☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended: |
☐ | 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: | 001-11954 | (Vornado Realty Trust) | ||||||
Commission File Number: | 001-34482 | (Vornado Realty L.P.) |
Vornado Realty Trust | Maryland | 22-1657560 | ||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |||||||||||||
Vornado Realty | ||||||||||||||
(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) |
N/A | ||
(Former name, former address and former fiscal year, if changed since last report) |
Vornado Realty Trust: | |||||||||||||||||
☑ | Large Accelerated Filer | ☐ | Accelerated Filer | ||||||||||||||
☐ | Non-Accelerated Filer | ☐ | Smaller Reporting Company | ||||||||||||||
☐ | Emerging Growth Company |
Vornado Realty L.P.: | |||||||||||||||||
☐ | Large Accelerated Filer | ☐ | Accelerated Filer | ||||||||||||||
☑ | Non-Accelerated Filer | ☐ | Smaller Reporting Company | ||||||||||||||
☐ | Emerging Growth Company |
Registrant | Title of each class | Trading Symbol(s) | Name of each 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 | 5.70% Series K | VNO/PK | New York Stock Exchange | |||||||||||||||||
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 |
•Note 12. Redeemable Noncontrolling Interests •Note 13. Shareholders' Equity/Partners' Capital •Note 20. Income (Loss) Per Share/Income (Loss) Per Class A Unit • |
PART I. | Financial Information: | Page Number | ||||||||||||
Consolidated Balance Sheets (Unaudited) as of | ||||||||||||||
Consolidated Statements of Income (Unaudited) for the Three and | ||||||||||||||
Consolidated Statements of Comprehensive Income (Unaudited) for the Three and 2020 and 2019 | ||||||||||||||
Consolidated Statements of Changes in Equity (Unaudited) for the Three and and 2019 | ||||||||||||||
Consolidated Statements of Cash Flows (Unaudited) for the | ||||||||||||||
Consolidated Balance Sheets (Unaudited) as of | ||||||||||||||
Consolidated Statements of Income (Unaudited) for the Three and | ||||||||||||||
Consolidated Statements of Comprehensive Income (Unaudited) for the Three and 2020 and 2019 | ||||||||||||||
Consolidated Statements of Changes in Equity (Unaudited) for the Three and and 2019 | ||||||||||||||
Consolidated Statements of Cash Flows (Unaudited) for the | ||||||||||||||
Vornado Realty Trust and Vornado Realty L.P.: | ||||||||||||||
PART II. | Other Information: | |||||||||||||
(Amounts in thousands, except unit, share, and per share amounts) | As of | (Amounts in thousands, except unit, share, and per share amounts) | As of | |||||||||||||||
June 30, 2020 | December 31, 2019 | September 30, 2020 | December 31, 2019 | |||||||||||||||
ASSETS | ASSETS | |||||||||||||||||
Real estate, at cost: | Real estate, at cost: | |||||||||||||||||
Land | $ | 2,588,200 | $ | 2,591,261 | Land | $ | 2,589,452 | $ | 2,591,261 | |||||||||
Buildings and improvements | 7,975,871 | 7,953,163 | Buildings and improvements | 8,004,206 | 7,953,163 | |||||||||||||
Development costs and construction in progress | 1,541,432 | 1,490,614 | Development costs and construction in progress | 1,514,941 | 1,490,614 | |||||||||||||
Moynihan Train Hall development expenditures | 1,087,669 | 914,960 | Moynihan Train Hall development expenditures | 1,223,600 | 914,960 | |||||||||||||
Leasehold improvements and equipment | 127,685 | 124,014 | Leasehold improvements and equipment | 128,642 | 124,014 | |||||||||||||
Total | 13,320,857 | 13,074,012 | Total | 13,460,841 | 13,074,012 | |||||||||||||
Less accumulated depreciation and amortization | (3,106,393 | ) | (3,015,958 | ) | Less accumulated depreciation and amortization | (3,155,416) | (3,015,958) | |||||||||||
Real estate, net | 10,214,464 | 10,058,054 | Real estate, net | 10,305,425 | 10,058,054 | |||||||||||||
Right-of-use assets | 376,958 | 379,546 | Right-of-use assets | 374,805 | 379,546 | |||||||||||||
Cash and cash equivalents | 1,768,459 | 1,515,012 | Cash and cash equivalents | 1,411,047 | 1,515,012 | |||||||||||||
Restricted cash | 94,882 | 92,119 | Restricted cash | 79,291 | 92,119 | |||||||||||||
Marketable securities | — | 33,313 | Marketable securities | 0 | 33,313 | |||||||||||||
Tenant and other receivables | 118,273 | 95,733 | Tenant and other receivables | 103,051 | 95,733 | |||||||||||||
Investments in partially owned entities | 3,648,651 | 3,999,165 | Investments in partially owned entities | 3,504,328 | 3,999,165 | |||||||||||||
Real estate fund investments | 17,453 | 222,649 | Real estate fund investments | 3,739 | 222,649 | |||||||||||||
220 Central Park South condominium units ready for sale | 426,623 | 408,918 | 220 Central Park South condominium units ready for sale | 181,041 | 408,918 | |||||||||||||
Receivable arising from the straight-lining of rents | 692,931 | 742,206 | Receivable arising from the straight-lining of rents | 678,381 | 742,206 | |||||||||||||
Deferred leasing costs, net of accumulated amortization of $186,740 and $196,229 | 348,473 | 353,986 | ||||||||||||||||
Identified intangible assets, net of accumulated amortization of $97,489 and $98,587 | 27,660 | 30,965 | ||||||||||||||||
Deferred leasing costs, net of accumulated amortization of $191,093 and $196,229 | Deferred leasing costs, net of accumulated amortization of $191,093 and $196,229 | 385,089 | 353,986 | |||||||||||||||
Identified intangible assets, net of accumulated amortization of $95,567 and $98,587 | Identified intangible assets, net of accumulated amortization of $95,567 and $98,587 | 25,746 | 30,965 | |||||||||||||||
Other assets | 307,620 | 355,347 | Other assets | 510,955 | 355,347 | |||||||||||||
$ | 18,042,447 | $ | 18,287,013 | $ | 17,562,898 | $ | 18,287,013 | |||||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||||||||||||
Mortgages payable, net | $ | 5,638,352 | $ | 5,639,897 | Mortgages payable, net | $ | 5,639,151 | $ | 5,639,897 | |||||||||
Senior unsecured notes, net | 446,279 | 445,872 | Senior unsecured notes, net | 446,482 | 445,872 | |||||||||||||
Unsecured term loan, net | 796,236 | 745,840 | Unsecured term loan, net | 796,499 | 745,840 | |||||||||||||
Unsecured revolving credit facilities | 1,075,000 | 575,000 | Unsecured revolving credit facilities | 575,000 | 575,000 | |||||||||||||
Lease liabilities | 426,059 | 498,254 | Lease liabilities | 425,646 | 498,254 | |||||||||||||
Moynihan Train Hall obligation | 1,087,669 | 914,960 | Moynihan Train Hall obligation | 1,223,600 | 914,960 | |||||||||||||
Special dividend/distribution payable | — | 398,292 | Special dividend/distribution payable | 0 | 398,292 | |||||||||||||
Accounts payable and accrued expenses | 385,956 | 440,049 | Accounts payable and accrued expenses | 430,446 | 440,049 | |||||||||||||
Deferred revenue | 49,386 | 59,429 | Deferred revenue | 45,473 | 59,429 | |||||||||||||
Deferred compensation plan | 94,081 | 103,773 | Deferred compensation plan | 98,543 | 103,773 | |||||||||||||
Other liabilities | 395,604 | 265,754 | Other liabilities | 302,622 | 265,754 | |||||||||||||
Total liabilities | 10,394,622 | 10,087,120 | Total liabilities | 9,983,462 | 10,087,120 | |||||||||||||
Commitments and contingencies | Commitments and contingencies | |||||||||||||||||
Redeemable noncontrolling interests: | Redeemable noncontrolling interests: | |||||||||||||||||
Class A units - 13,773,407 and 13,298,956 units outstanding | 620,269 | 884,380 | ||||||||||||||||
Class A units - 13,670,466 and 13,298,956 units outstanding | Class A units - 13,670,466 and 13,298,956 units outstanding | 594,934 | 884,380 | |||||||||||||||
Series D cumulative redeemable preferred units - 141,401 units outstanding | 4,535 | 4,535 | Series D cumulative redeemable preferred units - 141,401 units outstanding | 4,535 | 4,535 | |||||||||||||
Total redeemable noncontrolling partnership units | 624,804 | 888,915 | Total redeemable noncontrolling partnership units | 599,469 | 888,915 | |||||||||||||
Redeemable noncontrolling interest in a consolidated subsidiary | 94,112 | — | Redeemable noncontrolling interest in a consolidated subsidiary | 94,282 | 0 | |||||||||||||
Total redeemable noncontrolling interests | 718,916 | 888,915 | Total redeemable noncontrolling interests | 693,751 | 888,915 | |||||||||||||
Shareholders' equity: | Shareholders' equity: | |||||||||||||||||
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 36,793,694 and 36,795,640 shares | 891,164 | 891,214 | ||||||||||||||||
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 191,151,142 and 190,985,677 shares | 7,625 | 7,618 | ||||||||||||||||
Preferred shares of beneficial interest: 0 par value per share; authorized 110,000,000 shares; issued and outstanding 36,793,402 and 36,795,640 shares | Preferred shares of beneficial interest: 0 par value per share; authorized 110,000,000 shares; issued and outstanding 36,793,402 and 36,795,640 shares | 891,156 | 891,214 | |||||||||||||||
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 191,260,981 and 190,985,677 shares | Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 191,260,981 and 190,985,677 shares | 7,629 | 7,618 | |||||||||||||||
Additional capital | 8,095,774 | 7,827,697 | Additional capital | 8,123,524 | 7,827,697 | |||||||||||||
Earnings less than distributions | (2,415,500 | ) | (1,954,266 | ) | Earnings less than distributions | (2,463,635) | (1,954,266) | |||||||||||
Accumulated other comprehensive loss | (82,646 | ) | (40,233 | ) | Accumulated other comprehensive loss | (89,834) | (40,233) | |||||||||||
Total shareholders' equity | 6,496,417 | 6,732,030 | Total shareholders' equity | 6,468,840 | 6,732,030 | |||||||||||||
Noncontrolling interests in consolidated subsidiaries | 432,492 | 578,948 | Noncontrolling interests in consolidated subsidiaries | 416,845 | 578,948 | |||||||||||||
Total equity | 6,928,909 | 7,310,978 | Total equity | 6,885,685 | 7,310,978 | |||||||||||||
$ | 18,042,447 | $ | 18,287,013 | $ | 17,562,898 | $ | 18,287,013 |
(Amounts in thousands, except per share amounts) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | (Amounts in thousands, except per share amounts) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||
REVENUES: | REVENUES: | |||||||||||||||||||||||||||||||||||||
Rental revenues | $ | 315,194 | $ | 421,299 | $ | 716,468 | $ | 921,176 | Rental revenues | $ | 322,253 | $ | 427,638 | $ | 1,038,721 | $ | 1,348,814 | |||||||||||||||||||||
Fee and other income | 27,832 | 41,804 | 71,090 | 76,595 | Fee and other income | 41,709 | 38,323 | 112,799 | 114,918 | |||||||||||||||||||||||||||||
Total revenues | 343,026 | 463,103 | 787,558 | 997,771 | Total revenues | 363,962 | 465,961 | 1,151,520 | 1,463,732 | |||||||||||||||||||||||||||||
EXPENSES: | EXPENSES: | |||||||||||||||||||||||||||||||||||||
Operating | (174,425 | ) | (220,752 | ) | (404,432 | ) | (467,647 | ) | Operating | (195,645) | (226,359) | (600,077) | (694,006) | |||||||||||||||||||||||||
Depreciation and amortization | (92,805 | ) | (113,035 | ) | (185,598 | ) | (229,744 | ) | Depreciation and amortization | (107,013) | (96,437) | (292,611) | (326,181) | |||||||||||||||||||||||||
General and administrative | (35,014 | ) | (38,872 | ) | (87,848 | ) | (96,892 | ) | General and administrative | (32,407) | (33,237) | (120,255) | (130,129) | |||||||||||||||||||||||||
(Expense) benefit from deferred compensation plan liability | (6,356 | ) | (1,315 | ) | 4,889 | (6,748 | ) | (Expense) benefit from deferred compensation plan liability | (4,341) | (974) | 548 | (7,722) | ||||||||||||||||||||||||||
Lease liability extinguishment gain (transaction related costs and impairment losses) | 69,221 | (101,590 | ) | 69,150 | (101,739 | ) | ||||||||||||||||||||||||||||||||
(Expense from transaction related costs and impairment losses) and gain from lease liability extinguishment, net | (Expense from transaction related costs and impairment losses) and gain from lease liability extinguishment, net | (584) | (1,576) | 68,566 | (103,315) | |||||||||||||||||||||||||||||||||
Total expenses | (239,379 | ) | (475,564 | ) | (603,839 | ) | (902,770 | ) | Total expenses | (339,990) | (358,583) | (943,829) | (1,261,353) | |||||||||||||||||||||||||
(Loss) income from partially owned entities | (291,873 | ) | 22,873 | (272,770 | ) | 30,193 | (Loss) income from partially owned entities | (80,909) | 25,946 | (353,679) | 56,139 | |||||||||||||||||||||||||||
Loss from real estate fund investments | (28,042 | ) | (15,803 | ) | (211,505 | ) | (15,970 | ) | ||||||||||||||||||||||||||||||
Interest and other investment (loss) income, net | (2,893 | ) | 7,840 | (8,797 | ) | 12,885 | ||||||||||||||||||||||||||||||||
(Loss) income from real estate fund investments | (Loss) income from real estate fund investments | (13,823) | 2,190 | (225,328) | (13,780) | |||||||||||||||||||||||||||||||||
Interest and other investment income (loss), net | Interest and other investment income (loss), net | 1,729 | 3,045 | (7,068) | 15,930 | |||||||||||||||||||||||||||||||||
Income (loss) from deferred compensation plan assets | 6,356 | 1,315 | (4,889 | ) | 6,748 | Income (loss) from deferred compensation plan assets | 4,341 | 974 | (548) | 7,722 | ||||||||||||||||||||||||||||
Interest and debt expense | (58,405 | ) | (63,029 | ) | (117,247 | ) | (165,492 | ) | Interest and debt expense | (57,371) | (61,448) | (174,618) | (226,940) | |||||||||||||||||||||||||
Net gain on transfer to Fifth Avenue and Times Square JV | — | 2,571,099 | — | 2,571,099 | Net gain on transfer to Fifth Avenue and Times Square JV | 0 | 0 | 0 | 2,571,099 | |||||||||||||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | 55,695 | 111,713 | 124,284 | 332,007 | Net gains on disposition of wholly owned and partially owned assets | 214,578 | 309,657 | 338,862 | 641,664 | |||||||||||||||||||||||||||||
(Loss) income before income taxes | (215,515 | ) | 2,623,547 | (307,205 | ) | 2,866,471 | ||||||||||||||||||||||||||||||||
Income (loss) before income taxes | Income (loss) before income taxes | 92,517 | 387,742 | (214,688) | 3,254,213 | |||||||||||||||||||||||||||||||||
Income tax expense | (1,837 | ) | (26,914 | ) | (14,650 | ) | (56,657 | ) | Income tax expense | (23,781) | (23,885) | (38,431) | (80,542) | |||||||||||||||||||||||||
(Loss) income from continuing operations | (217,352 | ) | 2,596,633 | (321,855 | ) | 2,809,814 | ||||||||||||||||||||||||||||||||
Income (loss) from discontinued operations | — | 60 | — | (77 | ) | |||||||||||||||||||||||||||||||||
Net (loss) income | (217,352 | ) | 2,596,693 | (321,855 | ) | 2,809,737 | ||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | Income (loss) from continuing operations | 68,736 | 363,857 | (253,119) | 3,173,671 | |||||||||||||||||||||||||||||||||
Loss from discontinued operations | Loss from discontinued operations | 0 | (8) | 0 | (85) | |||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | 68,736 | 363,849 | (253,119) | 3,173,586 | |||||||||||||||||||||||||||||||||
Less net loss (income) attributable to noncontrolling interests in: | Less net loss (income) attributable to noncontrolling interests in: | |||||||||||||||||||||||||||||||||||||
Consolidated subsidiaries | 17,768 | (21,451 | ) | 140,155 | (28,271 | ) | Consolidated subsidiaries | 848 | (5,774) | 141,003 | (34,045) | |||||||||||||||||||||||||||
Operating Partnership | 14,364 | (162,515 | ) | 13,974 | (174,717 | ) | Operating Partnership | (3,884) | (22,637) | 10,090 | (197,354) | |||||||||||||||||||||||||||
Net (loss) income attributable to Vornado | (185,220 | ) | 2,412,727 | (167,726 | ) | 2,606,749 | ||||||||||||||||||||||||||||||||
Net income (loss) attributable to Vornado | Net income (loss) attributable to Vornado | 65,700 | 335,438 | (102,026) | 2,942,187 | |||||||||||||||||||||||||||||||||
Preferred share dividends | (12,530 | ) | (12,532 | ) | (25,061 | ) | (25,066 | ) | Preferred share dividends | (12,530) | (12,532) | (37,591) | (37,598) | |||||||||||||||||||||||||
NET (LOSS) INCOME attributable to common shareholders | $ | (197,750 | ) | $ | 2,400,195 | $ | (192,787 | ) | $ | 2,581,683 | ||||||||||||||||||||||||||||
(LOSS) INCOME PER COMMON SHARE - BASIC: | ||||||||||||||||||||||||||||||||||||||
Net (loss) income per common share | $ | (1.03 | ) | $ | 12.58 | $ | (1.01 | ) | $ | 13.53 | ||||||||||||||||||||||||||||
NET INCOME (LOSS) attributable to common shareholders | NET INCOME (LOSS) attributable to common shareholders | $ | 53,170 | $ | 322,906 | $ | (139,617) | $ | 2,904,589 | |||||||||||||||||||||||||||||
INCOME (LOSS) PER COMMON SHARE - BASIC: | INCOME (LOSS) PER COMMON SHARE - BASIC: | |||||||||||||||||||||||||||||||||||||
Net income (loss) per common share | Net income (loss) per common share | $ | 0.28 | $ | 1.69 | $ | (0.73) | $ | 15.22 | |||||||||||||||||||||||||||||
Weighted average shares outstanding | 191,104 | 190,781 | 191,071 | 190,735 | Weighted average shares outstanding | 191,162 | 190,814 | 191,102 | 190,762 | |||||||||||||||||||||||||||||
(LOSS) INCOME PER COMMON SHARE - DILUTED: | ||||||||||||||||||||||||||||||||||||||
Net (loss) income per common share | $ | (1.03 | ) | $ | 12.56 | $ | (1.01 | ) | $ | 13.51 | ||||||||||||||||||||||||||||
INCOME (LOSS) PER COMMON SHARE - DILUTED: | INCOME (LOSS) PER COMMON SHARE - DILUTED: | |||||||||||||||||||||||||||||||||||||
Net income (loss) per common share | Net income (loss) per common share | $ | 0.28 | $ | 1.69 | $ | (0.73) | $ | 15.20 | |||||||||||||||||||||||||||||
Weighted average shares outstanding | 191,104 | 191,058 | 191,071 | 191,030 | Weighted average shares outstanding | 191,162 | 191,024 | 191,102 | 191,027 |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Net (loss) income | $ | (217,352 | ) | $ | 2,596,693 | $ | (321,855 | ) | $ | 2,809,737 | |||||
Other comprehensive income (loss): | |||||||||||||||
Increase (reduction) in value of interest rate swaps and other | 78 | (28,512 | ) | (45,399 | ) | (45,541 | ) | ||||||||
Other comprehensive income (loss) of nonconsolidated subsidiaries | — | 25 | 8 | (960 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss relating to a nonconsolidated subsidiary | — | — | — | (2,311 | ) | ||||||||||
Comprehensive (loss) income | (217,274 | ) | 2,568,206 | (367,246 | ) | 2,760,925 | |||||||||
Less comprehensive loss (income) attributable to noncontrolling interests | 32,127 | (182,160 | ) | 157,107 | (199,906 | ) | |||||||||
Comprehensive (loss) income attributable to Vornado | $ | (185,147 | ) | $ | 2,386,046 | $ | (210,139 | ) | $ | 2,561,019 |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net income (loss) | $ | 68,736 | $ | 363,849 | $ | (253,119) | $ | 3,173,586 | |||||||||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||||
Other comprehensive (loss) income of nonconsolidated subsidiaries | (15,634) | 11 | (15,626) | (949) | |||||||||||||||||||
Increase (reduction) in value of interest rate swaps and other | 7,926 | (9,954) | (37,473) | (55,495) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss relating to a nonconsolidated subsidiary | 0 | 0 | 0 | (2,311) | |||||||||||||||||||
Comprehensive income (loss) | 61,028 | 353,906 | (306,218) | 3,114,831 | |||||||||||||||||||
Less comprehensive (income) loss attributable to noncontrolling interests | (2,516) | (27,761) | 154,591 | (227,667) | |||||||||||||||||||
Comprehensive income (loss) attributable to Vornado | $ | 58,512 | $ | 326,145 | $ | (151,627) | $ | 2,887,164 |
(Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | Accumulated Other Comprehensive Loss | Non-controlling Interests in Consolidated Subsidiaries | (Amounts in thousands, except per share amounts) | Non-controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Total Equity | Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Accumulated Other Comprehensive Loss | Non-controlling Interests in Consolidated Subsidiaries | Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Non-controlling Interests in Consolidated Subsidiaries | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2020: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2020 | 36,796 | $ | 891,211 | 191,116 | $ | 7,624 | $ | 8,112,523 | $ | (2,091,612 | ) | $ | (82,719 | ) | $ | 456,185 | $ | 7,293,212 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to Vornado | — | — | — | — | — | (185,220 | ) | — | — | (185,220 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Additional Capital | Earnings Less Than Distributions | Non-controlling Interests in Consolidated Subsidiaries | Accumulated Other Comprehensive Loss | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2020 | Balance as of June 30, 2020 | 36,794 | $ | 891,164 | 191,151 | $ | 7,625 | $ | 8,095,774 | $ | (2,415,500) | $ | (82,646) | 6,928,909 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | Net income attributable to Vornado | — | — | — | — | — | 65,700 | — | — | 65,700 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | (17,904 | ) | (17,904 | ) | Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | (1,019) | (1,019) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.66 per share) | — | — | — | — | — | (126,141 | ) | — | — | (126,141 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.53 per share) | Dividends on common shares ($0.53 per share) | — | — | — | — | — | (101,311) | — | — | (101,311) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 13 for dividends per share amounts) | — | — | — | — | — | (12,530 | ) | — | — | (12,530 | ) | Dividends on preferred shares (see Note 13 for dividends per share amounts) | — | — | — | — | — | (12,530) | — | — | (12,530) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | Common shares issued: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | — | — | 22 | 1 | 823 | — | — | — | 824 | Upon redemption of Class A units, at redemption value | — | — | 100 | 4 | 3,582 | — | — | — | 3,586 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | — | — | 10 | — | 368 | — | — | — | 368 | Under dividend reinvestment plan | — | — | 9 | 1 | 299 | — | — | — | 300 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | 1,082 | 1,082 | Contributions | — | — | — | — | — | — | — | 358 | 358 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (5,295 | ) | (5,295 | ) | Distributions | — | — | — | — | — | — | — | (14,987) | (14,987) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred shares to common shares | (2 | ) | (47 | ) | 4 | — | 47 | — | — | — | — | Conversion of Series A preferred shares to common shares | (1) | (7) | — | — | 7 | — | — | — | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | — | — | — | — | 304 | — | — | — | 304 | Deferred compensation shares and options | — | — | — | — | 304 | — | — | — | 304 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss of nonconsolidated subsidiaries | Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | — | (15,634) | — | (15,634) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase in value of interest rate swaps | — | — | — | — | — | — | 78 | — | 78 | Increase in value of interest rate swaps | — | — | — | — | — | — | 7,926 | — | 7,926 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to carry redeemable Class A units at redemption value | — | — | — | — | (18,291 | ) | — | — | — | (18,291 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | — | — | — | — | 23,557 | — | — | — | 23,557 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | (5 | ) | — | (5 | ) | Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | 520 | — | 520 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | (1 | ) | — | — | 3 | — | (1,576 | ) | (1,573 | ) | Other | — | (1) | 1 | (1) | 1 | 6 | — | 1 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2020 | 36,794 | $ | 891,164 | 191,151 | $ | 7,625 | $ | 8,095,774 | $ | (2,415,500 | ) | $ | (82,646 | ) | $ | 432,492 | $ | 6,928,909 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2020 | Balance as of September 30, 2020 | 36,793 | $ | 891,156 | 191,261 | $ | 7,629 | $ | 8,123,524 | $ | (2,463,635) | $ | (89,834) | $ | 416,845 | $ | 6,885,685 |
(Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | Accumulated Other Comprehensive Loss | Non-controlling Interests in Consolidated Subsidiaries | (Amounts in thousands, except per share amounts) | Non-controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Total Equity | Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Accumulated Other Comprehensive Loss | Non-controlling Interests in Consolidated Subsidiaries | Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Non-controlling Interests in Consolidated Subsidiaries | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2019: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2019 | 36,798 | $ | 891,263 | 190,761 | $ | 7,609 | $ | 7,676,770 | $ | (4,120,265 | ) | $ | (11,385 | ) | $ | 646,900 | $ | 5,090,892 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Additional Capital | Earnings Less Than Distributions | Non-controlling Interests in Consolidated Subsidiaries | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2019 | Balance as of June 30, 2019 | 36,797 | $ | 891,256 | 190,813 | $ | 7,611 | $ | 7,845,748 | $ | (1,845,995) | $ | (38,066) | $ | 7,496,144 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | — | — | — | — | — | 2,412,727 | — | — | 2,412,727 | Net income attributable to Vornado | — | — | — | — | — | 335,438 | — | 335,438 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 21,451 | 21,451 | Net income attributable to noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 5,774 | 5,774 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.66 per share) | — | — | — | — | — | (125,927 | ) | — | — | (125,927 | ) | Dividends on common shares ($0.66 per share) | — | — | — | — | — | (125,947) | — | — | (125,947) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 13 for dividends per share amounts) | — | — | — | — | — | (12,532 | ) | — | — | (12,532 | ) | Dividends on preferred shares (see Note 13 for dividends per share amounts) | — | — | — | — | — | (12,532) | — | — | (12,532) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | Common shares issued: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | — | — | 44 | 2 | 2,946 | — | — | — | 2,948 | Upon redemption of Class A units, at redemption value | — | — | 31 | 1 | 1,998 | — | — | — | 1,999 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under employees' share option plan | — | — | 3 | — | 174 | — | — | — | 174 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | — | — | 5 | — | 361 | — | — | — | 361 | Under dividend reinvestment plan | — | — | 6 | 1 | 356 | — | — | — | 357 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | 3,121 | 3,121 | Contributions | — | — | — | — | — | — | — | 908 | 908 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (24,440 | ) | (24,440 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred shares to common shares | (1 | ) | (7 | ) | 1 | — | 7 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions: | Distributions: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate fund investments | Real estate fund investments | — | — | — | — | — | — | — | (6) | (6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | — | — | — | — | — | — | (7,086) | (7,086) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | — | — | (1 | ) | — | 266 | — | — | — | 266 | Deferred compensation shares and options | — | — | — | — | 266 | — | — | — | 266 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 25 | — | 25 | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 11 | — | 11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reduction in value of interest rate swaps | — | — | — | — | — | — | (28,515 | ) | — | (28,515 | ) | Reduction in value of interest rate swaps | — | — | — | — | 0 | — | (9,953) | — | (9,953) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to carry redeemable Class A units at redemption value | — | — | — | — | 165,225 | — | — | — | 165,225 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | — | — | — | — | 24,228 | — | — | — | 24,228 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | 1,806 | — | 1,806 | Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | 650 | — | 650 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deconsolidation of partially owned entity | — | — | — | — | — | — | — | (11,441 | ) | (11,441 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | (1 | ) | 2 | 3 | (1 | ) | 3 | Other | — | — | — | — | 1 | 1 | (1) | 4 | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2019 | 36,797 | $ | 891,256 | 190,813 | $ | 7,611 | $ | 7,845,748 | $ | (1,845,995 | ) | $ | (38,066 | ) | $ | 635,590 | $ | 7,496,144 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2019 | Balance as of September 30, 2019 | 36,797 | $ | 891,256 | 190,850 | $ | 7,613 | $ | 7,872,597 | $ | (1,649,035) | $ | (47,359) | $ | 635,184 | $ | 7,710,256 |
(Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | Accumulated Other Comprehensive (Loss) Income | Non-controlling Interests in Consolidated Subsidiaries | (Amounts in thousands, except per share amounts) | Earnings Less Than Distributions | Accumulated Other Comprehensive Loss | Non-controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Total Equity | Preferred Shares | Common Shares | Additional Capital | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Accumulated Other Comprehensive (Loss) Income | Non-controlling Interests in Consolidated Subsidiaries | Shares | Amount | Shares | Amount | Non-controlling Interests in Consolidated Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2020: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2020: | For the Nine Months Ended September 30, 2020: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | 36,796 | $ | 891,214 | 190,986 | $ | 7,618 | $ | 7,827,697 | $ | (1,954,266 | ) | $ | (40,233 | ) | $ | 578,948 | $ | 7,310,978 | Balance as of December 31, 2019 | 36,796 | $ | 891,214 | 190,986 | $ | 7,618 | $ | 7,827,697 | $ | (1,954,266) | $ | (40,233) | $ | 578,948 | $ | 7,310,978 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative effect of accounting change (see Note 4) | — | — | — | — | — | (16,064 | ) | — | — | (16,064 | ) | Cumulative effect of accounting change (see Note 4) | — | — | — | — | — | (16,064) | — | — | (16,064) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to Vornado | — | — | — | — | — | (167,726 | ) | — | — | (167,726 | ) | Net loss attributable to Vornado | — | — | — | — | — | (102,026) | — | — | (102,026) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | (140,291 | ) | (140,291 | ) | Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | (141,310) | (141,310) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($1.32 per share) | — | — | — | — | — | (252,247 | ) | — | — | (252,247 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($1.85 per share) | Dividends on common shares ($1.85 per share) | — | — | — | — | — | (353,558) | — | — | (353,558) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 13 for dividends per share amounts) | — | — | — | — | — | (25,061 | ) | — | — | (25,061 | ) | Dividends on preferred shares (see Note 13 for dividends per share amounts) | — | — | — | — | — | (37,591) | — | — | (37,591) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | Common shares issued: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | — | — | 49 | 2 | 2,462 | — | — | — | 2,464 | Upon redemption of Class A units, at redemption value | — | — | 149 | 6 | 6,044 | — | — | — | 6,050 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under employees' share option plan | — | — | 69 | 3 | 3,514 | — | — | — | 3,517 | Under employees' share option plan | — | — | 69 | 3 | 3,514 | — | — | — | 3,517 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | — | — | 31 | 1 | 1,749 | — | — | — | 1,750 | Under dividend reinvestment plan | — | — | 40 | 2 | 2,048 | — | — | — | 2,050 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions: | Contributions: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate fund investments | — | — | — | — | — | — | — | 3,389 | 3,389 | Real estate fund investments | — | — | — | — | — | — | — | 3,389 | 3,389 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | 2,479 | 2,479 | Other | — | — | — | — | — | — | — | 2,837 | 2,837 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (10,530 | ) | (10,530 | ) | Distributions | — | — | — | — | — | — | — | (25,517) | (25,517) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred shares to common shares | (2 | ) | (50 | ) | 4 | — | 50 | — | — | — | — | Conversion of Series A preferred shares to common shares | (3) | (57) | 4 | — | 57 | — | — | — | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | — | — | 13 | 1 | 601 | (137 | ) | — | — | 465 | Deferred compensation shares and options | — | — | 13 | 1 | 905 | (137) | — | — | 769 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 8 | — | 8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss of nonconsolidated subsidiaries | Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | — | (15,626) | — | (15,626) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reduction in value of interest rate swaps | — | — | — | — | — | — | (45,399 | ) | — | (45,399 | ) | Reduction in value of interest rate swaps | — | — | — | — | — | — | (37,473) | — | (37,473) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unearned 2017 Out-Performance Plan awards acceleration | — | — | — | — | 10,824 | — | — | — | 10,824 | Unearned 2017 Out-Performance Plan awards acceleration | — | — | — | — | 10,824 | — | — | — | 10,824 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to carry redeemable Class A units at redemption value | — | — | — | — | 248,879 | — | — | — | 248,879 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | — | — | — | — | 272,436 | — | — | — | 272,436 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | 2,978 | — | 2,978 | Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | 3,498 | — | 3,498 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | (1 | ) | — | (2 | ) | 1 | — | (1,503 | ) | (1,504 | ) | Other | — | (1) | — | (1) | (1) | 7 | — | (1,502) | (1,498) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2020 | 36,794 | $ | 891,164 | 191,151 | $ | 7,625 | $ | 8,095,774 | $ | (2,415,500 | ) | $ | (82,646 | ) | $ | 432,492 | $ | 6,928,909 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2020 | Balance as of September 30, 2020 | 36,793 | $ | 891,156 | 191,261 | $ | 7,629 | $ | 8,123,524 | $ | (2,463,635) | $ | (89,834) | $ | 416,845 | $ | 6,885,685 |
(Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interests in Consolidated Subsidiaries | (Amounts in thousands, except per share amounts) | Non-controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Total Equity | Earnings Less Than Distributions | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interests in Consolidated Subsidiaries | Preferred Shares | Common Shares | Additional Capital | Total Equity | Non-controlling Interests in Consolidated Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2019: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Additional Capital | Earnings Less Than Distributions | Accumulated Other Comprehensive Income (Loss) | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2018 | 36,800 | $ | 891,294 | 190,535 | $ | 7,600 | $ | 7,725,857 | $ | (4,167,184 | ) | $ | 7,664 | $ | 642,652 | $ | 5,107,883 | Balance as of December 31, 2018 | 36,800 | $ | 891,294 | 190,535 | $ | 7,600 | $ | 7,725,857 | $ | (4,167,184) | $ | 5,107,883 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | — | — | — | — | — | 2,606,749 | — | — | 2,606,749 | Net income attributable to Vornado | — | — | — | — | — | 2,942,187 | — | — | 2,942,187 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 28,271 | 28,271 | Net income attributable to noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 34,045 | 34,045 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($1.32 per share) | — | — | — | — | — | (251,803 | ) | — | — | (251,803 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($1.98 per share) | Dividends on common shares ($1.98 per share) | — | — | — | — | — | (377,750) | — | — | (377,750) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 13 for dividends per share amounts) | — | — | — | — | — | (25,066 | ) | — | — | (25,066 | ) | Dividends on preferred shares (see Note 13 for dividends per share amounts) | — | — | — | — | — | (37,598) | — | — | (37,598) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | Common shares issued: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | — | — | 92 | 4 | 6,125 | — | — | — | 6,129 | Upon redemption of Class A units, at redemption value | — | — | 123 | 5 | 8,123 | — | — | — | 8,128 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under employees' share option plan | — | — | 165 | 7 | 1,338 | (8,692 | ) | — | — | (7,347 | ) | Under employees' share option plan | — | — | 165 | 7 | 1,338 | (8,692) | — | — | (7,347) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | — | — | 10 | — | 701 | — | — | — | 701 | Under dividend reinvestment plan | — | — | 16 | 1 | 1,057 | — | — | — | 1,058 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions: | Contributions: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate fund investments | — | — | — | — | — | — | — | 3,384 | 3,384 | Real estate fund investments | — | — | — | — | — | — | — | 3,384 | 3,384 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | 4,931 | 4,931 | Other | — | — | — | — | — | — | — | 5,839 | 5,839 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (32,204 | ) | (32,204 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions: | Distributions: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate fund investments | Real estate fund investments | — | — | — | — | — | — | — | (6) | (6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | — | — | — | — | — | — | (39,290) | (39,290) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred shares to common shares | (2 | ) | (38 | ) | 3 | — | 38 | — | — | — | — | Conversion of Series A preferred shares to common shares | (2) | (38) | 3 | — | 38 | — | — | — | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | — | — | 8 | — | 563 | — | — | — | 563 | Deferred compensation shares and options | — | — | 8 | — | 829 | — | — | — | 829 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount reclassified related to a nonconsolidated subsidiary | — | — | — | — | — | — | (2,311 | ) | — | (2,311 | ) | Amount reclassified related to a nonconsolidated subsidiary | — | — | — | — | — | — | (2,311) | — | (2,311) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | — | (960 | ) | — | (960 | ) | Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | — | (949) | — | (949) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reduction in value of interest rate swaps | — | — | — | — | — | — | (45,544 | ) | — | (45,544 | ) | Reduction in value of interest rate swaps | — | — | — | — | — | — | (55,497) | — | (55,497) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unearned 2016 Out-Performance Plan awards acceleration | — | — | — | — | 11,720 | — | — | — | 11,720 | Unearned 2016 Out-Performance Plan awards acceleration | — | — | — | — | 11,720 | — | — | — | 11,720 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to carry redeemable Class A units at redemption value | — | — | — | — | 99,407 | — | — | — | 99,407 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | — | — | — | — | 123,635 | — | — | — | 123,635 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | 3,082 | — | 3,082 | Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | 3,732 | — | 3,732 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deconsolidation of partially owned entity | — | — | — | — | — | — | — | (11,441 | ) | (11,441 | ) | Deconsolidation of partially owned entity | — | — | — | — | — | — | — | (11,441) | (11,441) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | (1 | ) | — | — | — | (1 | ) | 1 | 3 | (3 | ) | — | Other | (1) | — | — | — | — | 2 | 2 | 1 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2019 | 36,797 | $ | 891,256 | 190,813 | $ | 7,611 | $ | 7,845,748 | $ | (1,845,995 | ) | $ | (38,066 | ) | $ | 635,590 | $ | 7,496,144 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2019 | Balance as of September 30, 2019 | 36,797 | $ | 891,256 | 190,850 | $ | 7,613 | $ | 7,872,597 | $ | (1,649,035) | $ | (47,359) | $ | 635,184 | $ | 7,710,256 |
(Amounts in thousands) | For the Six Months Ended June 30, | (Amounts in thousands) | For the Nine Months Ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||
Cash Flows from Operating Activities: | Cash Flows from Operating Activities: | |||||||||||||||||
Net (loss) income | $ | (321,855 | ) | $ | 2,809,737 | Net (loss) income | $ | (253,119) | $ | 3,173,586 | ||||||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||||||||||||
Equity in net loss (income) of partially owned entities | 272,770 | (30,193 | ) | Equity in net loss (income) of partially owned entities | 353,679 | (56,139) | ||||||||||||
Net gains on disposition of wholly owned and partially owned assets | Net gains on disposition of wholly owned and partially owned assets | (338,862) | (641,664) | |||||||||||||||
Depreciation and amortization (including amortization of deferred financing costs) | Depreciation and amortization (including amortization of deferred financing costs) | 305,905 | 341,951 | |||||||||||||||
Net unrealized loss on real estate fund investments | 211,196 | 16,162 | Net unrealized loss on real estate fund investments | 225,412 | 16,162 | |||||||||||||
Depreciation and amortization (including amortization of deferred financing costs) | 193,920 | 240,866 | ||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | (124,284 | ) | (332,007 | ) | ||||||||||||||
Distributions of income from partially owned entities | 79,436 | 31,820 | Distributions of income from partially owned entities | 132,850 | 66,252 | |||||||||||||
Non-cash (gain on extinguishment of 608 Fifth Avenue lease liability) impairment loss on 608 Fifth Avenue right-of-use asset | (70,260 | ) | 75,220 | Non-cash (gain on extinguishment of 608 Fifth Avenue lease liability) impairment loss on 608 Fifth Avenue right-of-use asset | (70,260) | 75,220 | ||||||||||||
Write-off of lease receivables deemed uncollectible | 38,631 | 15,382 | Write-off of lease receivables deemed uncollectible | 60,766 | 16,488 | |||||||||||||
Stock-based compensation expense | 33,468 | 42,174 | Stock-based compensation expense | 39,638 | 48,045 | |||||||||||||
Straight-lining of rents | 15,856 | 3,733 | Straight-lining of rents | 20,021 | 8,446 | |||||||||||||
Credit losses on loans receivable | 13,369 | — | Credit losses on loans receivable | 13,369 | 0 | |||||||||||||
Amortization of below-market leases, net | (9,406 | ) | (11,168 | ) | Amortization of below-market leases, net | (13,054) | (15,561) | |||||||||||
Decrease (increase) in fair value of marketable securities | 4,938 | (1,773 | ) | |||||||||||||||
Decrease in fair value of marketable securities | Decrease in fair value of marketable securities | 4,938 | 3,095 | |||||||||||||||
Net gain on transfer to Fifth Avenue and Times Square JV | — | (2,571,099 | ) | Net gain on transfer to Fifth Avenue and Times Square JV | 0 | (2,571,099) | ||||||||||||
Real estate impairment losses | — | 26,140 | Real estate impairment losses | 0 | 26,140 | |||||||||||||
Prepayment penalty on redemption of senior unsecured notes due 2022 | — | 22,058 | Prepayment penalty on redemption of senior unsecured notes due 2022 | 0 | 22,058 | |||||||||||||
Other non-cash adjustments | 4,370 | 3,206 | Other non-cash adjustments | 7,544 | 3,406 | |||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | |||||||||||||||||
Real estate fund investments | (6,000 | ) | (4,000 | ) | Real estate fund investments | (6,502) | (4,000) | |||||||||||
Tenant and other receivables, net | (28,864 | ) | (12,759 | ) | Tenant and other receivables, net | (27,093) | (28,110) | |||||||||||
Prepaid assets | 3,078 | (5,702 | ) | Prepaid assets | (215,645) | (74,502) | ||||||||||||
Other assets | (12,480 | ) | (8,498 | ) | Other assets | (41,328) | (10,195) | |||||||||||
Accounts payable and accrued expenses | (26,611 | ) | (11,482 | ) | Accounts payable and accrued expenses | (4,058) | 1,496 | |||||||||||
Other liabilities | (3,557 | ) | (4,965 | ) | Other liabilities | (2,841) | (3,104) | |||||||||||
Net cash provided by operating activities | 267,715 | 292,852 | Net cash provided by operating activities | 191,360 | 397,971 | |||||||||||||
Cash Flows from Investing Activities: | Cash Flows from Investing Activities: | |||||||||||||||||
Proceeds from sale of condominium units at 220 Central Park South | 437,188 | 690,734 | Proceeds from sale of condominium units at 220 Central Park South | 939,292 | 1,039,493 | |||||||||||||
Development costs and construction in progress | (319,294 | ) | (289,532 | ) | Development costs and construction in progress | (448,167) | (448,281) | |||||||||||
Moynihan Train Hall expenditures | (183,007 | ) | (205,783 | ) | Moynihan Train Hall expenditures | (277,128) | (352,211) | |||||||||||
Additions to real estate | (85,252 | ) | (120,060 | ) | Additions to real estate | (112,906) | (189,579) | |||||||||||
Proceeds from sales of marketable securities | 28,375 | 167,852 | Proceeds from sales of marketable securities | 28,375 | 168,314 | |||||||||||||
Investments in partially owned entities | (3,157 | ) | (15,588 | ) | Investments in partially owned entities | (6,156) | (16,480) | |||||||||||
Distributions of capital from partially owned entities | 1,090 | 24,880 | Distributions of capital from partially owned entities | 1,090 | 24,880 | |||||||||||||
Acquisitions of real estate and other | Acquisitions of real estate and other | (985) | (3,260) | |||||||||||||||
Proceeds from transfer of interest in Fifth Avenue and Times Square JV (net of $35,562 of transaction costs and $10,899 of deconsolidated cash and restricted cash) | — | 1,255,756 | Proceeds from transfer of interest in Fifth Avenue and Times Square JV (net of $35,562 of transaction costs and $10,899 of deconsolidated cash and restricted cash) | 0 | 1,248,743 | |||||||||||||
Proceeds from redemption of 640 Fifth Avenue preferred equity | — | 500,000 | Proceeds from redemption of 640 Fifth Avenue preferred equity | 0 | 500,000 | |||||||||||||
Proceeds from sale of real estate and related investments | — | 108,512 | Proceeds from sale of real estate and related investments | 0 | 255,534 | |||||||||||||
Acquisitions of real estate and other | — | (3,260 | ) | |||||||||||||||
Net cash (used in) provided by investing activities | (124,057 | ) | 2,113,511 | |||||||||||||||
Proceeds from repayments of loans receivable | Proceeds from repayments of loans receivable | 0 | 1,395 | |||||||||||||||
Net cash provided by investing activities | Net cash provided by investing activities | 123,415 | 2,228,548 |
(Amounts in thousands) | For the Six Months Ended June 30, | (Amounts in thousands) | For the Nine Months Ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||
Cash Flows from Financing Activities: | Cash Flows from Financing Activities: | |||||||||||||||||
Dividends paid on common shares | $ | (624,627 | ) | $ | (251,803 | ) | Dividends paid on common shares | $ | (725,938) | $ | (377,750) | |||||||
Proceeds from borrowings | 554,297 | 458,955 | Proceeds from borrowings | 555,918 | 1,107,852 | |||||||||||||
Repayments of borrowings | Repayments of borrowings | (514,493) | (2,635,028) | |||||||||||||||
Moynihan Train Hall reimbursement from Empire State Development | 183,007 | 205,783 | Moynihan Train Hall reimbursement from Empire State Development | 277,128 | 352,211 | |||||||||||||
Contributions from noncontrolling interests | 98,268 | 8,315 | Contributions from noncontrolling interests | 98,626 | 9,223 | |||||||||||||
Distributions to noncontrolling interests | (54,440 | ) | (49,140 | ) | Distributions to noncontrolling interests | (76,759) | (65,084) | |||||||||||
Dividends paid on preferred shares | (37,593 | ) | (25,066 | ) | Dividends paid on preferred shares | (50,123) | (37,598) | |||||||||||
Repayments of borrowings | (11,347 | ) | (1,943,157 | ) | ||||||||||||||
Proceeds received from exercise of employee share options and other | 5,267 | 2,046 | Proceeds received from exercise of employee share options and other | 5,567 | 2,403 | |||||||||||||
Debt issuance costs | (143 | ) | (13,522 | ) | Debt issuance costs | (1,357) | (15,328) | |||||||||||
Repurchase of shares related to stock compensation agreements and related tax withholdings and other | (137 | ) | (8,692 | ) | Repurchase of shares related to stock compensation agreements and related tax withholdings and other | (137) | (8,692) | |||||||||||
Purchase of marketable securities in connection with defeasance of mortgage payable | — | (407,126 | ) | Purchase of marketable securities in connection with defeasance of mortgage payable | 0 | (407,126) | ||||||||||||
Prepayment penalty on redemption of senior unsecured notes due 2022 | — | (22,058 | ) | Prepayment penalty on redemption of senior unsecured notes due 2022 | 0 | (22,058) | ||||||||||||
Redemption of preferred shares | — | (893 | ) | Redemption of preferred shares | 0 | (893) | ||||||||||||
Net cash provided by (used in) financing activities | 112,552 | (2,046,358 | ) | |||||||||||||||
Net increase in cash and cash equivalents and restricted cash | 256,210 | 360,005 | ||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | (431,568) | (2,097,868) | |||||||||||||||
Net (decrease) increase in cash and cash equivalents and restricted cash | Net (decrease) increase in cash and cash equivalents and restricted cash | (116,793) | 528,651 | |||||||||||||||
Cash and cash equivalents and restricted cash at beginning of period | 1,607,131 | 716,905 | Cash and cash equivalents and restricted cash at beginning of period | 1,607,131 | 716,905 | |||||||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 1,863,341 | $ | 1,076,910 | Cash and cash equivalents and restricted cash at end of period | $ | 1,490,338 | $ | 1,245,556 | |||||||||
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | Reconciliation of Cash and Cash Equivalents and Restricted Cash: | |||||||||||||||||
Cash and cash equivalents at beginning of period | $ | 1,515,012 | $ | 570,916 | Cash and cash equivalents at beginning of period | $ | 1,515,012 | $ | 570,916 | |||||||||
Restricted cash at beginning of period | 92,119 | 145,989 | Restricted cash at beginning of period | 92,119 | 145,989 | |||||||||||||
Cash and cash equivalents and restricted cash at beginning of period | $ | 1,607,131 | $ | 716,905 | Cash and cash equivalents and restricted cash at beginning of period | $ | 1,607,131 | $ | 716,905 | |||||||||
Cash and cash equivalents at end of period | $ | 1,768,459 | $ | 922,604 | Cash and cash equivalents at end of period | $ | 1,411,047 | $ | 1,132,491 | |||||||||
Restricted cash at end of period | 94,882 | 154,306 | Restricted cash at end of period | 79,291 | 113,065 | |||||||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 1,863,341 | $ | 1,076,910 | Cash and cash equivalents and restricted cash at end of period | $ | 1,490,338 | $ | 1,245,556 | |||||||||
Supplemental Disclosure of Cash Flow Information: | Supplemental Disclosure of Cash Flow Information: | |||||||||||||||||
Cash payments for interest, excluding capitalized interest of $21,255 and $39,643 | $ | 107,069 | $ | 165,022 | ||||||||||||||
Cash payments for interest, excluding capitalized interest of $30,649 and $55,186 | Cash payments for interest, excluding capitalized interest of $30,649 and $55,186 | $ | 164,752 | $ | 227,310 | |||||||||||||
Cash payments for income taxes | $ | 9,276 | $ | 28,697 | Cash payments for income taxes | $ | 14,252 | $ | 47,345 | |||||||||
Non-Cash Investing and Financing Activities: | Non-Cash Investing and Financing Activities: | |||||||||||||||||
Adjustments to carry redeemable Class A units at redemption value | $ | 248,879 | $ | 99,407 | ||||||||||||||
Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | 240,707 | 647,683 | Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | $ | 370,850 | $ | 825,520 | |||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | 272,436 | 123,635 | |||||||||||||||
Accrued capital expenditures included in accounts payable and accrued expenses | 89,036 | 68,900 | Accrued capital expenditures included in accounts payable and accrued expenses | 118,672 | 117,205 | |||||||||||||
Write-off of fully depreciated assets | (66,931 | ) | (93,390 | ) | Write-off of fully depreciated assets | (111,863) | (113,261) | |||||||||||
Lease liabilities arising from the recognition of right-of-use assets | — | 526,866 | ||||||||||||||||
Amounts related to our investment in Pennsylvania Real Estate Investment Trust reclassified from "investments in partially owned entities" and "accumulated other comprehensive loss" to "marketable securities" upon conversion of operating partnership units to common shares | — | 54,962 | ||||||||||||||||
Investments received in exchange for transfer to Fifth Avenue and Times Square JV: | Investments received in exchange for transfer to Fifth Avenue and Times Square JV: | |||||||||||||||||
Preferred equity | — | 2,327,750 | Preferred equity | 0 | 2,327,750 | |||||||||||||
Common equity | — | 1,449,495 | Common equity | 0 | 1,449,495 | |||||||||||||
Lease liabilities arising from the recognition of right-of-use assets | Lease liabilities arising from the recognition of right-of-use assets | 0 | 526,866 | |||||||||||||||
Marketable securities transferred in connection with the defeasance of mortgage payable | — | (407,126 | ) | Marketable securities transferred in connection with the defeasance of mortgage payable | 0 | (407,126) | ||||||||||||
Defeasance of mortgage payable | — | 390,000 | Defeasance of mortgage payable | 0 | 390,000 | |||||||||||||
Amounts related to our investment in Pennsylvania Real Estate Investment Trust reclassified from "investments in partially owned entities" and "accumulated other comprehensive loss" to "marketable securities" upon conversion of operating partnership units to common shares | Amounts related to our investment in Pennsylvania Real Estate Investment Trust reclassified from "investments in partially owned entities" and "accumulated other comprehensive loss" to "marketable securities" upon conversion of operating partnership units to common shares | 0 | 54,962 |
(Amounts in thousands, except unit amounts) | As of | (Amounts in thousands, except unit amounts) | As of | |||||||||||||||
June 30, 2020 | December 31, 2019 | September 30, 2020 | December 31, 2019 | |||||||||||||||
ASSETS | ASSETS | |||||||||||||||||
Real estate, at cost: | Real estate, at cost: | |||||||||||||||||
Land | $ | 2,588,200 | $ | 2,591,261 | Land | $ | 2,589,452 | $ | 2,591,261 | |||||||||
Buildings and improvements | 7,975,871 | 7,953,163 | Buildings and improvements | 8,004,206 | 7,953,163 | |||||||||||||
Development costs and construction in progress | 1,541,432 | 1,490,614 | Development costs and construction in progress | 1,514,941 | 1,490,614 | |||||||||||||
Moynihan Train Hall development expenditures | 1,087,669 | 914,960 | Moynihan Train Hall development expenditures | 1,223,600 | 914,960 | |||||||||||||
Leasehold improvements and equipment | 127,685 | 124,014 | Leasehold improvements and equipment | 128,642 | 124,014 | |||||||||||||
Total | 13,320,857 | 13,074,012 | Total | 13,460,841 | 13,074,012 | |||||||||||||
Less accumulated depreciation and amortization | (3,106,393 | ) | (3,015,958 | ) | Less accumulated depreciation and amortization | (3,155,416) | (3,015,958) | |||||||||||
Real estate, net | 10,214,464 | 10,058,054 | Real estate, net | 10,305,425 | 10,058,054 | |||||||||||||
Right-of-use assets | 376,958 | 379,546 | Right-of-use assets | 374,805 | 379,546 | |||||||||||||
Cash and cash equivalents | 1,768,459 | 1,515,012 | Cash and cash equivalents | 1,411,047 | 1,515,012 | |||||||||||||
Restricted cash | 94,882 | 92,119 | Restricted cash | 79,291 | 92,119 | |||||||||||||
Marketable securities | — | 33,313 | Marketable securities | 0 | 33,313 | |||||||||||||
Tenant and other receivables | 118,273 | 95,733 | Tenant and other receivables | 103,051 | 95,733 | |||||||||||||
Investments in partially owned entities | 3,648,651 | 3,999,165 | Investments in partially owned entities | 3,504,328 | 3,999,165 | |||||||||||||
Real estate fund investments | 17,453 | 222,649 | Real estate fund investments | 3,739 | 222,649 | |||||||||||||
220 Central Park South condominium units ready for sale | 426,623 | 408,918 | 220 Central Park South condominium units ready for sale | 181,041 | 408,918 | |||||||||||||
Receivable arising from the straight-lining of rents | 692,931 | 742,206 | Receivable arising from the straight-lining of rents | 678,381 | 742,206 | |||||||||||||
Deferred leasing costs, net of accumulated amortization of $186,740 and $196,229 | 348,473 | 353,986 | ||||||||||||||||
Identified intangible assets, net of accumulated amortization of $97,489 and $98,587 | 27,660 | 30,965 | ||||||||||||||||
Deferred leasing costs, net of accumulated amortization of $191,093 and $196,229 | Deferred leasing costs, net of accumulated amortization of $191,093 and $196,229 | 385,089 | 353,986 | |||||||||||||||
Identified intangible assets, net of accumulated amortization of $95,567 and $98,587 | Identified intangible assets, net of accumulated amortization of $95,567 and $98,587 | 25,746 | 30,965 | |||||||||||||||
Other assets | 307,620 | 355,347 | Other assets | 510,955 | 355,347 | |||||||||||||
$ | 18,042,447 | $ | 18,287,013 | $ | 17,562,898 | $ | 18,287,013 | |||||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||||||||||||
Mortgages payable, net | $ | 5,638,352 | $ | 5,639,897 | Mortgages payable, net | $ | 5,639,151 | $ | 5,639,897 | |||||||||
Senior unsecured notes, net | 446,279 | 445,872 | Senior unsecured notes, net | 446,482 | 445,872 | |||||||||||||
Unsecured term loan, net | 796,236 | 745,840 | Unsecured term loan, net | 796,499 | 745,840 | |||||||||||||
Unsecured revolving credit facilities | 1,075,000 | 575,000 | Unsecured revolving credit facilities | 575,000 | 575,000 | |||||||||||||
Lease liabilities | 426,059 | 498,254 | Lease liabilities | 425,646 | 498,254 | |||||||||||||
Moynihan Train Hall obligation | 1,087,669 | 914,960 | Moynihan Train Hall obligation | 1,223,600 | 914,960 | |||||||||||||
Special distribution payable | — | 398,292 | Special distribution payable | 0 | 398,292 | |||||||||||||
Accounts payable and accrued expenses | 385,956 | 440,049 | Accounts payable and accrued expenses | 430,446 | 440,049 | |||||||||||||
Deferred revenue | 49,386 | 59,429 | Deferred revenue | 45,473 | 59,429 | |||||||||||||
Deferred compensation plan | 94,081 | 103,773 | Deferred compensation plan | 98,543 | 103,773 | |||||||||||||
Other liabilities | 395,604 | 265,754 | Other liabilities | 302,622 | 265,754 | |||||||||||||
Total liabilities | 10,394,622 | 10,087,120 | Total liabilities | 9,983,462 | 10,087,120 | |||||||||||||
Commitments and contingencies | Commitments and contingencies | |||||||||||||||||
Redeemable noncontrolling interests: | Redeemable noncontrolling interests: | |||||||||||||||||
Class A units - 13,773,407 and 13,298,956 units outstanding | 620,269 | 884,380 | ||||||||||||||||
Class A units - 13,670,466 and 13,298,956 units outstanding | Class A units - 13,670,466 and 13,298,956 units outstanding | 594,934 | 884,380 | |||||||||||||||
Series D cumulative redeemable preferred units - 141,401 units outstanding | 4,535 | 4,535 | Series D cumulative redeemable preferred units - 141,401 units outstanding | 4,535 | 4,535 | |||||||||||||
Total redeemable noncontrolling partnership units | 624,804 | 888,915 | Total redeemable noncontrolling partnership units | 599,469 | 888,915 | |||||||||||||
Redeemable noncontrolling interest in a consolidated subsidiary | 94,112 | — | Redeemable noncontrolling interest in a consolidated subsidiary | 94,282 | 0 | |||||||||||||
Total redeemable noncontrolling interests | 718,916 | 888,915 | Total redeemable noncontrolling interests | 693,751 | 888,915 | |||||||||||||
Partners' equity: | Partners' equity: | |||||||||||||||||
Partners' capital | 8,994,563 | 8,726,529 | Partners' capital | 9,022,309 | 8,726,529 | |||||||||||||
Earnings less than distributions | (2,415,500 | ) | (1,954,266 | ) | Earnings less than distributions | (2,463,635) | (1,954,266) | |||||||||||
Accumulated other comprehensive loss | (82,646 | ) | (40,233 | ) | Accumulated other comprehensive loss | (89,834) | (40,233) | |||||||||||
Total partners' equity | 6,496,417 | 6,732,030 | Total partners' equity | 6,468,840 | 6,732,030 | |||||||||||||
Noncontrolling interests in consolidated subsidiaries | 432,492 | 578,948 | Noncontrolling interests in consolidated subsidiaries | 416,845 | 578,948 | |||||||||||||
Total equity | 6,928,909 | 7,310,978 | Total equity | 6,885,685 | 7,310,978 | |||||||||||||
$ | 18,042,447 | $ | 18,287,013 | $ | 17,562,898 | $ | 18,287,013 |
(Amounts in thousands, except per unit amounts) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | (Amounts in thousands, except per unit amounts) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||
REVENUES: | REVENUES: | |||||||||||||||||||||||||||||||||||||
Rental revenues | $ | 315,194 | $ | 421,299 | $ | 716,468 | $ | 921,176 | Rental revenues | $ | 322,253 | $ | 427,638 | $ | 1,038,721 | $ | 1,348,814 | |||||||||||||||||||||
Fee and other income | 27,832 | 41,804 | 71,090 | 76,595 | Fee and other income | 41,709 | 38,323 | 112,799 | 114,918 | |||||||||||||||||||||||||||||
Total revenues | 343,026 | 463,103 | 787,558 | 997,771 | Total revenues | 363,962 | 465,961 | 1,151,520 | 1,463,732 | |||||||||||||||||||||||||||||
EXPENSES: | EXPENSES: | |||||||||||||||||||||||||||||||||||||
Operating | (174,425 | ) | (220,752 | ) | (404,432 | ) | (467,647 | ) | Operating | (195,645) | (226,359) | (600,077) | (694,006) | |||||||||||||||||||||||||
Depreciation and amortization | (92,805 | ) | (113,035 | ) | (185,598 | ) | (229,744 | ) | Depreciation and amortization | (107,013) | (96,437) | (292,611) | (326,181) | |||||||||||||||||||||||||
General and administrative | (35,014 | ) | (38,872 | ) | (87,848 | ) | (96,892 | ) | General and administrative | (32,407) | (33,237) | (120,255) | (130,129) | |||||||||||||||||||||||||
(Expense) benefit from deferred compensation plan liability | (6,356 | ) | (1,315 | ) | 4,889 | (6,748 | ) | (Expense) benefit from deferred compensation plan liability | (4,341) | (974) | 548 | (7,722) | ||||||||||||||||||||||||||
Lease liability extinguishment gain (transaction related costs and impairment losses) | 69,221 | (101,590 | ) | 69,150 | (101,739 | ) | ||||||||||||||||||||||||||||||||
(Expense from transaction related costs and impairment losses) and gain from lease liability extinguishment, net | (Expense from transaction related costs and impairment losses) and gain from lease liability extinguishment, net | (584) | (1,576) | 68,566 | (103,315) | |||||||||||||||||||||||||||||||||
Total expenses | (239,379 | ) | (475,564 | ) | (603,839 | ) | (902,770 | ) | Total expenses | (339,990) | (358,583) | (943,829) | (1,261,353) | |||||||||||||||||||||||||
(Loss) income from partially owned entities | (291,873 | ) | 22,873 | (272,770 | ) | 30,193 | (Loss) income from partially owned entities | (80,909) | 25,946 | (353,679) | 56,139 | |||||||||||||||||||||||||||
Loss from real estate fund investments | (28,042 | ) | (15,803 | ) | (211,505 | ) | (15,970 | ) | ||||||||||||||||||||||||||||||
Interest and other investment (loss) income, net | (2,893 | ) | 7,840 | (8,797 | ) | 12,885 | ||||||||||||||||||||||||||||||||
(Loss) income from real estate fund investments | (Loss) income from real estate fund investments | (13,823) | 2,190 | (225,328) | (13,780) | |||||||||||||||||||||||||||||||||
Interest and other investment income (loss), net | Interest and other investment income (loss), net | 1,729 | 3,045 | (7,068) | 15,930 | |||||||||||||||||||||||||||||||||
