||||||||||
PENN 1 (ground leased through 2098)(1) | 100.0 | % | Office / Retail | 82.4 | % | 2,329,000 | 228,000 | 2,557,000 | ||||||||||||||||||||||||||||||
1290 Avenue of the Americas | 70.0 | % | Office / Retail | 99.8 | % | 2,120,000 | — | 2,120,000 | ||||||||||||||||||||||||||||||
PENN 2 | 100.0 | % | Office / Retail | 100.0 | % | 338,000 | 1,457,000 | 1,795,000 | ||||||||||||||||||||||||||||||
909 Third Avenue (ground leased through 2063)(1) | 100.0 | % | Office | 95.0 | % | 1,351,000 | — | 1,351,000 | ||||||||||||||||||||||||||||||
280 Park Avenue(2) | 50.0 | % | Office / Retail | 95.3 | % | 1,265,000 | — | 1,265,000 | ||||||||||||||||||||||||||||||
Independence Plaza, Tribeca (1,327 units)(2) | 50.1 | % | Retail / Residential | 57.6 | % | (3) | 1,258,000 | — | 1,258,000 | |||||||||||||||||||||||||||||
770 Broadway | 100.0 | % | Office / Retail | 79.7 | % | 1,183,000 | — | 1,183,000 | ||||||||||||||||||||||||||||||
PENN 11 | 100.0 | % | Office / Retail | 99.3 | % | 1,149,000 | — | 1,149,000 | ||||||||||||||||||||||||||||||
100 West 33rd Street | 100.0 | % | Office / Retail | 70.6 | % | 1,114,000 | — | 1,114,000 | ||||||||||||||||||||||||||||||
90 Park Avenue | 100.0 | % | Office / Retail | 95.2 | % | 956,000 | — | 956,000 | ||||||||||||||||||||||||||||||
One Park Avenue | 100.0 | % | Office / Retail | 95.0 | % | 945,000 | — | 945,000 | ||||||||||||||||||||||||||||||
888 Seventh Avenue (ground leased through 2067)(1) | 100.0 | % | Office / Retail | 86.5 | % | 887,000 | — | 887,000 | ||||||||||||||||||||||||||||||
The Farley Building (ground and building leased through 2116)(1) | 95.0 | % | Office / Retail | 91.4 | % | 847,000 | — | 847,000 | ||||||||||||||||||||||||||||||
330 West 34th Street (65.2% ground leased through 2149)(1) | 100.0 | % | Office / Retail | 75.7 | % | 724,000 | — | 724,000 | ||||||||||||||||||||||||||||||
85 Tenth Avenue(2) | 49.9 | % | Office / Retail | 84.5 | % | 638,000 | — | 638,000 | ||||||||||||||||||||||||||||||
650 Madison Avenue(2) | 20.1 | % | Office / Retail | 86.1 | % | 601,000 | — | 601,000 | ||||||||||||||||||||||||||||||
350 Park Avenue | 100.0 | % | Office | 100.0 | % | 585,000 | — | 585,000 | ||||||||||||||||||||||||||||||
150 East 58th Street(4) | 100.0 | % | Office / Retail | 83.2 | % | 544,000 | — | 544,000 | ||||||||||||||||||||||||||||||
7 West 34th Street(2) | 53.0 | % | Office / Retail | 100.0 | % | 477,000 | — | 477,000 | ||||||||||||||||||||||||||||||
595 Madison Avenue | 100.0 | % | Office / Retail | 89.5 | % | 330,000 | — | 330,000 | ||||||||||||||||||||||||||||||
640 Fifth Avenue(2) | 52.0 | % | Office / Retail | 92.3 | % | 315,000 | — | 315,000 | ||||||||||||||||||||||||||||||
50-70 West 93rd Street (324 units)(2) | 49.9 | % | Residential | 99.7 | % | 283,000 | — | 283,000 | ||||||||||||||||||||||||||||||
Sunset Pier 94 Studios (ground and building leased through 2110)(1)(2) | 49.9 | % | Studio | (5) | — | 266,000 | 266,000 | |||||||||||||||||||||||||||||||
260 Eleventh Avenue (ground leased through 2114)(1) | 100.0 | % | Office | 100.0 | % | 209,000 | — | 209,000 | ||||||||||||||||||||||||||||||
4 Union Square South | 100.0 | % | Retail | 100.0 | % | 204,000 | — | 204,000 | ||||||||||||||||||||||||||||||
61 Ninth Avenue (2 buildings) (ground leased through 2115)(1)(2) | 45.1 | % | Office / Retail | 100.0 | % | 194,000 | — | 194,000 | ||||||||||||||||||||||||||||||
512 West 22nd Street(2) | 55.0 | % | Office / Retail | 85.2 | % | 173,000 | — | 173,000 | ||||||||||||||||||||||||||||||
825 Seventh Avenue | 51.2 | % | Office(2) / Retail | 80.1 | % | 173,000 | — | 173,000 | ||||||||||||||||||||||||||||||
1540 Broadway(2) | 52.0 | % | Retail | 78.5 | % | 161,000 | — | 161,000 | ||||||||||||||||||||||||||||||
Paramus | 100.0 | % | Office | 81.2 | % | 129,000 | — | 129,000 | ||||||||||||||||||||||||||||||
666 Fifth Avenue (2)(6) | 52.0 | % | Retail | 100.0 | % | 114,000 | — | 114,000 | ||||||||||||||||||||||||||||||
1535 Broadway(2) | 52.0 | % | Retail / Theatre | 100.0 | % | 107,000 | — | 107,000 | ||||||||||||||||||||||||||||||
57th Street (2 buildings)(2) | 50.0 | % | Office / Retail | 78.3 | % | 103,000 | — | 103,000 | ||||||||||||||||||||||||||||||
689 Fifth Avenue(2) | 52.0 | % | Office / Retail | 100.0 | % | 98,000 | — | 98,000 | ||||||||||||||||||||||||||||||
150 West 34th Street | 100.0 | % | Retail | 100.0 | % | 78,000 | — | 78,000 | ||||||||||||||||||||||||||||||
655 Fifth Avenue(2) | 50.0 | % | Retail | 100.0 | % | 57,000 | — | 57,000 | ||||||||||||||||||||||||||||||
435 Seventh Avenue | 100.0 | % | Retail | 100.0 | % | 43,000 | — | 43,000 | ||||||||||||||||||||||||||||||
606 Broadway | 50.0 | % | Office / Retail | 81.8 | % | 36,000 | — | 36,000 | ||||||||||||||||||||||||||||||
697-703 Fifth Avenue(2) | 44.8 | % | Retail | 100.0 | % | 26,000 | — | 26,000 | ||||||||||||||||||||||||||||||
1131 Third Avenue | 100.0 | % | Retail | 100.0 | % | 23,000 | — | 23,000 | ||||||||||||||||||||||||||||||
131-135 West 33rd Street | 100.0 | % | Retail | 100.0 | % | 23,000 | — | 23,000 | ||||||||||||||||||||||||||||||
Square Feet | |||||||||||||||||
NEW YORK SEGMENT – CONTINUED Property | % Ownership | Type | % Occupancy | In Service | Under Development or Not Available for Lease | Total Property | |||||||||||
1131 Third Avenue | 100.0 | % | Retail | 100.0 | % | 23,000 | — | 23,000 | |||||||||
40 East 66th Street (5 units) | 100.0 | % | Retail/Residential | 84.1 | % | (2) | 23,000 | — | 23,000 | ||||||||
131-135 West 33rd Street | 100.0 | % | Retail | 100.0 | % | 23,000 | — | 23,000 | |||||||||
828-850 Madison Avenue | 100.0 | % | Retail | 100.0 | % | 18,000 | — | 18,000 | |||||||||
443 Broadway | 100.0 | % | Retail | 100.0 | % | 16,000 | — | 16,000 | |||||||||
484 Eighth Avenue | 100.0 | % | Retail | n/a | — | 16,000 | 16,000 | ||||||||||
334 Canal Street (4 units) | 100.0 | % | Retail/Residential | 73.3 | % | (2) | 15,000 | — | 15,000 | ||||||||
304 Canal Street (4 units) | 100.0 | % | Retail/Residential | n/a | 9,000 | 4,000 | 13,000 | ||||||||||
677-679 Madison Avenue (8 units) | 100.0 | % | Retail/Residential | 90.4 | % | (2) | 13,000 | — | 13,000 | ||||||||
431 Seventh Avenue | 100.0 | % | Retail | 100.0 | % | 10,000 | — | 10,000 | |||||||||
138-142 West 32nd Street | 100.0 | % | Retail | 35.3 | % | 8,000 | — | 8,000 | |||||||||
148 Spring Street | 100.0 | % | Retail | 100.0 | % | 8,000 | — | 8,000 | |||||||||
150 Spring Street (1 unit) | 100.0 | % | Retail/Residential | 100.0 | % | (2) | 7,000 | — | 7,000 | ||||||||
966 Third Avenue | 100.0 | % | Retail | 100.0 | % | 7,000 | — | 7,000 | |||||||||
488 Eighth Avenue | 100.0 | % | Retail | 100.0 | % | 6,000 | — | 6,000 | |||||||||
267 West 34th Street | 100.0 | % | Retail | n/a | — | 6,000 | 6,000 | ||||||||||
968 Third Avenue (1) | 50.0 | % | Retail | n/a | 6,000 | — | 6,000 | ||||||||||
265 West 34th Street | 100.0 | % | Retail | n/a | — | 3,000 | 3,000 | ||||||||||
486 Eighth Avenue | 100.0 | % | Retail | n/a | — | 3,000 | 3,000 | ||||||||||
137 West 33rd Street | 100.0 | % | Retail | 100.0 | % | 3,000 | — | 3,000 | |||||||||
339 Greenwich | 100.0 | % | Retail | 100.0 | % | 8,000 | — | 8,000 | |||||||||
Other (34 units) | 80.6 | % | Retail/Residential | 85.8 | % | (2) | 57,000 | 36,000 | 93,000 | ||||||||
Hotel Pennsylvania | 100.0 | % | Hotel | n/a | 1,400,000 | — | 1,400,000 | ||||||||||
Alexander's, Inc.: | |||||||||||||||||
731 Lexington Avenue(1) | 32.4 | % | Office/Retail | 99.9 | % | 1,063,000 | — | 1,063,000 | |||||||||
Rego Park II, Queens(1) | 32.4 | % | Retail | 99.9 | % | 609,000 | — | 609,000 | |||||||||
Rego Park I, Queens(1) | 32.4 | % | Retail | 100.0 | % | 343,000 | — | 343,000 | |||||||||
The Alexander Apartment Tower, Queens (312 units)(1) | 32.4 | % | Residential | 94.6 | % | 255,000 | 255,000 | ||||||||||
Flushing, Queens(1) | 32.4 | % | Retail | 100.0 | % | 167,000 | — | 167,000 | |||||||||
Paramus, New Jersey (30.3 acres ground leased through 2041)(1) | 32.4 | % | Retail | 100.0 | % | — | — | — | |||||||||
Rego Park III, Queens (3.2 acres)(1) | 32.4 | % | n/a | n/a | — | — | — | ||||||||||
Total New York Segment | 97.4 | % | 28,381,000 | 1,284,000 | 29,665,000 | ||||||||||||
Our Ownership Interest | 97.2 | % | 22,478,000 | 661,000 | 23,139,000 |
Square Feet | ||||||||||||||||||||||||||||||||||||||
NEW YORK SEGMENT – CONTINUED Property | % Ownership | Type | % Occupancy | In Service | Under Development or Not Available for Lease | Total Property | ||||||||||||||||||||||||||||||||
715 Lexington Avenue | 100.0 | % | Retail | 100.0 | % | 22,000 | — | 22,000 | ||||||||||||||||||||||||||||||
537 West 26th Street | 100.0 | % | Retail | 100.0 | % | 17,000 | — | 17,000 | ||||||||||||||||||||||||||||||
334 Canal Street (4 units) | 100.0 | % | Retail / Residential | — | % | (3) | — | 14,000 | 14,000 | |||||||||||||||||||||||||||||
304-306 Canal Street (4 units) | 100.0 | % | Retail / Residential | 100.0 | % | (3) | 4,000 | 9,000 | 13,000 | |||||||||||||||||||||||||||||
40 East 66th Street (3 units) | 100.0 | % | Residential | 100.0 | % | 10,000 | — | 10,000 | ||||||||||||||||||||||||||||||
431 Seventh Avenue | 100.0 | % | Retail | 100.0 | % | 9,000 | — | 9,000 | ||||||||||||||||||||||||||||||
138-142 West 32nd Street | 100.0 | % | Retail | 80.3 | % | 8,000 | — | 8,000 | ||||||||||||||||||||||||||||||
339 Greenwich Street | 100.0 | % | Retail | 100.0 | % | 8,000 | — | 8,000 | ||||||||||||||||||||||||||||||
966 Third Avenue | 100.0 | % | Retail | 100.0 | % | 7,000 | — | 7,000 | ||||||||||||||||||||||||||||||
968 Third Avenue(2) | 50.0 | % | Retail | 100.0 | % | 7,000 | — | 7,000 | ||||||||||||||||||||||||||||||
137 West 33rd Street | 100.0 | % | Retail | 100.0 | % | 3,000 | — | 3,000 | ||||||||||||||||||||||||||||||
57th Street(2) | 50.0 | % | Land | (5) | — | — | — | |||||||||||||||||||||||||||||||
Eighth Avenue and 34th Street | 100.0 | % | Land | (5) | — | — | — | |||||||||||||||||||||||||||||||
Hotel Pennsylvania Site(7) | 100.0 | % | Land | (5) | — | — | — | |||||||||||||||||||||||||||||||
Other (3 buildings) | 100.0 | % | Retail | 65.4 | % | 16,000 | — | 16,000 | ||||||||||||||||||||||||||||||
Alexander's, Inc.: | ||||||||||||||||||||||||||||||||||||||
731 Lexington Avenue(2) | 32.4 | % | Office / Retail | 98.9 | % | 1,079,000 | — | 1,079,000 | ||||||||||||||||||||||||||||||
Rego Park II, Queens (6.6 acres)(2) | 32.4 | % | Retail | 76.9 | % | 616,000 | — | 616,000 | ||||||||||||||||||||||||||||||
Rego Park I, Queens (4.8 acres)(2) | 32.4 | % | Retail | 100.0 | % | 214,000 | 124,000 | 338,000 | ||||||||||||||||||||||||||||||
The Alexander Apartment Tower, Queens (312 units)(2) | 32.4 | % | Residential | 95.2 | % | 255,000 | — | 255,000 | ||||||||||||||||||||||||||||||
Flushing, Queens (1.0 acre ground leased through 2037)(1)(2) | 32.4 | % | Retail | 100.0 | % | 167,000 | — | 167,000 | ||||||||||||||||||||||||||||||
Total New York Segment | 90.0 | % | 24,632,000 | 2,098,000 | 26,730,000 | |||||||||||||||||||||||||||||||||
Our Ownership Interest | 89.4 | % | 19,185,000 | 1,881,000 | 21,066,000 |
Square Feet | ||||||||||||||||||||||||||||||||||||||
OTHER SEGMENT Property | % Ownership | Type | % Occupancy | In Service | Under Development or Not Available for Lease | Total Property | ||||||||||||||||||||||||||||||||
THE MART: | ||||||||||||||||||||||||||||||||||||||
THE MART, Chicago | 100.0 | % | Office / Retail / Trade show / Showroom | 79.1 | % | 3,669,000 | — | 3,669,000 | ||||||||||||||||||||||||||||||
527 West Kinzie, Chicago | 100.0 | % | Land | (5) | — | — | — | |||||||||||||||||||||||||||||||
Other (2 properties)(2), Chicago | 50.0 | % | Retail | 100.0 | % | 19,000 | — | 19,000 | ||||||||||||||||||||||||||||||
Total THE MART | 79.2 | % | 3,688,000 | — | 3,688,000 | |||||||||||||||||||||||||||||||||
Our Ownership Interest | 79.2 | % | 3,679,000 | — | 3,679,000 | |||||||||||||||||||||||||||||||||
555 California Street: | ||||||||||||||||||||||||||||||||||||||
555 California Street | 70.0 | % | Office / Retail | 98.7 | % | 1,506,000 | — | 1,506,000 | ||||||||||||||||||||||||||||||
315 Montgomery Street | 70.0 | % | Office / Retail | 99.7 | % | 235,000 | — | 235,000 | ||||||||||||||||||||||||||||||
345 Montgomery Street | 70.0 | % | Office / Retail | — | % | 78,000 | — | 78,000 | ||||||||||||||||||||||||||||||
Total 555 California Street | 94.5 | % | 1,819,000 | — | 1,819,000 | |||||||||||||||||||||||||||||||||
Our Ownership Interest | 94.5 | % | 1,274,000 | — | 1,274,000 |
Other: | ||||||||||||||||||||||||||||||||||||||
Rosslyn Plaza, VA (197 units)(2) | 45.6 | % | Office / Residential | 58.4 | % | (3) | 685,000 | 304,000 | 989,000 | |||||||||||||||||||||||||||||
Fashion Centre Mall / Washington Tower, VA(2) | 7.5 | % | Office / Retail | 93.5 | % | 1,038,000 | — | 1,038,000 | ||||||||||||||||||||||||||||||
Wayne Towne Center, Wayne, NJ (ground leased through 2064)(1) | 100.0 | % | Retail | 100.0 | % | 686,000 | 4,000 | 690,000 | ||||||||||||||||||||||||||||||
Annapolis, MD (ground leased through 2042)(1) | 100.0 | % | Retail | 100.0 | % | 128,000 | — | 128,000 | ||||||||||||||||||||||||||||||
Atlantic City, NJ (11.3 acres ground leased through 2070 to VICI Properties for a portion of the Borgata Hotel and Casino complex) | 100.0 | % | Land | 100.0 | % | — | — | — | ||||||||||||||||||||||||||||||
Total Other | 89.2 | % | 2,537,000 | 308,000 | 2,845,000 | |||||||||||||||||||||||||||||||||
Our Ownership Interest | 91.9 | % | 1,202,000 | 144,000 | 1,346,000 | |||||||||||||||||||||||||||||||||
Square Feet | |||||||||||||||||
OTHER SEGMENT Property | % Ownership | Type | % Occupancy | In Service | Under Development or Not Available for Lease | Total Property | |||||||||||
theMART: | |||||||||||||||||
theMART, Chicago | 100.0 | % | Office/Retail/Showroom | 98.6 | % | 3,670,000 | — | 3,670,000 | |||||||||
Other (2 properties)(1) | 50.0 | % | Retail | 100.0 | % | 19,000 | — | 19,000 | |||||||||
Total theMART | 98.6 | % | 3,689,000 | — | 3,689,000 | ||||||||||||
Our Ownership Interest | 98.6 | % | 3,680,000 | — | 3,680,000 | ||||||||||||
555 California Street: | |||||||||||||||||
555 California Street | 70.0 | % | Office | 96.2 | % | 1,506,000 | — | 1,506,000 | |||||||||
315 Montgomery Street | 70.0 | % | Office/Retail | 81.7 | % | 235,000 | — | 235,000 | |||||||||
345 Montgomery Street | 70.0 | % | Office/Retail | n/a | — | 64,000 | 64,000 | ||||||||||
Total 555 California Street | 94.2 | % | 1,741,000 | 64,000 | 1,805,000 | ||||||||||||
Our Ownership Interest | 94.2 | % | 1,219,000 | 45,000 | 1,264,000 |
Vornado Capital Partners Real Estate Fund ("Fund")(3) : | ||||||||||||||||||
Crowne Plaza Times Square, NY | 75.3 | % | Office/Retail/Hotel | 68.9 | % | 241,000 | — | 241,000 | ||||||||||
Lucida, 86th Street and Lexington Avenue, NY (ground leased through 2082) | 100 | % | Retail/Residential | 100.0 | % | (2) | 155,000 | — | 155,000 | |||||||||
11 East 68th Street Retail, NY | 100 | % | Retail | 100.0 | % | 11,000 | — | 11,000 | ||||||||||
501 Broadway, NY | 100 | % | Retail | 100.0 | % | 9,000 | — | 9,000 | ||||||||||
1100 Lincoln Road, Miami, FL | 100 | % | Retail/Theatre | 90.2 | % | 128,000 | 2,000 | 130,000 | ||||||||||
Total Real Estate Fund | 83.8 | % | 544,000 | 2,000 | 546,000 | |||||||||||||
Our Ownership Interest | 80.2 | % | 155,000 | 1,000 | 156,000 | |||||||||||||
Other: | ||||||||||||||||||
666 Fifth Avenue Office Condominium(1) | 49.5 | % | Office/Retail | n/a | — | 1,448,000 | 1,448,000 | |||||||||||
Rosslyn Plaza(1) | 46.2 | % | Office/Residential | 65.9 | % | (2) | 688,000 | 301,000 | 989,000 | |||||||||
Wayne Towne Center, Wayne (ground leased through 2064) | 100 | % | Retail | 100.0 | % | 671,000 | 6,000 | 677,000 | ||||||||||
Annapolis (ground leased through 2042) | 100 | % | Retail | 100.0 | % | 128,000 | — | 128,000 | ||||||||||
Fashion Centre Mall(1) | 7.5 | % | Retail | 99.4 | % | 868,000 | — | 868,000 | ||||||||||
Washington Tower(1) | 7.5 | % | Office | 100.0 | % | 170,000 | — | 170,000 | ||||||||||
Total Other | 93.2 | % | 2,525,000 | 1,755,000 | — | 4,280,000 | ||||||||||||
Our Ownership Interest | 93.6 | % | 1,188,000 | 862,000 | 2,050,000 |
Tenant | Square Footage At Share | Annualized Escalated Rents At Share | % of Total Annualized Escalated Rents At Share | |||||||||||||||||
Meta Platforms, Inc. | 1,451,153 | $ | 167,180 | 9.3 | % | |||||||||||||||
IPG and affiliates | 1,044,715 | 69,186 | 3.9 | % | ||||||||||||||||
Citadel | 585,460 | 62,498 | 3.5 | % | ||||||||||||||||
New York University | 685,290 | 48,886 | 2.7 | % | ||||||||||||||||
Google/Motorola Mobility (guaranteed by Google) | 759,446 | 41,765 | 2.3 | % | ||||||||||||||||
Bloomberg L.P. | 306,768 | 41,279 | 2.3 | % | ||||||||||||||||
Amazon (including its Whole Foods subsidiary) | 312,694 | 30,699 | 1.7 | % | ||||||||||||||||
Neuberger Berman Group LLC | 306,612 | 28,184 | 1.6 | % | ||||||||||||||||
Swatch Group USA | 11,957 | 27,333 | 1.5 | % | ||||||||||||||||
Madison Square Garden & Affiliates | 408,031 | 27,326 | 1.5 | % |
Industry | Percentage | |||||||
Financial Services | 22 | % | ||||||
16 | % | |||||||
7 | % | |||||||
Advertising/Marketing | 5 | % | ||||||
Entertainment and Electronics | 4 | % | ||||||
Real Estate | 3 | % | ||||||
Insurance | 3 | % | ||||||
Education | 3 | % | ||||||
Apparel | 2 | % | ||||||
Engineering, Architect & Surveying | 2 | % | ||||||
Health Services | 2 | % | ||||||
Communications | 1 | % | ||||||
Government | 1 | % | ||||||
Other | 6 | % | ||||||
77 | % | |||||||
Retail: | ||||||||
Apparel | 5 | % | ||||||
Luxury Retail | 4 | % | ||||||
Banking | 2 | % | ||||||
Restaurants | 2 | % | ||||||
Grocery | 1 | % | ||||||
Other | 4 | % | ||||||
18 | % | |||||||
Showroom | 5 | % | ||||||
Total | 100 | % |
Office: | ||||||||||||||
Vornado's Ownership Interest | ||||||||||||||
As of December 31, | Total Property Square Feet | Square Feet | Occupancy Rate | Weighted Average Annual Rent Per Square Foot | ||||||||||
2017 | 20,256,000 | 16,982,000 | 97.1 | % | $ | 71.09 | ||||||||
2016 | 20,227,000 | 16,962,000 | 96.3 | % | 68.90 | |||||||||
2015 | 19,918,000 | 16,734,000 | 97.1 | % | 66.42 | |||||||||
2014 | 18,785,000 | 15,730,925 | 97.7 | % | 65.31 | |||||||||
2013 | 17,373,000 | 14,625,000 | 96.9 | % | 61.71 | |||||||||
Retail: | ||||||||||||||
Vornado's Ownership Interest | ||||||||||||||
As of December 31, | Total Property Square Feet | Square Feet | Occupancy Rate | Weighted Average Annual Rent Per Square Foot | ||||||||||
2017 | 2,720,000 | 2,471,000 | 96.9 | % | $ | 217.17 | ||||||||
2016 | 2,672,000 | 2,464,000 | 97.1 | % | 213.85 | |||||||||
2015 | 2,596,000 | 2,396,000 | 96.1 | % | 202.72 | |||||||||
2014 | 2,436,000 | 2,176,000 | 96.4 | % | 173.55 | |||||||||
2013 | 2,303,000 | 2,103,225 | 97.5 | % | 162.27 |
Vornado's Ownership Interest | ||||||||||||||||||||||||||||||||
As of December 31, | Total Square Feet | In Service Square Feet | In Service Square Feet At Share | Occupancy Rate | Weighted Average Annual Escalated Rent Per Square Foot | |||||||||||||||||||||||||||
2023 | 20,383,000 | 18,699,000 | 16,001,000 | 90.7 | % | $ | 86.30 | |||||||||||||||||||||||||
2022 | 19,902,000 | 18,724,000 | 16,028,000 | 91.9 | % | 83.98 | ||||||||||||||||||||||||||
2021 | 20,630,000 | 19,442,000 | 16,757,000 | 92.2 | % | 80.01 | ||||||||||||||||||||||||||
2020 | 20,586,000 | 18,361,000 | 15,413,000 | 93.4 | % | 79.05 | ||||||||||||||||||||||||||
2019 | 20,666,000 | 19,070,000 | 16,195,000 | 96.9 | % | 76.26 |
Vornado's Ownership Interest | ||||||||||||||||||||||||||||||||
As of December 31, | Total Square Feet | In Service Square Feet | In Service Square Feet At Share | Occupancy Rate | Weighted Average Annual Escalated Rent Per Square Foot | |||||||||||||||||||||||||||
2023 | 2,394,000 | 2,123,000 | 1,684,000 | 74.9 | % | $ | 224.88 | |||||||||||||||||||||||||
2022 | 2,556,000 | 2,289,000 | 1,851,000 | 74.4 | % | 215.72 | ||||||||||||||||||||||||||
2021 | 2,693,000 | 2,267,000 | 1,825,000 | 80.7 | % | 214.22 | ||||||||||||||||||||||||||
2020 | 2,690,000 | 2,275,000 | 1,805,000 | 78.8 | % | 226.38 | ||||||||||||||||||||||||||
2019 | 2,712,000 | 2,300,000 | 1,842,000 | 94.5 | % | 209.86 |
Vornado's Ownership Interest | |||||||||||||||||||||||||||||
As of December 31, | Total Number of Units | Total Number of Units | Occupancy Rate | Average Monthly Rent Per Unit | |||||||||||||||||||||||||
2023 | 1,974 | 939 | 96.8 | % | $ | 4,115 | |||||||||||||||||||||||
2022 | 1,976 | 941 | 96.7 | % | 3,882 | ||||||||||||||||||||||||
2021 | 1,986 | 951 | 97.0 | % | 3,776 | ||||||||||||||||||||||||
2020 | 1,995 | 960 | 84.9 | % | 3,714 | ||||||||||||||||||||||||
2019 | 1,996 | 960 | 97.5 | % | 3,902 |
Residential: | |||||||||||||||
Vornado's Ownership Interest | |||||||||||||||
As of December 31, | Number of Units | Number of Units | Occupancy Rate | Average Monthly Rent Per Unit | |||||||||||
2017 | 2,009 | 981 | 96.7 | % | $ | 3,722 | |||||||||
2016 | (1) | 2,004 | 977 | 95.7 | % | 3,576 | |||||||||
2015 | 1,711 | 886 | 95.0 | % | 3,495 | ||||||||||
2014 | 1,678 | 855 | 95.2 | % | 3,146 | ||||||||||
2013 | 1,672 | 847 | 94.8 | % | 2,920 |
Tenant | Square Feet Leased | 2017 Revenues | Percentage of New York Total Revenues | Percentage of Total Revenues | |||||||||
IPG and affiliates | 924,000 | $ | 58,826,000 | 3.3 | % | 2.8 | % | ||||||
Swatch Group USA | 32,000 | 56,140,000 | 3.2 | % | 2.7 | % | |||||||
AXA Equitable Life Insurance | 481,000 | 41,180,000 | 2.3 | % | 2.0 | % | |||||||
Macy's | 646,000 | 41,142,000 | 2.3 | % | 2.0 | % | |||||||
Victoria's Secret | 64,000 | 34,734,000 | 2.0 | % | 1.7 | % |
Number of Expiring Leases | Square Feet of Expiring Leases(1) | Percentage of New York Square Feet | Annualized Escalated Rents of Expiring Leases | ||||||||||||||||||||||||||||||||
Year | Total | Per Square Foot | |||||||||||||||||||||||||||||||||
Office: | |||||||||||||||||||||||||||||||||||
Fourth Quarter 2023(2) | 12 | 223,000 | 1.6% | $ | 23,965,000 | $ | 107.47 | ||||||||||||||||||||||||||||
2024 | 76 | 713,000 | 5.0% | 63,535,000 | 89.11 | (3) | |||||||||||||||||||||||||||||
2025 | 67 | 586,000 | 4.1% | 45,758,000 | 78.09 | ||||||||||||||||||||||||||||||
2026 | 79 | 1,163,000 | 8.1% | 94,536,000 | 81.29 | ||||||||||||||||||||||||||||||
2027 | 95 | 1,301,000 | 9.1% | 102,958,000 | 79.14 | ||||||||||||||||||||||||||||||
2028(4) | 65 | 1,044,000 | 7.3% | 84,045,000 | 80.50 | ||||||||||||||||||||||||||||||
2029 | 59 | 1,241,000 | 8.7% | 100,418,000 | 80.92 | ||||||||||||||||||||||||||||||
2030 | 50 | 643,000 | 4.5% | 54,540,000 | 84.82 | ||||||||||||||||||||||||||||||
2031 | 31 | 891,000 | 6.2% | 80,847,000 | 90.74 | ||||||||||||||||||||||||||||||
2032 | 22 | 958,000 | 6.7% | 94,504,000 | 98.65 | ||||||||||||||||||||||||||||||
2033 | 21 | 502,000 | 4.0% | 42,938,000 | 85.53 | ||||||||||||||||||||||||||||||
Retail: | |||||||||||||||||||||||||||||||||||
Fourth Quarter 2023(2) | 3 | 11,000 | 1.0% | $ | 1,122,000 | $ | 102.00 | ||||||||||||||||||||||||||||
2024 | 11 | 197,000 | 17.7% | 20,532,000 | 104.22 | (5) | |||||||||||||||||||||||||||||
2025 | 12 | 50,000 | 4.5% | 13,076,000 | 261.52 | ||||||||||||||||||||||||||||||
2026 | 10 | 82,000 | 7.3% | 26,414,000 | 322.12 | ||||||||||||||||||||||||||||||
2027 | 10 | 32,000 | 2.9% | 20,509,000 | 640.91 | ||||||||||||||||||||||||||||||
2028 | 9 | 32,000 | 2.9% | 14,731,000 | 460.34 | ||||||||||||||||||||||||||||||
2029 | 14 | 53,000 | 4.7% | 27,460,000 | 518.11 | ||||||||||||||||||||||||||||||
2030 | 21 | 153,000 | 13.7% | 23,416,000 | 153.05 | ||||||||||||||||||||||||||||||
2031 | 24 | 68,000 | 6.1% | 30,383,000 | 446.81 | ||||||||||||||||||||||||||||||
2032 | 21 | 57,000 | 5.1% | 29,537,000 | 518.19 | ||||||||||||||||||||||||||||||
2033 | 7 | 17,000 | 1.5% | 6,022,000 | 354.24 |
Number of Expiring Leases | Square Feet of Expiring Leases | Percentage of New York Square Feet | Weighted Average Annual Rent of Expiring Leases | |||||||||||||
Year | Total | Per Square Foot | ||||||||||||||
Office: | ||||||||||||||||
Month to month | 13 | 73,000 | 0.4% | $ | 3,086,000 | $ | 42.27 | |||||||||
2018 | 89 | 896,000 | 5.5% | 66,949,000 | 74.72 | (1) | ||||||||||
2019 | 89 | 750,000 | 4.6% | 51,029,000 | 68.04 | |||||||||||
2020 | 117 | 1,394,000 | 8.6% | 96,261,000 | 69.05 | |||||||||||
2021 | 122 | 1,160,000 | 7.1% | 85,881,000 | 74.04 | |||||||||||
2022 | 86 | 792,000 | 4.9% | 48,215,000 | 60.88 | |||||||||||
2023 | 81 | 2,001,000 | (2) | 12.3% | 152,874,000 | 76.40 | ||||||||||
2024 | 82 | 1,292,000 | 7.9% | 101,263,000 | 78.38 | |||||||||||
2025 | 51 | 800,000 | 4.9% | 58,916,000 | 73.65 | |||||||||||
2026 | 72 | 1,376,000 | 8.4% | 101,555,000 | 73.80 | |||||||||||
2027 | 57 | 996,000 | 6.1% | 68,674,000 | 68.95 | |||||||||||
Retail: | ||||||||||||||||
Month to month | 19 | 97,000 | 5.1% | $ | 3,461,000 | $ | 35.68 | |||||||||
2018 | 25 | 96,000 | 5.0% | 28,157,000 | 293.30 | (3) | ||||||||||
2019 | 27 | 204,000 | 10.6% | 35,085,000 | 171.99 | |||||||||||
2020 | 19 | 69,000 | 3.6% | 10,388,000 | 150.55 | |||||||||||
2021 | 18 | 67,000 | 3.5% | 11,613,000 | 173.33 | |||||||||||
2022 | 9 | 19,000 | 1.0% | 4,913,000 | 258.58 | |||||||||||
2023 | 16 | 90,000 | 4.7% | 38,199,000 | 424.43 | |||||||||||
2024 | 20 | 155,000 | 8.1% | 63,852,000 | 411.95 | |||||||||||
2025 | 11 | 41,000 | 2.1% | 17,777,000 | 433.59 | |||||||||||
2026 | 18 | 135,000 | 7.0% | 42,626,000 | 315.75 | |||||||||||
2027 | 10 | 31,000 | 1.6% | 21,204,000 | 684.00 |
Year Ended December 31, | |||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
Hotel Pennsylvania: | |||||||||||||||||||
Average occupancy rate | 87.3 | % | 84.7 | % | 90.7 | % | 92.0 | % | 93.4 | % | |||||||||
Average daily rate | $ | 139.09 | $ | 134.38 | $ | 147.46 | $ | 162.01 | $ | 158.01 | |||||||||
Revenue per available room | $ | 121.46 | $ | 113.84 | $ | 133.69 | $ | 149.04 | $ | 147.63 |
ITEM 4. | MINE SAFETY DISCLOSURES |
ITEM 5. | MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES |
Year Ended December 31, 2017 | Year Ended December 31, 2016 | |||||||||||||||||||||||
Quarter | High | Low | Dividends | High | Low | Dividends | ||||||||||||||||||
1st | $ | 111.72 | $ | 98.51 | $ | 0.71 | $ | 99.97 | $ | 78.91 | $ | 0.63 | ||||||||||||
2nd | 103.35 | 91.18 | 0.71 | 100.13 | 90.13 | 0.63 | ||||||||||||||||||
3rd | 97.25 | 72.77 | (1) | 0.60 | (1) | 108.69 | 97.18 | 0.63 | ||||||||||||||||
4th | 80.30 | (1) | 71.90 | (1) | 0.60 | (1) | 105.91 | 86.35 | 0.63 |
Declared Distributions | ||||||||
Year ended December 31, | ||||||||
Quarter | 2017 | 2016 | ||||||
1st | $ | 0.71 | $ | 0.63 | ||||
2nd | 0.71 | 0.63 | ||||||
3rd | 0.60 | (1) | 0.63 | |||||
4th | 0.60 | (1) | 0.63 |
2012 | 2013 | 2014 | 2015 | 2016 | 2017 | ||||||||||||||||||
Vornado Realty Trust | $ | 100 | $ | 115 | $ | 156 | $ | 150 | $ | 161 | $ | 154 | |||||||||||
S&P 500 Index | 100 | 132 | 151 | 153 | 171 | 208 | |||||||||||||||||
The NAREIT All Equity Index | 100 | 103 | 132 | 135 | 147 | 160 |
(Amounts in thousands, except per share amounts) | Year Ended December 31, | ||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
Operating Data: | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Property rentals | $ | 1,714,952 | $ | 1,662,093 | $ | 1,626,866 | $ | 1,460,391 | $ | 1,422,828 | |||||||||
Tenant expense reimbursements | 233,424 | 221,563 | 218,739 | 203,120 | 184,161 | ||||||||||||||
Cleveland Medical Mart development project | — | — | — | — | 36,369 | ||||||||||||||
Fee and other income | 135,750 | 120,086 | 139,890 | 128,657 | 132,340 | ||||||||||||||
Total revenues | 2,084,126 | 2,003,742 | 1,985,495 | 1,792,168 | 1,775,698 | ||||||||||||||
Expenses: | |||||||||||||||||||
Operating | 886,596 | 844,566 | 824,511 | 768,341 | 748,010 | ||||||||||||||
Depreciation and amortization | 429,389 | 421,023 | 379,803 | 351,583 | 337,139 | ||||||||||||||
General and administrative | 158,999 | 149,550 | 149,256 | 141,931 | 150,306 | ||||||||||||||
Cleveland Medical Mart development project | — | — | — | — | 32,210 | ||||||||||||||
Acquisition and transaction related costs | 1,776 | 9,451 | 12,511 | 18,435 | 24,857 | ||||||||||||||
Total expenses | 1,476,760 | 1,424,590 | 1,366,081 | 1,280,290 | 1,292,522 | ||||||||||||||
Operating income | 607,366 | 579,152 | 619,414 | 511,878 | 483,176 | ||||||||||||||
Income (loss) from partially owned entities | 15,200 | 168,948 | (9,947 | ) | (58,484 | ) | (336,292 | ) | |||||||||||
Income (loss) from real estate fund investments | 3,240 | (23,602 | ) | 74,081 | 163,034 | 102,898 | |||||||||||||
Interest and other investment income (loss), net | 37,793 | 29,548 | 27,240 | 38,569 | (25,016 | ) | |||||||||||||
Interest and debt expense | (345,654 | ) | (330,240 | ) | (309,298 | ) | (337,360 | ) | (323,505 | ) | |||||||||
Net gains on disposition of wholly owned and partially owned assets | 501 | 160,433 | 149,417 | 13,568 | 2,030 | ||||||||||||||
Income (loss) before income taxes | 318,446 | 584,239 | 550,907 | 331,205 | (96,709 | ) | |||||||||||||
Income tax (expense) benefit | (41,090 | ) | (7,229 | ) | 85,012 | (9,039 | ) | (5,314 | ) | ||||||||||
Income (loss) from continuing operations | 277,356 | 577,010 | 635,919 | 322,166 | (102,023 | ) | |||||||||||||
(Loss) income from discontinued operations | (13,228 | ) | 404,912 | 223,511 | 686,860 | 666,763 | |||||||||||||
Net income | 264,128 | 981,922 | 859,430 | 1,009,026 | 564,740 | ||||||||||||||
Less net income attributable to noncontrolling interests in: | |||||||||||||||||||
Consolidated subsidiaries | (25,802 | ) | (21,351 | ) | (55,765 | ) | (96,561 | ) | (63,952 | ) | |||||||||
Operating Partnership | (10,910 | ) | (53,654 | ) | (43,231 | ) | (47,613 | ) | (24,817 | ) | |||||||||
Net income attributable to Vornado | 227,416 | 906,917 | 760,434 | 864,852 | 475,971 | ||||||||||||||
Preferred share dividends | (65,399 | ) | (75,903 | ) | (80,578 | ) | (81,464 | ) | (82,807 | ) | |||||||||
Preferred unit and share redemptions | — | (7,408 | ) | — | — | (1,130 | ) | ||||||||||||
Net income attributable to common shareholders | $ | 162,017 | $ | 823,606 | $ | 679,856 | $ | 783,388 | $ | 392,034 | |||||||||
Per Share Data: | |||||||||||||||||||
Income (loss) from continuing operations, net - basic | $ | 0.92 | $ | 2.35 | $ | 2.49 | $ | 0.73 | $ | (1.25 | ) | ||||||||
Income (loss) from continuing operations, net - diluted | 0.91 | 2.34 | 2.48 | 0.72 | (1.25 | ) | |||||||||||||
Net income per common share - basic | 0.85 | 4.36 | 3.61 | 4.18 | 2.10 | ||||||||||||||
Net income per common share - diluted | 0.85 | 4.34 | 3.59 | 4.15 | 2.09 | ||||||||||||||
Dividends per common share | 2.62 | (1) | 2.52 | 2.52 | (2) | 2.92 | 2.92 | ||||||||||||
Balance Sheet Data: | |||||||||||||||||||
Total assets | $ | 17,397,934 | $ | 20,814,847 | $ | 21,143,293 | $ | 21,157,980 | $ | 20,018,210 | |||||||||
Real estate, at cost | 14,756,295 | 14,187,820 | 13,545,295 | 12,438,940 | 11,149,920 | ||||||||||||||
Accumulated depreciation and amortization | (2,885,283 | ) | (2,581,514 | ) | (2,356,728 | ) | (2,209,778 | ) | (1,958,132 | ) | |||||||||
Debt, net | 9,729,487 | 9,446,670 | 9,095,670 | 7,557,877 | 6,830,994 | ||||||||||||||
Total equity | 5,007,701 | 7,618,496 | 7,476,078 | 7,489,382 | 7,594,744 |
(Amounts in thousands) | Year Ended December 31, | ||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
Other Data: | |||||||||||||||||||
Funds From Operations ("FFO")(1): | |||||||||||||||||||
Net income attributable to common shareholders | $ | 162,017 | $ | 823,606 | $ | 679,856 | $ | 783,388 | $ | 392,034 | |||||||||
FFO adjustments: | |||||||||||||||||||
Depreciation and amortization of real property | 467,966 | 531,620 | 514,085 | 517,493 | 501,753 | ||||||||||||||
Net gains on sale of real estate | (3,489 | ) | (177,023 | ) | (289,117 | ) | (507,192 | ) | (411,593 | ) | |||||||||
Real estate impairment losses | — | 160,700 | 256 | 26,518 | 37,170 | ||||||||||||||
Proportionate share of adjustments to equity in net income (loss) of partially owned entities to arrive at FFO: | |||||||||||||||||||
Depreciation and amortization of real property | 137,000 | 154,795 | 143,960 | 117,766 | 157,270 | ||||||||||||||
Net gains on sale of real estate | (17,777 | ) | (2,853 | ) | (4,513 | ) | (11,580 | ) | (465 | ) | |||||||||
Real estate impairment losses | 7,692 | 6,328 | 16,758 | — | 6,552 | ||||||||||||||
Income tax effect of above adjustments | — | — | — | (7,287 | ) | (26,703 | ) | ||||||||||||
591,392 | 673,567 | 381,429 | 135,718 | 263,984 | |||||||||||||||
Noncontrolling interests' share of above adjustments | (36,728 | ) | (41,267 | ) | (22,342 | ) | (8,073 | ) | (15,089 | ) | |||||||||
FFO adjustments, net | 554,664 | 632,300 | 359,087 | 127,645 | 248,895 | ||||||||||||||
FFO attributable to common shareholders | 716,681 | 1,455,906 | 1,038,943 | 911,033 | �� | 640,929 | |||||||||||||
Convertible preferred share dividends | 77 | 86 | 92 | 97 | 108 | ||||||||||||||
Earnings allocated to Out-Performance Plan units | 1,047 | 1,591 | — | — | — | ||||||||||||||
FFO attributable to common shareholders plus assumed conversions(1) | $ | 717,805 | $ | 1,457,583 | $ | 1,039,035 | $ | 911,130 | $ | 641,037 |
(Amounts in thousands) | Year Ended December 31, | ||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
Operating Data: | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Property rentals | $ | 1,714,952 | $ | 1,662,093 | $ | 1,626,866 | $ | 1,460,391 | $ | 1,422,828 | |||||||||
Tenant expense reimbursements | 233,424 | 221,563 | 218,739 | 203,120 | 184,161 | ||||||||||||||
Cleveland Medical Mart development project | — | — | — | — | 36,369 | ||||||||||||||
Fee and other income | 135,750 | 120,086 | 139,890 | 128,657 | 132,340 | ||||||||||||||
Total revenues | 2,084,126 | 2,003,742 | 1,985,495 | 1,792,168 | 1,775,698 | ||||||||||||||
Expenses: | |||||||||||||||||||
Operating | 886,596 | 844,566 | 824,511 | 768,341 | 748,010 | ||||||||||||||
Depreciation and amortization | 429,389 | 421,023 | 379,803 | 351,583 | 337,139 | ||||||||||||||
General and administrative | 158,999 | 149,550 | 149,256 | 141,931 | 150,306 | ||||||||||||||
Cleveland Medical Mart development project | — | — | — | — | 32,210 | ||||||||||||||
Acquisition and transaction related costs | 1,776 | 9,451 | 12,511 | 18,435 | 24,857 | ||||||||||||||
Total expenses | 1,476,760 | 1,424,590 | 1,366,081 | 1,280,290 | 1,292,522 | ||||||||||||||
Operating income | 607,366 | 579,152 | 619,414 | 511,878 | 483,176 | ||||||||||||||
Income (loss) from partially owned entities | 15,200 | 168,948 | (9,947 | ) | (58,484 | ) | (336,292 | ) | |||||||||||
Income (loss) from real estate fund investments | 3,240 | (23,602 | ) | 74,081 | 163,034 | 102,898 | |||||||||||||
Interest and other investment income (loss), net | 37,793 | 29,548 | 27,240 | 38,569 | (25,016 | ) | |||||||||||||
Interest and debt expense | (345,654 | ) | (330,240 | ) | (309,298 | ) | (337,360 | ) | (323,505 | ) | |||||||||
Net gains on disposition of wholly owned and partially owned assets | 501 | 160,433 | 149,417 | 13,568 | 2,030 | ||||||||||||||
Income (loss) before income taxes | 318,446 | 584,239 | 550,907 | 331,205 | (96,709 | ) | |||||||||||||
Income tax (expense) benefit | (41,090 | ) | (7,229 | ) | 85,012 | (9,039 | ) | (5,314 | ) | ||||||||||
Income (loss) from continuing operations | 277,356 | 577,010 | 635,919 | 322,166 | (102,023 | ) | |||||||||||||
(Loss) income from discontinued operations | (13,228 | ) | 404,912 | 223,511 | 686,860 | 666,763 | |||||||||||||
Net income | 264,128 | 981,922 | 859,430 | 1,009,026 | 564,740 | ||||||||||||||
Less net income attributable to noncontrolling interests in consolidated subsidiaries | (25,802 | ) | (21,351 | ) | (55,765 | ) | (96,561 | ) | (63,952 | ) | |||||||||
Net income attributable to Vornado Realty L.P. | 238,326 | 960,571 | 803,665 | 912,465 | 500,788 | ||||||||||||||
Preferred unit distributions | (65,593 | ) | (76,097 | ) | (80,736 | ) | (81,514 | ) | (83,965 | ) | |||||||||
Preferred unit redemptions | — | (7,408 | ) | — | — | (1,130 | ) | ||||||||||||
Net income attributable to Class A unitholders | $ | 172,733 | $ | 877,066 | $ | 722,929 | $ | 830,951 | $ | 415,693 | |||||||||
Per Unit Data: | |||||||||||||||||||
Income (loss) from continuing operations, net - basic | $ | 0.91 | $ | 2.34 | $ | 2.49 | $ | 0.71 | $ | (1.27 | ) | ||||||||
Income (loss) from continuing operations, net - diluted | 0.90 | 2.32 | 2.46 | 0.70 | (1.26 | ) | |||||||||||||
Net income per Class A unit - basic | 0.84 | 4.36 | 3.61 | 4.17 | 2.09 | ||||||||||||||
Net income per Class A unit - diluted | 0.83 | 4.32 | 3.57 | 4.14 | 2.08 | ||||||||||||||
Distributions per Class A unit | 2.62 | (1) | 2.52 | 2.52 | (2) | 2.92 | 2.92 | ||||||||||||
Balance Sheet Data: | |||||||||||||||||||
Total assets | $ | 17,397,934 | $ | 20,814,847 | $ | 21,143,293 | $ | 21,157,980 | $ | 20,018,210 | |||||||||
Real estate, at cost | 14,756,295 | 14,187,820 | 13,545,295 | 12,438,940 | 11,149,920 | ||||||||||||||
Accumulated depreciation and amortization | (2,885,283 | ) | (2,581,514 | ) | (2,356,728 | ) | (2,209,778 | ) | (1,958,132 | ) | |||||||||
Debt, net | 9,729,487 | 9,446,670 | 9,095,670 | 7,557,877 | 6,830,994 | ||||||||||||||
Total equity | 5,007,701 | 7,618,496 | 7,476,078 | 7,489,382 | 7,594,744 |
Vornado Realty Trust | Maryland | 22-1657560 | ||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |||||||||||||
Vornado Realty L.P. | Delaware | 13-3925979 | ||||||||||||
(State or other jurisdiction of incorporation or organization) | ||||||||||||||
888 Seventh Avenue, | New York, | New York | 10019 | ||||||||||||||
(Address of principal executive offices) (Zip Code) |
(212) | 894-7000 | ||||
(Registrants’ telephone number, including area code) |
Registrant | Title of Each Class | Trading Symbol(s) | Name of Exchange on Which Registered | |||||||||||||||||
Vornado Realty Trust | Common Shares of beneficial interest, $.04 par value per share | VNO | New York Stock Exchange | |||||||||||||||||
Cumulative Redeemable Preferred Shares of beneficial interest, liquidation preference $25.00 per share: | ||||||||||||||||||||
Vornado Realty Trust | 5.40% Series L | VNO/PL | New York Stock Exchange | |||||||||||||||||
Vornado Realty Trust | 5.25% Series M | VNO/PM | New York Stock Exchange | |||||||||||||||||
Vornado Realty Trust | 5.25% Series N | VNO/PN | New York Stock Exchange | |||||||||||||||||
Vornado Realty Trust | 4.45% Series O | VNO/PO | New York Stock Exchange |
Registrant | Title of Each Class | |||||||
Vornado Realty Trust | Series A Convertible Preferred Shares of beneficial interest, liquidation preference $50.00 per share | |||||||
Vornado Realty L.P. | Class A Units of Limited Partnership Interest |
☑ | Large Accelerated Filer | ☐ | Accelerated Filer | |||||||||||
☐ | Non-Accelerated Filer | ☐ | Smaller Reporting Company | |||||||||||
☐ | Emerging Growth Company |
☐ | Large Accelerated Filer | ☐ | Accelerated Filer | |||||||||||
☑ | Non-Accelerated Filer | ☐ | Smaller Reporting Company | |||||||||||
☐ | Emerging Growth Company |
Item | Financial Information: | Page Number | |||||||||||||||
Total Return(1) | ||||||||||
Vornado | Office REIT | MSCI | ||||||||
Three-month | 2.5 | % | 4.3 | % | 1.4 | % | ||||
One-year | (4.3 | )% | 5.3 | % | 5.1 | % | ||||
Three-year | (1.4 | )% | 19.5 | % | 17.0 | % | ||||
Five-year | 54.3 | % | 58.7 | % | 56.3 | % | ||||
Ten-year | 75.7 | % | 70.1 | % | 105.1 | % |
Square Feet | ||||||||||||||||||||||||||||||||||||||
NEW YORK SEGMENT Property | % Ownership | Type | % Occupancy | In Service | Under Development or Not Available for Lease | Total Property | ||||||||||||||||||||||||||||||||
PENN 1 (ground leased through 2098)(1) | 100.0 | % | Office / Retail | 82.4 | % | 2,329,000 | 228,000 | 2,557,000 | ||||||||||||||||||||||||||||||
1290 Avenue of the Americas | 70.0 | % | Office / Retail | 99.8 | % | 2,120,000 | — | 2,120,000 | ||||||||||||||||||||||||||||||
PENN 2 | 100.0 | % | Office / Retail | 100.0 | % | 338,000 | 1,457,000 | 1,795,000 | ||||||||||||||||||||||||||||||
909 Third Avenue (ground leased through 2063)(1) | 100.0 | % | Office | 95.0 | % | 1,351,000 | — | 1,351,000 | ||||||||||||||||||||||||||||||
280 Park Avenue(2) | 50.0 | % | Office / Retail | 95.3 | % | 1,265,000 | — | 1,265,000 | ||||||||||||||||||||||||||||||
Independence Plaza, Tribeca (1,327 units)(2) | 50.1 | % | Retail / Residential | 57.6 | % | (3) | 1,258,000 | — | 1,258,000 | |||||||||||||||||||||||||||||
770 Broadway | 100.0 | % | Office / Retail | 79.7 | % | 1,183,000 | — | 1,183,000 | ||||||||||||||||||||||||||||||
PENN 11 | 100.0 | % | Office / Retail | 99.3 | % | 1,149,000 | — | 1,149,000 | ||||||||||||||||||||||||||||||
100 West 33rd Street | 100.0 | % | Office / Retail | 70.6 | % | 1,114,000 | — | 1,114,000 | ||||||||||||||||||||||||||||||
90 Park Avenue | 100.0 | % | Office / Retail | 95.2 | % | 956,000 | — | 956,000 | ||||||||||||||||||||||||||||||
One Park Avenue | 100.0 | % | Office / Retail | 95.0 | % | 945,000 | — | 945,000 | ||||||||||||||||||||||||||||||
888 Seventh Avenue (ground leased through 2067)(1) | 100.0 | % | Office / Retail | 86.5 | % | 887,000 | — | 887,000 | ||||||||||||||||||||||||||||||
The Farley Building (ground and building leased through 2116)(1) | 95.0 | % | Office / Retail | 91.4 | % | 847,000 | — | 847,000 | ||||||||||||||||||||||||||||||
330 West 34th Street (65.2% ground leased through 2149)(1) | 100.0 | % | Office / Retail | 75.7 | % | 724,000 | — | 724,000 | ||||||||||||||||||||||||||||||
85 Tenth Avenue(2) | 49.9 | % | Office / Retail | 84.5 | % | 638,000 | — | 638,000 | ||||||||||||||||||||||||||||||
650 Madison Avenue(2) | 20.1 | % | Office / Retail | 86.1 | % | 601,000 | — | 601,000 | ||||||||||||||||||||||||||||||
350 Park Avenue | 100.0 | % | Office | 100.0 | % | 585,000 | — | 585,000 | ||||||||||||||||||||||||||||||
150 East 58th Street(4) | 100.0 | % | Office / Retail | 83.2 | % | 544,000 | — | 544,000 | ||||||||||||||||||||||||||||||
7 West 34th Street(2) | 53.0 | % | Office / Retail | 100.0 | % | 477,000 | — | 477,000 | ||||||||||||||||||||||||||||||
595 Madison Avenue | 100.0 | % | Office / Retail | 89.5 | % | 330,000 | — | 330,000 | ||||||||||||||||||||||||||||||
640 Fifth Avenue(2) | 52.0 | % | Office / Retail | 92.3 | % | 315,000 | — | 315,000 | ||||||||||||||||||||||||||||||
50-70 West 93rd Street (324 units)(2) | 49.9 | % | Residential | 99.7 | % | 283,000 | — | 283,000 | ||||||||||||||||||||||||||||||
Sunset Pier 94 Studios (ground and building leased through 2110)(1)(2) | 49.9 | % | Studio | (5) | — | 266,000 | 266,000 | |||||||||||||||||||||||||||||||
260 Eleventh Avenue (ground leased through 2114)(1) | 100.0 | % | Office | 100.0 | % | 209,000 | — | 209,000 | ||||||||||||||||||||||||||||||
4 Union Square South | 100.0 | % | Retail | 100.0 | % | 204,000 | — | 204,000 | ||||||||||||||||||||||||||||||
61 Ninth Avenue (2 buildings) (ground leased through 2115)(1)(2) | 45.1 | % | Office / Retail | 100.0 | % | 194,000 | — | 194,000 | ||||||||||||||||||||||||||||||
512 West 22nd Street(2) | 55.0 | % | Office / Retail | 85.2 | % | 173,000 | — | 173,000 | ||||||||||||||||||||||||||||||
825 Seventh Avenue | 51.2 | % | Office(2) / Retail | 80.1 | % | 173,000 | — | 173,000 | ||||||||||||||||||||||||||||||
1540 Broadway(2) | 52.0 | % | Retail | 78.5 | % | 161,000 | — | 161,000 | ||||||||||||||||||||||||||||||
Paramus | 100.0 | % | Office | 81.2 | % | 129,000 | — | 129,000 | ||||||||||||||||||||||||||||||
666 Fifth Avenue (2)(6) | 52.0 | % | Retail | 100.0 | % | 114,000 | — | 114,000 | ||||||||||||||||||||||||||||||
1535 Broadway(2) | 52.0 | % | Retail / Theatre | 100.0 | % | 107,000 | — | 107,000 | ||||||||||||||||||||||||||||||
57th Street (2 buildings)(2) | 50.0 | % | Office / Retail | 78.3 | % | 103,000 | — | 103,000 | ||||||||||||||||||||||||||||||
689 Fifth Avenue(2) | 52.0 | % | Office / Retail | 100.0 | % | 98,000 | — | 98,000 | ||||||||||||||||||||||||||||||
150 West 34th Street | 100.0 | % | Retail | 100.0 | % | 78,000 | — | 78,000 | ||||||||||||||||||||||||||||||
655 Fifth Avenue(2) | 50.0 | % | Retail | 100.0 | % | 57,000 | — | 57,000 | ||||||||||||||||||||||||||||||
435 Seventh Avenue | 100.0 | % | Retail | 100.0 | % | 43,000 | — | 43,000 | ||||||||||||||||||||||||||||||
606 Broadway | 50.0 | % | Office / Retail | 81.8 | % | 36,000 | — | 36,000 | ||||||||||||||||||||||||||||||
697-703 Fifth Avenue(2) | 44.8 | % | Retail | 100.0 | % | 26,000 | — | 26,000 | ||||||||||||||||||||||||||||||
1131 Third Avenue | 100.0 | % | Retail | 100.0 | % | 23,000 | — | 23,000 | ||||||||||||||||||||||||||||||
131-135 West 33rd Street | 100.0 | % | Retail | 100.0 | % | 23,000 | — | 23,000 | ||||||||||||||||||||||||||||||
Square Feet | ||||||||||||||||||||||||||||||||||||||
NEW YORK SEGMENT – CONTINUED Property | % Ownership | Type | % Occupancy | In Service | Under Development or Not Available for Lease | Total Property | ||||||||||||||||||||||||||||||||
715 Lexington Avenue | 100.0 | % | Retail | 100.0 | % | 22,000 | — | 22,000 | ||||||||||||||||||||||||||||||
537 West 26th Street | 100.0 | % | Retail | 100.0 | % | 17,000 | — | 17,000 | ||||||||||||||||||||||||||||||
334 Canal Street (4 units) | 100.0 | % | Retail / Residential | — | % | (3) | — | 14,000 | 14,000 | |||||||||||||||||||||||||||||
304-306 Canal Street (4 units) | 100.0 | % | Retail / Residential | 100.0 | % | (3) | 4,000 | 9,000 | 13,000 | |||||||||||||||||||||||||||||
40 East 66th Street (3 units) | 100.0 | % | Residential | 100.0 | % | 10,000 | — | 10,000 | ||||||||||||||||||||||||||||||
431 Seventh Avenue | 100.0 | % | Retail | 100.0 | % | 9,000 | — | 9,000 | ||||||||||||||||||||||||||||||
138-142 West 32nd Street | 100.0 | % | Retail | 80.3 | % | 8,000 | — | 8,000 | ||||||||||||||||||||||||||||||
339 Greenwich Street | 100.0 | % | Retail | 100.0 | % | 8,000 | — | 8,000 | ||||||||||||||||||||||||||||||
966 Third Avenue | 100.0 | % | Retail | 100.0 | % | 7,000 | — | 7,000 | ||||||||||||||||||||||||||||||
968 Third Avenue(2) | 50.0 | % | Retail | 100.0 | % | 7,000 | — | 7,000 | ||||||||||||||||||||||||||||||
137 West 33rd Street | 100.0 | % | Retail | 100.0 | % | 3,000 | — | 3,000 | ||||||||||||||||||||||||||||||
57th Street(2) | 50.0 | % | Land | (5) | — | — | — | |||||||||||||||||||||||||||||||
Eighth Avenue and 34th Street | 100.0 | % | Land | (5) | — | — | — | |||||||||||||||||||||||||||||||
Hotel Pennsylvania Site(7) | 100.0 | % | Land | (5) | — | — | — | |||||||||||||||||||||||||||||||
Other (3 buildings) | 100.0 | % | Retail | 65.4 | % | 16,000 | — | 16,000 | ||||||||||||||||||||||||||||||
Alexander's, Inc.: | ||||||||||||||||||||||||||||||||||||||
731 Lexington Avenue(2) | 32.4 | % | Office / Retail | 98.9 | % | 1,079,000 | — | 1,079,000 | ||||||||||||||||||||||||||||||