Income (loss) from deferred compensation plan assets | 6,356 | 1,315 | (4,889 | ) | 6,748 | Income (loss) from deferred compensation plan assets | 4,341 | 974 | (548) | 7,722 | ||||||||||||||||||||||||||||
Interest and debt expense | (58,405 | ) | (63,029 | ) | (117,247 | ) | (165,492 | ) | Interest and debt expense | (57,371) | (61,448) | (174,618) | (226,940) | |||||||||||||||||||||||||
Net gain on transfer to Fifth Avenue and Times Square JV | — | 2,571,099 | — | 2,571,099 | Net gain on transfer to Fifth Avenue and Times Square JV | 0 | 0 | 0 | 2,571,099 | |||||||||||||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | 55,695 | 111,713 | 124,284 | 332,007 | Net gains on disposition of wholly owned and partially owned assets | 214,578 | 309,657 | 338,862 | 641,664 | |||||||||||||||||||||||||||||
(Loss) income before income taxes | (215,515 | ) | 2,623,547 | (307,205 | ) | 2,866,471 | ||||||||||||||||||||||||||||||||
Income (loss) before income taxes | Income (loss) before income taxes | 92,517 | 387,742 | (214,688) | 3,254,213 | |||||||||||||||||||||||||||||||||
Income tax expense | (1,837 | ) | (26,914 | ) | (14,650 | ) | (56,657 | ) | Income tax expense | (23,781) | (23,885) | (38,431) | (80,542) | |||||||||||||||||||||||||
(Loss) income from continuing operations | (217,352 | ) | 2,596,633 | (321,855 | ) | 2,809,814 | ||||||||||||||||||||||||||||||||
Income (loss) from discontinued operations | — | 60 | — | (77 | ) | |||||||||||||||||||||||||||||||||
Net (loss) income | (217,352 | ) | 2,596,693 | (321,855 | ) | 2,809,737 | ||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | Income (loss) from continuing operations | 68,736 | 363,857 | (253,119) | 3,173,671 | |||||||||||||||||||||||||||||||||
Loss from discontinued operations | Loss from discontinued operations | 0 | (8) | 0 | (85) | |||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | 68,736 | 363,849 | (253,119) | 3,173,586 | |||||||||||||||||||||||||||||||||
Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 17,768 | (21,451 | ) | 140,155 | (28,271 | ) | Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 848 | (5,774) | 141,003 | (34,045) | |||||||||||||||||||||||||||
Net (loss) income attributable to Vornado Realty L.P. | (199,584 | ) | 2,575,242 | (181,700 | ) | 2,781,466 | ||||||||||||||||||||||||||||||||
Net income (loss) attributable to Vornado Realty L.P. | Net income (loss) attributable to Vornado Realty L.P. | 69,584 | 358,075 | (112,116) | 3,139,541 | |||||||||||||||||||||||||||||||||
Preferred unit distributions | (12,571 | ) | (12,573 | ) | (25,143 | ) | (25,148 | ) | Preferred unit distributions | (12,572) | (12,574) | (37,715) | (37,722) | |||||||||||||||||||||||||
NET (LOSS) INCOME attributable to Class A unitholders | $ | (212,155 | ) | $ | 2,562,669 | $ | (206,843 | ) | $ | 2,756,318 | ||||||||||||||||||||||||||||
(LOSS) INCOME PER CLASS A UNIT - BASIC: | ||||||||||||||||||||||||||||||||||||||
Net (loss) income per Class A unit | $ | (1.05 | ) | $ | 12.58 | $ | (1.05 | ) | $ | 13.53 | ||||||||||||||||||||||||||||
NET INCOME (LOSS) attributable to Class A unitholders | NET INCOME (LOSS) attributable to Class A unitholders | $ | 57,012 | $ | 345,501 | $ | (149,831) | $ | 3,101,819 | |||||||||||||||||||||||||||||
INCOME (LOSS) PER CLASS A UNIT - BASIC: | INCOME (LOSS) PER CLASS A UNIT - BASIC: | |||||||||||||||||||||||||||||||||||||
Net income (loss) per Class A unit | Net income (loss) per Class A unit | $ | 0.28 | $ | 1.69 | $ | (0.76) | $ | 15.21 | |||||||||||||||||||||||||||||
Weighted average units outstanding | 203,512 | 202,924 | 203,441 | 202,848 | Weighted average units outstanding | 203,554 | 203,009 | 203,480 | 202,903 | |||||||||||||||||||||||||||||
(LOSS) INCOME PER CLASS A UNIT - DILUTED: | ||||||||||||||||||||||||||||||||||||||
Net (loss) income per Class A unit | $ | (1.05 | ) | $ | 12.54 | $ | (1.05 | ) | $ | 13.50 | ||||||||||||||||||||||||||||
INCOME (LOSS) PER CLASS A UNIT - DILUTED: | INCOME (LOSS) PER CLASS A UNIT - DILUTED: | |||||||||||||||||||||||||||||||||||||
Net income (loss) per Class A unit | Net income (loss) per Class A unit | $ | 0.28 | $ | 1.69 | $ | (0.76) | $ | 15.18 | |||||||||||||||||||||||||||||
Weighted average units outstanding | 203,512 | 203,480 | 203,441 | 203,391 | Weighted average units outstanding | 203,554 | 203,550 | 203,480 | 203,416 |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Net (loss) income | $ | (217,352 | ) | $ | 2,596,693 | $ | (321,855 | ) | $ | 2,809,737 | |||||
Other comprehensive income (loss): | |||||||||||||||
Increase (reduction) in value of interest rate swaps and other | 78 | (28,512 | ) | (45,399 | ) | (45,541 | ) | ||||||||
Other comprehensive income (loss) of nonconsolidated subsidiaries | — | 25 | 8 | (960 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss relating to a nonconsolidated subsidiary | — | — | — | (2,311 | ) | ||||||||||
Comprehensive (loss) income | (217,274 | ) | 2,568,206 | (367,246 | ) | 2,760,925 | |||||||||
Less comprehensive loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 17,768 | (21,451 | ) | 140,155 | (28,271 | ) | |||||||||
Comprehensive (loss) income attributable to Vornado Realty L.P. | $ | (199,506 | ) | $ | 2,546,755 | $ | (227,091 | ) | $ | 2,732,654 |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net income (loss) | $ | 68,736 | $ | 363,849 | $ | (253,119) | $ | 3,173,586 | |||||||||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||||
Other comprehensive (loss) income of nonconsolidated subsidiaries | (15,634) | 11 | (15,626) | (949) | |||||||||||||||||||
Increase (reduction) in value of interest rate swaps and other | 7,926 | (9,954) | (37,473) | (55,495) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss relating to a nonconsolidated subsidiary | 0 | 0 | 0 | (2,311) | |||||||||||||||||||
Comprehensive income (loss) | 61,028 | 353,906 | (306,218) | 3,114,831 | |||||||||||||||||||
Less comprehensive (income) loss attributable to noncontrolling interests in consolidated subsidiaries | 848 | (5,774) | 141,003 | (34,045) | |||||||||||||||||||
Comprehensive income (loss) attributable to Vornado Realty L.P. | $ | 61,876 | $ | 348,132 | $ | (165,215) | $ | 3,080,786 |
(Amounts in thousands, except per unit amounts) | (Amounts in thousands, except per unit amounts) | Accumulated Other Comprehensive Loss | Non- controlling Interests in Consolidated Subsidiaries | (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 | Total Equity | Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Accumulated Other Comprehensive Loss | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | Accumulated Other Comprehensive Loss | Non- controlling Interests in Consolidated Subsidiaries | Units | Amount | Units | Amount | Non-controlling Interests in Consolidated Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2020: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2020 | 36,796 | $ | 891,211 | 191,116 | $ | 8,120,147 | $ | (2,091,612 | ) | $ | (82,719 | ) | $ | 456,185 | $ | 7,293,212 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to Vornado Realty L.P. | — | — | — | — | (199,584 | ) | — | — | (199,584 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to redeemable partnership units | — | — | — | — | 14,364 | — | — | 14,364 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2020: | For the Three Months Ended September 30, 2020: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2020 | Balance as of June 30, 2020 | 36,794 | $ | 891,164 | 191,151 | $ | 8,103,399 | $ | (2,415,500) | $ | (82,646) | $ | 432,492 | $ | 6,928,909 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | Net income attributable to Vornado Realty L.P. | — | — | — | — | 69,584 | — | — | 69,584 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | Net income attributable to redeemable partnership units | — | — | — | — | (3,884) | — | — | (3,884) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | (17,904 | ) | (17,904 | ) | Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | (1,019) | (1,019) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($0.66 per unit) | — | — | — | — | (126,141 | ) | — | — | (126,141 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($0.53 per unit) | Distributions to Vornado ($0.53 per unit) | — | — | — | — | (101,311) | — | — | (101,311) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 13 for distributions per unit amounts) | — | — | — | — | (12,530 | ) | — | — | (12,530 | ) | Distributions to preferred unitholders (see Note 13 for distributions per unit amounts) | — | — | — | — | (12,530) | — | — | (12,530) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A units issued to Vornado: | Class A units issued to Vornado: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | — | — | 22 | 824 | — | — | — | 824 | Upon redemption of redeemable Class A units, at redemption value | — | — | 100 | 3,586 | — | — | — | 3,586 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | 10 | 368 | — | — | — | 368 | Under Vornado's dividend reinvestment plan | — | — | 9 | 300 | — | — | — | 300 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 1,082 | 1,082 | Contributions | — | — | — | — | — | — | 358 | 358 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (5,295 | ) | (5,295 | ) | Distributions | — | — | — | — | — | — | (14,987) | (14,987) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred units to Class A units | (2 | ) | (47 | ) | 4 | 47 | — | — | — | — | Conversion of Series A preferred units to Class A units | (1) | (7) | 0 | 7 | — | — | — | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | — | 304 | — | — | — | 304 | Deferred compensation units and options | — | — | 0 | 304 | — | — | — | 304 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss of nonconsolidated subsidiaries | Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | (15,634) | — | (15,634) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase in value of interest rate swaps | — | — | — | — | — | 78 | — | 78 | Increase in value of interest rate swaps | — | — | — | — | — | 7,926 | — | 7,926 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to carry redeemable Class A units at redemption value | — | — | — | (18,291 | ) | — | — | — | (18,291 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | — | — | — | 23,557 | — | — | — | 23,557 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable partnership units' share of above adjustments | — | — | — | — | — | (5 | ) | — | (5 | ) | Redeemable partnership units' share of above adjustments | — | — | — | — | — | 520 | — | 520 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | (1 | ) | — | 3 | — | (1,576 | ) | (1,573 | ) | Other | — | (1) | 1 | — | 6 | — | 1 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2020 | 36,794 | $ | 891,164 | 191,151 | $ | 8,103,399 | $ | (2,415,500 | ) | $ | (82,646 | ) | $ | 432,492 | $ | 6,928,909 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2020 | Balance as of September 30, 2020 | 36,793 | $ | 891,156 | 191,261 | $ | 8,131,153 | $ | (2,463,635) | $ | (89,834) | $ | 416,845 | $ | 6,885,685 |
(Amounts in thousands, except per unit amounts) | (Amounts in thousands, except per unit amounts) | Earnings Less Than Distributions | Accumulated Other Comprehensive Loss | Non- controlling Interests in Consolidated Subsidiaries | (Amounts in thousands, except per unit amounts) | Earnings Less Than Distributions | Accumulated Other Comprehensive Loss | Non- controlling Interests in Consolidated Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units | Class A Units Owned by Vornado | Total Equity | Preferred Units | Class A Units Owned by Vornado | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | Earnings Less Than Distributions | Accumulated Other Comprehensive Loss | Non- controlling Interests in Consolidated Subsidiaries | Units | Amount | Units | Amount | Earnings Less Than Distributions | Accumulated Other Comprehensive Loss | Non- controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2019: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2019 | 36,798 | $ | 891,263 | 190,761 | $ | 7,684,379 | $ | (4,120,265 | ) | $ | (11,385 | ) | $ | 646,900 | $ | 5,090,892 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2019: | For the Three Months Ended September 30, 2019: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2019 | Balance as of June 30, 2019 | 36,797 | $ | 891,256 | 190,813 | $ | 7,853,359 | $ | (1,845,995) | $ | (38,066) | $ | 635,590 | $ | 7,496,144 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | — | — | — | — | 2,575,242 | — | — | 2,575,242 | Net income attributable to Vornado Realty L.P. | — | — | — | — | 358,075 | — | — | 358,075 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | — | — | — | — | (162,515 | ) | — | — | (162,515 | ) | Net income attributable to redeemable partnership units | — | — | — | — | (22,637) | — | — | (22,637) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 21,451 | 21,451 | Net income attributable to noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 5,774 | 5,774 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($0.66 per unit) | — | — | — | — | (125,927 | ) | — | — | (125,927 | ) | Distributions to Vornado ($0.66 per unit) | — | — | — | — | (125,947) | — | — | (125,947) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 13 for distributions per unit amounts) | — | — | — | — | (12,532 | ) | — | — | (12,532 | ) | Distributions to preferred unitholders (see Note 13 for distributions per unit amounts) | — | — | — | — | (12,532) | — | — | (12,532) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Units issued to Vornado: | Class A Units issued to Vornado: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | — | — | 44 | 2,948 | — | — | — | 2,948 | Upon redemption of redeemable Class A units, at redemption value | — | — | 31 | 1,999 | — | — | — | 1,999 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | — | — | 3 | 174 | — | — | — | 174 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | 5 | 361 | — | — | — | 361 | Under Vornado's dividend reinvestment plan | — | — | 6 | 357 | — | — | — | 357 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 3,121 | 3,121 | Contributions | — | — | — | — | — | — | 908 | 908 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (24,440 | ) | (24,440 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred units to Class A units | (1 | ) | (7 | ) | 1 | 7 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions: | Distributions: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate fund investments | Real estate fund investments | — | — | — | — | — | — | (6) | (6) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | — | — | — | — | — | (7,086) | (7,086) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | (1 | ) | 266 | — | — | — | 266 | Deferred compensation units and options | — | — | — | 266 | — | — | — | 266 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 25 | — | 25 | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 11 | — | 11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reduction in value of interest rate swaps | — | — | — | — | — | (28,515 | ) | — | (28,515 | ) | Reduction in value of interest rate swaps | — | — | — | — | — | (9,953) | — | (9,953) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to carry redeemable Class A units at redemption value | — | — | — | 165,225 | — | — | — | 165,225 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | — | — | — | 24,228 | — | — | — | 24,228 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable partnership units' share of above adjustments | — | — | — | — | — | 1,806 | — | 1,806 | Redeemable partnership units' share of above adjustments | — | — | — | — | — | 650 | — | 650 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deconsolidation of partially owned entity | — | — | — | — | — | — | (11,441 | ) | (11,441 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | (1 | ) | 2 | 3 | (1 | ) | 3 | Other | — | — | — | 1 | 1 | (1) | 4 | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2019 | 36,797 | $ | 891,256 | 190,813 | $ | 7,853,359 | $ | (1,845,995 | ) | $ | (38,066 | ) | $ | 635,590 | $ | 7,496,144 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2019 | Balance as of September 30, 2019 | 36,797 | $ | 891,256 | 190,850 | $ | 7,880,210 | $ | (1,649,035) | $ | (47,359) | $ | 635,184 | $ | 7,710,256 |
(Amounts in thousands, except per unit amounts) | (Amounts in thousands, except per unit amounts) | Accumulated Other Comprehensive (Loss) Income | Non- controlling Interests in Consolidated Subsidiaries | (Amounts in thousands, except per unit amounts) | Accumulated Other Comprehensive Loss | Non- controlling Interests in Consolidated Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Total Equity | Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | Accumulated Other Comprehensive (Loss) Income | Non- controlling Interests in Consolidated Subsidiaries | Units | Amount | Units | Amount | Non- controlling Interests in Consolidated Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2020: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2020: | For the Nine Months Ended September 30, 2020: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | 36,796 | $ | 891,214 | 190,986 | $ | 7,835,315 | $ | (1,954,266 | ) | $ | (40,233 | ) | $ | 578,948 | $ | 7,310,978 | Balance as of December 31, 2019 | 36,796 | $ | 891,214 | 190,986 | $ | 7,835,315 | $ | (1,954,266) | $ | (40,233) | $ | 578,948 | $ | 7,310,978 | |||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative effect of accounting change (see Note 4) | — | — | — | — | (16,064 | ) | — | — | (16,064 | ) | Cumulative effect of accounting change (see Note 4) | — | — | — | — | (16,064) | — | — | (16,064) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to Vornado Realty L.P. | — | — | — | — | (181,700 | ) | — | — | (181,700 | ) | Net loss attributable to Vornado Realty L.P. | — | — | — | — | (112,116) | — | — | (112,116) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to redeemable partnership units | — | — | — | — | 13,974 | — | — | 13,974 | Net loss attributable to redeemable partnership units | — | — | — | — | 10,090 | — | — | 10,090 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | (140,291 | ) | (140,291 | ) | Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | (141,310) | (141,310) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($1.32 per unit) | — | — | — | — | (252,247 | ) | — | — | (252,247 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($1.85 per unit) | Distributions to Vornado ($1.85 per unit) | — | — | — | — | (353,558) | — | — | (353,558) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 13 for distributions per unit amounts) | — | — | — | — | (25,061 | ) | — | — | (25,061 | ) | Distributions to preferred unitholders (see Note 13 for distributions per unit amounts) | — | — | — | — | (37,591) | — | — | (37,591) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A units issued to Vornado: | Class A units issued to Vornado: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | — | — | 49 | 2,464 | — | — | — | 2,464 | Upon redemption of redeemable Class A units, at redemption value | — | — | 149 | 6,050 | — | — | — | 6,050 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | — | — | 69 | 3,517 | — | — | — | 3,517 | Under Vornado's employees' share option plan | — | — | 69 | 3,517 | — | — | — | 3,517 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | 31 | 1,750 | — | — | — | 1,750 | Under Vornado's dividend reinvestment plan | — | — | 40 | 2,050 | — | — | — | 2,050 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions: | Contributions: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate fund investments | — | — | — | — | — | — | 3,389 | 3,389 | Real estate fund investments | — | — | — | — | — | — | 3,389 | 3,389 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | 2,479 | 2,479 | Other | — | — | — | — | — | — | 2,837 | 2,837 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (10,530 | ) | (10,530 | ) | Distributions | — | — | — | — | — | — | (25,517) | (25,517) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred units to Class A units | (2 | ) | (50 | ) | 4 | 50 | — | — | — | — | Conversion of Series A preferred units to Class A units | (3) | (57) | 4 | 57 | — | — | — | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | 13 | 602 | (137 | ) | — | — | 465 | Deferred compensation units and options | — | — | 13 | 906 | (137) | — | — | 769 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 8 | — | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss of nonconsolidated subsidiaries | Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | (15,626) | — | (15,626) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reduction in value of interest rate swaps | — | — | — | — | — | (45,399 | ) | — | (45,399 | ) | Reduction in value of interest rate swaps | — | — | — | — | — | (37,473) | — | (37,473) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unearned 2017 Out-Performance Plan awards acceleration | — | — | — | 10,824 | — | — | — | 10,824 | Unearned 2017 Out-Performance Plan awards acceleration | — | — | — | 10,824 | — | — | — | 10,824 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to carry redeemable Class A units at redemption value | — | — | — | 248,879 | — | — | — | 248,879 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | — | — | — | 272,436 | — | — | — | 272,436 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable partnership units' share of above adjustments | — | — | — | — | — | 2,978 | — | 2,978 | Redeemable partnership units' share of above adjustments | — | — | — | — | — | 3,498 | — | 3,498 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | (1 | ) | (2 | ) | 1 | — | (1,503 | ) | (1,504 | ) | Other | — | (1) | — | (2) | 7 | — | (1,502) | (1,498) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2020 | 36,794 | $ | 891,164 | 191,151 | $ | 8,103,399 | $ | (2,415,500 | ) | $ | (82,646 | ) | $ | 432,492 | $ | 6,928,909 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2020 | Balance as of September 30, 2020 | 36,793 | $ | 891,156 | 191,261 | $ | 8,131,153 | $ | (2,463,635) | $ | (89,834) | $ | 416,845 | $ | 6,885,685 |
(Amounts in thousands, except per unit amounts) | (Amounts in thousands, except per unit amounts) | Accumulated Other Comprehensive Income (Loss) | Non- controlling Interests in Consolidated Subsidiaries | (Amounts in thousands, except per unit amounts) | Accumulated Other Comprehensive Income (Loss) | Non- controlling Interests in Consolidated Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Total Equity | Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | Accumulated Other Comprehensive Income (Loss) | Non- controlling Interests in Consolidated Subsidiaries | Units | Amount | Units | Amount | Non- controlling Interests in Consolidated Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2019: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2019: | For the Nine Months Ended September 30, 2019: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2018 | 36,800 | $ | 891,294 | 190,535 | $ | 7,733,457 | $ | (4,167,184 | ) | $ | 7,664 | $ | 642,652 | $ | 5,107,883 | Balance as of December 31, 2018 | 36,800 | $ | 891,294 | 190,535 | $ | 7,733,457 | $ | (4,167,184) | $ | 7,664 | $ | 642,652 | $ | 5,107,883 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | — | — | — | — | 2,781,466 | — | — | 2,781,466 | Net income attributable to Vornado Realty L.P. | — | — | — | — | 3,139,541 | — | — | 3,139,541 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | — | — | — | — | (174,717 | ) | — | — | (174,717 | ) | Net income attributable to redeemable partnership units | — | — | — | — | (197,354) | — | — | (197,354) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 28,271 | 28,271 | Net income attributable to noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 34,045 | 34,045 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($1.32 per unit) | — | — | — | — | (251,803 | ) | — | — | (251,803 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($1.98 per unit) | Distributions to Vornado ($1.98 per unit) | — | — | — | — | (377,750) | — | — | (377,750) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 13 for distributions per unit amounts) | — | — | — | — | (25,066 | ) | — | — | (25,066 | ) | Distributions to preferred unitholders (see Note 13 for distributions per unit amounts) | — | — | — | — | (37,598) | — | — | (37,598) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A units issued to Vornado: | Class A units issued to Vornado: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | — | — | 92 | 6,129 | — | — | — | 6,129 | Upon redemption of redeemable Class A units, at redemption value | — | — | 123 | 8,128 | — | — | — | 8,128 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | — | — | 165 | 1,345 | (8,692 | ) | — | — | (7,347 | ) | Under Vornado's employees' share option plan | — | — | 165 | 1,345 | (8,692) | — | — | (7,347) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | — | — | 10 | 701 | — | — | — | 701 | Under Vornado's dividend reinvestment plan | — | — | 16 | 1,058 | — | — | — | 1,058 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions: | Contributions: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate fund investments | — | — | — | — | — | — | 3,384 | 3,384 | Real estate fund investments | — | — | — | — | — | — | 3,384 | 3,384 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | 4,931 | 4,931 | Other | — | — | — | — | — | — | 5,839 | 5,839 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (32,204 | ) | (32,204 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions: | Distributions: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate fund investments | Real estate fund investments | — | — | — | — | — | — | (6) | (6) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | — | — | — | — | — | (39,290) | (39,290) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred unit issuance | (2 | ) | (38 | ) | 3 | 38 | — | — | — | — | Preferred unit issuance | (2) | (38) | 3 | 38 | — | — | — | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | 8 | 563 | — | — | — | 563 | Deferred compensation units and options | — | — | 8 | 829 | — | — | — | 829 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount reclassified related to a nonconsolidated subsidiary | — | — | — | — | — | (2,311 | ) | — | (2,311 | ) | Amount reclassified related to a nonconsolidated subsidiary | — | — | — | — | — | (2,311) | — | (2,311) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | (960 | ) | — | (960 | ) | Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | (949) | — | (949) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reduction in value of interest rate swaps | — | — | — | — | — | (45,544 | ) | — | (45,544 | ) | Reduction in value of interest rate swaps | — | — | — | — | — | (55,497) | — | (55,497) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unearned 2016 Out-Performance Plan awards acceleration | — | — | — | 11,720 | — | — | — | 11,720 | Unearned 2016 Out-Performance Plan awards acceleration | — | — | — | 11,720 | — | — | — | 11,720 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to carry redeemable Class A units at redemption value | — | — | — | 99,407 | — | — | — | 99,407 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | — | — | — | 123,635 | — | — | — | 123,635 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable partnership units' share of above adjustments | — | — | — | — | — | 3,082 | — | 3,082 | Redeemable partnership units' share of above adjustments | — | — | — | — | — | 3,732 | — | 3,732 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deconsolidation of partially owned entity | — | — | — | — | — | — | (11,441 | ) | (11,441 | ) | Deconsolidation of partially owned entity | — | — | — | — | — | — | (11,441) | (11,441) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | (1 | ) | — | — | (1 | ) | 1 | 3 | (3 | ) | — | Other | (1) | — | — | — | 2 | 2 | 1 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2019 | 36,797 | $ | 891,256 | 190,813 | $ | 7,853,359 | $ | (1,845,995 | ) | $ | (38,066 | ) | $ | 635,590 | $ | 7,496,144 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2019 | Balance as of September 30, 2019 | 36,797 | $ | 891,256 | 190,850 | $ | 7,880,210 | $ | (1,649,035) | $ | (47,359) | $ | 635,184 | $ | 7,710,256 |
(Amounts in thousands) | For the Six Months Ended June 30, | ||||||
2020 | 2019 | ||||||
Cash Flows from Operating Activities: | |||||||
Net (loss) income | $ | (321,855 | ) | $ | 2,809,737 | ||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||
Equity in net loss (income) of partially owned entities | 272,770 | (30,193 | ) | ||||
Net unrealized loss on real estate fund investments | 211,196 | 16,162 | |||||
Depreciation and amortization (including amortization of deferred financing costs) | 193,920 | 240,866 | |||||
Net gains on disposition of wholly owned and partially owned assets | (124,284 | ) | (332,007 | ) | |||
Distributions of income from partially owned entities | 79,436 | 31,820 | |||||
Non-cash (gain on extinguishment of 608 Fifth Avenue lease liability) impairment loss on 608 Fifth Avenue right-of-use asset | (70,260 | ) | 75,220 | ||||
Write-off of lease receivables deemed uncollectible | 38,631 | 15,382 | |||||
Stock-based compensation expense | 33,468 | 42,174 | |||||
Straight-lining of rents | 15,856 | 3,733 | |||||
Credit losses on loans receivable | 13,369 | — | |||||
Amortization of below-market leases, net | (9,406 | ) | (11,168 | ) | |||
Decrease (increase) in fair value of marketable securities | 4,938 | (1,773 | ) | ||||
Net gain on transfer to Fifth Avenue and Times Square JV | — | (2,571,099 | ) | ||||
Real estate impairment losses | — | 26,140 | |||||
Prepayment penalty on redemption of senior unsecured notes due 2022 | — | 22,058 | |||||
Other non-cash adjustments | 4,370 | 3,206 | |||||
Changes in operating assets and liabilities: | |||||||
Real estate fund investments | (6,000 | ) | (4,000 | ) | |||
Tenant and other receivables, net | (28,864 | ) | (12,759 | ) | |||
Prepaid assets | 3,078 | (5,702 | ) | ||||
Other assets | (12,480 | ) | (8,498 | ) | |||
Accounts payable and accrued expenses | (26,611 | ) | (11,482 | ) | |||
Other liabilities | (3,557 | ) | (4,965 | ) | |||
Net cash provided by operating activities | 267,715 | 292,852 | |||||
Cash Flows from Investing Activities: | |||||||
Proceeds from sale of condominium units at 220 Central Park South | 437,188 | 690,734 | |||||
Development costs and construction in progress | (319,294 | ) | (289,532 | ) | |||
Moynihan Train Hall expenditures | (183,007 | ) | (205,783 | ) | |||
Additions to real estate | (85,252 | ) | (120,060 | ) | |||
Proceeds from sales of marketable securities | 28,375 | 167,852 | |||||
Investments in partially owned entities | (3,157 | ) | (15,588 | ) | |||
Distributions of capital from partially owned entities | 1,090 | 24,880 | |||||
Proceeds from transfer of interest in Fifth Avenue and Times Square JV (net of $35,562 of transaction costs and $10,899 of deconsolidated cash and restricted cash) | — | 1,255,756 | |||||
Proceeds from redemption of 640 Fifth Avenue preferred equity | — | 500,000 | |||||
Proceeds from sale of real estate and related investments | — | 108,512 | |||||
Acquisitions of real estate and other | — | (3,260 | ) | ||||
Net cash (used in) provided by investing activities | (124,057 | ) | 2,113,511 |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||
2020 | 2019 | ||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net (loss) income | $ | (253,119) | $ | 3,173,586 | |||||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||||||
Equity in net loss (income) of partially owned entities | 353,679 | (56,139) | |||||||||
Net gains on disposition of wholly owned and partially owned assets | (338,862) | (641,664) | |||||||||
Depreciation and amortization (including amortization of deferred financing costs) | 305,905 | 341,951 | |||||||||
Net unrealized loss on real estate fund investments | 225,412 | 16,162 | |||||||||
Distributions of income from partially owned entities | 132,850 | 66,252 | |||||||||
Non-cash (gain on extinguishment of 608 Fifth Avenue lease liability) impairment loss on 608 Fifth Avenue right-of-use asset | (70,260) | 75,220 | |||||||||
Write-off of lease receivables deemed uncollectible | 60,766 | 16,488 | |||||||||
Stock-based compensation expense | 39,638 | 48,045 | |||||||||
Straight-lining of rents | 20,021 | 8,446 | |||||||||
Credit losses on loans receivable | 13,369 | 0 | |||||||||
Amortization of below-market leases, net | (13,054) | (15,561) | |||||||||
Decrease in fair value of marketable securities | 4,938 | 3,095 | |||||||||
Net gain on transfer to Fifth Avenue and Times Square JV | 0 | (2,571,099) | |||||||||
Real estate impairment losses | 0 | 26,140 | |||||||||
Prepayment penalty on redemption of senior unsecured notes due 2022 | 0 | 22,058 | |||||||||
Other non-cash adjustments | 7,544 | 3,406 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Real estate fund investments | (6,502) | (4,000) | |||||||||
Tenant and other receivables, net | (27,093) | (28,110) | |||||||||
Prepaid assets | (215,645) | (74,502) | |||||||||
Other assets | (41,328) | (10,195) | |||||||||
Accounts payable and accrued expenses | (4,058) | 1,496 | |||||||||
Other liabilities | (2,841) | (3,104) | |||||||||
Net cash provided by operating activities | 191,360 | 397,971 | |||||||||
Cash Flows from Investing Activities: | |||||||||||
Proceeds from sale of condominium units at 220 Central Park South | 939,292 | 1,039,493 | |||||||||
Development costs and construction in progress | (448,167) | (448,281) | |||||||||
Moynihan Train Hall expenditures | (277,128) | (352,211) | |||||||||
Additions to real estate | (112,906) | (189,579) | |||||||||
Proceeds from sales of marketable securities | 28,375 | 168,314 | |||||||||
Investments in partially owned entities | (6,156) | (16,480) | |||||||||
Distributions of capital from partially owned entities | 1,090 | 24,880 | |||||||||
Acquisitions of real estate and other | (985) | (3,260) | |||||||||
Proceeds from transfer of interest in Fifth Avenue and Times Square JV (net of $35,562 of transaction costs and $10,899 of deconsolidated cash and restricted cash) | 0 | 1,248,743 | |||||||||
Proceeds from redemption of 640 Fifth Avenue preferred equity | 0 | 500,000 | |||||||||
Proceeds from sale of real estate and related investments | 0 | 255,534 | |||||||||
Proceeds from repayments of loans receivable | 0 | 1,395 | |||||||||
Net cash provided by investing activities | 123,415 | 2,228,548 |
(Amounts in thousands) | For the Six Months Ended June 30, | (Amounts in thousands) | For the Nine Months Ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||
Cash Flows from Financing Activities: | Cash Flows from Financing Activities: | |||||||||||||||||
Distributions to Vornado | $ | (624,627 | ) | $ | (251,803 | ) | Distributions to Vornado | $ | (725,938) | $ | (377,750) | |||||||
Proceeds from borrowings | 554,297 | 458,955 | Proceeds from borrowings | 555,918 | 1,107,852 | |||||||||||||
Repayments of borrowings | Repayments of borrowings | (514,493) | (2,635,028) | |||||||||||||||
Moynihan Train Hall reimbursement from Empire State Development | 183,007 | 205,783 | Moynihan Train Hall reimbursement from Empire State Development | 277,128 | 352,211 | |||||||||||||
Contributions from noncontrolling interests in consolidated subsidiaries | 98,268 | 8,315 | Contributions from noncontrolling interests in consolidated subsidiaries | 98,626 | 9,223 | |||||||||||||
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (54,440 | ) | (49,140 | ) | Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (76,759) | (65,084) | |||||||||||
Distributions to preferred unitholders | (37,593 | ) | (25,066 | ) | Distributions to preferred unitholders | (50,123) | (37,598) | |||||||||||
Repayments of borrowings | (11,347 | ) | (1,943,157 | ) | ||||||||||||||
Proceeds received from exercise of Vornado stock options and other | 5,267 | 2,046 | Proceeds received from exercise of Vornado stock options and other | 5,567 | 2,403 | |||||||||||||
Debt issuance costs | (143 | ) | (13,522 | ) | Debt issuance costs | (1,357) | (15,328) | |||||||||||
Repurchase of Class A units related to stock compensation agreements and related tax withholdings and other | (137 | ) | (8,692 | ) | Repurchase of Class A units related to stock compensation agreements and related tax withholdings and other | (137) | (8,692) | |||||||||||
Purchase of marketable securities in connection with defeasance of mortgage payable | — | (407,126 | ) | Purchase of marketable securities in connection with defeasance of mortgage payable | 0 | (407,126) | ||||||||||||
Prepayment penalty on redemption of senior unsecured notes due 2022 | — | (22,058 | ) | Prepayment penalty on redemption of senior unsecured notes due 2022 | 0 | (22,058) | ||||||||||||
Redemption of preferred units | — | (893 | ) | Redemption of preferred units | 0 | (893) | ||||||||||||
Net cash provided by (used in) financing activities | 112,552 | (2,046,358 | ) | |||||||||||||||
Net increase in cash and cash equivalents and restricted cash | 256,210 | 360,005 | ||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | (431,568) | (2,097,868) | |||||||||||||||
Net (decrease) increase in cash and cash equivalents and restricted cash | Net (decrease) increase in cash and cash equivalents and restricted cash | (116,793) | 528,651 | |||||||||||||||
Cash and cash equivalents and restricted cash at beginning of period | 1,607,131 | 716,905 | Cash and cash equivalents and restricted cash at beginning of period | 1,607,131 | 716,905 | |||||||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 1,863,341 | $ | 1,076,910 | Cash and cash equivalents and restricted cash at end of period | $ | 1,490,338 | $ | 1,245,556 | |||||||||
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | Reconciliation of Cash and Cash Equivalents and Restricted Cash: | |||||||||||||||||
Cash and cash equivalents at beginning of period | $ | 1,515,012 | $ | 570,916 | Cash and cash equivalents at beginning of period | $ | 1,515,012 | $ | 570,916 | |||||||||
Restricted cash at beginning of period | 92,119 | 145,989 | Restricted cash at beginning of period | 92,119 | 145,989 | |||||||||||||
Cash and cash equivalents and restricted cash at beginning of period | $ | 1,607,131 | $ | 716,905 | Cash and cash equivalents and restricted cash at beginning of period | $ | 1,607,131 | $ | 716,905 | |||||||||
Cash and cash equivalents at end of period | $ | 1,768,459 | $ | 922,604 | Cash and cash equivalents at end of period | $ | 1,411,047 | $ | 1,132,491 | |||||||||
Restricted cash at end of period | 94,882 | 154,306 | Restricted cash at end of period | 79,291 | 113,065 | |||||||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 1,863,341 | $ | 1,076,910 | Cash and cash equivalents and restricted cash at end of period | $ | 1,490,338 | $ | 1,245,556 | |||||||||
Supplemental Disclosure of Cash Flow Information: | Supplemental Disclosure of Cash Flow Information: | |||||||||||||||||
Cash payments for interest, excluding capitalized interest of $21,255 and $39,643 | $ | 107,069 | $ | 165,022 | ||||||||||||||
Cash payments for interest, excluding capitalized interest of $30,649 and $55,186 | Cash payments for interest, excluding capitalized interest of $30,649 and $55,186 | $ | 164,752 | $ | 227,310 | |||||||||||||
Cash payments for income taxes | $ | 9,276 | $ | 28,697 | Cash payments for income taxes | $ | 14,252 | $ | 47,345 | |||||||||
Non-Cash Investing and Financing Activities: | �� | Non-Cash Investing and Financing Activities: | ||||||||||||||||
Adjustments to carry redeemable Class A units at redemption value | $ | 248,879 | $ | 99,407 | ||||||||||||||
Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | 240,707 | 647,683 | Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | $ | 370,850 | $ | 825,520 | |||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | 272,436 | 123,635 | |||||||||||||||
Accrued capital expenditures included in accounts payable and accrued expenses | 89,036 | 68,900 | Accrued capital expenditures included in accounts payable and accrued expenses | 118,672 | 117,205 | |||||||||||||
Write-off of fully depreciated assets | (66,931 | ) | (93,390 | ) | Write-off of fully depreciated assets | (111,863) | (113,261) | |||||||||||
Lease liabilities arising from the recognition of right-of-use assets | — | 526,866 | ||||||||||||||||
Amounts related to our investment in Pennsylvania Real Estate Investment Trust reclassified from "investments in partially owned entities" and "accumulated other comprehensive loss" to "marketable securities" upon conversion of operating partnership units to common shares | — | 54,962 | ||||||||||||||||
Investments received in exchange for transfer to Fifth Avenue and Times Square JV: | Investments received in exchange for transfer to Fifth Avenue and Times Square JV: | |||||||||||||||||
Preferred equity | — | 2,327,750 | Preferred equity | 0 | 2,327,750 | |||||||||||||
Common equity | — | 1,449,495 | Common equity | 0 | 1,449,495 | |||||||||||||
Lease liabilities arising from the recognition of right-of-use assets | Lease liabilities arising from the recognition of right-of-use assets | 0 | 526,866 | |||||||||||||||
Marketable securities transferred in connection with the defeasance of mortgage payable | — | (407,126 | ) | Marketable securities transferred in connection with the defeasance of mortgage payable | 0 | (407,126) | ||||||||||||
Defeasance of mortgage payable | — | 390,000 | Defeasance of mortgage payable | 0 | 390,000 | |||||||||||||
Amounts related to our investment in Pennsylvania Real Estate Investment Trust reclassified from "investments in partially owned entities" and "accumulated other comprehensive loss" to "marketable securities" upon conversion of operating partnership units to common shares | Amounts related to our investment in Pennsylvania Real Estate Investment Trust reclassified from "investments in partially owned entities" and "accumulated other comprehensive loss" to "marketable securities" upon conversion of operating partnership units to common shares | 0 | 54,962 |
• | •Effective April 1, 2020, our executive officers waived portions of their annual base salary for the remainder of 2020. •Effective April 1, 2020, each non-management member of our Board of Trustees agreed to forgo their $75,000 annual cash retainer for the remainder of 2020. |
4. Recently Issued Accounting Literature |
(Amounts in thousands) | For the Three Months Ended June 30, 2020 | For the Three Months Ended June 30, 2019 | (Amounts in thousands) | For the Three Months Ended September 30, 2020 | For the Three Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||||||||||||||||||||||||
Property rentals(1) | $ | 308,316 | $ | 241,308 | $ | 67,008 | $ | 372,160 | $ | 300,925 | $ | 71,235 | Property rentals(1) | $ | 312,748 | $ | 248,328 | $ | 64,420 | $ | 381,740 | $ | 308,933 | $ | 72,807 | |||||||||||||||||||||||||||||||||||||
Hotel Pennsylvania(2) | — | — | — | 25,525 | 25,525 | — | Hotel Pennsylvania(2) | 0 | 0 | 0 | 24,499 | 24,499 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Trade shows(3) | — | — | — | 11,547 | — | 11,547 | Trade shows(3) | 0 | 0 | 0 | 8,104 | 0 | 8,104 | |||||||||||||||||||||||||||||||||||||||||||||||||
Lease revenues(4) | 308,316 | 241,308 | 67,008 | 409,232 | 326,450 | 82,782 | Lease revenues(4) | 312,748 | 248,328 | 64,420 | 414,343 | 333,432 | 80,911 | |||||||||||||||||||||||||||||||||||||||||||||||||
Tenant services | 6,878 | 4,341 | 2,537 | 12,067 | 9,337 | 2,730 | Tenant services | 9,505 | 6,589 | 2,916 | 13,295 | 9,342 | 3,953 | |||||||||||||||||||||||||||||||||||||||||||||||||
Rental revenues | 315,194 | 245,649 | 69,545 | 421,299 | 335,787 | 85,512 | Rental revenues | 322,253 | 254,917 | 67,336 | 427,638 | 342,774 | 84,864 | |||||||||||||||||||||||||||||||||||||||||||||||||
BMS cleaning fees | 21,115 | 22,405 | (1,290 | ) | (5) | 32,570 | 34,944 | (2,374 | ) | (5) | BMS cleaning fees | 24,054 | 25,592 | (1,538) | (5) | 30,677 | 32,787 | (2,110) | (5) | |||||||||||||||||||||||||||||||||||||||||||
Management and leasing fees | 1,837 | 1,701 | 136 | 4,500 | 4,472 | 28 | Management and leasing fees | 11,649 | 11,732 | (83) | 3,326 | 3,746 | (420) | |||||||||||||||||||||||||||||||||||||||||||||||||
Other income | 4,880 | 873 | 4,007 | 4,734 | 1,178 | 3,556 | Other income | 6,006 | 904 | 5,102 | 4,320 | 1,261 | 3,059 | |||||||||||||||||||||||||||||||||||||||||||||||||
Fee and other income | 27,832 | 24,979 | 2,853 | 41,804 | 40,594 | 1,210 | Fee and other income | 41,709 | 38,228 | 3,481 | 38,323 | 37,794 | 529 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 343,026 | $ | 270,628 | $ | 72,398 | $ | 463,103 | $ | 376,381 | $ | 86,722 | Total revenues | $ | 363,962 | $ | 293,145 | $ | 70,817 | $ | 465,961 | $ | 380,568 | $ | 85,393 |
(Amounts in thousands) | For the Six Months Ended June 30, 2020 | For the Six Months Ended June 30, 2019 | (Amounts in thousands) | For the Nine Months Ended September 30, 2020 | For the Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||||||||||||||||||||||||
Property rentals(1) | $ | 679,490 | $ | 539,920 | $ | 139,570 | $ | 829,901 | $ | 686,728 | $ | 143,173 | Property rentals(1) | $ | 992,238 | $ | 788,248 | $ | 203,990 | $ | 1,211,641 | $ | 995,661 | $ | 215,980 | |||||||||||||||||||||||||||||||||||||
Hotel Pennsylvania(2) | 8,741 | 8,741 | — | 38,134 | 38,134 | — | Hotel Pennsylvania(2) | 8,741 | 8,741 | 0 | 62,633 | 62,633 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Trade shows(3) | 11,303 | — | 11,303 | 28,503 | — | 28,503 | Trade shows(3) | 11,303 | 0 | 11,303 | 36,607 | 0 | 36,607 | |||||||||||||||||||||||||||||||||||||||||||||||||
Lease revenues(4) | 699,534 | 548,661 | 150,873 | 896,538 | 724,862 | 171,676 | Lease revenues(4) | 1,012,282 | 796,989 | 215,293 | 1,310,881 | 1,058,294 | 252,587 | |||||||||||||||||||||||||||||||||||||||||||||||||
Tenant services | 16,934 | 11,721 | 5,213 | 24,638 | 18,562 | 6,076 | Tenant services | 26,439 | 18,310 | 8,129 | 37,933 | 27,904 | 10,029 | |||||||||||||||||||||||||||||||||||||||||||||||||
Rental revenues | 716,468 | 560,382 | 156,086 | 921,176 | 743,424 | 177,752 | Rental revenues | 1,038,721 | 815,299 | 223,422 | 1,348,814 | 1,086,198 | 262,616 | |||||||||||||||||||||||||||||||||||||||||||||||||
BMS cleaning fees | 53,581 | 56,834 | (3,253 | ) | (5) | 62,355 | 66,701 | (4,346 | ) | (5) | BMS cleaning fees | 77,635 | 82,426 | (4,791) | (5) | 93,032 | 99,488 | (6,456) | (5) | |||||||||||||||||||||||||||||||||||||||||||
Management and leasing fees | 4,704 | 4,575 | 129 | 6,737 | 6,723 | 14 | Management and leasing fees | 16,353 | 16,307 | 46 | 10,063 | 10,469 | (406) | |||||||||||||||||||||||||||||||||||||||||||||||||
Other income | 12,805 | 4,452 | 8,353 | 7,503 | 2,818 | 4,685 | Other income | 18,811 | 5,356 | 13,455 | 11,823 | 4,079 | 7,744 | |||||||||||||||||||||||||||||||||||||||||||||||||
Fee and other income | 71,090 | 65,861 | 5,229 | 76,595 | 76,242 | 353 | Fee and other income | 112,799 | 104,089 | 8,710 | 114,918 | 114,036 | 882 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 787,558 | $ | 626,243 | $ | 161,315 | $ | 997,771 | $ | 819,666 | $ | 178,105 | Total revenues | $ | 1,151,520 | $ | 919,388 | $ | 232,132 | $ | 1,463,732 | $ | 1,200,234 | $ | 263,498 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Fixed lease revenues | $ | 312,285 | $ | 377,524 | $ | 649,331 | $ | 807,611 | |||||||
Variable lease revenues | (3,969 | ) | 31,708 | 50,203 | 88,927 | ||||||||||
Lease revenues | $ | 308,316 | $ | 409,232 | $ | 699,534 | $ | 896,538 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Fixed lease revenues | $ | 306,319 | $ | 351,426 | $ | 955,650 | $ | 1,159,037 | |||||||||||||||
Variable lease revenues | 6,429 | 62,917 | 56,632 | 151,844 | |||||||||||||||||||
Lease revenues | $ | 312,748 | $ | 414,343 | $ | 1,012,282 | $ | 1,310,881 |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Net investment (loss) income | $ | (366 | ) | $ | 459 | $ | (309 | ) | $ | 192 | |||||
Net unrealized loss on held investments | (27,676 | ) | (16,262 | ) | (211,196 | ) | (16,162 | ) | |||||||
Loss from real estate fund investments | (28,042 | ) | (15,803 | ) | (211,505 | ) | (15,970 | ) | |||||||
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 21,953 | (4,955 | ) | 149,258 | (7,692 | ) | |||||||||
Loss from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ | (6,089 | ) | $ | (20,758 | ) | $ | (62,247 | ) | $ | (23,662 | ) |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net unrealized loss on held investments | $ | (14,216) | $ | 0 | $ | (225,412) | $ | (16,162) | |||||||||||||||
Net investment income | 393 | 2,190 | 84 | 2,382 | |||||||||||||||||||
(Loss) income from real estate fund investments | (13,823) | 2,190 | (225,328) | (13,780) | |||||||||||||||||||
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 11,299 | (735) | 160,557 | (8,427) | |||||||||||||||||||
(Loss) income from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ | (2,524) | $ | 1,455 | $ | (64,771) | $ | (22,207) | |||||||||||||||
(Amounts in thousands) | For the Six Months Ended June 30, 2020 | ||
Balance as of December 31, 2019 | $ | 33,313 | |
Sale of marketable securities on January 23, 2020 | (28,375 | ) | |
Decrease in fair value of marketable securities(1) | (4,938 | ) | |
Balance as of June 30, 2020 | $ | — |
For the Nine Months Ended September 30, 2020 | |||||||||||
Balance as of December 31, 2019 | $ | 33,313 | |||||||||
Sale of marketable securities on January 23, 2020 | (28,375) | ||||||||||
(4,938) | |||||||||||
Balance as of September 30, 2020 | $ | 0 |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Income statement: | |||||||||||||||||||||||
Revenues | $ | 80,627 | $ | 85,294 | $ | 227,413 | $ | 158,182 | |||||||||||||||
Net income | 6,750 | 18,669 | 16,839 | 40,135 | |||||||||||||||||||
Net (loss) income attributable to Fifth Avenue and Times Square JV (after allocation to our preferred equity interests) | (13,008) | (1,559) | (41,412) | 2,520 |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Income statement: | |||||||||||||||
Revenues | $ | 66,311 | $ | 72,888 | $ | 146,786 | $ | 72,888 | |||||||
Net income | 112 | 21,466 | 10,090 | 21,466 | |||||||||||
Net (loss) income attributable to Fifth Avenue and Times Square JV (after allocation to our preferred equity interests) | (19,333 | ) | 4,079 | (28,404 | ) | 4,079 |
(Amounts in thousands) | Percentage Ownership at June 30, 2020 | Balance as of | (Amounts in thousands) | Percentage Ownership at September 30, 2020 | Balance as of | |||||||||||||||||||||
June 30, 2020 | December 31, 2019 | September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||
Investments: | Investments: | |||||||||||||||||||||||||
Fifth Avenue and Times Square JV | 51.5% | $ | 2,955,957 | $ | 3,291,231 | Fifth Avenue and Times Square JV | 51.5% | $ | 2,811,374 | $ | 3,291,231 | |||||||||||||||
Partially owned office buildings/land(1) | Various | 460,767 | 464,109 | Partially owned office buildings/land(1) | Various | 467,498 | 464,109 | |||||||||||||||||||
Alexander’s | 32.4% | 89,499 | 98,543 | Alexander’s | 32.4% | 84,534 | 98,543 | |||||||||||||||||||
Other investments(2) | Various | 142,428 | 145,282 | Other investments(2) | Various | 140,922 | 145,282 | |||||||||||||||||||
$ | 3,648,651 | $ | 3,999,165 | $ | 3,504,328 | $ | 3,999,165 | |||||||||||||||||||
Investments in partially owned entities included in other liabilities(3): | Investments in partially owned entities included in other liabilities(3): | |||||||||||||||||||||||||
7 West 34th Street | 53.0% | $ | (52,549 | ) | $ | (54,004 | ) | 7 West 34th Street | 53.0% | $ | (54,096) | $ | (54,004) | |||||||||||||
85 Tenth Avenue | 49.9% | (9,188 | ) | (6,186 | ) | 85 Tenth Avenue | 49.9% | (11,142) | (6,186) | |||||||||||||||||
$ | (61,737 | ) | $ | (60,190 | ) | $ | (65,238) | $ | (60,190) |
(Amounts in thousands) | Percentage Ownership at June 30, 2020 | For the Three Months Ended June 30, | For the Six Months Ended June 30, | (Amounts in thousands) | Percentage Ownership at September 30, 2020 | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||
Our share of net (loss) income: | Our share of net (loss) income: | |||||||||||||||||||||||||||||||||||||||||||||
Fifth Avenue and Times Square JV (see page 28 for details)(1): | Fifth Avenue and Times Square JV (see page 28 for details)(1): | |||||||||||||||||||||||||||||||||||||||||||||
Non-cash impairment loss | $ | (306,326 | ) | $ | — | $ | (306,326 | ) | $ | — | Non-cash impairment loss | $ | (107,023) | $ | 0 | $ | (413,349) | $ | 0 | |||||||||||||||||||||||||||
Return on preferred equity, net of our share of the expense | 9,330 | 8,586 | 18,496 | 8,586 | Return on preferred equity, net of our share of the expense | 9,430 | 9,545 | 27,926 | 18,131 | |||||||||||||||||||||||||||||||||||||
Equity in net income(2) | 51.5% | 441 | 11,217 | 5,937 | 11,217 | |||||||||||||||||||||||||||||||||||||||||
Equity in net income | Equity in net income | 51.5% | 7,694 | 9,891 | 13,631 | (2) | 21,108 | |||||||||||||||||||||||||||||||||||||||
(296,555 | ) | 19,803 | (281,893 | ) | 19,803 | (89,899) | 19,436 | (371,792) | 39,239 | |||||||||||||||||||||||||||||||||||||
Alexander's (see page 29 for details): | Alexander's (see page 29 for details): | |||||||||||||||||||||||||||||||||||||||||||||
Equity in net income | 32.4% | 3,929 | 3,597 | 5,345 | 9,314 | |||||||||||||||||||||||||||||||||||||||||
Equity in net income(3) | Equity in net income(3) | 32.4% | 2,075 | 5,393 | 7,420 | 14,707 | ||||||||||||||||||||||||||||||||||||||||
Management, leasing and development fees | 1,222 | 1,122 | 2,482 | 2,179 | Management, leasing and development fees | 1,296 | 1,299 | 3,778 | 3,478 | |||||||||||||||||||||||||||||||||||||
5,151 | 4,719 | 7,827 | 11,493 | 3,371 | 6,692 | 11,198 | 18,185 | |||||||||||||||||||||||||||||||||||||||
Partially owned office buildings(3) | Various | 810 | (1,451 | ) | 2,132 | (1,345 | ) | |||||||||||||||||||||||||||||||||||||||
Partially owned office buildings(4) | Partially owned office buildings(4) | Various | 6,418 | (186) | 8,550 | (1,531) | ||||||||||||||||||||||||||||||||||||||||
Other investments(4) | Various | (1,279 | ) | (198 | ) | (836 | ) | 242 | ||||||||||||||||||||||||||||||||||||||
Other investments(5) | Other investments(5) | Various | (799) | 4 | (1,635) | 246 | ||||||||||||||||||||||||||||||||||||||||
$ | (291,873 | ) | $ | 22,873 | $ | (272,770 | ) | $ | 30,193 | $ | (80,909) | $ | 25,946 | $ | (353,679) | $ | 56,139 |
(1) |
(2)Includes a $10,047 reduction in income related to a Forever 21 lease modification at 1540 Broadway and $2,997 of write-offs of lease receivables deemed uncollectible during 2020. (3)The three and nine months ended September 30, 2020 include $3,139 and $4,846, respectively, of our share of write-offs of lease receivables deemed uncollectible. (4)Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 7 West 34th Street, 330 Madison Avenue (sold on July 11, 2019), 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others. (5)Includes interests in Independence Plaza, Rosslyn Plaza, Urban Edge Properties (sold on March 4, 2019), PREIT (accounted for as a marketable security from March 12, 2019 and sold on January 23, 2020) and others. 9. 220 Central Park South ("220 CPS") |
(Amounts in thousands) | Balance as of | ||||||
June 30, 2020 | December 31, 2019 | ||||||
Identified intangible assets: | |||||||
Gross amount | $ | 125,149 | $ | 129,552 | |||
Accumulated amortization | (97,489 | ) | (98,587 | ) | |||
Total, net | $ | 27,660 | $ | 30,965 | |||
Identified intangible liabilities (included in deferred revenue): | |||||||
Gross amount | $ | 293,008 | $ | 316,119 | |||
Accumulated amortization | (249,106 | ) | (262,580 | ) | |||
Total, net | $ | 43,902 | $ | 53,539 |
(Amounts in thousands) | Balance as of | ||||||||||
September 30, 2020 | December 31, 2019 | ||||||||||
Identified intangible assets: | |||||||||||
Gross amount | $ | 121,313 | $ | 129,552 | |||||||
Accumulated amortization | (95,567) | (98,587) | |||||||||
Total, net | $ | 25,746 | $ | 30,965 | |||||||
Identified intangible liabilities (included in deferred revenue): | |||||||||||
Gross amount | $ | 292,730 | $ | 316,119 | |||||||
Accumulated amortization | (252,554) | (262,580) | |||||||||
Total, net | $ | 40,176 | $ | 53,539 |
(Amounts in thousands) | |||
2021 | $ | 10,780 | |
2022 | 9,429 | ||
2023 | 6,900 | ||
2024 | 3,155 | ||
2025 | 1,602 |
(Amounts in thousands) | |||||
2021 | $ | 10,909 | |||
2022 | 9,366 | ||||
2023 | 6,837 | ||||
2024 | 3,092 | ||||
2025 | 1,539 |
(Amounts in thousands) | |||||
2021 | $ | 4,327 | |||
2022 | 3,789 | ||||
2023 | 3,703 | ||||
2024 | 3,089 | ||||
2025 | 2,173 |
(Amounts in thousands) | |||
2021 | $ | 4,377 | |
2022 | 3,893 | ||
2023 | 3,807 | ||
2024 | 3,193 | ||
2025 | 2,277 |
(Amounts in thousands) | Weighted Average Interest Rate at September 30, 2020 | Balance as of | |||||||||||||||
September 30, 2020 | December 31, 2019 | ||||||||||||||||
Mortgages Payable: | |||||||||||||||||
Fixed rate | 3.69% | $ | 3,886,714 | $ | 4,601,516 | ||||||||||||
Variable rate | 1.81% | 1,774,418 | 1,068,500 | ||||||||||||||
Total | 3.10% | 5,661,132 | 5,670,016 | ||||||||||||||
Deferred financing costs, net and other | (21,981) | (30,119) | |||||||||||||||
Total, net | $ | 5,639,151 | $ | 5,639,897 | |||||||||||||
Unsecured Debt: | |||||||||||||||||
Senior unsecured notes | 3.50% | $ | 450,000 | $ | 450,000 | ||||||||||||
Deferred financing costs, net and other | (3,518) | (4,128) | |||||||||||||||
Senior unsecured notes, net | 446,482 | 445,872 | |||||||||||||||
Unsecured term loan | 3.70% | 800,000 | 750,000 | ||||||||||||||
Deferred financing costs, net and other | (3,501) | (4,160) | |||||||||||||||
Unsecured term loan, net | 796,499 | 745,840 | |||||||||||||||
Unsecured revolving credit facilities | 1.05% | 575,000 | 575,000 | ||||||||||||||
Total, net | $ | 1,817,981 | $ | 1,766,712 |
(Amounts in thousands) | Weighted Average Interest Rate at June 30, 2020 | Balance as of | |||||||
June 30, 2020 | December 31, 2019 | ||||||||
Mortgages Payable: | |||||||||
Fixed rate | 3.52% | $ | 4,589,860 | $ | 4,601,516 | ||||
Variable rate | 1.76% | 1,072,797 | 1,068,500 | ||||||
Total | 3.19% | 5,662,657 | 5,670,016 | ||||||
Deferred financing costs, net and other | (24,305 | ) | (30,119 | ) | |||||
Total, net | $ | 5,638,352 | $ | 5,639,897 | |||||
Unsecured Debt: | |||||||||
Senior unsecured notes | 3.50% | $ | 450,000 | $ | 450,000 | ||||
Deferred financing costs, net and other | (3,721 | ) | (4,128 | ) | |||||
Senior unsecured notes, net | 446,279 | 445,872 | |||||||
Unsecured term loan | 3.70% | 800,000 | 750,000 | ||||||
Deferred financing costs, net and other | (3,764 | ) | (4,160 | ) | |||||
Unsecured term loan, net | 796,236 | 745,840 | |||||||
Unsecured revolving credit facilities | 1.09% | 1,075,000 | 575,000 | ||||||
Total, net | $ | 2,317,515 | $ | 1,766,712 |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Beginning balance | $ | 623,799 | $ | 867,085 | $ | 888,915 | $ | 783,562 | |||||||
Net (loss) income | (14,364 | ) | 162,515 | (13,974 | ) | 174,717 | |||||||||
Other comprehensive income (loss) | 5 | (1,806 | ) | (2,978 | ) | (3,082 | ) | ||||||||
Distributions | (9,100 | ) | (8,448 | ) | (17,998 | ) | (16,936 | ) | |||||||
Redemption of Class A units for Vornado common shares, at redemption value | (824 | ) | (2,948 | ) | (2,464 | ) | (6,129 | ) | |||||||
Adjustments to carry redeemable Class A units at redemption value | 18,291 | (165,225 | ) | (248,879 | ) | (99,407 | ) | ||||||||
Other, net | 6,997 | 10,889 | 22,182 | 29,337 | |||||||||||
Ending balance | $ | 624,804 | $ | 862,062 | $ | 624,804 | $ | 862,062 |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Beginning balance | $ | 624,804 | $ | 862,062 | $ | 888,915 | $ | 783,562 | |||||||||||||||
Net income (loss) | 3,884 | 22,637 | (10,090) | 197,354 | |||||||||||||||||||
Other comprehensive loss | (520) | (650) | (3,498) | (3,732) | |||||||||||||||||||
Distributions | (7,332) | (8,852) | (25,330) | (25,788) | |||||||||||||||||||
Redemption of Class A units for Vornado common shares, at redemption value | (3,586) | (1,999) | (6,050) | (8,128) | |||||||||||||||||||
Redeemable Class A unit measurement adjustment | (23,557) | (24,228) | (272,436) | (123,635) | |||||||||||||||||||
Other, net | 5,776 | 5,363 | 27,958 | 34,700 | |||||||||||||||||||
Ending balance | $ | 599,469 | $ | 854,333 | $ | 599,469 | $ | 854,333 |
(Amounts in thousands) | For the Three Months Ended September 30, 2020 | For the Nine Months Ended September 30, 2020 | |||||||||
Beginning balance | $ | 94,112 | $ | 0 | |||||||
Net income | 171 | 307 | |||||||||
Contributions | 0 | 92,400 | |||||||||
Other, net | (1) | 1,575 | |||||||||
Ending balance | $ | 94,282 | $ | 94,282 |
(Amounts in thousands) | For the Three and Six Months Ended June 30, 2020 | ||
Beginning balance | $ | — | |
Contributions | 92,400 | ||
Net income | 136 | ||
Other, net | 1,576 | ||
Ending balance | $ | 94,112 |
(Per share/unit) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | (Per share/unit) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Shares/Units: | Shares/Units: | |||||||||||||||||||||||||||||||||||||
Common shares/Class A units held by Vornado: authorized 250,000,000 shares/units | $ | 0.66 | $ | 0.66 | $ | 1.32 | $ | 1.32 | Common shares/Class A units held by Vornado: authorized 250,000,000 shares/units | $ | 0.53 | $ | 0.66 | $ | 1.85 | $ | 1.98 | |||||||||||||||||||||
Convertible Preferred(1): | Convertible Preferred(1): | |||||||||||||||||||||||||||||||||||||
6.5% Series A: authorized 13,694 and 83,977 shares/units(2) | 0.8125 | 0.8125 | 1.6250 | 1.6250 | ||||||||||||||||||||||||||||||||||
6.5% Series A: authorized 13,402 and 83,977 shares/units(2) | 6.5% Series A: authorized 13,402 and 83,977 shares/units(2) | 0.8125 | 0.8125 | 2.4375 | 2.4375 | |||||||||||||||||||||||||||||||||
Cumulative Redeemable Preferred(1): | Cumulative Redeemable Preferred(1): | |||||||||||||||||||||||||||||||||||||
5.70% Series K: authorized 12,000,000 shares/units(3) | 0.3563 | 0.3563 | 0.7126 | 0.7126 | 5.70% Series K: authorized 12,000,000 shares/units(3) | 0.3563 | 0.3563 | 1.0689 | 1.0689 | |||||||||||||||||||||||||||||
5.40% Series L: authorized 13,800,000 shares/units(3) | 0.3375 | 0.3375 | 0.6750 | 0.6750 | 5.40% Series L: authorized 13,800,000 shares/units(3) | 0.3375 | 0.3375 | 1.0125 | 1.0125 | |||||||||||||||||||||||||||||
5.25% Series M: authorized 13,800,000 shares/units(3) | 0.3281 | 0.3281 | 0.6562 | 0.6562 | 5.25% Series M: authorized 13,800,000 shares/units(3) | 0.3281 | 0.3281 | 0.9843 | 0.9843 |
(Amounts in thousands) | Total | Accumulated other comprehensive income (loss) of nonconsolidated subsidiaries | Interest rate swaps | Other | |||||||||||
For the three months ended June 30, 2020: | |||||||||||||||
Balance as of March 31, 2020 | $ | (82,719 | ) | $ | 12 | $ | (81,603 | ) | $ | (1,128 | ) | ||||
Other comprehensive income (loss) | 73 | — | 78 | (5 | ) | ||||||||||
Balance as of June 30, 2020 | $ | (82,646 | ) | $ | 12 | $ | (81,525 | ) | $ | (1,133 | ) | ||||
For the three months ended June 30, 2019: | |||||||||||||||
Balance as of March 31, 2019 | $ | (11,385 | ) | $ | (43 | ) | $ | (5,270 | ) | $ | (6,072 | ) | |||
Other comprehensive (loss) income | (26,681 | ) | 25 | (28,515 | ) | 1,809 | |||||||||
Balance as of June 30, 2019 | $ | (38,066 | ) | $ | (18 | ) | $ | (33,785 | ) | $ | (4,263 | ) | |||
For the six months ended June 30, 2020: | |||||||||||||||