Rego Park II, Queens (6.6 acres)(2) | 32.4 | % | Retail | 76.9 | % | 616,000 | — | 616,000 | ||||||||||||||||||||||||||||||
Rego Park I, Queens (4.8 acres)(2) | 32.4 | % | Retail | 100.0 | % | 214,000 | 124,000 | 338,000 | ||||||||||||||||||||||||||||||
The Alexander Apartment Tower, Queens (312 units)(2) | 32.4 | % | Residential | 95.2 | % | 255,000 | — | 255,000 | ||||||||||||||||||||||||||||||
Flushing, Queens (1.0 acre ground leased through 2037)(1)(2) | 32.4 | % | Retail | 100.0 | % | 167,000 | — | 167,000 | ||||||||||||||||||||||||||||||
Total New York Segment | 90.0 | % | 24,632,000 | 2,098,000 | 26,730,000 | |||||||||||||||||||||||||||||||||
Our Ownership Interest | 89.4 | % | 19,185,000 | 1,881,000 | 21,066,000 |
Square Feet | ||||||||||||||||||||||||||||||||||||||
OTHER SEGMENT Property | % Ownership | Type | % Occupancy | In Service | Under Development or Not Available for Lease | Total Property | ||||||||||||||||||||||||||||||||
THE MART: | ||||||||||||||||||||||||||||||||||||||
THE MART, Chicago | 100.0 | % | Office / Retail / Trade show / Showroom | 79.1 | % | 3,669,000 | — | 3,669,000 | ||||||||||||||||||||||||||||||
527 West Kinzie, Chicago | 100.0 | % | Land | (5) | — | — | — | |||||||||||||||||||||||||||||||
Other (2 properties)(2), Chicago | 50.0 | % | Retail | 100.0 | % | 19,000 | — | 19,000 | ||||||||||||||||||||||||||||||
Total THE MART | 79.2 | % | 3,688,000 | — | 3,688,000 | |||||||||||||||||||||||||||||||||
Our Ownership Interest | 79.2 | % | 3,679,000 | — | 3,679,000 | |||||||||||||||||||||||||||||||||
555 California Street: | ||||||||||||||||||||||||||||||||||||||
555 California Street | 70.0 | % | Office / Retail | 98.7 | % | 1,506,000 | — | 1,506,000 | ||||||||||||||||||||||||||||||
315 Montgomery Street | 70.0 | % | Office / Retail | 99.7 | % | 235,000 | — | 235,000 | ||||||||||||||||||||||||||||||
345 Montgomery Street | 70.0 | % | Office / Retail | — | % | 78,000 | — | 78,000 | ||||||||||||||||||||||||||||||
Total 555 California Street | 94.5 | % | 1,819,000 | — | 1,819,000 | |||||||||||||||||||||||||||||||||
Our Ownership Interest | 94.5 | % | 1,274,000 | — | 1,274,000 |
Other: | ||||||||||||||||||||||||||||||||||||||
Rosslyn Plaza, VA (197 units)(2) | 45.6 | % | Office / Residential | 58.4 | % | (3) | 685,000 | 304,000 | 989,000 | |||||||||||||||||||||||||||||
Fashion Centre Mall / Washington Tower, VA(2) | 7.5 | % | Office / Retail | 93.5 | % | 1,038,000 | — | 1,038,000 | ||||||||||||||||||||||||||||||
Wayne Towne Center, Wayne, NJ (ground leased through 2064)(1) | 100.0 | % | Retail | 100.0 | % | 686,000 | 4,000 | 690,000 | ||||||||||||||||||||||||||||||
Annapolis, MD (ground leased through 2042)(1) | 100.0 | % | Retail | 100.0 | % | 128,000 | — | 128,000 | ||||||||||||||||||||||||||||||
Atlantic City, NJ (11.3 acres ground leased through 2070 to VICI Properties for a portion of the Borgata Hotel and Casino complex) | 100.0 | % | Land | 100.0 | % | — | — | — | ||||||||||||||||||||||||||||||
Total Other | 89.2 | % | 2,537,000 | 308,000 | 2,845,000 | |||||||||||||||||||||||||||||||||
Our Ownership Interest | 91.9 | % | 1,202,000 | 144,000 | 1,346,000 | |||||||||||||||||||||||||||||||||
Tenant | Square Footage At Share | Annualized Escalated Rents At Share | % of Total Annualized Escalated Rents At Share | |||||||||||||||||
Meta Platforms, Inc. | 1,451,153 | $ | 167,180 | 9.3 | % | |||||||||||||||
IPG and affiliates | 1,044,715 | 69,186 | 3.9 | % | ||||||||||||||||
Citadel | 585,460 | 62,498 | 3.5 | % | ||||||||||||||||
New York University | 685,290 | 48,886 | 2.7 | % | ||||||||||||||||
Google/Motorola Mobility (guaranteed by Google) | 759,446 | 41,765 | 2.3 | % | ||||||||||||||||
Bloomberg L.P. | 306,768 | 41,279 | 2.3 | % | ||||||||||||||||
Amazon (including its Whole Foods subsidiary) | 312,694 | 30,699 | 1.7 | % | ||||||||||||||||
Neuberger Berman Group LLC | 306,612 | 28,184 | 1.6 | % | ||||||||||||||||
Swatch Group USA | 11,957 | 27,333 | 1.5 | % | ||||||||||||||||
Madison Square Garden & Affiliates | 408,031 | 27,326 | 1.5 | % |
Industry | Percentage | |||||||
Office: | ||||||||
Financial Services | 22 | % | ||||||
Technology | 16 | % | ||||||
Professional Services | 7 | % | ||||||
Advertising/Marketing | 5 | % | ||||||
Entertainment and Electronics | 4 | % | ||||||
Real Estate | 3 | % | ||||||
Insurance | 3 | % | ||||||
Education | 3 | % | ||||||
Apparel | 2 | % | ||||||
Engineering, Architect & Surveying | 2 | % | ||||||
Health Services | 2 | % | ||||||
Communications | 1 | % | ||||||
Government | 1 | % | ||||||
Other | 6 | % | ||||||
77 | % | |||||||
Retail: | ||||||||
Apparel | 5 | % | ||||||
Luxury Retail | 4 | % | ||||||
Banking | 2 | % | ||||||
Restaurants | 2 | % | ||||||
Grocery | 1 | % | ||||||
Other | 4 | % | ||||||
18 | % | |||||||
Showroom | 5 | % | ||||||
Total | 100 | % |
Vornado's Ownership Interest | ||||||||||||||||||||||||||||||||
As of December 31, | Total Square Feet | In Service Square Feet | In Service Square Feet At Share | Occupancy Rate | Weighted Average Annual Escalated Rent Per Square Foot | |||||||||||||||||||||||||||
2023 | 20,383,000 | 18,699,000 | 16,001,000 | 90.7 | % | $ | 86.30 | |||||||||||||||||||||||||
2022 | 19,902,000 | 18,724,000 | 16,028,000 | 91.9 | % | 83.98 | ||||||||||||||||||||||||||
2021 | 20,630,000 | 19,442,000 | 16,757,000 | 92.2 | % | 80.01 | ||||||||||||||||||||||||||
2020 | 20,586,000 | 18,361,000 | 15,413,000 | 93.4 | % | 79.05 | ||||||||||||||||||||||||||
2019 | 20,666,000 | 19,070,000 | 16,195,000 | 96.9 | % | 76.26 |
Vornado's Ownership Interest | ||||||||||||||||||||||||||||||||
As of December 31, | Total Square Feet | In Service Square Feet | In Service Square Feet At Share | Occupancy Rate | Weighted Average Annual Escalated Rent Per Square Foot | |||||||||||||||||||||||||||
2023 | 2,394,000 | 2,123,000 | 1,684,000 | 74.9 | % | $ | 224.88 | |||||||||||||||||||||||||
2022 | 2,556,000 | 2,289,000 | 1,851,000 | 74.4 | % | 215.72 | ||||||||||||||||||||||||||
2021 | 2,693,000 | 2,267,000 | 1,825,000 | 80.7 | % | 214.22 | ||||||||||||||||||||||||||
2020 | 2,690,000 | 2,275,000 | 1,805,000 | 78.8 | % | 226.38 | ||||||||||||||||||||||||||
2019 | 2,712,000 | 2,300,000 | 1,842,000 | 94.5 | % | 209.86 |
Vornado's Ownership Interest | |||||||||||||||||||||||||||||
As of December 31, | Total Number of Units | Total Number of Units | Occupancy Rate | Average Monthly Rent Per Unit | |||||||||||||||||||||||||
2023 | 1,974 | 939 | 96.8 | % | $ | 4,115 | |||||||||||||||||||||||
2022 | 1,976 | 941 | 96.7 | % | 3,882 | ||||||||||||||||||||||||
2021 | 1,986 | 951 | 97.0 | % | 3,776 | ||||||||||||||||||||||||
2020 | 1,995 | 960 | 84.9 | % | 3,714 | ||||||||||||||||||||||||
2019 | 1,996 | 960 | 97.5 | % | 3,902 |
Number of Expiring Leases | Square Feet of Expiring Leases(1) | Percentage of New York Square Feet | Annualized Escalated Rents of Expiring Leases | ||||||||||||||||||||||||||||||||
Year | Total | Per Square Foot | |||||||||||||||||||||||||||||||||
Office: | |||||||||||||||||||||||||||||||||||
Fourth Quarter 2023(2) | 12 | 223,000 | 1.6% | $ | 23,965,000 | $ | 107.47 | ||||||||||||||||||||||||||||
2024 | 76 | 713,000 | 5.0% | 63,535,000 | 89.11 | (3) | |||||||||||||||||||||||||||||
2025 | 67 | 586,000 | 4.1% | 45,758,000 | 78.09 | ||||||||||||||||||||||||||||||
2026 | 79 | 1,163,000 | 8.1% | 94,536,000 | 81.29 | ||||||||||||||||||||||||||||||
2027 | 95 | 1,301,000 | 9.1% | 102,958,000 | 79.14 | ||||||||||||||||||||||||||||||
2028(4) | 65 | 1,044,000 | 7.3% | 84,045,000 | 80.50 | ||||||||||||||||||||||||||||||
2029 | 59 | 1,241,000 | 8.7% | 100,418,000 | 80.92 | ||||||||||||||||||||||||||||||
2030 | 50 | 643,000 | 4.5% | 54,540,000 | 84.82 | ||||||||||||||||||||||||||||||
2031 | 31 | 891,000 | 6.2% | 80,847,000 | 90.74 | ||||||||||||||||||||||||||||||
2032 | 22 | 958,000 | 6.7% | 94,504,000 | 98.65 | ||||||||||||||||||||||||||||||
2033 | 21 | 502,000 | 4.0% | 42,938,000 | 85.53 | ||||||||||||||||||||||||||||||
Retail: | |||||||||||||||||||||||||||||||||||
Fourth Quarter 2023(2) | 3 | 11,000 | 1.0% | $ | 1,122,000 | $ | 102.00 | ||||||||||||||||||||||||||||
2024 | 11 | 197,000 | 17.7% | 20,532,000 | 104.22 | (5) | |||||||||||||||||||||||||||||
2025 | 12 | 50,000 | 4.5% | 13,076,000 | 261.52 | ||||||||||||||||||||||||||||||
2026 | 10 | 82,000 | 7.3% | 26,414,000 | 322.12 | ||||||||||||||||||||||||||||||
2027 | 10 | 32,000 | 2.9% | 20,509,000 | 640.91 | ||||||||||||||||||||||||||||||
2028 | 9 | 32,000 | 2.9% | 14,731,000 | 460.34 | ||||||||||||||||||||||||||||||
2029 | 14 | 53,000 | 4.7% | 27,460,000 | 518.11 | ||||||||||||||||||||||||||||||
2030 | 21 | 153,000 | 13.7% | 23,416,000 | 153.05 | ||||||||||||||||||||||||||||||
2031 | 24 | 68,000 | 6.1% | 30,383,000 | 446.81 | ||||||||||||||||||||||||||||||
2032 | 21 | 57,000 | 5.1% | 29,537,000 | 518.19 | ||||||||||||||||||||||||||||||
2033 | 7 | 17,000 | 1.5% | 6,022,000 | 354.24 |
(Exact name of registrants as specified in its charter) |
Vornado Realty Trust | Maryland | 22-1657560 | ||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |||||||||||||
Vornado Realty L.P. | Delaware | 13-3925979 | ||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
888 Seventh Avenue, | New York, | New York | 10019 | ||||||||||||||
(Address of principal executive offices) (Zip Code) |
(212) | 894-7000 | ||||
(Registrants’ telephone number, including area code) |
Registrant | Title of Each Class | Trading Symbol(s) | Name of Exchange on Which Registered | |||||||||||||||||
Vornado Realty Trust | Common Shares of beneficial interest, $.04 par value per share | VNO | New York Stock Exchange | |||||||||||||||||
Cumulative Redeemable Preferred Shares of beneficial interest, liquidation preference $25.00 per share: | ||||||||||||||||||||
Vornado Realty Trust | 5.40% Series L | VNO/PL | New York Stock Exchange | |||||||||||||||||
Vornado Realty Trust | 5.25% Series M | VNO/PM | New York Stock Exchange | |||||||||||||||||
Vornado Realty Trust | 5.25% Series N | VNO/PN | New York Stock Exchange | |||||||||||||||||
Vornado Realty Trust | 4.45% Series O | VNO/PO | New York Stock Exchange |
Registrant | Title of Each Class | |||||||
Vornado Realty Trust | Series A Convertible Preferred Shares of beneficial interest, liquidation preference $50.00 per share | |||||||
Vornado Realty L.P. | Class A Units of Limited Partnership Interest |
☑ | Large Accelerated Filer | ☐ | Accelerated Filer | |||||||||||
☐ | Non-Accelerated Filer | ☐ | Smaller Reporting Company | |||||||||||
☐ | Emerging Growth Company |
☐ | Large Accelerated Filer | ☐ | Accelerated Filer | |||||||||||
☑ | Non-Accelerated Filer | ☐ | Smaller Reporting Company | |||||||||||
☐ | Emerging Growth Company |
Item | Financial Information: | Page Number | |||||||||||||||
Square Feet | ||||||||||||||||||||||||||||||||||||||
NEW YORK SEGMENT Property | % Ownership | Type | % Occupancy | In Service | Under Development or Not Available for Lease | Total Property | ||||||||||||||||||||||||||||||||
PENN 1 (ground leased through 2098)(1) | 100.0 | % | Office / Retail | 82.4 | % | 2,329,000 | 228,000 | 2,557,000 | ||||||||||||||||||||||||||||||
1290 Avenue of the Americas | 70.0 | % | Office / Retail | 99.8 | % | 2,120,000 | — | 2,120,000 | ||||||||||||||||||||||||||||||
PENN 2 | 100.0 | % | Office / Retail | 100.0 | % | 338,000 | 1,457,000 | 1,795,000 | ||||||||||||||||||||||||||||||
909 Third Avenue (ground leased through 2063)(1) | 100.0 | % | Office | 95.0 | % | 1,351,000 | — | 1,351,000 | ||||||||||||||||||||||||||||||
280 Park Avenue(2) | 50.0 | % | Office / Retail | 95.3 | % | 1,265,000 | — | 1,265,000 | ||||||||||||||||||||||||||||||
Independence Plaza, Tribeca (1,327 units)(2) | 50.1 | % | Retail / Residential | 57.6 | % | (3) | 1,258,000 | — | 1,258,000 | |||||||||||||||||||||||||||||
770 Broadway | 100.0 | % | Office / Retail | 79.7 | % | 1,183,000 | — | 1,183,000 | ||||||||||||||||||||||||||||||
PENN 11 | 100.0 | % | Office / Retail | 99.3 | % | 1,149,000 | — | 1,149,000 | ||||||||||||||||||||||||||||||
100 West 33rd Street | 100.0 | % | Office / Retail | 70.6 | % | 1,114,000 | — | 1,114,000 | ||||||||||||||||||||||||||||||
90 Park Avenue | 100.0 | % | Office / Retail | 95.2 | % | 956,000 | — | 956,000 | ||||||||||||||||||||||||||||||
One Park Avenue | 100.0 | % | Office / Retail | 95.0 | % | 945,000 | — | 945,000 | ||||||||||||||||||||||||||||||
888 Seventh Avenue (ground leased through 2067)(1) | 100.0 | % | Office / Retail | 86.5 | % | 887,000 | — | 887,000 | ||||||||||||||||||||||||||||||
The Farley Building (ground and building leased through 2116)(1) | 95.0 | % | Office / Retail | 91.4 | % | 847,000 | — | 847,000 | ||||||||||||||||||||||||||||||
330 West 34th Street (65.2% ground leased through 2149)(1) | 100.0 | % | Office / Retail | 75.7 | % | 724,000 | — | 724,000 | ||||||||||||||||||||||||||||||
85 Tenth Avenue(2) | 49.9 | % | Office / Retail | 84.5 | % | 638,000 | — | 638,000 | ||||||||||||||||||||||||||||||
650 Madison Avenue(2) | 20.1 | % | Office / Retail | 86.1 | % | 601,000 | — | 601,000 | ||||||||||||||||||||||||||||||
350 Park Avenue | 100.0 | % | Office | 100.0 | % | 585,000 | — | 585,000 | ||||||||||||||||||||||||||||||
150 East 58th Street(4) | 100.0 | % | Office / Retail | 83.2 | % | 544,000 | — | 544,000 | ||||||||||||||||||||||||||||||
7 West 34th Street(2) | 53.0 | % | Office / Retail | 100.0 | % | 477,000 | — | 477,000 | ||||||||||||||||||||||||||||||
595 Madison Avenue | 100.0 | % | Office / Retail | 89.5 | % | 330,000 | — | 330,000 | ||||||||||||||||||||||||||||||
640 Fifth Avenue(2) | 52.0 | % | Office / Retail | 92.3 | % | 315,000 | — | 315,000 | ||||||||||||||||||||||||||||||
50-70 West 93rd Street (324 units)(2) | 49.9 | % | Residential | 99.7 | % | 283,000 | — | 283,000 | ||||||||||||||||||||||||||||||
Sunset Pier 94 Studios (ground and building leased through 2110)(1)(2) | 49.9 | % | Studio | (5) | — | 266,000 | 266,000 | |||||||||||||||||||||||||||||||
260 Eleventh Avenue (ground leased through 2114)(1) | 100.0 | % | Office | 100.0 | % | 209,000 | — | 209,000 | ||||||||||||||||||||||||||||||
4 Union Square South | 100.0 | % | Retail | 100.0 | % | 204,000 | — | 204,000 | ||||||||||||||||||||||||||||||
61 Ninth Avenue (2 buildings) (ground leased through 2115)(1)(2) | 45.1 | % | Office / Retail | 100.0 | % | 194,000 | — | 194,000 | ||||||||||||||||||||||||||||||
512 West 22nd Street(2) | 55.0 | % | Office / Retail | 85.2 | % | 173,000 | — | 173,000 | ||||||||||||||||||||||||||||||
825 Seventh Avenue | 51.2 | % | Office(2) / Retail | 80.1 | % | 173,000 | — | 173,000 | ||||||||||||||||||||||||||||||
1540 Broadway(2) | 52.0 | % | Retail | 78.5 | % | 161,000 | — | 161,000 | ||||||||||||||||||||||||||||||
Paramus | 100.0 | % | Office | 81.2 | % | 129,000 | — | 129,000 | ||||||||||||||||||||||||||||||
666 Fifth Avenue (2)(6) | 52.0 | % | Retail | 100.0 | % | 114,000 | — | 114,000 | ||||||||||||||||||||||||||||||
1535 Broadway(2) | 52.0 | % | Retail / Theatre | 100.0 | % | 107,000 | — | 107,000 | ||||||||||||||||||||||||||||||
57th Street (2 buildings)(2) | 50.0 | % | Office / Retail | 78.3 | % | 103,000 | — | 103,000 | ||||||||||||||||||||||||||||||
689 Fifth Avenue(2) | 52.0 | % | Office / Retail | 100.0 | % | 98,000 | — | 98,000 | ||||||||||||||||||||||||||||||
150 West 34th Street | 100.0 | % | Retail | 100.0 | % | 78,000 | — | 78,000 | ||||||||||||||||||||||||||||||
655 Fifth Avenue(2) | 50.0 | % | Retail | 100.0 | % | 57,000 | — | 57,000 | ||||||||||||||||||||||||||||||
435 Seventh Avenue | 100.0 | % | Retail | 100.0 | % | 43,000 | — | 43,000 | ||||||||||||||||||||||||||||||
606 Broadway | 50.0 | % | Office / Retail | 81.8 | % | 36,000 | — | 36,000 | ||||||||||||||||||||||||||||||
697-703 Fifth Avenue(2) | 44.8 | % | Retail | 100.0 | % | 26,000 | — | 26,000 | ||||||||||||||||||||||||||||||
1131 Third Avenue | 100.0 | % | Retail | 100.0 | % | 23,000 | — | 23,000 | ||||||||||||||||||||||||||||||
131-135 West 33rd Street | 100.0 | % | Retail | 100.0 | % | 23,000 | — | 23,000 | ||||||||||||||||||||||||||||||
Square Feet | ||||||||||||||||||||||||||||||||||||||
NEW YORK SEGMENT – CONTINUED Property | % Ownership | Type | % Occupancy | In Service | Under Development or Not Available for Lease | Total Property | ||||||||||||||||||||||||||||||||
715 Lexington Avenue | 100.0 | % | Retail | 100.0 | % | 22,000 | — | 22,000 | ||||||||||||||||||||||||||||||
537 West 26th Street | 100.0 | % | Retail | 100.0 | % | 17,000 | — | 17,000 | ||||||||||||||||||||||||||||||
334 Canal Street (4 units) | 100.0 | % | Retail / Residential | — | % | (3) | — | 14,000 | 14,000 | |||||||||||||||||||||||||||||
304-306 Canal Street (4 units) | 100.0 | % | Retail / Residential | 100.0 | % | (3) | 4,000 | 9,000 | 13,000 | |||||||||||||||||||||||||||||
40 East 66th Street (3 units) | 100.0 | % | Residential | 100.0 | % | 10,000 | — | 10,000 | ||||||||||||||||||||||||||||||
431 Seventh Avenue | 100.0 | % | Retail | 100.0 | % | 9,000 | — | 9,000 | ||||||||||||||||||||||||||||||
138-142 West 32nd Street | 100.0 | % | Retail | 80.3 | % | 8,000 | — | 8,000 | ||||||||||||||||||||||||||||||
339 Greenwich Street | 100.0 | % | Retail | 100.0 | % | 8,000 | — | 8,000 | ||||||||||||||||||||||||||||||
966 Third Avenue | 100.0 | % | Retail | 100.0 | % | 7,000 | — | 7,000 | ||||||||||||||||||||||||||||||
968 Third Avenue(2) | 50.0 | % | Retail | 100.0 | % | 7,000 | — | 7,000 | ||||||||||||||||||||||||||||||
137 West 33rd Street | 100.0 | % | Retail | 100.0 | % | 3,000 | — | 3,000 | ||||||||||||||||||||||||||||||
57th Street(2) | 50.0 | % | Land | (5) | — | — | — | |||||||||||||||||||||||||||||||
Eighth Avenue and 34th Street | 100.0 | % | Land | (5) | — | — | — | |||||||||||||||||||||||||||||||
Hotel Pennsylvania Site(7) | 100.0 | % | Land | (5) | — | — | — | |||||||||||||||||||||||||||||||
Other (3 buildings) | 100.0 | % | Retail | 65.4 | % | 16,000 | — | 16,000 | ||||||||||||||||||||||||||||||
Alexander's, Inc.: | ||||||||||||||||||||||||||||||||||||||
731 Lexington Avenue(2) | 32.4 | % | Office / Retail | 98.9 | % | 1,079,000 | — | 1,079,000 | ||||||||||||||||||||||||||||||
Rego Park II, Queens (6.6 acres)(2) | 32.4 | % | Retail | 76.9 | % | 616,000 | — | 616,000 | ||||||||||||||||||||||||||||||
Rego Park I, Queens (4.8 acres)(2) | 32.4 | % | Retail | 100.0 | % | 214,000 | 124,000 | 338,000 | ||||||||||||||||||||||||||||||
The Alexander Apartment Tower, Queens (312 units)(2) | 32.4 | % | Residential | 95.2 | % | 255,000 | — | 255,000 | ||||||||||||||||||||||||||||||
Flushing, Queens (1.0 acre ground leased through 2037)(1)(2) | 32.4 | % | Retail | 100.0 | % | 167,000 | — | 167,000 | ||||||||||||||||||||||||||||||
Total New York Segment | 90.0 | % | 24,632,000 | 2,098,000 | 26,730,000 | |||||||||||||||||||||||||||||||||
Our Ownership Interest | 89.4 | % | 19,185,000 | 1,881,000 | 21,066,000 |
Square Feet | ||||||||||||||||||||||||||||||||||||||
OTHER SEGMENT Property | % Ownership | Type | % Occupancy | In Service | Under Development or Not Available for Lease | Total Property | ||||||||||||||||||||||||||||||||
THE MART: | ||||||||||||||||||||||||||||||||||||||
THE MART, Chicago | 100.0 | % | Office / Retail / Trade show / Showroom | 79.1 | % | 3,669,000 | — | 3,669,000 | ||||||||||||||||||||||||||||||
527 West Kinzie, Chicago | 100.0 | % | Land | (5) | — | — | — | |||||||||||||||||||||||||||||||
Other (2 properties)(2), Chicago | 50.0 | % | Retail | 100.0 | % | 19,000 | — | 19,000 | ||||||||||||||||||||||||||||||
Total THE MART | 79.2 | % | 3,688,000 | — | 3,688,000 | |||||||||||||||||||||||||||||||||
Our Ownership Interest | 79.2 | % | 3,679,000 | — | 3,679,000 | |||||||||||||||||||||||||||||||||
555 California Street: | ||||||||||||||||||||||||||||||||||||||
555 California Street | 70.0 | % | Office / Retail | 98.7 | % | 1,506,000 | — | 1,506,000 | ||||||||||||||||||||||||||||||
315 Montgomery Street | 70.0 | % | Office / Retail | 99.7 | % | 235,000 | — | 235,000 | ||||||||||||||||||||||||||||||
345 Montgomery Street | 70.0 | % | Office / Retail | — | % | 78,000 | — | 78,000 | ||||||||||||||||||||||||||||||
Total 555 California Street | 94.5 | % | 1,819,000 | — | 1,819,000 | |||||||||||||||||||||||||||||||||
Our Ownership Interest | 94.5 | % | 1,274,000 | — | 1,274,000 |
Other: | ||||||||||||||||||||||||||||||||||||||
Rosslyn Plaza, VA (197 units)(2) | 45.6 | % | Office / Residential | 58.4 | % | (3) | 685,000 | 304,000 | 989,000 | |||||||||||||||||||||||||||||
Fashion Centre Mall / Washington Tower, VA(2) | 7.5 | % | Office / Retail | 93.5 | % | 1,038,000 | — | 1,038,000 | ||||||||||||||||||||||||||||||
Wayne Towne Center, Wayne, NJ (ground leased through 2064)(1) | 100.0 | % | Retail | 100.0 | % | 686,000 | 4,000 | 690,000 | ||||||||||||||||||||||||||||||
Annapolis, MD (ground leased through 2042)(1) | 100.0 | % | Retail | 100.0 | % | 128,000 | — | 128,000 | ||||||||||||||||||||||||||||||
Atlantic City, NJ (11.3 acres ground leased through 2070 to VICI Properties for a portion of the Borgata Hotel and Casino complex) | 100.0 | % | Land | 100.0 | % | — | — | — | ||||||||||||||||||||||||||||||
Total Other | 89.2 | % | 2,537,000 | 308,000 | 2,845,000 | |||||||||||||||||||||||||||||||||
Our Ownership Interest | 91.9 | % | 1,202,000 | 144,000 | 1,346,000 | |||||||||||||||||||||||||||||||||
Tenant | Square Footage At Share | Annualized Escalated Rents At Share | % of Total Annualized Escalated Rents At Share | |||||||||||||||||
Meta Platforms, Inc. | 1,451,153 | $ | 167,180 | 9.3 | % | |||||||||||||||
IPG and affiliates | 1,044,715 | 69,186 | 3.9 | % | ||||||||||||||||
Citadel | 585,460 | 62,498 | 3.5 | % | ||||||||||||||||
New York University | 685,290 | 48,886 | 2.7 | % | ||||||||||||||||
Google/Motorola Mobility (guaranteed by Google) | 759,446 | 41,765 | 2.3 | % | ||||||||||||||||
Bloomberg L.P. | 306,768 | 41,279 | 2.3 | % | ||||||||||||||||
Amazon (including its Whole Foods subsidiary) | 312,694 | 30,699 | 1.7 | % | ||||||||||||||||
Neuberger Berman Group LLC | 306,612 | 28,184 | 1.6 | % | ||||||||||||||||
Swatch Group USA | 11,957 | 27,333 | 1.5 | % | ||||||||||||||||
Madison Square Garden & Affiliates | 408,031 | 27,326 | 1.5 | % |
Industry | Percentage | |||||||
Office: | ||||||||
Financial Services | 22 | % | ||||||
Technology | 16 | % | ||||||
Professional Services | 7 | % | ||||||
Advertising/Marketing | 5 | % | ||||||
Entertainment and Electronics | 4 | % | ||||||
Real Estate | 3 | % | ||||||
Insurance | 3 | % | ||||||
Education | 3 | % | ||||||
Apparel | 2 | % | ||||||
Engineering, Architect & Surveying | 2 | % | ||||||
Health Services | 2 | % | ||||||
Communications | 1 | % | ||||||
Government | 1 | % | ||||||
Other | 6 | % | ||||||
77 | % | |||||||
Retail: | ||||||||
Apparel | 5 | % | ||||||
Luxury Retail | 4 | % | ||||||
Banking | 2 | % | ||||||
Restaurants | 2 | % | ||||||
Grocery | 1 | % | ||||||
Other | 4 | % | ||||||
18 | % | |||||||
Showroom | 5 | % | ||||||
Total | 100 | % |
Vornado's Ownership Interest | ||||||||||||||||||||||||||||||||
As of December 31, | Total Square Feet | In Service Square Feet | In Service Square Feet At Share | Occupancy Rate | Weighted Average Annual Escalated Rent Per Square Foot | |||||||||||||||||||||||||||
2023 | 20,383,000 | 18,699,000 | 16,001,000 | 90.7 | % | $ | 86.30 | |||||||||||||||||||||||||
2022 | 19,902,000 | 18,724,000 | 16,028,000 | 91.9 | % | 83.98 | ||||||||||||||||||||||||||
2021 | 20,630,000 | 19,442,000 | 16,757,000 | 92.2 | % | 80.01 | ||||||||||||||||||||||||||
2020 | 20,586,000 | 18,361,000 | 15,413,000 | 93.4 | % | 79.05 | ||||||||||||||||||||||||||
2019 | 20,666,000 | 19,070,000 | 16,195,000 | 96.9 | % | 76.26 |
Vornado's Ownership Interest | ||||||||||||||||||||||||||||||||
As of December 31, | Total Square Feet | In Service Square Feet | In Service Square Feet At Share | Occupancy Rate | Weighted Average Annual Escalated Rent Per Square Foot | |||||||||||||||||||||||||||
2023 | 2,394,000 | 2,123,000 | 1,684,000 | 74.9 | % | $ | 224.88 | |||||||||||||||||||||||||
2022 | 2,556,000 | 2,289,000 | 1,851,000 | 74.4 | % | 215.72 | ||||||||||||||||||||||||||
2021 | 2,693,000 | 2,267,000 | 1,825,000 | 80.7 | % | 214.22 | ||||||||||||||||||||||||||
2020 | 2,690,000 | 2,275,000 | 1,805,000 | 78.8 | % | 226.38 | ||||||||||||||||||||||||||
2019 | 2,712,000 | 2,300,000 | 1,842,000 | 94.5 | % | 209.86 |
Vornado's Ownership Interest | |||||||||||||||||||||||||||||
As of December 31, | Total Number of Units | Total Number of Units | Occupancy Rate | Average Monthly Rent Per Unit | |||||||||||||||||||||||||
2023 | 1,974 | 939 | 96.8 | % | $ | 4,115 | |||||||||||||||||||||||
2022 | 1,976 | 941 | 96.7 | % | 3,882 | ||||||||||||||||||||||||
2021 | 1,986 | 951 | 97.0 | % | 3,776 | ||||||||||||||||||||||||
2020 | 1,995 | 960 | 84.9 | % | 3,714 | ||||||||||||||||||||||||
2019 | 1,996 | 960 | 97.5 | % | 3,902 |
Number of Expiring Leases | Square Feet of Expiring Leases(1) | Percentage of New York Square Feet | Annualized Escalated Rents of Expiring Leases | ||||||||||||||||||||||||||||||||
Year | Total | Per Square Foot | |||||||||||||||||||||||||||||||||
Office: | |||||||||||||||||||||||||||||||||||
Fourth Quarter 2023(2) | 12 | 223,000 | 1.6% | $ | 23,965,000 | $ | 107.47 | ||||||||||||||||||||||||||||
2024 | 76 | 713,000 | 5.0% | 63,535,000 | 89.11 | (3) | |||||||||||||||||||||||||||||
2025 | 67 | 586,000 | 4.1% | 45,758,000 | 78.09 | ||||||||||||||||||||||||||||||
2026 | 79 | 1,163,000 | 8.1% | 94,536,000 | 81.29 | ||||||||||||||||||||||||||||||
2027 | 95 | 1,301,000 | 9.1% | 102,958,000 | 79.14 | ||||||||||||||||||||||||||||||
2028(4) | 65 | 1,044,000 | 7.3% | 84,045,000 | 80.50 | ||||||||||||||||||||||||||||||
2029 | 59 | 1,241,000 | 8.7% | 100,418,000 | 80.92 | ||||||||||||||||||||||||||||||
2030 | 50 | 643,000 | 4.5% | 54,540,000 | 84.82 | ||||||||||||||||||||||||||||||
2031 | 31 | 891,000 | 6.2% | 80,847,000 | 90.74 | ||||||||||||||||||||||||||||||
2032 | 22 | 958,000 | 6.7% | 94,504,000 | 98.65 | ||||||||||||||||||||||||||||||
2033 | 21 | 502,000 | 4.0% | 42,938,000 | 85.53 | ||||||||||||||||||||||||||||||
Retail: | |||||||||||||||||||||||||||||||||||
Fourth Quarter 2023(2) | 3 | 11,000 | 1.0% | $ | 1,122,000 | $ | 102.00 | ||||||||||||||||||||||||||||
2024 | 11 | 197,000 | 17.7% | 20,532,000 | 104.22 | (5) | |||||||||||||||||||||||||||||
2025 | 12 | 50,000 | 4.5% | 13,076,000 | 261.52 | ||||||||||||||||||||||||||||||
2026 | 10 | 82,000 | 7.3% | 26,414,000 | 322.12 | ||||||||||||||||||||||||||||||
2027 | 10 | 32,000 | 2.9% | 20,509,000 | 640.91 | ||||||||||||||||||||||||||||||
2028 | 9 | 32,000 | 2.9% | 14,731,000 | 460.34 | ||||||||||||||||||||||||||||||
2029 | 14 | 53,000 | 4.7% | 27,460,000 | 518.11 | ||||||||||||||||||||||||||||||
2030 | 21 | 153,000 | 13.7% | 23,416,000 | 153.05 | ||||||||||||||||||||||||||||||
2031 | 24 | 68,000 | 6.1% | 30,383,000 | 446.81 | ||||||||||||||||||||||||||||||
2032 | 21 | 57,000 | 5.1% | 29,537,000 | 518.19 | ||||||||||||||||||||||||||||||
2033 | 7 | 17,000 | 1.5% | 6,022,000 | 354.24 |
2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ||||||||||||||||||||||||||||||
Vornado Realty Trust | $ | 100 | $ | 115 | $ | 68 | $ | 81 | $ | 43 | $ | 60 | |||||||||||||||||||||||
S&P 400 MidCap Index(1) | 100 | 126 | 143 | 179 | 156 | 181 | |||||||||||||||||||||||||||||
S&P 500 Index(2) | 100 | 131 | 156 | 200 | 164 | 207 | |||||||||||||||||||||||||||||
The NAREIT All Equity Index | 100 | 129 | 122 | 172 | 129 | 144 |
Page Number | |||||
Overview | |||||
Critical Accounting Estimates | |||||
Net Operating Income At Share by Segment for the Years Ended December 31, 2023 and 2022 | |||||
Results of Operations for the Year Ended December 31, 2023 Compared to December 31, 2022 | |||||
Related Party Transactions | |||||
Liquidity and Capital Resources | |||||
Funds From Operations for the Years Ended December 31, 2023 and 2022 | |||||
Total Return(1) | |||||||||||||||||
Vornado | Office REIT | MSCI | |||||||||||||||
Three-month | 25.8 | % | 23.5 | % | 16.0 | % | |||||||||||
One-year | 39.2 | % | 2.0 | % | 13.7 | % | |||||||||||
Three-year | (12.7 | %) | (22.3 | %) | 22.8 | % | |||||||||||
Five-year | (40.3 | %) | (16.8 | %) | 42.9 | % | |||||||||||
Ten-year | (33.9 | %) | 7.0 | % | 108.0 | % |
(Amounts in thousands) | For the Year Ended December 31, | For the Three Months Ended December 31, | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Certain items that impact net income attributable to common shareholders: | |||||||||||||||
JBG SMITH Properties which is treated as a discontinued operation: | |||||||||||||||
Transaction costs | $ | (68,662 | ) | $ | (16,586 | ) | $ | (1,617 | ) | $ | (11,989 | ) | |||
Operating results through July 17, 2017 spin-off | 47,752 | 87,237 | — | 20,523 | |||||||||||
(20,910 | ) | 70,651 | (1,617 | ) | 8,534 | ||||||||||
Impairment loss on our investment in Pennsylvania REIT | (44,465 | ) | — | — | — | ||||||||||
Tax expense related to the reduction of our taxable REIT subsidiaries deferred tax assets | (34,800 | ) | — | (34,800 | ) | — | |||||||||
666 Fifth Avenue Office Condominium (49.5% interest)(1) | (25,414 | ) | (41,532 | ) | (3,042 | ) | (7,869 | ) | |||||||
Net gain resulting from Urban Edge Properties operating partnership unit issuances | 21,100 | — | — | — | |||||||||||
Our share of net gain on sale of property of Suffolk Downs JV | 15,314 | — | — | — | |||||||||||
Net gain on repayment of Suffolk Downs JV debt investments | 11,373 | — | — | — | |||||||||||
(Loss) income from real estate fund investments, net | (10,804 | ) | (21,042 | ) | 529 | (34,704 | ) | ||||||||
Expense related to the prepayment of our 2.50% senior unsecured notes due 2019 | (4,836 | ) | — | (4,836 | ) | — | |||||||||
Our share of write-off of deferred financing costs | (3,819 | ) | — | — | — | ||||||||||
Net gain on extinguishment of Skyline properties debt | — | 487,877 | — | 487,877 | |||||||||||
Income from the repayment of our investments in 85 Tenth Avenue loans and preferred equity | — | 160,843 | — | 160,843 | |||||||||||
Skyline properties impairment loss | — | (160,700 | ) | — | — | ||||||||||
Net gain on sale of 47% ownership interest in 7 West 34th Street | — | 159,511 | — | — | |||||||||||
Gain on sale of our 20% interest in Fairfax Square | — | 15,302 | — | 15,302 | |||||||||||
Our share of impairment on India non-depreciable real estate | — | (13,962 | ) | — | (13,962 | ) | |||||||||
Default interest on Skyline properties mortgage loan | — | (7,823 | ) | — | (2,480 | ) | |||||||||
Preferred share issuance costs (Series J redemption) | — | (7,408 | ) | — | — | ||||||||||
Other | 2,060 | (8,298 | ) | 3,084 | (2,942 | ) | |||||||||
(95,201 | ) | 633,419 | (40,682 | ) | 610,599 | ||||||||||
Noncontrolling interests' share of above adjustments | 6,267 | (38,972 | ) | 2,522 | (37,185 | ) | |||||||||
Total of certain items that impact net (loss) income attributable to common shareholders, net | $ | (88,934 | ) | $ | 594,447 | $ | (38,160 | ) | $ | 573,414 |
(Amounts in thousands) | For the Year Ended December 31, | For the Three Months Ended December 31, | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Certain items that impact FFO: | |||||||||||||||
JBG SMITH Properties which is treated as a discontinued operation: | |||||||||||||||
Transaction costs | $ | (68,662 | ) | $ | (16,586 | ) | $ | (1,617 | ) | $ | (11,989 | ) | |||
Operating results through July 17, 2017 spin-off | 122,201 | 226,288 | — | 57,147 | |||||||||||
53,539 | 209,702 | (1,617 | ) | 45,158 | |||||||||||
Impairment loss on our investment in Pennsylvania REIT | (44,465 | ) | — | — | — | ||||||||||
Tax expense related to the reduction of our taxable REIT subsidiaries deferred tax assets | (34,800 | ) | — | (34,800 | ) | — | |||||||||
Net gain resulting from Urban Edge Properties operating partnership unit issuances | 21,100 | — | — | — | |||||||||||
666 Fifth Avenue Office Condominium (49.5% interest)(1) | 13,164 | 10,925 | 1,103 | 808 | |||||||||||
Net gain on repayment of our Suffolk Downs JV debt investments | 11,373 | — | — | — | |||||||||||
(Loss) income from real estate fund investments, net | (10,804 | ) | (21,042 | ) | 529 | (34,704 | ) | ||||||||
Expense related to the prepayment of our 2.50% senior unsecured notes due 2019 | (4,836 | ) | — | (4,836 | ) | — | |||||||||
Our share of write-off of deferred financing costs | (3,819 | ) | — | — | — | ||||||||||
Net gain on extinguishment of Skyline properties debt | — | 487,877 | — | 487,877 | |||||||||||
Income from the repayment of our investments in 85 Tenth Avenue loans and preferred equity | — | 160,843 | — | 160,843 | |||||||||||
Our share of impairment on India non-depreciable real estate | — | (13,962 | ) | — | (13,962 | ) | |||||||||
Preferred share issuance costs (Series J redemption) | — | (7,408 | ) | — | — | ||||||||||
Other | 3,801 | (2,454 | ) | 2,945 | (2,324 | ) | |||||||||
4,253 | 824,481 | (36,676 | ) | 643,696 | |||||||||||
Noncontrolling interests' share of above adjustments | (264 | ) | (50,293 | ) | 2,274 | (39,201 | ) | ||||||||
Total certain items that impact FFO, net | $ | 3,989 | $ | 774,188 | $ | (34,402 | ) | $ | 604,495 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||
2023 | 2022 | ||||||||||
Certain expense (income) items that impact net income (loss) attributable to common shareholders: | |||||||||||
Real estate impairment losses on wholly owned and partially owned assets | $ | 73,289 | $ | 595,488 | |||||||
Net gain on contribution of Pier 94 leasehold interest to joint venture | (35,968) | — | |||||||||
After-tax net gain on sale of The Armory Show | (17,076) | — | |||||||||
Our share of Alexander's gain on sale of Rego Park III land parcel | (16,396) | — | |||||||||
Our share of income from real estate fund investments | (14,379) | (1,671) | |||||||||
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units and ancillary amenities | (11,959) | (35,858) | |||||||||
Deferred tax liability on our investment in the Farley Building (held through a taxable REIT subsidiary) | 11,722 | 13,665 | |||||||||
Credit losses on investments | 8,269 | — | |||||||||
Other | 10,342 | 3,749 | |||||||||
7,844 | 575,373 | ||||||||||
Noncontrolling interests' share of above adjustments and assumed conversion of dilutive potential common shares | 64 | (40,290) | |||||||||
Total of certain expense (income) items that impact net income (loss) attributable to common shareholders | $ | 7,908 | $ | 535,083 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||
2023 | 2022 | ||||||||||
Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions: | |||||||||||
Our share of income from real estate fund investments | $ | (14,379) | $ | (1,671) | |||||||
After-tax net gain on sale of 220 CPS condominium units and ancillary amenities | (11,959) | (35,858) | |||||||||
Deferred tax liability on our investment in the Farley Building (held through a taxable REIT subsidiary) | 11,722 | 13,665 | |||||||||
Credit losses on investments | 8,269 | — | |||||||||
Other | 11,043 | (8,412) | |||||||||
4,696 | (32,276) | ||||||||||
Noncontrolling interests' share of above adjustments | (337) | 2,240 | |||||||||
Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net | $ | 4,359 | $ | (30,036) |
(Amounts in thousands) | For the Year Ended December 31, | For the Three Months Ended December 31, | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Certain items that impact net income attributable to Class A unitholders: | |||||||||||||||
JBG SMITH Properties which is treated as a discontinued operation: | |||||||||||||||
Transaction costs | $ | (68,662 | ) | $ | (16,586 | ) | $ | (1,617 | ) | $ | (11,989 | ) | |||
Operating results through July 17, 2017 spin-off | 47,752 | 87,237 | — | 20,523 | |||||||||||
(20,910 | ) | 70,651 | (1,617 | ) | 8,534 | ||||||||||
Impairment loss on our investment in Pennsylvania REIT | (44,465 | ) | — | — | — | ||||||||||
Tax expense related to the reduction of our taxable REIT subsidiaries deferred tax assets | (34,800 | ) | — | (34,800 | ) | — | |||||||||
666 Fifth Avenue Office Condominium (49.5% interest)(1) | (25,414 | ) | (41,532 | ) | (3,042 | ) | (7,869 | ) | |||||||
Net gain resulting from Urban Edge Properties operating partnership unit issuances | 21,100 | — | — | — | |||||||||||
Our share of net gain on sale of property of Suffolk Downs JV | 15,314 | — | — | — | |||||||||||
Net gain on repayment of Suffolk Downs JV debt investments | 11,373 | — | — | — | |||||||||||
(Loss) income from real estate fund investments, net | (10,804 | ) | (21,042 | ) | 529 | (34,704 | ) | ||||||||
Expense related to the prepayment of our 2.50% senior unsecured notes due 2019 | (4,836 | ) | — | (4,836 | ) | — | |||||||||
Our share of write-off of deferred financing costs | (3,819 | ) | — | — | — | ||||||||||
Net gain on extinguishment of Skyline properties debt | — | 487,877 | — | 487,877 | |||||||||||
Income from the repayment of our investments in 85 Tenth Avenue loans and preferred equity | — | 160,843 | — | 160,843 | |||||||||||
Skyline properties impairment loss | — | (160,700 | ) | — | — | ||||||||||
Net gain on sale of 47% ownership interest in 7 West 34th Street | — | 159,511 | — | — | |||||||||||
Gain on sale of our 20% interest in Fairfax Square | — | 15,302 | — | 15,302 | |||||||||||
Our share of impairment on India non-depreciable real estate | — | (13,962 | ) | — | (13,962 | ) | |||||||||
Default interest on Skyline properties mortgage loan | — | (7,823 | ) | — | (2,480 | ) | |||||||||
Preferred unit issuance costs (Series J redemption) | — | (7,408 | ) | — | — | ||||||||||
Other | 2,060 | (8,298 | ) | 3,084 | (2,942 | ) | |||||||||
$ | (95,201 | ) | $ | 633,419 | $ | (40,682 | ) | $ | 610,599 |
New York | theMART | 555 California Street | ||||||
Same store NOI at share % increase (decrease): | ||||||||
Year ended December 31, 2017 compared to December 31, 2016 | 2.7 | % | 4.2 | % | (1) | 1.9 | % | |
Year ended December 31, 2016 compared to December 31, 2015 | 6.4 | % | 14.0 | % | (2) | (9.3 | )% | |
Three months ended December 31, 2017 compared to December 31, 2016 | 2.8 | % | 7.1 | % | 10.4 | % | ||
Three months ended December 31, 2017 compared to September 30, 2017 | 1.8 | % | (7.1 | )% | (3) | 4.2 | % | |
Same store NOI at share - cash basis % increase (decrease): | ||||||||
Year ended December 31, 2017 compared to December 31, 2016 | 11.3 | % | 7.6 | % | (1) | 36.0 | % | |
Year ended December 31, 2016 compared to December 31, 2015 | 8.5 | % | 12.4 | % | (2) | (12.2 | )% | |
Three months ended December 31, 2017 compared to December 31, 2016 | 7.0 | % | 13.7 | % | 32.4 | % | ||
Three months ended December 31, 2017 compared to September 30, 2017 | 1.7 | % | (4.4 | )% | (3) | 9.4 | % |
Year Ended December 31, 2023 compared to December 31, 2022: | Total | New York | THE MART(1) | 555 California Street(2) | ||||||||||||||||||||||
Same store NOI at share % increase (decrease) | 0.4 | % | 2.2 | % | (34.8) | % | 26.3 | % | ||||||||||||||||||
Same store NOI at share - cash basis % increase (decrease) | 0.6 | % | 2.8 | % | (37.2) | % | 26.6 | % | ||||||||||||||||||
(Amounts in thousands) | Notional Amount (at share) | All-In Swapped Rate | Expiration Date | Variable Rate Spread | ||||||||||||||||||||||
Interest rate swaps: | ||||||||||||||||||||||||||
555 California Street (effective 05/24) | $ | 840,000 | 6.03% | 05/26 | S+205 | |||||||||||||||||||||
PENN 11 (effective 03/24)(1) | 250,000 | 6.34% | 10/25 | S+206 | ||||||||||||||||||||||
Unsecured term loan(2) | 150,000 | 5.12% | 07/25 | S+129 | ||||||||||||||||||||||
Index Strike Rate | ||||||||||||||||||||||||||
Interest rate caps: | ||||||||||||||||||||||||||
1290 Avenue of the Americas (70.0% interest)(3) | $ | 665,000 | 1.00% | 11/25 | S+162 | |||||||||||||||||||||
One Park Avenue (effective 3/24) | 525,000 | 3.89% | 03/25 | S+122 | ||||||||||||||||||||||
640 Fifth Avenue (52.0% interest) | 259,925 | 4.00% | 05/24 | S+111 | ||||||||||||||||||||||
731 Lexington Avenue office condominium (32.4% interest) | 162,000 | 6.00% | 06/24 | Prime + 0 | ||||||||||||||||||||||
150 West 34th Street | 75,000 | 5.00% | 02/26 | S+215 | ||||||||||||||||||||||
512 West 22nd Street (55.0% interest) | 71,088 | 4.50% | 06/25 | S+200 |
(Square feet in thousands) | New York | ||||||||||||||
Office | Retail | theMART | 555 California Street | ||||||||||||
Quarter Ended December 31, 2017: | |||||||||||||||
Total square feet leased | 319 | 39 | 118 | 153 | |||||||||||
Our share of square feet leased | 281 | 29 | 118 | 107 | |||||||||||
Initial rent(1) | $ | 76.07 | $ | 412.74 | $ | 46.13 | $ | 95.73 | |||||||
Weighted average lease term (years) | 7.0 | 11.4 | 6.1 | 5.3 | |||||||||||
Second generation relet space: | |||||||||||||||
Square feet | 205 | 17 | 112 | 106 | |||||||||||
GAAP basis: | |||||||||||||||
Straight-line rent(2) | $ | 75.85 | $ | 205.33 | $ | 46.83 | $ | 101.46 | |||||||
Prior straight-line rent | $ | 70.69 | $ | 123.24 | $ | 39.12 | $ | 80.09 | |||||||
Percentage increase | 7.3 | % | 66.6 | % | 19.7 | % | 26.7 | % | |||||||
Cash basis: | |||||||||||||||
Initial rent(1) | $ | 78.02 | $ | 181.52 | $ | 46.23 | $ | 97.45 | |||||||
Prior escalated rent | $ | 72.98 | $ | 117.40 | $ | 42.50 | $ | 87.40 | |||||||
Percentage increase | 6.9 | % | 54.6 | % | 8.8 | % | 11.5 | % | |||||||
Tenant improvements and leasing commissions: | |||||||||||||||
Per square foot | $ | 71.35 | $ | 332.74 | $ | 17.79 | $ | 41.94 | |||||||
Per square foot per annum: | $ | 10.19 | $ | 29.19 | $ | 2.92 | $ | 7.91 | |||||||
Percentage of initial rent | 13.4 | % | 7.1 | % | 6.3 | % | 8.3 | % |
Year Ended December 31, 2017: | |||||||||||||||
Total square feet leased | 1,867 | 126 | 345 | 285 | |||||||||||
Our share of square feet leased | 1,469 | 97 | 345 | 200 | |||||||||||
Initial rent(1) | $ | 78.72 | $ | 318.67 | $ | 47.60 | $ | 88.42 | |||||||
Weighted average lease term (years) | 8.1 | 7.6 | 6.6 | 7.2 | |||||||||||
Second generation relet space: | |||||||||||||||
Square feet | 1,018 | 61 | 319 | 152 | |||||||||||
GAAP basis: | |||||||||||||||
Straight-line rent(2) | $ | 74.28 | $ | 171.74 | $ | 47.93 | $ | 99.53 | |||||||
Prior straight-line rent | $ | 65.85 | $ | 135.81 | $ | 38.04 | $ | 80.15 | |||||||
Percentage increase | 12.8 | % | 26.5 | % | 26.0 | % | 24.2 | % | |||||||
Cash basis: | |||||||||||||||
Initial rent(1) | $ | 76.03 | $ | 159.53 | $ | 47.55 | $ | 94.14 | |||||||
Prior escalated rent | $ | 69.19 | $ | 127.18 | $ | 40.77 | $ | 84.76 | |||||||
Percentage increase | 9.9 | % | 25.4 | % | 16.6 | % | 11.1 | % | |||||||
Tenant improvements and leasing commissions: | |||||||||||||||
Per square foot | $ | 73.97 | $ | 209.76 | $ | 33.86 | $ | 74.38 | |||||||
Per square foot per annum: | $ | 9.13 | $ | 27.60 | $ | 5.13 | $ | 10.33 | |||||||
Percentage of initial rent | 11.6 | % | 8.7 | % | 10.8 | % | 11.7 | % |
(Square feet in thousands) | Square Feet (in service) | ||||||||||||||||||||||||||||
Number of properties | Total Portfolio | Our Share | Occupancy % | ||||||||||||||||||||||||||
New York: | |||||||||||||||||||||||||||||
Office | 30 | (1) | 18,699 | 16,001 | 90.7 | % | |||||||||||||||||||||||
Retail (includes retail properties that are in the base of our office properties) | 50 | (1) | 2,123 | 1,684 | 74.9 | % | |||||||||||||||||||||||
Residential - 1,974 units(2) | 5 | (1) | 1,479 | 745 | 96.8 | % | (2) | ||||||||||||||||||||||
Alexander's | 5 | 2,331 | 755 | 92.6 | % | (2) | |||||||||||||||||||||||
24,632 | 19,185 | 89.4 | % | ||||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||
THE MART | 3 | 3,688 | 3,679 | 79.2 | % | ||||||||||||||||||||||||
555 California Street | 3 | 1,819 | 1,274 | 94.5 | % | ||||||||||||||||||||||||
Other | 11 | 2,537 | 1,202 | 91.9 | % | ||||||||||||||||||||||||
8,044 | 6,155 | ||||||||||||||||||||||||||||
Total square feet as of December 31, 2023 | 32,676 | 25,340 |
(Square feet in thousands) | New York | ||||||||||||||
Office | Retail | theMART | 555 California Street | ||||||||||||
Year Ended December 31, 2016: | |||||||||||||||
Total square feet leased | 2,241 | 111 | 270 | 151 | |||||||||||
Our share of square feet leased: | 1,842 | 90 | 269 | 106 | |||||||||||
Initial rent(1) | $ | 72.56 | $ | 285.17 | $ | 48.16 | $ | 77.25 | |||||||
Weighted average lease term (years) | 8.8 | 9.1 | 6.4 | 8.4 | |||||||||||
Second generation relet space: | |||||||||||||||
Square feet | 1,667 | 69 | 221 | 69 | |||||||||||
GAAP basis: | |||||||||||||||
Straight-line rent(2) | $ | 71.52 | $ | 204.95 | $ | 50.74 | $ | 82.69 | |||||||
Prior straight-line rent | $ | 59.75 | $ | 166.14 | $ | 40.43 | $ | 66.92 | |||||||
Percentage increase | 19.7 | % | 23.4 | % | 25.5 | % | 23.6 | % | |||||||
Percentage increase inclusive of 3 square foot Dyson lease at 640 Fifth Avenue | 94.9 | % | |||||||||||||
Cash basis: | |||||||||||||||
Initial rent(1) | $ | 71.82 | $ | 194.35 | $ | 49.65 | $ | 79.69 | |||||||
Prior escalated rent | $ | 61.62 | $ | 173.70 | $ | 43.43 | $ | 66.51 | |||||||
Percentage increase | 16.6 | % | 11.9 | % | 14.3 | % | 19.8 | % | |||||||
Percentage increase inclusive of 3 square foot Dyson lease at 640 Fifth Avenue | 70.1 | % | |||||||||||||
Tenant improvements and leasing commissions: | |||||||||||||||
Per square foot | $ | 64.44 | $ | 184.74 | $ | 35.62 | $ | 76.29 | |||||||
Per square foot per annum: | $ | 7.32 | $ | 20.30 | $ | 5.57 | $ | 9.08 | |||||||
Percentage of initial rent | 10.1 | % | 7.1 | % | 11.6 | % | 11.8 | % |
(Square feet in thousands) | Square Feet (in service) | ||||||||||||||||||||||||||||
Number of properties | Total Portfolio | Our Share | Occupancy % | ||||||||||||||||||||||||||
New York: | |||||||||||||||||||||||||||||
Office | 30 | (1) | 18,724 | 16,028 | 91.9 | % | |||||||||||||||||||||||
Retail (includes retail properties that are in the base of our office properties) | 56 | (1) | 2,289 | 1,851 | 74.4 | % | |||||||||||||||||||||||
Residential - 1,976 units(2) | 6 | (1) | 1,499 | 766 | 96.7 | % | (2) | ||||||||||||||||||||||
Alexander's | 6 | 2,241 | 726 | 96.4 | % | (2) | |||||||||||||||||||||||
24,753 | 19,371 | 90.4 | % | ||||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||
THE MART | 4 | 3,635 | 3,626 | 81.6 | % | ||||||||||||||||||||||||
555 California Street | 3 | 1,819 | 1,273 | 94.7 | % | ||||||||||||||||||||||||
Other | 11 | 2,532 | 1,197 | 92.6 | % | ||||||||||||||||||||||||
7,986 | 6,096 | ||||||||||||||||||||||||||||
Total square feet as of December 31, 2022 | 32,739 | 25,467 |
(Square feet in thousands) | Square Feet (in service) | ||||||||||
Number of properties | Total Portfolio | Our Share | Occupancy % | ||||||||
New York: | |||||||||||