Balance as of December 31, 2019 | $ | (40,233 | ) | $ | 4 | $ | (36,126 | ) | $ | (4,111 | ) | ||||
Other comprehensive (loss) income | (42,413 | ) | 8 | (45,399 | ) | 2,978 | |||||||||
Balance as of June 30, 2020 | $ | (82,646 | ) | $ | 12 | $ | (81,525 | ) | $ | (1,133 | ) | ||||
For the six months ended June 30, 2019: | |||||||||||||||
Balance as of December 31, 2018 | $ | 7,664 | $ | 3,253 | $ | 11,759 | $ | (7,348 | ) | ||||||
Other comprehensive (loss) income | (43,419 | ) | (960 | ) | (45,544 | ) | 3,085 | ||||||||
Amount reclassified from accumulated other comprehensive loss | (2,311 | ) | (2,311 | ) | — | — | |||||||||
Balance as of June 30, 2019 | $ | (38,066 | ) | $ | (18 | ) | $ | (33,785 | ) | $ | (4,263 | ) |
(Amounts in thousands) | Total | Accumulated other comprehensive income (loss) of nonconsolidated subsidiaries | Interest rate swaps | Other | |||||||||||||||||||
For the Three Months Ended September 30, 2020: | |||||||||||||||||||||||
Balance as of June 30, 2020 | $ | (82,646) | $ | 12 | $ | (81,525) | $ | (1,133) | |||||||||||||||
Other comprehensive (loss) income | (7,188) | (15,634) | 7,926 | 520 | |||||||||||||||||||
Balance as of September 30, 2020 | $ | (89,834) | $ | (15,622) | $ | (73,599) | $ | (613) | |||||||||||||||
For the Three Months Ended September 30, 2019: | |||||||||||||||||||||||
Balance as of June 30, 2019 | $ | (38,066) | $ | (18) | $ | (33,785) | $ | (4,263) | |||||||||||||||
Other comprehensive (loss) income | (9,293) | 11 | (9,953) | 649 | |||||||||||||||||||
Balance as of September 30, 2019 | $ | (47,359) | $ | (7) | $ | (43,738) | $ | (3,614) | |||||||||||||||
For the Nine Months Ended September 30, 2020: | |||||||||||||||||||||||
Balance as of December 31, 2019 | $ | (40,233) | $ | 4 | $ | (36,126) | $ | (4,111) | |||||||||||||||
Other comprehensive (loss) income | (49,601) | (15,626) | (37,473) | 3,498 | |||||||||||||||||||
Balance as of September 30, 2020 | $ | (89,834) | $ | (15,622) | $ | (73,599) | $ | (613) | |||||||||||||||
For the Nine Months Ended September 30, 2019: | |||||||||||||||||||||||
Balance as of December 31, 2018 | $ | 7,664 | $ | 3,253 | $ | 11,759 | $ | (7,348) | |||||||||||||||
Other comprehensive (loss) income | (52,712) | (949) | (55,497) | 3,734 | |||||||||||||||||||
Amount reclassified from accumulated other comprehensive loss | (2,311) | (2,311) | 0 | 0 | |||||||||||||||||||
Balance as of September 30, 2019 | $ | (47,359) | $ | (7) | $ | (43,738) | $ | (3,614) | |||||||||||||||
(Amounts in thousands) | As of September 30, 2020 | ||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Real estate fund investments | $ | 3,739 | $ | 0 | $ | 0 | $ | 3,739 | |||||||||||||||
Deferred compensation plan assets ($9,703 included in restricted cash and $88,840 in other assets) | 98,543 | 59,597 | 0 | 38,946 | |||||||||||||||||||
Loans receivable ($42,174 included in investments in partially owned entities and $5,335 in other assets) | 47,509 | 0 | 0 | 47,509 | |||||||||||||||||||
Interest rate swaps (included in other assets) | 17 | 0 | 17 | 0 | |||||||||||||||||||
Total assets | $ | 149,808 | $ | 59,597 | $ | 17 | $ | 90,194 | |||||||||||||||
Mandatorily redeemable instruments (included in other liabilities) | $ | 49,947 | $ | 49,947 | $ | 0 | $ | 0 | |||||||||||||||
Interest rate swaps (included in other liabilities) | 73,536 | 0 | 73,536 | 0 | |||||||||||||||||||
Total liabilities | $ | 123,483 | $ | 49,947 | $ | 73,536 | $ | 0 | |||||||||||||||
(Amounts in thousands) | As of December 31, 2019 | ||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Marketable securities | $ | 33,313 | $ | 33,313 | $ | 0 | $ | 0 | |||||||||||||||
Real estate fund investments | 222,649 | 0 | 0 | 222,649 | |||||||||||||||||||
Deferred compensation plan assets ($11,819 included in restricted cash and $91,954 in other assets) | 103,773 | 71,338 | 0 | 32,435 | |||||||||||||||||||
Interest rate swaps (included in other assets) | 4,327 | 0 | 4,327 | 0 | |||||||||||||||||||
Total assets | $ | 364,062 | $ | 104,651 | $ | 4,327 | $ | 255,084 | |||||||||||||||
Mandatorily redeemable instruments (included in other liabilities) | $ | 50,561 | $ | 50,561 | $ | 0 | $ | 0 | |||||||||||||||
Interest rate swaps (included in other liabilities) | 40,354 | 0 | 40,354 | 0 | |||||||||||||||||||
Total liabilities | $ | 90,915 | $ | 50,561 | $ | 40,354 | $ | 0 |
(Amounts in thousands) | As of June 30, 2020 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Real estate fund investments | $ | 17,453 | $ | — | $ | — | $ | 17,453 | |||||||
Deferred compensation plan assets ($12,444 included in restricted cash and $81,637 in other assets) | 94,081 | 57,909 | — | 36,172 | |||||||||||
Loans receivable ($41,340 included in investments in partially owned entities and $5,335 in other assets) | 46,675 | — | — | 46,675 | |||||||||||
Interest rate swaps (included in other assets) | 67 | — | 67 | — | |||||||||||
Total assets | $ | 158,276 | $ | 57,909 | $ | 67 | $ | 100,300 | |||||||
Mandatorily redeemable instruments (included in other liabilities) | $ | 50,058 | $ | 50,058 | $ | — | $ | — | |||||||
Interest rate swaps (included in other liabilities) | 81,502 | — | 81,502 | — | |||||||||||
Total liabilities | $ | 131,560 | $ | 50,058 | $ | 81,502 | $ | — | |||||||
(Amounts in thousands) | As of December 31, 2019 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Marketable securities | $ | 33,313 | $ | 33,313 | $ | — | $ | — | |||||||
Real estate fund investments | 222,649 | — | — | 222,649 | |||||||||||
Deferred compensation plan assets ($11,819 included in restricted cash and $91,954 in other assets) | 103,773 | 71,338 | — | 32,435 | |||||||||||
Interest rate swaps (included in other assets) | 4,327 | — | 4,327 | — | |||||||||||
Total assets | $ | 364,062 | $ | 104,651 | $ | 4,327 | $ | 255,084 | |||||||
Mandatorily redeemable instruments (included in other liabilities) | $ | 50,561 | $ | 50,561 | $ | — | $ | — | |||||||
Interest rate swaps (included in other liabilities) | 40,354 | — | 40,354 | — | |||||||||||
Total liabilities | $ | 90,915 | $ | 50,561 | $ | 40,354 | $ | — |
Range | Weighted Average (based on fair value of investments) | ||||||
Unobservable Quantitative Input | June 30, 2020 | December 31, 2019 | June 30, 2020 | December 31, 2019 | |||
Discount rates | 6.8% to 15.0% | 8.2% to 12.0% | 13.4% | 9.3% | |||
Terminal capitalization rates | 5.5% to 9.3% | 4.6% to 8.2% | 7.3% | 5.3% |
Range | Weighted Average (based on fair value of investments) | ||||||||||||||||||||||
Unobservable Quantitative Input | September 30, 2020 | December 31, 2019 | September 30, 2020 | December 31, 2019 | |||||||||||||||||||
Discount rates | 7.8% to 15.0% | 8.2% to 12.0% | 10.0% | 9.3% | |||||||||||||||||||
Terminal capitalization rates | 5.5% to 10.1% | 4.6% to 8.2% | 10.1% | 5.3% |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Beginning balance | $ | 45,129 | $ | 322,858 | $ | 222,649 | $ | 318,758 | |||||||
Purchases/additional fundings | — | — | 6,000 | 4,000 | |||||||||||
Net unrealized loss on held investments | (27,676 | ) | (16,262 | ) | (211,196 | ) | (16,162 | ) | |||||||
Ending balance | $ | 17,453 | $ | 306,596 | $ | 17,453 | $ | 306,596 |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Beginning balance | $ | 17,453 | $ | 306,596 | $ | 222,649 | $ | 318,758 | |||||||||||||||
Purchases/additional fundings | 502 | 0 | 6,502 | 4,000 | |||||||||||||||||||
Net unrealized loss on held investments | (14,216) | 0 | (225,412) | (16,162) | |||||||||||||||||||
Ending balance | $ | 3,739 | $ | 306,596 | $ | 3,739 | $ | 306,596 |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Beginning balance | $ | 36,172 | $ | 21,991 | $ | 32,435 | $ | 37,808 | |||||||||||||||
Purchases | 666 | 5,437 | 7,615 | 8,314 | |||||||||||||||||||
Sales | 0 | (652) | (2,832) | (20,807) | |||||||||||||||||||
Realized and unrealized gains | 2,116 | 116 | 925 | 854 | |||||||||||||||||||
Other, net | (8) | 285 | 803 | 1,008 | |||||||||||||||||||
Ending balance | $ | 38,946 | $ | 27,177 | $ | 38,946 | $ | 27,177 |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Beginning balance | $ | 30,568 | $ | 37,562 | $ | 32,435 | $ | 37,808 | |||||||
Purchases | 5,656 | 1,969 | 6,949 | 2,877 | |||||||||||
Sales | (357 | ) | (18,041 | ) | (2,832 | ) | (20,155 | ) | |||||||
Realized and unrealized gains (losses) | 38 | 215 | (1,191 | ) | 738 | ||||||||||
Other, net | 267 | 286 | 811 | 723 | |||||||||||
Ending balance | $ | 36,172 | $ | 21,991 | $ | 36,172 | $ | 21,991 |
June 30, 2020 | |||
Range | Weighted Average (based on fair value of investments) | ||
Unobservable Quantitative Input | |||
Discount rates | 6.0% to 6.5% | 6.1% | |
Terminal capitalization rates | 5.0% | 5.0% |
September 30, 2020 | |||||||||||
Range | Weighted Average (based on fair value of investments) | ||||||||||
Unobservable Quantitative Input | |||||||||||
Discount rates | 6.0% to 6.5% | 6.1% | |||||||||
Terminal capitalization rates | 5.0% | 5.0% |
(Amounts in thousands) | For the Three Months Ended June 30, 2020 | For the Six Months Ended June 30, 2020 | |||||
Beginning balance | $ | 51,990 | $ | 59,251 | |||
Credit losses | (6,108 | ) | (13,369 | ) | |||
Interest accrual | 793 | 793 | |||||
Ending balance | $ | 46,675 | $ | 46,675 |
(Amounts in thousands) | For the Three Months Ended September 30, 2020 | For the Nine Months Ended September 30, 2020 | |||||||||
Beginning balance | $ | 46,675 | $ | 59,251 | |||||||
Credit losses | 0 | (13,369) | |||||||||
Interest accrual | 834 | 1,627 | |||||||||
Ending balance | $ | 47,509 | $ | 47,509 |
(Amounts in thousands) | As of June 30, 2020 | (Amounts in thousands) | As of September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Rate | Variable Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedged Item (Interest rate swaps) | Fair Value | Notional Amount | Spread over LIBOR | Interest Rate | Swapped Rate | Expiration Date | Hedged Item (Interest rate swaps) | Fair Value | Notional Amount | Spread over LIBOR | Interest Rate | Swapped Rate | Expiration Date | |||||||||||||||||||||||||||||||||||||||||
Included in other assets: | Included in other assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | $ | 67 | $ | 175,000 | Other | $ | 17 | $ | 175,000 | |||||||||||||||||||||||||||||||||||||||||||||
Included in other liabilities: | Included in other liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured term loan | $ | 68,709 | $ | 750,000 | (1) | L+100 | 1.18% | 3.87% | 10/23 | Unsecured term loan | $ | 63,437 | $ | 750,000 | (1) | L+100 | 1.15% | 3.87% | 10/23 | |||||||||||||||||||||||||||||||||||
33-00 Northern Boulevard mortgage loan | 9,592 | 100,000 | L+180 | 1.99% | 4.14% | 1/25 | 33-00 Northern Boulevard mortgage loan | 9,065 | 100,000 | L+180 | 1.96% | 4.14% | 1/25 | |||||||||||||||||||||||||||||||||||||||||
888 Seventh Avenue mortgage loan | 2,355 | 375,000 | L+170 | 1.88% | 3.25% | 12/20 | 888 Seventh Avenue mortgage loan | 1,034 | 375,000 | L+170 | 1.84% | 3.25% | 12/20 | |||||||||||||||||||||||||||||||||||||||||
770 Broadway mortgage loan | 846 | 700,000 | L+175 | 1.93% | 2.56% | 9/20 | ||||||||||||||||||||||||||||||||||||||||||||||||
$ | 81,502 | $ | 1,925,000 | $ | 73,536 | $ | 1,225,000 |
(1)Remaining $50,000 balance of our unsecured term loan bears interest at a floating rate of LIBOR plus 1.00%. |
(Amounts in thousands) | As of December 31, 2019 | |||||||||||||||
Variable Rate | ||||||||||||||||
Hedged Item (Interest rate swaps) | Fair Value | Notional Amount | Spread over LIBOR | Interest Rate | Swapped Rate | Expiration Date | ||||||||||
Included in other assets: | ||||||||||||||||
770 Broadway mortgage loan | $ | 4,045 | $ | 700,000 | L+175 | 3.46% | 2.56% | 9/20 | ||||||||
888 Seventh Avenue mortgage loan | 218 | 375,000 | L+170 | 3.44% | 3.25% | 12/20 | ||||||||||
Other | 64 | 175,000 | ||||||||||||||
$ | 4,327 | $ | 1,250,000 | |||||||||||||
Included in other liabilities: | ||||||||||||||||
Unsecured term loan | $ | 36,809 | $ | 750,000 | L+100 | 2.80% | 3.87% | 10/23 | ||||||||
33-00 Northern Boulevard mortgage loan | 3,545 | 100,000 | L+180 | 3.52% | 4.14% | 1/25 | ||||||||||
$ | 40,354 | $ | 850,000 |
(Amounts in thousands) | As of December 31, 2019 | |||||||||||||||||||||||||||||||||||||
Variable Rate | ||||||||||||||||||||||||||||||||||||||
Hedged Item (Interest rate swaps) | Fair Value | Notional Amount | Spread over LIBOR | Interest Rate | Swapped Rate | Expiration Date | ||||||||||||||||||||||||||||||||
Included in other assets: | ||||||||||||||||||||||||||||||||||||||
770 Broadway mortgage loan | $ | 4,045 | $ | 700,000 | L+175 | 3.46% | 2.56% | 9/20 | ||||||||||||||||||||||||||||||
888 Seventh Avenue mortgage loan | 218 | 375,000 | L+170 | 3.44% | 3.25% | 12/20 | ||||||||||||||||||||||||||||||||
Other | 64 | 175,000 | ||||||||||||||||||||||||||||||||||||
$ | 4,327 | $ | 1,250,000 | |||||||||||||||||||||||||||||||||||
Included in other liabilities: | ||||||||||||||||||||||||||||||||||||||
Unsecured term loan | $ | 36,809 | $ | 750,000 | L+100 | 2.80% | 3.87% | 10/23 | ||||||||||||||||||||||||||||||
33-00 Northern Boulevard mortgage loan | 3,545 | 100,000 | L+180 | 3.52% | 4.14% | 1/25 | ||||||||||||||||||||||||||||||||
$ | 40,354 | $ | 850,000 |
(Amounts in thousands) | As of June 30, 2020 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Investment in Fifth Avenue and Times Square JV | $ | 2,955,957 | $ | — | $ | — | $ | 2,955,957 |
(Amounts in thousands) | As of September 30, 2020 | ||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Investment in Fifth Avenue and Times Square JV | $ | 2,811,374 | $ | 0 | $ | 0 | $ | 2,811,374 |
(Amounts in thousands) | As of June 30, 2020 | As of December 31, 2019 | ||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||
Cash equivalents | $ | 1,494,756 | $ | 1,495,000 | $ | 1,276,815 | $ | 1,277,000 | ||||||||
Debt: | ||||||||||||||||
Mortgages payable | $ | 5,662,657 | $ | 5,656,000 | $ | 5,670,016 | $ | 5,714,000 | ||||||||
Senior unsecured notes | 450,000 | 450,000 | 450,000 | 468,000 | ||||||||||||
Unsecured term loan | 800,000 | 800,000 | 750,000 | 750,000 | ||||||||||||
Unsecured revolving credit facilities | 1,075,000 | 1,075,000 | 575,000 | 575,000 | ||||||||||||
Total | $ | 7,987,657 | (1) | $ | 7,981,000 | $ | 7,445,016 | (1) | $ | 7,507,000 |
(Amounts in thousands) | As of September 30, 2020 | As of December 31, 2019 | ||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||
Cash equivalents | $ | 1,248,051 | $ | 1,248,000 | $ | 1,276,815 | $ | 1,277,000 | ||||||||||||||||||
Debt: | ||||||||||||||||||||||||||
Mortgages payable | $ | 5,661,132 | $ | 5,660,000 | $ | 5,670,016 | $ | 5,714,000 | ||||||||||||||||||
Senior unsecured notes | 450,000 | 468,000 | 450,000 | 468,000 | ||||||||||||||||||||||
Unsecured term loan | 800,000 | 800,000 | 750,000 | 750,000 | ||||||||||||||||||||||
Unsecured revolving credit facilities | 575,000 | 575,000 | 575,000 | 575,000 | ||||||||||||||||||||||
Total | $ | 7,486,132 | (1) | $ | 7,503,000 | $ | 7,445,016 | (1) | $ | 7,507,000 |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
608 Fifth Avenue non-cash lease liability extinguishment gain (impairment loss) (see below for details) | $ | 70,260 | $ | (93,860 | ) | $ | 70,260 | $ | (93,860 | ) | |||||
Transaction related costs | (1,039 | ) | (230 | ) | (1,110 | ) | (379 | ) | |||||||
Other non-cash impairment losses | — | (7,500 | ) | — | (7,500 | ) | |||||||||
$ | 69,221 | $ | (101,590 | ) | $ | 69,150 | $ | (101,739 | ) |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Transaction related costs | $ | (584) | $ | (1,576) | $ | (1,694) | $ | (1,955) | |||||||||||||||
608 Fifth Avenue non-cash lease liability extinguishment gain (impairment loss) (see below for details) | 0 | 0 | 70,260 | (93,860) | |||||||||||||||||||
Other non-cash impairment losses | 0 | 0 | 0 | (7,500) | |||||||||||||||||||
$ | (584) | $ | (1,576) | $ | 68,566 | $ | (103,315) |
18. Interest and Other Investment |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | (Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Increase (decrease) in fair value of marketable securities: | ||||||||||||||||||||||||||||||||||||||
(Decrease) increase in fair value of marketable securities: | (Decrease) increase in fair value of marketable securities: | |||||||||||||||||||||||||||||||||||||
PREIT(1) | $ | — | $ | 1,313 | $ | (4,938 | ) | $ | (14,336 | ) | PREIT(1) | $ | 0 | $ | (4,875) | $ | (4,938) | $ | (19,211) | |||||||||||||||||||
Lexington Realty Trust(2) | — | — | — | 16,068 | Lexington Realty Trust(2) | 0 | 0 | 0 | 16,068 | |||||||||||||||||||||||||||||
Other | — | (1 | ) | — | 41 | Other | 0 | 7 | 0 | 48 | ||||||||||||||||||||||||||||
— | 1,312 | (4,938 | ) | 1,773 | 0 | (4,868) | (4,938) | (3,095) | ||||||||||||||||||||||||||||||
Interest on loans receivable | Interest on loans receivable | 574 | 1,604 | 2,810 | 4,845 | |||||||||||||||||||||||||||||||||
Interest on cash and cash equivalents and restricted cash | Interest on cash and cash equivalents and restricted cash | 253 | 4,060 | 5,717 | 8,753 | |||||||||||||||||||||||||||||||||
Dividends on marketable securities | Dividends on marketable securities | 0 | 1,312 | 0 | 2,625 | |||||||||||||||||||||||||||||||||
Credit losses on loans receivable(3) | (6,108 | ) | — | (13,369 | ) | — | Credit losses on loans receivable(3) | 0 | 0 | (13,369) | 0 | |||||||||||||||||||||||||||
Interest on cash and cash equivalents and restricted cash | 1,498 | 2,626 | 5,464 | 4,693 | ||||||||||||||||||||||||||||||||||
Interest on loans receivable | 810 | 1,635 | 2,236 | 3,241 | ||||||||||||||||||||||||||||||||||
Dividends on marketable securities | — | 1,313 | — | 1,313 | ||||||||||||||||||||||||||||||||||
Other, net | 907 | 954 | 1,810 | 1,865 | Other, net | 902 | 937 | 2,712 | 2,802 | |||||||||||||||||||||||||||||
$ | (2,893 | ) | $ | 7,840 | $ | (8,797 | ) | $ | 12,885 | $ | 1,729 | $ | 3,045 | $ | (7,068) | $ | 15,930 |
(1) |
(2)Sold on March 1, 2019. (3)See Note 4 - Recently Issued Accounting Literatureand Note 15 - Fair Value Measurements for details. 19. Interest and Debt Expense |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Interest expense(1) | $ | 63,545 | $ | 76,605 | $ | 130,180 | $ | 194,252 | |||||||
Capitalized interest and debt expense | (9,446 | ) | (19,812 | ) | (21,501 | ) | (43,137 | ) | |||||||
Amortization of deferred financing costs | 4,306 | 6,236 | 8,568 | 14,377 | |||||||||||
$ | 58,405 | $ | 63,029 | $ | 117,247 | $ | 165,492 |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Interest expense(1) | $ | 61,793 | $ | 72,345 | $ | 191,973 | $ | 266,597 | |||||||||||||||
Capitalized interest and debt expense | (9,328) | (16,047) | (30,829) | (59,184) | |||||||||||||||||||
Amortization of deferred financing costs | 4,906 | 5,150 | 13,474 | 19,527 | |||||||||||||||||||
$ | 57,371 | $ | 61,448 | $ | 174,618 | $ | 226,940 |
(1)Thenine months ended September 30, 2019 includes $22,540 of debt prepayment costs in connection with the redemption of $400,000 5.00% senior unsecured notes which were scheduled to mature in January 2022. |
(Amounts in thousands, except per share amounts) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | (Amounts in thousands, except per share amounts) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Numerator: | Numerator: | |||||||||||||||||||||||||||||||||||||
(Loss) income from continuing operations, net of (loss) income attributable to noncontrolling interests | $ | (185,220 | ) | $ | 2,412,671 | $ | (167,726 | ) | $ | 2,606,821 | ||||||||||||||||||||||||||||
Income (loss) from discontinued operations | — | 56 | — | (72 | ) | |||||||||||||||||||||||||||||||||
Net (loss) income attributable to Vornado | (185,220 | ) | 2,412,727 | (167,726 | ) | 2,606,749 | ||||||||||||||||||||||||||||||||
Income (loss) from continuing operations, net of (income) loss attributable to noncontrolling interests | Income (loss) from continuing operations, net of (income) loss attributable to noncontrolling interests | $ | 65,700 | $ | 335,445 | $ | (102,026) | $ | 2,942,267 | |||||||||||||||||||||||||||||
Loss from discontinued operations | Loss from discontinued operations | 0 | (7) | 0 | (80) | |||||||||||||||||||||||||||||||||
Net income (loss) attributable to Vornado | Net income (loss) attributable to Vornado | 65,700 | 335,438 | (102,026) | 2,942,187 | |||||||||||||||||||||||||||||||||
Preferred share dividends | (12,530 | ) | (12,532 | ) | (25,061 | ) | (25,066 | ) | Preferred share dividends | (12,530) | (12,532) | (37,591) | (37,598) | |||||||||||||||||||||||||
Net (loss) income attributable to common shareholders | (197,750 | ) | 2,400,195 | (192,787 | ) | 2,581,683 | ||||||||||||||||||||||||||||||||
Net income (loss) attributable to common shareholders | Net income (loss) attributable to common shareholders | 53,170 | 322,906 | (139,617) | 2,904,589 | |||||||||||||||||||||||||||||||||
Earnings allocated to unvested participating securities | (18 | ) | (239 | ) | (69 | ) | (258 | ) | Earnings allocated to unvested participating securities | (15) | (33) | (84) | (291) | |||||||||||||||||||||||||
Numerator for basic (loss) income per share | (197,768 | ) | 2,399,956 | (192,856 | ) | 2,581,425 | ||||||||||||||||||||||||||||||||
Numerator for basic income (loss) per share | Numerator for basic income (loss) per share | 53,155 | 322,873 | (139,701) | 2,904,298 | |||||||||||||||||||||||||||||||||
Impact of assumed conversions: | Impact of assumed conversions: | |||||||||||||||||||||||||||||||||||||
Convertible preferred share dividends | — | 14 | — | 29 | Convertible preferred share dividends | 0 | 14 | 0 | 43 | |||||||||||||||||||||||||||||
Earnings allocated to Out-Performance Plan units | — | — | — | 9 | Earnings allocated to Out-Performance Plan units | 0 | 0 | 0 | 9 | |||||||||||||||||||||||||||||
Numerator for diluted (loss) income per share | $ | (197,768 | ) | $ | 2,399,970 | $ | (192,856 | ) | $ | 2,581,463 | ||||||||||||||||||||||||||||
Numerator for diluted income (loss) per share | Numerator for diluted income (loss) per share | $ | 53,155 | $ | 322,887 | $ | (139,701) | $ | 2,904,350 | |||||||||||||||||||||||||||||
Denominator: | Denominator: | |||||||||||||||||||||||||||||||||||||
Denominator for basic (loss) income per share – weighted average shares | 191,104 | 190,781 | 191,071 | 190,735 | ||||||||||||||||||||||||||||||||||
Denominator for basic income (loss) per share – weighted average shares | Denominator for basic income (loss) per share – weighted average shares | 191,162 | 190,814 | 191,102 | 190,762 | |||||||||||||||||||||||||||||||||
Effect of dilutive securities(1): | Effect of dilutive securities(1): | |||||||||||||||||||||||||||||||||||||
Employee stock options and restricted stock awards | — | 243 | — | 256 | Employee stock options and restricted stock awards | 0 | 176 | 0 | 227 | |||||||||||||||||||||||||||||
Convertible preferred shares | — | 34 | — | 35 | Convertible preferred shares | 0 | 34 | 0 | 35 | |||||||||||||||||||||||||||||
Out-Performance Plan units | — | — | — | 4 | Out-Performance Plan units | 0 | 0 | 0 | 3 | |||||||||||||||||||||||||||||
Denominator for diluted (loss) income per share – weighted average shares and assumed conversions | 191,104 | 191,058 | 191,071 | 191,030 | ||||||||||||||||||||||||||||||||||
(LOSS) INCOME PER COMMON SHARE - BASIC: | ||||||||||||||||||||||||||||||||||||||
Net (loss) income per common share | $ | (1.03 | ) | $ | 12.58 | $ | (1.01 | ) | $ | 13.53 | ||||||||||||||||||||||||||||
(LOSS) INCOME PER COMMON SHARE - DILUTED: | ||||||||||||||||||||||||||||||||||||||
Net (loss) income per common share | $ | (1.03 | ) | $ | 12.56 | $ | (1.01 | ) | $ | 13.51 | ||||||||||||||||||||||||||||
Denominator for diluted income (loss) per share – weighted average shares and assumed conversions | Denominator for diluted income (loss) per share – weighted average shares and assumed conversions | 191,162 | 191,024 | 191,102 | 191,027 | |||||||||||||||||||||||||||||||||
INCOME (LOSS) PER COMMON SHARE - BASIC: | INCOME (LOSS) PER COMMON SHARE - BASIC: | |||||||||||||||||||||||||||||||||||||
Net income (loss) per common share | Net income (loss) per common share | $ | 0.28 | $ | 1.69 | $ | (0.73) | $ | 15.22 | |||||||||||||||||||||||||||||
INCOME (LOSS) PER COMMON SHARE - DILUTED: | INCOME (LOSS) PER COMMON SHARE - DILUTED: | |||||||||||||||||||||||||||||||||||||
Net income (loss) per common share | Net income (loss) per common share | $ | 0.28 | $ | 1.69 | $ | (0.73) | $ | 15.20 |
(Amounts in thousands, except per unit amounts) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Numerator: | |||||||||||||||
(Loss) income from continuing operations, net of (loss) income attributable to noncontrolling interests in consolidated subsidiaries | $ | (199,584 | ) | $ | 2,575,182 | $ | (181,700 | ) | $ | 2,781,543 | |||||
Income (loss) from discontinued operations | — | 60 | — | (77 | ) | ||||||||||
Net (loss) income attributable to Vornado Realty L.P. | (199,584 | ) | 2,575,242 | (181,700 | ) | 2,781,466 | |||||||||
Preferred unit distributions | (12,571 | ) | (12,573 | ) | (25,143 | ) | (25,148 | ) | |||||||
Net (loss) income attributable to Class A unitholders | (212,155 | ) | 2,562,669 | (206,843 | ) | 2,756,318 | |||||||||
Earnings allocated to unvested participating securities | (1,439 | ) | (10,162 | ) | (6,357 | ) | (10,860 | ) | |||||||
Numerator for basic (loss) income per Class A unit | (213,594 | ) | 2,552,507 | (213,200 | ) | 2,745,458 | |||||||||
Impact of assumed conversions: | |||||||||||||||
Convertible preferred unit distributions | — | 14 | — | 29 | |||||||||||
Numerator for diluted (loss) income per Class A unit | $ | (213,594 | ) | $ | 2,552,521 | $ | (213,200 | ) | $ | 2,745,487 | |||||
Denominator: | |||||||||||||||
Denominator for basic (loss) income per Class A unit – weighted average units | 203,512 | 202,924 | 203,441 | 202,848 | |||||||||||
Effect of dilutive securities(1): | |||||||||||||||
Vornado stock options, Vornado restricted stock awards, OP Units, AO LTIP Units and OPPs | — | 522 | — | 508 | |||||||||||
Convertible preferred units | — | 34 | — | 35 | |||||||||||
Denominator for diluted (loss) income per Class A unit – weighted average units and assumed conversions | 203,512 | 203,480 | 203,441 | 203,391 | |||||||||||
(LOSS) INCOME PER CLASS A UNIT - BASIC: | |||||||||||||||
Net (loss) income per Class A unit | $ | (1.05 | ) | $ | 12.58 | $ | (1.05 | ) | $ | 13.53 | |||||
(LOSS) INCOME PER CLASS A UNIT - DILUTED: | |||||||||||||||
Net (loss) income per Class A unit | $ | (1.05 | ) | $ | 12.54 | $ | (1.05 | ) | $ | 13.50 |
(Amounts in thousands, except per unit amounts) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Income (loss) from continuing operations, net of (income) loss attributable to noncontrolling interests in consolidated subsidiaries | $ | 69,584 | $ | 358,083 | $ | (112,116) | $ | 3,139,626 | |||||||||||||||
Loss from discontinued operations | 0 | (8) | 0 | (85) | |||||||||||||||||||
Net income (loss) attributable to Vornado Realty L.P. | 69,584 | 358,075 | (112,116) | 3,139,541 | |||||||||||||||||||
Preferred unit distributions | (12,572) | (12,574) | (37,715) | (37,722) | |||||||||||||||||||
Net income (loss) attributable to Class A unitholders | 57,012 | 345,501 | (149,831) | 3,101,819 | |||||||||||||||||||
Earnings allocated to unvested participating securities | (734) | (2,449) | (4,685) | (14,807) | |||||||||||||||||||
Numerator for basic income (loss) per Class A unit | 56,278 | 343,052 | (154,516) | 3,087,012 | |||||||||||||||||||
Impact of assumed conversions: | |||||||||||||||||||||||
Convertible preferred unit distributions | 0 | 14 | 0 | 43 | |||||||||||||||||||
Numerator for diluted income (loss) per Class A unit | $ | 56,278 | $ | 343,066 | $ | (154,516) | $ | 3,087,055 | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Denominator for basic income (loss) per Class A unit – weighted average units | 203,554 | 203,009 | 203,480 | 202,903 | |||||||||||||||||||
Effect of dilutive securities(1): | |||||||||||||||||||||||
Vornado stock options, Vornado restricted stock awards, OP Units, AO LTIP Units and OPPs | 0 | 507 | 0 | 478 | |||||||||||||||||||
Convertible preferred units | 0 | 34 | 0 | 35 | |||||||||||||||||||
Denominator for diluted income (loss) per Class A unit – weighted average units and assumed conversions | 203,554 | 203,550 | 203,480 | 203,416 | |||||||||||||||||||
INCOME (LOSS) PER CLASS A UNIT - BASIC: | |||||||||||||||||||||||
Net income (loss) per Class A unit | $ | 0.28 | $ | 1.69 | $ | (0.76) | $ | 15.21 | |||||||||||||||
INCOME (LOSS) PER CLASS A UNIT - DILUTED: | |||||||||||||||||||||||
Net income (loss) per Class A unit | $ | 0.28 | $ | 1.69 | $ | (0.76) | $ | 15.18 |
(1)The effect of dilutive securities excluded an aggregate of 1,767 and 905 weighted average Class A unit equivalents for the three months ended September 30, 2020 and 2019, respectively, and 1,629 and 678 weighted average Class A unit equivalents for the nine months ended September 30, 2020 and 2019, respectively, as their effect was anti-dilutive. |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net income (loss) | $ | 68,736 | $ | 363,849 | $ | (253,119) | $ | 3,173,586 | |||||||||||||||
Depreciation and amortization expense | 107,013 | 96,437 | 292,611 | 326,181 | |||||||||||||||||||
General and administrative expense | 32,407 | 33,237 | 120,255 | 130,129 | |||||||||||||||||||
Expense from transaction related costs and impairment losses and (gain from lease liability extinguishment), net | 584 | 1,576 | (68,566) | 103,315 | |||||||||||||||||||
Loss (income) from partially owned entities | 80,909 | (25,946) | 353,679 | (56,139) | |||||||||||||||||||
Loss (income) from real estate fund investments | 13,823 | (2,190) | 225,328 | 13,780 | |||||||||||||||||||
Interest and other investment (income) loss, net | (1,729) | (3,045) | 7,068 | (15,930) | |||||||||||||||||||
Interest and debt expense | 57,371 | 61,448 | 174,618 | 226,940 | |||||||||||||||||||
Net gain on transfer to Fifth Avenue and Times Square JV | 0 | 0 | 0 | (2,571,099) | |||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | (214,578) | (309,657) | (338,862) | (641,664) | |||||||||||||||||||
Income tax expense | 23,781 | 23,885 | 38,431 | 80,542 | |||||||||||||||||||
Loss from discontinued operations | 0 | 8 | 0 | 85 | |||||||||||||||||||
NOI from partially owned entities | 78,175 | 86,024 | 229,543 | 236,400 | |||||||||||||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (25,959) | (18,096) | (56,900) | (51,915) | |||||||||||||||||||
NOI at share | 220,533 | 307,530 | 724,086 | 954,211 | |||||||||||||||||||
Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 10,981 | (4,037) | 48,247 | 530 | |||||||||||||||||||
NOI at share - cash basis | $ | 231,514 | $ | 303,493 | $ | 772,333 | $ | 954,741 |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Net (loss) income | $ | (217,352 | ) | $ | 2,596,693 | $ | (321,855 | ) | $ | 2,809,737 | |||||
Depreciation and amortization expense | 92,805 | 113,035 | 185,598 | 229,744 | |||||||||||
General and administrative expense | 35,014 | 38,872 | 87,848 | 96,892 | |||||||||||
(Lease liability extinguishment gain) transaction related costs and impairment losses | (69,221 | ) | 101,590 | (69,150 | ) | 101,739 | |||||||||
Loss (income) from partially owned entities | 291,873 | (22,873 | ) | 272,770 | (30,193 | ) | |||||||||
Loss from real estate fund investments | 28,042 | 15,803 | 211,505 | 15,970 | |||||||||||
Interest and other investment loss (income), net | 2,893 | (7,840 | ) | 8,797 | (12,885 | ) | |||||||||
Interest and debt expense | 58,405 | 63,029 | 117,247 | 165,492 | |||||||||||
Net gain on transfer to Fifth Avenue and Times Square JV | — | (2,571,099 | ) | — | (2,571,099 | ) | |||||||||
Net gains on disposition of wholly owned and partially owned assets | (55,695 | ) | (111,713 | ) | (124,284 | ) | (332,007 | ) | |||||||
Income tax expense | 1,837 | 26,914 | 14,650 | 56,657 | |||||||||||