Office | 36 | 20,256 | 16,982 | 97.1 | % | ||||||
Retail (includes retail properties that are in the base of our office properties) | 71 | 2,720 | 2,471 | 96.9 | % | ||||||
Residential - 1,697 units | 11 | 1,568 | 835 | 96.7 | % | ||||||
Alexander's, including 312 residential units | 7 | 2,437 | 790 | 99.3 | % | ||||||
Hotel Pennsylvania | 1 | 1,400 | 1,400 | ||||||||
28,381 | 22,478 | 97.2 | % | ||||||||
Other: | |||||||||||
theMART | 3 | 3,689 | 3,680 | 98.6 | % | ||||||
555 California Street | 3 | 1,741 | 1,219 | 94.2 | % | ||||||
Other | 11 | 2,525 | 1,188 | 93.6 | % | ||||||
7,955 | 6,087 | ||||||||||
Total square feet at December 31, 2017 | 36,336 | 28,565 |
(Square feet in thousands) | Square Feet (in service) | ||||||||||
Number of properties | Total Portfolio | Our Share | Occupancy % | ||||||||
New York: | |||||||||||
Office | 35 | 20,227 | 16,962 | 96.3 | % | ||||||
Retail (includes retail properties that are in the base of our office properties) | 69 | 2,672 | 2,464 | 97.1 | % | ||||||
Residential - 1,692 units | 11 | 1,559 | 826 | 95.7 | % | ||||||
Alexander's, including 312 residential units | 7 | 2,437 | 790 | 99.8 | % | ||||||
Hotel Pennsylvania | 1 | 1,400 | 1,400 | ||||||||
28,295 | 22,442 | 96.5 | % | ||||||||
Other: | |||||||||||
theMART | 3 | 3,671 | 3,662 | 98.9 | % | ||||||
555 California Street | 3 | 1,738 | 1,217 | 92.4 | % | ||||||
Other | 11 | 2,557 | 1,188 | 92.2 | % | ||||||
7,966 | 6,067 | ||||||||||
Total square feet at December 31, 2016 | 36,261 | 28,509 |
(Amounts in thousands) | For the Year Ended December 31, 2023 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 1,811,163 | $ | 1,452,158 | $ | 359,005 | |||||||||||
Operating expenses | (905,158) | (733,478) | (171,680) | ||||||||||||||
NOI - consolidated | 906,005 | 718,680 | 187,325 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (48,553) | (15,547) | (33,006) | ||||||||||||||
Add: NOI from partially owned entities | 285,761 | 274,436 | 11,325 | ||||||||||||||
NOI at share | 1,143,213 | 977,569 | 165,644 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (3,377) | (7,700) | 4,323 | ||||||||||||||
NOI at share - cash basis | $ | 1,139,836 | $ | 969,869 | $ | 169,967 |
(Amounts in thousands) | For the Year Ended December 31, 2022 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 1,799,995 | $ | 1,449,442 | $ | 350,553 | |||||||||||
Operating expenses | (873,911) | (716,148) | (157,763) | ||||||||||||||
NOI - consolidated | 926,084 | 733,294 | 192,790 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (70,029) | (45,566) | (24,463) | ||||||||||||||
Add: NOI from partially owned entities | 305,993 | 293,780 | 12,213 | ||||||||||||||
NOI at share | 1,162,048 | 981,508 | 180,540 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (10,980) | (18,509) | 7,529 | ||||||||||||||
NOI at share - cash basis | $ | 1,151,068 | $ | 962,999 | $ | 188,069 |
(Amounts in thousands) | For the Year Ended December 31, 2017 | ||||||||||
Total | New York | Other | |||||||||
Total revenues | $ | 2,084,126 | $ | 1,779,307 | $ | 304,819 | |||||
Operating expenses | 886,596 | 756,670 | 129,926 | ||||||||
NOI - consolidated | 1,197,530 | 1,022,637 | 174,893 | ||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (65,311 | ) | (45,899 | ) | (19,412 | ) | |||||
Add: Our share of NOI from partially owned entities | 269,164 | 189,327 | 79,837 | ||||||||
NOI at share | 1,401,383 | 1,166,065 | 235,318 | ||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (86,842 | ) | (79,202 | ) | (7,640 | ) | |||||
NOI at share - cash basis | $ | 1,314,541 | $ | 1,086,863 | $ | 227,678 |
(Amounts in thousands) | For the Year Ended December 31, 2016 | ||||||||||
Total | New York | Other | |||||||||
Total revenues | $ | 2,003,742 | $ | 1,713,374 | $ | 290,368 | |||||
Operating expenses | 844,566 | 716,754 | 127,812 | ||||||||
NOI - consolidated | 1,159,176 | 996,620 | 162,556 | ||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (66,182 | ) | (47,480 | ) | (18,702 | ) | |||||
Add: Our share of NOI from partially owned entities | 271,114 | 159,386 | 111,728 | ||||||||
NOI at share | 1,364,108 | 1,108,526 | 255,582 | ||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (170,477 | ) | (143,239 | ) | (27,238 | ) | |||||
NOI at share - cash basis | $ | 1,193,631 | $ | 965,287 | $ | 228,344 |
(Amounts in thousands) | For the Year Ended December 31, 2015 | ||||||||||
Total | New York | Other | |||||||||
Total revenues | $ | 1,985,495 | $ | 1,695,925 | $ | 289,570 | |||||
Operating expenses | 824,511 | 694,228 | 130,283 | ||||||||
NOI - consolidated | 1,160,984 | 1,001,697 | 159,287 | ||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (64,859 | ) | (42,905 | ) | (21,954 | ) | |||||
Add: Our share of NOI from partially owned entities | 245,750 | 156,177 | 89,573 | ||||||||
NOI at share | 1,341,875 | 1,114,969 | 226,906 | ||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (214,322 | ) | (186,781 | ) | (27,541 | ) | |||||
NOI at share - cash basis | $ | 1,127,553 | $ | 928,188 | $ | 199,365 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2023 | 2022 | ||||||||||||||||
New York: | |||||||||||||||||
Office | $ | 727,000 | $ | 718,686 | |||||||||||||
Retail | 188,561 | 205,753 | |||||||||||||||
Residential | 21,910 | 19,600 | |||||||||||||||
Alexander's | 40,098 | 37,469 | |||||||||||||||
Total New York | 977,569 | 981,508 | |||||||||||||||
Other: | |||||||||||||||||
THE MART(1) | 61,519 | 96,906 | |||||||||||||||
555 California Street(2) | 82,965 | 65,692 | |||||||||||||||
Other investments | 21,160 | 17,942 | |||||||||||||||
Total Other | 165,644 | 180,540 | |||||||||||||||
NOI at share | $ | 1,143,213 | $ | 1,162,048 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||
2017 | 2016 | 2015 | |||||||||
New York: | |||||||||||
Office | $ | 721,183 | $ | 662,221 | $ | 684,110 | |||||
Retail | 359,944 | 364,953 | 342,999 | ||||||||
Residential | 24,370 | 25,060 | 22,266 | ||||||||
Alexander's | 47,302 | 47,295 | 43,409 | ||||||||
Hotel Pennsylvania | 13,266 | 8,997 | 22,185 | ||||||||
Total New York | 1,166,065 | 1,108,526 | 1,114,969 | ||||||||
Other: | |||||||||||
theMART | 102,339 | 98,498 | 85,963 | ||||||||
555 California Street | 47,588 | 45,848 | 50,268 | ||||||||
Other investments | 85,391 | 111,236 | 90,675 | ||||||||
Total Other | 235,318 | 255,582 | 226,906 | ||||||||
NOI at share | $ | 1,401,383 | $ | 1,364,108 | $ | 1,341,875 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2023 | 2022 | ||||||||||||||||
New York: | |||||||||||||||||
Office | $ | 726,914 | $ | 715,407 | |||||||||||||
Retail | 180,932 | 188,846 | |||||||||||||||
Residential | 20,588 | 18,214 | |||||||||||||||
Alexander's | 41,435 | 40,532 | |||||||||||||||
Total New York | 969,869 | 962,999 | |||||||||||||||
Other: | |||||||||||||||||
THE MART(1) | 62,579 | 101,912 | |||||||||||||||
555 California Street(2) | 85,819 | 67,813 | |||||||||||||||
Other investments | 21,569 | 18,344 | |||||||||||||||
Total Other | 169,967 | 188,069 | |||||||||||||||
NOI at share - cash basis | $ | 1,139,836 | $ | 1,151,068 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||
2017 | 2016 | 2015 | |||||||||
New York: | |||||||||||
Office | $ | 678,839 | $ | 593,785 | $ | 580,252 | |||||
Retail | 324,318 | 292,019 | 262,698 | ||||||||
Residential | 21,626 | 22,285 | 20,254 | ||||||||
Alexander's | 48,683 | 48,070 | 42,965 | ||||||||
Hotel Pennsylvania | 13,397 | 9,128 | 22,019 | ||||||||
Total New York | 1,086,863 | 965,287 | 928,188 | ||||||||
Other: | |||||||||||
theMART | 99,242 | 92,571 | 81,867 | ||||||||
555 California Street | 45,281 | 32,601 | 36,686 | ||||||||
Other investments | 83,155 | 103,172 | 80,812 | ||||||||
Total Other | 227,678 | 228,344 | 199,365 | ||||||||
NOI at share - cash basis | $ | 1,314,541 | $ | 1,193,631 | $ | 1,127,553 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2023 | 2022 | ||||||||||||||||
Net income (loss) | $ | 32,888 | $ | (382,612) | |||||||||||||
Depreciation and amortization expense | 434,273 | 504,502 | |||||||||||||||
General and administrative expense | 162,883 | 133,731 | |||||||||||||||
Impairment losses, transaction related costs and other | 50,691 | 31,722 | |||||||||||||||
(Income) loss from partially owned entities | (38,689) | 461,351 | |||||||||||||||
Income from real estate fund investments | (1,590) | (3,541) | |||||||||||||||
Interest and other investment income, net | (41,697) | (19,869) | |||||||||||||||
Interest and debt expense | 349,223 | 279,765 | |||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | (71,199) | (100,625) | |||||||||||||||
Income tax expense | 29,222 | 21,660 | |||||||||||||||
NOI from partially owned entities | 285,761 | 305,993 | |||||||||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (48,553) | (70,029) | |||||||||||||||
NOI at share | 1,143,213 | 1,162,048 | |||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (3,377) | (10,980) | |||||||||||||||
NOI at share - cash basis | $ | 1,139,836 | $ | 1,151,068 |
For the Year Ended December 31, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
Region: | |||||||||||||||||
New York metropolitan area | 88 | % | 86 | % | |||||||||||||
Chicago, IL | 6 | % | 8 | % | |||||||||||||
San Francisco, CA(1) | 6 | % | 6 | % | |||||||||||||
100 | % | 100 | % |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||
2017 | 2016 | 2015 | |||||||||
Net income | $ | 264,128 | $ | 981,922 | $ | 859,430 | |||||
Deduct: | |||||||||||
Our share of (income) loss from partially owned entities | (15,200 | ) | (168,948 | ) | 9,947 | ||||||
Our share of (income) loss from real estate fund investments | (3,240 | ) | 23,602 | (74,081 | ) | ||||||
Interest and other investment income, net | (37,793 | ) | (29,548 | ) | (27,240 | ) | |||||
Net gains on disposition of wholly owned and partially owned assets | (501 | ) | (160,433 | ) | (149,417 | ) | |||||
Loss (income) from discontinued operations | 13,228 | (404,912 | ) | (223,511 | ) | ||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (65,311 | ) | (66,182 | ) | (64,859 | ) | |||||
Add: | |||||||||||
Depreciation and amortization expense | 429,389 | 421,023 | 379,803 | ||||||||
General and administrative expense | 158,999 | 149,550 | 149,256 | ||||||||
Acquisition and transaction related costs | 1,776 | 9,451 | 12,511 | ||||||||
NOI from partially owned entities | 269,164 | 271,114 | 245,750 | ||||||||
Interest and debt expense | 345,654 | 330,240 | 309,298 | ||||||||
Income tax expense (benefit) | 41,090 | 7,229 | (85,012 | ) | |||||||
NOI at share | 1,401,383 | 1,364,108 | 1,341,875 | ||||||||
Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (86,842 | ) | (170,477 | ) | (214,322 | ) | |||||
NOI at share - cash basis | $ | 1,314,541 | $ | 1,193,631 | $ | 1,127,553 |
(Amounts in thousands) | ||||||||||||||||||||
(Decrease) increase due to: | Total | New York | Other | |||||||||||||||||
Rental revenues: | ||||||||||||||||||||
Acquisitions, dispositions and other | $ | (42,082) | $ | (30,417) | $ | (11,665) | ||||||||||||||
Development and redevelopment | 3,855 | 3,855 | — | |||||||||||||||||
Trade shows | (223) | — | (223) | |||||||||||||||||
Same store operations | 38,251 | 16,198 | 22,053 | (1) | ||||||||||||||||
(199) | (10,364) | 10,165 | ||||||||||||||||||
Fee and other income: | ||||||||||||||||||||
BMS cleaning fees | 4,264 | 5,078 | (814) | |||||||||||||||||
Management and leasing fees | 2,001 | 1,974 | 27 | |||||||||||||||||
Other income | 5,102 | 6,028 | (926) | |||||||||||||||||
11,367 | 13,080 | (1,713) | ||||||||||||||||||
Total increase in revenues | $ | 11,168 | $ | 2,716 | $ | 8,452 |
(Amounts in thousands) | ||||||||||||||||||||
(Decrease) increase due to: | Total | New York | Other | |||||||||||||||||
Operating: | ||||||||||||||||||||
Acquisitions, dispositions and other | $ | (22,050) | $ | (12,709) | $ | (9,341) | ||||||||||||||
Development and redevelopment | 5,048 | 5,048 | — | |||||||||||||||||
Non-reimbursable expenses | 2,957 | 2,957 | — | |||||||||||||||||
Trade shows | 612 | — | 612 | |||||||||||||||||
BMS expenses | 4,831 | 5,645 | (814) | |||||||||||||||||
Same store operations | 39,849 | 16,389 | 23,460 | (2) | ||||||||||||||||
31,247 | 17,330 | 13,917 | ||||||||||||||||||
Depreciation and amortization: | ||||||||||||||||||||
Acquisitions, dispositions and other | (77,474) | (77,474) | — | |||||||||||||||||
Development and redevelopment | 287 | 287 | — | |||||||||||||||||
Same store operations | 6,958 | 4,971 | 1,987 | |||||||||||||||||
(70,229) | (72,216) | 1,987 | ||||||||||||||||||
General and administrative | 29,152 | (3) | 4,014 | 25,138 | ||||||||||||||||
Expense from deferred compensation plan liability | 21,779 | — | 21,779 | |||||||||||||||||
Impairment losses, transaction related costs and other | 18,969 | 27,475 | (4) | (8,506) | ||||||||||||||||
Total increase (decrease) in expenses | $ | 30,918 | $ | (23,397) | $ | 54,315 |
(Amounts in thousands) | |||||||||||
Increase (decrease) due to: | Total | New York | Other | ||||||||
Property rentals: | |||||||||||
Acquisitions, dispositions and other | $ | 9,455 | $ | 9,229 | (1) | $ | 226 | ||||
Development and redevelopment | 824 | (93 | ) | 917 | |||||||
Hotel Pennsylvania | 7,974 | 7,974 | (2) | — | |||||||
Trade shows | (634 | ) | — | (634 | ) | ||||||
Same store operations | 35,240 | 25,066 | 10,174 | ||||||||
52,859 | 42,176 | 10,683 | |||||||||
Tenant expense reimbursements: | |||||||||||
Acquisitions, dispositions and other | (2,663 | ) | (2,663 | ) | — | ||||||
Development and redevelopment | 705 | (75 | ) | 780 | |||||||
Same store operations | 13,819 | 11,320 | 2,499 | ||||||||
11,861 | 8,582 | 3,279 | |||||||||
Fee and other income: | |||||||||||
BMS cleaning fees | 10,718 | 13,374 | (3) | (2,656 | ) | ||||||
Management and leasing fees | 1,843 | 1,068 | 775 | ||||||||
Lease termination fees | (599 | ) | 250 | (849 | ) | ||||||
Other income | 3,702 | 483 | 3,219 | ||||||||
15,664 | 15,175 | 489 | |||||||||
Total increase in revenues | $ | 80,384 | $ | 65,933 | $ | 14,451 |
(Amounts in thousands) | Percentage Ownership as of December 31, 2023 | For the Year Ended December 31, | |||||||||||||||
2023 | 2022 | ||||||||||||||||
Our share of net income (loss): | |||||||||||||||||
Fifth Avenue and Times Square JV: | |||||||||||||||||
Equity in net income(1) | 51.5% | $ | 35,209 | $ | 55,248 | ||||||||||||
Return on preferred equity, net of our share of the expense | 37,416 | 37,416 | |||||||||||||||
Non-cash impairment loss | — | (489,859) | |||||||||||||||
72,625 | (397,195) | ||||||||||||||||
Partially owned office buildings(2)(3) | Various | (73,589) | (110,261) | ||||||||||||||
Alexander's Inc.(4) | 32.4% | 37,075 | 22,973 | ||||||||||||||
Other equity method investments(3)(5) | Various | 2,578 | 23,132 | ||||||||||||||
$ | 38,689 | $ | (461,351) |
(Amounts in thousands) | For the Year Ended December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
Previously recorded unrealized loss on exited investments | $ | 247,575 | $ | 59,396 | ||||||||||
Net realized loss on exited investments | (245,714) | (54,255) | ||||||||||||
Net investment (loss) income | (271) | 6,130 | ||||||||||||
Net unrealized loss on held investments | — | (7,730) | ||||||||||||
Income from real estate fund investments | 1,590 | 3,541 | ||||||||||||
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 12,789 | (1,870) | ||||||||||||
Income from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ | 14,379 | $ | 1,671 | ||||||||||
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||
2023 | 2022 | ||||||||||
Interest on cash and cash equivalents and restricted cash | $ | 44,786 | $ | 7,553 | |||||||
Credit losses on investments | (8,269) | — | |||||||||
Amortization of discount on investments in U.S. Treasury bills | 3,829 | 7,075 | |||||||||
Interest on loans receivable | 1,351 | 5,006 | |||||||||
Other, net | — | 235 | |||||||||
$ | 41,697 | $ | 19,869 |
(Amounts in thousands) | ||||||||||||
(Decrease) increase due to: | Total | New York | Other | |||||||||
Operating: | ||||||||||||
Acquisitions, dispositions and other | $ | (2,978 | ) | $ | (2,978 | ) | $ | — | ||||
Development and redevelopment | 69 | 119 | (50 | ) | ||||||||
Non-reimbursable expenses, including bad-debt reserves | (3,940 | ) | (4,109 | ) | 169 | |||||||
Hotel Pennsylvania | 3,721 | 3,721 | — | |||||||||
Trade shows | (1,222 | ) | — | (1,222 | ) | |||||||
BMS expenses | 15,368 | 12,835 | (1) | 2,533 | ||||||||
Same store operations | 31,012 | 30,328 | 684 | |||||||||
42,030 | 39,916 | 2,114 | ||||||||||
Depreciation and amortization: | ||||||||||||
Acquisitions, dispositions and other | 2,227 | 2,227 | — | |||||||||
Development and redevelopment | 2,752 | 3,182 | (430 | ) | ||||||||
Same store operations | 3,387 | (1,503 | ) | 4,890 | ||||||||
8,366 | 3,906 | 4,460 | ||||||||||
General and administrative: | ||||||||||||
Mark-to-market of deferred compensation plan liability | 1,719 | — | 1,719 | (2) | ||||||||
Same store operations | 7,730 | (3) | 4,333 | 3,397 | ||||||||
9,449 | 4,333 | 5,116 | ||||||||||
Acquisition and transaction related costs | (7,675 | ) | — | (7,675 | ) | |||||||
Total increase in expenses | $ | 52,170 | $ | 48,155 | $ | 4,015 |
(Amounts in thousands) | Percentage Ownership at December 31, 2017 | For the Year Ended December 31, | |||||||
2017 | 2016 | ||||||||
Equity in Net (Loss) Income: | |||||||||
Pennsylvania Real Estate Investment Trust ("PREIT")(1) | 8.0% | $ | (53,325 | ) | $ | (5,213 | ) | ||
Alexander's | 32.4% | 31,853 | 34,240 | ||||||
Urban Edge Properties ("UE")(2) | 4.5% | 27,328 | 5,839 | ||||||
Partially owned office buildings (3) | Various | 2,020 | 5,773 | ||||||
Other investments (4) | Various | 7,324 | 128,309 | ||||||
$ | 15,200 | $ | 168,948 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||
2017 | 2016 | ||||||
Net investment income | $ | 18,507 | $ | 17,053 | |||
Net realized gains on exited investments | 36,078 | 14,761 | |||||
Previously recorded unrealized gain on exited investments | (25,538 | ) | (14,254 | ) | |||
Net unrealized loss on held investments | (25,807 | ) | (41,162 | ) | |||
Income (loss) from real estate fund investments | 3,240 | (23,602 | ) | ||||
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (14,044 | ) | 2,560 | ||||
Loss from real estate fund investments attributable to the Operating Partnership(1) | (10,804 | ) | (21,042 | ) | |||
Less loss attributable to noncontrolling interests in the Operating Partnership | 673 | 1,270 | |||||
Loss from real estate fund investments attributable to Vornado | $ | (10,131 | ) | $ | (19,772 | ) |
(Amounts in thousands) | For the Year Ended December 31, | ||||||
2017 | 2016 | ||||||
Total revenues | $ | 261,290 | $ | 521,084 | |||
Total expenses | 212,169 | 442,032 | |||||
49,121 | 79,052 | ||||||
JBGS spin-off transaction costs | (68,662 | ) | (16,586 | ) | |||
Net gains on sale of real estate, a lease position and other | 6,605 | 5,074 | |||||
Income (loss) from partially owned assets | 435 | (3,559 | ) | ||||
Net gain on early extinguishment of debt | — | 487,877 | |||||
Impairment losses | — | (161,165 | ) | ||||
Net gain on sale of our 20% interest in Fairfax Square | — | 15,302 | |||||
Pretax (loss) income from discontinued operations | (12,501 | ) | 405,995 | ||||
Income tax expense | (727 | ) | (1,083 | ) | |||
(Loss) income from discontinued operations | $ | (13,228 | ) | $ | 404,912 |
(Amounts in thousands) | Total | New York | THE MART | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share for the year ended December 31, 2023 | $ | 1,143,213 | $ | 977,569 | $ | 61,519 | $ | 82,965 | $ | 21,160 | |||||||||||||||||||
Less NOI at share from: | |||||||||||||||||||||||||||||
Dispositions | (1,270) | (1,556) | 286 | — | — | ||||||||||||||||||||||||
Development properties | (26,748) | (26,748) | — | — | — | ||||||||||||||||||||||||
Other non-same store (income) expense, net | (20,399) | 761 | — | — | (21,160) | ||||||||||||||||||||||||
Same store NOI at share for the year ended December 31, 2023 | $ | 1,094,796 | $ | 950,026 | $ | 61,805 | $ | 82,965 | $ | — | |||||||||||||||||||
NOI at share for the year ended December 31, 2022 | $ | 1,162,048 | $ | 981,508 | $ | 96,906 | $ | 65,692 | $ | 17,942 | |||||||||||||||||||
Less NOI at share from: | |||||||||||||||||||||||||||||
Dispositions | (15,205) | (13,158) | (2,047) | — | — | ||||||||||||||||||||||||
Development properties | (24,088) | (24,088) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (32,838) | (14,896) | — | — | (17,942) | ||||||||||||||||||||||||
Same store NOI at share for the year ended December 31, 2022 | $ | 1,089,917 | $ | 929,366 | $ | 94,859 | $ | 65,692 | $ | — | |||||||||||||||||||
Increase (decrease) in same store NOI at share | $ | 4,879 | $ | 20,660 | $ | (33,054) | $ | 17,273 | $ | — | |||||||||||||||||||
% increase (decrease) in same store NOI at share | 0.4 | % | 2.2 | % | (34.8) | % | 26.3 | % | — | % |
(Amounts in thousands) | New York | theMART | 555 California Street | |||||||||
NOI at share for the year ended December 31, 2017 | $ | 1,166,065 | $ | 102,339 | $ | 47,588 | ||||||
Less NOI at share from: | ||||||||||||
Acquisitions | (20,027 | ) | 164 | — | ||||||||
Dispositions | (698 | ) | — | — | ||||||||
Development properties placed into and out of service | 816 | — | — | |||||||||
Lease termination income, net of straight-line and FAS 141 adjustments | (1,973 | ) | (20 | ) | — | |||||||
Other non-operating income, net | (2,303 | ) | — | — | ||||||||
Same store NOI at share for the year ended December 31, 2017 | $ | 1,141,880 | $ | 102,483 | $ | 47,588 | ||||||
NOI at share for the year ended December 31, 2016 | $ | 1,108,526 | $ | 98,498 | $ | 45,848 | ||||||
Less NOI at share from: | ||||||||||||
Acquisitions | (60 | ) | — | — | ||||||||
Dispositions | (3,107 | ) | — | — | ||||||||
Development properties placed into and out of service | 82 | — | 1,079 | |||||||||
Lease termination income (expense), net of straight-line and FAS 141 adjustments | 10,559 | (157 | ) | (238 | ) | |||||||
Other non-operating income, net | (3,610 | ) | — | — | ||||||||
Same store NOI at share for the year ended December 31, 2016 | $ | 1,112,390 | $ | 98,341 | $ | 46,689 | ||||||
Increase in same store NOI at share for the year ended December 31, 2017 compared to December 31, 2016 | $ | 29,490 | $ | 4,142 | $ | 899 | ||||||
% increase in same store NOI at share | 2.7 | % | 4.2 | % | (1) | 1.9 | % |
(Amounts in thousands) | Total | New York | THE MART | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share - cash basis for the year ended December 31, 2023 | $ | 1,139,836 | $ | 969,869 | $ | 62,579 | $ | 85,819 | $ | 21,569 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Dispositions | (1,793) | (2,016) | 223 | — | — | ||||||||||||||||||||||||
Development properties | (23,661) | (23,661) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (29,547) | (7,978) | — | — | (21,569) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the year ended December 31, 2023 | $ | 1,084,835 | $ | 936,214 | $ | 62,802 | $ | 85,819 | $ | — | |||||||||||||||||||
NOI at share - cash basis for the year ended December 31, 2022 | $ | 1,151,068 | $ | 962,999 | $ | 101,912 | $ | 67,813 | $ | 18,344 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Dispositions | (15,122) | (13,256) | (1,866) | — | — | ||||||||||||||||||||||||
Development properties | (23,567) | (23,567) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (33,665) | (15,321) | — | — | (18,344) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the year ended December 31, 2022 | $ | 1,078,714 | $ | 910,855 | $ | 100,046 | $ | 67,813 | $ | — | |||||||||||||||||||
Increase (decrease) in same store NOI at share - cash basis | $ | 6,121 | $ | 25,359 | $ | (37,244) | $ | 18,006 | $ | — | |||||||||||||||||||
% increase (decrease) in same store NOI at share - cash basis | 0.6 | % | 2.8 | % | (37.2) | % | 26.6 | % | — | % |
(Amounts in thousands) | New York | theMART | 555 California Street | |||||||||
NOI at share - cash basis for the year ended December 31, 2017 | $ | 1,086,863 | $ | 99,242 | $ | 45,281 | ||||||
Less NOI at share - cash basis from: | ||||||||||||
Acquisitions | (17,217 | ) | 164 | — | ||||||||
Dispositions | (698 | ) | — | — | ||||||||
Development properties placed into and out of service | 814 | — | — | |||||||||
Lease termination income | (4,927 | ) | (31 | ) | — | |||||||
Other non-operating income, net | (3,021 | ) | — | — | ||||||||
Same store NOI at share - cash basis for the year ended December 31, 2017 | $ | 1,061,814 | $ | 99,375 | $ | 45,281 | ||||||
NOI at share - cash basis for the year ended December 31, 2016 | $ | 965,287 | $ | 92,571 | $ | 32,601 | ||||||
Less NOI at share - cash basis from: | ||||||||||||
Acquisitions | (13 | ) | — | — | ||||||||
Dispositions | (2,219 | ) | — | — | ||||||||
Development properties placed into and out of service | 289 | — | 1,079 | |||||||||
Lease termination income | (7,272 | ) | (248 | ) | (397 | ) | ||||||
Other non-operating income, net | (2,362 | ) | — | — | ||||||||
Same store NOI at share - cash basis for the year ended December 31, 2016 | $ | 953,710 | $ | 92,323 | $ | 33,283 | ||||||
Increase in same store NOI at share - cash basis for the year ended December 31, 2017 compared to December 31, 2016 | $ | 108,104 | $ | 7,052 | $ | 11,998 | ||||||
% increase in same store NOI at share - cash basis | 11.3 | % | 7.6 | % | (1) | 36.0 | % |
(Amounts in thousands) | |||||||||||
(Decrease) increase due to: | Total | New York | Other | ||||||||
Property rentals: | |||||||||||
Acquisitions, dispositions and other | $ | (33,841 | ) | $ | (33,841 | ) | (1) | $ | — | ||
Development and redevelopment | 2,346 | (150 | ) | 2,496 | |||||||
Hotel Pennsylvania | (12,837 | ) | (12,837 | ) | (2) | — | |||||
Trade shows | (852 | ) | — | (852 | ) | ||||||
Same store operations | 80,411 | 77,676 | 2,735 | ||||||||
35,227 | 30,848 | 4,379 | |||||||||
Tenant expense reimbursements: | |||||||||||
Acquisitions, dispositions and other | (4,697 | ) | (4,698 | ) | 1 | ||||||
Development and redevelopment | 1,040 | (3 | ) | 1,043 | |||||||
Same store operations | 6,481 | 10,170 | (3,689 | ) | |||||||
2,824 | 5,469 | (2,645 | ) | ||||||||
Fee and other income: | |||||||||||
BMS cleaning fees | (3,455 | ) | (3,233 | ) | (222 | ) | |||||
Management and leasing fees | 2,009 | 1,105 | 904 | ||||||||
Lease termination fees | (13,599 | ) | (13,878 | ) | (3) | 279 | |||||
Other income | (4,759 | ) | (2,862 | ) | (1,897 | ) | |||||
(19,804 | ) | (18,868 | ) | (936 | ) | ||||||
Total increase in revenues | $ | 18,247 | $ | 17,449 | $ | 798 |
(Amounts in thousands) | ||||||||||||
Increase (decrease) due to: | Total | New York | Other | |||||||||
Operating: | ||||||||||||
Acquisitions, dispositions and other | $ | 2,527 | $ | 2,527 | $ | — | ||||||
Development and redevelopment | 1,389 | (99 | ) | 1,488 | ||||||||
Non-reimbursable expenses, including bad-debt reserves | (2,526 | ) | (2,296 | ) | (230 | ) | ||||||
Hotel Pennsylvania | 322 | 322 | — | |||||||||
Trade shows | 456 | — | 456 | |||||||||
BMS expenses | (3,374 | ) | (3,152 | ) | (222 | ) | ||||||
Same store operations | 21,261 | 25,224 | (3,963 | ) | ||||||||
20,055 | 22,526 | (2,471 | ) | |||||||||
Depreciation and amortization: | ||||||||||||
Acquisitions, dispositions and other | 3,229 | 3,229 | — | |||||||||
Development and redevelopment | 1,025 | (296 | ) | 1,321 | ||||||||
Same store operations | 36,966 | 35,275 | 1,691 | |||||||||
41,220 | 38,208 | 3,012 | ||||||||||
General and administrative: | ||||||||||||
Mark-to-market of deferred compensation plan liability | 5,102 | — | 5,102 | (1) | ||||||||
Same store operations | (4,808 | ) | 838 | (5,646 | ) | (2) | ||||||
294 | 838 | (544 | ) | |||||||||
Acquisition and transaction related costs | (3,060 | ) | — | (3,060 | ) | |||||||
Total increase (decrease) in expenses | $ | 58,509 | $ | 61,572 | $ | (3,063 | ) |
(Amounts in thousands) | Percentage Ownership at December 31, 2016 | Year Ended December 31, | |||||||
2016 | 2015 | ||||||||
Equity in Net Income (Loss): | |||||||||
Partially owned office buildings(1) | Various | $ | 5,773 | $ | 19,808 | ||||
Alexander's | 32.4% | 34,240 | 31,078 | ||||||
UE | 5.4% | 5,839 | 4,394 | ||||||
PREIT | 8.0% | (5,213 | ) | (7,450 | ) | ||||
Other investments(2) | Various | 128,309 | (57,777 | ) | |||||
$ | 168,948 | $ | (9,947 | ) |
(Amounts in thousands) | For the Year Ended December 31, | ||||||
2016 | 2015 | ||||||
Net investment income | $ | 17,053 | $ | 16,329 | |||
Net realized gains on exited investments | 14,761 | 26,036 | |||||
Previously recorded unrealized gain on exited investments | (14,254 | ) | (23,279 | ) | |||
Net unrealized (loss) gains on held investments | (41,162 | ) | 54,995 | ||||
(Loss) income from real estate fund investments | (23,602 | ) | 74,081 | ||||
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 2,560 | (40,117 | ) | ||||
(Loss) income from real estate fund investments attributable to the Operating Partnership(1) | (21,042 | ) | 33,964 | ||||
Less loss (income) attributable to noncontrolling interests in the Operating Partnership | 1,270 | (2,011 | ) | ||||
(Loss) income from real estate fund investments attributable to Vornado | $ | (19,772 | ) | $ | 31,953 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||
2016 | 2015 | ||||||
Total revenues | $ | 521,084 | $ | 558,663 | |||
Total expenses | 442,032 | 477,299 | |||||
79,052 | 81,364 | ||||||
Net gain on early extinguishment of debt | 487,877 | — | |||||
Impairment losses | (161,165 | ) | (256 | ) | |||
JBGS spin-off transaction costs | (16,586 | ) | — | ||||
Net gain on sale of our 20% interest in Fairfax Square | 15,302 | — | |||||
Net gains on sale of real estate, a lease position and other | 5,074 | 167,801 | |||||
Loss from partially owned assets | (3,559 | ) | (2,022 | ) | |||
UE spin-off transaction related costs | — | (22,972 | ) | ||||
Pretax income from discontinued operations | 405,995 | 223,915 | |||||
Income tax expense | (1,083 | ) | (404 | ) | |||
Income from discontinued operations | $ | 404,912 | $ | 223,511 |
(Amounts in thousands) | New York | theMART | 555 California Street | |||||||||
NOI at share for the year ended December 31, 2016 | $ | 1,108,526 | $ | 98,498 | $ | 45,848 | ||||||
Less NOI at share from: | ||||||||||||
Acquisitions | (19,644 | ) | — | — | ||||||||
Dispositions | 13 | — | — | |||||||||
Development properties placed into and out of service | 66 | — | — | |||||||||
Lease termination expense (income), net of straight-line and FAS 141 adjustments | 10,801 | (157 | ) | (238 | ) | |||||||
Other non-operating income, net | (3,438 | ) | — | — | ||||||||
Same store NOI at share for the year ended December 31, 2016 | $ | 1,096,324 | $ | 98,341 | $ | 45,610 | ||||||
NOI at share for the year ended December 31, 2015 | $ | 1,114,969 | $ | 85,963 | $ | 50,268 | ||||||
Less NOI at share from: | ||||||||||||
Acquisitions | (2,827 | ) | — | — | ||||||||
Dispositions | (31,648 | ) | — | — | ||||||||
Development properties placed into and out of service | 1,607 | — | — | |||||||||
Lease termination (income) expense, net of straight-line and FAS 141 adjustments | (30,493 | ) | 274 | — | ||||||||
Other non-operating income, net | (21,281 | ) | — | — | ||||||||
Same store NOI at share for the year ended December 31, 2015 | $ | 1,030,327 | $ | 86,237 | $ | 50,268 | ||||||
Increase (decrease) in same store NOI at share for the year ended December 31, 2016 compared to December 31, 2015 | $ | 65,997 | $ | 12,104 | $ | (4,658 | ) | |||||
% increase (decrease) in same store NOI at share | 6.4 | % | 14.0 | % | (1) | (9.3 | )% |
(Amounts in thousands) | New York | theMART | 555 California Street | |||||||||
NOI at share - cash basis for the year ended December 31, 2016 | $ | 965,287 | $ | 92,571 | $ | 32,601 | ||||||
Less NOI at share - cash basis from: | ||||||||||||
Acquisitions | (8,683 | ) | — | — | ||||||||
Dispositions | 13 | — | — | |||||||||
Development properties placed into and out of service | 66 | — | — | |||||||||
Lease termination income | (7,272 | ) | (248 | ) | (397 | ) | ||||||
Other non-operating income, net | (2,180 | ) | — | — | ||||||||
Same store NOI at share - cash basis for the year ended December 31, 2016 | $ | 947,231 | $ | 92,323 | $ | 32,204 | ||||||
NOI at share - cash basis for the year ended December 31, 2015 | $ | 928,188 | $ | 81,867 | $ | 36,686 | ||||||
Less NOI at share - cash basis from: | ||||||||||||
Acquisitions | (1,185 | ) | — | — | ||||||||
Dispositions | (30,992 | ) | — | — | ||||||||
Development properties placed into and out of service | 1,559 | — | — | |||||||||
Lease termination (income) expense | (5,800 | ) | 274 | — | ||||||||
Other non-operating income, net | (18,425 | ) | — | — | ||||||||
Same store NOI at share - cash basis for the year ended December 31, 2015 | $ | 873,345 | $ | 82,141 | $ | 36,686 | ||||||
Increase in same store NOI at share - cash basis for the year ended December 31, 2016 compared to December 31, 2015 | $ | 73,886 | $ | 10,182 | $ | (4,482 | ) | |||||
% increase in same store NOI at share - cash basis | 8.5 | % | 12.4 | % | (1) | (12.2 | )% |
(Amounts in thousands) | For the Three Months Ended December 31, 2017 | ||||||||||
Total | New York | Other | |||||||||
Total revenues | $ | 536,226 | $ | 462,597 | $ | 73,629 | |||||
Operating expenses | 225,011 | 195,421 | 29,590 | ||||||||
NOI - consolidated | 311,215 | 267,176 | 44,039 | ||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (16,533 | ) | (11,648 | ) | (4,885 | ) | |||||
Add: Our share of NOI from partially owned entities | 69,175 | 48,700 | 20,475 | ||||||||
NOI at share | 363,857 | 304,228 | 59,629 | ||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (21,579 | ) | (21,441 | ) | (138 | ) | |||||
NOI at share - cash basis | $ | 342,278 | $ | 282,787 | $ | 59,491 |
(Amounts in thousands) | For the Three Months Ended December 31, 2016 | ||||||||||
Total | New York | Other | |||||||||
Total revenues | $ | 513,974 | $ | 443,910 | $ | 70,064 | |||||
Operating expenses | 218,020 | 182,762 | 35,258 | ||||||||
NOI - consolidated | 295,954 | 261,148 | 34,806 | ||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (16,083 | ) | (11,829 | ) | (4,254 | ) | |||||
Add: Our share of NOI from partially owned entities | 75,142 | 41,465 | 33,677 | ||||||||
NOI at share | 355,013 | 290,784 | 64,229 | ||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (36,370 | ) | (29,547 | ) | (6,823 | ) | |||||
NOI at share - cash basis | $ | 318,643 | $ | 261,237 | $ | 57,406 |
(Amounts in thousands) | For the Three Months Ended December 31, | ||||||
2017 | 2016 | ||||||
New York: | |||||||
Office | $ | 189,481 | $ | 174,609 | |||
Retail | 90,853 | 93,117 | |||||
Residential | 5,920 | 6,158 | |||||
Alexander's | 11,656 | 11,495 | |||||
Hotel Pennsylvania | 6,318 | 5,405 | |||||
Total New York | 304,228 | 290,784 | |||||
Other: | |||||||
theMART | 24,249 | 22,749 | |||||
555 California Street | 12,003 | 10,578 | |||||
Other investments | 23,377 | 30,902 | |||||
Total Other | 59,629 | 64,229 | |||||
NOI at share | $ | 363,857 | $ | 355,013 |
(Amounts in thousands) | For the Three Months Ended December 31, | ||||||
2017 | 2016 | ||||||
New York: | |||||||
Office | $ | 175,787 | $ | 157,679 | |||
Retail | 83,320 | 80,817 | |||||
Residential | 5,325 | 5,560 | |||||
Alexander's | 12,004 | 11,743 | |||||
Hotel Pennsylvania | 6,351 | 5,438 | |||||
Total New York | 282,787 | 261,237 | |||||
Other: | |||||||
theMART | 24,396 | 21,660 | |||||
555 California Street | 11,916 | 8,702 | |||||
Other investments | 23,179 | 27,044 | |||||
Total Other | 59,491 | 57,406 | |||||
NOI at share - cash basis | $ | 342,278 | $ | 318,643 |
(Amounts in thousands) | For the Three Months Ended December 31, | ||||||
2017 | 2016 | ||||||
Net income | $ | 53,551 | $ | 704,544 | |||
Deduct: | |||||||
Our share of income from partially owned entities | (9,622 | ) | (165,056 | ) | |||
Our share of (income) loss from real estate fund investments | (4,889 | ) | 52,352 | ||||
Interest and other investment income, net | (9,993 | ) | (9,427 | ) | |||
Net gains on disposition of wholly owned and partially owned assets | — | (208 | ) | ||||
Income from discontinued operations | (1,273 | ) | (509,116 | ) | |||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (16,533 | ) | (16,083 | ) | |||
Add: | |||||||
Depreciation and amortization expense | 114,166 | 104,640 | |||||
General and administrative expense | 36,838 | 36,957 | |||||
Acquisition and transaction related costs | 703 | 2,754 | |||||
NOI from partially owned entities | 69,175 | 75,142 | |||||
Interest and debt expense | 93,073 | 80,206 | |||||
Income tax expense (benefit) | 38,661 | (1,692 | ) | ||||
NOI at share | 363,857 | 355,013 | |||||
Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (21,579 | ) | (36,370 | ) | |||
NOI at share - cash basis | $ | 342,278 | $ | 318,643 |
(Amounts in thousands) | New York | theMART | 555 California Street | |||||||||
NOI at share for the three months ended December 31, 2017 | $ | 304,228 | $ | 24,249 | $ | 12,003 | ||||||
Less NOI at share from: | ||||||||||||
Acquisitions | (4,817 | ) | (46 | ) | — | |||||||
Dispositions | (79 | ) | — | — | ||||||||
Development properties placed into and out of service | 161 | — | — | |||||||||
Lease termination income, net of straight-line and FAS 141 adjustments | (984 | ) | — | — | ||||||||
Other non-operating income, net | (12 | ) | — | — | ||||||||
Same store NOI at share for the three months ended December 31, 2017 | $ | 298,497 | $ | 24,203 | $ | 12,003 | ||||||
NOI at share for the three months ended December 31, 2016 | $ | 290,784 | $ | 22,749 | $ | 10,578 | ||||||
Less NOI at share from: | ||||||||||||
Acquisitions | 36 | — | — | |||||||||
Dispositions | (106 | ) | — | — | ||||||||
Development properties placed into and out of service | (280 | ) | — | 296 | ||||||||
Lease termination expense (income), net of straight-line and FAS 141 adjustments | 586 | (157 | ) | — | ||||||||
Other non-operating income, net | (679 | ) | — | — | ||||||||
Same store NOI at share for the three months ended December 31, 2016 | $ | 290,341 | $ | 22,592 | $ | 10,874 | ||||||
Increase in same store NOI at share for the three months ended December 31, 2017 compared to December 31, 2016 | $ | 8,156 | $ | 1,611 | $ | 1,129 | ||||||
% increase in same store NOI at share | 2.8 | % | 7.1 | % | 10.4 | % |
(Amounts in thousands) | New York | theMART | 555 California Street | |||||||||
NOI at share - cash basis for the three months ended December 31, 2017 | $ | 282,787 | $ | 24,396 | $ | 11,916 | ||||||
Less NOI at share - cash basis from: | ||||||||||||
Acquisitions | (3,987 | ) | (46 | ) | — | |||||||
Dispositions | (79 | ) | — | — | ||||||||
Development properties placed into and out of service | 160 | — | — | |||||||||
Lease termination income | (1,393 | ) | — | — | ||||||||
Other non-operating income, net | (12 | ) | — | — | ||||||||
Same store NOI at share - cash basis for the three months ended December 31, 2017 | $ | 277,476 | $ | 24,350 | $ | 11,916 | ||||||
NOI at share - cash basis for the three months ended December 31, 2016 | $ | 261,237 | $ | 21,660 | $ | 8,702 | ||||||
Less NOI at share - cash basis from: | ||||||||||||
Acquisitions | — | — | — | |||||||||
Dispositions | (106 | ) | — | — | ||||||||
Development properties placed into and out of service | (141 | ) | — | 296 | ||||||||
Lease termination income | (602 | ) | (248 | ) | — | |||||||
Other non-operating income, net | (1,082 | ) | — | — | ||||||||
Same store NOI at share - cash basis for the three months ended December 31, 2016 | $ | 259,306 | $ | 21,412 | $ | 8,998 | ||||||
Increase in same store NOI at share - cash basis for the three months ended December 31, 2017 compared to December 31, 2016 | $ | 18,170 | $ | 2,938 | $ | 2,918 | ||||||
% increase in same store NOI at share - cash basis | 7.0 | % | 13.7 | % | 32.4 | % |
(Amounts in thousands) | For the Three Months Ended December 31, 2017 | ||||||||||
Total | New York | Other | |||||||||
Total revenues | $ | 536,226 | $ | 462,597 | $ | 73,629 | |||||
Operating expenses | 225,011 | 195,421 | 29,590 | ||||||||
NOI - consolidated | 311,215 | 267,176 | 44,039 | ||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (16,533 | ) | (11,648 | ) | (4,885 | ) | |||||
Add: Our share of NOI from partially owned entities | 69,175 | 48,700 | 20,475 | ||||||||
NOI at share | 363,857 | 304,228 | 59,629 | ||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (21,579 | ) | (21,441 | ) | (138 | ) | |||||
NOI at share - cash basis | $ | 342,278 | $ | 282,787 | $ | 59,491 |
(Amounts in thousands) | For the Three Months Ended September 30, 2017 | ||||||||||
Total | New York | Other | |||||||||
Total revenues | $ | 528,755 | $ | 453,609 | $ | 75,146 | |||||
Operating expenses | 225,226 | 192,430 | 32,796 | ||||||||
NOI - consolidated | 303,529 | 261,179 | 42,350 | ||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (16,171 | ) | (11,464 | ) | (4,707 | ) | |||||
Add: Our share of NOI from partially owned entities | 66,876 | 48,779 | 18,097 | ||||||||
NOI at share | 354,234 | 298,494 | 55,740 | ||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (22,307 | ) | (21,092 | ) | (1,215 | ) | |||||
NOI at share - cash basis | $ | 331,927 | $ | 277,402 | $ | 54,525 |
(Amounts in thousands) | For the Three Months Ended | ||||||
December 31, 2017 | September 30, 2017 | ||||||
New York: | |||||||
Office | $ | 189,481 | $ | 185,169 | |||
Retail | 90,853 | 90,088 | |||||
Residential | 5,920 | 5,981 | |||||
Alexander's | 11,656 | 11,937 | |||||
Hotel Pennsylvania | 6,318 | 5,319 | |||||
Total New York | 304,228 | 298,494 | |||||
Other: | |||||||
theMART | 24,249 | 26,019 | |||||
555 California Street | 12,003 | 11,519 | |||||
Other investments | 23,377 | 18,202 | |||||
Total Other | 59,629 | 55,740 | |||||
NOI at share | $ | 363,857 | $ | 354,234 |
(Amounts in thousands) | For the Three Months Ended | ||||||
December 31, 2017 | September 30, 2017 | ||||||
New York: | |||||||
Office | $ | 175,787 | $ | 172,741 | |||
Retail | 83,320 | 81,612 | |||||
Residential | 5,325 | 5,417 | |||||
Alexander's | 12,004 | 12,280 | |||||
Hotel Pennsylvania | 6,351 | 5,352 | |||||
Total New York | 282,787 | 277,402 | |||||
Other: | |||||||
theMART | 24,396 | 25,417 | |||||
555 California Street | 11,916 | 10,889 | |||||
Other investments | 23,179 | 18,219 | |||||
Total Other | 59,491 | 54,525 | |||||
NOI at share - cash basis | $ | 342,278 | $ | 331,927 |
(Amounts in thousands) | For the Three Months Ended | ||||||
December 31, 2017 | September 30, 2017 | ||||||
Net income (loss) | $ | 53,551 | $ | (10,754 | ) | ||
Deduct: | |||||||
Our share of (income) loss from partially owned entities | (9,622 | ) | 41,801 | ||||
Our share of (income) loss from real estate fund investments | (4,889 | ) | 6,308 | ||||
Interest and other investment income, net | (9,993 | ) | (9,306 | ) | |||
(Income) loss from discontinued operations | (1,273 | ) | 47,930 | ||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (16,533 | ) | (16,171 | ) | |||
Add: | |||||||
Depreciation and amortization expense | 114,166 | 104,972 | |||||
General and administrative expense | 36,838 | 36,261 | |||||
Acquisition and transaction related costs | 703 | 61 | |||||
NOI from partially owned entities | 69,175 | 66,876 | |||||
Interest and debt expense | 93,073 | 85,068 | |||||
Income tax expense | 38,661 | 1,188 | |||||
NOI at share | 363,857 | 354,234 | |||||
Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (21,579 | ) | (22,307 | ) | |||
NOI at share - cash basis | $ | 342,278 | $ | 331,927 |
(Amounts in thousands) | New York | theMART | 555 California Street | |||||||||
NOI at share for the three months ended December 31, 2017 | $ | 304,228 | $ | 24,249 | $ | 12,003 | ||||||
Less NOI at share from: | ||||||||||||
Acquisitions | 2 | (46 | ) | — | ||||||||
Dispositions | (8 | ) | — | — | ||||||||
Development properties placed into and out of service | 161 | — | — | |||||||||
Lease termination income, net of straight-line and FAS 141 adjustments | (984 | ) | — | — | ||||||||
Other non-operating income, net | (13 | ) | — | — | ||||||||
Same store NOI at share for the three months ended December 31, 2017 | $ | 303,386 | $ | 24,203 | $ | 12,003 | ||||||
NOI at share for the three months ended September 30, 2017 | $ | 298,494 | $ | 26,019 | $ | 11,519 | ||||||
Less NOI at share from: | ||||||||||||
Acquisitions | — | 41 | — | |||||||||
Dispositions | (15 | ) | — | — | ||||||||
Development properties placed into and out of service | 192 | — | — | |||||||||
Lease termination income, net of straight-line and FAS 141 adjustments | (185 | ) | — | — | ||||||||
Other non-operating income, net | (584 | ) | — | — | ||||||||
Same store NOI at share for the three months ended September 30, 2017 | $ | 297,902 | $ | 26,060 | $ | 11,519 | ||||||
Increase (decrease) in same store NOI at share for the three months ended December 31, 2017 compared to September 30, 2017 | $ | 5,484 | $ | (1,857 | ) | $ | 484 | |||||
% increase (decrease) in same store NOI at share | 1.8 | % | (7.1 | )% | (1) | 4.2 | % |
(Amounts in thousands) | New York | theMART | 555 California Street | |||||||||
NOI at share - cash basis for the three months ended December 31, 2017 | $ | 282,787 | $ | 24,396 | $ | 11,916 | ||||||
Less NOI at share - cash basis from: | ||||||||||||
Acquisitions | 2 | (46 | ) | — | ||||||||
Dispositions | (8 | ) | — | — | ||||||||
Development properties placed into and out of service | 160 | — | — | |||||||||
Lease termination income | (1,393 | ) | — | — | ||||||||
Other non-operating income, net | (13 | ) | — | — | ||||||||
Same store NOI at share - cash basis for the three months ended December 31, 2017 | $ | 281,535 | $ | 24,350 | $ | 11,916 | ||||||
NOI at share - cash basis for the three months ended September 30, 2017 | $ | 277,402 | $ | 25,417 | $ | 10,889 | ||||||
Less NOI at share - cash basis from: | ||||||||||||
Acquisitions | — | 41 | — | |||||||||
Dispositions | (15 | ) | — | — | ||||||||
Development properties placed into and out of service | 194 | — | — | |||||||||
Lease termination income | (285 | ) | — | — | ||||||||
Other non-operating income, net | (584 | ) | — | — | ||||||||
Same store NOI at share - cash basis for the three months ended September 30, 2017 | $ | 276,712 | $ | 25,458 | $ | 10,889 | ||||||
Increase (decrease) in same store NOI at share - cash basis for the three months ended December 31, 2017 compared to September 30, 2017 | $ | 4,823 | $ | (1,108 | ) | $ | 1,027 | |||||
% increase (decrease) in same store NOI at share - cash basis | 1.7 | % | (4.4 | )% | (1) | 9.4 | % |
(Amounts in thousands) | For the Year Ended December 31, | (Decrease) Increase in Cash Flow | |||||||||||||||
2023 | 2022 | ||||||||||||||||
Net cash provided by operating activities | $ | 648,152 | $ | 798,944 | $ | (150,792) | |||||||||||
Net cash used in investing activities | (128,788) | (906,864) | 778,076 | ||||||||||||||
Net cash used in financing activities | (278,937) | (801,274) | 522,337 | ||||||||||||||
$ | 240,427 | $ | (909,194) | $ | 1,149,621 |
(Amounts in thousands) | For the Year Ended December 31, | Increase (Decrease) in Cash Flow | |||||||||||||||
2023 | 2022 | ||||||||||||||||
Development costs and construction in progress | $ | (552,701) | $ | (737,999) | $ | 185,298 | |||||||||||
Proceeds from maturities of U.S. Treasury bills | 468,598 | 597,499 | (128,901) | ||||||||||||||
Additions to real estate | (211,899) | (159,796) | (52,103) | ||||||||||||||
Proceeds from sales of real estate | 123,519 | 373,264 | (249,745) | ||||||||||||||
Proceeds from repayment of participation in 150 West 34th Street mortgage loan | 105,000 | — | 105,000 | ||||||||||||||
Investments in partially owned entities | (57,297) | (33,172) | (24,125) | ||||||||||||||
Acquisitions of real estate and other | (33,145) | (3,000) | (30,145) | ||||||||||||||
Proceeds from sale of condominium units at 220 Central Park South | 24,484 | 88,019 | (63,535) | ||||||||||||||
Distributions of capital from partially owned entities | 18,869 | 34,417 | (15,548) | ||||||||||||||
Deconsolidation of cash and restricted cash held by a previously consolidated entity | (14,216) | — | (14,216) | ||||||||||||||
Purchase of U.S. Treasury bills | — | (1,066,096) | 1,066,096 | ||||||||||||||
Net cash used in investing activities | $ | (128,788) | $ | (906,864) | $ | 778,076 |
(Amounts in thousands) | For the Year Ended December 31, | Increase (Decrease) in Cash Flow | |||||||||||||||
2023 | 2022 | ||||||||||||||||
Repayments of borrowings | $ | (148,000) | $ | (1,251,373) | $ | 1,103,373 | |||||||||||
Contributions from noncontrolling interests in consolidated subsidiaries | 132,701 | 5,609 | 127,092 | ||||||||||||||
Dividends paid on common shares/Distributions to Vornado | (129,066) | (406,562) | 277,496 | ||||||||||||||
Dividends paid on preferred shares/Distributions to preferred unitholders | (62,116) | (62,116) | — | ||||||||||||||
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (38,970) | (84,699) | 45,729 | ||||||||||||||
Repurchase of common shares/Class A units owned by Vornado | (29,183) | — | (29,183) | ||||||||||||||
Deferred financing costs | (4,424) | (32,706) | 28,282 | ||||||||||||||
Proceeds received from exercise of Vornado stock options and other | 146 | 885 | (739) | ||||||||||||||
Repurchase of shares/Class A units related to stock compensation agreements and related tax withholdings and other | (25) | (85) | 60 | ||||||||||||||
Proceeds from borrowings | — | 1,029,773 | (1,029,773) | ||||||||||||||
Net cash used in financing activities | $ | (278,937) | $ | (801,274) | $ | 522,337 |
(Amounts in thousands) | As of December 31, 2023 | ||||||||||||||||||||||
Consolidated debt: | Balance | Weighted Average Interest Rate(1) | |||||||||||||||||||||
Fixed rate(2) | $ | 6,993,200 | 3.50% | ||||||||||||||||||||
Variable rate(3) | 1,311,415 | 6.26% | |||||||||||||||||||||
Total | 8,304,615 | 3.94% | |||||||||||||||||||||
Deferred financing costs, net and other | (53,163) | ||||||||||||||||||||||
Total, net | $ | 8,251,452 |
(Amounts in thousands) | 2017 | 2016 | |||||||||
Consolidated debt: | December 31, Balance | Weighted Average Interest Rate | December 31, Balance | Weighted Average Interest Rate | |||||||
Variable rate | $ | 3,492,133 | 3.19% | $ | 3,217,763 | 2.45% | |||||
Fixed rate | 6,311,706 | 3.72% | 6,329,547 | 3.65% | |||||||
Total | 9,803,839 | 3.53% | 9,547,310 | 3.25% | |||||||
Deferred financing costs, net and other | (74,352 | ) | (100,640 | ) | |||||||
Total, net | $ | 9,729,487 | $ | 9,446,670 |
(Amounts in thousands) | Less than 1 Year | ||||||||||||||||||
Contractual cash obligations (principal and interest(1)): | Total | 1 – 3 Years | 3 – 5 Years | Thereafter | |||||||||||||||
Notes and mortgages payable | $ | 9,121,794 | $ | 2,281,579 | $ | 3,263,813 | $ | 2,720,087 | $ | 856,315 | |||||||||
Operating leases | 1,287,568 | 33,703 | 69,080 | 71,614 | 1,113,171 | ||||||||||||||
Purchase obligations, primarily construction commitments | 564,573 | 564,573 | — | — | — | ||||||||||||||
Senior unsecured notes due 2025 | 561,388 | 15,750 | 31,500 | 31,500 | 482,638 | ||||||||||||||
Senior unsecured notes due 2022 | 480,833 | 20,000 | 40,000 | 420,833 | — | ||||||||||||||
Capital lease obligations | 360,870 | 13,508 | 25,016 | 25,016 | 297,330 | ||||||||||||||
Unsecured term loan | 761,475 | 761,475 | — | — | — | ||||||||||||||
Total contractual cash obligations | $ | 13,138,501 | $ | 3,690,588 | $ | 3,429,409 | $ | 3,269,050 | $ | 2,749,454 | |||||||||
Commitments: | |||||||||||||||||||
Capital commitments to partially owned entities | $ | 41,709 | $ | 41,709 | $ | — | $ | — | $ | — | |||||||||
Standby letters of credit | 8,938 | 8,938 | — | — | — | ||||||||||||||
Total commitments | $ | 50,647 | $ | 50,647 | $ | — | $ | — | $ | — |
(Amounts in thousands) | Total | Less than 1 Year | 1 – 3 Years | 3 – 5 Years | Thereafter | ||||||||||||||||||||||||
Notes and mortgages payable | $ | 6,694,477 | $ | 432,580 | $ | 1,864,750 | $ | 4,021,303 | $ | 375,844 | |||||||||||||||||||
Senior unsecured notes due 2025 | 466,406 | 15,750 | 450,656 | — | — | ||||||||||||||||||||||||
Senior unsecured notes due 2026 | 420,831 | 8,600 | 412,231 | — | — | ||||||||||||||||||||||||
Senior unsecured notes due 2031 | 438,324 | 11,900 | 23,800 | 23,800 | 378,824 | ||||||||||||||||||||||||
Unsecured term loan | 942,964 | 39,400 | 71,244 | 832,320 | — | ||||||||||||||||||||||||
Revolving credit facilities | 663,887 | 22,601 | 45,141 | 596,145 | — | ||||||||||||||||||||||||
Total contractual principal(1) and interest(2) repayments | $ | 9,626,889 | $ | 530,831 | $ | 2,867,822 | $ | 5,473,568 | $ | 754,668 |
(Amounts in millions, except square foot data) | Total | New York | theMART | 555 California Street | |||||||||||
Expenditures to maintain assets | $ | 109.0 | $ | 90.0 | $ | 15.0 | $ | 4.0 | |||||||
Tenant improvements | 75.0 | 58.0 | 9.0 | 8.0 | |||||||||||
Leasing commissions | 25.0 | 22.0 | 1.0 | 2.0 | |||||||||||
Total capital expenditures and leasing commissions | $ | 209.0 | $ | 170.0 | $ | 25.0 | $ | 14.0 | |||||||
Square feet budgeted to be leased (in thousands) | 1,000 | 200 | 100 | ||||||||||||
Weighted average lease term (years) | 10 | 8 | 10 | ||||||||||||
Tenant improvements and leasing commissions: | |||||||||||||||
Per square foot | $ | 80.00 | $ | 50.00 | $ | 100.00 | |||||||||
Per square foot per annum | $ | 8.00 | $ | 6.25 | $ | 10.00 |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||
Expenditures to maintain assets | $ | 100,556 | $ | 73,745 | $ | 11,725 | $ | 7,893 | $ | 7,193 | ||||||||||
Tenant improvements | 89,696 | 42,475 | 9,423 | 6,652 | 31,146 | |||||||||||||||
Leasing commissions | 30,165 | 21,183 | 1,190 | 2,147 | 5,645 | |||||||||||||||
Non-recurring capital expenditures | 80,461 | 68,977 | 1,092 | 6,208 | 4,184 | |||||||||||||||
Total capital expenditures and leasing commissions (accrual basis) | 300,878 | 206,380 | 23,430 | 22,900 | 48,168 | |||||||||||||||
Adjustments to reconcile to cash basis: | ||||||||||||||||||||
Expenditures in the current period applicable to prior periods | 153,511 | 101,500 | 8,784 | 17,906 | 25,321 | |||||||||||||||
Expenditures to be made in future periods for the current period | (142,877 | ) | (90,798 | ) | (9,011 | ) | (3,301 | ) | (39,767 | ) | ||||||||||
Total capital expenditures and leasing commissions (cash basis) | $ | 311,512 | $ | 217,082 | $ | 23,203 | $ | 37,505 | $ | 33,722 | (1) | |||||||||
Tenant improvements and leasing commissions: | ||||||||||||||||||||
Per square foot per annum | $ | 9.51 | $ | 10.21 | $ | 5.13 | $ | 10.33 | n/a | |||||||||||
Percentage of initial rent | 11.1 | % | 10.9 | % | 10.8 | % | 11.7 | % | n/a |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||
220 Central Park South | $ | 265,791 | $ | — | $ | — | $ | — | $ | 265,791 | |||||||||
606 Broadway | 15,997 | 15,997 | — | — | — | ||||||||||||||
90 Park Avenue | 7,523 | 7,523 | — | — | — | ||||||||||||||
Penn Plaza | 7,107 | 7,107 | — | — | — | ||||||||||||||
345 Montgomery Street | 5,950 | — | — | 5,950 | — | ||||||||||||||
theMART | 5,682 | — | 5,682 | — | — | ||||||||||||||
304 Canal Street | 3,973 | 3,973 | — | — | — | ||||||||||||||
Other | 43,829 | 8,774 | 459 | 6,465 | 28,131 | ||||||||||||||
$ | 355,852 | $ | 43,374 | $ | 6,141 | $ | 12,415 | $ | 293,922 |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||
Expenditures to maintain assets | $ | 114,031 | $ | 67,239 | $ | 16,343 | $ | 5,704 | $ | 24,745 | ||||||||||
Tenant improvements | 86,630 | 63,995 | 6,722 | 3,201 | 12,712 | |||||||||||||||
Leasing commissions | 38,938 | 32,475 | 1,355 | 1,041 | 4,067 | |||||||||||||||
Non-recurring capital expenditures | 55,636 | 41,322 | 1,518 | 3,900 | 8,896 | |||||||||||||||
Total capital expenditures and leasing commissions (accrual basis) | 295,235 | 205,031 | 25,938 | 13,846 | 50,420 | |||||||||||||||
Adjustments to reconcile to cash basis: | ||||||||||||||||||||
Expenditures in the current period applicable to prior periods | 268,101 | 159,144 | 24,314 | 12,708 | 71,935 | |||||||||||||||
Expenditures to be made in future periods for the current period | (117,910 | ) | (100,151 | ) | 1,654 | (3,056 | ) | (16,357 | ) | |||||||||||
Total capital expenditures and leasing commissions (cash basis) | $ | 445,426 | $ | 264,024 | $ | 51,906 | $ | 23,498 | $ | 105,998 | (1) | |||||||||
Tenant improvements and leasing commissions: | ||||||||||||||||||||
Per square foot per annum | $ | 7.79 | $ | 7.98 | $ | 5.57 | $ | 9.08 | n/a | |||||||||||
Percentage of initial rent | 10.0 | % | 9.7 | % | 11.6 | % | 11.8 | % | n/a |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||
220 Central Park South | $ | 303,974 | $ | — | $ | — | $ | — | $ | 303,974 | ||||||||||
640 Fifth Avenue | 46,282 | 46,282 | — | — | — | |||||||||||||||
90 Park Avenue | 33,308 | 33,308 | — | — | — | |||||||||||||||
theMART | 24,788 | — | 24,788 | — | — | |||||||||||||||
Penn Plaza | 11,904 | 11,904 | — | — | — | |||||||||||||||
Wayne Towne Center | 8,461 | — | — | — | 8,461 | |||||||||||||||
330 West 34th Street | 5,492 | 5,492 | — | — | — | |||||||||||||||
Other | 172,356 | 21,217 | 1,384 | 9,150 | 140,605 | (1) | ||||||||||||||
$ | 606,565 | $ | 118,203 | $ | 26,172 | $ | 9,150 | $ | 453,040 |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||
Expenditures to maintain assets | $ | 125,215 | $ | 57,752 | $ | 33,958 | $ | 7,916 | $ | 25,589 | ||||||||||
Tenant improvements | 153,696 | 68,869 | 30,246 | 3,084 | 51,497 | |||||||||||||||
Leasing commissions | 50,081 | 35,099 | 7,175 | 1,046 | 6,761 | |||||||||||||||
Non-recurring capital expenditures | 116,875 | 81,240 | 411 | 796 | 34,428 | |||||||||||||||
Total capital expenditures and leasing commissions (accrual basis) | 445,867 | 242,960 | 71,790 | 12,842 | 118,275 | |||||||||||||||
Adjustments to reconcile to cash basis: | ||||||||||||||||||||
Expenditures in the current year applicable to prior periods | 156,753 | 93,105 | 16,849 | 10,994 | 35,805 | |||||||||||||||
Expenditures to be made in future periods for the current period | (222,469 | ) | (118,911 | ) | (37,949 | ) | 7,618 | (73,227 | ) | |||||||||||
Total capital expenditures and leasing commissions (cash basis) | $ | 380,151 | $ | 217,154 | $ | 50,690 | $ | 31,454 | $ | 80,853 | (1) | |||||||||
Tenant improvements and leasing commissions: | ||||||||||||||||||||
Per square foot per annum | $ | 9.10 | $ | 10.20 | $ | 6.02 | $ | 8.13 | n/a | |||||||||||
Percentage of initial rent | 9.8 | % | 8.9 | % | 15.6 | % | 9.7 | % | n/a |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||
220 Central Park South | $ | 158,014 | $ | — | $ | — | $ | — | $ | 158,014 | ||||||||||
330 West 34th Street | 32,613 | 32,613 | — | — | — | |||||||||||||||
90 Park Avenue | 29,937 | 29,937 | — | — | — | |||||||||||||||
Marriott Marquis Times Square - retail and signage | 21,929 | 21,929 | — | — | — | |||||||||||||||
Wayne Towne Center | 20,633 | — | — | — | 20,633 | |||||||||||||||
640 Fifth Avenue | 17,899 | 17,899 | — | — | — | |||||||||||||||
Penn Plaza | 17,701 | 17,701 | — | — | — | |||||||||||||||
Other | 192,093 | 8,100 | 588 | 260 | 183,145 | (1) | ||||||||||||||
$ | 490,819 | $ | 128,179 | $ | 588 | $ | 260 | $ | 361,792 |
(Amounts in thousands, except per share amounts) | For the Year Ended December 31, | ||||||||||
2023 | 2022 | ||||||||||
Reconciliation of net income (loss) attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions: | |||||||||||
Net income (loss) attributable to common shareholders | $ | 43,378 | $ | (408,615) | |||||||
Per diluted share | $ | 0.23 | $ | (2.13) | |||||||
FFO adjustments: | |||||||||||
Depreciation and amortization of real property | $ | 385,608 | $ | 456,920 | |||||||
Real estate impairment losses | 22,831 | (1) | 19,098 | ||||||||
Net gains on sale of real estate | (53,305) | (58,751) | |||||||||
Proportionate share of adjustments to equity in net income (loss) of partially owned entities to arrive at FFO: | |||||||||||
Depreciation and amortization of real property | 108,088 | 130,647 | |||||||||
Net gain on sale of real estate | (16,545) | (169) | |||||||||
Real estate impairment losses | 50,458 | (2) | 576,390 | ||||||||
497,135 | 1,124,135 | ||||||||||
Noncontrolling interests' share of above adjustments | (38,363) | (77,912) | |||||||||
FFO adjustments, net | $ | 458,772 | $ | 1,046,223 | |||||||
FFO attributable to common shareholders | $ | 502,150 | $ | 637,608 | |||||||
Convertible preferred share dividends | 1,642 | 1,320 | |||||||||
FFO attributable to common shareholders plus assumed conversions | $ | 503,792 | $ | 638,928 | |||||||
Per diluted share | $ | 2.59 | $ | 3.30 | |||||||
Reconciliation of weighted average shares outstanding: | |||||||||||
Weighted average common shares outstanding | 191,005 | 191,775 | |||||||||
Effect of dilutive securities: | |||||||||||
Convertible securities | 2,468 | 1,545 | |||||||||
Share-based payment awards | 851 | 250 | |||||||||
Denominator for FFO per diluted share | 194,324 | 193,570 |
(Amounts in thousands, except per share amounts) | For the Year Ended December 31, | For the Three Months Ended December 31, | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Reconciliation of our net income to FFO: | |||||||||||||||
Net income attributable to common shareholders | $ | 162,017 | $ | 823,606 | $ | 27,319 | $ | 651,181 | |||||||
Per diluted share | $ | 0.85 | $ | 4.34 | $ | 0.14 | $ | 3.43 | |||||||
FFO adjustments: | |||||||||||||||
Depreciation and amortization of real property | $ | 467,966 | $ | 531,620 | $ | 106,017 | $ | 133,389 | |||||||
Net gains on sale of real estate | (3,489 | ) | (177,023 | ) | 308 | (15,302 | ) | ||||||||
Real estate impairment losses | — | 160,700 | — | — | |||||||||||
Proportionate share of adjustments to equity in net income of partially owned entities to arrive at FFO: | |||||||||||||||
Depreciation and amortization of real property | 137,000 | 154,795 | 28,247 | 37,160 | |||||||||||
Net gains on sale of real estate | (17,777 | ) | (2,853 | ) | (593 | ) | (12 | ) | |||||||
Real estate impairment losses | 7,692 | 6,328 | 145 | 792 | |||||||||||
591,392 | 673,567 | 134,124 | 156,027 | ||||||||||||
Noncontrolling interests' share of above adjustments | (36,728 | ) | (41,267 | ) | (8,310 | ) | (9,495 | ) | |||||||
FFO adjustments, net | $ | 554,664 | $ | 632,300 | $ | 125,814 | $ | 146,532 | |||||||
FFO attributable to common shareholders | $ | 716,681 | $ | 1,455,906 | $ | 153,133 | $ | 797,713 | |||||||
Convertible preferred share dividends | 77 | 86 | 18 | 21 | |||||||||||
Earnings allocated to Out-Performance Plan units | 1,047 | 1,591 | — | — | |||||||||||
FFO attributable to common shareholders plus assumed conversions | $ | 717,805 | $ | 1,457,583 | $ | 153,151 | $ | 797,734 | |||||||
Per diluted share | $ | 3.75 | $ | 7.66 | $ | 0.80 | $ | 4.20 | |||||||
Reconciliation of Weighted Average Shares | |||||||||||||||
Weighted average common shares outstanding | 189,526 | 188,837 | 189,898 | 189,013 | |||||||||||
Effect of dilutive securities: | |||||||||||||||
Employee stock options and restricted share awards | 1,448 | 1,064 | 1,122 | 1,055 | |||||||||||
Convertible preferred shares | 46 | 42 | 43 | 40 | |||||||||||
Out-Performance Plan units | 284 | 230 | — | — | |||||||||||
Denominator for FFO per diluted share | 191,304 | 190,173 | 191,063 | 190,108 |
(Amounts in thousands, except per share and unit amounts) | 2023 | ||||||||||||||||||||||||||||
December 31, Balance | Weighted Average Interest Rate(1) | Effect of 1% Change In Base Rates | |||||||||||||||||||||||||||
Consolidated debt: | |||||||||||||||||||||||||||||
Fixed rate(2) | $ | 6,993,200 | 3.50% | $ | — | ||||||||||||||||||||||||
Variable rate(3) | 1,311,415 | 6.26% | 13,114 | ||||||||||||||||||||||||||
$ | 8,304,615 | 3.94% | 13,114 | ||||||||||||||||||||||||||
Pro rata share of debt of non-consolidated entities: | |||||||||||||||||||||||||||||
Fixed rate(2) | $ | 1,201,092 | 3.87% | — | |||||||||||||||||||||||||
Variable rate(4) | 1,453,609 | 6.62% | 14,536 | ||||||||||||||||||||||||||
$ | 2,654,701 | 5.38% | 14,536 | ||||||||||||||||||||||||||
Noncontrolling interests’ share of consolidated subsidiaries | (3,971) | ||||||||||||||||||||||||||||
Total change in annual net income attributable to the Operating Partnership | 23,679 | ||||||||||||||||||||||||||||
Noncontrolling interests’ share of the Operating Partnership | (1,939) | ||||||||||||||||||||||||||||
Total change in annual net income attributable to Vornado | $ | 21,740 | |||||||||||||||||||||||||||
Total change in annual net income attributable to the Operating Partnership per diluted Class A unit | $ | 0.11 | |||||||||||||||||||||||||||
Total change in annual net income attributable to Vornado per diluted common share | $ | 0.11 |
(Amounts in thousands, except per share amounts) | 2017 | 2016 | |||||||||||||
December 31, Balance | Weighted Average Interest Rate | Effect of 1% Change In Base Rates | December 31, Balance | Weighted Average Interest Rate | |||||||||||
Consolidated debt: | |||||||||||||||
Variable rate | $ | 3,492,133 | 3.19% | $ | 34,921 | $ | 3,217,763 | 2.45% | |||||||
Fixed rate | 6,311,706 | 3.72% | — | 6,329,547 | 3.65% | ||||||||||
$ | 9,803,839 | 3.53% | 34,921 | $ | 9,547,310 | 3.25% | |||||||||
Pro rata share of debt of non-consolidated entities (non-recourse): | |||||||||||||||
Variable rate – excluding Toys "R" Us, Inc. | $ | 1,395,001 | 3.24% | 13,950 | $ | 1,092,326 | 2.50% | ||||||||
Variable rate – Toys "R" Us, Inc. | 1,269,522 | 8.20% | 12,695 | 1,162,072 | 6.05% | ||||||||||
Fixed rate - excluding Toys "R" Us, Inc. | 2,035,888 | 4.89% | — | 1,969,918 | 5.15% | ||||||||||
Fixed rate - Toys "R" Us, Inc. | 587,865 | 10.31% | — | 671,181 | 9.42% | ||||||||||
$ | 5,288,276 | 5.85% | 26,645 | $ | 4,895,497 | 5.36% | |||||||||
Noncontrolling interests’ share of consolidated subsidiaries | (1,456 | ) | |||||||||||||
Total change in annual net income attributable to the Operating Partnership | 60,110 | ||||||||||||||
Noncontrolling interests’ share of the Operating Partnership | (3,727 | ) | |||||||||||||
Total change in annual net income attributable to Vornado | $ | 56,383 | |||||||||||||
Total change in annual net income attributable to the Operating Partnership per diluted Class A unit | $ | 0.30 | |||||||||||||
Total change in annual net income attributable to Vornado per diluted share | $ | 0.29 |
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
Debt Balance | Variable Rate Spread | Notional Amount | All-In Swapped Rate | Expiration Date | ||||||||||||||||||||||||||||
Interest rate swaps: | ||||||||||||||||||||||||||||||||
555 California Street mortgage loan | $ | 1,200,000 | S+205 | $ | 840,000 | (1) | 2.29% | 05/24 | ||||||||||||||||||||||||
Effective beginning 5/24 | 840,000 | (1) | 6.03% | 05/26 | ||||||||||||||||||||||||||||
770 Broadway mortgage loan | 700,000 | S+225 | 700,000 | 4.98% | 07/27 | |||||||||||||||||||||||||||
PENN 11 mortgage loan | 500,000 | S+206 | 500,000 | 2.22% | 03/24 | |||||||||||||||||||||||||||
Effective beginning 3/24(2) | 250,000 | 6.34% | 10/25 | |||||||||||||||||||||||||||||
Unsecured revolving credit facility | 575,000 | S+114 | 575,000 | 3.87% | 08/27 | |||||||||||||||||||||||||||
Unsecured term loan | 800,000 | S+129 | ||||||||||||||||||||||||||||||
Through 07/25 | 700,000 | 4.52% | 07/25 | |||||||||||||||||||||||||||||
07/25 through 10/26 | 550,000 | 4.35% | 10/26 | |||||||||||||||||||||||||||||
10/26 through 08/27 | 50,000 | 4.03% | 08/27 | |||||||||||||||||||||||||||||
100 West 33rd Street mortgage loan | 480,000 | S+165 | 480,000 | 5.06% | 06/27 | |||||||||||||||||||||||||||
888 Seventh Avenue mortgage loan | 259,800 | S+180 | 200,000 | 4.76% | 09/27 | |||||||||||||||||||||||||||
4 Union Square South mortgage loan | 120,000 | S+150 | 98,200 | 3.74% | 01/25 | |||||||||||||||||||||||||||
Index Strike Rate | ||||||||||||||||||||||||||||||||
Interest rate caps: | ||||||||||||||||||||||||||||||||
1290 Avenue of the Americas mortgage loan(3) | 950,000 | S+162 | 950,000 | 1.00% | 11/25 | |||||||||||||||||||||||||||
One Park Avenue mortgage loan | 525,000 | S+122 | 525,000 | 3.89% | 03/25 | |||||||||||||||||||||||||||
Various mortgage loans | 510,000 | Various | 510,000 | Various | Various |
(Amounts in thousands and at share) | ||||||||||||||||||||||||||||||||
Debt Balance | Variable Rate Spread | Notional Amount | All-In Swapped Rate | Expiration Date | ||||||||||||||||||||||||||||
Interest rate swaps: | ||||||||||||||||||||||||||||||||
731 Lexington Avenue retail condominium (32.4% interest) | $ | 97,200 | S+151 | $ | 97,200 | 1.76% | 05/25 | |||||||||||||||||||||||||
50-70 West 93rd Street (49.9% interest) | 41,667 | S+164 | 41,168 | 3.14% | 06/24 | |||||||||||||||||||||||||||
Index Strike Rate | ||||||||||||||||||||||||||||||||
Interest rate caps: | ||||||||||||||||||||||||||||||||
640 Fifth Avenue (52.0% interest) | 259,925 | S+111 | 259,925 | 4.00% | 05/24 | |||||||||||||||||||||||||||
731 Lexington Avenue office condominium (32.4% interest) | 162,000 | Prime+0 | 162,000 | 6.00% | 06/24 | |||||||||||||||||||||||||||
61 Ninth Avenue (45.1% interest)(1) | 75,543 | S+146 | 75,543 | 4.39% | 02/24 | |||||||||||||||||||||||||||
512 West 22nd Street (55.0% interest) | 70,729 | S+200 | 70,729 | 4.50% | 06/25 | |||||||||||||||||||||||||||
Rego Park II (32.4% interest) | 65,624 | S+145 | 65,624 | 4.15% | 11/24 | |||||||||||||||||||||||||||
Fashion Centre/Washington Tower (7.5% interest) | 34,125 | S+305 | 34,125 | 3.89% | 05/24 |
Page Number | |||||
Vornado Realty Trust | |||||
Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34) | |||||
Consolidated Balance Sheets | |||||
Consolidated Statements of Income for the years ended December 31, | |||||
Consolidated Statements of Comprehensive Income for the years ended December 31, | |||||
Consolidated Statements of Changes in Equity for the years ended December 31, | |||||
Consolidated Statements of Cash Flows for the years ended December 31, | |||||
Vornado Realty L.P. | |||||
Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34) | |||||
Consolidated Balance Sheets | |||||
Consolidated Statements of Income for the years ended December 31, | |||||
Consolidated Statements of Comprehensive Income for the years ended December 31, | |||||
Consolidated Statements of Changes in Equity for the years ended December 31, | |||||
Consolidated Statements of Cash Flows for the years ended December 31, | |||||
Vornado Realty Trust and Vornado Realty L.P. | |||||
(Amounts in thousands, except unit, share and per share amounts) | December 31, 2017 | December 31, 2016 | (Amounts in thousands, except unit, share and per share amounts) | As of December 31, | ||||||||||||||||||||||
2023 | 2023 | 2022 | ||||||||||||||||||||||||
ASSETS | ASSETS | |||||||||||||||||||||||||
Real estate, at cost: | ||||||||||||||||||||||||||
Land | $ | 3,143,648 | $ | 3,130,825 | ||||||||||||||||||||||
Land | ||||||||||||||||||||||||||
Land | ||||||||||||||||||||||||||
Buildings and improvements | 9,898,605 | 9,684,144 | ||||||||||||||||||||||||
Development costs and construction in progress | 1,615,101 | 1,278,941 | ||||||||||||||||||||||||
Leasehold improvements and equipment | ||||||||||||||||||||||||||
Leasehold improvements and equipment | ||||||||||||||||||||||||||
Leasehold improvements and equipment | 98,941 | 93,910 | ||||||||||||||||||||||||
Total | 14,756,295 | 14,187,820 | ||||||||||||||||||||||||
Less accumulated depreciation and amortization | (2,885,283 | ) | (2,581,514 | ) | ||||||||||||||||||||||
Real estate, net | 11,871,012 | 11,606,306 | ||||||||||||||||||||||||
Right-of-use assets | ||||||||||||||||||||||||||
Cash and cash equivalents | 1,817,655 | 1,501,027 | ||||||||||||||||||||||||
Restricted cash | 97,157 | 95,032 | ||||||||||||||||||||||||
Marketable securities | 182,752 | 203,704 | ||||||||||||||||||||||||
Tenant and other receivables, net of allowance for doubtful accounts of $5,526 and $6,708 | 58,700 | 61,069 | ||||||||||||||||||||||||
Investments in U.S. Treasury bills | ||||||||||||||||||||||||||
Tenant and other receivables | ||||||||||||||||||||||||||
Investments in partially owned entities | 1,056,829 | 1,378,254 | ||||||||||||||||||||||||
Real estate fund investments | 354,804 | 462,132 | ||||||||||||||||||||||||
Receivable arising from the straight-lining of rents, net of allowance of $954 and $1,913 | 926,711 | 885,167 | ||||||||||||||||||||||||
Deferred leasing costs, net of accumulated amortization of $191,827 and $170,952 | 403,492 | 354,997 | ||||||||||||||||||||||||
Identified intangible assets, net of accumulated amortization of $150,837 and $194,422 | 159,260 | 189,668 | ||||||||||||||||||||||||
Assets related to discontinued operations | 1,357 | 3,568,613 | ||||||||||||||||||||||||
220 Central Park South condominium units ready for sale | ||||||||||||||||||||||||||
220 Central Park South condominium units ready for sale | ||||||||||||||||||||||||||
220 Central Park South condominium units ready for sale | ||||||||||||||||||||||||||
Receivable arising from the straight-lining of rents | ||||||||||||||||||||||||||
Deferred leasing costs, net of accumulated amortization of $249,347 and $237,395 | ||||||||||||||||||||||||||
Identified intangible assets, net of accumulated amortization of $98,589 and $98,139 | ||||||||||||||||||||||||||
Other assets | 468,205 | 508,878 | ||||||||||||||||||||||||
$ | 17,397,934 | $ | 20,814,847 | |||||||||||||||||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||||||||||||||||||||||||||
Mortgages payable, net | $ | 8,137,139 | $ | 8,113,248 | ||||||||||||||||||||||
Mortgages payable, net | ||||||||||||||||||||||||||
Mortgages payable, net | ||||||||||||||||||||||||||
Senior unsecured notes, net | 843,614 | 845,577 | ||||||||||||||||||||||||
Unsecured term loan, net | 748,734 | 372,215 | ||||||||||||||||||||||||
Unsecured revolving credit facilities | — | 115,630 | ||||||||||||||||||||||||
Lease liabilities | ||||||||||||||||||||||||||
Accounts payable and accrued expenses | ||||||||||||||||||||||||||
Accounts payable and accrued expenses | ||||||||||||||||||||||||||
Accounts payable and accrued expenses | 415,794 | 397,134 | ||||||||||||||||||||||||
Deferred revenue | 227,069 | 276,276 | ||||||||||||||||||||||||
Deferred compensation plan | 109,177 | 121,183 | ||||||||||||||||||||||||
Liabilities related to discontinued operations | 3,620 | 1,259,443 | ||||||||||||||||||||||||
Preferred shares to be redeemed on January 4 and 11, 2018 | 455,514 | — | ||||||||||||||||||||||||
Other liabilities | 464,635 | 417,199 | ||||||||||||||||||||||||
Total liabilities | 11,405,296 | 11,917,905 | ||||||||||||||||||||||||
Commitments and contingencies | Commitments and contingencies | |||||||||||||||||||||||||
Redeemable noncontrolling interests: | ||||||||||||||||||||||||||
Class A units - 12,528,899 and 12,197,162 units outstanding | 979,509 | 1,273,018 | ||||||||||||||||||||||||
Series D cumulative redeemable preferred units - 177,101 units outstanding | 5,428 | 5,428 | ||||||||||||||||||||||||
Class A units - 17,000,030 and 14,416,891 units outstanding | ||||||||||||||||||||||||||
Class A units - 17,000,030 and 14,416,891 units outstanding | ||||||||||||||||||||||||||
Class A units - 17,000,030 and 14,416,891 units outstanding | ||||||||||||||||||||||||||
Series D cumulative redeemable preferred units - 141,400 units outstanding | ||||||||||||||||||||||||||
Total redeemable noncontrolling partnership units | ||||||||||||||||||||||||||
Redeemable noncontrolling interest in a consolidated subsidiary | ||||||||||||||||||||||||||
Total redeemable noncontrolling interests | 984,937 | 1,278,446 | ||||||||||||||||||||||||
Vornado's shareholders' equity: | ||||||||||||||||||||||||||
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 36,799,573 and 42,824,829 shares | 891,988 | 1,038,055 | ||||||||||||||||||||||||
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 189,983,858 and 189,100,876 shares | 7,577 | 7,542 | ||||||||||||||||||||||||
Shareholders' equity: | ||||||||||||||||||||||||||
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 48,792,902 shares | ||||||||||||||||||||||||||
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 48,792,902 shares | ||||||||||||||||||||||||||
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 48,792,902 shares | ||||||||||||||||||||||||||
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 190,390,703 and 191,866,880 shares | ||||||||||||||||||||||||||
Additional capital | 7,492,658 | 7,153,332 | ||||||||||||||||||||||||
Earnings less than distributions | (4,183,253 | ) | (1,419,382 | ) | ||||||||||||||||||||||
Accumulated other comprehensive income | 128,682 | 118,972 | ||||||||||||||||||||||||
Total Vornado shareholders' equity | 4,337,652 | 6,898,519 | ||||||||||||||||||||||||
Total shareholders' equity | ||||||||||||||||||||||||||
Noncontrolling interests in consolidated subsidiaries | 670,049 | 719,977 | ||||||||||||||||||||||||
Total equity | 5,007,701 | 7,618,496 | ||||||||||||||||||||||||
$ | 17,397,934 | $ | 20,814,847 |
(Amounts in thousands, except per share amounts) | Year Ended December 31, | ||||||||||
2017 | 2016 | 2015 | |||||||||
REVENUES: | |||||||||||
Property rentals | $ | 1,714,952 | $ | 1,662,093 | $ | 1,626,866 | |||||
Tenant expense reimbursements | 233,424 | 221,563 | 218,739 | ||||||||
Fee and other income | 135,750 | 120,086 | 139,890 | ||||||||
Total revenues | 2,084,126 | 2,003,742 | 1,985,495 | ||||||||
EXPENSES: | |||||||||||
Operating | 886,596 | 844,566 | 824,511 | ||||||||
Depreciation and amortization | 429,389 | 421,023 | 379,803 | ||||||||
General and administrative | 158,999 | 149,550 | 149,256 | ||||||||
Acquisition and transaction related costs | 1,776 | 9,451 | 12,511 | ||||||||
Total expenses | 1,476,760 | 1,424,590 | 1,366,081 | ||||||||
Operating income | 607,366 | 579,152 | 619,414 | ||||||||
Income (loss) from partially owned entities | 15,200 | 168,948 | (9,947 | ) | |||||||
Income (loss) from real estate fund investments | 3,240 | (23,602 | ) | 74,081 | |||||||
Interest and other investment income, net | 37,793 | 29,548 | 27,240 | ||||||||
Interest and debt expense | (345,654 | ) | (330,240 | ) | (309,298 | ) | |||||
Net gains on disposition of wholly owned and partially owned assets | 501 | 160,433 | 149,417 | ||||||||
Income before income taxes | 318,446 | 584,239 | 550,907 | ||||||||
Income tax (expense) benefit | (41,090 | ) | (7,229 | ) | 85,012 | ||||||
Income from continuing operations | 277,356 | 577,010 | 635,919 | ||||||||
(Loss) income from discontinued operations | (13,228 | ) | 404,912 | 223,511 | |||||||
Net income | 264,128 | 981,922 | 859,430 | ||||||||
Less net income attributable to noncontrolling interests in: | |||||||||||
Consolidated subsidiaries | (25,802 | ) | (21,351 | ) | (55,765 | ) | |||||
Operating Partnership | (10,910 | ) | (53,654 | ) | (43,231 | ) | |||||
Net income attributable to Vornado | 227,416 | 906,917 | 760,434 | ||||||||
Preferred share dividends | (65,399 | ) | (75,903 | ) | (80,578 | ) | |||||
Preferred share issuance costs (Series J redemption) | — | (7,408 | ) | — | |||||||
NET INCOME attributable to common shareholders | $ | 162,017 | $ | 823,606 | $ | 679,856 | |||||
INCOME PER COMMON SHARE - BASIC: | |||||||||||
Income from continuing operations, net | $ | 0.92 | $ | 2.35 | $ | 2.49 | |||||
(Loss) income from discontinued operations, net | (0.07 | ) | 2.01 | 1.12 | |||||||
Net income per common share | $ | 0.85 | $ | 4.36 | $ | 3.61 | |||||
Weighted average shares outstanding | 189,526 | 188,837 | 188,353 | ||||||||
INCOME PER COMMON SHARE - DILUTED: | |||||||||||
Income from continuing operations, net | $ | 0.91 | $ | 2.34 | $ | 2.48 | |||||
(Loss) income from discontinued operations, net | (0.06 | ) | 2.00 | 1.11 | |||||||
Net income per common share | $ | 0.85 | $ | 4.34 | $ | 3.59 | |||||
Weighted average shares outstanding | 191,258 | 190,173 | 189,564 |
(Amounts in thousands, except per share amounts) | For the Year Ended December 31, | ||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
REVENUES: | |||||||||||||||||
Rental revenues | $ | 1,607,486 | $ | 1,607,685 | $ | 1,424,531 | |||||||||||
Fee and other income | 203,677 | 192,310 | 164,679 | ||||||||||||||
Total revenues | 1,811,163 | 1,799,995 | 1,589,210 | ||||||||||||||
EXPENSES: | |||||||||||||||||
Operating | (905,158) | (873,911) | (797,315) | ||||||||||||||
Depreciation and amortization | (434,273) | (504,502) | (412,347) | ||||||||||||||
General and administrative | (162,883) | (133,731) | (134,545) | ||||||||||||||
(Expense) benefit from deferred compensation plan liability | (12,162) | 9,617 | (9,847) | ||||||||||||||
Impairment losses, transaction related costs and other | (50,691) | (31,722) | (13,815) | ||||||||||||||
Total expenses | (1,565,167) | (1,534,249) | (1,367,869) | ||||||||||||||
Income (loss) from partially owned entities | 38,689 | (461,351) | 130,517 | ||||||||||||||
Income from real estate fund investments | 1,590 | 3,541 | 11,066 | ||||||||||||||
Interest and other investment income, net | 41,697 | 19,869 | 4,612 | ||||||||||||||
Income (loss) from deferred compensation plan assets | 12,162 | (9,617) | 9,847 | ||||||||||||||
Interest and debt expense | (349,223) | (279,765) | (231,096) | ||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | 71,199 | 100,625 | 50,770 | ||||||||||||||
Income (loss) before income taxes | 62,110 | (360,952) | 197,057 | ||||||||||||||
Income tax (expense) benefit | (29,222) | (21,660) | 10,496 | ||||||||||||||
Net income (loss) | 32,888 | (382,612) | 207,553 | ||||||||||||||
Less net loss (income) attributable to noncontrolling interests in: | |||||||||||||||||
Consolidated subsidiaries | 75,967 | 5,737 | (24,014) | ||||||||||||||
Operating Partnership | (3,361) | 30,376 | (7,540) | ||||||||||||||
Net income (loss) attributable to Vornado | 105,494 | (346,499) | 175,999 | ||||||||||||||
Preferred share dividends | (62,116) | (62,116) | (65,880) | ||||||||||||||
Series K preferred share issuance costs | — | — | (9,033) | ||||||||||||||
NET INCOME (LOSS) attributable to common shareholders | $ | 43,378 | $ | (408,615) | $ | 101,086 | |||||||||||
INCOME (LOSS) PER COMMON SHARE - BASIC: | |||||||||||||||||
Net income (loss) per common share | $ | 0.23 | $ | (2.13) | $ | 0.53 | |||||||||||
Weighted average shares outstanding | 191,005 | 191,775 | 191,551 | ||||||||||||||
INCOME (LOSS) PER COMMON SHARE - DILUTED: | |||||||||||||||||
Net income (loss) per common share | $ | 0.23 | $ | (2.13) | $ | 0.53 | |||||||||||
Weighted average shares outstanding | 191,856 | 191,775 | 192,122 |
(Amounts in thousands) | Year Ended December 31, | ||||||||||
2017 | 2016 | 2015 | |||||||||
Net income | $ | 264,128 | $ | 981,922 | $ | 859,430 | |||||
Other comprehensive (loss) income: | |||||||||||
(Reduction) increase in unrealized net gain on available-for-sale securities | (20,951 | ) | 52,057 | (55,326 | ) | ||||||
Pro rata share of amounts reclassified from accumulated other comprehensive income of a nonconsolidated subsidiary | 14,402 | — | — | ||||||||
Pro rata share of other comprehensive income (loss) of nonconsolidated subsidiaries | 1,425 | (2,739 | ) | (327 | ) | ||||||
Increase in value of interest rate swaps and other | 15,477 | 27,432 | 6,441 | ||||||||
Comprehensive income | 274,481 | 1,058,672 | 810,218 | ||||||||
Less comprehensive income attributable to noncontrolling interests | (37,356 | ) | (79,704 | ) | (96,130 | ) | |||||
Comprehensive income attributable to Vornado | $ | 237,125 | $ | 978,968 | $ | 714,088 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Net income (loss) | $ | 32,888 | $ | (382,612) | $ | 207,553 | |||||||||||
Other comprehensive (loss) income: | |||||||||||||||||
Change in fair value of interest rate swaps and other | (112,051) | 190,493 | 51,338 | ||||||||||||||
Other comprehensive (loss) income of nonconsolidated subsidiaries | (8,286) | 18,874 | 10,275 | ||||||||||||||
Comprehensive (loss) income | (87,449) | (173,245) | 269,166 | ||||||||||||||
Less comprehensive loss (income) attributable to noncontrolling interests | 85,665 | 19,247 | (35,602) | ||||||||||||||
Comprehensive (loss) income attributable to Vornado | $ | (1,784) | $ | (153,998) | $ | 233,564 |
(Amounts in thousands) | Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Accumulated Other Comprehensive Income (Loss) | Non- controlling Interests in Consolidated Subsidiaries | Total Equity | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||
Balance, December 31, 2016 | 42,825 | $ | 1,038,055 | 189,101 | $ | 7,542 | $ | 7,153,332 | $ | (1,419,382 | ) | $ | 118,972 | $ | 719,977 | $ | 7,618,496 | |||||||||||||||||
Net income attributable to Vornado | — | — | — | — | — | 227,416 | — | — | 227,416 | |||||||||||||||||||||||||
Net income attributable to noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 25,802 | 25,802 | |||||||||||||||||||||||||
Dividends on common shares | — | — | — | — | — | (496,490 | ) | — | — | (496,490 | ) | |||||||||||||||||||||||
Dividends on preferred shares | — | — | — | — | — | (65,399 | ) | — | — | (65,399 | ) | |||||||||||||||||||||||
Common shares issued: | ||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | — | — | 403 | 16 | 38,731 | — | — | — | 38,747 | |||||||||||||||||||||||||
Under employees' share option plan | — | — | 449 | 18 | 28,235 | — | — | — | 28,253 | |||||||||||||||||||||||||
Under dividend reinvestment plan | — | — | 17 | 1 | 1,458 | — | — | — | 1,459 | |||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | 1,044 | 1,044 | |||||||||||||||||||||||||
Distributions: | ||||||||||||||||||||||||||||||||||
JBG SMITH Properties | — | — | — | — | — | (2,428,345 | ) | — | — | (2,428,345 | ) | |||||||||||||||||||||||
Real estate fund investments | — | — | — | — | — | — | — | (73,850 | ) | (73,850 | ) | |||||||||||||||||||||||
Other | — | — | — | — | — | — | — | (2,618 | ) | (2,618 | ) | |||||||||||||||||||||||
Conversion of Series A preferred shares to common shares | (5 | ) | (162 | ) | 10 | — | 162 | — | — | — | — | |||||||||||||||||||||||
Deferred compensation shares and options | — | — | — | — | 2,246 | (418 | ) | — | — | 1,828 | ||||||||||||||||||||||||
Reduction in unrealized net gain on available-for-sale securities | — | — | — | — | — | — | (20,951 | ) | — | (20,951 | ) | |||||||||||||||||||||||
Pro rata share of amounts reclassified related to a nonconsolidated subsidiary | — | — | — | — | — | — | 14,402 | — | 14,402 | |||||||||||||||||||||||||
Pro rata share of other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 1,425 | — | 1,425 | |||||||||||||||||||||||||
Increase in value of interest rate swaps | — | — | — | — | — | — | 15,476 | — | 15,476 | |||||||||||||||||||||||||
Adjustments to carry redeemable Class A units at redemption value | — | — | — | — | 268,494 | — | — | — | 268,494 | |||||||||||||||||||||||||
Preferred shares issuance | 12,780 | 309,609 | — | — | — | — | — | — | 309,609 | |||||||||||||||||||||||||
Cumulative redeemable preferred shares called for redemption | (18,800 | ) | (455,514 | ) | — | — | — | — | — | — | (455,514 | ) | ||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | (642 | ) | — | (642 | ) | |||||||||||||||||||||||
Other | — | — | 4 | — | — | (635 | ) | — | (306 | ) | (941 | ) | ||||||||||||||||||||||
Balance, December 31, 2017 | 36,800 | $ | 891,988 | 189,984 | $ | 7,577 | $ | 7,492,658 | $ | (4,183,253 | ) | $ | 128,682 | $ | 670,049 | $ | 5,007,701 |
(Amounts in thousands, except per share amount) | Common Shares | Additional Capital | Earnings Less Than Distributions | Accumulated Other Comprehensive Income | Non- controlling Interests in Consolidated Subsidiaries | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | 48,793 | $ | 1,182,459 | 191,867 | $ | 7,654 | $ | 8,369,228 | $ | (3,894,580) | $ | 174,967 | $ | 236,652 | $ | 6,076,380 | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | — | — | — | — | — | 105,494 | — | — | 105,494 | |||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | (36,582) | (36,582) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.675 per share) | — | — | — | — | — | (129,066) | — | — | (129,066) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 11 for dividends per share amounts) | — | — | — | — | — | (62,116) | — | — | (62,116) | |||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | — | — | 539 | 21 | 8,468 | — | — | — | 8,489 | |||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | — | — | 11 | — | 146 | — | — | — | 146 | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | 24,033 | 24,033 | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (21,526) | (21,526) | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | — | — | (2) | — | 321 | (25) | — | — | 296 | |||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common shares | — | — | (2,024) | (81) | — | (29,102) | — | — | (29,183) | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | — | (8,286) | — | (8,286) | |||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps and other | — | — | — | — | — | — | (112,051) | — | (112,051) | |||||||||||||||||||||||||||||||||||||||||||||||
Unearned 2020 Out-Performance Plan and 2019 Performance AO LTIP awards | — | — | — | — | 20,668 | — | — | — | 20,668 | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | — | (135,540) | — | (2,574) | — | (138,114) | |||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of other comprehensive loss | — | — | — | — | — | — | 13,059 | (3,719) | 9,340 | |||||||||||||||||||||||||||||||||||||||||||||||
Deconsolidation of partially owned entity | — | — | — | — | — | — | — | (2,636) | (2,636) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2023 | 48,793 | $ | 1,182,459 | 190,391 | $ | 7,594 | $ | 8,263,291 | $ | (4,009,395) | $ | 65,115 | $ | 196,222 | $ | 5,705,286 |
(Amounts in thousands) | Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Accumulated Other Comprehensive Income (Loss) | Non- controlling Interests in Consolidated Subsidiaries | Total Equity | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||
Balance, December 31, 2015 | 52,677 | $ | 1,276,954 | 188,577 | $ | 7,521 | $ | 7,132,979 | $ | (1,766,780 | ) | $ | 46,921 | $ | 778,483 | $ | 7,476,078 | |||||||||||||||||
Net income attributable to Vornado | — | — | — | — | — | 906,917 | — | — | 906,917 | |||||||||||||||||||||||||
Net income attributable to noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 21,351 | 21,351 | |||||||||||||||||||||||||
Dividends on common shares | — | — | — | — | — | (475,961 | ) | — | — | (475,961 | ) | |||||||||||||||||||||||
Dividends on preferred shares | — | — | — | — | — | (75,903 | ) | — | — | (75,903 | ) | |||||||||||||||||||||||
Redemption of Series J preferred shares | (9,850 | ) | (238,842 | ) | — | — | — | (7,408 | ) | — | — | (246,250 | ) | |||||||||||||||||||||
Common shares issued: | ||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | — | — | 376 | 15 | 36,495 | — | — | — | 36,510 | |||||||||||||||||||||||||
Under employees' share option plan | — | — | 123 | 5 | 6,820 | — | — | — | 6,825 | |||||||||||||||||||||||||
Under dividend reinvestment plan | — | — | 16 | 1 | 1,443 | — | — | — | 1,444 | |||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | 19,749 | 19,749 | |||||||||||||||||||||||||
Distributions: | ||||||||||||||||||||||||||||||||||
Real estate fund investments | — | — | — | — | — | — | — | (62,444 | ) | (62,444 | ) | |||||||||||||||||||||||
Other | — | — | — | — | — | — | — | (36,804 | ) | (36,804 | ) | |||||||||||||||||||||||
Conversion of Series A preferred shares to common shares | (2 | ) | (56 | ) | 3 | — | 56 | — | — | — | — | |||||||||||||||||||||||
Deferred compensation shares and options | — | — | 7 | — | 1,788 | (186 | ) | — | — | 1,602 | ||||||||||||||||||||||||
Increase in unrealized net gain on available-for-sale securities | — | — | — | — | — | — | 52,057 | — | 52,057 | |||||||||||||||||||||||||
Pro rata share of other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | — | (2,739 | ) | — | (2,739 | ) | |||||||||||||||||||||||
Increase in value of interest rate swap | — | — | — | — | — | — | 27,434 | — | 27,434 | |||||||||||||||||||||||||
Adjustments to carry redeemable Class A units at redemption value | — | — | — | — | (26,251 | ) | — | — | — | (26,251 | ) | |||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | (4,699 | ) | — | (4,699 | ) | |||||||||||||||||||||||
Other | — | (1 | ) | (1 | ) | — | 2 | (61 | ) | (2 | ) | (358 | ) | (420 | ) | |||||||||||||||||||
Balance, December 31, 2016 | 42,825 | $ | 1,038,055 | 189,101 | $ | 7,542 | $ | 7,153,332 | $ | (1,419,382 | ) | $ | 118,972 | $ | 719,977 | $ | 7,618,496 |
(Amounts in thousands, except per share amounts) | Common Shares | Additional Capital | Earnings Less Than Distributions | Accumulated Other Comprehensive (Loss) Income | Non- controlling Interests in Consolidated Subsidiaries | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | 48,793 | $ | 1,182,459 | 191,724 | $ | 7,648 | $ | 8,143,093 | $ | (3,079,320) | $ | (17,534) | $ | 278,892 | $ | 6,515,238 | ||||||||||||||||||||||||||||||||||||||||