(Income) loss from discontinued operations | — | (60 | ) | — | 77 | ||||||||||
NOI from partially owned entities | 69,487 | 82,974 | 151,368 | 150,376 | |||||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (15,448 | ) | (16,416 | ) | (30,941 | ) | (33,819 | ) | |||||||
NOI at share | 222,640 | 308,909 | 503,553 | 646,681 | |||||||||||
Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 34,190 | 9,748 | 37,266 | 4,567 | |||||||||||
NOI at share - cash basis | $ | 256,830 | $ | 318,657 | $ | 540,819 | $ | 651,248 |
(Amounts in thousands) | For the Three Months Ended September 30, 2020 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 363,962 | $ | 293,145 | $ | 70,817 | |||||||||||
Operating expenses | (195,645) | (161,386) | (34,259) | ||||||||||||||
NOI - consolidated | 168,317 | 131,759 | 36,558 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (25,959) | (17,776) | (8,183) | ||||||||||||||
Add: NOI from partially owned entities | 78,175 | 75,837 | 2,338 | ||||||||||||||
NOI at share | 220,533 | 189,820 | 30,713 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 10,981 | 6,261 | 4,720 | ||||||||||||||
NOI at share - cash basis | $ | 231,514 | $ | 196,081 | $ | 35,433 |
(Amounts in thousands) | For the Three Months Ended September 30, 2019 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 465,961 | $ | 380,568 | $ | 85,393 | |||||||||||
Operating expenses | (226,359) | (188,159) | (38,200) | ||||||||||||||
NOI - consolidated | 239,602 | 192,409 | 47,193 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (18,096) | (9,574) | (8,522) | ||||||||||||||
Add: NOI from partially owned entities | 86,024 | 82,649 | 3,375 | ||||||||||||||
NOI at share | 307,530 | 265,484 | 42,046 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (4,037) | (5,560) | 1,523 | ||||||||||||||
NOI at share - cash basis | $ | 303,493 | $ | 259,924 | $ | 43,569 |
(Amounts in thousands) | For the Nine Months Ended September 30, 2020 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 1,151,520 | $ | 919,388 | $ | 232,132 | |||||||||||
Operating expenses | (600,077) | (484,624) | (115,453) | ||||||||||||||
NOI - consolidated | 551,443 | 434,764 | 116,679 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (56,900) | (34,713) | (22,187) | ||||||||||||||
Add: NOI from partially owned entities | 229,543 | 221,296 | 8,247 | ||||||||||||||
NOI at share | 724,086 | 621,347 | 102,739 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 48,247 | 40,310 | 7,937 | ||||||||||||||
NOI at share - cash basis | $ | 772,333 | $ | 661,657 | $ | 110,676 |
(Amounts in thousands) | For the Nine Months Ended September 30, 2019 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 1,463,732 | $ | 1,200,234 | $ | 263,498 | |||||||||||
Operating expenses | (694,006) | (574,073) | (119,933) | ||||||||||||||
NOI - consolidated | 769,726 | 626,161 | 143,565 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (51,915) | (31,011) | (20,904) | ||||||||||||||
Add: NOI from partially owned entities | 236,400 | 211,394 | 25,006 | ||||||||||||||
NOI at share | 954,211 | 806,544 | 147,667 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 530 | (3,741) | 4,271 | ||||||||||||||
NOI at share - cash basis | $ | 954,741 | $ | 802,803 | $ | 151,938 |
(Amounts in thousands) | For the Three Months Ended June 30, 2020 | ||||||||||
Total | New York | Other | |||||||||
Total revenues | $ | 343,026 | $ | 270,628 | $ | 72,398 | |||||
Operating expenses | (174,425 | ) | (140,207 | ) | (34,218 | ) | |||||
NOI - consolidated | 168,601 | 130,421 | 38,180 | ||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (15,448 | ) | (8,504 | ) | (6,944 | ) | |||||
Add: NOI from partially owned entities | 69,487 | 67,051 | 2,436 | ||||||||
NOI at share | 222,640 | 188,968 | 33,672 | ||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 34,190 | 32,943 | 1,247 | ||||||||
NOI at share - cash basis | $ | 256,830 | $ | 221,911 | $ | 34,919 |
(Amounts in thousands) | For the Three Months Ended June 30, 2019 | ||||||||||
Total | New York | Other | |||||||||
Total revenues | $ | 463,103 | $ | 376,381 | $ | 86,722 | |||||
Operating expenses | (220,752 | ) | (187,819 | ) | (32,933 | ) | |||||
NOI - consolidated | 242,351 | 188,562 | 53,789 | ||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (16,416 | ) | (10,030 | ) | (6,386 | ) | |||||
Add: NOI from partially owned entities | 82,974 | 79,170 | 3,804 | ||||||||
NOI at share | 308,909 | 257,702 | 51,207 | ||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 9,748 | 8,437 | 1,311 | ||||||||
NOI at share - cash basis | $ | 318,657 | $ | 266,139 | $ | 52,518 |
(Amounts in thousands) | For the Six Months Ended June 30, 2020 | ||||||||||
Total | New York | Other | |||||||||
Total revenues | $ | 787,558 | $ | 626,243 | $ | 161,315 | |||||
Operating expenses | (404,432 | ) | (323,238 | ) | (81,194 | ) | |||||
NOI - consolidated | 383,126 | 303,005 | 80,121 | ||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (30,941 | ) | (16,937 | ) | (14,004 | ) | |||||
Add: NOI from partially owned entities | 151,368 | 145,459 | 5,909 | ||||||||
NOI at share | 503,553 | 431,527 | 72,026 | ||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 37,266 | 34,049 | 3,217 | ||||||||
NOI at share - cash basis | $ | 540,819 | $ | 465,576 | $ | 75,243 |
(Amounts in thousands) | For the Six Months Ended June 30, 2019 | ||||||||||
Total | New York | Other | |||||||||
Total revenues | $ | 997,771 | $ | 819,666 | $ | 178,105 | |||||
Operating expenses | (467,647 | ) | (385,914 | ) | (81,733 | ) | |||||
NOI - consolidated | 530,124 | 433,752 | 96,372 | ||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (33,819 | ) | (21,437 | ) | (12,382 | ) | |||||
Add: NOI from partially owned entities | 150,376 | 128,745 | 21,631 | ||||||||
NOI at share | 646,681 | 541,060 | 105,621 | ||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 4,567 | 1,819 | 2,748 | ||||||||
NOI at share - cash basis | $ | 651,248 | $ | 542,879 | $ | 108,369 |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Certain (income) expense items that impact net income (loss) attributable to common shareholders: | |||||||||||||||||||||||
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units | $ | (186,909) | $ | (109,035) | $ | (295,825) | $ | (328,910) | |||||||||||||||
Non-cash impairment loss on our investment in Fifth Avenue and Times Square JV, net of $3,822 and $4,289 attributable to noncontrolling interests | 103,201 | — | 409,060 | — | |||||||||||||||||||
Severance accrual related to Hotel Pennsylvania closure, net of $3,145 of income tax benefit | 6,101 | — | 6,101 | — | |||||||||||||||||||
Our share of loss (income) from real estate fund investments | 2,524 | (1,455) | 64,771 | 22,207 | |||||||||||||||||||
Net gains on sale of real estate (primarily our 25% interest in 330 Madison Avenue in 2019) | — | (178,769) | — | (178,769) | |||||||||||||||||||
Mark-to-market decrease in Pennsylvania Real Estate Investment Trust ("PREIT") common shares (accounted for as a marketable security from March 12, 2019 and sold on January 23, 2020) | — | 4,875 | 4,938 | 19,211 | |||||||||||||||||||
608 Fifth Avenue non-cash (lease liability extinguishment gain) impairment loss and related write-offs | — | — | (70,260) | 101,092 | |||||||||||||||||||
Credit losses on loans receivable resulting from a new GAAP accounting standard effective January 1, 2020 | — | — | 13,369 | — | |||||||||||||||||||
Net gain on transfer to Fifth Avenue and Times Square retail JV, net of $11,945 attributable to noncontrolling interests | — | — | — | (2,559,154) | |||||||||||||||||||
Net gain from sale of Urban Edge Properties ("UE") common shares (sold on March 4, 2019) | — | — | — | (62,395) | |||||||||||||||||||
Prepayment penalty in connection with redemption of $400 million 5.00% senior unsecured notes due January 2022 | — | — | — | 22,540 | |||||||||||||||||||
Mark-to-market increase in Lexington Realty Trust ("Lexington") common shares (sold on March 1, 2019) | — | — | — | (16,068) | |||||||||||||||||||
Real estate impairment losses | — | — | — | 7,500 | |||||||||||||||||||
Other | 766 | (4,811) | 10,681 | (857) | |||||||||||||||||||
(74,317) | (289,195) | 142,835 | (2,973,603) | ||||||||||||||||||||
Noncontrolling interests' share of above adjustments | 4,534 | 18,913 | (9,741) | 189,386 | |||||||||||||||||||
Total of certain (income) expense items that impact net income (loss) attributable to common shareholders | $ | (69,783) | $ | (270,282) | $ | 133,094 | $ | (2,784,217) |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Certain expense (income) items that impact net (loss) income attributable to common shareholders: | |||||||||||||||
Non-cash impairment loss on our investment in Fifth Avenue and Times Square JV, net of $467 attributable to noncontrolling interests | $ | 305,859 | $ | — | $ | 305,859 | $ | — | |||||||
608 Fifth Avenue non-cash (lease liability extinguishment gain) impairment loss and related write-offs | (70,260 | ) | 101,092 | (70,260 | ) | 101,092 | |||||||||
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units | (49,005 | ) | (88,921 | ) | (108,916 | ) | (219,875 | ) | |||||||
Credit losses on loans receivable resulting from a new GAAP accounting standard effective January 1, 2020 | 6,108 | — | 13,369 | — | |||||||||||
Our share of loss from real estate fund investments | 6,089 | 20,758 | 62,247 | 23,662 | |||||||||||
Net gain on transfer to Fifth Avenue and Times Square retail JV, net of $11,945 attributable to noncontrolling interests | — | (2,559,154 | ) | — | (2,559,154 | ) | |||||||||
Real estate impairment losses | — | 7,500 | — | 7,500 | |||||||||||
Mark-to-market (increase) decrease in Pennsylvania Real Estate Investment Trust ("PREIT") common shares (accounted for as a marketable security from March 12, 2019 and sold on January 23, 2020) | — | (1,313 | ) | 4,938 | 14,336 | ||||||||||
Net gain from sale of Urban Edge Properties ("UE") common shares (sold on March 4, 2019) | — | — | — | (62,395 | ) | ||||||||||
Prepayment penalty in connection with redemption of $400 million 5.00% senior unsecured notes due January 2022 | — | — | — | 22,540 | |||||||||||
Mark-to-market increase in Lexington Realty Trust ("Lexington") common shares (sold on March 1, 2019) | — | — | — | (16,068 | ) | ||||||||||
Other | 2,019 | 2,802 | 9,915 | 3,954 | |||||||||||
200,810 | (2,517,236 | ) | 217,152 | (2,684,408 | ) | ||||||||||
Noncontrolling interests' share of above adjustments | (11,659 | ) | 159,593 | (13,661 | ) | 170,191 | |||||||||
Total of certain expense (income) items that impact net (loss) income attributable to common shareholders | $ | 189,151 | $ | (2,357,643 | ) | $ | 203,491 | $ | (2,514,217 | ) |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions: | |||||||||||||||||||||||
After-tax net gain on sale of 220 CPS condominium units | $ | (186,909) | $ | (109,035) | $ | (295,825) | $ | (328,910) | |||||||||||||||
Severance accrual related to Hotel Pennsylvania closure, net of $3,145 of income tax benefit | 6,101 | — | 6,101 | — | |||||||||||||||||||
Our share of loss (income) from real estate fund investments | 2,524 | (1,455) | 64,771 | 22,207 | |||||||||||||||||||
608 Fifth Avenue non-cash (lease liability extinguishment gain) impairment loss and related write-offs | — | — | (70,260) | 77,156 | |||||||||||||||||||
Credit losses on loans receivable resulting from a new GAAP accounting standard effective January 1, 2020 | — | — | 13,369 | — | |||||||||||||||||||
Prepayment penalty in connection with redemption of $400 million 5.00% senior unsecured notes due January 2022 | — | — | — | 22,540 | |||||||||||||||||||
Other | 381 | (5,229) | 7,045 | (2,931) | |||||||||||||||||||
(177,903) | (115,719) | (274,799) | (209,938) | ||||||||||||||||||||
Noncontrolling interests' share of above adjustments | 11,991 | 7,176 | 18,741 | 13,352 | |||||||||||||||||||
Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net | $ | (165,912) | $ | (108,543) | $ | (256,058) | $ | (196,586) |
(Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions: | |||||||||||||||
608 Fifth Avenue non-cash (lease liability extinguishment gain) impairment loss and related write-offs | $ | (70,260 | ) | $ | 77,156 | $ | (70,260 | ) | $ | 77,156 | |||||
After-tax net gain on sale of 220 CPS condominium units | (49,005 | ) | (88,921 | ) | (108,916 | ) | (219,875 | ) | |||||||
Credit losses on loans receivable resulting from a new GAAP accounting standard effective January 1, 2020 | 6,108 | — | 13,369 | — | |||||||||||
Our share of loss from real estate fund investments | 6,089 | 20,758 | 62,247 | 23,662 | |||||||||||
Prepayment penalty in connection with redemption of $400 million 5.00% senior unsecured notes due January 2022 | — | — | — | 22,540 | |||||||||||
Other | 2,459 | 1,092 | 6,664 | 2,298 | |||||||||||
(104,609 | ) | 10,085 | (96,896 | ) | (94,219 | ) | |||||||||
Noncontrolling interests' share of above adjustments | 7,103 | (639 | ) | 6,120 | 5,996 | ||||||||||
Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net | $ | (97,506 | ) | $ | 9,446 | $ | (90,776 | ) | $ | (88,223 | ) |
Total | New York | theMART | 555 California Street | |||||||||||||||||||||||
Same store NOI at share % (decrease) increase: | ||||||||||||||||||||||||||
Three months ended September 30, 2020 compared to September 30, 2019 | (16.4) | % | (14.5) | % | (46.3) | % | 2.0 | % | ||||||||||||||||||
Nine months ended September 30, 2020 compared to September 30, 2019 | (14.7) | % | (13.4) | % | (34.9) | % | 0.7 | % | ||||||||||||||||||
Three months ended September 30, 2020 compared to June 30, 2020 | 7.1 | % | 10.5 | % | (26.6) | % | 6.2 | % | ||||||||||||||||||
Same store NOI at share - cash basis % (decrease) increase: | ||||||||||||||||||||||||||
Three months ended September 30, 2020 compared to September 30, 2019 | (10.6) | % | (9.0) | % | (31.7) | % | 1.3 | % | ||||||||||||||||||
Nine months ended September 30, 2020 compared to September 30, 2019 | (7.7) | % | (5.4) | % | (30.5) | % | 0.2 | % | ||||||||||||||||||
Three months ended September 30, 2020 compared to June 30, 2020 | (3.0) | % | (3.6) | % | (1.1) | % | 3.4 | % | ||||||||||||||||||
Total | New York | theMART(1) | 555 California Street | |||||||||
Same store NOI at share % (decrease) increase: | ||||||||||||
Three months ended June 30, 2020 compared to June 30, 2019 | (24.5 | )% | (23.4 | )% | (42.5 | )% | (5.0 | )% | ||||
Six months ended June 30, 2020 compared to June 30, 2019 | (13.9 | )% | (12.9 | )% | (29.8 | )% | 0.1 | % | ||||
Three months ended June 30, 2020 compared to March 31, 2020 | (20.3 | )% | (22.0 | )% | (14.0 | )% | (4.0 | )% | ||||
Same store NOI at share - cash basis % decrease: | ||||||||||||
Three months ended June 30, 2020 compared to June 30, 2019 | (10.8 | )% | (6.4 | )% | (44.5 | )% | (4.3 | )% | ||||
Six months ended June 30, 2020 compared to June 30, 2019 | (6.3 | )% | (3.6 | )% | (30.0 | )% | (0.4 | )% | ||||
Three months ended June 30, 2020 compared to March 31, 2020 | (7.8 | )% | (7.0 | )% | (20.3 | )% | (2.1 | )% |
(Square feet in thousands) | (Square feet in thousands) | New York | (Square feet in thousands) | New York | |||||||||||||||||||||||||||||||||||||||||
Office | Retail | theMART | 555 California Street | Office | Retail | theMART | 555 California Street | ||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2020 | Three Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Total square feet leased | 304 | 23 | 42 | 5 | Total square feet leased | 1,453 | (1) | 25 | 44 | 90 | |||||||||||||||||||||||||||||||||||
Our share of square feet leased: | 291 | 23 | 42 | 3 | Our share of square feet leased: | 1,121 | 22 | 44 | 63 | ||||||||||||||||||||||||||||||||||||
Initial rent(1) | $ | 70.71 | (2) | $ | 130.92 | $ | 56.03 | $ | 91.00 | Initial rent(2) | $ | 92.74 | $ | 311.39 | $ | 59.38 | $ | — | (3) | ||||||||||||||||||||||||||
Weighted average lease term (years) | 5.2 | 3.8 | 4.1 | 5.0 | Weighted average lease term (years) | 19.6 | 7.1 | 5.2 | 5.0 | ||||||||||||||||||||||||||||||||||||
Second generation relet space: | Second generation relet space: | ||||||||||||||||||||||||||||||||||||||||||||
Square feet | 82 | 22 | 40 | 3 | Square feet | 419 | 11 | 44 | — | ||||||||||||||||||||||||||||||||||||
GAAP basis: | GAAP basis: | ||||||||||||||||||||||||||||||||||||||||||||
Straight-line rent(3) | $ | 69.04 | (2) | $ | 115.35 | $ | 53.62 | $ | 93.59 | Straight-line rent(4) | $ | 82.29 | $ | 392.77 | $ | 56.02 | $ | — | (3) | ||||||||||||||||||||||||||
Prior straight-line rent | $ | 61.61 | $ | 115.16 | $ | 53.80 | $ | 74.44 | Prior straight-line rent | $ | 65.22 | $ | 463.77 | $ | 56.86 | $ | — | ||||||||||||||||||||||||||||
Percentage increase (decrease) | 12.1 | % | 0.2 | % | (0.3 | )% | 25.7 | % | Percentage increase (decrease) | 26.2 | % | (15.3) | % | (1.5) | % | — | % | ||||||||||||||||||||||||||||
Cash basis: | Cash basis: | ||||||||||||||||||||||||||||||||||||||||||||
Initial rent(1) | $ | 73.95 | (2) | $ | 115.33 | $ | 56.25 | $ | 91.00 | Initial rent(2) | $ | 65.29 | $ | 378.06 | $ | 59.38 | $ | — | (3) | ||||||||||||||||||||||||||
Prior escalated rent | $ | 64.83 | $ | 115.25 | $ | 58.03 | $ | 79.12 | Prior escalated rent | $ | 60.61 | $ | 523.92 | $ | 60.48 | $ | — | ||||||||||||||||||||||||||||
Percentage increase (decrease) | 14.1 | % | 0.1 | % | (3.1 | )% | 15.0 | % | Percentage increase (decrease) | 7.7 | % | (27.8) | % | (1.8) | % | — | % | ||||||||||||||||||||||||||||
Tenant improvements and leasing commissions: | |||||||||||||||||||||||||||||||||||||||||||||
Tenant improvements and leasing commissions: | Per square foot | $ | 173.73 | $ | 102.87 | $ | 15.62 | $ | — | ||||||||||||||||||||||||||||||||||||
Per square foot | $ | 25.63 | $ | 32.67 | $ | 13.69 | $ | 14.38 | Per square foot per annum | $ | 8.86 | $ | 14.49 | $ | 3.00 | $ | — | ||||||||||||||||||||||||||||
Per square foot per annum | $ | 4.93 | $ | 8.60 | $ | 3.34 | $ | 2.88 | Percentage of initial rent | 9.6 | % | 4.7 | % | 5.1 | % | — | % | ||||||||||||||||||||||||||||
Percentage of initial rent | 7.0 | % | 6.6 | % | 6.0 | % | 3.2 | % |
(Square feet in thousands) | New York | ||||||||||||||||||||||||||||
Office | Retail | theMART | 555 California Street | ||||||||||||||||||||||||||
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
Total square feet leased | 2,068 | 63 | 317 | 101 | |||||||||||||||||||||||||
Our share of square feet leased: | 1,709 | 59 | 317 | 71 | |||||||||||||||||||||||||
Initial rent(2) | $ | 90.62 | (5) | $ | 265.44 | $ | 50.12 | $ | 105.66 | (3) | |||||||||||||||||||
Weighted average lease term (years) | 14.9 | 6.3 | 8.8 | 4.8 | |||||||||||||||||||||||||
Second generation relet space: | |||||||||||||||||||||||||||||
Square feet | 777 | 42 | 312 | 8 | |||||||||||||||||||||||||
GAAP basis: | |||||||||||||||||||||||||||||
Straight-line rent(4) | $ | 83.25 | (5) | $ | 267.19 | $ | 47.30 | $ | 107.37 | (3) | |||||||||||||||||||
Prior straight-line rent | $ | 74.32 | $ | 225.74 | $ | 46.62 | $ | 78.53 | |||||||||||||||||||||
Percentage increase | 12.0 | % | 18.4 | % | 1.5 | % | 36.7 | % | |||||||||||||||||||||
Cash basis: | |||||||||||||||||||||||||||||
Initial rent(2) | $ | 74.68 | (5) | $ | 261.86 | $ | 49.95 | $ | 105.66 | (3) | |||||||||||||||||||
Prior escalated rent | $ | 70.95 | $ | 245.47 | $ | 50.75 | $ | 85.39 | |||||||||||||||||||||
Percentage increase (decrease) | 5.3 | % | 6.7 | % | (1.6) | % | 23.7 | % | |||||||||||||||||||||
Tenant improvements and leasing commissions: | |||||||||||||||||||||||||||||
Per square foot | $ | 131.73 | $ | 159.09 | $ | 37.35 | $ | 0.93 | |||||||||||||||||||||
Per square foot per annum | $ | 8.84 | $ | 25.25 | $ | 4.24 | $ | 0.19 | |||||||||||||||||||||
Percentage of initial rent | 9.8 | % | 9.5 | % | 8.5 | % | 0.2 | % |
(Square feet in thousands) | New York | |||||||||||||||
Office | Retail | theMART | 555 California Street | |||||||||||||
Six Months Ended June 30, 2020 | ||||||||||||||||
Total square feet leased | 615 | 38 | 273 | 11 | ||||||||||||
Our share of square feet leased: | 588 | 36 | 273 | 8 | ||||||||||||
Initial rent(1) | $ | 84.88 | (2) | $ | 236.93 | $ | 48.64 | $ | 105.66 | |||||||
Weighted average lease term (years) | 5.9 | 5.9 | 9.3 | 3.0 | ||||||||||||
Second generation relet space: | ||||||||||||||||
Square feet | 357 | 31 | 268 | 8 | ||||||||||||
GAAP basis: | ||||||||||||||||
Straight-line rent(3) | $ | 84.38 | (2) | $ | 223.95 | $ | 45.87 | $ | 107.37 | |||||||
Prior straight-line rent | $ | 85.00 | $ | 143.79 | $ | 44.95 | $ | 78.53 | ||||||||
Percentage (decrease) increase | (0.7 | )% | 55.7 | % | 2.0 | % | 36.7 | % | ||||||||
Cash basis: | ||||||||||||||||
Initial rent(1) | $ | 85.71 | (2) | $ | 221.86 | $ | 48.42 | $ | 105.66 | |||||||
Prior escalated rent | $ | 83.09 | $ | 149.61 | $ | 49.16 | $ | 85.39 | ||||||||
Percentage increase (decrease) | 3.2 | % | 48.3 | % | (1.5 | )% | 23.7 | % | ||||||||
Tenant improvements and leasing commissions: | ||||||||||||||||
Per square foot | $ | 51.62 | $ | 193.98 | $ | 40.84 | $ | 8.57 | ||||||||
Per square foot per annum | $ | 8.75 | $ | 32.88 | $ | 4.39 | $ | 2.86 | ||||||||
Percentage of initial rent | 10.3 | % | 13.9 | % | 9.0 | % | 2.7 | % |
(Square feet in thousands) | Square Feet (in service) | ||||||||||||||||||||||
Number of Properties | Total Portfolio | Our Share | Occupancy % | ||||||||||||||||||||
New York: | |||||||||||||||||||||||
Office | 35 | 18,556 | 15,608 | 95.8 | % | ||||||||||||||||||
Retail (includes retail properties that are in the base of our office properties) | 71 | 2,268 | 1,800 | 79.9 | % | ||||||||||||||||||
Residential - 1,678 units | 9 | 1,526 | 793 | 84.8 | % | ||||||||||||||||||
Alexander's, including 312 residential units | 7 | 2,254 | 730 | 96.0 | % | ||||||||||||||||||
Hotel Pennsylvania (closed since April 1, 2020) | 1 | — | — | ||||||||||||||||||||
24,604 | 18,931 | 94.3 | % | ||||||||||||||||||||
Other: | |||||||||||||||||||||||
theMART | 4 | 3,825 | 3,816 | 89.8 | % | ||||||||||||||||||
555 California Street | 3 | 1,741 | 1,218 | 98.4 | % | ||||||||||||||||||
Other | 10 | 2,485 | 1,150 | 92.6 | % | ||||||||||||||||||
8,051 | 6,184 | ||||||||||||||||||||||
Total square feet as of September 30, 2020 | 32,655 | 25,115 |
(Square feet in thousands) | Square Feet (in service) | |||||||||||
Number of Properties | Total Portfolio | Our Share | Occupancy % | |||||||||
New York: | ||||||||||||
Office | 35 | 18,572 | 15,624 | 96.4 | % | |||||||
Retail (includes retail properties that are in the base of our office properties) | 71 | 2,269 | 1,801 | 83.6 | % | (1) | ||||||
Residential - 1,677 units | 9 | 1,526 | 793 | 89.9 | % | |||||||
Alexander's, Inc. ("Alexander's") including 312 residential units | 7 | 2,254 | 730 | 96.7 | % | |||||||
Hotel Pennsylvania (temporarily closed since April 1, 2020) | 1 | — | — | |||||||||
24,621 | 18,948 | 95.2 | % | |||||||||
Other: | ||||||||||||
theMART | 4 | 3,825 | 3,816 | 91.4 | % | |||||||
555 California Street | 3 | 1,741 | 1,218 | 99.0 | % | |||||||
Other | 10 | 2,490 | 1,155 | 93.1 | % | |||||||
8,056 | 6,189 | |||||||||||
Total square feet as of June 30, 2020 | 32,677 | 25,137 |
(Square feet in thousands) | Square Feet (in service) | (Square feet in thousands) | Square Feet (in service) | ||||||||||||||||||||||||||||||||
Number of properties | Total Portfolio | Our Share | Occupancy % | Number of properties | Total Portfolio | Our Share | Occupancy % | ||||||||||||||||||||||||||||
New York: | New York: | ||||||||||||||||||||||||||||||||||
Office | 35 | 19,070 | 16,195 | 96.9 | % | Office | 35 | 19,070 | 16,195 | 96.9 | % | ||||||||||||||||||||||||
Retail (includes retail properties that are in the base of our office properties) | 70 | 2,300 | 1,842 | 94.5 | % | Retail (includes retail properties that are in the base of our office properties) | 70 | 2,300 | 1,842 | 94.5 | % | ||||||||||||||||||||||||
Residential - 1,679 units | 9 | 1,526 | 793 | 97.0 | % | Residential - 1,679 units | 9 | 1,526 | 793 | 97.0 | % | ||||||||||||||||||||||||
Alexander's, including 312 residential units | 7 | 2,230 | 723 | 96.5 | % | Alexander's, including 312 residential units | 7 | 2,230 | 723 | 96.5 | % | ||||||||||||||||||||||||
Hotel Pennsylvania | 1 | 1,400 | 1,400 | Hotel Pennsylvania | 1 | 1,400 | 1,400 | ||||||||||||||||||||||||||||
26,526 | 20,953 | 96.7 | % | 26,526 | 20,953 | 96.7 | % | ||||||||||||||||||||||||||||
Other: | Other: | ||||||||||||||||||||||||||||||||||
theMART | 4 | 3,826 | 3,817 | 94.6 | % | theMART | 4 | 3,826 | 3,817 | 94.6 | % | ||||||||||||||||||||||||
555 California Street | 3 | 1,741 | 1,218 | 99.8 | % | 555 California Street | 3 | 1,741 | 1,218 | 99.8 | % | ||||||||||||||||||||||||
Other | 10 | 2,533 | 1,198 | 92.7 | % | Other | 10 | 2,533 | 1,198 | 92.7 | % | ||||||||||||||||||||||||
8,100 | 6,233 | 8,100 | 6,233 | ||||||||||||||||||||||||||||||||
Total square feet as of December 31, 2019 | 34,626 | 27,186 | Total square feet as of December 31, 2019 | 34,626 | 27,186 |
(Amounts in thousands) | For the Three Months Ended September 30, 2020 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 363,962 | $ | 293,145 | $ | 70,817 | |||||||||||
Operating expenses | (195,645) | (161,386) | (34,259) | ||||||||||||||
NOI - consolidated | 168,317 | 131,759 | 36,558 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (25,959) | (17,776) | (8,183) | ||||||||||||||
Add: NOI from partially owned entities | 78,175 | 75,837 | 2,338 | ||||||||||||||
NOI at share | 220,533 | 189,820 | 30,713 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 10,981 | 6,261 | 4,720 | ||||||||||||||
NOI at share - cash basis | $ | 231,514 | $ | 196,081 | $ | 35,433 |
(Amounts in thousands) | For the Three Months Ended June 30, 2020 | ||||||||||
Total | New York | Other | |||||||||
Total revenues | $ | 343,026 | $ | 270,628 | $ | 72,398 | |||||
Operating expenses | (174,425 | ) | (140,207 | ) | (34,218 | ) | |||||
NOI - consolidated | 168,601 | 130,421 | 38,180 | ||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (15,448 | ) | (8,504 | ) | (6,944 | ) | |||||
Add: NOI from partially owned entities | 69,487 | 67,051 | 2,436 | ||||||||
NOI at share | 222,640 | 188,968 | 33,672 | ||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 34,190 | 32,943 | 1,247 | ||||||||
NOI at share - cash basis | $ | 256,830 | $ | 221,911 | $ | 34,919 |
(Amounts in thousands) | For the Three Months Ended September 30, 2019 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 465,961 | $ | 380,568 | $ | 85,393 | |||||||||||
Operating expenses | (226,359) | (188,159) | (38,200) | ||||||||||||||
NOI - consolidated | 239,602 | 192,409 | 47,193 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (18,096) | (9,574) | (8,522) | ||||||||||||||
Add: NOI from partially owned entities | 86,024 | 82,649 | 3,375 | ||||||||||||||
NOI at share | 307,530 | 265,484 | 42,046 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (4,037) | (5,560) | 1,523 | ||||||||||||||
NOI at share - cash basis | $ | 303,493 | $ | 259,924 | $ | 43,569 |
(Amounts in thousands) | For the Three Months Ended June 30, 2019 | ||||||||||
Total | New York | Other | |||||||||
Total revenues | $ | 463,103 | $ | 376,381 | $ | 86,722 | |||||
Operating expenses | (220,752 | ) | (187,819 | ) | (32,933 | ) | |||||
NOI - consolidated | 242,351 | 188,562 | 53,789 | ||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (16,416 | ) | (10,030 | ) | (6,386 | ) | |||||
Add: NOI from partially owned entities | 82,974 | 79,170 | 3,804 | ||||||||
NOI at share | 308,909 | 257,702 | 51,207 | ||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 9,748 | 8,437 | 1,311 | ||||||||
NOI at share - cash basis | $ | 318,657 | $ | 266,139 | $ | 52,518 |
(Amounts in thousands) | For the Three Months Ended June 30, | (Amounts in thousands) | For the Three Months Ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||
New York: | New York: | |||||||||||||||||
Office(1) | $ | 161,444 | $ | 179,592 | Office(1) | $ | 159,981 | $ | 177,469 | |||||||||
Retail(2) | 21,841 | 57,063 | Retail(2) | 35,294 | 68,159 | |||||||||||||
Residential | 5,868 | 5,908 | Residential | 4,536 | 5,575 | |||||||||||||
Alexander's | 8,331 | 11,108 | Alexander's | 6,830 | 11,269 | |||||||||||||
Hotel Pennsylvania(3) | (8,516 | ) | 4,031 | Hotel Pennsylvania(3) | (16,821) | 3,012 | ||||||||||||
Total New York | 188,968 | 257,702 | Total New York | 189,820 | 265,484 | |||||||||||||
Other: | Other: | |||||||||||||||||
theMART(4) | 17,803 | 30,974 | theMART(4) | 13,171 | 24,862 | |||||||||||||
555 California Street | 14,837 | 15,358 | 555 California Street | 15,618 | 15,265 | |||||||||||||
Other investments | 1,032 | 4,875 | Other investments | 1,924 | 1,919 | |||||||||||||
Total Other | 33,672 | 51,207 | Total Other | 30,713 | 42,046 | |||||||||||||
NOI at share | $ | 222,640 | $ | 308,909 | NOI at share | $ | 220,533 | $ | 307,530 |
(1) | (2)2020 includes $4,688 of non-cash write-offs of receivables arising from the straight-lining of rents and $4,668 of write-offs of tenant receivables deemed uncollectible. (3)The decrease in NOI at share is primarily due to the effects of the COVID-19 pandemic. The Hotel Pennsylvania has been closed since April 1, 2020 as a result of the pandemic. 2020 includes a $9,246 severance accrual for furloughed union employees. (4)The decrease in NOI at share is primarily due to the effects of the COVID-19 pandemic, causing trade shows to be cancelled from late March 2020 through the remainder of the year. |
(Amounts in thousands) | For the Three Months Ended June 30, | (Amounts in thousands) | For the Three Months Ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||
New York: | New York: | |||||||||||||||||
Office(1) | $ | 175,438 | $ | 178,806 | Office(1) | $ | 162,357 | $ | 174,796 | |||||||||
Retail(2) | 38,913 | 66,726 | Retail(2) | 36,476 | 65,636 | |||||||||||||
Residential | 5,504 | 5,303 | Residential | 4,178 | 5,057 | |||||||||||||
Alexander's | 10,581 | 11,322 | Alexander's | 9,899 | 11,471 | |||||||||||||
Hotel Pennsylvania(3) | (8,525 | ) | 3,982 | Hotel Pennsylvania(3) | (16,829) | 2,964 | ||||||||||||
Total New York | 221,911 | 266,139 | Total New York | 196,081 | 259,924 | |||||||||||||
Other: | Other: | |||||||||||||||||
theMART(4) | 17,765 | 31,984 | theMART(4) | 17,706 | 26,588 | |||||||||||||
555 California Street | 15,005 | 15,595 | 555 California Street | 15,530 | 15,325 | |||||||||||||
Other investments | 2,149 | 4,939 | Other investments | 2,197 | 1,656 | |||||||||||||
Total Other | 34,919 | 52,518 | Total Other | 35,433 | 43,569 | |||||||||||||
NOI at share - cash basis | $ | 256,830 | $ | 318,657 | NOI at share - cash basis | $ | 231,514 | $ | 303,493 |
(1) | (2)2020 includes $4,668 of write-offs of tenant receivables deemed uncollectible. (3)The decrease in NOI at share - cash basis is primarily due to the effects of the COVID-19 pandemic. The Hotel Pennsylvania has been closed since April 1, 2020 as a result of the pandemic. 2020 includes a $9,246 severance accrual for furloughed union employees. (4)The decrease in NOI at share - cash basis is primarily due to the effects of the COVID-19 pandemic, causing trade shows to be cancelled from late March 2020 through the remainder of the year. 59 |
(Amounts in thousands) | For the Three Months Ended June 30, | (Amounts in thousands) | For the Three Months Ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||
Net (loss) income | $ | (217,352 | ) | $ | 2,596,693 | |||||||||||||
Net income | Net income | $ | 68,736 | $ | 363,849 | |||||||||||||
Depreciation and amortization expense | 92,805 | 113,035 | Depreciation and amortization expense | 107,013 | 96,437 | |||||||||||||
General and administrative expense | 35,014 | 38,872 | General and administrative expense | 32,407 | 33,237 | |||||||||||||
(Lease liability extinguishment gain) transaction related costs and impairment losses | (69,221 | ) | 101,590 | |||||||||||||||
Expense from transaction related costs and impairment losses | Expense from transaction related costs and impairment losses | 584 | 1,576 | |||||||||||||||
Loss (income) from partially owned entities | 291,873 | (22,873 | ) | Loss (income) from partially owned entities | 80,909 | (25,946) | ||||||||||||
Loss from real estate fund investments | 28,042 | 15,803 | ||||||||||||||||
Interest and other investment loss (income), net | 2,893 | (7,840 | ) | |||||||||||||||
Loss (income) from real estate fund investments | Loss (income) from real estate fund investments | 13,823 | (2,190) | |||||||||||||||
Interest and other investment income, net | Interest and other investment income, net | (1,729) | (3,045) | |||||||||||||||
Interest and debt expense | 58,405 | 63,029 | Interest and debt expense | 57,371 | 61,448 | |||||||||||||
Net gain on transfer to Fifth Avenue and Times Square JV | — | (2,571,099 | ) | |||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | (55,695 | ) | (111,713 | ) | Net gains on disposition of wholly owned and partially owned assets | (214,578) | (309,657) | |||||||||||
Income tax expense | 1,837 | 26,914 | Income tax expense | 23,781 | 23,885 | |||||||||||||
Income from discontinued operations | — | (60 | ) | |||||||||||||||
Loss from discontinued operations | Loss from discontinued operations | — | 8 | |||||||||||||||
NOI from partially owned entities | 69,487 | 82,974 | NOI from partially owned entities | 78,175 | 86,024 | |||||||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (15,448 | ) | (16,416 | ) | NOI attributable to noncontrolling interests in consolidated subsidiaries | (25,959) | (18,096) | |||||||||||
NOI at share | 222,640 | 308,909 | NOI at share | 220,533 | 307,530 | |||||||||||||
Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 34,190 | 9,748 | Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 10,981 | (4,037) | |||||||||||||
NOI at share - cash basis | $ | 256,830 | $ | 318,657 | NOI at share - cash basis | $ | 231,514 | $ | 303,493 |
For the Three Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Region: | |||||||||||
New York City metropolitan area | 87 | % | 87 | % | |||||||
Chicago, IL | 6 | % | 8 | % | |||||||
San Francisco, CA | 7 | % | 5 | % | |||||||
100 | % | 100 | % |
For the Three Months Ended June 30, | |||||
2020 | 2019 | ||||
Region: | |||||
New York City metropolitan area | 85 | % | 85 | % | |
Chicago, IL | 8 | % | 10 | % | |
San Francisco, CA | 7 | % | 5 | % | |
100 | % | 100 | % |
(Amounts in thousands) | Total | New York | Other | (Amounts in thousands) | Total | New York | Other | ||||||||||||||||||||||||
Increase (decrease) due to: | |||||||||||||||||||||||||||||||
(Decrease) increase due to: | (Decrease) increase due to: | ||||||||||||||||||||||||||||||
Rental revenues: | Rental revenues: | ||||||||||||||||||||||||||||||
Acquisitions, dispositions and other | $ | 11,522 | $ | 11,266 | $ | 256 | Acquisitions, dispositions and other | $ | (11,505) | $ | (11,548) | $ | 43 | ||||||||||||||||||
Development and redevelopment | (17,840 | ) | (17,637 | ) | (203 | ) | Development and redevelopment | (24,880) | (24,533) | (347) | |||||||||||||||||||||
Hotel Pennsylvania(1) | (25,977 | ) | (25,977 | ) | — | Hotel Pennsylvania(1) | (25,605) | (25,605) | — | ||||||||||||||||||||||
Trade shows(2) | (11,816 | ) | — | (11,816 | ) | Trade shows(2) | (8,282) | — | (8,282) | ||||||||||||||||||||||
Properties transferred to Fifth Avenue and Times Square JV | (16,163 | ) | (16,163 | ) | — | ||||||||||||||||||||||||||
Same store operations | (45,831 | ) | (3) | (41,627 | ) | (4,204 | ) | Same store operations | (35,113) | (3) | (26,171) | (8,942) | |||||||||||||||||||
(105,385) | (87,857) | (17,528) | |||||||||||||||||||||||||||||
(106,105 | ) | (90,138 | ) | (15,967 | ) | ||||||||||||||||||||||||||
Fee and other income: | Fee and other income: | ||||||||||||||||||||||||||||||
BMS cleaning fees | (11,455 | ) | (12,539 | ) | (4) | 1,084 | BMS cleaning fees | (6,623) | (7,195) | (4) | 572 | ||||||||||||||||||||
Management and leasing fees | (2,662 | ) | (2,771 | ) | 109 | Management and leasing fees | 8,323 | 7,986 | 337 | ||||||||||||||||||||||
Properties transferred to Fifth Avenue and Times Square JV | (65 | ) | (65 | ) | — | ||||||||||||||||||||||||||
Other income | 210 | (240 | ) | 450 | Other income | 1,686 | (357) | 2,043 | |||||||||||||||||||||||
(13,972 | ) | (15,615 | ) | 1,643 | 3,386 | 434 | 2,952 | ||||||||||||||||||||||||
Total decrease in revenues | $ | (120,077 | ) | $ | (105,753 | ) | $ | (14,324 | ) | Total decrease in revenues | $ | (101,999) | $ | (87,423) | $ | (14,576) |
(Amounts in thousands) | (Amounts in thousands) | Total | New York | Other | (Amounts in thousands) | Total | New York | Other | |||||||||||||||||||||||||||
(Decrease) increase due to: | (Decrease) increase due to: | (Decrease) increase due to: | |||||||||||||||||||||||||||||||||
Operating: | Operating: | Operating: | |||||||||||||||||||||||||||||||||
Acquisitions, dispositions and other | $ | (3,472 | ) | $ | (2,938 | ) | $ | (534 | ) | Acquisitions, dispositions and other | $ | (3,894) | $ | (3,901) | $ | 7 | |||||||||||||||||||
Development and redevelopment | (11,223 | ) | (11,227 | ) | 4 | Development and redevelopment | (10,218) | (10,372) | 154 | ||||||||||||||||||||||||||
Non-reimbursable expenses | (403 | ) | (662 | ) | 259 | Non-reimbursable expenses | (804) | (843) | 39 | ||||||||||||||||||||||||||
Hotel Pennsylvania(1) | (13,434 | ) | (13,434 | ) | — | Hotel Pennsylvania(1) | (5,772) | (5,772) | — | ||||||||||||||||||||||||||
Trade shows(2) | (3,594 | ) | — | (3,594 | ) | Trade shows(2) | (2,816) | — | (2,816) | ||||||||||||||||||||||||||
BMS expenses | (7,468 | ) | (8,552 | ) | (4) | 1,084 | BMS expenses | (4,605) | (5,178) | (4) | 573 | ||||||||||||||||||||||||
Properties transferred to Fifth Avenue and Times Square JV | (3,824 | ) | (3,824 | ) | — | ||||||||||||||||||||||||||||||
Same store operations | (2,909 | ) | (6,975 | ) | 4,066 | Same store operations | (2,605) | (707) | (1,898) | ||||||||||||||||||||||||||
(46,327 | ) | (47,612 | ) | 1,285 | (30,714) | (26,773) | (3,941) | ||||||||||||||||||||||||||||
Depreciation and amortization: | Depreciation and amortization: | Depreciation and amortization: | |||||||||||||||||||||||||||||||||
Acquisitions, dispositions and other | (2,557 | ) | (2,557 | ) | — | Acquisitions, dispositions and other | (44) | (46) | 2 | ||||||||||||||||||||||||||
Development and redevelopment | 219 | (526 | ) | 745 | Development and redevelopment | (1,407) | (1,411) | 4 | |||||||||||||||||||||||||||
Properties transferred to Fifth Avenue and Times Square JV | (3,981 | ) | (3,981 | ) | — | ||||||||||||||||||||||||||||||
Same store operations | (13,911 | ) | (12,621 | ) | (1,290 | ) | Same store operations | 12,027 | 12,646 | (619) | |||||||||||||||||||||||||
(20,230 | ) | (19,685 | ) | (545 | ) | 10,576 | 11,189 | (613) | |||||||||||||||||||||||||||
General and administrative | General and administrative | (3,858 | ) | (4,498 | ) | 640 | General and administrative | (830) | (542) | (288) | |||||||||||||||||||||||||
Expense from deferred compensation plan liability | Expense from deferred compensation plan liability | 5,041 | — | 5,041 | Expense from deferred compensation plan liability | 3,367 | — | 3,367 | |||||||||||||||||||||||||||
(Lease liability extinguishment gain) transaction related costs and impairment losses | (170,811 | ) | (171,620 | ) | (5) | 809 | |||||||||||||||||||||||||||||
Transaction related costs | Transaction related costs | (992) | — | (992) | |||||||||||||||||||||||||||||||
Total (decrease) increase in expenses | $ | (236,185 | ) | $ | (243,415 | ) | $ | 7,230 | |||||||||||||||||||||||||||
Total decrease in expenses | Total decrease in expenses | $ | (18,593) | $ | (16,126) | $ | (2,467) |
(Amounts in thousands) | Ownership Percentage at June 30, 2020 | For the Three Months Ended June 30, | |||||||
2020 | 2019 | ||||||||
Our share of net (loss) income: | |||||||||
Fifth Avenue and Times Square JV(1): | |||||||||
Non-cash impairment loss(2) | $ | (306,326 | ) | $ | — | ||||
Return on preferred equity, net of our share of the expense | 9,330 | 8,586 | |||||||
Equity in net income(3) | 51.5% | 441 | 11,217 | ||||||
(296,555 | ) | 19,803 | |||||||
Alexander's | 32.4% | 5,151 | 4,719 | ||||||
Partially owned office buildings(4) | Various | 810 | (1,451 | ) | |||||
Other investments(5) | Various | (1,279 | ) | (198 | ) | ||||
$ | (291,873 | ) | $ | 22,873 |
(Amounts in thousands) | Percentage Ownership at September 30, 2020 | For the Three Months Ended September 30, | |||||||||||||||
2020 | 2019 | ||||||||||||||||
Our share of net (loss) income: | |||||||||||||||||
Fifth Avenue and Times Square JV: | |||||||||||||||||
Non-cash impairment loss(1) | $ | (107,023) | $ | — | |||||||||||||
Return on preferred equity, net of our share of the expense | 9,430 | 9,545 | |||||||||||||||
Equity in net income | 51.5% | 7,694 | 9,891 | ||||||||||||||
(89,899) | 19,436 | ||||||||||||||||
Alexander's(2) | 32.4% | 3,371 | 6,692 | ||||||||||||||
Partially owned office buildings(3) | Various | 6,418 | (186) | ||||||||||||||
Other investments(4) | Various | (799) | 4 | ||||||||||||||
$ | (80,909) | $ | 25,946 |
(1)See Note 8 - Investments in Partially Owned Entities to the unaudited consolidated financial statements in Part I, Item I of this Quarterly Report on Form 10-Q for additional information. (2)2020 includes our $3,139 share of write-offs of lease receivables deemed uncollectible. (3)Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 7 West 34th Street, 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others. (4)Includes interests in Independence Plaza, Rosslyn Plaza and others. |
(Amounts in thousands) | For the Three Months Ended September 30, | ||||||||||
2020 | 2019 | ||||||||||
Net unrealized loss on held investments | $ | (14,216) | $ | — | |||||||
Net investment income | 393 | 2,190 | |||||||||
(Loss) income from real estate fund investments | (13,823) | 2,190 | |||||||||
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 11,299 | (735) | |||||||||
(Loss) income from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ | (2,524) | $ | 1,455 | |||||||
(Amounts in thousands) | For the Three Months Ended June 30, | ||||||
2020 | 2019 | ||||||
Net investment (loss) income | $ | (366 | ) | $ | 459 | ||
Net unrealized loss on held investments | (27,676 | ) | (16,262 | ) | |||
Loss from real estate fund investments | (28,042 | ) | (15,803 | ) | |||
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 21,953 | (4,955 | ) | ||||
Loss from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ | (6,089 | ) | $ | (20,758 | ) |
(Amounts in thousands) | For the Three Months Ended September 30, | ||||||||||
2020 | 2019 | ||||||||||
Interest on loans receivable | $ | 574 | $ | 1,604 | |||||||
Interest on cash and cash equivalents and restricted cash | 253 | 4,060 | |||||||||
Decrease in fair value of marketable securities | — | (4,868) | |||||||||
Dividends on marketable securities | — | 1,312 | |||||||||
Other, net | 902 | 937 | |||||||||
$ | 1,729 | $ | 3,045 |
(Amounts in thousands) | For the Three Months Ended June 30, | ||||||
2020 | 2019 | ||||||
Credit losses on loans receivable(1) | $ | (6,108 | ) | $ | — | ||
Interest on cash and cash equivalents and restricted cash | 1,498 | 2,626 | |||||
Interest on loans receivable | 810 | 1,635 | |||||
Dividends on marketable securities | — | 1,313 | |||||
Increase in fair value of marketable securities | — | 1,312 | |||||
Other, net | 907 | 954 | |||||
Total | $ | (2,893 | ) | $ | 7,840 |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||
NOI at share for the three months ended June 30, 2020 | $ | 222,640 | $ | 188,968 | $ | 17,803 | $ | 14,837 | $ | 1,032 | ||||||||||
Less NOI at share from: | ||||||||||||||||||||
Development properties | (7,376 | ) | (7,372 | ) | — | (4 | ) | — | ||||||||||||
Hotel Pennsylvania (temporarily closed beginning April 1, 2020) | 8,516 | 8,516 | — | — | — | |||||||||||||||
Other non-same store income, net | (9,373 | ) | (8,283 | ) | — | (58 | ) | (1,032 | ) | |||||||||||
Same store NOI at share for the three months ended June 30, 2020 | $ | 214,407 | $ | 181,829 | $ | 17,803 | $ | 14,775 | $ | — | ||||||||||
NOI at share for the three months ended June 30, 2019 | $ | 308,909 | $ | 257,702 | $ | 30,974 | $ | 15,358 | $ | 4,875 | ||||||||||
Less NOI at share from: | ||||||||||||||||||||
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV | (5,479 | ) | (5,479 | ) | — | — | — | |||||||||||||
Dispositions | (3,696 | ) | (3,696 | ) | — | — | — | |||||||||||||
Development properties | (14,538 | ) | (14,538 | ) | — | — | — | |||||||||||||
Hotel Pennsylvania (temporarily closed beginning April 1, 2020) | (4,031 | ) | (4,031 | ) | — | — | — | |||||||||||||
Other non-same store expense (income), net | 2,792 | 7,459 | 6 | 202 | (4,875 | ) | ||||||||||||||
Same store NOI at share for the three months ended June 30, 2019 | $ | 283,957 | $ | 237,417 | $ | 30,980 | $ | 15,560 | $ | — | ||||||||||
Decrease in same store NOI at share for the three months ended June 30, 2020 compared to June 30, 2019 | $ | (69,550 | ) | $ | (55,588 | ) | $ | (13,177 | ) | $ | (785 | ) | $ | — | ||||||
% decrease in same store NOI at share | (24.5 | )% | (23.4 | )% | (42.5 | )% | (1) | (5.0 | )% | — | % |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||
NOI at share - cash basis for the three months ended June 30, 2020 | $ | 256,830 | $ | 221,911 | $ | 17,765 | $ | 15,005 | $ | 2,149 | ||||||||||
Less NOI at share - cash basis from: | ||||||||||||||||||||
Development properties | (9,475 | ) | (9,471 | ) | — | (4 | ) | — | ||||||||||||
Hotel Pennsylvania (temporarily closed beginning April 1, 2020) | 8,525 | 8,525 | — | — | — | |||||||||||||||
Other non-same store (income) expense, net | (13,174 | ) | (11,072 | ) | — | 47 | (2,149 | ) | ||||||||||||
Same store NOI at share - cash basis for the three months ended June 30, 2020 | $ | 242,706 | $ | 209,893 | $ | 17,765 | $ | 15,048 | $ | — | ||||||||||
NOI at share - cash basis for the three months ended June 30, 2019 | $ | 318,657 | $ | 266,139 | $ | 31,984 | $ | 15,595 | $ | 4,939 | ||||||||||
Less NOI at share - cash basis from: | ||||||||||||||||||||
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV | (5,183 | ) | (5,183 | ) | — | — | — | |||||||||||||
Dispositions | (3,879 | ) | (3,879 | ) | — | — | — | |||||||||||||
Development properties | (23,364 | ) | (23,364 | ) | — | — | — | |||||||||||||
Hotel Pennsylvania (temporarily closed beginning April 1, 2020) | (3,982 | ) | (3,982 | ) | — | — | — | |||||||||||||
Other non-same store (income) expense, net | (10,214 | ) | (5,409 | ) | 6 | 128 | (4,939 | ) | ||||||||||||
Same store NOI at share - cash basis for the three months ended June 30, 2019 | $ | 272,035 | $ | 224,322 | $ | 31,990 | $ | 15,723 | $ | — | ||||||||||
Decrease in same store NOI at share - cash basis for the three months ended June 30, 2020 compared to June 30, 2019 | $ | (29,329 | ) | $ | (14,429 | ) | $ | (14,225 | ) | $ | (675 | ) | $ | — | ||||||
% decrease in same store NOI at share - cash basis | (10.8 | )% | (6.4 | )% | (44.5 | )% | (1) | (4.3 | )% | — | % |
(Amounts in thousands) | For the Six Months Ended June 30, 2020 | ||||||||||
Total | New York | Other | |||||||||
Total revenues | $ | 787,558 | $ | 626,243 | $ | 161,315 | |||||
Operating expenses | (404,432 | ) | (323,238 | ) | (81,194 | ) | |||||
NOI - consolidated | 383,126 | 303,005 | 80,121 | ||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (30,941 | ) | (16,937 | ) | (14,004 | ) | |||||
Add: NOI from partially owned entities | 151,368 | 145,459 | 5,909 | ||||||||
NOI at share | 503,553 | 431,527 | 72,026 | ||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 37,266 | 34,049 | 3,217 | ||||||||
NOI at share - cash basis | $ | 540,819 | $ | 465,576 | $ | 75,243 |
(Amounts in thousands) | For the Six Months Ended June 30, 2019 | ||||||||||
Total | New York | Other | |||||||||
Total revenues | $ | 997,771 | $ | 819,666 | $ | 178,105 | |||||
Operating expenses | (467,647 | ) | (385,914 | ) | (81,733 | ) | |||||
NOI - consolidated | 530,124 | 433,752 | 96,372 | ||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (33,819 | ) | (21,437 | ) | (12,382 | ) | |||||
Add: NOI from partially owned entities | 150,376 | 128,745 | 21,631 | ||||||||
NOI at share | 646,681 | 541,060 | 105,621 | ||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 4,567 | 1,819 | 2,748 | ||||||||
NOI at share - cash basis | $ | 651,248 | $ | 542,879 | $ | 108,369 |
(Amounts in thousands) | For the Six Months Ended June 30, | ||||||
2020 | 2019 | ||||||
New York: | |||||||
Office(1)(2) | $ | 344,649 | $ | 363,132 | |||
Retail(1)(3) | 73,859 | 145,330 | |||||
Residential | 12,068 | 11,953 | |||||
Alexander's | 18,823 | 22,430 | |||||
Hotel Pennsylvania(4) | (17,872 | ) | (1,785 | ) | |||
Total New York | 431,527 | 541,060 | |||||
Other: | |||||||
theMART(5) | 38,916 | 54,497 | |||||
555 California Street | 30,068 | 29,859 | |||||
Other investments(6) | 3,042 | 21,265 | |||||
Total Other | 72,026 | 105,621 | |||||
NOI at share | $ | 503,553 | $ | 646,681 |
(Amounts in thousands) | For the Six Months Ended June 30, | ||||||
2020 | 2019 | ||||||
New York: | |||||||
Office(1)(2) | $ | 362,473 | $ | 363,176 | |||
Retail(1)(3) | 87,954 | 147,662 | |||||
Residential | 11,363 | 11,074 | |||||
Alexander's | 21,675 | 22,849 | |||||
Hotel Pennsylvania(4) | (17,889 | ) | (1,882 | ) | |||
Total New York | 465,576 | 542,879 | |||||
Other: | |||||||
theMART(5) | 40,470 | 56,896 | |||||
555 California Street | 30,440 | 30,340 | |||||
Other investments(6) | 4,333 | 21,133 | |||||
Total Other | 75,243 | 108,369 | |||||
NOI at share - cash basis | $ | 540,819 | $ | 651,248 |
(Amounts in thousands) | For the Six Months Ended June 30, | ||||||
2020 | 2019 | ||||||
Net (loss) income | $ | (321,855 | ) | $ | 2,809,737 | ||
Depreciation and amortization expense | 185,598 | 229,744 | |||||
General and administrative expense | 87,848 | 96,892 | |||||
(Lease liability extinguishment gain) transaction related costs and impairment losses | (69,150 | ) | 101,739 | ||||
Loss (income) from partially owned entities | 272,770 | (30,193 | ) | ||||
Loss from real estate fund investments | 211,505 | 15,970 | |||||
Interest and other investment loss (income), net | 8,797 | (12,885 | ) | ||||
Interest and debt expense | 117,247 | 165,492 | |||||
Net gain on transfer to Fifth Avenue and Times Square JV | — | (2,571,099 | ) | ||||
Net gains on disposition of wholly owned and partially owned assets | (124,284 | ) | (332,007 | ) | |||
Income tax expense | 14,650 | 56,657 | |||||
Loss from discontinued operations | — | 77 | |||||
NOI from partially owned entities | 151,368 | 150,376 | |||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (30,941 | ) | (33,819 | ) | |||
NOI at share | 503,553 | 646,681 | |||||
Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 37,266 | 4,567 | |||||
NOI at share - cash basis | $ | 540,819 | $ | 651,248 |
For the Six Months Ended June 30, | |||||
2020 | 2019 | ||||
Region: | |||||
New York City metropolitan area | 86 | % | 86 | % | |
Chicago, IL | 8 | % | 9 | % | |
San Francisco, CA | 6 | % | 5 | % | |
100 | % | 100 | % |
(Amounts in thousands) | Total | New York | Other | |||||||||
Increase (decrease) due to: | ||||||||||||
Rental revenues: | ||||||||||||
Acquisitions, dispositions and other | $ | 12,675 | $ | 12,584 | $ | 91 | ||||||
Development and redevelopment | (30,578 | ) | (30,280 | ) | (298 | ) | ||||||
Hotel Pennsylvania(1) | (29,633 | ) | (29,633 | ) | — | |||||||
Trade shows(2) | (17,061 | ) | — | (17,061 | ) | |||||||
Properties transferred to Fifth Avenue and Times Square JV | (100,554 | ) | (100,554 | ) | — | |||||||
Same store operations | (39,557 | ) | (3) | (35,159 | ) | (4,398 | ) | |||||
(204,708 | ) | (183,042 | ) | (21,666 | ) | |||||||
Fee and other income: | ||||||||||||
BMS cleaning fees | (8,774 | ) | (9,867 | ) | (4) | 1,093 | ||||||
Management and leasing fees | (1,968 | ) | (2,148 | ) | 180 | |||||||
Properties transferred to Fifth Avenue and Times Square JV | (389 | ) | (389 | ) | — | |||||||
Other income | 5,626 | 2,023 | 3,603 | |||||||||
(5,505 | ) | (10,381 | ) | 4,876 | ||||||||
Total decrease in revenues | $ | (210,213 | ) | $ | (193,423 | ) | $ | (16,790 | ) |
(Amounts in thousands) | Total | New York | Other | |||||||||
(Decrease) increase due to: | ||||||||||||
Operating: | ||||||||||||
Acquisitions, dispositions and other | $ | (4,770 | ) | $ | (4,718 | ) | $ | (52 | ) | |||
Development and redevelopment | (16,353 | ) | (16,207 | ) | (146 | ) | ||||||
Non-reimbursable expenses | 1,256 | 1,115 | 141 | |||||||||
Hotel Pennsylvania(1) | (13,557 | ) | (13,557 | ) | — | |||||||
Trade shows(2) | (6,162 | ) | — | (6,162 | ) | |||||||
BMS expenses | (4,916 | ) | (6,009 | ) | (4) | 1,093 | ||||||
Properties transferred to Fifth Avenue and Times Square JV | (21,614 | ) | (21,614 | ) | — | |||||||
Same store operations | 2,901 | (1,686 | ) | 4,587 | ||||||||
(63,215 | ) | (62,676 | ) | (539 | ) | |||||||
Depreciation and amortization: | ||||||||||||
Acquisitions, dispositions and other | (3,781 | ) | (3,787 | ) | 6 | |||||||
Development and redevelopment | 1,128 | 340 | 788 | |||||||||
Properties transferred to Fifth Avenue and Times Square JV | (25,119 | ) | (25,119 | ) | — | |||||||
Same store operations | (16,374 | ) | (16,032 | ) | (342 | ) | ||||||
(44,146 | ) | (44,598 | ) | 452 | ||||||||
General and administrative | (9,044 | ) | (5) | (3,605 | ) | (5,439 | ) | |||||
Benefit from deferred compensation plan liability | (11,637 | ) | — | (11,637 | ) | |||||||
(Lease liability extinguishment gain) transaction related costs and impairment losses | (170,889 | ) | (171,620 | ) | (6) | 731 | ||||||
Total decrease in expenses | $ | (298,931 | ) | $ | (282,499 | ) | $ | (16,432 | ) |
(Amounts in thousands) | Percentage Ownership at June 30, 2020 | For the Six Months Ended June 30, | |||||||
2020 | 2019 | ||||||||
Our share of net (loss) income: | |||||||||
Fifth Avenue and Times Square JV(1): | |||||||||
Non-cash impairment loss(2) | $ | (306,326 | ) | $ | — | ||||
Return on preferred equity, net of our share of the expense | 18,496 | 8,586 | |||||||
Equity in net income(3) | 51.5% | 5,937 | 11,217 | ||||||
(281,893 | ) | 19,803 | |||||||
Alexander's | 32.4% | 7,827 | 11,493 | ||||||
Partially owned office buildings(4) | Various | 2,132 | (1,345 | ) | |||||
Other investments(5) | Various | (836 | ) | 242 | |||||
$ | (272,770 | ) | $ | 30,193 |
(Amounts in thousands) | For the Six Months Ended June 30, | ||||||
2020 | 2019 | ||||||
Net investment (loss) income | $ | (309 | ) | $ | 192 | ||
Net unrealized loss on held investments | (211,196 | ) | (16,162 | ) | |||
Loss from real estate fund investments | (211,505 | ) | (15,970 | ) | |||
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 149,258 | (7,692 | ) | ||||
Loss from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ | (62,247 | ) | $ | (23,662 | ) |
(Amounts in thousands) | For the Six Months Ended June 30, | ||||||
2020 | 2019 | ||||||
Credit losses on loans receivable(1) | $ | (13,369 | ) | $ | — | ||
Interest on cash and cash equivalents and restricted cash | 5,464 | 4,693 | |||||
(Decrease) increase in fair value of marketable securities(2) | (4,938 | ) | 1,773 | ||||
Interest on loans receivable | 2,236 | 3,241 | |||||
Dividends on marketable securities | — | 1,313 | |||||
Other, net | 1,810 | 1,865 | |||||
$ | (8,797 | ) | $ | 12,885 |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||||||||||||||
NOI at share for the three months ended September 30, 2020 | $ | 220,533 | $ | 189,820 | $ | 13,171 | $ | 15,618 | $ | 1,924 | ||||||||||||||||||||||
Less NOI at share from: | ||||||||||||||||||||||||||||||||
Development properties | (4,284) | (4,288) | — | 4 | — | |||||||||||||||||||||||||||
Hotel Pennsylvania (closed beginning April 1, 2020) | 16,821 | 16,821 | — | — | — | |||||||||||||||||||||||||||
Other non-same store (income) expense, net | (3,273) | (1,318) | (102) | 71 | (1,924) | |||||||||||||||||||||||||||
Same store NOI at share for the three months ended September 30, 2020 | $ | 229,797 | $ | 201,035 | $ | 13,069 | $ | 15,693 | $ | — | ||||||||||||||||||||||
NOI at share for the three months ended September 30, 2019 | $ | 307,530 | $ | 265,484 | $ | 24,862 | $ | 15,265 | $ | 1,919 | ||||||||||||||||||||||
Less NOI at share from: | ||||||||||||||||||||||||||||||||
Development properties | (18,299) | (18,299) | — | — | — | |||||||||||||||||||||||||||
Hotel Pennsylvania (closed beginning April 1, 2020) | (3,012) | (3,012) | — | — | — | |||||||||||||||||||||||||||
Other non-same store (income) expense, net | (11,446) | (9,121) | (524) | 118 | (1,919) | |||||||||||||||||||||||||||
Same store NOI at share for the three months ended September 30, 2019 | $ | 274,773 | $ | 235,052 | $ | 24,338 | $ | 15,383 | $ | — | ||||||||||||||||||||||
(Decrease) increase in same store NOI at share for the three months ended September 30, 2020 compared to September 30, 2019 | $ | (44,976) | $ | (34,017) | $ | (11,269) | $ | 310 | $ | — | ||||||||||||||||||||||
% (decrease) increase in same store NOI at share | (16.4) | % | (14.5) | % | (46.3) | % | 2.0 | % | — | % | ||||||||||||||||||||||
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||||||||||||||
NOI at share - cash basis for the three months ended September 30, 2020 | $ | 231,514 | $ | 196,081 | $ | 17,706 | $ | 15,530 | $ | 2,197 | ||||||||||||||||||||||
Less NOI at share - cash basis from: | ||||||||||||||||||||||||||||||||
Development properties | (7,729) | (7,733) | — | 4 | — | |||||||||||||||||||||||||||
Hotel Pennsylvania (closed beginning April 1, 2020) | 16,829 | 16,829 | — | — | — | |||||||||||||||||||||||||||
Other non-same store (income) expense, net | (5,165) | (2,865) | (131) | 28 | (2,197) | |||||||||||||||||||||||||||
Same store NOI at share - cash basis for the three months ended September 30, 2020 | $ | 235,449 | $ | 202,312 | $ | 17,575 | $ | 15,562 | $ | — | ||||||||||||||||||||||
NOI at share - cash basis for the three months ended September 30, 2019 | $ | 303,493 | $ | 259,924 | $ | 26,588 | $ | 15,325 | $ | 1,656 | ||||||||||||||||||||||
Less NOI at share - cash basis from: | ||||||||||||||||||||||||||||||||
Dispositions | (693) | (693) | — | — | — | |||||||||||||||||||||||||||
Development properties | (23,839) | (23,839) | — | — | — | |||||||||||||||||||||||||||
Hotel Pennsylvania (closed beginning April 1, 2020) | (2,964) | (2,964) | — | — | — | |||||||||||||||||||||||||||
Other non-same store (income) expense, net | (12,631) | (10,156) | (863) | 44 | (1,656) | |||||||||||||||||||||||||||
Same store NOI at share - cash basis for the three months ended September 30, 2019 | $ | 263,366 | $ | 222,272 | $ | 25,725 | $ | 15,369 | $ | — | ||||||||||||||||||||||
(Decrease) increase in same store NOI at share - cash basis for the three months ended September 30, 2020 compared to September 30, 2019 | $ | (27,917) | $ | (19,960) | $ | (8,150) | $ | 193 | $ | — | ||||||||||||||||||||||
% (decrease) increase in same store NOI at share - cash basis | (10.6) | % | (9.0) | % | (31.7) | % | 1.3 | % | — | % | ||||||||||||||||||||||
(Amounts in thousands) | For the Nine Months Ended September 30, 2020 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 1,151,520 | $ | 919,388 | $ | 232,132 | |||||||||||
Operating expenses | (600,077) | (484,624) | (115,453) | ||||||||||||||
NOI - consolidated | 551,443 | 434,764 | 116,679 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (56,900) | (34,713) | (22,187) | ||||||||||||||
Add: NOI from partially owned entities | 229,543 | 221,296 | 8,247 | ||||||||||||||
NOI at share | 724,086 | 621,347 | 102,739 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 48,247 | 40,310 | 7,937 | ||||||||||||||
NOI at share - cash basis | $ | 772,333 | $ | 661,657 | $ | 110,676 |
(Amounts in thousands) | For the Nine Months Ended September 30, 2019 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 1,463,732 | $ | 1,200,234 | $ | 263,498 | |||||||||||
Operating expenses | (694,006) | (574,073) | (119,933) | ||||||||||||||
NOI - consolidated | 769,726 | 626,161 | 143,565 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (51,915) | (31,011) | (20,904) | ||||||||||||||
Add: NOI from partially owned entities | 236,400 | 211,394 | 25,006 | ||||||||||||||
NOI at share | 954,211 | 806,544 | 147,667 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 530 | (3,741) | 4,271 | ||||||||||||||
NOI at share - cash basis | $ | 954,741 | $ | 802,803 | $ | 151,938 |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||
2020 | 2019 | ||||||||||
New York: | |||||||||||
Office(1)(2) | $ | 504,630 | $ | 540,601 | |||||||
Retail(1)(3) | 109,153 | 213,489 | |||||||||
Residential | 16,604 | 17,528 | |||||||||
Alexander's | 25,653 | 33,699 | |||||||||
Hotel Pennsylvania(4) | (34,693) | 1,227 | |||||||||
Total New York | 621,347 | 806,544 | |||||||||
Other: | |||||||||||
theMART(5) | 52,087 | 79,359 | |||||||||
555 California Street | 45,686 | 45,124 | |||||||||
Other investments(6) | 4,966 | 23,184 | |||||||||
Total Other | 102,739 | 147,667 | |||||||||
NOI at share | $ | 724,086 | $ | 954,211 |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||
2020 | 2019 | ||||||||||
New York: | |||||||||||
Office(1)(2) | $ | 524,830 | $ | 537,972 | |||||||
Retail(1)(3) | 124,430 | 213,298 | |||||||||
Residential | 15,541 | 16,131 | |||||||||
Alexander's | 31,574 | 34,320 | |||||||||
Hotel Pennsylvania(4) | (34,718) | 1,082 | |||||||||
Total New York | 661,657 | 802,803 | |||||||||
Other: | |||||||||||
theMART(5) | 58,176 | 83,484 | |||||||||
555 California Street | 45,970 | 45,665 | |||||||||
Other investments(6) | 6,530 | 22,789 | |||||||||
Total Other | 110,676 | 151,938 | |||||||||
NOI at share - cash basis | $ | 772,333 | $ | 954,741 |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||
2020 | 2019 | ||||||||||
Net (loss) income | $ | (253,119) | $ | 3,173,586 | |||||||
Depreciation and amortization expense | 292,611 | 326,181 | |||||||||
General and administrative expense | 120,255 | 130,129 | |||||||||
(Gain from lease liability extinguishment) and expense from transaction related costs and impairment losses, net | (68,566) | 103,315 | |||||||||
Loss (income) from partially owned entities | 353,679 | (56,139) | |||||||||
Loss from real estate fund investments | 225,328 | 13,780 | |||||||||
Interest and other investment loss (income), net | 7,068 | (15,930) | |||||||||
Interest and debt expense | 174,618 | 226,940 | |||||||||
Net gain on transfer to Fifth Avenue and Times Square JV | — | (2,571,099) | |||||||||
Net gains on disposition of wholly owned and partially owned assets | (338,862) | (641,664) | |||||||||
Income tax expense | 38,431 | 80,542 | |||||||||
Loss from discontinued operations | — | 85 | |||||||||
NOI from partially owned entities | 229,543 | 236,400 | |||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (56,900) | (51,915) | |||||||||
NOI at share | 724,086 | 954,211 | |||||||||
Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 48,247 | 530 | |||||||||
NOI at share - cash basis | $ | 772,333 | $ | 954,741 |
For the Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Region: | |||||||||||
New York City metropolitan area | 87 | % | 86 | % | |||||||
Chicago, IL | 7 | % | 9 | % | |||||||
San Francisco, CA | 6 | % | 5 | % | |||||||
100 | % | 100 | % |
(Amounts in thousands) | Total | New York | Other | |||||||||||||||||
Increase (decrease) due to: | ||||||||||||||||||||
Rental revenues: | ||||||||||||||||||||
Acquisitions, dispositions and other | $ | 1,173 | $ | 1,038 | $ | 135 | ||||||||||||||
Development and redevelopment | (55,367) | (54,817) | (550) | |||||||||||||||||
Hotel Pennsylvania(1) | (55,238) | (55,238) | — | |||||||||||||||||
Trade shows(2) | (25,343) | — | (25,343) | |||||||||||||||||
Properties transferred to Fifth Avenue and Times Square JV | (100,554) | (100,554) | — | |||||||||||||||||