Net loss attributable to Vornado | — | — | — | — | — | (346,499) | — | — | (346,499) | |||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 3,931 | 3,931 | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($2.12 per share) | — | — | — | — | — | (406,562) | — | — | (406,562) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 11 for dividends per share amounts) | — | — | — | — | — | (62,116) | — | — | (62,116) | |||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | — | — | 117 | 5 | 3,519 | — | — | — | 3,524 | |||||||||||||||||||||||||||||||||||||||||||||||
Under employees' share option plan | — | — | — | — | 7 | — | — | — | 7 | |||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | — | — | 28 | 1 | 877 | — | — | — | 878 | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | 5,609 | 5,609 | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (54,388) | (54,388) | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | — | — | (2) | — | 588 | (85) | — | — | 503 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 18,874 | — | 18,874 | |||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps and other | — | — | — | — | — | — | 190,494 | — | 190,494 | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | — | 221,145 | — | — | — | 221,145 | |||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of other comprehensive income | — | — | — | — | — | — | (16,866) | 2,616 | (14,250) | |||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | (1) | 2 | (1) | (8) | (8) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | 48,793 | $ | 1,182,459 | 191,867 | $ | 7,654 | $ | 8,369,228 | $ | (3,894,580) | $ | 174,967 | $ | 236,652 | $ | 6,076,380 |
(Amounts in thousands) | Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Accumulated Other Comprehensive Income (Loss) | Non- controlling Interests in Consolidated Subsidiaries | Total Equity | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||
Balance, December 31, 2014 | 52,679 | $ | 1,277,026 | 187,887 | $ | 7,493 | $ | 6,873,025 | $ | (1,505,385 | ) | $ | 93,267 | $ | 743,956 | $ | 7,489,382 | |||||||||||||||||
Net income attributable to Vornado | — | — | — | — | — | 760,434 | — | — | 760,434 | |||||||||||||||||||||||||
Net income attributable to noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 55,765 | 55,765 | |||||||||||||||||||||||||
Distribution of Urban Edge Properties | — | — | — | — | — | (464,262 | ) | — | (341 | ) | (464,603 | ) | ||||||||||||||||||||||
Dividends on common shares | — | — | — | — | — | (474,751 | ) | — | — | (474,751 | ) | |||||||||||||||||||||||
Dividends on preferred shares | — | — | — | — | — | (80,578 | ) | — | — | (80,578 | ) | |||||||||||||||||||||||
Common shares issued: | ||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | — | — | 452 | 18 | 48,212 | — | — | — | 48,230 | |||||||||||||||||||||||||
Under employees' share option plan | — | — | 214 | 9 | 15,332 | (2,579 | ) | — | — | 12,762 | ||||||||||||||||||||||||
Under dividend reinvestment plan | — | — | 14 | 1 | 1,437 | — | — | — | 1,438 | |||||||||||||||||||||||||
Contributions: | ||||||||||||||||||||||||||||||||||
Real estate fund investments | — | — | — | — | — | — | — | 51,725 | 51,725 | |||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | 250 | 250 | |||||||||||||||||||||||||
Distributions: | ||||||||||||||||||||||||||||||||||
Real estate fund investments | — | — | — | — | — | — | — | (72,114 | ) | (72,114 | ) | |||||||||||||||||||||||
Other | — | — | — | — | — | — | — | (525 | ) | (525 | ) | |||||||||||||||||||||||
Conversion of Series A preferred shares to common shares | (2 | ) | (72 | ) | 4 | 1 | 71 | — | — | — | — | |||||||||||||||||||||||
Deferred compensation shares and options | — | — | 6 | 1 | 2,438 | (359 | ) | — | — | 2,080 | ||||||||||||||||||||||||
Reduction in unrealized net gain on available-for-sale securities | — | — | — | — | — | — | (55,326 | ) | — | (55,326 | ) | |||||||||||||||||||||||
Pro rata share of other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | — | (327 | ) | — | (327 | ) | |||||||||||||||||||||||
Increase in value of interest rate swap | — | — | — | — | — | — | 6,435 | — | 6,435 | |||||||||||||||||||||||||
Adjustments to carry redeemable Class A units at redemption value | — | — | — | — | 192,464 | — | — | — | 192,464 | |||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | 2,866 | — | 2,866 | |||||||||||||||||||||||||
Other | — | — | — | (2 | ) | — | 700 | 6 | (233 | ) | 471 | |||||||||||||||||||||||
Balance, December 31, 2015 | 52,677 | $ | 1,276,954 | 188,577 | $ | 7,521 | $ | 7,132,979 | $ | (1,766,780 | ) | $ | 46,921 | $ | 778,483 | $ | 7,476,078 |
(Amounts in thousands, except per share amount) | Common Shares | Additional Capital | Earnings Less Than Distributions | Accumulated Other Comprehensive Loss | Non- controlling Interests in Consolidated Subsidiaries | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 48,793 | $ | 1,182,339 | 191,355 | $ | 7,633 | $ | 8,192,507 | $ | (2,774,182) | $ | (75,099) | $ | 414,957 | $ | 6,948,155 | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | — | — | — | — | — | 175,999 | — | — | 175,999 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 20,826 | 20,826 | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($2.12 per share) | — | — | — | — | — | (406,109) | — | — | (406,109) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 11 for dividends per share amounts) | — | — | — | — | — | (65,880) | — | — | (65,880) | |||||||||||||||||||||||||||||||||||||||||||||||
Series O cumulative redeemable preferred shares issuance | 12,000 | 291,153 | — | — | — | — | — | — | 291,153 | |||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | — | — | 350 | 14 | 14,562 | — | — | — | 14,576 | |||||||||||||||||||||||||||||||||||||||||||||||
Under employees' share option plan | — | — | 1 | — | 22 | — | — | — | 22 | |||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | — | — | 21 | 1 | 876 | — | — | — | 877 | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | 4,052 | 4,052 | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (160,975) | (160,975) | |||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred shares to common shares | — | (13) | 1 | — | 13 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | — | — | (4) | — | 906 | (114) | — | — | 792 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 10,275 | — | 10,275 | |||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps | — | — | — | — | — | — | 51,337 | — | 51,337 | |||||||||||||||||||||||||||||||||||||||||||||||
Unearned 2018 Out-Performance Plan awards acceleration | — | — | — | — | 10,283 | — | — | — | 10,283 | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | — | (76,073) | — | — | — | (76,073) | |||||||||||||||||||||||||||||||||||||||||||||||
Series K cumulative redeemable preferred shares called for redemption | (12,000) | (290,967) | — | — | — | (9,033) | — | — | (300,000) | |||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of other comprehensive income | — | — | — | — | — | — | (4,048) | — | (4,048) | |||||||||||||||||||||||||||||||||||||||||||||||
Other | — | (53) | — | — | (3) | (1) | 1 | 32 | (24) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | 48,793 | $ | 1,182,459 | 191,724 | $ | 7,648 | $ | 8,143,093 | $ | (3,079,320) | $ | (17,534) | $ | 278,892 | $ | 6,515,238 |
(Amounts in thousands) | Year Ended December 31, | (Amounts in thousands) | For the Year Ended December 31, | |||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2023 | 2022 | 2021 | |||||||||||||||||||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||||||||||||||||||||
Net income | $ | 264,128 | $ | 981,922 | $ | 859,430 | ||||||||||||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||||||||||||
Net income (loss) | ||||||||||||||||||||||||||||||||||
Net income (loss) | ||||||||||||||||||||||||||||||||||
Net income (loss) | ||||||||||||||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||||||||||||||||||||
Depreciation and amortization (including amortization of deferred financing costs) | 529,826 | 595,270 | 566,207 | |||||||||||||||||||||||||||||||
Depreciation and amortization (including amortization of deferred financing costs) | ||||||||||||||||||||||||||||||||||
Depreciation and amortization (including amortization of deferred financing costs) | ||||||||||||||||||||||||||||||||||
Distributions of income from partially owned entities | ||||||||||||||||||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | ||||||||||||||||||||||||||||||||||
Real estate impairment losses | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | ||||||||||||||||||||||||||||||||||
Equity in net (income) loss of partially owned entities | ||||||||||||||||||||||||||||||||||
Change in deferred tax liability | ||||||||||||||||||||||||||||||||||
Amortization of interest rate cap premiums | ||||||||||||||||||||||||||||||||||
Straight-lining of rents | ||||||||||||||||||||||||||||||||||
Credit losses on investments | ||||||||||||||||||||||||||||||||||
Amortization of below-market leases, net | ||||||||||||||||||||||||||||||||||
Net realized and unrealized (gain) loss on real estate fund investments | ||||||||||||||||||||||||||||||||||
Return of capital from real estate fund investments | 91,606 | 71,888 | 91,458 | |||||||||||||||||||||||||||||||
Distributions of income from partially owned entities | 82,095 | 214,800 | 66,819 | |||||||||||||||||||||||||||||||
Amortization of below-market leases, net | (46,790 | ) | (53,202 | ) | (79,053 | ) | ||||||||||||||||||||||||||||
Straight-lining of rents | (45,792 | ) | (146,787 | ) | (153,668 | ) | ||||||||||||||||||||||||||||
Change in allowance for deferred tax assets | 34,800 | — | (90,030 | ) | ||||||||||||||||||||||||||||||
Equity in net (income) loss of partially owned entities | (15,635 | ) | (165,389 | ) | 11,882 | |||||||||||||||||||||||||||||
Net realized and unrealized losses (gains) on real estate fund investments | 15,267 | 40,655 | (57,752 | ) | ||||||||||||||||||||||||||||||
Net gains on sale of real estate and other | (3,489 | ) | (5,074 | ) | (65,396 | ) | ||||||||||||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | (501 | ) | (175,735 | ) | (251,821 | ) | ||||||||||||||||||||||||||||
Net gain on extinguishment of Skyline properties debt | — | (487,877 | ) | — | ||||||||||||||||||||||||||||||
Real estate impairment losses | — | 161,165 | 256 | |||||||||||||||||||||||||||||||
Write-off of lease receivables deemed uncollectible | ||||||||||||||||||||||||||||||||||
Defeasance cost in connection with refinancing of mortgage payable | ||||||||||||||||||||||||||||||||||
Other non-cash adjustments | 56,480 | 39,406 | 37,721 | |||||||||||||||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||||
Real estate fund investments | — | — | (95,010 | ) | ||||||||||||||||||||||||||||||
Tenant and other receivables, net | 1,183 | (4,271 | ) | 8,366 | ||||||||||||||||||||||||||||||
Real estate fund investments | ||||||||||||||||||||||||||||||||||
Real estate fund investments | ||||||||||||||||||||||||||||||||||
Tenant and other receivables | ||||||||||||||||||||||||||||||||||
Prepaid assets | (12,292 | ) | (7,893 | ) | (16,836 | ) | ||||||||||||||||||||||||||||
Other assets | (79,199 | ) | (76,357 | ) | (112,415 | ) | ||||||||||||||||||||||||||||
Lease liabilities | ||||||||||||||||||||||||||||||||||
Accounts payable and accrued expenses | 3,760 | 13,278 | (25,231 | ) | ||||||||||||||||||||||||||||||
Other liabilities | (15,305 | ) | (719 | ) | (22,836 | ) | ||||||||||||||||||||||||||||
Net cash provided by operating activities | 860,142 | 995,080 | 672,091 | |||||||||||||||||||||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||||||||||||||||
Distributions of capital from partially owned entities | 366,155 | 196,635 | 36,017 | |||||||||||||||||||||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||||||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||||||||||||||||
Development costs and construction in progress | (355,852 | ) | (606,565 | ) | (475,819 | ) | ||||||||||||||||||||||||||||
Development costs and construction in progress | ||||||||||||||||||||||||||||||||||
Development costs and construction in progress | ||||||||||||||||||||||||||||||||||
Proceeds from maturities of U.S. Treasury bills | ||||||||||||||||||||||||||||||||||
Additions to real estate | (271,308 | ) | (387,545 | ) | (301,413 | ) | ||||||||||||||||||||||||||||
Proceeds from the repayment of JBG SMITH Properties loan receivable | 115,630 | — | — | |||||||||||||||||||||||||||||||
Proceeds from sales of real estate | ||||||||||||||||||||||||||||||||||
Proceeds from repayment of participation in 150 West 34th Street mortgage loan | ||||||||||||||||||||||||||||||||||
Investments in partially owned entities | (40,537 | ) | (127,608 | ) | (235,439 | ) | ||||||||||||||||||||||||||||
Acquisitions of real estate and other | (30,607 | ) | (91,103 | ) | (558,484 | ) | ||||||||||||||||||||||||||||
Proceeds from sales of real estate and related investments | 9,543 | 183,173 | 786,924 | |||||||||||||||||||||||||||||||
Proceeds from repayments of mortgage loans receivable | 659 | 45 | 16,790 | |||||||||||||||||||||||||||||||
Net deconsolidation of 7 West 34th Street | — | (48,000 | ) | — | ||||||||||||||||||||||||||||||
Investments in loans receivable | — | (11,700 | ) | (1,000 | ) | |||||||||||||||||||||||||||||
Purchases of marketable securities | — | (4,379 | ) | — | ||||||||||||||||||||||||||||||
Proceeds from the sale of marketable securities | — | 3,937 | — | |||||||||||||||||||||||||||||||
Proceeds from sale of condominium units at 220 Central Park South | ||||||||||||||||||||||||||||||||||
Distributions of capital from partially owned entities | ||||||||||||||||||||||||||||||||||
Deconsolidation of cash and restricted cash held by a previously consolidated entity | ||||||||||||||||||||||||||||||||||
Purchase of U.S. Treasury bills | ||||||||||||||||||||||||||||||||||
Acquisition of additional 45.0% ownership interest in One Park Avenue (inclusive of $5,806 of prorations and net working capital and net of $39,370 of cash and restricted cash balances consolidated upon acquisition) | ||||||||||||||||||||||||||||||||||
Proceeds from repayments of loans receivable | ||||||||||||||||||||||||||||||||||
Net cash used in investing activities | (206,317 | ) | (893,110 | ) | (732,424 | ) |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||
Repayments of borrowings | $ | (148,000) | $ | (1,251,373) | $ | (1,584,243) | |||||||||||
Contributions from noncontrolling interests | 132,701 | 5,609 | 4,052 | ||||||||||||||
Dividends paid on common shares | (129,066) | (406,562) | (406,109) | ||||||||||||||
Dividends paid on preferred shares | (62,116) | (62,116) | (65,880) | ||||||||||||||
Distributions to noncontrolling interests | (38,970) | (84,699) | (190,876) | ||||||||||||||
Repurchase of common shares | (29,183) | — | — | ||||||||||||||
Deferred financing costs | (4,424) | (32,706) | (51,184) | ||||||||||||||
Proceeds received from exercise of employee share options and other | 146 | 885 | 899 | ||||||||||||||
Repurchase of shares related to stock compensation agreements and related tax withholdings and other | (25) | (85) | (1,567) | ||||||||||||||
Proceeds from borrowings | — | 1,029,773 | 3,248,007 | ||||||||||||||
Purchase of marketable securities in connection with defeasance of mortgage payable | — | — | (973,729) | ||||||||||||||
Redemption of preferred shares | — | — | (300,000) | ||||||||||||||
Proceeds from the issuance of preferred shares | — | — | 291,153 | ||||||||||||||
Net cash used in financing activities | (278,937) | (801,274) | (29,477) | ||||||||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash | 240,427 | (909,194) | 199,982 | ||||||||||||||
Cash and cash equivalents and restricted cash at beginning of period | 1,021,157 | 1,930,351 | 1,730,369 | ||||||||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 1,261,584 | $ | 1,021,157 | $ | 1,930,351 |
(Amounts in thousands) | Year Ended December 31, | ||||||||||
2017 | 2016 | 2015 | |||||||||
Cash Flows from Financing Activities: | |||||||||||
Proceeds from borrowings | $ | 1,055,872 | $ | 2,403,898 | $ | 4,468,872 | |||||
Repayments of borrowings | (631,681 | ) | (1,894,990 | ) | (2,936,578 | ) | |||||
Dividends paid on common shares | (496,490 | ) | (475,961 | ) | (474,751 | ) | |||||
Cash and cash equivalents and restricted cash included in the spin-off of JBG SMITH Properties ($275,000 plus The Bartlett financing proceeds less transaction costs and other mortgage items) | (416,237 | ) | — | — | |||||||
Proceeds from issuance of preferred shares | 309,609 | — | — | ||||||||
Distributions to noncontrolling interests | (109,697 | ) | (130,590 | ) | (102,866 | ) | |||||
Dividends paid on preferred shares | (64,516 | ) | (80,137 | ) | (80,578 | ) | |||||
Proceeds received from exercise of employee share options and other | 29,712 | 8,269 | 16,779 | ||||||||
Debt issuance costs | (12,325 | ) | (42,157 | ) | (66,554 | ) | |||||
Debt prepayment and extinguishment costs | (3,217 | ) | — | (15,000 | ) | ||||||
Contributions from noncontrolling interests | 1,044 | 11,950 | 51,975 | ||||||||
Repurchase of shares related to stock compensation agreements and related tax withholdings and other | (418 | ) | (186 | ) | (7,473 | ) | |||||
Redemption of preferred shares | — | (246,250 | ) | — | |||||||
Cash and cash equivalents and restricted cash included in the spin-off of Urban Edge Properties | — | — | (234,967 | ) | |||||||
Net cash (used in) provided by financing activities | (338,344 | ) | (446,154 | ) | 618,859 | ||||||
Net increase (decrease) in cash and cash equivalents and restricted cash | 315,481 | (344,184 | ) | 558,526 | |||||||
Cash and cash equivalents and restricted cash at beginning of period | 1,599,331 | 1,943,515 | 1,384,989 | ||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 1,914,812 | $ | 1,599,331 | $ | 1,943,515 |
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | |||||||||||||
Cash and cash equivalents at beginning of period | $ | 1,501,027 | $ | 1,835,707 | $ | 1,198,477 | |||||||
Cash and cash equivalents at beginning of period | |||||||||||||
Cash and cash equivalents at beginning of period | |||||||||||||
Restricted cash at beginning of period | 95,032 | 99,943 | 168,447 | ||||||||||
Restricted cash included in discontinued operations at beginning of period | 3,272 | 7,865 | 18,065 | ||||||||||
Cash and cash equivalents and restricted cash at beginning of period | $ | 1,599,331 | $ | 1,943,515 | $ | 1,384,989 | |||||||
Cash and cash equivalents at end of period | 1,817,655 | 1,501,027 | 1,835,707 | ||||||||||
Cash and cash equivalents at end of period | |||||||||||||
Cash and cash equivalents at end of period | |||||||||||||
Restricted cash at end of period | 97,157 | 95,032 | 99,943 | ||||||||||
Restricted cash included in discontinued operations at end of period | — | 3,272 | 7,865 | ||||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 1,914,812 | $ | 1,599,331 | $ | 1,943,515 |
(Amounts in thousands) | Year Ended December 31, | ||||||||||
2017 | 2016 | 2015 | |||||||||
Supplemental Disclosure of Cash Flow Information: | |||||||||||
Cash payments for interest, excluding capitalized interest of $43,071, $29,584 and $48,539 | $ | 338,983 | $ | 368,762 | $ | 376,620 | |||||
Cash payments for income taxes | $ | 6,727 | $ | 9,716 | $ | 8,287 | |||||
Non-Cash Investing and Financing Activities: | |||||||||||
Non-cash distribution to JBG SMITH Properties: | |||||||||||
Assets | $ | 3,432,738 | $ | — | $ | — | |||||
Liabilities | (1,414,186 | ) | — | — | |||||||
Equity | (2,018,552 | ) | — | — | |||||||
Reclassification of Series G and Series I cumulative redeemable preferred shares to liabilities upon call for redemption | 455,514 | — | — | ||||||||
Adjustments to carry redeemable Class A units at redemption value | 268,494 | (26,251 | ) | 192,464 | |||||||
Loan receivable established upon the spin-off of JBG SMITH Properties | 115,630 | — | — | ||||||||
Accrued capital expenditures included in accounts payable and accrued expenses | 102,976 | 120,564 | 122,711 | ||||||||
Write-off of fully depreciated assets | (58,810 | ) | (305,679 | ) | (167,250 | ) | |||||
(Reduction) increase in unrealized net gain on available-for-sale securities | (20,951 | ) | 52,057 | (55,326 | ) | ||||||
Decrease in assets and liabilities resulting from the disposition of Skyline properties: | |||||||||||
Real estate, net | — | (189,284 | ) | — | |||||||
Mortgage payable, net | — | (690,263 | ) | — | |||||||
Decrease in assets and liabilities resulting from the deconsolidation of investments that were previously consolidated: | |||||||||||
Real estate, net | — | (122,047 | ) | — | |||||||
Mortgage payable, net | — | (290,418 | ) | — | |||||||
Non-cash distribution of Urban Edge Properties: | |||||||||||
Assets | — | — | 1,699,289 | ||||||||
Liabilities | — | — | (1,469,659 | ) | |||||||
Equity | — | — | (229,630 | ) | |||||||
Transfer of interest in real estate to Pennsylvania Real Estate Investment Trust | — | — | (145,313 | ) | |||||||
Class A units issued in connection with acquisition | — | — | 80,000 | ||||||||
Financing assumed in acquisition | — | — | 62,000 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Supplemental Disclosure of Cash Flow Information: | |||||||||||||||||
Cash payments for interest (excluding capitalized interest) and interest rate cap premiums | $ | 381,410 | $ | 252,371 | $ | 188,587 | |||||||||||
Cash payments for income taxes | $ | 10,365 | $ | 7,947 | $ | 9,155 | |||||||||||
Non-Cash Information: | |||||||||||||||||
Redeemable Class A unit measurement adjustment | $ | (138,114) | $ | 221,145 | $ | (76,073) | |||||||||||
Change in fair value of consolidated interest rate hedges and other | (112,051) | 190,494 | 51,337 | ||||||||||||||
Write-off of fully depreciated assets | (82,343) | (278,561) | (123,537) | ||||||||||||||
Accrued capital expenditures included in accounts payable and accrued expenses | 52,091 | 104,750 | 291,690 | ||||||||||||||
Initial investment in Pier 94 joint venture upon contribution of leasehold interest | 50,090 | — | — | ||||||||||||||
Decrease in assets and liabilities resulting from the deconsolidation of Pier 94: | |||||||||||||||||
Real estate | 21,693 | — | — | ||||||||||||||
Right-of-use assets | 7,081 | — | — | ||||||||||||||
Lease liabilities | (20,692) | — | — | ||||||||||||||
Additional estimated lease liability arising from the recognition of right-of-use asset | — | 350,000 | — | ||||||||||||||
Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | — | 32,604 | 16,014 | ||||||||||||||
Reclassification of assets held for sale (included in "other assets") | — | — | 80,005 | ||||||||||||||
Increase in assets and liabilities resulting from the consolidation of One Park Avenue: | |||||||||||||||||
Real estate | — | — | 566,013 | ||||||||||||||
Identified intangible assets | — | — | 139,545 | ||||||||||||||
Mortgages payable | — | — | 525,000 | ||||||||||||||
Deferred revenue | — | — | 18,884 | ||||||||||||||
Marketable securities transferred in connection with the defeasance of mortgage payable | — | — | (973,729) | ||||||||||||||
Defeasance of mortgage payable | — | — | 950,000 |
(Amounts in thousands, except unit amounts) | December 31, 2017 | December 31, 2016 | (Amounts in thousands, except unit amounts) | As of December 31, | ||||||||||||||||||||||
2023 | 2023 | 2022 | ||||||||||||||||||||||||
ASSETS | ASSETS | |||||||||||||||||||||||||
Real estate, at cost: | ||||||||||||||||||||||||||
Land | $ | 3,143,648 | $ | 3,130,825 | ||||||||||||||||||||||
Land | ||||||||||||||||||||||||||
Land | ||||||||||||||||||||||||||
Buildings and improvements | 9,898,605 | 9,684,144 | ||||||||||||||||||||||||
Development costs and construction in progress | 1,615,101 | 1,278,941 | ||||||||||||||||||||||||
Leasehold improvements and equipment | ||||||||||||||||||||||||||
Leasehold improvements and equipment | ||||||||||||||||||||||||||
Leasehold improvements and equipment | 98,941 | 93,910 | ||||||||||||||||||||||||
Total | 14,756,295 | 14,187,820 | ||||||||||||||||||||||||
Less accumulated depreciation and amortization | (2,885,283 | ) | (2,581,514 | ) | ||||||||||||||||||||||
Real estate, net | 11,871,012 | 11,606,306 | ||||||||||||||||||||||||
Right-of-use assets | ||||||||||||||||||||||||||
Cash and cash equivalents | 1,817,655 | 1,501,027 | ||||||||||||||||||||||||
Restricted cash | 97,157 | 95,032 | ||||||||||||||||||||||||
Marketable securities | 182,752 | 203,704 | ||||||||||||||||||||||||
Tenant and other receivables, net of allowance for doubtful accounts of $5,526 and $6,708 | 58,700 | 61,069 | ||||||||||||||||||||||||
Investments in U.S. Treasury bills | ||||||||||||||||||||||||||
Tenant and other receivables | ||||||||||||||||||||||||||
Investments in partially owned entities | 1,056,829 | 1,378,254 | ||||||||||||||||||||||||
Real estate fund investments | 354,804 | 462,132 | ||||||||||||||||||||||||
Receivable arising from the straight-lining of rents, net of allowance of $954 and $1,913 | 926,711 | 885,167 | ||||||||||||||||||||||||
Deferred leasing costs, net of accumulated amortization of $191,827 and $170,952 | 403,492 | 354,997 | ||||||||||||||||||||||||
Identified intangible assets, net of accumulated amortization of $150,837 and $194,422 | 159,260 | 189,668 | ||||||||||||||||||||||||
Assets related to discontinued operations | 1,357 | 3,568,613 | ||||||||||||||||||||||||
220 Central Park South condominium units ready for sale | ||||||||||||||||||||||||||
220 Central Park South condominium units ready for sale | ||||||||||||||||||||||||||
220 Central Park South condominium units ready for sale | ||||||||||||||||||||||||||
Receivable arising from the straight-lining of rents | ||||||||||||||||||||||||||
Deferred leasing costs, net of accumulated amortization of $249,347 and $237,395 | ||||||||||||||||||||||||||
Identified intangible assets, net of accumulated amortization of $98,589 and $98,139 | ||||||||||||||||||||||||||
Other assets | 468,205 | 508,878 | ||||||||||||||||||||||||
$ | 17,397,934 | $ | 20,814,847 | |||||||||||||||||||||||
LIABILITIES, REDEEMABLE PARTNERSHIP UNITS AND EQUITY | ||||||||||||||||||||||||||
$ | ||||||||||||||||||||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||||||||||||||||||||||||||
Mortgages payable, net | ||||||||||||||||||||||||||
Mortgages payable, net | ||||||||||||||||||||||||||
Mortgages payable, net | $ | 8,137,139 | $ | 8,113,248 | ||||||||||||||||||||||
Senior unsecured notes, net | 843,614 | 845,577 | ||||||||||||||||||||||||
Unsecured term loan, net | 748,734 | 372,215 | ||||||||||||||||||||||||
Unsecured revolving credit facilities | — | 115,630 | ||||||||||||||||||||||||
Lease liabilities | ||||||||||||||||||||||||||
Accounts payable and accrued expenses | ||||||||||||||||||||||||||
Accounts payable and accrued expenses | ||||||||||||||||||||||||||
Accounts payable and accrued expenses | 415,794 | 397,134 | ||||||||||||||||||||||||
Deferred revenue | 227,069 | 276,276 | ||||||||||||||||||||||||
Deferred compensation plan | 109,177 | 121,183 | ||||||||||||||||||||||||
Liabilities related to discontinued operations | 3,620 | 1,259,443 | ||||||||||||||||||||||||
Preferred units to be redeemed on January 4 and 11, 2018 | 455,514 | — | ||||||||||||||||||||||||
Other liabilities | 464,635 | 417,199 | ||||||||||||||||||||||||
Total liabilities | 11,405,296 | 11,917,905 | ||||||||||||||||||||||||
Commitments and contingencies | Commitments and contingencies | |||||||||||||||||||||||||
Redeemable partnership units: | ||||||||||||||||||||||||||
Class A units - 12,528,899 and 12,197,162 units outstanding | 979,509 | 1,273,018 | ||||||||||||||||||||||||
Series D cumulative redeemable preferred units - 177,101 units outstanding | 5,428 | 5,428 | ||||||||||||||||||||||||
Total redeemable partnership units | 984,937 | 1,278,446 | ||||||||||||||||||||||||
Equity: | ||||||||||||||||||||||||||
Redeemable noncontrolling interests: | ||||||||||||||||||||||||||
Class A units - 17,000,030 and 14,416,891 units outstanding | ||||||||||||||||||||||||||
Class A units - 17,000,030 and 14,416,891 units outstanding | ||||||||||||||||||||||||||
Class A units - 17,000,030 and 14,416,891 units outstanding | ||||||||||||||||||||||||||
Series D cumulative redeemable preferred units - 141,400 units outstanding | ||||||||||||||||||||||||||
Total redeemable noncontrolling partnership units | ||||||||||||||||||||||||||
Redeemable noncontrolling interest in a consolidated subsidiary | ||||||||||||||||||||||||||
Total redeemable noncontrolling interests | ||||||||||||||||||||||||||
Partners' equity: | ||||||||||||||||||||||||||
Partners' capital | ||||||||||||||||||||||||||
Partners' capital | ||||||||||||||||||||||||||
Partners' capital | 8,392,223 | 8,198,929 | ||||||||||||||||||||||||
Earnings less than distributions | (4,183,253 | ) | (1,419,382 | ) | ||||||||||||||||||||||
Accumulated other comprehensive income | 128,682 | 118,972 | ||||||||||||||||||||||||
Total Vornado Realty L.P. equity | 4,337,652 | 6,898,519 | ||||||||||||||||||||||||
Total partners' equity | ||||||||||||||||||||||||||
Noncontrolling interests in consolidated subsidiaries | 670,049 | 719,977 | ||||||||||||||||||||||||
Total equity | 5,007,701 | 7,618,496 | ||||||||||||||||||||||||
$ | 17,397,934 | $ | 20,814,847 |
(Amounts in thousands, except per unit amounts) | Year Ended December 31, | ||||||||||
2017 | 2016 | 2015 | |||||||||
REVENUES: | |||||||||||
Property rentals | $ | 1,714,952 | $ | 1,662,093 | $ | 1,626,866 | |||||
Tenant expense reimbursements | 233,424 | 221,563 | 218,739 | ||||||||
Fee and other income | 135,750 | 120,086 | 139,890 | ||||||||
Total revenues | 2,084,126 | 2,003,742 | 1,985,495 | ||||||||
EXPENSES: | |||||||||||
Operating | 886,596 | 844,566 | 824,511 | ||||||||
Depreciation and amortization | 429,389 | 421,023 | 379,803 | ||||||||
General and administrative | 158,999 | 149,550 | 149,256 | ||||||||
Acquisition and transaction related costs | 1,776 | 9,451 | 12,511 | ||||||||
Total expenses | 1,476,760 | 1,424,590 | 1,366,081 | ||||||||
Operating income | 607,366 | 579,152 | 619,414 | ||||||||
Income (loss) from partially owned entities | 15,200 | 168,948 | (9,947 | ) | |||||||
Income (loss) from real estate fund investments | 3,240 | (23,602 | ) | 74,081 | |||||||
Interest and other investment income, net | 37,793 | 29,548 | 27,240 | ||||||||
Interest and debt expense | (345,654 | ) | (330,240 | ) | (309,298 | ) | |||||
Net gains on disposition of wholly owned and partially owned assets | 501 | 160,433 | 149,417 | ||||||||
Income before income taxes | 318,446 | 584,239 | 550,907 | ||||||||
Income tax (expense) benefit | (41,090 | ) | (7,229 | ) | 85,012 | ||||||
Income from continuing operations | 277,356 | 577,010 | 635,919 | ||||||||
(Loss) income from discontinued operations | (13,228 | ) | 404,912 | 223,511 | |||||||
Net income | 264,128 | 981,922 | 859,430 | ||||||||
Less net income attributable to noncontrolling interests in consolidated subsidiaries | (25,802 | ) | (21,351 | ) | (55,765 | ) | |||||
Net income attributable to Vornado Realty L.P. | 238,326 | 960,571 | 803,665 | ||||||||
Preferred unit distributions | (65,593 | ) | (76,097 | ) | (80,736 | ) | |||||
Preferred unit issuance costs (Series J redemption) | — | (7,408 | ) | — | |||||||
NET INCOME attributable to Class A unitholders | $ | 172,733 | $ | 877,066 | $ | 722,929 | |||||
INCOME PER CLASS A UNIT - BASIC: | |||||||||||
Income from continuing operations, net | $ | 0.91 | $ | 2.34 | $ | 2.49 | |||||
(Loss) income from discontinued operations, net | (0.07 | ) | 2.02 | 1.12 | |||||||
Net income per Class A unit | $ | 0.84 | $ | 4.36 | $ | 3.61 | |||||
Weighted average units outstanding | 201,214 | 200,350 | 199,309 | ||||||||
INCOME PER CLASS A UNIT - DILUTED: | |||||||||||
Income from continuing operations, net | $ | 0.90 | $ | 2.32 | $ | 2.46 | |||||
(Loss) income from discontinued operations, net | (0.07 | ) | 2.00 | 1.11 | |||||||
Net income per Class A unit | $ | 0.83 | $ | 4.32 | $ | 3.57 | |||||
Weighted average units outstanding | 203,300 | 202,017 | 201,158 |
(Amounts in thousands, except per unit amounts) | For the Year Ended December 31, | ||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
REVENUES: | |||||||||||||||||
Rental revenues | $ | 1,607,486 | $ | 1,607,685 | $ | 1,424,531 | |||||||||||
Fee and other income | 203,677 | 192,310 | 164,679 | ||||||||||||||
Total revenues | 1,811,163 | 1,799,995 | 1,589,210 | ||||||||||||||
EXPENSES: | |||||||||||||||||
Operating | (905,158) | (873,911) | (797,315) | ||||||||||||||
Depreciation and amortization | (434,273) | (504,502) | (412,347) | ||||||||||||||
General and administrative | (162,883) | (133,731) | (134,545) | ||||||||||||||
(Expense) benefit from deferred compensation plan liability | (12,162) | 9,617 | (9,847) | ||||||||||||||
Impairment losses, transaction related costs and other | (50,691) | (31,722) | (13,815) | ||||||||||||||
Total expenses | (1,565,167) | (1,534,249) | (1,367,869) | ||||||||||||||
Income (loss) from partially owned entities | 38,689 | (461,351) | 130,517 | ||||||||||||||
Income from real estate fund investments | 1,590 | 3,541 | 11,066 | ||||||||||||||
Interest and other investment income, net | 41,697 | 19,869 | 4,612 | ||||||||||||||
Income (loss) from deferred compensation plan assets | 12,162 | (9,617) | 9,847 | ||||||||||||||
Interest and debt expense | (349,223) | (279,765) | (231,096) | ||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | 71,199 | 100,625 | 50,770 | ||||||||||||||
Income (loss) before income taxes | 62,110 | (360,952) | 197,057 | ||||||||||||||
Income tax (expense) benefit | (29,222) | (21,660) | 10,496 | ||||||||||||||
Net income (loss) | 32,888 | (382,612) | 207,553 | ||||||||||||||
Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 75,967 | 5,737 | (24,014) | ||||||||||||||
Net income (loss) attributable to Vornado Realty L.P. | 108,855 | (376,875) | 183,539 | ||||||||||||||
Preferred unit distributions | (62,231) | (62,231) | (66,035) | ||||||||||||||
Series K preferred unit issuance costs | — | — | (9,033) | ||||||||||||||
NET INCOME (LOSS) attributable to Class A unitholders | $ | 46,624 | $ | (439,106) | $ | 108,471 | |||||||||||
INCOME (LOSS) PER CLASS A UNIT - BASIC: | |||||||||||||||||
Net income (loss) per Class A unit | $ | 0.22 | $ | (2.15) | $ | 0.52 | |||||||||||
Weighted average units outstanding | 205,105 | 205,315 | 204,728 | ||||||||||||||
INCOME (LOSS) PER CLASS A UNIT - DILUTED: | |||||||||||||||||
Net income (loss) per Class A unit | $ | 0.22 | $ | (2.15) | $ | 0.51 | |||||||||||
Weighted average units outstanding | 205,956 | 205,315 | 205,644 |
(Amounts in thousands) | Year Ended December 31, | ||||||||||
2017 | 2016 | 2015 | |||||||||
Net income | $ | 264,128 | $ | 981,922 | $ | 859,430 | |||||
Other comprehensive (loss) income: | |||||||||||
(Reduction) increase in unrealized net gain on available-for-sale securities | (20,951 | ) | 52,057 | (55,326 | ) | ||||||
Pro rata share of amounts reclassified from accumulated other comprehensive income of a nonconsolidated subsidiary | 14,402 | — | — | ||||||||
Pro rata share of other comprehensive income (loss) of nonconsolidated subsidiaries | 1,425 | (2,739 | ) | (327 | ) | ||||||
Increase in value of interest rate swaps and other | 15,477 | 27,432 | 6,441 | ||||||||
Comprehensive income | 274,481 | 1,058,672 | 810,218 | ||||||||
Less comprehensive income attributable to noncontrolling interests | (25,802 | ) | (21,351 | ) | (55,765 | ) | |||||
Comprehensive income attributable to Vornado | $ | 248,679 | $ | 1,037,321 | $ | 754,453 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Net income (loss) | $ | 32,888 | $ | (382,612) | $ | 207,553 | |||||||||||
Other comprehensive (loss) income: | |||||||||||||||||
Change in fair value of interest rate swaps and other | (112,051) | 190,493 | 51,338 | ||||||||||||||
Other comprehensive (loss) income of nonconsolidated subsidiaries | (8,286) | 18,874 | 10,275 | ||||||||||||||
Comprehensive (loss) income | (87,449) | (173,245) | 269,166 | ||||||||||||||
Less comprehensive loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 79,686 | 3,121 | (24,014) | ||||||||||||||
Comprehensive (loss) income attributable to Vornado Realty L.P. | $ | (7,763) | $ | (170,124) | $ | 245,152 |
(Amounts in thousands) | Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Accumulated Other Comprehensive Income (Loss) | Non- controlling Interests in Consolidated Subsidiaries | Total Equity | ||||||||||||||||||||||||
Units | Amount | Units | Amount | |||||||||||||||||||||||||||
Balance, December 31, 2016 | 42,825 | $ | 1,038,055 | 189,101 | $ | 7,160,874 | $ | (1,419,382 | ) | $ | 118,972 | $ | 719,977 | $ | 7,618,496 | |||||||||||||||
Net income attributable to Vornado Realty L.P. | — | — | — | — | 238,326 | — | — | 238,326 | ||||||||||||||||||||||
Net income attributable to redeemable partnership units | — | — | — | — | (10,910 | ) | — | — | (10,910 | ) | ||||||||||||||||||||
Net income attributable to noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 25,802 | 25,802 | ||||||||||||||||||||||
Distributions to Vornado | — | — | — | — | (496,490 | ) | — | — | (496,490 | ) | ||||||||||||||||||||
Distributions to preferred unitholders | — | — | — | — | (65,399 | ) | — | — | (65,399 | ) | ||||||||||||||||||||
Class A Units issued to Vornado: | ||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | — | — | 403 | 38,747 | — | — | — | 38,747 | ||||||||||||||||||||||
Under Vornado's employees' share option plan | — | — | 449 | 28,253 | — | — | — | 28,253 | ||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | 17 | 1,459 | — | — | — | 1,459 | ||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 1,044 | 1,044 | ||||||||||||||||||||||
Distributions: | ||||||||||||||||||||||||||||||
JBG SMITH Properties | — | — | — | — | (2,428,345 | ) | — | — | (2,428,345 | ) | ||||||||||||||||||||
Real estate fund investments | — | — | — | — | — | — | (73,850 | ) | (73,850 | ) | ||||||||||||||||||||
Other | — | — | — | — | — | — | (2,618 | ) | (2,618 | ) | ||||||||||||||||||||
Conversion of Series A preferred units to Class A units | (5 | ) | (162 | ) | 10 | 162 | — | — | — | — | ||||||||||||||||||||
Deferred compensation units and options | — | — | — | 2,246 | (418 | ) | — | — | 1,828 | |||||||||||||||||||||
Reduction in unrealized net gain on available-for-sale securities | — | — | — | — | — | (20,951 | ) | — | (20,951 | ) | ||||||||||||||||||||
Pro rata share of amounts reclassified related to a nonconsolidated subsidiary | — | — | — | — | — | 14,402 | — | 14,402 | ||||||||||||||||||||||
Pro rata share of other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 1,425 | — | 1,425 | ||||||||||||||||||||||
Increase in value of interest rate swaps | — | — | — | — | — | 15,476 | — | 15,476 | ||||||||||||||||||||||
Adjustments to carry redeemable Class A units at redemption value | — | — | — | 268,494 | — | — | — | 268,494 | ||||||||||||||||||||||
Preferred units issuance | 12,780 | 309,609 | — | — | — | — | — | 309,609 | ||||||||||||||||||||||
Cumulative redeemable preferred units called for redemption | (18,800 | ) | (455,514 | ) | — | — | — | — | (455,514 | ) | ||||||||||||||||||||
Redeemable partnership units' share of above adjustments | — | — | — | — | — | (642 | ) | — | (642 | ) | ||||||||||||||||||||
Other | — | — | 4 | — | (635 | ) | — | (306 | ) | (941 | ) | |||||||||||||||||||
Balance, December 31, 2017 | 36,800 | $ | 891,988 | 189,984 | $ | 7,500,235 | $ | (4,183,253 | ) | $ | 128,682 | $ | 670,049 | $ | 5,007,701 |
(Amounts in thousands, except per unit amount) | Non- controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Accumulated Other Comprehensive Income | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | 48,793 | $ | 1,182,459 | 191,867 | $ | 8,376,882 | $ | (3,894,580) | $ | 174,967 | $ | 236,652 | $ | 6,076,380 | ||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | — | — | — | — | 108,855 | — | — | 108,855 | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | — | — | — | — | (3,361) | — | — | (3,361) | ||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | (36,582) | (36,582) | ||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($0.675 per unit) | — | — | — | — | (129,066) | — | — | (129,066) | ||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 11 for distributions per unit amounts) | — | — | — | — | (62,116) | — | — | (62,116) | ||||||||||||||||||||||||||||||||||||||||||
Class A units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | — | — | 539 | 8,489 | — | — | — | 8,489 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | 11 | 146 | — | — | — | 146 | ||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 24,033 | 24,033 | ||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (21,526) | (21,526) | ||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | (2) | 321 | (25) | — | — | 296 | ||||||||||||||||||||||||||||||||||||||||||
Repurchase of Class A units owned by Vornado | — | — | (2,024) | (81) | (29,102) | — | — | (29,183) | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | (8,286) | — | (8,286) | ||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps and other | — | — | — | — | — | (112,051) | — | (112,051) | ||||||||||||||||||||||||||||||||||||||||||
Unearned 2020 Out-Performance Plan and 2019 Performance AO LTIP awards | — | — | — | 20,668 | — | — | — | 20,668 | ||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | (135,540) | — | (2,574) | — | (138,114) | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of other comprehensive loss | — | — | — | — | — | 13,059 | (3,719) | 9,340 | ||||||||||||||||||||||||||||||||||||||||||
Deconsolidation of partially owned entity | — | — | — | — | — | — | (2,636) | (2,636) | ||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2023 | 48,793 | $ | 1,182,459 | 190,391 | $ | 8,270,885 | $ | (4,009,395) | $ | 65,115 | $ | 196,222 | $ | 5,705,286 |
(Amounts in thousands) | Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Accumulated Other Comprehensive Income (Loss) | Non- controlling Interests in Consolidated Subsidiaries | Total Equity | ||||||||||||||||||||||||
Units | Amount | Units | Amount | |||||||||||||||||||||||||||
Balance, December 31, 2015 | 52,677 | $ | 1,276,954 | 188,577 | $ | 7,140,500 | $ | (1,766,780 | ) | $ | 46,921 | $ | 778,483 | $ | 7,476,078 | |||||||||||||||
Net income attributable to Vornado Realty L.P. | — | — | — | — | 960,571 | — | — | 960,571 | ||||||||||||||||||||||
Net income attributable to redeemable partnership units | — | — | — | — | (53,654 | ) | — | — | (53,654 | ) | ||||||||||||||||||||
Net income attributable to noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 21,351 | 21,351 | ||||||||||||||||||||||
Distributions to Vornado | — | — | — | — | (475,961 | ) | — | — | (475,961 | ) | ||||||||||||||||||||
Distributions to preferred unitholders | — | — | — | — | (75,903 | ) | — | — | (75,903 | ) | ||||||||||||||||||||
Redemption of Series J preferred units | (9,850 | ) | (238,842 | ) | — | — | (7,408 | ) | — | — | (246,250 | ) | ||||||||||||||||||
Class A Units issued to Vornado: | ||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | — | — | 376 | 36,510 | — | — | — | 36,510 | ||||||||||||||||||||||
Under Vornado's employees' share option plan | — | — | 123 | 6,825 | — | — | — | 6,825 | ||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | 16 | 1,444 | — | — | — | 1,444 | ||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 19,749 | 19,749 | ||||||||||||||||||||||
Distributions: | ||||||||||||||||||||||||||||||
Real estate fund investments | — | — | — | — | — | — | (62,444 | ) | (62,444 | ) | ||||||||||||||||||||
Other | — | — | — | — | — | — | (36,804 | ) | (36,804 | ) | ||||||||||||||||||||
Conversion of Series A preferred units to Class A units | (2 | ) | (56 | ) | 3 | 56 | — | — | — | — | ||||||||||||||||||||
Deferred compensation units and options | — | — | 7 | 1,788 | (186 | ) | — | — | 1,602 | |||||||||||||||||||||
Increase in unrealized net gain on available-for-sale securities | — | — | — | — | — | 52,057 | — | 52,057 | ||||||||||||||||||||||
Pro rata share of other comprehensive loss of unconsolidated subsidiaries | — | — | — | — | — | (2,739 | ) | — | (2,739 | ) | ||||||||||||||||||||
Increase in value of interest rate swap | — | — | — | — | — | 27,434 | — | 27,434 | ||||||||||||||||||||||
Adjustments to carry redeemable Class A units at redemption value | — | — | — | (26,251 | ) | — | — | — | (26,251 | ) | ||||||||||||||||||||
Redeemable partnership units' share of above adjustments | — | — | — | — | — | (4,699 | ) | — | (4,699 | ) | ||||||||||||||||||||
Other | — | (1 | ) | (1 | ) | 2 | (61 | ) | (2 | ) | (358 | ) | (420 | ) | ||||||||||||||||
Balance, December 31, 2016 | 42,825 | $ | 1,038,055 | 189,101 | $ | 7,160,874 | $ | (1,419,382 | ) | $ | 118,972 | $ | 719,977 | $ | 7,618,496 |
(Amounts in thousands, except per unit amounts) | Non- controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Accumulated Other Comprehensive (Loss) Income | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | 48,793 | $ | 1,182,459 | 191,724 | $ | 8,150,741 | $ | (3,079,320) | $ | (17,534) | $ | 278,892 | $ | 6,515,238 | ||||||||||||||||||||||||||||||||||||
Net loss attributable to Vornado Realty L.P. | — | — | — | — | (376,875) | — | — | (376,875) | ||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to redeemable partnership units | — | — | — | — | 30,376 | — | — | 30,376 | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 3,931 | 3,931 | ||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($2.12 per unit) | — | — | — | — | (406,562) | — | — | (406,562) | ||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 11 for distributions per unit amounts) | — | — | — | — | (62,116) | — | — | (62,116) | ||||||||||||||||||||||||||||||||||||||||||
Class A units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | — | — | 117 | 3,524 | — | — | — | 3,524 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | — | — | — | 7 | — | — | — | 7 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | 28 | 878 | — | — | — | 878 | ||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 5,609 | 5,609 | ||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (54,388) | (54,388) | ||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | (2) | 588 | (85) | — | — | 503 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 18,874 | — | 18,874 | ||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps and other | — | — | — | — | — | 190,494 | — | 190,494 | ||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | 221,145 | — | — | — | 221,145 | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of other comprehensive income | — | — | — | — | — | (16,866) | 2,616 | (14,250) | ||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | (1) | 2 | (1) | (8) | (8) | ||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | 48,793 | $ | 1,182,459 | 191,867 | $ | 8,376,882 | $ | (3,894,580) | $ | 174,967 | $ | 236,652 | $ | 6,076,380 |
(Amounts in thousands) | Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Accumulated Other Comprehensive Income (Loss) | Non- controlling Interests in Consolidated Subsidiaries | Total Equity | ||||||||||||||||||||||||
Units | Amount | Units | Amount | |||||||||||||||||||||||||||
Balance, December 31, 2014 | 52,679 | $ | 1,277,026 | 187,887 | $ | 6,880,518 | $ | (1,505,385 | ) | $ | 93,267 | $ | 743,956 | $ | 7,489,382 | |||||||||||||||
Net income attributable to Vornado Realty L.P. | — | — | — | — | 803,665 | — | — | 803,665 | ||||||||||||||||||||||
Net income attributable to redeemable partnership units | — | — | — | — | (43,231 | ) | — | — | (43,231 | ) | ||||||||||||||||||||
Net income attributable to noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 55,765 | 55,765 | ||||||||||||||||||||||
Distribution of Urban Edge Properties | — | — | — | — | (464,262 | ) | — | (341 | ) | (464,603 | ) | |||||||||||||||||||
Distributions to Vornado | — | — | — | — | (474,751 | ) | — | — | (474,751 | ) | ||||||||||||||||||||
Distributions to preferred unitholders | — | — | — | — | (80,578 | ) | — | — | (80,578 | ) | ||||||||||||||||||||
Class A Units issued to Vornado: | ||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | — | — | 452 | 48,230 | — | — | — | 48,230 | ||||||||||||||||||||||
Under Vornado's employees' share option plan | — | — | 214 | 15,341 | (2,579 | ) | — | — | 12,762 | |||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | 14 | 1,438 | — | — | — | 1,438 | ||||||||||||||||||||||
Contributions: | ||||||||||||||||||||||||||||||
Real estate fund investments | — | — | — | — | — | — | 51,725 | 51,725 | ||||||||||||||||||||||
Other | — | — | — | — | — | — | 250 | 250 | ||||||||||||||||||||||
Distributions: | ||||||||||||||||||||||||||||||
Real estate fund investments | — | — | — | — | — | — | (72,114 | ) | (72,114 | ) | ||||||||||||||||||||
Other | — | — | — | — | — | — | (525 | ) | (525 | ) | ||||||||||||||||||||
Conversion of Series A preferred units to Class A units | (2 | ) | (72 | ) | 4 | 72 | — | — | — | — | ||||||||||||||||||||
Deferred compensation units and options | — | — | 6 | 2,439 | (359 | ) | — | — | 2,080 | |||||||||||||||||||||
Reduction in unrealized net gain on available-for-sale securities | — | — | — | — | — | (55,326 | ) | — | (55,326 | ) | ||||||||||||||||||||
Pro rata share of other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | (327 | ) | — | (327 | ) | ||||||||||||||||||||
Increase in value of interest rate swap | — | — | — | — | — | 6,435 | — | 6,435 | ||||||||||||||||||||||
Adjustments to carry redeemable Class A units at redemption value | — | — | — | 192,464 | — | — | — | 192,464 | ||||||||||||||||||||||
Redeemable partnership units' share of above adjustments | — | — | — | — | — | 2,866 | — | 2,866 | ||||||||||||||||||||||
Other | — | — | — | (2 | ) | 700 | 6 | (233 | ) | 471 | ||||||||||||||||||||
Balance, December 31, 2015 | 52,677 | $ | 1,276,954 | 188,577 | $ | 7,140,500 | $ | (1,766,780 | ) | $ | 46,921 | $ | 778,483 | $ | 7,476,078 |
(Amounts in thousands, except per unit amount) | Non- controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Accumulated Other Comprehensive Loss | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 48,793 | $ | 1,182,339 | 191,355 | $ | 8,200,140 | $ | (2,774,182) | $ | (75,099) | $ | 414,957 | $ | 6,948,155 | ||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | — | — | — | — | 183,539 | — | — | 183,539 | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | — | — | — | — | (7,540) | — | — | (7,540) | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 20,826 | 20,826 | ||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($2.12 per unit) | — | — | — | — | (406,109) | — | — | (406,109) | ||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 11 for distributions per unit amounts) | — | — | — | — | (65,880) | — | — | (65,880) | ||||||||||||||||||||||||||||||||||||||||||
Series O cumulative redeemable preferred units issuance | 12,000 | 291,153 | — | — | — | — | — | 291,153 | ||||||||||||||||||||||||||||||||||||||||||
Class A units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | — | — | 350 | 14,576 | — | — | — | 14,576 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | — | — | 1 | 22 | — | — | — | 22 | ||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | 21 | 877 | — | — | — | 877 | ||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 4,052 | 4,052 | ||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (160,975) | (160,975) | ||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred units to Class A units | — | (13) | 1 | 13 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | (4) | 906 | (114) | — | — | 792 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 10,275 | — | 10,275 | ||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps | — | — | — | — | — | 51,337 | — | 51,337 | ||||||||||||||||||||||||||||||||||||||||||
Unearned 2018 Out-Performance Plan awards acceleration | — | — | — | 10,283 | — | — | — | 10,283 | ||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | (76,073) | — | — | — | (76,073) | ||||||||||||||||||||||||||||||||||||||||||
Series K cumulative redeemable preferred units called for redemption | (12,000) | (290,967) | — | — | (9,033) | — | — | (300,000) | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of other comprehensive income | — | — | — | — | — | (4,048) | — | (4,048) | ||||||||||||||||||||||||||||||||||||||||||
Other | — | (53) | — | (3) | (1) | 1 | 32 | (24) | ||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | 48,793 | $ | 1,182,459 | 191,724 | $ | 8,150,741 | $ | (3,079,320) | $ | (17,534) | $ | 278,892 | $ | 6,515,238 |
(Amounts in thousands) | Year Ended December 31, | (Amounts in thousands) | For the Year Ended December 31, | |||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2023 | 2022 | 2021 | |||||||||||||||||||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||||||||||||||||||||
Net income | $ | 264,128 | $ | 981,922 | $ | 859,430 | ||||||||||||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||||||||||||
Net income (loss) | ||||||||||||||||||||||||||||||||||
Net income (loss) | ||||||||||||||||||||||||||||||||||
Net income (loss) | ||||||||||||||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||||||||||||||||||||
Depreciation and amortization (including amortization of deferred financing costs) | 529,826 | 595,270 | 566,207 | |||||||||||||||||||||||||||||||
Depreciation and amortization (including amortization of deferred financing costs) | ||||||||||||||||||||||||||||||||||
Depreciation and amortization (including amortization of deferred financing costs) | ||||||||||||||||||||||||||||||||||
Distributions of income from partially owned entities | ||||||||||||||||||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | ||||||||||||||||||||||||||||||||||
Real estate impairment losses | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | ||||||||||||||||||||||||||||||||||
Equity in net (income) loss of partially owned entities | ||||||||||||||||||||||||||||||||||
Change in deferred tax liability | ||||||||||||||||||||||||||||||||||
Amortization of interest rate cap premiums | ||||||||||||||||||||||||||||||||||
Straight-lining of rents | ||||||||||||||||||||||||||||||||||
Credit losses on investments | ||||||||||||||||||||||||||||||||||
Amortization of below-market leases, net | ||||||||||||||||||||||||||||||||||
Net realized and unrealized (gain) loss on real estate fund investments | ||||||||||||||||||||||||||||||||||
Return of capital from real estate fund investments | 91,606 | 71,888 | 91,458 | |||||||||||||||||||||||||||||||
Distributions of income from partially owned entities | 82,095 | 214,800 | 66,819 | |||||||||||||||||||||||||||||||
Amortization of below-market leases, net | (46,790 | ) | (53,202 | ) | (79,053 | ) | ||||||||||||||||||||||||||||
Straight-lining of rents | (45,792 | ) | (146,787 | ) | (153,668 | ) | ||||||||||||||||||||||||||||
Change in allowance for deferred tax assets | 34,800 | — | (90,030 | ) | ||||||||||||||||||||||||||||||
Equity in net (income) loss of partially owned entities | (15,635 | ) | (165,389 | ) | 11,882 | |||||||||||||||||||||||||||||
Net realized and unrealized losses (gains) on real estate fund investments | 15,267 | 40,655 | (57,752 | ) | ||||||||||||||||||||||||||||||
Net gains on sale of real estate and other | (3,489 | ) | (5,074 | ) | (65,396 | ) | ||||||||||||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | (501 | ) | (175,735 | ) | (251,821 | ) | ||||||||||||||||||||||||||||
Net gain on extinguishment of Skyline properties debt | — | (487,877 | ) | — | ||||||||||||||||||||||||||||||
Real estate impairment losses | — | 161,165 | 256 | |||||||||||||||||||||||||||||||
Write-off of lease receivables deemed uncollectible | ||||||||||||||||||||||||||||||||||
Defeasance cost in connection with refinancing of mortgage payable | ||||||||||||||||||||||||||||||||||
Other non-cash adjustments | 56,480 | 39,406 | 37,721 | |||||||||||||||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||||
Real estate fund investments | — | — | (95,010 | ) | ||||||||||||||||||||||||||||||
Tenant and other receivables, net | 1,183 | (4,271 | ) | 8,366 | ||||||||||||||||||||||||||||||
Real estate fund investments | ||||||||||||||||||||||||||||||||||
Real estate fund investments | ||||||||||||||||||||||||||||||||||
Tenant and other receivables | ||||||||||||||||||||||||||||||||||
Prepaid assets | (12,292 | ) | (7,893 | ) | (16,836 | ) | ||||||||||||||||||||||||||||
Other assets | (79,199 | ) | (76,357 | ) | (112,415 | ) | ||||||||||||||||||||||||||||
Lease liabilities | ||||||||||||||||||||||||||||||||||
Accounts payable and accrued expenses | 3,760 | 13,278 | (25,231 | ) | ||||||||||||||||||||||||||||||
Other liabilities | (15,305 | ) | (719 | ) | (22,836 | ) | ||||||||||||||||||||||||||||
Net cash provided by operating activities | 860,142 | 995,080 | 672,091 | |||||||||||||||||||||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||||||||||||||||
Distributions of capital from partially owned entities | 366,155 | 196,635 | 36,017 | |||||||||||||||||||||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||||||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||||||||||||||||
Development costs and construction in progress | (355,852 | ) | (606,565 | ) | (475,819 | ) | ||||||||||||||||||||||||||||
Development costs and construction in progress | ||||||||||||||||||||||||||||||||||
Development costs and construction in progress | ||||||||||||||||||||||||||||||||||
Proceeds from maturities of U.S. Treasury bills | ||||||||||||||||||||||||||||||||||
Additions to real estate | (271,308 | ) | (387,545 | ) | (301,413 | ) | ||||||||||||||||||||||||||||
Proceeds from the repayment of JBG SMITH Properties loan receivable | 115,630 | — | — | |||||||||||||||||||||||||||||||
Proceeds from sales of real estate | ||||||||||||||||||||||||||||||||||
Proceeds from repayment of participation in 150 West 34th Street mortgage loan | ||||||||||||||||||||||||||||||||||
Investments in partially owned entities | (40,537 | ) | (127,608 | ) | (235,439 | ) | ||||||||||||||||||||||||||||
Acquisitions of real estate and other | (30,607 | ) | (91,103 | ) | (558,484 | ) | ||||||||||||||||||||||||||||
Proceeds from sales of real estate and related investments | 9,543 | 183,173 | 786,924 | |||||||||||||||||||||||||||||||
Proceeds from repayments of mortgage loans receivable | 659 | 45 | 16,790 | |||||||||||||||||||||||||||||||
Net deconsolidation of 7 West 34th Street | — | (48,000 | ) | — | ||||||||||||||||||||||||||||||
Investments in loans receivable | — | (11,700 | ) | (1,000 | ) | |||||||||||||||||||||||||||||
Purchases of marketable securities | — | (4,379 | ) | — | ||||||||||||||||||||||||||||||
Proceeds from the sale of marketable securities | — | 3,937 | — | |||||||||||||||||||||||||||||||
Proceeds from sale of condominium units at 220 Central Park South | ||||||||||||||||||||||||||||||||||
Distributions of capital from partially owned entities | ||||||||||||||||||||||||||||||||||
Deconsolidation of cash and restricted cash held by a previously consolidated entity | ||||||||||||||||||||||||||||||||||
Purchase of U.S. Treasury bills | ||||||||||||||||||||||||||||||||||
Acquisition of additional 45.0% ownership interest in One Park Avenue (inclusive of $5,806 of prorations and net working capital and net of $39,370 of cash and restricted cash balances consolidated upon acquisition) | ||||||||||||||||||||||||||||||||||
Proceeds from repayments of loans receivable | ||||||||||||||||||||||||||||||||||
Net cash used in investing activities | (206,317 | ) | (893,110 | ) | (732,424 | ) |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||
Repayments of borrowings | $ | (148,000) | $ | (1,251,373) | $ | (1,584,243) | |||||||||||
Contributions from noncontrolling interests in consolidated subsidiaries | 132,701 | 5,609 | 4,052 | ||||||||||||||
Distributions to Vornado | (129,066) | (406,562) | (406,109) | ||||||||||||||
Distributions to preferred unitholders | (62,116) | (62,116) | (65,880) | ||||||||||||||
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (38,970) | (84,699) | (190,876) | ||||||||||||||
Repurchase of Class A units owned by Vornado | (29,183) | — | — | ||||||||||||||
Deferred financing costs | (4,424) | (32,706) | (51,184) | ||||||||||||||
Proceeds received from exercise of Vornado stock options and other | 146 | 885 | 899 | ||||||||||||||
Repurchase of Class A units related to stock compensation agreements and related tax withholdings and other | (25) | (85) | (1,567) | ||||||||||||||
Proceeds from borrowings | — | 1,029,773 | 3,248,007 | ||||||||||||||
Purchase of marketable securities in connection with defeasance of mortgage payable | — | — | (973,729) | ||||||||||||||
Redemption of preferred units | — | — | (300,000) | ||||||||||||||
Proceeds from the issuance of preferred units | — | — | 291,153 | ||||||||||||||
Net cash used in financing activities | (278,937) | (801,274) | (29,477) | ||||||||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash | 240,427 | (909,194) | 199,982 | ||||||||||||||
Cash and cash equivalents and restricted cash at beginning of period | 1,021,157 | 1,930,351 | 1,730,369 | ||||||||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 1,261,584 | $ | 1,021,157 | $ | 1,930,351 |
(Amounts in thousands) | Year Ended December 31, | ||||||||||
2017 | 2016 | 2015 | |||||||||
Cash Flows from Financing Activities: | |||||||||||
Proceeds from borrowings | $ | 1,055,872 | $ | 2,403,898 | $ | 4,468,872 | |||||
Repayments of borrowings | (631,681 | ) | (1,894,990 | ) | (2,936,578 | ) | |||||
Distributions to Vornado | (496,490 | ) | (475,961 | ) | (474,751 | ) | |||||
Cash and cash equivalents and restricted cash included in the spin-off of JBG SMITH Properties ($275,000 plus The Bartlett financing proceeds less transaction costs and other mortgage items) | (416,237 | ) | — | — | |||||||
Proceeds from issuance of preferred units | 309,609 | — | — | ||||||||
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (109,697 | ) | (130,590 | ) | (102,866 | ) | |||||
Distributions to preferred unitholders | (64,516 | ) | (80,137 | ) | (80,578 | ) | |||||
Proceeds received from exercise of Vornado stock options and other | 29,712 | 8,269 | 16,779 | ||||||||
Debt issuance costs | (12,325 | ) | (42,157 | ) | (66,554 | ) | |||||
Debt prepayment and extinguishment costs | (3,217 | ) | — | (15,000 | ) | ||||||
Contributions from noncontrolling interests in consolidated subsidiaries | 1,044 | 11,950 | 51,975 | ||||||||
Repurchase of Class A units related to stock compensation agreements and related tax withholdings and other | (418 | ) | (186 | ) | (7,473 | ) | |||||
Redemption of preferred units | — | (246,250 | ) | — | |||||||
Cash and cash equivalents and restricted cash included in the spin-off of Urban Edge Properties | — | — | (234,967 | ) | |||||||
Net cash (used in) provided by financing activities | (338,344 | ) | (446,154 | ) | 618,859 | ||||||
Net increase (decrease) in cash and cash equivalents and restricted cash | 315,481 | (344,184 | ) | 558,526 | |||||||
Cash and cash equivalents and restricted cash at beginning of period | 1,599,331 | 1,943,515 | 1,384,989 | ||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 1,914,812 | $ | 1,599,331 | $ | 1,943,515 |
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | |||||||||||||
Cash and cash equivalents at beginning of period | $ | 1,501,027 | $ | 1,835,707 | $ | 1,198,477 | |||||||
Cash and cash equivalents at beginning of period | |||||||||||||
Cash and cash equivalents at beginning of period | |||||||||||||
Restricted cash at beginning of period | 95,032 | 99,943 | 168,447 | ||||||||||
Restricted cash included in discontinued operations at beginning of period | 3,272 | 7,865 | 18,065 | ||||||||||
Cash and cash equivalents and restricted cash at beginning of period | $ | 1,599,331 | $ | 1,943,515 | $ | 1,384,989 | |||||||
Cash and cash equivalents at end of period | 1,817,655 | 1,501,027 | 1,835,707 | ||||||||||
Cash and cash equivalents at end of period | |||||||||||||
Cash and cash equivalents at end of period | |||||||||||||
Restricted cash at end of period | 97,157 | 95,032 | 99,943 | ||||||||||
Restricted cash included in discontinued operations at end of period | — | 3,272 | 7,865 | ||||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 1,914,812 | $ | 1,599,331 | $ | 1,943,515 |
(Amounts in thousands) | Year Ended December 31, | ||||||||||
2017 | 2016 | 2015 | |||||||||
Supplemental Disclosure of Cash Flow Information: | |||||||||||
Cash payments for interest, excluding capitalized interest of $43,071, $29,584 and $48,539 | $ | 338,983 | $ | 368,762 | $ | 376,620 | |||||
Cash payments for income taxes | $ | 6,727 | $ | 9,716 | $ | 8,287 | |||||
Non-Cash Investing and Financing Activities: | |||||||||||
Non-cash distribution to JBG SMITH Properties: | |||||||||||
Assets | $ | 3,432,738 | $ | — | $ | — | |||||
Liabilities | (1,414,186 | ) | — | — | |||||||
Equity | (2,018,552 | ) | — | — | |||||||
Reclassification of Series G and Series I cumulative redeemable preferred units to liabilities upon call for redemption | 455,514 | — | — | ||||||||
Adjustments to carry redeemable Class A units at redemption value | 268,494 | (26,251 | ) | 192,464 | |||||||
Loan receivable established upon the spin-off of JBG SMITH Properties | 115,630 | — | — | ||||||||
Accrued capital expenditures included in accounts payable and accrued expenses | 102,976 | 120,564 | 122,711 | ||||||||
Write-off of fully depreciated assets | (58,810 | ) | (305,679 | ) | (167,250 | ) | |||||
(Reduction) increase in unrealized net gain on available-for-sale securities | (20,951 | ) | 52,057 | (55,326 | ) | ||||||
Decrease in assets and liabilities resulting from the disposition of Skyline properties: | |||||||||||
Real estate, net | — | (189,284 | ) | — | |||||||
Mortgage payable, net | — | (690,263 | ) | — | |||||||
Decrease in assets and liabilities resulting from the deconsolidation of investments that were previously consolidated: | |||||||||||
Real estate, net | — | (122,047 | ) | — | |||||||
Mortgage payable, net | — | (290,418 | ) | — | |||||||
Non-cash distribution of Urban Edge Properties: | |||||||||||
Assets | — | — | 1,699,289 | ||||||||
Liabilities | — | — | (1,469,659 | ) | |||||||
Equity | — | — | (229,630 | ) | |||||||
Transfer of interest in real estate to Pennsylvania Real Estate Investment Trust | — | — | (145,313 | ) | |||||||
Class A units issued in connection with acquisition | — | — | 80,000 | ||||||||
Financing assumed in acquisition | — | — | 62,000 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Supplemental Disclosure of Cash Flow Information: | |||||||||||||||||
Cash payments for interest (excluding capitalized interest) and interest rate cap premiums | $ | 381,410 | $ | 252,371 | $ | 188,587 | |||||||||||
Cash payments for income taxes | $ | 10,365 | $ | 7,947 | $ | 9,155 | |||||||||||
Non-Cash Information: | |||||||||||||||||
Redeemable Class A unit measurement adjustment | $ | (138,114) | $ | 221,145 | $ | (76,073) | |||||||||||
Change in fair value of consolidated interest rate hedges and other | (112,051) | 190,494 | 51,337 | ||||||||||||||
Write-off of fully depreciated assets | (82,343) | (278,561) | (123,537) | ||||||||||||||
Accrued capital expenditures included in accounts payable and accrued expenses | 52,091 | 104,750 | 291,690 | ||||||||||||||
Initial investment in Pier 94 joint venture upon contribution of leasehold interest | 50,090 | — | — | ||||||||||||||
Decrease in assets and liabilities resulting from the deconsolidation of Pier 94: | |||||||||||||||||
Real estate | 21,693 | — | — | ||||||||||||||
Right-of-use assets | 7,081 | — | — | ||||||||||||||
Lease liabilities | (20,692) | — | — | ||||||||||||||
Additional estimated lease liability arising from the recognition of right-of-use asset | — | 350,000 | — | ||||||||||||||
Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | — | 32,604 | 16,014 | ||||||||||||||
Reclassification of assets held for sale (included in "other assets") | — | — | 80,005 | ||||||||||||||
Increase in assets and liabilities resulting from the consolidation of One Park Avenue: | |||||||||||||||||
Real estate | — | — | 566,013 | ||||||||||||||
Identified intangible assets | — | — | 139,545 | ||||||||||||||
Mortgages payable | — | — | 525,000 | ||||||||||||||
Deferred revenue | — | — | 18,884 | ||||||||||||||
Marketable securities transferred in connection with the defeasance of mortgage payable | — | — | (973,729) | ||||||||||||||
Defeasance of mortgage payable | — | — | 950,000 |
1. Organization and Business |
2. Basis of Presentation and Significant Accounting Policies |
(Amounts in thousands) | For the Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | ||||||||||
Net income attributable to Vornado common shareholders | $ | 162,017 | $ | 823,606 | $ | 679,856 | ||||||
Book to tax differences (unaudited): | ||||||||||||
Depreciation and amortization | 213,083 | 302,092 | 227,297 | |||||||||
Impairment losses | 49,062 | 170,332 | 20,281 | |||||||||
Straight-line rent adjustments | (36,696 | ) | (137,941 | ) | (144,727 | ) | ||||||
Tax expense related to the reduction of the value of our taxable REIT subsidiaries' deferred tax assets | 32,663 | — | (84,862 | ) | ||||||||
Sale of real estate and other capital transactions | 11,991 | (39,109 | ) | 320,326 | ||||||||
Vornado stock options | (6,383 | ) | (3,593 | ) | (8,278 | ) | ||||||
Earnings of partially owned entities | (3,054 | ) | (149,094 | ) | (5,299 | ) | ||||||
Net gain on extinguishment of Skyline properties debt | — | (457,970 | ) | — | ||||||||
Tangible property regulations | — | — | (575,618 | ) | (1) | |||||||
Other, net | 25,057 | 9,121 | 58,748 | |||||||||
Estimated taxable income (unaudited) | $ | 447,740 | $ | 517,444 | $ | 487,724 |
(Amounts in thousands) | For the Year Ended December 31, 2023 | |||||||||||||||||||
Total | New York | Other | ||||||||||||||||||
Property rentals | $ | 1,523,890 | $ | 1,222,229 | $ | 301,661 | (1) | |||||||||||||
Trade shows(2) | 20,781 | — | 20,781 | |||||||||||||||||
Lease revenues(3) | 1,544,671 | 1,222,229 | 322,442 | |||||||||||||||||
Tenant services | 42,460 | 31,086 | 11,374 | |||||||||||||||||
Parking revenues | 20,355 | 16,502 | 3,853 | |||||||||||||||||
Rental revenues | 1,607,486 | 1,269,817 | 337,669 | |||||||||||||||||
BMS cleaning fees | 141,937 | 151,608 | (9,671) | (4) | ||||||||||||||||
Management and leasing fees | 13,040 | 13,619 | (579) | |||||||||||||||||
Other income | 48,700 | 17,114 | 31,586 | |||||||||||||||||
Fee and other income | 203,677 | 182,341 | 21,336 | |||||||||||||||||
Total revenues | $ | 1,811,163 | $ | 1,452,158 | $ | 359,005 |
(Amounts in thousands) | For the Year Ended December 31, 2022 | |||||||||||||||||||
Total | New York | Other | ||||||||||||||||||
Property rentals | $ | 1,510,648 | $ | 1,230,851 | $ | 279,797 | ||||||||||||||
Trade shows(2) | 32,669 | — | 32,669 | |||||||||||||||||
Lease revenues(3) | 1,543,317 | 1,230,851 | 312,466 | |||||||||||||||||
Tenant services | 45,211 | 33,351 | 11,860 | |||||||||||||||||
Parking revenues | 19,157 | 15,979 | 3,178 | |||||||||||||||||
Rental revenues | 1,607,685 | 1,280,181 | 327,504 | |||||||||||||||||
BMS cleaning fees | 137,673 | 146,530 | (8,857) | (4) | ||||||||||||||||
Management and leasing fees | 11,039 | 11,645 | (606) | |||||||||||||||||
Other income | 43,598 | 11,086 | 32,512 | |||||||||||||||||
Fee and other income | 192,310 | 169,261 | 23,049 | |||||||||||||||||
Total revenues | $ | 1,799,995 | $ | 1,449,442 | $ | 350,553 |
(Amounts in thousands) | For the Year Ended December 31, 2021 | |||||||||||||||||||
Total | New York | Other | ||||||||||||||||||
Property rentals | $ | 1,354,209 | $ | 1,071,816 | $ | 282,393 | ||||||||||||||
Trade shows(2) | 19,482 | — | 19,482 | |||||||||||||||||
Lease revenues(3) | 1,373,691 | 1,071,816 | 301,875 | |||||||||||||||||
Tenant services | 37,449 | 26,048 | 11,401 | |||||||||||||||||
Parking revenues | 13,391 | 11,370 | 2,021 | |||||||||||||||||
Rental revenues | 1,424,531 | 1,109,234 | 315,297 | |||||||||||||||||
BMS cleaning fees | 119,780 | 126,891 | (7,111) | (4) | ||||||||||||||||
Management and leasing fees | 11,725 | 12,177 | (452) | |||||||||||||||||
Other income | 33,174 | 9,297 | 23,877 | |||||||||||||||||
Fee and other income | 164,679 | 148,365 | 16,314 | |||||||||||||||||
Total revenues | $ | 1,589,210 | $ | 1,257,599 | $ | 331,611 |
For the Year Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Fixed billings | $ | 1,387,731 | $ | 1,376,527 | $ | 1,277,645 | |||||||||||
Variable billings | 150,045 | 122,947 | 108,850 | ||||||||||||||
Total contractual operating lease billings | 1,537,776 | 1,499,474 | 1,386,495 | ||||||||||||||
Adjustment for straight-line rents and amortization of acquired below-market leases and other, net | 12,756 | 44,715 | (5,109) | ||||||||||||||
Less: write-off of straight-line rent and tenant receivables deemed uncollectible | (5,861) | (872) | (7,695) | ||||||||||||||
Lease revenues | $ | 1,544,671 | $ | 1,543,317 | $ | 1,373,691 |
(Amounts in thousands) | For the Year Ended December 31, | |||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Previously recorded unrealized loss on exited investments | $ | 247,575 | $ | 59,396 | $ | — | ||||||||||||||
Net realized (loss) income on exited investments | (245,714) | (54,255) | 1,364 | |||||||||||||||||
Net unrealized (loss) income on held investments | — | (7,730) | 3,257 | |||||||||||||||||
Net investment (loss) income | (271) | 6,130 | 6,445 | |||||||||||||||||
Income from real estate fund investments | 1,590 | 3,541 | 11,066 | |||||||||||||||||
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 12,789 | (1,870) | (7,309) | |||||||||||||||||
Income from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ | 14,379 | $ | 1,671 | $ | 3,757 | ||||||||||||||
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||
2017 | 2016 | 2015 | |||||||||
Net investment income | $ | 18,507 | $ | 17,053 | $ | 16,329 | |||||
Net realized gains on exited investments | 36,078 | 14,761 | 26,036 | ||||||||
Previously recorded unrealized gain on exited investments | (25,538 | ) | (14,254 | ) | (23,279 | ) | |||||
Net unrealized (loss) gain on held investments | (25,807 | ) | (41,162 | ) | 54,995 | ||||||
Income (loss) from real estate fund investments | 3,240 | (23,602 | ) | 74,081 | |||||||
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (14,044 | ) | 2,560 | (40,117 | ) | ||||||
(Loss) income from real estate fund investments attributable to the Operating Partnership(1) | (10,804 | ) | (21,042 | ) | 33,964 | ||||||
Less loss (income) attributable to noncontrolling interests in the Operating Partnership | 673 | 1,270 | (2,011 | ) | |||||||
(Loss) income from real estate fund investments attributable to Vornado | $ | (10,131 | ) | $ | (19,772 | ) | $ | 31,953 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||
2023 | 2022 | ||||||||||
Beginning balance | $ | — | $ | 7,730 | |||||||
Previously recorded unrealized loss on exited investments | 247,575 | 59,396 | |||||||||
Net realized loss on exited investments | (245,714) | (54,255) | |||||||||
Net unrealized loss on held investments | — | (7,730) | |||||||||
Dispositions | (1,861) | (5,141) | |||||||||
Ending balance | $ | — | $ | — |
(Amounts in thousands) | As of December 31, 2017 | As of December 31, 2016 | |||||||||||||||||||||
Fair Value | GAAP Cost | Unrealized Gain | Fair Value | GAAP Cost | Unrealized Gain | ||||||||||||||||||
Equity securities: | |||||||||||||||||||||||
Lexington Realty Trust | $ | 178,226 | $ | 72,549 | $ | 105,677 | $ | 199,465 | $ | 72,549 | $ | 126,916 | |||||||||||
Other | 4,526 | 650 | 3,876 | 4,239 | 650 | 3,589 | |||||||||||||||||
$ | 182,752 | $ | 73,199 | $ | 109,553 | $ | 203,704 | $ | 73,199 | $ | 130,505 |
5. Investments in Partially Owned Entities – continued |
(Amounts in thousands) | Percentage Ownership as of December 31, 2023 | Balance as of December 31, | |||||||||||||||
2023 | 2022 | ||||||||||||||||
Investments: | |||||||||||||||||
Fifth Avenue and Times Square JV (see page 90 for details) | 51.5% | $ | 2,242,972 | $ | 2,272,320 | ||||||||||||
Partially owned office buildings/land(1) | Various | 118,558 | 182,180 | ||||||||||||||
Alexander’s (see page 91 for details) | 32.4% | 87,510 | 87,796 | ||||||||||||||
Other equity method investments(2) | Various | 161,518 | 122,777 | ||||||||||||||
$ | 2,610,558 | $ | 2,665,073 | ||||||||||||||
Investments in partially owned entities included in other liabilities(3): | |||||||||||||||||
7 West 34th Street | 53.0% | $ | (69,899) | $ | (65,522) | ||||||||||||
85 Tenth Avenue | 49.9% | (11,330) | (16,006) | ||||||||||||||
$ | (81,229) | $ | (81,528) |
(Amounts in thousands) | Percentage Ownership as of December 31, 2023 | For the Year Ended December 31, | ||||||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||||||||
Our share of net income (loss): | ||||||||||||||||||||||||||
Fifth Avenue and Times Square JV (see page 90 for details): | ||||||||||||||||||||||||||
Equity in net income(1) | 51.5% | $ | 35,209 | $ | 55,248 | $ | 47,144 | |||||||||||||||||||
Return on preferred equity, net of our share of the expense | 37,416 | 37,416 | 37,416 | |||||||||||||||||||||||
Non-cash impairment loss | — | (489,859) | — | |||||||||||||||||||||||
72,625 | (397,195) | 84,560 | ||||||||||||||||||||||||
Alexander's (see page 91 for details): | ||||||||||||||||||||||||||
Equity in net income | 32.4% | 15,441 | 18,439 | 20,116 | ||||||||||||||||||||||
Management, leasing and development fees | 5,238 | 4,534 | 5,429 | |||||||||||||||||||||||
Net gain on sale of land | 16,396 | — | 14,576 | |||||||||||||||||||||||
37,075 | 22,973 | 40,121 | ||||||||||||||||||||||||
Partially owned office buildings(2)(3) | Various | (73,589) | (110,261) | 6,384 | ||||||||||||||||||||||
Other equity method investments(3)(4) | Various | 2,578 | 23,132 | (548) | ||||||||||||||||||||||
$ | 38,689 | $ | (461,351) | $ | 130,517 |
5. Investments in Partially Owned Entities – continued |
(Amounts in thousands) | Percentage Ownership at December 31, 2017 | As of December 31, | |||||||
2017 | 2016 | ||||||||
Investments: | |||||||||
Partially owned office buildings/land(1) | Various | $ | 504,393 | $ | 681,265 | ||||
Alexander’s | 32.4% | 126,400 | 129,324 | ||||||
PREIT | 8.0% | 66,572 | 122,883 | ||||||
UE | 4.5% | 46,152 | 24,523 | ||||||
Other investments(2) | Various | 313,312 | 420,259 | ||||||
$ | 1,056,829 | $ | 1,378,254 | ||||||
330 Madison Avenue(3) | 25.0% | $ | (53,999 | ) | $ | — | |||
7 West 34th Street(4) | 53.0% | (47,369 | ) | (43,022 | ) | ||||
$ | (101,368 | ) | $ | (43,022 | ) |
(Amounts in thousands) | Percentage Ownership at December 31, 2017 | As of December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||||
Our Share of Net Income (Loss): | |||||||||||||
PREIT (see page 126 for details): | |||||||||||||
Non-cash impairment loss | 8.0% | $ | (44,465 | ) | $ | — | $ | — | |||||
Equity in net loss | (8,860 | ) | (5,213 | ) | (7,450 | ) | |||||||
(53,325 | ) | (5,213 | ) | (7,450 | ) | ||||||||
Alexander's (see page 125 for details): | |||||||||||||
Equity in net income | 32.4% | 25,820 | 27,470 | 24,209 | |||||||||
Management, leasing and development fees | 6,033 | 6,770 | 6,869 | ||||||||||
31,853 | 34,240 | 31,078 | |||||||||||
UE (see page 126 for details): | |||||||||||||
Net gain resulting from UE operating partnership unit issuances | 4.5% | 21,100 | — | — | |||||||||
Equity in net income | 5,558 | 5,003 | 2,430 | ||||||||||
Management fees | 670 | 836 | 1,964 | ||||||||||
27,328 | 5,839 | 4,394 | |||||||||||
Partially owned office buildings(1) | Various | 2,020 | 5,773 | 19,808 | |||||||||
Other investments(2) | Various | 7,324 | 128,309 | (57,777 | ) | ||||||||
$ | 15,200 | $ | 168,948 | $ | (9,947 | ) |
(Amounts in thousands) | Percentage Ownership as of December 31, 2023 | Maturity(1) | Weighted Average Interest Rate as of December 31, 2023(2) | 100% Partially Owned Entities’ Debt(3) as of December 31, | |||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||
Mortgages Payable: | |||||||||||||||||||||||||||||
Partially owned office buildings(4) | Various | 2024-2029 | 5.45% | $ | 3,275,098 | $ | 3,288,977 | ||||||||||||||||||||||
Alexander's | 32.4% | 2024-2027 | 4.48% | 1,096,544 | 1,096,544 | ||||||||||||||||||||||||
Fifth Avenue and Times Square JV | 51.5% | 2024-2028 | 5.92% | 855,476 | 921,000 | ||||||||||||||||||||||||
Other(5) | Various | 2024-2032 | 5.16% | 1,365,954 | 1,377,492 |
(Amounts in thousands) | Percentage Ownership at December 31, 2017 | Maturity | Interest Rate at December 31, 2017 | 100% Partially Owned Entities’ Debt at December 31, (1) | |||||||
2017 | 2016 | ||||||||||
Partially owned office buildings(2): | |||||||||||
Mortgages payable | Various | 2019-2026 | 3.76% | 3,934,894 | 3,227,053 | ||||||
PREIT: | |||||||||||
Mortgages payable | 8.0% | 2018-2025 | 3.61% | 1,586,045 | 1,747,543 | ||||||
UE: | |||||||||||
Mortgages payable | 4.5% | 2018-2034 | 4.11% | 1,415,806 | 1,209,994 | ||||||
Alexander's: | |||||||||||
Mortgages payable | 32.4% | 2018-2024 | 2.61% | 1,252,440 | 1,056,147 | ||||||
Other(3): | |||||||||||
Mortgages payable and other | Various | 2018-2023 | 7.73% | 8,601,383 | 8,540,710 |
(Amounts in thousands) | As of December 31, | ||||||||||
2023 | 2022 | ||||||||||
Balance Sheet: | |||||||||||
Assets | $ | 11,533,000 | $ | 12,012,000 | |||||||
Liabilities | 7,326,000 | 7,519,000 | |||||||||
Noncontrolling interests | 1,907,000 | 2,095,000 | |||||||||
Equity | 2,300,000 | 2,398,000 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Income Statement: | |||||||||||||||||
Total revenue | $ | 1,132,000 | $ | 1,189,000 | $ | 1,184,000 | |||||||||||
Net income (loss) | 34,000 | (404,000) | 190,000 | ||||||||||||||
Net (loss) income attributable to the entities | (40,000) | (483,000) | 114,000 |
(Amounts in thousands) | Balance as of December 31, | ||||||
2017 | 2016 | ||||||
Balance Sheet: | |||||||
Assets | $ | 24,812,000 | $ | 24,926,000 | |||
Liabilities | 22,739,000 | 21,357,000 | |||||
Noncontrolling interests | 140,000 | 265,000 | |||||
Equity | 1,933,000 | 3,304,000 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||
2017 | 2016 | 2015 | |||||||||
Income Statement: | |||||||||||
Total revenue | $ | 12,991,000 | $ | 13,600,000 | $ | 13,423,000 | |||||
Net loss | (542,000 | ) | (65,000 | ) | (224,000 | ) |
(Amounts in thousands) | Balance as of December 31, | ||||||
2017 | 2016 | ||||||
Assets related to discontinued operations: | |||||||
Real estate, net | $ | — | $ | 3,222,720 | |||
Investments in partially owned entities | — | 49,765 | |||||
Other assets | 1,357 | 296,128 | |||||
$ | 1,357 | $ | 3,568,613 | ||||
Liabilities related to discontinued operations: | |||||||
Mortgages payable, net | $ | — | $ | 1,165,015 | |||
Other liabilities | 3,620 | 94,428 | |||||
$ | 3,620 | $ | 1,259,443 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||
2017 | 2016 | 2015 | |||||||||
Income from discontinued operations: | |||||||||||
Total revenues | $ | 261,290 | $ | 521,084 | $ | 558,663 | |||||
Total expenses | 212,169 | 442,032 | 477,299 | ||||||||
49,121 | 79,052 | 81,364 | |||||||||
JBGS spin-off transaction costs | (68,662 | ) | (16,586 | ) | — | ||||||
Net gains on sale of real estate, a lease position and other | 6,605 | 5,074 | 167,801 | ||||||||
Income (loss) from partially owned assets | 435 | (3,559 | ) | (2,022 | ) | ||||||
Net gain on early extinguishment of debt | — | 487,877 | — | ||||||||
Impairment losses | — | (161,165 | ) | (256 | ) | ||||||
Net gain on sale of our 20% interest in Fairfax Square | — | 15,302 | — | ||||||||
UE spin-off transaction related costs | — | — | (22,972 | ) | |||||||
Pretax (loss) income from discontinued operations | (12,501 | ) | 405,995 | 223,915 | |||||||
Income tax expense | (727 | ) | (1,083 | ) | (404 | ) | |||||
(Loss) income from discontinued operations | $ | (13,228 | ) | $ | 404,912 | $ | 223,511 | ||||
Cash flows related to discontinued operations: | |||||||||||
Cash flows from operating activities | $ | 42,578 | $ | 157,484 | $ | 155,686 | |||||
Cash flows from investing activities | (48,377 | ) | (216,125 | ) | 315,432 |
8. Identified Intangible Assets and Liabilities |
(Amounts in thousands) | Balance as of December 31, | (Amounts in thousands) | Balance as of December 31, | ||||||||||||||||||
2017 | 2016 | 2023 | 2022 | ||||||||||||||||||
Identified intangible assets: | Identified intangible assets: | ||||||||||||||||||||
Gross amount | $ | 310,097 | $ | 384,090 | |||||||||||||||||
Accumulated amortization | (150,837 | ) | (194,422 | ) | |||||||||||||||||
Total, net | $ | 159,260 | $ | 189,668 | |||||||||||||||||
Identified intangible liabilities (included in deferred revenue): | |||||||||||||||||||||
Gross amount | $ | 530,497 | $ | 550,454 | |||||||||||||||||
Gross amount | |||||||||||||||||||||
Gross amount | |||||||||||||||||||||
Accumulated amortization | (324,897 | ) | (298,238 | ) | |||||||||||||||||
Total, net | $ | 205,600 | $ | 252,216 |
(Amounts in thousands) | |||||
2018 | $ | 41,969 | |||
2019 | 30,543 | ||||
2020 | 22,260 | ||||
2021 | 17,489 | ||||
2022 | 14,306 |
(Amounts in thousands) | |||||
2024 | $ | 2,451 | |||
2025 | 964 | ||||
2026 | 321 | ||||
2027 | (148) | ||||
2028 | (47) |
(Amounts in thousands) | |||||
2024 | $ | 6,843 | |||
2025 | 5,810 | ||||
2026 | 5,615 | ||||
2027 | 5,308 | ||||
2028 | 4,173 |
(Amounts in thousands) | |||||
2018 | $ | 19,449 | |||
2019 | 15,169 | ||||
2020 | 11,960 | ||||
2021 | 10,981 | ||||
2022 | 9,425 |
(Amounts in thousands) | |||||
2018 | $ | 1,747 | |||
2019 | 1,747 | ||||
2020 | 1,747 | ||||
2021 | 1,747 | ||||
2022 | 1,747 |
(Amounts in thousands) | Weighted Average Interest Rate as of December 31, 2023(1) | Balance as of December 31, | |||||||||||||||
2023 | 2022 | ||||||||||||||||
Mortgages Payable: | |||||||||||||||||
Fixed rate(2) | 3.42% | $ | 4,518,200 | $ | 3,570,000 | ||||||||||||
Variable rate(3) | 6.23% | 1,211,415 | 2,307,615 | ||||||||||||||
Total | 4.01% | 5,729,615 | 5,877,615 | ||||||||||||||
Deferred financing costs, net and other | (41,595) | (48,597) | |||||||||||||||
Total, net | $ | 5,688,020 | $ | 5,829,018 | |||||||||||||
Unsecured Debt: | |||||||||||||||||
Senior unsecured notes | 3.02% | $ | 1,200,000 | $ | 1,200,000 | ||||||||||||
Deferred financing costs, net and other | (6,127) | (8,168) | |||||||||||||||
Senior unsecured notes, net | 1,193,873 | 1,191,832 | |||||||||||||||
Unsecured term loan | 4.79% | 800,000 | 800,000 | ||||||||||||||
Deferred financing costs, net and other | (5,441) | (6,807) | |||||||||||||||
Unsecured term loan, net | 794,559 | 793,193 | |||||||||||||||
Unsecured revolving credit facilities | 3.87% | 575,000 | 575,000 | ||||||||||||||
Total, net | $ | 2,563,432 | $ | 2,560,025 |
(Amounts in thousands) | Mortgages Payable | Unsecured Debt | |||||||||
Year Ended December 31, | |||||||||||
2024 | $ | 169,815 | $ | — | |||||||
2025 | 879,800 | 450,000 | |||||||||
2026 | 525,000 | 400,000 | |||||||||
2027 | 1,580,000 | 1,375,000 | |||||||||
2028 | 2,225,000 | — | |||||||||
Thereafter | 350,000 | 350,000 |
(Amounts in thousands) | Weighted Average Interest Rate at December 31, 2017 | Balance at December 31, | |||||||
2017 | 2016 | ||||||||
Mortgages Payable: | |||||||||
Fixed rate | 3.65% | $ | 5,461,706 | $ | 5,479,547 | ||||
Variable rate | 3.33% | 2,742,133 | 2,727,133 | ||||||
Total | 3.54% | 8,203,839 | 8,206,680 | ||||||
Deferred financing costs, net and other | (66,700 | ) | (93,432 | ) | |||||
Total, net | $ | 8,137,139 | $ | 8,113,248 | |||||
Unsecured Debt: | |||||||||
Senior unsecured notes | 4.21% | $ | 850,000 | $ | 850,000 | ||||
Deferred financing costs, net and other | (6,386 | ) | (4,423 | ) | |||||
Senior unsecured notes, net | 843,614 | 845,577 | |||||||
Unsecured term loan | 2.68% | 750,000 | 375,000 | ||||||
Deferred financing costs, net and other | (1,266 | ) | (2,785 | ) | |||||
Unsecured term loan, net | 748,734 | 372,215 | |||||||
Unsecured revolving credit facilities | —% | — | 115,630 | ||||||
Total, net | $ | 1,592,348 | $ | 1,333,422 |
(Amounts in thousands) | Mortgages Payable | Senior Unsecured Debt and Unsecured Resolving Credit Unsecured Facilities | |||||||
Year Ended December 31, | |||||||||
2018 | $ | 2,009,030 | $ | 750,000 | |||||
2019 | 973,294 | — | |||||||
2020 | 1,867,567 | — | |||||||
2021 | 1,613,948 | — | |||||||
2022 | 950,000 | 400,000 | |||||||
Thereafter | 790,000 | 450,000 |
Redeemable Noncontrolling |
(Amounts in thousands, except units and per unit amounts) | Balance as of December 31, | Units Outstanding as of December 31, | Per Unit Liquidation Preference | Preferred or Annual Distribution Rate | ||||||||||||||||||||||||||||||||||
Unit Series | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||
Common: | ||||||||||||||||||||||||||||||||||||||
Class A units held by third parties | $ | 480,251 | (1) | $ | 345,157 | (1) | 17,000,030 | 14,416,891 | n/a | $ | 0.675 | |||||||||||||||||||||||||||
Perpetual Preferred/Redeemable Preferred: | ||||||||||||||||||||||||||||||||||||||
3.25% D-17 Cumulative Redeemable(2) | $ | 3,535 | $ | 3,535 | 141,400 | 141,400 | $ | 25.00 | $ | 0.8125 |
(Amounts in thousands, except units and per unit amounts) | Balance as of December 31, | Units Outstanding at December 31, | Per Unit Liquidation Preference | Preferred or Annual Distribution Rate | ||||||||||||||||||
Unit Series | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||
Common: | ||||||||||||||||||||||
Class A units held by third parties | $ | 979,509 | $ | 1,273,018 | 12,528,899 | 12,197,162 | n/a | $ | 2.62 | |||||||||||||
Perpetual Preferred/Redeemable Preferred(1): | ||||||||||||||||||||||
5.00% D-16 Cumulative Redeemable | $ | 1,000 | $ | 1,000 | 1 | 1 | $ | 1,000,000.00 | $ | 50,000.00 | ||||||||||||
3.25% D-17 Cumulative Redeemable | $ | 4,428 | $ | 4,428 | 177,100 | 177,100 | $ | 25.00 | $ | 0.8125 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||
2023 | 2022 | ||||||||||
Beginning balance | $ | 348,692 | $ | 590,975 | |||||||
Net income (loss) | 3,361 | (30,376) | |||||||||
Other comprehensive (loss) income | (9,340) | 14,250 | |||||||||
Distributions | (10,783) | (30,311) | |||||||||
Redemption of Class A units for Vornado common shares, at redemption value | (8,489) | (3,524) | |||||||||
Redeemable Class A unit measurement adjustment | 138,114 | (221,145) | |||||||||
Other, net | 22,231 | 28,823 | |||||||||
Ending balance | $ | 483,786 | $ | 348,692 |
(Amounts in thousands) | |||
Balance, December 31, 2015 | $ | 1,229,221 | |
Net income | 53,654 | ||
Other comprehensive income | 4,699 | ||
Distributions | (31,342 | ) | |
Redemption of Class A units for Vornado common shares, at redemption value | (36,510 | ) | |
Adjustments to carry redeemable Class A units at redemption value | 26,251 | ||
Other, net | 32,473 | ||
Balance, December 31, 2016 | 1,278,446 | ||
Net income | 10,910 | ||
Other comprehensive income | 643 | ||
Distributions | (33,229 | ) | |
Redemption of Class A units for Vornado common shares, at redemption value | (38,747 | ) | |
Adjustments to carry redeemable Class A units at redemption value (including $224,069 attributable to the spin-off of JBGS) | (268,494 | ) | |
Other, net | 35,408 | ||
Balance, December 31, 2017 | $ | 984,937 |
The arrangement includes a put option whereby the joint venture may be obligated to purchase the Tax Credit Investor’s ownership interest in the Farley Project at a future date. The put price is calculated based on a pre-determined formula. As exercise of the put option is outside of the joint venture’s control, the Tax Credit Investor’s interest, together with the put option, have been recorded to “redeemable noncontrolling interest in a consolidated subsidiary” on our consolidated balance sheets. The redeemable noncontrolling interest is recorded at the greater of the carrying amount or redemption value at the end of each reporting period. Changes in the value from period-to-period are charged to “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’ capital” on the consolidated balance sheets of the Operating Partnership. There was no adjustment required for the years ended December 31, 2023 and 2022. 98 VORNADO REALTY TRUST AND VORNADO REALTY L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 10. Redeemable Noncontrolling Interests - continued Redeemable Noncontrolling Interest in a Consolidated Subsidiary - continued Below is a table summarizing the activity of the redeemable noncontrolling interest in a consolidated subsidiary.
11. Shareholders' Equity/Partners' Capital |
(Amounts in thousands, except share/unit and per share/per unit amounts) | |||||||||||||||||||||||||||||||||||
Per Share/Unit | |||||||||||||||||||||||||||||||||||
Preferred Shares/Units | Balance | Shares/Units Outstanding | Liquidation Preference | Annual Dividend/ Distribution(1) | |||||||||||||||||||||||||||||||
Convertible Preferred: | |||||||||||||||||||||||||||||||||||
6.5% Series A: authorized 12,902 shares/units(2) | $ | 920 | 12,902 | $ | 50.00 | $ | 3.25 | ||||||||||||||||||||||||||||
Cumulative Redeemable Preferred(3): | |||||||||||||||||||||||||||||||||||
5.40% Series L: authorized 13,800,000 shares/units | 290,306 | 12,000,000 | 25.00 | 1.35 | |||||||||||||||||||||||||||||||
5.25% Series M: authorized 13,800,000 shares/units | 308,946 | 12,780,000 | 25.00 | 1.3125 | |||||||||||||||||||||||||||||||
5.25% Series N: authorized 12,000,000 shares/units | 291,134 | 12,000,000 | 25.00 | 1.3125 | |||||||||||||||||||||||||||||||
4.45% Series O: authorized 12,000,000 shares/units | 291,153 | 12,000,000 | 25.00 | 1.1125 | |||||||||||||||||||||||||||||||
$ | 1,182,459 | 48,792,902 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
LTIP Units | $ | 22,179 | $ | 21,086 | $ | 27,698 | |||||||||||
Performance AO LTIP Units | 11,426 | 94 | 219 | ||||||||||||||
LTPP Units | 7,189 | 5,145 | — | ||||||||||||||
OPP Units | 1,992 | 1,906 | 8,629 | ||||||||||||||
Vornado stock options | 162 | 296 | 456 | ||||||||||||||
Vornado restricted stock | 159 | 292 | 450 | ||||||||||||||
AO LTIP Units | 94 | 430 | 877 | ||||||||||||||
$ | 43,201 | $ | 29,249 | $ | 38,329 |
(Amounts in thousands) | As of December 31, 2023 | Weighted-Average Remaining Amortization Period | |||||||||
Performance AO LTIP Units | $ | 37,284 | 2.1 | ||||||||
LTIP Units | 29,550 | 1.9 | |||||||||
LTPP Units | 5,004 | 1.6 | |||||||||
OPP Units | 1,206 | 1.3 | |||||||||
$ | 73,044 | 2.0 |
(Amounts in thousands, except share/unit and per share/per unit amounts) | |||||||||||||||||||||||
Per Share/Unit | |||||||||||||||||||||||
Balance as of December 31, | Shares/Units Outstanding at December 31, | Liquidation Preference | Annual Dividend/ Distribution(1) | ||||||||||||||||||||
Preferred Shares/Units | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Convertible Preferred: | |||||||||||||||||||||||
6.5% Series A: authorized 83,977 shares/units(2) | $ | 1,102 | $ | 1,264 | 19,573 | 24,829 | $ | 50.00 | $ | 3.25 | |||||||||||||
Cumulative Redeemable Preferred: | |||||||||||||||||||||||
6.625% Series G: authorized 8,000,000 shares/units(3)(4) | — | 193,135 | — | 8,000,000 | 25.00 | 1.65625 | |||||||||||||||||
6.625% Series I: authorized 10,800,000 shares/units(3)(4) | — | 262,379 | — | 10,800,000 | 25.00 | 1.65625 | |||||||||||||||||
5.70% Series K: authorized 12,000,000 shares/units(3) | 290,971 | 290,971 | 12,000,000 | 12,000,000 | 25.00 | 1.425 | |||||||||||||||||
5.40% Series L: authorized 12,000,000 shares/units(3) | 290,306 | 290,306 | 12,000,000 | 12,000,000 | 25.00 | 1.35 | |||||||||||||||||
5.25% Series M: authorized 12,780,000 shares/units(3) | 309,609 | — | 12,780,000 | — | 25.00 | 1.3125 | (5) | ||||||||||||||||
$ | 891,988 | $ | 1,038,055 | 36,799,573 | 42,824,829 |
(Amounts in thousands) | For the Year Ended December 31, 2017 | ||||||||||||||||||
Total | Securities available- for-sale | Pro rata share of nonconsolidated subsidiaries' OCI | Interest rate swap | Other | |||||||||||||||
Balance as of December 31, 2016 | $ | 118,972 | $ | 130,505 | $ | (12,058 | ) | $ | 8,066 | $ | (7,541 | ) | |||||||
OCI before classifications | (4,692 | ) | (20,951 | ) | 1,425 | 15,476 | (642 | ) | |||||||||||
Amounts reclassified from AOCI | 14,402 | — | 14,402 | — | — | ||||||||||||||
Balance as of December 31, 2017 | $ | 128,682 | $ | 109,554 | $ | 3,769 | $ | 23,542 | $ | (8,183 | ) |
Shares | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Term | |||||||||||||||
Outstanding as of December 31, 2022 | 176,705 | $ | 65.35 | ||||||||||||||
Forfeited | (1,058) | 52.30 | |||||||||||||||
Expired | (17,546) | 64.56 | |||||||||||||||
Outstanding as of December 31, 2023 | 158,101 | $ | 65.52 | 4.17 | |||||||||||||
Options exercisable as of December 31, 2023 | 144,361 | $ | 66.78 | 3.99 |
As of December 31, 2023 | |||||||||||||||||
Expected volatility | 33% | ||||||||||||||||
Risk free interest rate | 4% | ||||||||||||||||
Expected dividend yield | 6% |
Shares | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Term | |||||||||||||||
Outstanding as of December 31, 2022 | 496,762 | $ | 62.62 | ||||||||||||||
Expired | (496,762) | 62.62 | |||||||||||||||
Granted | 14,368,750 | 16.87 | |||||||||||||||
Outstanding as of December 31, 2023 | 14,368,750 | $ | 16.87 | 9.5 | |||||||||||||
Options exercisable as of December 31, 2023 | — | $ | — | — |
Shares | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Term | |||||||||||||||
Outstanding as of December 31, 2022 | 565,664 | $ | 59.93 | ||||||||||||||
Forfeited | (3,797) | 52.40 | |||||||||||||||
Expired | (20,053) | 59.62 | |||||||||||||||
Outstanding as of December 31, 2023 | 541,814 | $ | 59.99 | 5.24 | |||||||||||||
Options exercisable as of December 31, 2023 | 499,882 | $ | 60.63 | 5.16 |
Unvested Units | Units | Weighted-Average Grant-Date Fair Value | ||||||||||||
Unvested as of December 31, 2022 | 985,916 | $ | 49.41 | |||||||||||
Granted | 3,110,000 | 14.62 | ||||||||||||
Vested | (825,882) | 45.04 | ||||||||||||
Forfeited | (59,875) | 27.15 | ||||||||||||
Unvested as of December 31, 2023 | 3,210,159 | 17.24 |
Unvested Shares | Shares | Weighted-Average Grant-Date Fair Value | ||||||||||||
Unvested as of December 31, 2022 | 8,379 | $ | 55.64 | |||||||||||
Vested | (5,093) | 57.17 | ||||||||||||
Forfeited | (239) | 53.31 | ||||||||||||
Unvested as of December 31, 2023 | 3,047 | 53.26 |
(Amounts in thousands, except per share amounts) | For the Year Ended December 31, | ||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Numerator: | |||||||||||||||||
Net income (loss) attributable to Vornado | $ | 105,494 | $ | (346,499) | $ | 175,999 | |||||||||||
Preferred share dividends | (62,116) | (62,116) | (65,880) | ||||||||||||||
Series K preferred share issuance costs | — | — | (9,033) | ||||||||||||||
Net income (loss) attributable to common shareholders | 43,378 | (408,615) | 101,086 | ||||||||||||||
Distributions and earnings allocated to unvested participating securities | (2) | (18) | (34) | ||||||||||||||
Numerator for basic and diluted income (loss) per common share | $ | 43,376 | $ | (408,633) | $ | 101,052 | |||||||||||
Denominator: | |||||||||||||||||
Denominator for basic income (loss) per common share - weighted average shares | 191,005 | 191,775 | 191,551 | ||||||||||||||
Effect of dilutive securities(1): | |||||||||||||||||
Share-based awards | 851 | — | 571 | ||||||||||||||
Denominator for diluted income (loss) per common share - weighted average shares and assumed conversions | 191,856 | 191,775 | 192,122 | ||||||||||||||
Income (loss) per common share: | |||||||||||||||||
Basic | $ | 0.23 | $ | (2.13) | $ | 0.53 | |||||||||||
Diluted | $ | 0.23 | $ | (2.13) | $ | 0.53 |
(Amounts in thousands, except per unit amounts) | For the Year Ended December 31, | ||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Numerator: | |||||||||||||||||
Net income (loss) attributable to Vornado Realty L.P. | $ | 108,855 | $ | (376,875) | $ | 183,539 | |||||||||||
Preferred unit distributions | (62,231) | (62,231) | (66,035) | ||||||||||||||
Series K preferred unit issuance costs | — | — | (9,033) | ||||||||||||||
Net income (loss) attributable to Class A unitholders | 46,624 | (439,106) | 108,471 | ||||||||||||||
Distributions and earnings allocated to participating securities | (1,323) | (2,215) | (2,668) | ||||||||||||||
Numerator for basic and diluted income (loss) per Class A unit | $ | 45,301 | $ | (441,321) | $ | 105,803 | |||||||||||
Denominator: | |||||||||||||||||
Denominator for basic income (loss) per Class A unit – weighted average units | 205,105 | 205,315 | 204,728 | ||||||||||||||
Effect of dilutive securities(1): | |||||||||||||||||
Unit-based awards | 851 | — | 916 | ||||||||||||||
Denominator for diluted income (loss) per Class A unit – weighted average units and assumed conversions | 205,956 | 205,315 | 205,644 | ||||||||||||||
Income (loss) per Class A unit: | |||||||||||||||||
Basic | $ | 0.22 | $ | (2.15) | $ | 0.52 | |||||||||||
Diluted | $ | 0.22 | $ | (2.15) | $ | 0.51 |
15. Fair Value Measurements |
(Amounts in thousands) | As of December 31, 2023 | ||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Deferred compensation plan assets ($26,363 included in restricted cash and $78,883 in other assets) | $ | 105,246 | $ | 58,956 | $ | — | $ | 46,290 | |||||||||||||||
Loans receivable (included in investments in partially owned entities) | 32,984 | — | — | 32,984 | |||||||||||||||||||
Interest rate swaps and caps designated as a hedge (included in other assets) | 138,772 | — | 138,772 | — | |||||||||||||||||||
Interest rate caps not designated as a hedge (included in other assets) | 4,154 | — | 4,154 | — | |||||||||||||||||||
Total assets | $ | 281,156 | $ | 58,956 | $ | 142,926 | $ | 79,274 | |||||||||||||||
Mandatorily redeemable instruments (included in other liabilities) | $ | 49,386 | $ | 49,386 | $ | — | $ | — | |||||||||||||||
Interest rate swaps designated as a hedge (included in other liabilities) | 7,239 | — | 7,239 | — | |||||||||||||||||||
Interest rate caps not designated as a hedge (included in other liabilities) | 4,092 | — | 4,092 | — | |||||||||||||||||||
Total liabilities | $ | 60,717 | $ | 49,386 | $ | 11,331 | $ | — |
(Amounts in thousands) | As of December 31, 2022 | ||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Investments in U.S. Treasury bills(1) | $ | 471,962 | $ | 471,962 | $ | — | $ | — | |||||||||||||||
Deferred compensation plan assets ($7,763 included in restricted cash and $88,559 in other assets) | 96,322 | 57,406 | — | 38,916 | |||||||||||||||||||
Loans receivable ($50,091 included in investments in partially owned entities and $4,306 in other assets) | 54,397 | — | — | 54,397 | |||||||||||||||||||
Interest rate swaps and caps designated as a hedge (included in other assets) | 183,804 | — | 183,804 | — | |||||||||||||||||||
Interest rate caps not designated as a hedge (included in other assets) | 5,994 | — | 5,994 | — | |||||||||||||||||||
Total assets | $ | 812,479 | $ | 529,368 | $ | 189,798 | $ | 93,313 | |||||||||||||||
Mandatorily redeemable instruments (included in other liabilities) | $ | 49,383 | $ | 49,383 | $ | — | $ | — | |||||||||||||||
Interest rate caps not designated as a hedge (included in other liabilities) | 2,741 | — | 2,741 | — | |||||||||||||||||||
Total liabilities | $ | 52,124 | $ | 49,383 | $ | 2,741 | $ | — |
(Amounts in thousands) | As of December 31, 2017 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Marketable securities | $ | 182,752 | $ | 182,752 | $ | — | $ | — | |||||||
Real estate fund investments | 354,804 | — | — | 354,804 | |||||||||||
Deferred compensation plan assets ($11,545 included in restricted cash and $97,633 in other assets) | 109,178 | 69,050 | — | 40,128 | |||||||||||
Interest rate swaps (included in other assets) | 27,472 | — | 27,472 | — | |||||||||||
Total assets | $ | 674,206 | $ | 251,802 | $ | 27,472 | $ | 394,932 | |||||||
Mandatorily redeemable instruments (included in other liabilities) | $ | 520,561 | $ | 520,561 | $ | — | $ | — | |||||||
Interest rate swaps (included in other liabilities) | 1,052 | — | 1,052 | — | |||||||||||
Total liabilities | $ | 521,613 | $ | 520,561 | $ | 1,052 | $ | — |
(Amounts in thousands) | As of December 31, 2016 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Marketable securities | $ | 203,704 | $ | 203,704 | $ | — | $ | — | |||||||
Real estate fund investments | 462,132 | — | — | 462,132 | |||||||||||
Deferred compensation plan assets ($4,187 included in restricted cash and $117,187 in other assets) | 121,374 | 63,930 | — | 57,444 | |||||||||||
Interest rate swaps (included in other assets) | 21,816 | — | 21,816 | — | |||||||||||
Total assets | $ | 809,026 | $ | 267,634 | $ | 21,816 | $ | 519,576 | |||||||
Mandatorily redeemable instruments (included in other liabilities) | $ | 50,561 | $ | 50,561 | $ | — | $ | — | |||||||
Interest rate swaps (included in other liabilities) | 10,122 | — | 10,122 | — | |||||||||||
Total liabilities | $ | 60,683 | $ | 50,561 | $ | 10,122 | $ | — |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||
2023 | 2022 | ||||||||||
Beginning balance | $ | 38,916 | $ | 45,016 | |||||||
Purchases | 7,855 | 4,507 | |||||||||
Sales | (5,080) | (9,941) | |||||||||
Realized and unrealized gains (losses) | 982 | (3,781) | |||||||||
Other, net | 3,617 | 3,115 | |||||||||
Ending balance | $ | 46,290 | $ | 38,916 |
Range | Weighted Average (based on fair value of investments) | ||||||
Unobservable Quantitative Input | December 31, 2017 | December 31, 2016 | December 31, 2017 | December 31, 2016 | |||
Discount rates | 2.0% to 14.9% | 10.0% to 14.9% | 11.9% | 12.6% | |||
Terminal capitalization rates | 4.7% to 6.7% | 4.3% to 5.8% | 5.5% | 5.3% |
As of | |||||||||||||||||||||||
December 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
Unobservable quantitative inputs (range and weighted average): | |||||||||||||||||||||||
Discount rates | 8.0% | 7.5% | |||||||||||||||||||||
Terminal capitalization rates | 5.5% | 5.5% |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2023 | 2022 | ||||||||||||||||
Beginning balance | $ | 54,397 | $ | 50,182 | |||||||||||||
Credit losses | (26,155) | (1) | — | ||||||||||||||
Interest accrual | 5,153 | 4,748 | |||||||||||||||
Paydowns | (411) | (533) | |||||||||||||||
Ending balance | $ | 32,984 | $ | 54,397 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||
2017 | 2016 | ||||||
Beginning balance | $ | 462,132 | $ | 574,761 | |||
Dispositions/distributions | (91,606 | ) | (71,888 | ) | |||
Net unrealized loss on held investments | (25,807 | ) | (41,162 | ) | |||
Net realized gains on exited investments | 36,078 | 14,761 | |||||
Previously recorded unrealized gains on exited investments | (25,538 | ) | (14,254 | ) | |||
Other, net | (455 | ) | (86 | ) | |||
Ending balance | $ | 354,804 | $ | 462,132 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||
2017 | 2016 | ||||||
Beginning balance | $ | 57,444 | $ | 59,186 | |||
Purchases | 5,786 | 5,355 | |||||
Sales | (27,715 | ) | (9,354 | ) | |||
Realized and unrealized gains | 2,519 | 344 | |||||
Other, net | 2,094 | 1,913 | |||||
Ending balance | $ | 40,128 | $ | 57,444 |
(Amounts in thousands) | As of December 31, 2023 | As of December 31, 2022 | |||||||||||||||||||||||||||||||||||||||
Notional Amount | All-In Swapped Rate | Swap/Cap Expiration Date | Fair Value Asset | Fair Value Liability | Fair Value Asset | ||||||||||||||||||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||||||||||||||||||||||
555 California Street mortgage loan: | |||||||||||||||||||||||||||||||||||||||||
In-place swap | $ | 840,000 | (1) | 2.29% | 05/24 | $ | 15,494 | $ | — | $ | 49,888 | ||||||||||||||||||||||||||||||
Forward swap (effective 05/24) | 840,000 | (1) | 6.03% | 05/26 | — | 6,091 | — | ||||||||||||||||||||||||||||||||||
770 Broadway mortgage loan | 700,000 | 4.98% | 07/27 | 20,306 | — | 29,226 | |||||||||||||||||||||||||||||||||||
PENN 11 mortgage loan: | |||||||||||||||||||||||||||||||||||||||||
In-place swap | 500,000 | 2.22% | 03/24 | 4,702 | — | 26,587 | |||||||||||||||||||||||||||||||||||
Forward swap (effective 03/24) | 250,000 | (2) | 6.34% | 10/25 | — | 1,148 | — | ||||||||||||||||||||||||||||||||||
Unsecured revolving credit facility | 575,000 | 3.87% | 08/27 | 17,064 | — | 24,457 | |||||||||||||||||||||||||||||||||||
Unsecured term loan(3) | 700,000 | 4.52% | (3) | 11,089 | — | 21,024 | |||||||||||||||||||||||||||||||||||
100 West 33rd Street mortgage loan | 480,000 | 5.06% | 06/27 | 3,550 | — | 6,886 | |||||||||||||||||||||||||||||||||||
888 Seventh Avenue mortgage loan | 200,000 | (4) | 4.76% | 09/27 | 4,340 | — | 6,544 | ||||||||||||||||||||||||||||||||||
4 Union Square South mortgage loan | 98,200 | (5) | 3.74% | 01/25 | 2,327 | — | 4,050 | ||||||||||||||||||||||||||||||||||
Interest rate caps: | |||||||||||||||||||||||||||||||||||||||||
1290 Avenue of the Americas mortgage loan | 950,000 | (6) | 11/25 | 53,784 | — | 7,590 | |||||||||||||||||||||||||||||||||||
One Park Avenue mortgage loan | 525,000 | (7) | 03/25 | 5,297 | — | 5,472 | |||||||||||||||||||||||||||||||||||
Various mortgage loans | 819 | — | 2,080 | ||||||||||||||||||||||||||||||||||||||
$ | 138,772 | $ | 7,239 | $ | 183,804 |
Swapped Balance | All-In Swapped Rate | Unswapped Balance (bears interest at S+129) | ||||||||||||||||||
Through 07/25 | $ | 700,000 | 4.52% | $ | 100,000 | |||||||||||||||
07/25 through 10/26 | 550,000 | 4.35% | 250,000 | |||||||||||||||||
10/26 through 08/27 | 50,000 | 4.03% | 750,000 |
(Amounts in thousands) | As of and For The Years Ended | |||||||||||||||||||||||||
December 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Aggregate Fair Value | Impairment Losses | Aggregate Fair Value | Impairment Losses | |||||||||||||||||||||||
Consolidated real estate assets | $ | 55,097 | $ | 45,007 | (1) | $ | 80,008 | $ | 19,098 | |||||||||||||||||
Investments in partially owned entities | 21,473 | 29,344 | (2) | 2,272,320 | 583,212 | (3) | ||||||||||||||||||||
$ | 76,570 | $ | 74,351 | $ | 2,352,328 | $ | 602,310 |
As of | |||||||||||||||||||||||
December 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
Unobservable Quantitative Input | Range | Weighted Average | Range | Weighted Average | |||||||||||||||||||
Discount rates | 7.50% - 8.00% | 7.99% | 7.50% - 8.00% | 7.52% | |||||||||||||||||||
Terminal capitalization rates | 5.50% | 5.50% | 4.75% - 5.50% | 4.78% |
(Amounts in thousands) | As of December 31, 2023 | As of December 31, 2022 | |||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||
Cash equivalents | $ | 825,720 | $ | 826,000 | $ | 402,903 | $ | 403,000 | |||||||||||||||
Debt: | |||||||||||||||||||||||
Mortgages payable | $ | 5,729,615 | $ | 5,569,000 | $ | 5,877,615 | $ | 5,697,000 | |||||||||||||||
Senior unsecured notes | 1,200,000 | 1,069,000 | 1,200,000 | 1,021,000 | |||||||||||||||||||
Unsecured term loan | 800,000 | 800,000 | 800,000 | 800,000 | |||||||||||||||||||
Unsecured revolving credit facilities | 575,000 | 575,000 | 575,000 | 575,000 | |||||||||||||||||||
Total | $ | 8,304,615 | (1) | $ | 8,013,000 | $ | 8,452,615 | (1) | $ | 8,093,000 |
(Amounts in thousands) | As of December 31, 2017 | As of December 31, 2016 | |||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
Cash equivalents | $ | 1,500,227 | $ | 1,500,000 | $ | 1,307,105 | $ | 1,307,000 | |||||||
Debt: | |||||||||||||||
Mortgages payable | $ | 8,203,839 | $ | 8,194,000 | $ | 8,206,680 | $ | 8,163,000 | |||||||
Senior unsecured notes | 850,000 | 878,000 | 850,000 | 899,000 | |||||||||||
Unsecured term loan | 750,000 | 750,000 | 375,000 | 375,000 | |||||||||||
Unsecured revolving credit facilities | — | — | 115,630 | 116,000 | |||||||||||
Total | $ | 9,803,839 | (1) | $ | 9,822,000 | $ | 9,547,310 | (1) | $ | 9,553,000 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Real estate impairment losses(1) | $ | 45,007 | $ | 19,098 | $ | 7,880 | |||||||||||
Transaction related costs and other | 5,684 | 12,624 | 5,935 | ||||||||||||||
$ | 50,691 | $ | 31,722 | $ | 13,815 |
(Amounts in thousands) | For the Year Ended December 31, | |||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Interest on cash and cash equivalents and restricted cash | $ | 44,786 | $ | 7,553 | $ | 284 | ||||||||||||||
Credit losses on investments | (8,269) | — | — | |||||||||||||||||
Amortization of discount on investments in U.S. Treasury bills | 3,829 | 7,075 | — | |||||||||||||||||
Interest on loans receivable | 1,351 | 5,006 | 2,517 | |||||||||||||||||
Other, net | — | 235 | 1,811 | |||||||||||||||||
$ | 41,697 | $ | 19,869 | $ | 4,612 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Interest expense (1) | $ | 368,984 | $ | 277,046 | $ | 249,169 | |||||||||||
Capitalized interest and debt expense | (43,062) | (19,085) | (38,320) | ||||||||||||||
Amortization of deferred financing fees | 23,301 | 21,804 | 20,247 | ||||||||||||||
$ | 349,223 | $ | 279,765 | $ | 231,096 |
Plan Year | Total Plan Notional Amount | Percentage of Notional Amount Granted | Grant Date Fair Value(1) | OPP Units Earned | |||||||||
2017 | $ | 35,000,000 | 86.6 | % | $ | 10,800,000 | To be determined in 2020 | ||||||
2016 | 40,000,000 | 86.7 | % | 11,800,000 | To be determined in 2019 | ||||||||
2015 | 40,000,000 | 84.5 | % | 9,120,000 | Not earned |
Shares | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Term | Aggregate Intrinsic Value | |||||||||
Outstanding at January 1, 2017 | 3,322,069 | $ | 49.81 | |||||||||
Granted | 29,867 | 85.78 | ||||||||||
Exercised | (449,386 | ) | 62.89 | |||||||||
Cancelled or expired | (78,650 | ) | 102.96 | |||||||||
Outstanding at December 31, 2017 | 2,823,900 | $ | 46.62 | 2.2 | $ | 89,382,838 | ||||||
Options vested and expected to vest at December 31, 2017 | 2,881,202 | $ | 46.98 | 2.2 | $ | 90,218,230 | ||||||
Options exercisable at December 31, 2017 | 2,762,728 | $ | 45.86 | 2.1 | $ | 89,274,127 |
December 31, | |||||
2017 | 2016 | 2015 | |||
Expected volatility | 35% | 35% | 35% | ||
Expected life | 5.0 years | 5.0 years | 5.0 years | ||
Risk free interest rate | 1.95% | 1.76% | 1.56% | ||
Expected dividend yield | 3.0% | 3.2% | 3.3% |
Unvested Shares | Shares | Weighted-Average Grant-Date Fair Value | |||||
Unvested at January 1, 2017 | 23,597 | $ | 55.03 | ||||
Granted | 7,419 | 81.06 | |||||
Vested | (14,662 | ) | 43.97 | ||||
Cancelled or expired | (1,509 | ) | 34.42 | ||||
Unvested at December 31, 2017 | 14,845 | 81.05 |
Unvested Units | Units | Weighted-Average Grant-Date Fair Value | |||||
Unvested at January 1, 2017 | 627,709 | $ | 70.11 | ||||
Granted | 312,554 | 79.75 | |||||
Vested | (309,030 | ) | 67.64 | ||||
Cancelled or expired | (2,271 | ) | 68.16 | ||||
Unvested at December 31, 2017 | 628,962 | 76.13 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||
2017 | 2016 | 2015 | |||||||||
BMS cleaning fees | $ | 104,143 | $ | 93,425 | $ | 96,880 | |||||
Management and leasing fees | 10,087 | 8,243 | 6,288 | ||||||||
Lease termination fees(1) | 8,171 | 8,770 | 23,369 | ||||||||
Other income | 13,349 | 9,648 | 13,353 | ||||||||
$ | 135,750 | $ | 120,086 | $ | 139,890 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||
2017 | 2016 | 2015 | |||||||||
Dividends on marketable securities | $ | 13,276 | $ | 13,135 | $ | 12,836 | |||||
Mark-to-market income of investments in our deferred compensation plan(1) | 6,932 | 5,213 | 111 | ||||||||
Interest on loans receivable | 4,352 | 3,890 | 6,371 | ||||||||
Other, net | 13,233 | 7,310 | 7,922 | ||||||||
$ | 37,793 | $ | 29,548 | $ | 27,240 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||
2017 | 2016 | 2015 | |||||||||
Interest expense | $ | 359,819 | $ | 328,398 | $ | 333,388 | |||||
Amortization of deferred financing costs | 34,066 | 32,185 | 29,335 | ||||||||
Capitalized interest and debt expense | (48,231 | ) | (30,343 | ) | (53,425 | ) | |||||
$ | 345,654 | $ | 330,240 | $ | 309,298 |
(Amounts in thousands, except per share amounts) | Year Ended December 31, | ||||||||||
2017 | 2016 | 2015 | |||||||||
Numerator: | |||||||||||
Income from continuing operations, net of income attributable to noncontrolling interests | $ | 239,824 | $ | 526,686 | $ | 550,240 | |||||
(Loss) income from discontinued operations, net of income attributable to noncontrolling interest | (12,408 | ) | 380,231 | 210,194 | |||||||
Net income attributable to Vornado | 227,416 | 906,917 | 760,434 | ||||||||
Preferred share dividends | (65,399 | ) | (75,903 | ) | (80,578 | ) | |||||
Preferred share issuance costs (Series J redemption) | — | (7,408 | ) | — | |||||||
Net income attributable to common shareholders | 162,017 | 823,606 | 679,856 | ||||||||
Earnings allocated to unvested participating securities | (46 | ) | (96 | ) | (81 | ) | |||||
Numerator for basic income per share | 161,971 | 823,510 | 679,775 | ||||||||
Impact of assumed conversions: | |||||||||||
Earnings allocated to Out-Performance Plan units | 230 | 806 | — | ||||||||
Convertible preferred share dividends | — | 86 | 91 | ||||||||
Numerator for diluted income per share | $ | 162,201 | $ | 824,402 | $ | 679,866 | |||||
Denominator: | |||||||||||
Denominator for basic income per share – weighted average shares | 189,526 | 188,837 | 188,353 | ||||||||
Effect of dilutive securities (1): | |||||||||||
Employee stock options and restricted share awards | 1,448 | 1,064 | 1,166 | ||||||||
Out-Performance Plan units | 284 | 230 | — | ||||||||
Convertible preferred shares | — | 42 | 45 | ||||||||
Denominator for diluted income per share – weighted average shares and assumed conversations | 191,258 | 190,173 | 189,564 | ||||||||
INCOME PER COMMON SHARE – BASIC: | |||||||||||
Income from continuing operations, net | $ | 0.92 | $ | 2.35 | $ | 2.49 | |||||
(Loss) income from discontinued operations, net | (0.07 | ) | 2.01 | 1.12 | |||||||
Net income per common share | $ | 0.85 | $ | 4.36 | $ | 3.61 | |||||
INCOME PER COMMON SHARE – DILUTED: | |||||||||||
Income from continuing operations, net | $ | 0.91 | $ | 2.34 | $ | 2.48 | |||||
(Loss) income from discontinued operations, net | (0.06 | ) | 2.00 | 1.11 | |||||||
Net income per common share | $ | 0.85 | $ | 4.34 | $ | 3.59 |
(Amounts in thousands, except per unit amounts) | Year Ended December 31, | ||||||||||
2017 | 2016 | 2015 | |||||||||
Numerator: | |||||||||||
Income from continuing operations, net of income attributable to noncontrolling interests | $ | 251,554 | $ | 555,659 | $ | 580,154 | |||||
(Loss) income from discontinued operations | (13,228 | ) | 404,912 | 223,511 | |||||||
Net income attributable to Vornado Realty L.P. | 238,326 | 960,571 | 803,665 | ||||||||
Preferred unit distributions | (65,593 | ) | (76,097 | ) | (80,736 | ) | |||||
Preferred unit issuance costs (Series J redemption) | — | (7,408 | ) | — | |||||||
Net income attributable to Class A unitholders | 172,733 | 877,066 | 722,929 | ||||||||
Earnings allocated to unvested participating securities | (3,232 | ) | (4,177 | ) | (4,092 | ) | |||||
Numerator for basic income per Class A unit | 169,501 | 872,889 | 718,837 | ||||||||
Impact of assumed conversions: | |||||||||||
Convertible preferred unit distributions | — | 86 | 92 | ||||||||
Numerator for diluted income per Class A unit | $ | 169,501 | $ | 872,975 | $ | 718,929 | |||||
Denominator: | |||||||||||
Denominator for basic income per Class A unit – weighted average units | 201,214 | 200,350 | 199,309 | ||||||||
Effect of dilutive securities (1): | |||||||||||
Vornado stock options and restricted unit awards | 2,086 | 1,625 | 1,804 | ||||||||
Convertible preferred units | — | 42 | 45 | ||||||||
Denominator for diluted income per Class A unit – weighted average units and assumed conversations | 203,300 | 202,017 | 201,158 | ||||||||
INCOME PER CLASS A UNIT – BASIC: | |||||||||||
Income from continuing operations, net | $ | 0.91 | $ | 2.34 | $ | 2.49 | |||||
(Loss) income from discontinued operations, net | (0.07 | ) | 2.02 | 1.12 | |||||||
Net income per Class A unit | 0.84 | 4.36 | 3.61 | ||||||||
INCOME PER CLASS A UNIT – DILUTED: | |||||||||||
Income from continuing operations, net | $ | 0.90 | $ | 2.32 | $ | 2.46 | |||||
(Loss) income from discontinued operations, net | (0.07 | ) | 2.00 | 1.11 | |||||||
Net income per Class A unit | $ | 0.83 | $ | 4.32 | $ | 3.57 |
19. Leases |
(Amounts in thousands) | As of December 31, 2023 | ||||
For the year ended December 31, | |||||
2024 | $ | 1,271,885 | |||
2025 | 1,207,370 | ||||
2026 | 1,168,555 | ||||
2027 | 1,061,307 | ||||
2028 | 962,067 | ||||
Thereafter | 6,254,989 |
(Amounts in thousands) | |||||
Year Ending December 31: | |||||
2018 | $ | 1,469,201 | |||
2019 | 1,441,139 | ||||
2020 | 1,369,636 | ||||
2021 | 1,298,798 | ||||
2022 | 1,230,172 | ||||
Thereafter | 5,841,213 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Weighted average remaining lease term (in years) | 47.9 | 48.4 | 44.4 | ||||||||||||||
Weighted average discount rate | 5.59 | % | 5.54 | % | 4.85 | % | |||||||||||
Cash paid for operating leases | $ | 22,499 | $ | 21,861 | $ | 22,382 |
(Amounts in thousands) | |||||
Year Ending December 31: | |||||
2018 | $ | 33,703 | |||
2019 | 34,301 | ||||
2020 | 34,779 | ||||
2021 | 35,295 | ||||
2022 | 36,319 | ||||
Thereafter | 1,113,171 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Fixed rent expense | $ | 46,538 | $ | 45,211 | $ | 24,901 | |||||||||||
Variable rent expense | 14,679 | 14,180 | 13,078 | ||||||||||||||
Rent expense | $ | 61,217 | $ | 59,391 | $ | 37,979 |
(Amounts in thousands) | As of December 31, 2023 | ||||
For the year ended December 31, | |||||
2024 | $ | 57,811 | |||
2025 | 46,227 | ||||
2026 | 46,616 | ||||
2027 | 47,027 | ||||
2028 | 47,462 | ||||
Thereafter | 1,869,172 | ||||
Total undiscounted cash flows | 2,114,315 | ||||
Present value discount | (1,381,456) | ||||
Lease liabilities | $ | 732,859 |
(Amounts in thousands) | |||||
Year Ending December 31: | |||||
2018 | $ | 13,508 | |||
2019 | 12,508 | ||||
2020 | 12,508 | ||||
2021 | 12,508 | ||||
2022 | 12,508 | ||||
Thereafter | 297,330 | ||||
Total minimum obligations | 360,870 | ||||
Interest portion | (120,870 | ) | |||
Present value of net minimum payments | $ | 240,000 |
20. Multiemployer Benefit Plans |
22. Related Party Transactions |
(Amounts in thousands, except per share amounts) | Net Income (Loss) Attributable to Common Shareholders (1) | Net Income (Loss) Per Common Share (2) | |||||||||||||
Revenues | Basic | Diluted | |||||||||||||
2017 | |||||||||||||||
December 31 | $ | 536,226 | $ | 27,319 | $ | 0.14 | $ | 0.14 | |||||||
September 30 | 528,755 | (29,026 | ) | (0.15 | ) | (0.15 | ) | ||||||||
June 30 | 511,087 | 115,972 | 0.61 | 0.61 | |||||||||||
March 31 | 508,058 | 47,752 | 0.25 | 0.25 | |||||||||||
2016 | |||||||||||||||
December 31 | $ | 513,974 | $ | 651,181 | $ | 3.44 | $ | 3.43 | |||||||
September 30 | 502,753 | 66,125 | 0.35 | 0.35 | |||||||||||
June 30 | 498,098 | 220,463 | 1.17 | 1.16 | |||||||||||
March 31 | 488,917 | (114,163 | ) | (0.61 | ) | (0.61 | ) |
(Amounts in thousands, except per unit amounts) | Net Income (Loss) Attributable to Class A Unitholders (1) | Net Income (Loss) Per Class A Unit (2) | |||||||||||||
Revenues | Basic | Diluted | |||||||||||||
2017 | |||||||||||||||
December 31 | $ | 536,226 | $ | 29,123 | $ | 0.14 | $ | 0.14 | |||||||
September 30 | 528,755 | (30,952 | ) | (0.16 | ) | (0.16 | ) | ||||||||
June 30 | 511,087 | 123,630 | 0.61 | 0.61 | |||||||||||
March 31 | 508,058 | 50,932 | 0.25 | 0.25 | |||||||||||
2016 | |||||||||||||||
December 31 | $ | 513,974 | $ | 693,377 | $ | 3.44 | $ | 3.43 | |||||||
September 30 | 502,753 | 70,442 | 0.35 | 0.35 | |||||||||||
June 30 | 498,098 | 234,945 | 1.17 | 1.16 | |||||||||||
March 31 | 488,917 | (121,698 | ) | (0.61 | ) | (0.61 | ) |
(Amounts in thousands) | For the Year Ended December 31, 2023 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 1,811,163 | $ | 1,452,158 | $ | 359,005 | |||||||||||
Operating expenses | (905,158) | (733,478) | (171,680) | ||||||||||||||
NOI - consolidated | 906,005 | 718,680 | 187,325 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (48,553) | (15,547) | (33,006) | ||||||||||||||
Add: NOI from partially owned entities | 285,761 | 274,436 | 11,325 | ||||||||||||||
NOI at share | 1,143,213 | 977,569 | 165,644 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (3,377) | (7,700) | 4,323 | ||||||||||||||
NOI at share - cash basis | $ | 1,139,836 | $ | 969,869 | $ | 169,967 |
(Amounts in thousands) | For the Year Ended December 31, 2022 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 1,799,995 | $ | 1,449,442 | $ | 350,553 | |||||||||||
Operating expenses | (873,911) | (716,148) | (157,763) | ||||||||||||||
NOI - consolidated | 926,084 | 733,294 | 192,790 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (70,029) | (45,566) | (24,463) | ||||||||||||||
Add: NOI from partially owned entities | 305,993 | 293,780 | 12,213 | ||||||||||||||
NOI at share | 1,162,048 | 981,508 | 180,540 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (10,980) | (18,509) | 7,529 | ||||||||||||||
NOI at share - cash basis | $ | 1,151,068 | $ | 962,999 | $ | 188,069 |
(Amounts in thousands) | For the Year Ended December 31, 2021 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 1,589,210 | $ | 1,257,599 | $ | 331,611 | |||||||||||
Operating expenses | (797,315) | (626,386) | (170,929) | ||||||||||||||
NOI - consolidated | 791,895 | 631,213 | 160,682 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (69,385) | (38,980) | (30,405) | ||||||||||||||
Add: NOI from partially owned entities | 310,858 | 300,721 | 10,137 | ||||||||||||||
NOI at share | 1,033,368 | 892,954 | 140,414 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 1,318 | (1,188) | 2,506 | ||||||||||||||
NOI at share - cash basis | $ | 1,034,686 | $ | 891,766 | $ | 142,920 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||
2017 | 2016 | 2015 | |||||||||
Net income | $ | 264,128 | $ | 981,922 | $ | 859,430 | |||||
Deduct: | |||||||||||
Our share of (income) loss from partially owned entities | (15,200 | ) | (168,948 | ) | 9,947 | ||||||
Our share of (income) loss from real estate fund investments | (3,240 | ) | 23,602 | (74,081 | ) | ||||||
Interest and other investment income, net | (37,793 | ) | (29,548 | ) | (27,240 | ) | |||||
Net gains on disposition of wholly owned and partially owned assets | (501 | ) | (160,433 | ) | (149,417 | ) | |||||
Loss (income) from discontinued operations | 13,228 | (404,912 | ) | (223,511 | ) | ||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (65,311 | ) | (66,182 | ) | (64,859 | ) | |||||
Add: | |||||||||||
Depreciation and amortization expense | 429,389 | 421,023 | 379,803 | ||||||||
General and administrative expense | 158,999 | 149,550 | 149,256 | ||||||||
Acquisition and transaction related costs | 1,776 | 9,451 | 12,511 | ||||||||
NOI from partially owned entities | 269,164 | 271,114 | 245,750 | ||||||||
Interest and debt expense | 345,654 | 330,240 | 309,298 | ||||||||
Income tax expense (benefit) | 41,090 | 7,229 | (85,012 | ) | |||||||
NOI at share | 1,401,383 | 1,364,108 | 1,341,875 | ||||||||
Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (86,842 | ) | (170,477 | ) | (214,322 | ) | |||||
NOI at share - cash basis | $ | 1,314,541 | $ | 1,193,631 | $ | 1,127,553 |
(Amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Net income (loss) | $ | 32,888 | $ | (382,612) | $ | 207,553 | |||||||||||
Depreciation and amortization expense | 434,273 | 504,502 | 412,347 | ||||||||||||||
General and administrative expense | 162,883 | 133,731 | 134,545 | ||||||||||||||
Impairment losses, transaction related costs and other | 50,691 | 31,722 | 13,815 | ||||||||||||||
(Income) loss from partially owned entities | (38,689) | 461,351 | (130,517) | ||||||||||||||
Income from real estate fund investments | (1,590) | (3,541) | (11,066) | ||||||||||||||
Interest and other investment income, net | (41,697) | (19,869) | (4,612) | ||||||||||||||
Interest and debt expense | 349,223 | 279,765 | 231,096 | ||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | (71,199) | (100,625) | (50,770) | ||||||||||||||
Income tax expense (benefit) | 29,222 | 21,660 | (10,496) | ||||||||||||||
NOI from partially owned entities | 285,761 | 305,993 | 310,858 | ||||||||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (48,553) | (70,029) | (69,385) | ||||||||||||||
NOI at share | 1,143,213 | 1,162,048 | 1,033,368 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (3,377) | (10,980) | 1,318 | ||||||||||||||
NOI at share - cash basis | $ | 1,139,836 | $ | 1,151,068 | $ | 1,034,686 |
(Amounts in thousands) | For the Year Ended December 31, 2017 | ||||||||||
Total | New York | Other | |||||||||
Total revenues | $ | 2,084,126 | $ | 1,779,307 | $ | 304,819 | |||||
Operating expenses | 886,596 | 756,670 | 129,926 | ||||||||
NOI - consolidated | 1,197,530 | 1,022,637 | 174,893 | ||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (65,311 | ) | (45,899 | ) | (19,412 | ) | |||||
Add: Our share of NOI from partially owned entities | 269,164 | 189,327 | 79,837 | ||||||||
NOI at share | 1,401,383 | 1,166,065 | 235,318 | ||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (86,842 | ) | (79,202 | ) | (7,640 | ) | |||||
NOI at share - cash basis | $ | 1,314,541 | $ | 1,086,863 | $ | 227,678 | |||||
Balance Sheet Data: | |||||||||||
Real estate, at cost | $ | 14,756,295 | $ | 11,025,092 | $ | 3,731,203 | |||||
Investments in partially owned entities | 1,056,829 | 861,430 | 195,399 | ||||||||
Total assets | 17,397,934 | 13,780,817 | 3,617,117 |
(Amounts in thousands) | For the Year Ended December 31, 2016 | ||||||||||
Total | New York | Other | |||||||||
Total revenues | $ | 2,003,742 | $ | 1,713,374 | $ | 290,368 | |||||
Operating expenses | 844,566 | 716,754 | 127,812 | ||||||||
NOI - consolidated | 1,159,176 | 996,620 | 162,556 | ||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (66,182 | ) | (47,480 | ) | (18,702 | ) | |||||
Add: Our share of NOI from partially owned entities | 271,114 | 159,386 | 111,728 | ||||||||
NOI at share | 1,364,108 | 1,108,526 | 255,582 | ||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (170,477 | ) | (143,239 | ) | (27,238 | ) | |||||
NOI at share - cash basis | $ | 1,193,631 | $ | 965,287 | $ | 228,344 | |||||
Balance Sheet Data: | |||||||||||
Real estate, at cost | $ | 14,187,820 | $ | 10,787,730 | $ | 3,400,090 | |||||
Investments in partially owned entities | 1,378,254 | 1,026,793 | 351,461 | ||||||||
Total assets | 20,814,847 | 13,310,524 | 7,504,323 |
(Amounts in thousands) | For the Year Ended December 31, 2015 | ||||||||||
Total | New York | Other | |||||||||
Total revenues | $ | 1,985,495 | $ | 1,695,925 | $ | 289,570 | |||||
Operating expenses | 824,511 | 694,228 | 130,283 | ||||||||
NOI - consolidated | 1,160,984 | 1,001,697 | 159,287 | ||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (64,859 | ) | (42,905 | ) | (21,954 | ) | |||||
Add: Our share of NOI from partially owned entities | 245,750 | 156,177 | 89,573 | ||||||||
NOI at share | 1,341,875 | 1,114,969 | 226,906 | ||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (214,322 | ) | (186,781 | ) | (27,541 | ) | |||||
NOI at share - cash basis | $ | 1,127,553 | $ | 928,188 | $ | 199,365 |
ITEM 9B. | OTHER INFORMATION |
Name | Age | ||||||||||||||
PRINCIPAL OCCUPATION, POSITION AND OFFICE (Current and during past five years with Vornado unless otherwise stated) | |||||||||||||||
Steven Roth | 82 | Chairman of the Board; Chief Executive Officer since April 2013 and from May 1989 to May 2009; Managing General Partner of Interstate Properties, an owner of shopping centers and an investor in securities and partnerships; Chief Executive Officer of Alexander’s, Inc. since March 1995, a Director since 1989, and Chairman of the Board since May 2004. | |||||||||||||
Michael J. Franco | 55 | President and Chief Financial Officer since December 2020; President since April 2019; Executive Vice President - Chief Investment Officer | |||||||||||||
54 | Executive Vice President - | ||||||||||||||
Barry S. Langer | 45 | Executive Vice President - | |||||||||||||
Glen J. Weiss | 54 | Executive Vice President |
Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in the second column) | |||||||||||||||||||||||||||||||||||||
Equity compensation plans approved by security holders | 4,988,139 | (1) | $ | 46.62 | 2,353,493 | (2) | ||||||||||||||||||||||||||||||||||
Equity compensation awards not approved by security holders | — | — | — | |||||||||||||||||||||||||||||||||||||
Equity compensation plans approved by security holders | ||||||||||||||||||||||||||||||||||||||||
Equity compensation plans approved by security holders | 21,767,856 | (1) | $ | 65.52 | 1,217,273 | (2) | ||||||||||||||||||||||||||||||||||
Equity compensation plans not approved by security holders | Equity compensation plans not approved by security holders | 419,603 | (3) | N/A | — | |||||||||||||||||||||||||||||||||||
Total | 4,988,139 | $ | 46.62 | 2,353,493 |
(3)Includes (i) 120,924 restricted Operating Partnership units granted at a market price of $13.03 per unit to Vornado Trustees that are not executives of the Company as part of their annual Trustee fees and (ii) 116,612 restricted Operating Partnership units granted at a market price of $19.30 per unit to Vornado consultants that are not executives of the Company for annual consulting fees, and (iii) 182,067 restricted Operating Partnership units granted in 2022. ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE |
Annual Report on Form 10-K | |||||
Column A | Column B | Column C | Column D | Column E | ||||||||||||
Description | Balance at Beginning of Year | Additions Charged Against Operations | Uncollectible Accounts Written-off | Balance at End of Year | ||||||||||||
Year Ended December 31, 2017 | ||||||||||||||||
Allowance for doubtful accounts | $ | 8,621 | $ | 26 | $ | (2,167 | ) | $ | 6,480 | |||||||
Year Ended December 31, 2016 | ||||||||||||||||
Allowance for doubtful accounts | $ | 10,075 | $ | 1,827 | $ | (3,281 | ) | $ | 8,621 | |||||||
Year Ended December 31, 2015 | ||||||||||||||||
Allowance for doubtful accounts | $ | 18,299 | $ | (1,429 | ) | $ | (6,795 | ) | $ | 10,075 |
COLUMN A | COLUMN B | COLUMN C | COLUMN D | COLUMN E | COLUMN F | COLUMN G | COLUMN H | COLUMN I | ||||||||||||||||||||||||||||||||||||||||||||||||
Encumbrances(1) | Initial cost to company | Costs capitalized subsequent to acquisition | Gross amount at which carried at close of period | Accumulated depreciation and amortization | Date of construction(3) | Date acquired | Life on which depreciation in latest income statement is computed | |||||||||||||||||||||||||||||||||||||||||||||||||
Land | Buildings and improvements | Land | Buildings and improvements | Total(2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
New York | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Manhattan | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1290 Avenue of the Americas | $ | 950,000 | $ | 518,244 | $ | 926,992 | $ | 257,295 | $ | 518,244 | $ | 1,184,287 | $ | 1,702,531 | $ | 495,262 | 1963 | 2007 | (4) | |||||||||||||||||||||||||||||||||||||
One Park Avenue | 525,000 | 197,057 | 369,016 | 15,684 | 197,057 | 384,700 | 581,757 | 25,714 | 1926 | 2021 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
350 Park Avenue | 400,000 | 265,889 | 363,381 | 108,646 | 306,034 | 431,882 | 737,916 | 181,322 | 1960 | 2006 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
PENN 1 | — | — | 412,169 | 914,769 | — | 1,326,938 | 1,326,938 | 435,128 | 1972 | 1998 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
100 West 33rd Street | 480,000 | 331,371 | 361,443 | 78,189 | 331,371 | 439,632 | 771,003 | 186,718 | 1911/2009 | 2007 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
150 West 34th Street | 75,000 | 119,657 | 268,509 | — | 119,657 | 268,509 | 388,166 | 57,618 | 1900 | 2015 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
PENN 2 | 575,000 | (5) | 53,615 | 164,903 | 845,098 | 52,689 | 1,010,927 | 1,063,616 | 109,183 | 1968 | 1997 | (4) | ||||||||||||||||||||||||||||||||||||||||||||
90 Park Avenue | — | 8,000 | 175,890 | 200,721 | 8,000 | 376,611 | 384,611 | 208,034 | 1964 | 1997 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
770 Broadway | 700,000 | 52,898 | 95,686 | 198,096 | 52,898 | 293,782 | 346,680 | 146,826 | 1907 | 1998 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
888 Seventh Avenue | 259,800 | — | 117,269 | 180,130 | — | 297,399 | 297,399 | 168,398 | 1980 | 1998 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
PENN 11 | 500,000 | 40,333 | 85,259 | 142,088 | 40,333 | 227,347 | 267,680 | 112,615 | 1923 | 1997 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
909 Third Avenue | 350,000 | — | 120,723 | 128,753 | — | 249,476 | 249,476 | 143,228 | 1969 | 1999 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
150 East 58th Street | — | 39,303 | 80,216 | 65,710 | 39,303 | 145,926 | 185,229 | 78,336 | 1969 | 1998 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
595 Madison Avenue | — | 62,731 | 62,888 | 82,600 | 62,731 | 145,488 | 208,219 | 64,983 | 1968 | 1999 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
330 West 34th Street | — | — | 8,599 | 188,073 | — | 196,672 | 196,672 | 68,953 | 1925 | 1998 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
715 Lexington Avenue | — | — | 26,903 | 20,828 | 30,086 | 17,645 | 47,731 | 2,918 | 1923 | 2001 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
4 Union Square South | 120,000 | 24,079 | 55,220 | 14,329 | 24,079 | 69,549 | 93,628 | 30,512 | 1965/2004 | 1993 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
The Farley Building | — | — | 476,235 | 956,812 | — | 1,433,047 | 1,433,047 | 106,076 | 1912 | 2018 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
260 Eleventh Avenue | — | — | 80,482 | 8,201 | — | 88,683 | 88,683 | 18,343 | 1911 | 2015 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
606 Broadway | 74,119 | 45,406 | 8,993 | 486 | 23,930 | 30,955 | 54,885 | 1,696 | 2016 | (4) | ||||||||||||||||||||||||||||||||||||||||||||||
435 Seventh Avenue | 95,696 | 19,893 | 19,091 | 2,032 | 19,893 | 21,123 | 41,016 | 12,659 | 2002 | 1997 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
131-135 West 33rd Street | — | 8,315 | 21,312 | 477 | 8,315 | 21,789 | 30,104 | 4,478 | 2016 | (4) | ||||||||||||||||||||||||||||||||||||||||||||||
304 - 306 Canal Street | — | 3,511 | 12,905 | (7,629) | 1,771 | 7,016 | 8,787 | 539 | 1910 | 2014 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
1131 Third Avenue | — | 7,844 | 7,844 | 5,683 | 7,844 | 13,527 | 21,371 | 3,886 | 1997 | (4) | ||||||||||||||||||||||||||||||||||||||||||||||
431 Seventh Avenue | — | 16,700 | 2,751 | 300 | 16,700 | 3,051 | 19,751 | 1,157 | 2007 | (4) | ||||||||||||||||||||||||||||||||||||||||||||||
138-142 West 32nd Street | — | 9,252 | 9,936 | 2,132 | 9,252 | 12,068 | 21,320 | 2,611 | 1920 | 2015 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
334 Canal Street | — | 1,693 | 6,507 | 1,304 | 753 | 8,751 | 9,504 | 614 | 2011 | (4) | ||||||||||||||||||||||||||||||||||||||||||||||
966 Third Avenue | — | 8,869 | 3,631 | — | 8,869 | 3,631 | 12,500 | 938 | 2013 | (4) | ||||||||||||||||||||||||||||||||||||||||||||||
137 West 33rd Street | — | 6,398 | 1,550 | — | 6,398 | 1,550 | 7,948 | 339 | 1932 | 2015 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
825 Seventh Avenue | — | 1,483 | 697 | 3,969 | 1,483 | 4,666 | 6,149 | 1,299 | 1997 | (4) | ||||||||||||||||||||||||||||||||||||||||||||||
537 West 26th Street | — | 10,370 | 17,632 | 20,000 | 26,631 | 21,371 | 48,002 | 4,396 | 2018 | (4) | ||||||||||||||||||||||||||||||||||||||||||||||
COLUMN A | COLUMN B | COLUMN C | COLUMN D | COLUMN E | COLUMN F | COLUMN G | COLUMN H | COLUMN I | ||||||||||||||||||||||||||
Encumbrances (2) | Initial cost to company (1) | Costs capitalized subsequent to acquisition | Gross amount at which carried at close of period | Accumulated depreciation and amortization | Date of construction (4) | Date acquired | Life on which depreciation in latest income statement is computed | |||||||||||||||||||||||||||
Land | Buildings and improvements | Land | Buildings and improvements | Total (3) | ||||||||||||||||||||||||||||||
New York | ||||||||||||||||||||||||||||||||||
Manhattan | ||||||||||||||||||||||||||||||||||
1290 Avenue of the Americas | $ | 950,000 | $ | 515,539 | $ | 923,653 | $ | 222,019 | $ | 515,539 | $ | 1,145,672 | $ | 1,661,211 | $ | 302,588 | 1963 | 2007 | (5) | |||||||||||||||
697-703 Fifth Avenue (St. Regis - retail) | 450,000 | 152,825 | 584,230 | 212 | 152,825 | 584,442 | 737,267 | 46,409 | 2014 | (5) | ||||||||||||||||||||||||
350 Park Avenue | 400,000 | 265,889 | 363,381 | 47,714 | 265,889 | 411,095 | 676,984 | 118,948 | 1960 | 2006 | (5) | |||||||||||||||||||||||
666 Fifth Avenue (Retail Condo) | 390,000 | 189,005 | 471,072 | — | 189,005 | 471,072 | 660,077 | 61,050 | 2012 | (5) | ||||||||||||||||||||||||
One Penn Plaza | — | — | 412,169 | 236,985 | — | 649,154 | 649,154 | 294,104 | 1972 | 1998 | (5) | |||||||||||||||||||||||
100 West 33rd Street | 398,402 | 242,776 | 247,970 | 34,479 | 242,776 | 282,449 | 525,225 | 79,163 | 1911 | 2007 | (5) | |||||||||||||||||||||||
1535 Broadway (Marriott Marquis) | — | — | 249,285 | 149,716 | — | 399,001 | 399,001 | 25,326 | 2012 | (5) | ||||||||||||||||||||||||
150 West 34th Street | 205,000 | 119,657 | 268,509 | — | 119,657 | 268,509 | 388,166 | 17,341 | 1900 | 2015 | (5) | |||||||||||||||||||||||
1540 Broadway | — | 105,914 | 214,208 | 28,825 | 105,914 | 243,033 | 348,947 | 54,741 | 2006 | (5) | ||||||||||||||||||||||||
655 Fifth Avenue | 140,000 | 102,594 | 231,903 | — | 102,594 | 231,903 | 334,497 | 24,837 | 2013 | (5) | ||||||||||||||||||||||||
Two Penn Plaza | 575,000 | 53,615 | 164,903 | 106,557 | 52,689 | 272,386 | 325,075 | 156,678 | 1968 | 1997 | (5) | |||||||||||||||||||||||
90 Park Avenue | — | 8,000 | 175,890 | 176,847 | 8,000 | 352,737 | 360,737 | 117,458 | 1964 | 1997 | (5) | |||||||||||||||||||||||
Manhattan Mall | 181,598 | 88,595 | 113,473 | 71,579 | 88,595 | 185,052 | 273,647 | 60,036 | 2009 | 2007 | (5) | |||||||||||||||||||||||
770 Broadway | 700,000 | 52,898 | 95,686 | 121,075 | 52,898 | 216,761 | 269,659 | 89,691 | 1907 | 1998 | (5) | |||||||||||||||||||||||
888 Seventh Avenue | 375,000 | — | 117,269 | 141,655 | — | 258,924 | 258,924 | 116,203 | 1980 | 1998 | (5) | |||||||||||||||||||||||
Eleven Penn Plaza | 450,000 | 40,333 | 85,259 | 105,575 | 40,333 | 190,834 | 231,167 | 69,613 | 1923 | 1997 | (5) | |||||||||||||||||||||||
640 Fifth Avenue | — | 38,224 | 25,992 | 156,605 | 38,224 | 182,597 | 220,821 | 52,575 | 1950 | 1997 | (5) | |||||||||||||||||||||||
909 Third Avenue | 350,000 | — | 120,723 | 98,723 | — | 219,446 | 219,446 | 92,000 | 1969 | 1999 | (5) | |||||||||||||||||||||||
150 East 58th Street | — | 39,303 | 80,216 | 44,769 | 39,303 | 124,985 | 164,288 | 57,827 | 1969 | 1998 | (5) | |||||||||||||||||||||||
595 Madison Avenue | — | 62,731 | 62,888 | 35,314 | 62,731 | 98,202 | 160,933 | 37,977 | 1968 | 1999 | (5) | |||||||||||||||||||||||
330 West 34th Street | — | — | 8,599 | 142,977 | — | 151,576 | 151,576 | 21,734 | 1925 | 1998 | (5) | |||||||||||||||||||||||
828-850 Madison Avenue | 80,000 | 107,937 | 28,261 | 134 | 107,937 | 28,395 | 136,332 | 8,952 | 2005 | (5) | ||||||||||||||||||||||||
33-00 Northern Boulevard | 59,721 | 46,505 | 86,226 | 4,689 | 46,505 | 90,915 | 137,420 | 7,338 | 1915 | 2015 | (5) | |||||||||||||||||||||||
715 Lexington Avenue | — | — | 26,903 | 63,244 | 63,000 | 27,147 | 90,147 | 8,623 | 1923 | 2001 | (5) | |||||||||||||||||||||||
478-486 Broadway | — | 30,000 | 20,063 | 34,835 | 30,000 | 54,898 | 84,898 | 12,393 | 2009 | 2007 | (5) | |||||||||||||||||||||||
4 Union Square South | 114,028 | 24,079 | 55,220 | 2,971 | 24,079 | 58,191 | 82,270 | 19,464 | 1965/2004 | 1993 | (5) | |||||||||||||||||||||||
260 Eleventh Avenue | — | — | 80,482 | 867 | — | 81,349 | 81,349 | 5,470 | 1911 | 2015 | (5) | |||||||||||||||||||||||
510 Fifth Avenue | — | 34,602 | 18,728 | 34,922 | 48,379 | 39,873 | 88,252 | 8,128 | 2010 | (5) | ||||||||||||||||||||||||
606 Broadway | 38,458 | — | 54,399 | 23,163 | — | 77,562 | 77,562 | — | 2016 | (5) | ||||||||||||||||||||||||
40 Fulton Street | — | 15,732 | 26,388 | 15,493 | 15,732 | 41,881 | 57,613 | 20,130 | 1987 | 1998 | (5) | |||||||||||||||||||||||
689 Fifth Avenue | — | 19,721 | 13,446 | 24,555 | 19,721 | 38,001 | 57,722 | 12,231 | 1925 | 1998 | (5) | |||||||||||||||||||||||
443 Broadway | — | 11,187 | 41,186 | — | 11,187 | 41,186 | 52,373 | 4,779 | 2013 | (5) | ||||||||||||||||||||||||
40 East 66th Street | — | 13,616 | 34,635 | 159 | 13,616 | 34,794 | 48,410 | 10,521 | 2005 | (5) |
COLUMN A | COLUMN B | COLUMN C | COLUMN D | COLUMN E | COLUMN F | COLUMN G | COLUMN H | COLUMN I | ||||||||||||||||||||||||||||||||||||||||||||||||
Encumbrances(1) | Initial cost to company | Costs capitalized subsequent to acquisition | Gross amount at which carried at close of period | Accumulated depreciation and amortization | Date of construction(3) | Date acquired | Life on which depreciation in latest income statement is computed | |||||||||||||||||||||||||||||||||||||||||||||||||
Land | Buildings and improvements | Land | Buildings and improvements | Total(2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
New York - continued | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Manhattan - continued | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
339 Greenwich Street | $ | — | $ | 2,622 | $ | 12,333 | $ | (10,018) | $ | 866 | $ | 4,071 | $ | 4,937 | $ | 368 | 2017 | (4) | ||||||||||||||||||||||||||||||||||||||
Hotel Pennsylvania | — | 29,903 | 121,712 | 163,985 | 29,903 | 285,697 | 315,600 | — | 1919 | 1997 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
Other (Including Signage) | — | 140,477 | 31,892 | 56,012 | 108,589 | 119,792 | 228,381 | 32,781 | (4) | |||||||||||||||||||||||||||||||||||||||||||||||
Total Manhattan | 5,104,615 | 2,025,913 | 4,530,569 | 4,644,755 | 2,053,679 | 9,147,558 | 11,201,237 | 2,707,928 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other Properties | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paramus, New Jersey | — | — | — | 20,408 | 1,033 | 19,375 | 20,408 | 14,819 | 1967 | 1987 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
Total Other Properties | — | — | — | 20,408 | 1,033 | 19,375 | 20,408 | 14,819 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total New York | 5,104,615 | 2,025,913 | 4,530,569 | 4,665,163 | 2,054,712 | 9,166,933 | 11,221,645 | 2,722,747 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
THE MART | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
THE MART, Illinois | $ | — | $ | 64,528 | $ | 319,146 | $ | 475,435 | $ | 64,535 | $ | 794,574 | $ | 859,109 | $ | 406,292 | 1930 | 1998 | (4) | |||||||||||||||||||||||||||||||||||||
527 West Kinzie, Illinois | — | 5,166 | — | 317 | 5,166 | 317 | 5,483 | — | 1998 | |||||||||||||||||||||||||||||||||||||||||||||||
Total THE MART | — | 69,694 | 319,146 | 475,752 | 69,701 | 794,891 | 864,592 | 406,292 | ||||||||||||||||||||||||||||||||||||||||||||||||
555 California Street, California | 1,200,000 | 223,446 | 895,379 | 278,150 | 223,446 | 1,173,529 | 1,396,975 | 468,993 | 1922,1969 -1970 | 2007 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
Borgata Land, Atlantic City, NJ | — | 83,089 | — | 1,405 | 83,089 | 1,405 | 84,494 | 671 | — | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||
759-771 Madison Avenue (40 East 66th Street) Residential, New York | — | 8,454 | 13,321 | (8,193) | 5,273 | 8,309 | 13,582 | 3,541 | — | 2005 | (4) | |||||||||||||||||||||||||||||||||||||||||||||
Annapolis, Maryland | — | — | 9,652 | — | — | 9,652 | 9,652 | 5,215 | 2005 | (4) | ||||||||||||||||||||||||||||||||||||||||||||||
Wayne Towne Center, New Jersey | — | — | 26,137 | 49,313 | — | 75,450 | 75,450 | 42,400 | 2010 | (4) | ||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | 3,861 | — | 3,861 | 3,861 | 2,291 | (4) | |||||||||||||||||||||||||||||||||||||||||||||||
Total Other | 1,200,000 | 384,683 | 1,263,635 | 800,288 | 381,509 | 2,067,097 | 2,448,606 | 929,403 | ||||||||||||||||||||||||||||||||||||||||||||||||
Leasehold improvements, equipment and other | — | — | — | 130,953 | — | 130,953 | 130,953 | 100,677 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total December 31, 2023 | $ | 6,304,615 | $ | 2,410,596 | $ | 5,794,204 | $ | 5,596,404 | $ | 2,436,221 | $ | 11,364,983 | $ | 13,801,204 | $ | 3,752,827 |
COLUMN A | COLUMN B | COLUMN C | COLUMN D | COLUMN E | COLUMN F | COLUMN G | COLUMN H | COLUMN I | ||||||||||||||||||||||||||
Encumbrances (2) | Initial cost to company (1) | Costs capitalized subsequent to acquisition | Gross amount at which carried at close of period | Accumulated depreciation and amortization | Date of construction (4) | Date acquired | Life on which depreciation in latest income statement is computed | |||||||||||||||||||||||||||
Land | Buildings and improvements | Land | Buildings and improvements | Total (3) | ||||||||||||||||||||||||||||||
New York - continued | ||||||||||||||||||||||||||||||||||
Manhattan - continued | ||||||||||||||||||||||||||||||||||
155 Spring Street | $ | — | $ | 13,700 | $ | 30,544 | $ | 4,545 | $ | 13,700 | $ | 35,089 | $ | 48,789 | $ | 9,516 | 2007 | (5) | ||||||||||||||||
435 Seventh Avenue | 96,780 | 19,893 | 19,091 | 37 | 19,893 | 19,128 | 39,021 | 7,418 | 2002 | 1997 | (5) | |||||||||||||||||||||||
3040 M Street | — | 7,830 | 27,490 | 3,583 | 7,830 | 31,073 | 38,903 | 9,923 | 2006 | (5) | ||||||||||||||||||||||||
608 Fifth Avenue | — | — | — | 38,829 | — | 38,829 | 38,829 | 8,859 | 1932 | 2012 | (5) | |||||||||||||||||||||||
692 Broadway | — | 6,053 | 22,908 | 3,690 | 6,053 | 26,598 | 32,651 | 8,422 | 2005 | (5) | ||||||||||||||||||||||||
131-135 West 33rd Street | — | 8,315 | 21,312 | 24 | 8,315 | 21,336 | 29,651 | 879 | 2016 | (5) | ||||||||||||||||||||||||
265 West 34th Street | — | 28,500 | — | 23 | 28,500 | 23 | 28,523 | — | 1920 | 2015 | (5) | |||||||||||||||||||||||
304 Canal Street | — | 3,511 | 12,905 | 11,115 | 3,511 | 24,020 | 27,531 | 160 | 1910 | 2014 | (5) | |||||||||||||||||||||||
677-679 Madison Avenue | — | 13,070 | 9,640 | 413 | 13,070 | 10,053 | 23,123 | 2,913 | 2006 | (5) | ||||||||||||||||||||||||
1131 Third Avenue | — | 7,844 | 7,844 | 5,708 | 7,844 | 13,552 | 21,396 | 1,503 | 1997 | (5) | ||||||||||||||||||||||||
486 Eighth Avenue | — | 20,000 | 71 | 23 | 20,000 | 94 | 20,094 | — | 1928 | 2016 | (5) | |||||||||||||||||||||||
431 Seventh Avenue | — | 16,700 | 2,751 | — | 16,700 | 2,751 | 19,451 | 739 | 2007 | (5) | ||||||||||||||||||||||||
138-142 West 32nd Street | — | 9,252 | 9,936 | — | 9,252 | 9,936 | 19,188 | 724 | 1920 | 2015 | (5) | |||||||||||||||||||||||
334 Canal Street | — | 1,693 | 6,507 | 7,589 | 1,693 | 14,096 | 15,789 | 909 | 2011 | (5) | ||||||||||||||||||||||||
267 West 34th Street | — | 5,099 | 10,037 | 2 | 5,099 | 10,039 | 15,138 | 3,994 | 2013 | (5) | ||||||||||||||||||||||||
1540 Broadway Garage | — | 4,086 | 8,914 | — | 4,086 | 8,914 | 13,000 | 2,589 | 1990 | 2006 | (5) | |||||||||||||||||||||||
966 Third Avenue | — | 8,869 | 3,631 | — | 8,869 | 3,631 | 12,500 | 393 | 2013 | (5) | ||||||||||||||||||||||||
148 Spring Street | — | 3,200 | 8,112 | 406 | 3,200 | 8,518 | 11,718 | 2,054 | 2008 | (5) | ||||||||||||||||||||||||
150 Spring Street | — | 3,200 | 5,822 | 294 | 3,200 | 6,116 | 9,316 | 1,501 | 2008 | (5) | ||||||||||||||||||||||||
137 West 33rd Street | — | 6,398 | 1,550 | — | 6,398 | 1,550 | 7,948 | 107 | 1932 | 2015 | (5) | |||||||||||||||||||||||
488 Eighth Avenue | — | 10,650 | 1,767 | (4,671 | ) | 6,859 | 887 | 7,746 | 223 | 2007 | (5) | |||||||||||||||||||||||
484 Eighth Avenue | — | 3,856 | 762 | 485 | 3,856 | 1,247 | 5,103 | 526 | 1997 | (5) | ||||||||||||||||||||||||
825 Seventh Avenue | — | 1,483 | 697 | 33 | 1,483 | 730 | 2,213 | 380 | 1997 | (5) | ||||||||||||||||||||||||
339 Greenwich | — | 2,622 | 12,333 | — | 2,622 | 12,333 | 14,955 | 245 | 2017 | (5) | ||||||||||||||||||||||||
Other (including signage) | — | 80,762 | 14,895 | 114,889 | 80,762 | 129,784 | 210,546 | 33,136 | ||||||||||||||||||||||||||
Total Manhattan | 5,953,987 | 2,667,863 | 5,742,734 | 2,313,675 | 2,739,923 | 7,984,349 | 10,724,272 | 2,111,441 | ||||||||||||||||||||||||||
Other Properties | ||||||||||||||||||||||||||||||||||
Hotel Pennsylvania | — | 29,903 | 121,712 | 105,665 | 29,903 | 227,377 | 257,280 | 110,796 | 1919 | 1997 | (5) | |||||||||||||||||||||||
Paramus | — | — | — | 25,176 | 1,036 | 24,140 | 25,176 | 15,188 | 1967 | 1987 | (5) | |||||||||||||||||||||||
Total Other Properties | — | 29,903 | 121,712 | 130,841 | 30,939 | 251,517 | 282,456 | 125,984 | ||||||||||||||||||||||||||
Total New York | 5,953,987 | 2,697,766 | 5,864,446 | 2,444,516 | 2,770,862 | 8,235,866 | 11,006,728 | 2,237,425 |
COLUMN A | COLUMN B | COLUMN C | COLUMN D | COLUMN E | COLUMN F | COLUMN G | COLUMN H | COLUMN I | ||||||||||||||||||||||||||
Encumbrances (2) | Initial cost to company (1) | Costs capitalized subsequent to acquisition | Gross amount at which carried at close of period | Accumulated depreciation and amortization | Date of construction (4) | Date acquired | Life on which depreciation in latest income statement is computed | |||||||||||||||||||||||||||
Land | Buildings and improvements | Land | Buildings and improvements | Total (3) | ||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||
theMART | ||||||||||||||||||||||||||||||||||
Illinois | ||||||||||||||||||||||||||||||||||
theMART, Chicago | $ | 675,000 | $ | 64,528 | $ | 319,146 | $ | 380,720 | $ | 64,535 | $ | 699,859 | $ | 764,394 | $ | 283,135 | 1930 | 1998 | (5) | |||||||||||||||
527 West Kinzie, Chicago | — | 5,166 | — | 32 | 5,166 | 32 | 5,198 | — | 1998 | |||||||||||||||||||||||||
Total Illinois | 675,000 | 69,694 | 319,146 | 380,752 | 69,701 | 699,891 | 769,592 | 283,135 | ||||||||||||||||||||||||||
New York | ||||||||||||||||||||||||||||||||||
MMPI Piers | — | — | — | 15,117 | — | 15,117 | 15,117 | 2,450 | 2008 | (5) | ||||||||||||||||||||||||
Total theMART | 675,000 | 69,694 | 319,146 | 395,869 | 69,701 | 715,008 | 784,709 | 285,585 | ||||||||||||||||||||||||||
555 California Street | 569,215 | 221,903 | 893,324 | 152,004 | 209,916 | 1,057,315 | 1,267,231 | 261,218 | 1922, 1969-1970 | 2007 | (5) | |||||||||||||||||||||||
220 Central Park South | 950,000 | 115,720 | 16,420 | 1,265,899 | — | 1,398,039 | 1,398,039 | — | 2005 | (5) | ||||||||||||||||||||||||
Borgata Land, Atlantic City, NJ | 55,606 | 83,089 | — | — | 83,089 | — | 83,089 | 2010 | (5) | |||||||||||||||||||||||||
40 East 66th Residential | — | 29,199 | 85,798 | (93,222 | ) | 8,454 | 13,321 | 21,775 | 3,662 | 2005 | (5) | |||||||||||||||||||||||
677-679 Madison | — | 1,462 | 1,058 | 284 | 1,626 | 1,178 | 2,804 | 439 | 2006 | (5) | ||||||||||||||||||||||||
Annapolis | — | — | 9,652 | — | — | 9,652 | 9,652 | 3,709 | ||||||||||||||||||||||||||
Wayne Towne Center | — | — | 26,137 | 52,771 | — | 78,908 | 78,908 | 16,448 | ||||||||||||||||||||||||||
Other | — | — | — | 4,419 | — | 4,419 | 4,419 | 1,161 | 2005 | (5) | ||||||||||||||||||||||||
Total Other | 2,249,821 | 521,067 | 1,351,535 | 1,778,024 | 372,786 | 3,277,840 | 3,650,626 | 572,222 | ||||||||||||||||||||||||||
Leasehold improvements equipment and other | — | — | — | 98,941 | — | 98,941 | 98,941 | 75,636 | ||||||||||||||||||||||||||
Total December 31, 2017 | $ | 8,203,808 | $ | 3,218,833 | $ | 7,215,981 | $ | 4,321,481 | $ | 3,143,648 | $ | 11,612,647 | $ | 14,756,295 | $ | 2,885,283 |
Year Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Real Estate | |||||||||||||||||
Balance at beginning of period | $ | 13,314,755 | $ | 13,217,845 | $ | 12,087,943 | |||||||||||
Additions during the period: | |||||||||||||||||
Land | 40,145 | — | 197,057 | ||||||||||||||
Buildings & improvements and other | 713,740 | 711,722 | 1,286,474 | ||||||||||||||
14,068,640 | 13,929,567 | 13,571,474 | |||||||||||||||
Less: Assets sold, written-off, reclassified to ready for sale and deconsolidated | 267,436 | 614,812 | 353,629 | ||||||||||||||
Balance at end of period | $ | 13,801,204 | $ | 13,314,755 | $ | 13,217,845 | |||||||||||
Accumulated Depreciation | |||||||||||||||||
Balance at beginning of period | $ | 3,470,991 | $ | 3,376,347 | $ | 3,169,446 | |||||||||||
Depreciation expense | 382,638 | 449,864 | 362,311 | ||||||||||||||
3,853,629 | 3,826,211 | 3,531,757 | |||||||||||||||
Less: Accumulated depreciation on assets sold, written-off and deconsolidated | 100,802 | 355,220 | 155,410 | ||||||||||||||
Balance at end of period | $ | 3,752,827 | $ | 3,470,991 | $ | 3,376,347 |
Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Real Estate | |||||||||||
Balance at beginning of period | $ | 14,187,820 | $ | 13,545,295 | $ | 12,438,940 | |||||
Additions during the period: | |||||||||||
Land | 21,298 | 30,805 | 281,048 | ||||||||
Buildings & improvements | 598,820 | 854,194 | 1,030,043 | ||||||||
14,807,938 | 14,430,294 | 13,750,031 | |||||||||
Less: Assets sold, written-off and deconsolidated | 51,643 | 242,474 | 204,736 | ||||||||
Balance at end of period | $ | 14,756,295 | $ | 14,187,820 | $ | 13,545,295 | |||||
Accumulated Depreciation | |||||||||||
Balance at beginning of period | $ | 2,581,514 | $ | 2,356,728 | $ | 2,209,778 | |||||
Additions charged to operating expenses | 360,391 | 346,755 | 309,306 | ||||||||
2,941,905 | 2,703,483 | 2,519,084 | |||||||||
Less: Accumulated depreciation on assets sold, written-off and deconsolidated | 56,622 | 121,969 | 162,356 | ||||||||
Balance at end of period | $ | 2,885,283 | $ | 2,581,514 | $ | 2,356,728 |
Exhibit No. | |||||||||||||||||||
— | |||||||||||||||||||
Articles of Restatement of Vornado Realty Trust, as filed with the State | |||||||||||||||||||
Department of Assessments and Taxation of Maryland on July 30, 2007 - Incorporated | |||||||||||||||||||
by reference to Exhibit 3.75 to Vornado Realty Trust’s Quarterly Report on Form 10-Q | |||||||||||||||||||
for the quarter ended June 30, 2007 (File No. 001-11954), filed on July 31, 2007 | * | ||||||||||||||||||
— | Amended and Restated Bylaws of Vornado Realty Trust, as amended on | ||||||||||||||||||
Incorporated by reference to Exhibit | * | ||||||||||||||||||
3.3 | — | Articles of Amendment to Declaration of Trust, dated September 30, 2016 – Incorporated by reference to Exhibit 3.3 to Vornado Realty Trust’s Annual Report on | |||||||||||||||||
Form 10-K for the year ended December 31, | * | ||||||||||||||||||
3.4 | — | Articles of Amendment of Vornado Realty Trust, as filed with the State Department of Assessments and Taxation of Maryland on October 4, 2016—Incorporated by reference to Annex B to Vornado Realty Trust's Definitive Proxy Statement on Schedule 14A (File No. 001-11954), filed on April 8, 2016. | * | ||||||||||||||||
3.5 | — | Articles of Amendment to Declaration of Trust, dated June 13, 2018 - Incorporated by reference to Exhibit 3.54 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended June 30, 2018 (File No. 001-11954), filed on July 30, 2018 | * | ||||||||||||||||
— | * | ||||||||||||||||||
3.7 | — | Articles Supplementary, 5.40% Series L Cumulative Redeemable Preferred Shares of | |||||||||||||||||
Beneficial Interest, liquidation preference $25.00 per share, no par value – Incorporated by | |||||||||||||||||||
reference to Exhibit 3.6 to Vornado Realty Trust’s Registration Statement on Form 8-A | |||||||||||||||||||
* | |||||||||||||||||||
— | Articles Supplementary Classifying Vornado Realty Trust's 5.25% Series M Cumulative Redeemable Preferred | ||||||||||||||||||
Shares of Beneficial Interest, liquidation preference $25.00 per share, no par value - Incorporated by | |||||||||||||||||||
reference to Exhibit 3.7 to Vornado Realty Trust's Registration Statement on | |||||||||||||||||||
Form 8-A (File No. 001-11954), filed on December 13, 2017 | * | ||||||||||||||||||
— | Articles Supplementary Classifying Vornado Realty Trust's 5.25% Series N Cumulative Redeemable Preferred Shares of Beneficial Interest, liquidation preference $25.00 per share, no par value - Incorporated by reference to Exhibit 3.1 to Vornado Realty Trust's Current Report on Form 8-K (File No. 001-11954), filed on November 24, 2020 | * | |||||||||||||||||
3. | — | * | |||||||||||||||||
3.11 | — | Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., | |||||||||||||||||
dated as of October 20, 1997 (the “Partnership Agreement”) – Incorporated by reference | |||||||||||||||||||
to Exhibit 3.26 to Vornado Realty Trust’s Quarterly Report on Form 10-Q for the quarter | |||||||||||||||||||
ended March 31, 2003 (File No. 001-11954), filed on May 8, 2003 | * | ||||||||||||||||||
— | Amendment to the Partnership Agreement, dated as of December 16, 1997 – Incorporated by | ||||||||||||||||||
reference to Exhibit 3.27 to Vornado Realty Trust’s Quarterly Report on Form 10-Q for | |||||||||||||||||||
the quarter ended March 31, 2003 (File No. 001-11954), filed on May 8, 2003 | * | ||||||||||||||||||
3. | — | Second Amendment to the Partnership Agreement, dated as of April 1, 1998 – Incorporated | |||||||||||||||||
by reference to Exhibit 3.5 to Vornado Realty Trust’s Registration Statement on Form S-3 | |||||||||||||||||||
* | |||||||||||||||||||
3. | — | Third Amendment to the Partnership Agreement, dated as of November 12, 1998 - | |||||||||||||||||
Incorporated by reference to Exhibit 3.2 to Vornado Realty Trust’s Current Report on | |||||||||||||||||||
Form 8-K (File No. 001-11954), filed on November 30, 1998 | * | ||||||||||||||||||
3. | — | Fourth Amendment to the Partnership Agreement, dated as of November 30, 1998 - | |||||||||||||||||
Incorporated by reference to Exhibit 3.1 to Vornado Realty Trust’s Current Report on | |||||||||||||||||||
Form 8-K (File No. 001-11954), filed on February 9, 1999 | * | ||||||||||||||||||
— | Fifth Amendment to the Partnership Agreement, dated as of March 3, 1999 - Incorporated by | ||||||||||||||||||
reference to Exhibit 3.1 to Vornado Realty Trust’s Current Report on Form 8-K | |||||||||||||||||||
* | |||||||||||||||||||
3.1 | — | Sixth Amendment to the Partnership Agreement, dated as of March 17, 1999 - Incorporated | |||||||||||||||||
by reference to Exhibit 3.2 to Vornado Realty Trust’s Current Report on Form 8-K | |||||||||||||||||||
* | |||||||||||||||||||
3.1 | — | Seventh Amendment to the Partnership Agreement, dated as of May 20, 1999 - Incorporated | |||||||||||||||||
by reference to Exhibit 3.3 to Vornado Realty Trust’s Current Report on Form 8-K | |||||||||||||||||||
* | |||||||||||||||||||
3.1 | — | Eighth Amendment to the Partnership Agreement, dated as of May 27, 1999 - Incorporated | |||||||||||||||
by reference to Exhibit 3.4 to Vornado Realty Trust’s Current Report on Form 8-K | |||||||||||||||||
* | |||||||||||||||||
— | Ninth Amendment to the Partnership Agreement, dated as of September 3, 1999 - | ||||||||||||||||
Incorporated by reference to Exhibit 3.3 to Vornado Realty Trust’s Current Report on | |||||||||||||||||
Form 8-K (File No. 001-11954), filed on October 25, 1999 | * | ||||||||||||||||
— | Tenth Amendment to the Partnership Agreement, dated as of September 3, 1999 - | ||||||||||||||||
Incorporated by reference to Exhibit 3.4 to Vornado Realty Trust's Current Report on | |||||||||||||||||
Form 8-K (File No. 001-11954), filed on October 25, 1999 | * | ||||||||||||||||
— | Eleventh Amendment to the Partnership Agreement, dated as of November 24, 1999 - | ||||||||||||||||
Incorporated by reference to Exhibit 3.2 to Vornado Realty Trust’s Current Report on | |||||||||||||||||
Form 8-K (File No. 001-11954), filed on December 23, 1999 | * | ||||||||||||||||
________________________________ | |||||||||||||||||
* | Incorporated by reference | ||||||||||||||||
— | Twelfth Amendment to the Partnership Agreement, dated as of May 1, 2000 - Incorporated | |||||||||||||||||
by reference to Exhibit 3.2 to Vornado Realty Trust’s Current Report on Form 8-K | ||||||||||||||||||
* | ||||||||||||||||||
— | Thirteenth Amendment to the Partnership Agreement, dated as of May 25, 2000 - | |||||||||||||||||
Incorporated by reference to Exhibit 3.2 to Vornado Realty Trust’s Current Report on | ||||||||||||||||||
Form 8-K (File No. 001-11954), filed on June 16, 2000 | * | |||||||||||||||||
— | Fourteenth Amendment to the Partnership Agreement, dated as of December 8, 2000 - | |||||||||||||||||
Incorporated by reference to Exhibit 3.2 to Vornado Realty Trust’s Current Report on | ||||||||||||||||||
Form 8-K (File No. 001-11954), filed on December 28, 2000 | * | |||||||||||||||||
— | Fifteenth Amendment to the Partnership Agreement, dated as of December 15, 2000 - | |||||||||||||||||
Incorporated by reference to Exhibit 4.35 to Vornado Realty Trust’s Registration | ||||||||||||||||||
Statement on Form S-8 (File No. 333-68462), filed on August 27, 2001 | * | |||||||||||||||||
3.2 | — | Sixteenth Amendment to the Partnership Agreement, dated as of July 25, 2001 - Incorporated | ||||||||||||||||
by reference to Exhibit 3.3 to Vornado Realty Trust’s Current Report on Form 8-K | ||||||||||||||||||
* | ||||||||||||||||||
3.2 | — | Seventeenth Amendment to the Partnership Agreement, dated as of September 21, 2001 - | ||||||||||||||||
Incorporated by reference to Exhibit 3.4 to Vornado Realty Trust’s Current Report on | ||||||||||||||||||
Form | * | |||||||||||||||||
3.2 | — | Eighteenth Amendment to the Partnership Agreement, dated as of January 1, 2002 - | ||||||||||||||||
Incorporated by reference to Exhibit 3.1 to Vornado Realty Trust’s Current Report on | ||||||||||||||||||
Form 8-K/A (File No. 001-11954), filed on March 18, 2002 | * | |||||||||||||||||
— | Nineteenth Amendment to the Partnership Agreement, dated as of July 1, 2002 - Incorporated | |||||||||||||||||
by reference to Exhibit 3.47 to Vornado Realty Trust’s Quarterly Report on Form 10-Q | ||||||||||||||||||
for the quarter ended June 30, 2002 (File No. 001-11954), filed on August 7, 2002 | * | |||||||||||||||||
— | Twentieth Amendment to the Partnership Agreement, dated April 9, 2003 - Incorporated by | |||||||||||||||||
reference to Exhibit 3.46 to Vornado Realty Trust’s Quarterly Report on Form 10-Q for | ||||||||||||||||||
the quarter ended March 31, 2003 (File No. 001-11954), filed on May 8, 2003 | * | |||||||||||||||||
— | Twenty-First Amendment to the Partnership Agreement, dated as of July 31, 2003 - | |||||||||||||||||
Incorporated by reference to Exhibit 3.47 to Vornado Realty Trust’s Quarterly Report | ||||||||||||||||||
on Form 10-Q for the quarter ended September 30, 2003 (File No. 001-11954), filed on | ||||||||||||||||||
* | ||||||||||||||||||
— | Twenty-Second Amendment to the Partnership Agreement, dated as of November 17, 2003 – | |||||||||||||||||
Incorporated by reference to Exhibit 3.49 to Vornado Realty Trust’s Annual Report on | ||||||||||||||||||
Form 10-K for the year ended December 31, 2003 (File No. 001-11954), filed on | ||||||||||||||||||
* | ||||||||||||||||||
— | Twenty-Third Amendment to the Partnership Agreement, dated May 27, 2004 – Incorporated | ||||||||||||||||||
by reference to Exhibit 99.2 to Vornado Realty Trust’s Current Report on Form 8-K | |||||||||||||||||||
* | |||||||||||||||||||
— | Twenty-Fourth Amendment to the Partnership Agreement, dated August 17, 2004 – | ||||||||||||||||||
Incorporated by reference to Exhibit 3.57 to Vornado Realty Trust and Vornado Realty | |||||||||||||||||||
L.P.’s Registration Statement on Form S-3 (File No. 333-122306), filed on | |||||||||||||||||||
* | |||||||||||||||||||
— | Twenty-Fifth Amendment to the Partnership Agreement, dated November 17, 2004 – | ||||||||||||||||||
Incorporated by reference to Exhibit 3.58 to Vornado Realty Trust and Vornado Realty | |||||||||||||||||||
L.P.’s Registration Statement on Form S-3 (File No. 333-122306), filed on | |||||||||||||||||||
* | |||||||||||||||||||
3.3 | — | Twenty-Sixth Amendment to the Partnership Agreement, dated December 17, 2004 – | |||||||||||||||||
Incorporated | |||||||||||||||||||
by reference to Exhibit 3.1 to Vornado Realty L.P.’s Current Report on Form 8-K | |||||||||||||||||||
* | |||||||||||||||||||
3.3 | — | * | |||||||||||||||||
3.39 | — | Twenty-Eighth Amendment to the Partnership Agreement, dated December 30, 2004 - Incorporated by | |||||||||||||||||
reference to Exhibit 3.1 to Vornado Realty L.P.’s Current Report on Form 8-K | |||||||||||||||||||
* | |||||||||||||||||||
— | |||||||||||||||||||
Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685), filed on June 21, 2005 | * | ||||||||||||||||||
3.41 | — | Thirtieth Amendment to the Partnership Agreement, dated August 31, 2005 - Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685), filed on September 1, 2005 | * | ||||||||||||||||
3.42 | — | Thirty-First Amendment to the Partnership Agreement, dated September 9, 2005 - Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685), filed on September 14, 2005 | * | ||||||||||||||||
— | Thirty-Second Amendment and Restated Agreement of Limited Partnership, dated as of | ||||||||||||||||||
December 19, 2005 – Incorporated by reference to Exhibit 3.59 to Vornado Realty L.P.’s | |||||||||||||||||||
Quarterly Report on Form 10-Q for the quarter ended March 31, 2006 | |||||||||||||||||||
* | |||||||||||||||||||
— | Thirty-Third Amendment to Second Amended and Restated Agreement of Limited | ||||||||||||||||||
Partnership, dated as of April 25, 2006 – Incorporated by reference to Exhibit 10.2 to | |||||||||||||||||||
Vornado Realty Trust’s Form 8-K (File No. 001-11954), filed on May 1, 2006 | * | ||||||||||||||||||
— | Thirty-Fourth Amendment to Second Amended and Restated Agreement of Limited | ||||||||||||||||||
Partnership, dated as of May 2, 2006 – Incorporated by reference to Exhibit 3.1 to | |||||||||||||||||||
Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685), filed on | |||||||||||||||||||
* | |||||||||||||||||||
— | Thirty-Fifth Amendment to Second Amended and Restated Agreement of Limited | ||||||||||||||||||
Partnership, dated as of August 17, 2006 – Incorporated by reference to Exhibit 3.1 to | |||||||||||||||||||
Vornado Realty L.P.’s Form 8-K (File No. 000-22685), filed on August 23, 2006 | * | ||||||||||||||||||
3.4 | — | Thirty-Sixth Amendment to Second Amended and Restated Agreement of Limited | |||||||||||||||||
Partnership, dated as of October 2, 2006 – Incorporated by reference to Exhibit 3.1 to | |||||||||||||||||||
Vornado Realty L.P.’s Form 8-K (File No. 000-22685), filed on January 22, 2007 | * | ||||||||||||||||||
__________________________________ | |||||||||||||||||||
* | Incorporated by reference | ||||||||||||||||||
3.4 | — | Thirty-Seventh Amendment to Second Amended and Restated Agreement of Limited | |||||||||||||||
Partnership, dated as of June 28, 2007 – Incorporated by reference to Exhibit 3.1 to | |||||||||||||||||
Vornado Realty L.P. | |||||||||||||||||
* | |||||||||||||||||
3.4 | — | Thirty-Eighth Amendment to Second Amended and Restated Agreement of Limited | |||||||||||||||
Partnership, dated as of June 28, 2007 – Incorporated by reference to Exhibit 3.2 to | |||||||||||||||||
Vornado Realty L.P. | |||||||||||||||||
* | |||||||||||||||||
— | Thirty-Ninth Amendment to Second Amended and Restated Agreement of Limited | ||||||||||||||||
Partnership, dated as of June 28, 2007 – Incorporated by reference to Exhibit 3.3 to | |||||||||||||||||
Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685), filed on | |||||||||||||||||
* | |||||||||||||||||
— | Fortieth Amendment to Second Amended and Restated Agreement of Limited | ||||||||||||||||
Partnership, dated as of June 28, 2007 – Incorporated by reference to Exhibit 3.4 to | |||||||||||||||||
Vornado Realty L.P.’s Current Report on Form 8-K (File No. 000-22685), filed on | |||||||||||||||||
* | |||||||||||||||||
— | Forty-First Amendment to Second Amended and Restated Agreement of Limited | ||||||||||||||||
Partnership, dated as of March 31, 2008 – Incorporated by reference to Exhibit 3.44 to | |||||||||||||||||
Vornado Realty Trust’s Quarterly Report on Form 10-Q for the quarter ended March 31, | |||||||||||||||||
2008 (file No. 001-11954), filed on May 6, 2008 | * | ||||||||||||||||
— | Forty-Second Amendment to Second Amended and Restated Agreement of Limited Partnership, | ||||||||||||||||
dated as of December 17, 2010 – Incorporated by reference to Exhibit 99.1 to Vornado | |||||||||||||||||
Realty L.P.'s Current Report on Form 8-K (File | * | ||||||||||||||||
— | Forty-Third Amendment to Second Amended and Restated Agreement of Limited Partnership, | ||||||||||||||||
dated as of April 20, 2011 – Incorporated by reference to Exhibit 3.1 to Vornado | |||||||||||||||||
Realty L.P.'s Current Report on Form 8-K (File No. 000-22685), filed on April 21, 2011 | * | ||||||||||||||||
— | Forty-Fourth Amendment to Second Amended and Restated Agreement of Limited Partnership | ||||||||||||||||
of Vornado Realty L.P., dated as, of March 30, 2012 - Incorporated by reference to Exhibit 99.1 | |||||||||||||||||
to Vornado Realty L.P.'s Current Report on Form 8-K (File No. 001-34482), filed on | |||||||||||||||||
* | |||||||||||||||||
— | Forty-Fourth Amendment to Second Amended and Restated Agreement of Limited Partnership | ||||||||||||||||
dated as of July 18, 2012 – Incorporated by reference to Exhibit 3.1 to Vornado Realty L.P.’s | |||||||||||||||||
Current Report on Form 8-K (File No. 001-34482), filed on July 18, 2012 | * | ||||||||||||||||
3.5 | — | Forty-Fifth Amendment to Second Amended and Restated Agreement of Limited Partnership, | |||||||||||||||
dated as of January 25, 2013 – Incorporated by reference to Exhibit 3.1 to Vornado Realty | |||||||||||||||||
L.P.’s Current Report on Form 8-K (File No. 001-34482), filed on January 25, 2013 | * | ||||||||||||||||
3.5 | — | Forty-Sixth Amendment to Second Amended and Restated Agreement of Limited Partnership | |||||||||||||||
of Vornado Realty L.P., dated April 1, 2015 - Incorporated by reference to Exhibit 3.1 | |||||||||||||||||
to Vornado Realty L.P.'s Current Report on Form 8-K (File No. 001-34482), filed on | |||||||||||||||||
* | |||||||||||||||||
— | * | ||||||||||||||||
3.60 | ** | — | Forty-Eighth Amendment to Second Amended and Restated Agreement of Limited Partnership | ||||||||||||||
of Vornado Realty | * | ||||||||||||||||
3.61 | — | Forty-Ninth Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of August 7, 2019 - Incorporated by reference to Exhibit 3.2 to Vornado Realty Trust's Current Report on Form 8-K (File No. 001-11954), filed on August 8, 2019 | * | ||||||||||||||
3.62 | — | Fiftieth Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of November 24, 2020 - Incorporated by reference to Exhibit 3.2 to Vornado Realty Trust's Current Report on Form 8-K (File No. 001-11954), filed on November 24, 2020 | * | ||||||||||||||
3.63 | — | Fifty-First Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of September 22, 2021 - Incorporated by reference to Exhibit 3.2 to Vornado Realty Trust's Current Report on Form 8-K (File No. 001-11954), filed on September 22, 2021 | * | ||||||||||||||
— | Indenture, dated as of November 25, 2003, between Vornado Realty L.P. and The Bank of | ||||||||||||||||
New York, as Trustee - Incorporated by reference to Exhibit 4.10 to Vornado Realty | |||||||||||||||||
Trust’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2005 | |||||||||||||||||
* | |||||||||||||||||
— | Indenture, dated as of November 20, 2006, among Vornado Realty Trust, as Issuer, Vornado | ||||||||||||||||||
Realty L.P., as Guarantor and The Bank of New York, as Trustee – Incorporated by | |||||||||||||||||||
reference to Exhibit 4.1 to Vornado Realty Trust’s Current Report on Form 8-K | |||||||||||||||||||
* | |||||||||||||||||||
Certain instruments defining the rights of holders of long-term debt securities of Vornado | |||||||||||||||||||
Realty Trust and its subsidiaries are omitted pursuant to Item 601(b)(4)(iii) of Regulation | |||||||||||||||||||
S-K. Vornado Realty Trust hereby undertakes to furnish to the Securities and Exchange Commission, upon request, copies of such instruments | |||||||||||||||||||
— | Description of Vornado Realty Trust securities registered pursuant to Section 12 of the Securities Exchange Act of 1934 | *** | |||||||||||||||||
— | Description of Class A units of Vornado Realty L.P. and certain provisions of its agreement of limited partnership | *** | |||||||||||||||||
__________________________________________ | |||||||||||||||||||
* | Incorporated by reference | ||||||||||||||||||
** | Management contract or compensatory agreement | ||||||||||||||||||
*** | Filed herewith | ||||||||||||||||||
10.1 | — | Registration Rights Agreement between Vornado, Inc. and Steven Roth, dated December 29, | ||||||||||||||||
1992 - Incorporated by reference to Vornado Realty Trust’s Annual Report on Form 10-K | ||||||||||||||||||
for the year ended December 31, 1992 (File No. 001-11954), filed February 16, 1993 | * | |||||||||||||||||
10.2 | ** | — | Management Agreement between Interstate Properties and Vornado, Inc. dated July 13, 1992 | |||||||||||||||
– Incorporated by reference to Vornado, Inc.’s Annual Report on Form 10-K for the year | ||||||||||||||||||
ended December 31, 1992 (File No. 001-11954), filed February 16, 1993 | * | |||||||||||||||||
** | — | |||||||||||||||||
Amendment to Real Estate Retention Agreement, dated as of July 3, 2002, by and between | ||||||||||||||||||
Alexander’s, Inc. and Vornado Realty L.P. - Incorporated by reference to Exhibit | ||||||||||||||||||
10(i)(E)(3) to Alexander’s Inc.’s Quarterly Report for the quarter ended June 30, 2002 | ||||||||||||||||||
* | ||||||||||||||||||
** | — | 59th Street Real Estate Retention Agreement, dated as of July 3, 2002, by and between | ||||||||||||||||
Vornado Realty L.P., 731 Residential LLC and 731 Commercial LLC - Incorporated by | ||||||||||||||||||
reference to Exhibit 10(i)(E)(4) to Alexander’s Inc.’s Quarterly Report for the quarter | ||||||||||||||||||
ended June 30, 2002 (File No. 001-06064), filed on August 7, 2002 | * | |||||||||||||||||
— | Amended and Restated Management and Development Agreement, dated as of July 3, 2002, | |||||||||||||||||
by and between Alexander's, Inc., the subsidiaries party thereto and Vornado | ||||||||||||||||||
Management Corp. - Incorporated by reference to Exhibit 10(i)(F)(1) to Alexander's | ||||||||||||||||||
Inc.'s | ||||||||||||||||||
* | ||||||||||||||||||
** | — | Second Amendment to Real Estate Retention Agreement, dated January 1, 2007, by and between | ||||||||||||||||
Vornado Realty L.P. and Alexander’s Inc. – Incorporated by reference to Exhibit 10.55 | ||||||||||||||||||
to Vornado Realty Trust’s Annual Report on Form 10-K for the year ended | ||||||||||||||||||
December 31, 2006 (File No. 001-11954), filed on February 27, 2007 | * | |||||||||||||||||
** | — | Amendment to 59th Street Real Estate Retention Agreement, dated January 1, 2007, by and | |||||||||||||||
among Vornado Realty L.P., 731 Retail One LLC, 731 Restaurant LLC, 731 Office One | |||||||||||||||||
LLC and 731 Office Two LLC. – Incorporated by reference to Exhibit 10.56 to | |||||||||||||||||
Vornado Realty Trust’s Annual Report on Form 10-K for the year ended December 31, | |||||||||||||||||
* | |||||||||||||||||
** | — | ||||||||||||||||
Vornado Realty Trust's 2010 Omnibus Share Plan - Incorporated by reference to Exhibit 10.41 to | |||||||||||||||||
Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended June 30, 2010 | |||||||||||||||||
* | |||||||||||||||||
** | — | ||||||||||||||||
Form of Vornado Realty Trust 2010 Omnibus Share Plan Restricted LTIP Unit | |||||||||||||||||
Agreement - Incorporated by reference to Exhibit 99.3 to Vornado Realty Trust's Current Report on Form | |||||||||||||||||
8-K (File No. 001-11954) filed on April 5, 2012 | * | ||||||||||||||||
** | — | ||||||||||||||||
Employment agreement between Vornado Realty Trust and Michael J. Franco dated | |||||||||||||||||
January 10, | |||||||||||||||||
Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 (File No. 001-11954), | |||||||||||||||||
filed on May 5, 2014 | * | ||||||||||||||||
** | — | ||||||||||||||||
Form of Vornado Realty Trust 2010 Omnibus Share Plan AO LTIP Unit Award Agreement | |||||||||||||||||
- Incorporated by reference to Exhibit 10.34 to Vornado Realty Trust's Annual Report on Form 10-K for the year ended December 31, 2017 (File No. 001-11954), filed on February 12, 2018 | * | ||||||||||||||||
10.12 | ** | — | Form of 2019 Amendment to Restricted LTIP Unit and Restricted Stock Agreements - Incorporated by reference to Exhibit 10.37 to Vornado Realty Trust's Annual Report on Form 10-K for the year ended December 31, 2018 (File No. 001-11954), filed on February 11, 2019 | * | |||||||||||||
10.13 | ** | — | Form of Vornado Realty Trust 2010 Omnibus Share Plan Restricted LTIP Unit Agreement - Incorporated by reference to Exhibit 10.38 to Vornado Realty Trust's Annual Report on Form 10-K for the year ended December 31, 2018 (File No. 001-11954), filed on February 11, 2019 | * | |||||||||||||
10.14 | ** | — | Vornado Realty Trust 2019 Omnibus Share Plan - Incorporated by reference to Annex B to Vornado Realty Trust's Proxy Statement dated April 5, 2019 (File No. 001-11954), filed on April 5, 2019 | * | |||||||||||||
10.15 | — | Transaction Agreement between Vornado Realty L.P. and Crown Jewel Partner LLC, dated April 18, 2019 - Incorporated by reference to Exhibit 10.42 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 (File No. 001-11954), filed on July 29, 2019 | * | ||||||||||||||
10.16 | ** | — | Form of Vornado Realty Trust 2019 Omnibus Share Plan Restricted Stock Agreement - Incorporated by reference to Exhibit 10.32 to Vornado Realty Trust's Quarterly Report on Form 10-K for the year ended December 31, 2019 (File No. 001-11954), filed on February 18, 2020 | * | |||||||||||||
10.17 | ** | — | Form of Vornado Realty Trust 2019 Omnibus Share Plan Restricted LTIP Unit Agreement - Incorporated by reference to Exhibit 10.33 to Vornado Realty Trust's Quarterly Report on Form 10-K for the year ended December 31, 2019 (File No. 001-11954), filed on February 18, 2020 | * | |||||||||||||
10.18 | ** | — | Form of Vornado Realty Trust 2019 Omnibus Share Plan Incentive/Non-Qualified Stock Option Agreement - Incorporated by reference to Exhibit 10.34 to Vornado Realty Trust's Quarterly Report on Form 10-K for the year ended December 31, 2019 (File No. 001-11954), filed on February 18, 2020 | * | |||||||||||||
10.19 | ** | — | Employment agreement between Vornado Realty Trust and Glen J. Weiss dated May 25, 2018 - Incorporated by reference to Exhibit 10.35 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 (File No. 001-11954), filed on May 4, 2020 | * | |||||||||||||
10.20 | ** | — | Employment agreement between Vornado Realty Trust and Haim Chera dated April 19, 2019 - Incorporated by reference to Exhibit 10.36 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 (File No. 001-11954), filed on May 4, 2020 | * | |||||||||||||
10.21 | ** | — | Form of Vornado Realty Trust 2021 Outperformance Plan Award Agreement for Executives – Incorporated by reference to Exhibit 10.42 to Vornado Realty Trust’s Annual Report on Form 10-K for the year ended December 31, 2020 (File No. 001-11954), filed on February 16, 2021 | * | |||||||||||||
10.22 | ** | — | Form of Vornado Realty Trust 2021 Outperformance Plan Award Agreement for Non-Executives – Incorporated by reference to Exhibit 10.43 to Vornado Realty Trust’s Annual Report on Form 10-K for the year ended December 31, 2020 (File No. 001-11954), filed on February 16, 2021 | * | |||||||||||||
__________________________________________ | |||||||||||||||||
* | Incorporated by reference | ||||||||||||||||
** | Management contract or compensatory agreement | ||||||||||||||||
10.23 | — | Second Amended and Restated Revolving Credit Agreement dated as of April 15, 2021 among Vornado Realty L.P., as Borrower, the Banks listed on the signature pages thereof, and JPMorgan Chase Bank N.A., as Administrative Agent for the Banks - Incorporated by reference to Exhibit 10.44 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 (File No. 001-11954), filed on August 2, 2021 | * | ||||||||||||||
Form of | * | ||||||||||||||||
10.25 | ** | — | Employment agreement between Vornado Realty Trust and Barry Langer dated June 4, 2018 - Incorporated by reference to Exhibit 10.37 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 (File No. 001-11954), filed on May 2, 2022 | * | |||||||||||||
— | * | ||||||||||||||||
10.27 | — | Amendment No. 1 to Second Amended and Restated Revolving Credit Agreement dated as of June 30, 2022, among Vornado Realty L.P., as Borrower, the Banks listed on the signature pages thereof, and JPMorgan Chase Bank N.A., as Administrative Agent for the Banks - Incorporated by reference to Exhibit 10.39 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 (File No. 001-11954), filed on August 1, 2022 | * | ||||||||||||||
10.28 | — | Third Amended and Restated Revolving Credit Agreement dated as of June 30, 2022, among Vornado Realty L.P., as Borrower, Vornado Realty Trust as General Partner, the Banks listed on the signature pages thereof, and JPMorgan Chase Bank N.A., as Administrative Agent for the Banks - Incorporated by reference to Exhibit 10.40 to Vornado Realty Trust's Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 (File No. 001-11954), filed on August 1, 2022 | * | ||||||||||||||
10.29 | ** | — | Form of Vornado Realty Trust 2019 Omnibus Share Plan Restricted LTIP Unit Agreement granted in 2023 - Incorporated by reference to Exhibit 10.36 to Vornado Realty Trust's Annual Report on Form 10-K for the year ended December 31, 2022 (File No. 001-11954), filed on February 13, 2023 | * | |||||||||||||
10.30 | ** | — | Form of Vornado Realty Trust 2023 Long-term Performance Plan LTPP Unit Award Agreement - Incorporated by reference to Exhibit 10.37 to Vornado Realty Trust's Annual Report on Form 10-K for the year ended December 31, 2022 (File No. 001-11954), filed on February 13, 2023 | * | |||||||||||||
10.31 | ** | — | Form of Vornado Realty Trust’s 2023 Omnibus Share Plan - Incorporated by reference to Annex A to Vornado Realty Trust’s Proxy Statement dated April 7, 2023 (File No. 001-11954), filed on April 7, 2023 | * | |||||||||||||
10.32 | ** | — | Form of Vornado Realty Trust 2023 Omnibus Share Plan Restricted LTIP Unit Agreement - Incorporated by reference to Exhibit 10.1 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on July 3, 2023 | * | |||||||||||||
10.33 | ** | — | Form of Vornado Realty Trust 2023 Omnibus Share Plan Performance Conditioned AO LTIP Unit Award Agreement - Incorporated by reference to Exhibit 10.2 to Vornado Realty Trust’s Current Report on Form 8-K (File No. 001-11954), filed on July 3, 2023 | * | |||||||||||||
__________________________________________ | |||||||||||||||||
* | Incorporated by reference | ||||||||||||||||
** | Management contract or compensatory agreement | ||||||||||||||||
— | Subsidiaries of Vornado Realty Trust and Vornado Realty L.P. | *** | |||||||||||||||
— | Consent of Independent Registered Public Accounting Firm for Vornado Realty Trust | *** | |||||||||||||||
— | Consent of Independent Registered Public Accounting Firm for Vornado Realty L.P. | *** | |||||||||||||||
— | Rule 13a-14 (a) Certification of the Chief Executive Officer of Vornado Realty Trust | *** | |||||||||||||||
— | Rule 13a-14 (a) Certification of the Chief Financial Officer of Vornado Realty Trust | *** | |||||||||||||||
— | Rule 13a-14 (a) Certification of the Chief Executive Officer of Vornado Realty L.P. | *** | |||||||||||||||
— | Rule 13a-14 (a) Certification of the Chief Financial Officer of Vornado Realty L.P. | *** | |||||||||||||||
— | Section 1350 Certification of the Chief Executive Officer of Vornado Realty Trust | *** | |||||||||||||||
— | Section 1350 Certification of the Chief Financial Officer of Vornado Realty Trust | *** | |||||||||||||||
— | Section 1350 Certification of the Chief Executive Officer of Vornado Realty L.P. | *** | |||||||||||||||
— | Section 1350 Certification of the Chief Financial Officer of Vornado Realty L.P. | *** | |||||||||||||||
— | Vornado Realty Trust Restatement Clawback Policy | *** | |||||||||||||||
101 | — | *** | |||||||||||||||
— | *** | ||||||||||||||||
_____________________________ | |||||||||||||||||
*** | |||||||||||||||||
Filed herewith |
VORNADO REALTY TRUST | ||||||||
(Registrant) | ||||||||
By: | /s/ | |||||||
(duly authorized officer and principal accounting officer) |
Signature | Title | Date | ||||||||||||||||
By: | ||||||||||||||||||
/s/Steven Roth | Chairman of the Board of Trustees | February 12, | ||||||||||||||||
(Steven Roth) | and Chief Executive Officer (Principal Executive Officer) | |||||||||||||||||
By: | /s/Candace K. Beinecke | Trustee | February 12, | |||||||||||||||
(Candace K. Beinecke) | ||||||||||||||||||
By: | /s/Michael D. Fascitelli | Trustee | February 12, | |||||||||||||||
(Michael D. Fascitelli) | ||||||||||||||||||
By: | /s/ | Trustee | February 12, | |||||||||||||||
(Beatrice Hamza Bassey) | ||||||||||||||||||
By: | /s/William W. Helman IV | Trustee | ||||||||||||||||
February 12, | ||||||||||||||||||
( | ||||||||||||||||||
By: | /s/David Mandelbaum | Trustee | February 12, | |||||||||||||||
(David Mandelbaum) | ||||||||||||||||||
By: | /s/Raymond J. McGuire | Trustee | February 12, 2024 | |||||||||||||||
(Raymond J. McGuire) | ||||||||||||||||||
By: | /s/Mandakini Puri | Trustee | February 12, | |||||||||||||||
(Mandakini Puri) | ||||||||||||||||||
By: | /s/Daniel R. Tisch | Trustee | February 12, | |||||||||||||||
(Daniel R. Tisch) | ||||||||||||||||||
By: | ||||||||||||||||||
/s/Russell B. Wight, Jr. | Trustee | February 12, | ||||||||||||||||
(Russell B. Wight, Jr.) | ||||||||||||||||||
By: | /s/ | President and Chief Financial Officer | February 12, | |||||||||||||||
(Michael J. Franco) | (Principal Financial | |||||||||||||||||
By: | /s/ | Chief Accounting Officer | February 12, | |||||||||||||||
(Deirdre Maddock) | (Principal Accounting Officer) | |||||||||||||||||
VORNADO REALTY L.P. | ||||||||
(Registrant) | ||||||||
By: | /s/ | |||||||
Signature | Title | Date | ||||||||||||||||
By: | ||||||||||||||||||
/s/Steven Roth | Chairman of the Board of Trustees and | February 12, | ||||||||||||||||
(Steven Roth) | Chief Executive Officer of Vornado Realty Trust (Principal Executive Officer) | |||||||||||||||||
By: | /s/Candace K. Beinecke | Trustee of Vornado Realty Trust | February 12, | |||||||||||||||
(Candace K. Beinecke) | ||||||||||||||||||
By: | /s/Michael D. Fascitelli | Trustee of Vornado Realty Trust | February 12, | |||||||||||||||
(Michael D. Fascitelli) | ||||||||||||||||||
By: | /s/ | Trustee of Vornado Realty Trust | February 12, | |||||||||||||||
(Beatrice Hamza Bassey) | ||||||||||||||||||
By: | /s/ | Trustee of Vornado Realty Trust | February 12, | |||||||||||||||
( | ||||||||||||||||||
By: | /s/David Mandelbaum | Trustee of Vornado Realty Trust | February 12, | |||||||||||||||
(David Mandelbaum) | ||||||||||||||||||
By: | /s/ | Trustee of Vornado Realty Trust | February 12, | |||||||||||||||
(Raymond J. McGuire) | ||||||||||||||||||
By: | /s/ | Trustee of Vornado Realty Trust | February 12, | |||||||||||||||
(Mandakini Puri) | ||||||||||||||||||
By: | /s/Daniel R. | |||||||||||||||||
Trustee of Vornado Realty Trust | February 12, | |||||||||||||||||
( | ||||||||||||||||||
By: | /s/Russell B. Wight, Jr. | Trustee of Vornado Realty Trust | February 12, | |||||||||||||||
(Russell B. Wight, Jr.) | ||||||||||||||||||
By: | /s/ | President and Chief Financial Officer of Vornado Realty Trust | February 12, | |||||||||||||||
( | (Principal Financial | |||||||||||||||||
By: | /s/ | Chief Accounting Officer of Vornado Realty Trust | February 12, | |||||||||||||||
(Deirdre Maddock) | (Principal Accounting Officer) | |||||||||||||||||