Same store operations | (74,764) | (3) | (61,328) | (13,436) | ||||||||||||||||
(310,093) | (270,899) | (39,194) | ||||||||||||||||||
Fee and other income: | ||||||||||||||||||||
BMS cleaning fees | (15,397) | (17,062) | (4) | 1,665 | ||||||||||||||||
Management and leasing fees | 6,290 | 5,838 | 452 | |||||||||||||||||
Properties transferred to Fifth Avenue and Times Square JV | (389) | (389) | — | |||||||||||||||||
Other income | 7,377 | 1,666 | 5,711 | |||||||||||||||||
(2,119) | (9,947) | 7,828 | ||||||||||||||||||
Total decrease in revenues | $ | (312,212) | $ | (280,846) | $ | (31,366) |
(Amounts in thousands) | Total | New York | Other | |||||||||||||||||
(Decrease) increase due to: | ||||||||||||||||||||
Operating: | ||||||||||||||||||||
Acquisitions, dispositions and other | $ | (8,670) | $ | (8,624) | $ | (46) | ||||||||||||||
Development and redevelopment | (26,565) | (26,573) | 8 | |||||||||||||||||
Non-reimbursable expenses | 454 | 274 | 180 | |||||||||||||||||
Hotel Pennsylvania(1) | (19,329) | (19,329) | — | |||||||||||||||||
Trade shows(2) | (8,978) | — | (8,978) | |||||||||||||||||
BMS expenses | (9,521) | (11,187) | (4) | 1,666 | ||||||||||||||||
Properties transferred to Fifth Avenue and Times Square JV | (21,615) | (21,615) | — | |||||||||||||||||
Same store operations | 295 | (2,395) | 2,690 | |||||||||||||||||
(93,929) | (89,449) | (4,480) | ||||||||||||||||||
Depreciation and amortization: | ||||||||||||||||||||
Acquisitions, dispositions and other | (3,824) | (3,833) | 9 | |||||||||||||||||
Development and redevelopment | (279) | (1,071) | 792 | |||||||||||||||||
Properties transferred to Fifth Avenue and Times Square JV | (25,119) | (25,119) | — | |||||||||||||||||
Same store operations | (4,348) | (3,386) | (962) | |||||||||||||||||
(33,570) | (33,409) | (161) | ||||||||||||||||||
General and administrative | (9,874) | (5) | (4,147) | (5,727) | ||||||||||||||||
(Benefit) expense from deferred compensation plan liability | (8,270) | — | (8,270) | |||||||||||||||||
(Gain from lease liability extinguishment) and expense from transaction related costs and impairment losses, net | (171,881) | (171,620) | (6) | (261) | ||||||||||||||||
Total decrease in expenses | $ | (317,524) | $ | (298,625) | $ | (18,899) |
(Amounts in thousands) | Percentage Ownership at September 30, 2020 | For the Nine Months Ended September 30, | |||||||||||||||
2020 | 2019 | ||||||||||||||||
Our share of net (loss) income: | |||||||||||||||||
Fifth Avenue and Times Square JV(1): | |||||||||||||||||
Non-cash impairment loss(2) | $ | (413,349) | $ | — | |||||||||||||
Return on preferred equity, net of our share of the expense | 27,926 | 18,131 | |||||||||||||||
Equity in net income(3) | 51.5% | 13,631 | 21,108 | ||||||||||||||
(371,792) | 39,239 | ||||||||||||||||
Alexander's(4) | 32.4% | 11,198 | 18,185 | ||||||||||||||
Partially owned office buildings(5) | Various | 8,550 | (1,531) | ||||||||||||||
Other investments(6) | Various | (1,635) | 246 | ||||||||||||||
$ | (353,679) | $ | 56,139 |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||
2020 | 2019 | ||||||||||
Net unrealized loss on held investments | $ | (225,412) | $ | (16,162) | |||||||
Net investment income | 84 | 2,382 | |||||||||
Loss from real estate fund investments | (225,328) | (13,780) | |||||||||
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 160,557 | (8,427) | |||||||||
Loss from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ | (64,771) | $ | (22,207) |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||
2020 | 2019 | ||||||||||
Credit losses on loans receivable(1) | $ | (13,369) | $ | — | |||||||
Interest on cash and cash equivalents and restricted cash | 5,717 | 8,753 | |||||||||
Decrease in fair value of marketable securities(2) | (4,938) | (3,095) | |||||||||
Interest on loans receivable | 2,810 | 4,845 | |||||||||
Dividends on marketable securities | — | 2,625 | |||||||||
Other, net | 2,712 | 2,802 | |||||||||
$ | (7,068) | $ | 15,930 |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||||||||||||||
NOI at share for the nine months ended September 30, 2020 | $ | 724,086 | $ | 621,347 | $ | 52,087 | $ | 45,686 | $ | 4,966 | ||||||||||||||||||||||
Less NOI at share from: | ||||||||||||||||||||||||||||||||
Development properties | (25,935) | (25,935) | — | — | — | |||||||||||||||||||||||||||
Hotel Pennsylvania (closed beginning April 1, 2020) | 25,337 | 25,337 | — | — | — | |||||||||||||||||||||||||||
Other non-same store (income) expense, net | (20,796) | (15,480) | (524) | 174 | (4,966) | |||||||||||||||||||||||||||
Same store NOI at share for the nine months ended September 30, 2020 | $ | 702,692 | $ | 605,269 | $ | 51,563 | $ | 45,860 | $ | — | ||||||||||||||||||||||
NOI at share for the nine months ended September 30, 2019 | $ | 954,211 | $ | 806,544 | $ | 79,359 | $ | 45,124 | $ | 23,184 | ||||||||||||||||||||||
Less NOI at share from: | ||||||||||||||||||||||||||||||||
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV | (35,770) | (35,770) | — | — | — | |||||||||||||||||||||||||||
Dispositions | (7,358) | (7,358) | — | — | — | |||||||||||||||||||||||||||
Development properties | (53,439) | (53,439) | — | — | — | |||||||||||||||||||||||||||
Hotel Pennsylvania (closed beginning April 1, 2020) | (7,043) | (7,043) | — | |||||||||||||||||||||||||||||
Other non-same store (income) expense, net | (26,762) | (3,795) | (180) | 397 | (23,184) | |||||||||||||||||||||||||||
Same store NOI at share for the nine months ended September 30, 2019 | $ | 823,839 | $ | 699,139 | $ | 79,179 | $ | 45,521 | $ | — | ||||||||||||||||||||||
(Decrease) increase in same store NOI at share for the nine months ended September 30, 2020 compared to September 30, 2019 | $ | (121,147) | $ | (93,870) | $ | (27,616) | $ | 339 | $ | — | ||||||||||||||||||||||
% (decrease) increase in same store NOI at share | (14.7) | % | (13.4) | % | (34.9) | % | 0.7 | % | — | % | ||||||||||||||||||||||
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||
NOI at share for the six months ended June 30, 2020 | $ | 503,553 | $ | 431,527 | $ | 38,916 | $ | 30,068 | $ | 3,042 | ||||||||||
Less NOI at share from: | ||||||||||||||||||||
Development properties | (21,642 | ) | (21,638 | ) | — | (4 | ) | — | ||||||||||||
Hotel Pennsylvania (temporarily closed beginning April 1, 2020) | 8,516 | 8,516 | — | — | — | |||||||||||||||
Other non-same store (income) expense, net | (17,533 | ) | (14,172 | ) | (422 | ) | 103 | (3,042 | ) | |||||||||||
Same store NOI at share for the six months ended June 30, 2020 | $ | 472,894 | $ | 404,233 | $ | 38,494 | $ | 30,167 | $ | — | ||||||||||
NOI at share for the six months ended June 30, 2019 | $ | 646,681 | $ | 541,060 | $ | 54,497 | $ | 29,859 | $ | 21,265 | ||||||||||
Less NOI at share from: | ||||||||||||||||||||
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV | (35,770 | ) | (35,770 | ) | — | — | — | |||||||||||||
Dispositions | (7,096 | ) | (7,096 | ) | — | — | — | |||||||||||||
Development properties | (35,131 | ) | (35,131 | ) | — | — | — | |||||||||||||
Hotel Pennsylvania (temporarily closed beginning April 1, 2020) | (4,031 | ) | (4,031 | ) | — | |||||||||||||||
Other non-same store (income) expense, net | (15,586 | ) | 5,054 | 345 | 280 | (21,265 | ) | |||||||||||||
Same store NOI at share for the six months ended June 30, 2019 | $ | 549,067 | $ | 464,086 | $ | 54,842 | $ | 30,139 | $ | — | ||||||||||
(Decrease) increase in same store NOI at share for the six months ended June 30, 2020 compared to June 30, 2019 | $ | (76,173 | ) | $ | (59,853 | ) | $ | (16,348 | ) | $ | 28 | $ | — | |||||||
% (decrease) increase in same store NOI at share | (13.9 | )% | (12.9 | )% | (29.8 | )% | (1) | 0.1 | % | — | % |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||||||||||||||
NOI at share - cash basis for the nine months ended September 30, 2020 | $ | 772,333 | $ | 661,657 | $ | 58,176 | $ | 45,970 | $ | 6,530 | ||||||||||||||||||||||
Less NOI at share - cash basis from: | ||||||||||||||||||||||||||||||||
Development properties | (35,338) | (35,338) | — | — | — | |||||||||||||||||||||||||||
Hotel Pennsylvania (closed beginning April 1, 2020) | 25,354 | 25,354 | — | — | — | |||||||||||||||||||||||||||
Other non-same store (income) expense, net | (31,287) | (24,222) | (553) | 18 | (6,530) | |||||||||||||||||||||||||||
Same store NOI at share - cash basis for the nine months ended September 30, 2020 | $ | 731,062 | $ | 627,451 | $ | 57,623 | $ | 45,988 | $ | — | ||||||||||||||||||||||
NOI at share - cash basis for the nine months ended September 30, 2019 | $ | 954,741 | $ | 802,803 | $ | 83,484 | $ | 45,665 | $ | 22,789 | ||||||||||||||||||||||
Less NOI at share - cash basis from: | ||||||||||||||||||||||||||||||||
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV | (32,905) | (32,905) | — | — | — | |||||||||||||||||||||||||||
Dispositions | (8,153) | (8,153) | — | — | — | |||||||||||||||||||||||||||
Development properties | (71,547) | (71,547) | — | — | — | |||||||||||||||||||||||||||
Hotel Pennsylvania (closed beginning April 1, 2020) | (6,947) | (6,947) | — | — | — | |||||||||||||||||||||||||||
Other non-same store (income) expense, net | (43,004) | (19,946) | (519) | 250 | (22,789) | |||||||||||||||||||||||||||
Same store NOI at share - cash basis for the nine months ended September 30, 2019 | $ | 792,185 | $ | 663,305 | $ | 82,965 | $ | 45,915 | $ | — | ||||||||||||||||||||||
(Decrease) increase in same store NOI at share - cash basis for the nine months ended September 30, 2020 compared to September 30, 2019 | $ | (61,123) | $ | (35,854) | $ | (25,342) | $ | 73 | $ | — | ||||||||||||||||||||||
% (decrease) increase in same store NOI at share - cash basis | (7.7) | % | (5.4) | % | (30.5) | % | 0.2 | % | — | % | ||||||||||||||||||||||
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||
NOI at share - cash basis for the six months ended June 30, 2020 | $ | 540,819 | $ | 465,576 | $ | 40,470 | $ | 30,440 | $ | 4,333 | ||||||||||
Less NOI at share - cash basis from: | ||||||||||||||||||||
Development properties | (27,591 | ) | (27,587 | ) | — | (4 | ) | — | ||||||||||||
Hotel Pennsylvania (temporarily closed beginning April 1, 2020) | 8,525 | 8,525 | — | — | — | |||||||||||||||
Other non-same store income, net | (26,130 | ) | (21,366 | ) | (422 | ) | (9 | ) | (4,333 | ) | ||||||||||
Same store NOI at share - cash basis for the six months ended June 30, 2020 | $ | 495,623 | $ | 425,148 | $ | 40,048 | $ | 30,427 | $ | — | ||||||||||
NOI at share - cash basis for the six months ended June 30, 2019 | $ | 651,248 | $ | 542,879 | $ | 56,896 | $ | 30,340 | $ | 21,133 | ||||||||||
Less NOI at share - cash basis from: | ||||||||||||||||||||
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV | (32,905 | ) | (32,905 | ) | — | — | — | |||||||||||||
Dispositions | (7,460 | ) | (7,460 | ) | — | — | — | |||||||||||||
Development properties | (47,703 | ) | (47,703 | ) | — | — | — | |||||||||||||
Hotel Pennsylvania (temporarily closed beginning April 1, 2020) | (3,982 | ) | (3,982 | ) | — | — | — | |||||||||||||
Other non-same store (income) expense, net | (30,379 | ) | (9,797 | ) | 345 | 206 | (21,133 | ) | ||||||||||||
Same store NOI at share - cash basis for the six months ended June 30, 2019 | $ | 528,819 | $ | 441,032 | $ | 57,241 | $ | 30,546 | $ | — | ||||||||||
Decrease in same store NOI at share - cash basis for the six months ended June 30, 2020 compared to June 30, 2019 | $ | (33,196 | ) | $ | (15,884 | ) | $ | (17,193 | ) | $ | (119 | ) | $ | — | ||||||
% decrease in same store NOI at share - cash basis | (6.3 | )% | (3.6 | )% | (30.0 | )% | (1) | (0.4 | )% | — | % |
(Amounts in thousands) | For the Three Months Ended September 30, 2020 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 363,962 | $ | 293,145 | $ | 70,817 | |||||||||||
Operating expenses | (195,645) | (161,386) | (34,259) | ||||||||||||||
NOI - consolidated | 168,317 | 131,759 | 36,558 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (25,959) | (17,776) | (8,183) | ||||||||||||||
Add: NOI from partially owned entities | 78,175 | 75,837 | 2,338 | ||||||||||||||
NOI at share | 220,533 | 189,820 | 30,713 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 10,981 | 6,261 | 4,720 | ||||||||||||||
NOI at share - cash basis | $ | 231,514 | $ | 196,081 | $ | 35,433 |
(Amounts in thousands) | For the Three Months Ended June 30, 2020 | (Amounts in thousands) | For the Three Months Ended June 30, 2020 | |||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||
Total revenues | $ | 343,026 | $ | 270,628 | $ | 72,398 | Total revenues | $ | 343,026 | $ | 270,628 | $ | 72,398 | |||||||||||||||
Operating expenses | (174,425 | ) | (140,207 | ) | (34,218 | ) | Operating expenses | (174,425) | (140,207) | (34,218) | ||||||||||||||||||
NOI - consolidated | 168,601 | 130,421 | 38,180 | NOI - consolidated | 168,601 | 130,421 | 38,180 | |||||||||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (15,448 | ) | (8,504 | ) | (6,944 | ) | Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (15,448) | (8,504) | (6,944) | ||||||||||||||||||
Add: NOI from partially owned entities | 69,487 | 67,051 | 2,436 | Add: NOI from partially owned entities | 69,487 | 67,051 | 2,436 | |||||||||||||||||||||
NOI at share | 222,640 | 188,968 | 33,672 | NOI at share | 222,640 | 188,968 | 33,672 | |||||||||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 34,190 | 32,943 | 1,247 | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 34,190 | 32,943 | 1,247 | |||||||||||||||||||||
NOI at share - cash basis | $ | 256,830 | $ | 221,911 | $ | 34,919 | NOI at share - cash basis | $ | 256,830 | $ | 221,911 | $ | 34,919 |
(Amounts in thousands) | For the Three Months Ended March 31, 2020 | ||||||||||
Total | New York | Other | |||||||||
Total revenues | $ | 444,532 | $ | 355,615 | $ | 88,917 | |||||
Operating expenses | (230,007 | ) | (183,031 | ) | (46,976 | ) | |||||
NOI - consolidated | 214,525 | 172,584 | 41,941 | ||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (15,493 | ) | (8,433 | ) | (7,060 | ) | |||||
Add: NOI from partially owned entities | 81,881 | 78,408 | 3,473 | ||||||||
NOI at share | 280,913 | 242,559 | 38,354 | ||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 3,076 | 1,106 | 1,970 | ||||||||
NOI at share - cash basis | $ | 283,989 | $ | 243,665 | $ | 40,324 |
(Amounts in thousands) | For the Three Months Ended | (Amounts in thousands) | For the Three Months Ended | |||||||||||||||
June 30, 2020 | March 31, 2020 | September 30, 2020 | June 30, 2020 | |||||||||||||||
New York: | New York: | |||||||||||||||||
Office(1) | $ | 161,444 | $ | 183,205 | Office(1) | $ | 159,981 | $ | 161,444 | |||||||||
Retail(2) | 21,841 | 52,018 | Retail(2) | 35,294 | 21,841 | |||||||||||||
Residential | 5,868 | 6,200 | Residential | 4,536 | 5,868 | |||||||||||||
Alexander's | 8,331 | 10,492 | Alexander's | 6,830 | 8,331 | |||||||||||||
Hotel Pennsylvania(3) | (8,516 | ) | (9,356 | ) | Hotel Pennsylvania(3) | (16,821) | (8,516) | |||||||||||
Total New York | 188,968 | 242,559 | Total New York | 189,820 | 188,968 | |||||||||||||
Other: | Other: | |||||||||||||||||
theMART(4) | 17,803 | 21,113 | theMART(4) | 13,171 | 17,803 | |||||||||||||
555 California Street | 14,837 | 15,231 | 555 California Street | 15,618 | 14,837 | |||||||||||||
Other investments | 1,032 | 2,010 | Other investments | 1,924 | 1,032 | |||||||||||||
Total Other | 33,672 | 38,354 | Total Other | 30,713 | 33,672 | |||||||||||||
NOI at share | $ | 222,640 | $ | 280,913 | NOI at share | $ | 220,533 | $ | 222,640 |
(1) | (2)The three months ended September 30, 2020 includes $4,688 of non-cash write-offs of receivables arising from the straight-lining of rents and $4,668 of write-offs of tenant receivables deemed uncollectible. The three months ended June 30, 2020 includes $20,436 of non-cash write-offs of receivables arising from the straight-lining of rents, primarily for the JCPenney lease at Manhattan Mall, and $6,731 of write-offs of tenant receivables deemed uncollectible. (3)The Hotel Pennsylvania has been closed since April 1, 2020 as a result of the COVID-19 pandemic. The three months ended September 30, 2020 includes a $9,246 severance accrual for furloughed union employees. (4)The decrease in NOI at share is primarily due to the effects of the COVID-19 pandemic, causing trade shows to be cancelled from late March 2020 through the remainder of the year. |
(Amounts in thousands) | For the Three Months Ended | (Amounts in thousands) | For the Three Months Ended | |||||||||||||||
June 30, 2020 | March 31, 2020 | September 30, 2020 | June 30, 2020 | |||||||||||||||
New York: | New York: | |||||||||||||||||
Office(1) | $ | 175,438 | $ | 187,035 | Office(1) | $ | 162,357 | $ | 175,438 | |||||||||
Retail(2) | 38,913 | 49,041 | Retail(2) | 36,476 | 38,913 | |||||||||||||
Residential | 5,504 | 5,859 | Residential | 4,178 | 5,504 | |||||||||||||
Alexander's | 10,581 | 11,094 | Alexander's | 9,899 | 10,581 | |||||||||||||
Hotel Pennsylvania(3) | (8,525 | ) | (9,364 | ) | Hotel Pennsylvania(3) | (16,829) | (8,525) | |||||||||||
Total New York | 221,911 | 243,665 | Total New York | 196,081 | 221,911 | |||||||||||||
Other: | Other: | |||||||||||||||||
theMART(4) | 17,765 | 22,705 | theMART(4) | 17,706 | 17,765 | |||||||||||||
555 California Street | 15,005 | 15,435 | 555 California Street | 15,530 | 15,005 | |||||||||||||
Other investments | 2,149 | 2,184 | Other investments | 2,197 | 2,149 | |||||||||||||
Total Other | 34,919 | 40,324 | Total Other | 35,433 | 34,919 | |||||||||||||
NOI at share - cash basis | $ | 256,830 | $ | 283,989 | NOI at share - cash basis | $ | 231,514 | $ | 256,830 |
(1)Includes $5,112 and $940, respectively, of write-offs of tenant receivables deemed uncollectible. (2)Includes $4,668 and $6,731, respectively, of write-offs of tenant receivables deemed uncollectible. (3)The Hotel Pennsylvania has been closed since April 1, 2020 as a result of the COVID-19 pandemic. The three months ended September 30, 2020 includes a $9,246 severance accrual for furloughed union employees. (4)The decrease in NOI at share - cash basis is primarily due to the effects of the COVID-19 pandemic, causing trade shows to be cancelled from late March 2020 through the remainder of the year. |
(Amounts in thousands) | For the Three Months Ended | ||||||
June 30, 2020 | March 31, 2020 | ||||||
Net loss | $ | (217,352 | ) | $ | (104,503 | ) | |
Depreciation and amortization expense | 92,805 | 92,793 | |||||
General and administrative expense | 35,014 | 52,834 | |||||
(Lease liability extinguishment gain) transaction related costs and impairment losses | (69,221 | ) | 71 | ||||
Loss (income) from partially owned entities | 291,873 | (19,103 | ) | ||||
Loss from real estate fund investments | 28,042 | 183,463 | |||||
Interest and other investment loss, net | 2,893 | 5,904 | |||||
Interest and debt expense | 58,405 | 58,842 | |||||
Net gains on disposition of wholly owned and partially owned assets | (55,695 | ) | (68,589 | ) | |||
Income tax expense | 1,837 | 12,813 | |||||
NOI from partially owned entities | 69,487 | 81,881 | |||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (15,448 | ) | (15,493 | ) | |||
NOI at share | 222,640 | 280,913 | |||||
Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 34,190 | 3,076 | |||||
NOI at share - cash basis | $ | 256,830 | $ | 283,989 |
(Amounts in thousands) | For the Three Months Ended | ||||||||||
September 30, 2020 | June 30, 2020 | ||||||||||
Net income (loss) | $ | 68,736 | $ | (217,352) | |||||||
Depreciation and amortization expense | 107,013 | 92,805 | |||||||||
General and administrative expense | 32,407 | 35,014 | |||||||||
Expense from transaction related costs and impairment losses and (gain from lease liability extinguishment), net | 584 | (69,221) | |||||||||
Loss from partially owned entities | 80,909 | 291,873 | |||||||||
Loss from real estate fund investments | 13,823 | 28,042 | |||||||||
Interest and other investment (income) loss, net | (1,729) | 2,893 | |||||||||
Interest and debt expense | 57,371 | 58,405 | |||||||||
Net gains on disposition of wholly owned and partially owned assets | (214,578) | (55,695) | |||||||||
Income tax expense | 23,781 | 1,837 | |||||||||
NOI from partially owned entities | 78,175 | 69,487 | |||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (25,959) | (15,448) | |||||||||
NOI at share | 220,533 | 222,640 | |||||||||
Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 10,981 | 34,190 | |||||||||
NOI at share - cash basis | $ | 231,514 | $ | 256,830 |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||
NOI at share for the three months ended June 30, 2020 | $ | 222,640 | $ | 188,968 | $ | 17,803 | $ | 14,837 | $ | 1,032 | ||||||||||
Less NOI at share from: | ||||||||||||||||||||
Development properties | (7,380 | ) | (7,376 | ) | — | (4 | ) | — | ||||||||||||
Hotel Pennsylvania (temporarily closed beginning April 1, 2020) | 8,516 | 8,516 | — | — | — | |||||||||||||||
Other non-same store income, net | (9,010 | ) | (7,920 | ) | — | (58 | ) | (1,032 | ) | |||||||||||
Same store NOI at share for the three months ended June 30, 2020 | $ | 214,766 | $ | 182,188 | $ | 17,803 | $ | 14,775 | $ | — | ||||||||||
NOI at share for the three months ended March 31, 2020 | $ | 280,913 | $ | 242,559 | $ | 21,113 | $ | 15,231 | $ | 2,010 | ||||||||||
Less NOI at share from: | ||||||||||||||||||||
Development properties | (12,996 | ) | (12,996 | ) | — | — | — | |||||||||||||
Hotel Pennsylvania (temporarily closed beginning April 1, 2020) | 9,356 | 9,356 | — | — | — | |||||||||||||||
Other non-same store (income) expense, net | (7,705 | ) | (5,434 | ) | (422 | ) | 161 | (2,010 | ) | |||||||||||
Same store NOI at share for the three months ended March 31, 2020 | $ | 269,568 | $ | 233,485 | $ | 20,691 | $ | 15,392 | $ | — | ||||||||||
Decrease in same store NOI at share for the three months ended June 30, 2020 compared to March 31, 2020 | $ | (54,802 | ) | $ | (51,297 | ) | $ | (2,888 | ) | $ | (617 | ) | $ | — | ||||||
% decrease in same store NOI at share | (20.3 | )% | (22.0 | )% | (14.0 | )% | (1) | (4.0 | )% | — | % |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||||||||||||||
NOI at share for the three months ended September 30, 2020 | $ | 220,533 | $ | 189,820 | $ | 13,171 | $ | 15,618 | $ | 1,924 | ||||||||||||||||||||||
Less NOI at share from: | ||||||||||||||||||||||||||||||||
Development properties | (4,284) | (4,288) | — | 4 | — | |||||||||||||||||||||||||||
Hotel Pennsylvania (closed beginning April 1, 2020) | 16,821 | 16,821 | — | — | — | |||||||||||||||||||||||||||
Other non-same store (income) expense, net | (2,958) | (1,003) | (102) | 71 | (1,924) | |||||||||||||||||||||||||||
Same store NOI at share for the three months ended September 30, 2020 | $ | 230,112 | $ | 201,350 | $ | 13,069 | $ | 15,693 | $ | — | ||||||||||||||||||||||
NOI at share for the three months ended June 30, 2020 | $ | 222,640 | $ | 188,968 | $ | 17,803 | $ | 14,837 | $ | 1,032 | ||||||||||||||||||||||
Less NOI at share from: | ||||||||||||||||||||||||||||||||
Development properties | (7,380) | (7,376) | — | (4) | — | |||||||||||||||||||||||||||
Hotel Pennsylvania (closed beginning April 1, 2020) | 8,516 | 8,516 | — | — | — | |||||||||||||||||||||||||||
Other non-same store income, net | (9,010) | (7,920) | — | (58) | (1,032) | |||||||||||||||||||||||||||
Same store NOI at share for the three months ended June 30, 2020 | $ | 214,766 | $ | 182,188 | $ | 17,803 | $ | 14,775 | $ | — | ||||||||||||||||||||||
Increase (decrease) in same store NOI at share for the three months ended September 30, 2020 compared to June 30, 2020 | $ | 15,346 | $ | 19,162 | $ | (4,734) | $ | 918 | $ | — | ||||||||||||||||||||||
% increase (decrease) in same store NOI at share | 7.1 | % | 10.5 | % | (26.6) | % | 6.2 | % | — | % | ||||||||||||||||||||||
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||||||||||||||
NOI at share - cash basis for the three months ended September 30, 2020 | $ | 231,514 | $ | 196,081 | $ | 17,706 | $ | 15,530 | $ | 2,197 | ||||||||||||||||||||||
Less NOI at share - cash basis from: | ||||||||||||||||||||||||||||||||
Development properties | (7,729) | (7,733) | — | 4 | — | |||||||||||||||||||||||||||
Hotel Pennsylvania (closed beginning April 1, 2020) | 16,829 | 16,829 | — | — | — | |||||||||||||||||||||||||||
Other non-same store (income) expense, net | (4,846) | (2,546) | (131) | 28 | (2,197) | |||||||||||||||||||||||||||
Same store NOI at share - cash basis for the three months ended September 30, 2020 | $ | 235,768 | $ | 202,631 | $ | 17,575 | $ | 15,562 | $ | — | ||||||||||||||||||||||
NOI at share - cash basis for the three months ended June 30, 2020 | $ | 256,830 | $ | 221,911 | $ | 17,765 | $ | 15,005 | $ | 2,149 | ||||||||||||||||||||||
Less NOI at share - cash basis from: | ||||||||||||||||||||||||||||||||
Development properties | (9,478) | (9,474) | — | (4) | — | |||||||||||||||||||||||||||
Hotel Pennsylvania (closed beginning April 1, 2020) | 8,525 | 8,525 | — | — | — | |||||||||||||||||||||||||||
Other non-same store (income) expense, net | (12,772) | (10,670) | — | 47 | (2,149) | |||||||||||||||||||||||||||
Same store NOI at share - cash basis for the three months ended June 30, 2020 | $ | 243,105 | $ | 210,292 | $ | 17,765 | $ | 15,048 | $ | — | ||||||||||||||||||||||
(Decrease) increase in same store NOI at share - cash basis for the three months ended September 30, 2020 compared to June 30, 2020 | $ | (7,337) | $ | (7,661) | $ | (190) | $ | 514 | $ | — | ||||||||||||||||||||||
% (decrease) increase in same store NOI at share - cash basis | (3.0) | % | (3.6) | % | (1.1) | % | 3.4 | % | — | % | ||||||||||||||||||||||
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | |||||||||||||||
NOI at share - cash basis for the three months ended June 30, 2020 | $ | 256,830 | $ | 221,911 | $ | 17,765 | $ | 15,005 | $ | 2,149 | ||||||||||
Less NOI at share - cash basis from: | ||||||||||||||||||||
Development properties | (9,478 | ) | (9,474 | ) | — | (4 | ) | — | ||||||||||||
Hotel Pennsylvania (temporarily closed beginning April 1, 2020) | 8,525 | 8,525 | — | — | — | |||||||||||||||
Other non-same store (income) expense, net | (12,772 | ) | (10,670 | ) | — | 47 | (2,149 | ) | ||||||||||||
Same store NOI at share - cash basis for the three months ended June 30, 2020 | $ | 243,105 | $ | 210,292 | $ | 17,765 | $ | 15,048 | $ | — | ||||||||||
NOI at share - cash basis for the three months ended March 31, 2020 | $ | 283,989 | $ | 243,665 | $ | 22,705 | $ | 15,435 | $ | 2,184 | ||||||||||
Less NOI at share - cash basis from: | ||||||||||||||||||||
Development properties | (17,024 | ) | (17,024 | ) | — | — | — | |||||||||||||
Hotel Pennsylvania (temporarily closed beginning April 1, 2020) | 9,364 | 9,364 | — | — | — | |||||||||||||||
Other non-same store income, net | (12,521 | ) | (9,858 | ) | (422 | ) | (57 | ) | (2,184 | ) | ||||||||||
Same store NOI at share - cash basis for the three months ended March 31, 2020 | $ | 263,808 | $ | 226,147 | $ | 22,283 | $ | 15,378 | $ | — | ||||||||||
Decrease in same store NOI at share - cash basis for the three months ended June 30, 2020 compared to March 31, 2020 | $ | (20,703 | ) | $ | (15,855 | ) | $ | (4,518 | ) | $ | (330 | ) | $ | — | ||||||
% decrease in same store NOI at share - cash basis | (7.8 | )% | (7.0 | )% | (20.3 | )% | (1) | (2.1 | )% | — | % |
(Amounts in thousands) | For the Six Months Ended June 30, | (Decrease) Increase in Cash Flow | (Amounts in thousands) | For the Nine Months Ended September 30, | (Decrease) Increase in Cash Flow | |||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Net cash provided by operating activities | $ | 267,715 | $ | 292,852 | $ | (25,137 | ) | Net cash provided by operating activities | $ | 191,360 | $ | 397,971 | $ | (206,611) | ||||||||||||||
Net cash (used in) provided by investing activities | (124,057 | ) | 2,113,511 | (2,237,568 | ) | |||||||||||||||||||||||
Net cash provided by (used in) financing activities | 112,552 | (2,046,358 | ) | 2,158,910 | ||||||||||||||||||||||||
Net cash provided by investing activities | Net cash provided by investing activities | 123,415 | 2,228,548 | (2,105,133) | ||||||||||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | (431,568) | (2,097,868) | 1,666,300 |
(Amounts in thousands) | For the Six Months Ended June 30, | (Decrease) Increase in Cash Flow | (Amounts in thousands) | For the Nine Months Ended September 30, | (Decrease) Increase in Cash Flow | |||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Proceeds from sale of condominium units at 220 Central Park South | $ | 437,188 | $ | 690,734 | $ | (253,546 | ) | Proceeds from sale of condominium units at 220 Central Park South | $ | 939,292 | $ | 1,039,493 | $ | (100,201) | ||||||||||||||
Development costs and construction in progress | (319,294 | ) | (289,532 | ) | (29,762 | ) | Development costs and construction in progress | (448,167) | (448,281) | 114 | ||||||||||||||||||
Moynihan Train Hall expenditures | (183,007 | ) | (205,783 | ) | 22,776 | Moynihan Train Hall expenditures | (277,128) | (352,211) | 75,083 | |||||||||||||||||||
Additions to real estate | (85,252 | ) | (120,060 | ) | 34,808 | Additions to real estate | (112,906) | (189,579) | 76,673 | |||||||||||||||||||
Proceeds from sales of marketable securities | 28,375 | 167,852 | (139,477 | ) | Proceeds from sales of marketable securities | 28,375 | 168,314 | (139,939) | ||||||||||||||||||||
Investments in partially owned entities | (3,157 | ) | (15,588 | ) | 12,431 | Investments in partially owned entities | (6,156) | (16,480) | 10,324 | |||||||||||||||||||
Distributions of capital from partially owned entities | 1,090 | 24,880 | (23,790 | ) | Distributions of capital from partially owned entities | 1,090 | 24,880 | (23,790) | ||||||||||||||||||||
Acquisitions of real estate and other | Acquisitions of real estate and other | (985) | (3,260) | 2,275 | ||||||||||||||||||||||||
Proceeds from transfer of interest in Fifth Avenue and Times Square JV (net of $35,562 of transaction costs and $10,899 of deconsolidated cash and restricted cash) | — | 1,255,756 | (1,255,756 | ) | Proceeds from transfer of interest in Fifth Avenue and Times Square JV (net of $35,562 of transaction costs and $10,899 of deconsolidated cash and restricted cash) | — | 1,248,743 | (1,248,743) | ||||||||||||||||||||
Proceeds from redemption of 640 Fifth Avenue preferred equity | — | 500,000 | (500,000 | ) | Proceeds from redemption of 640 Fifth Avenue preferred equity | — | 500,000 | (500,000) | ||||||||||||||||||||
Proceeds from sale of real estate and related investments | — | 108,512 | (108,512 | ) | Proceeds from sale of real estate and related investments | — | 255,534 | (255,534) | ||||||||||||||||||||
Acquisitions of real estate and other | — | (3,260 | ) | 3,260 | ||||||||||||||||||||||||
Net cash (used in) provided by investing activities | $ | (124,057 | ) | $ | 2,113,511 | $ | (2,237,568 | ) | ||||||||||||||||||||
Proceeds from repayments of loans receivable | Proceeds from repayments of loans receivable | — | 1,395 | (1,395) | ||||||||||||||||||||||||
Net cash provided by investing activities | Net cash provided by investing activities | $ | 123,415 | $ | 2,228,548 | $ | (2,105,133) |
(Amounts in thousands) | For the Nine Months Ended September 30, | (Decrease) Increase in Cash Flow | |||||||||||||||
2020 | 2019 | ||||||||||||||||
Dividends paid on common shares/Distributions to Vornado | $ | (725,938) | $ | (377,750) | $ | (348,188) | |||||||||||
Proceeds from borrowings | 555,918 | 1,107,852 | (551,934) | ||||||||||||||
Repayments of borrowings | (514,493) | (2,635,028) | 2,120,535 | ||||||||||||||
Moynihan Train Hall reimbursement from Empire State Development | 277,128 | 352,211 | (75,083) | ||||||||||||||
Contributions from noncontrolling interests in consolidated subsidiaries | 98,626 | 9,223 | 89,403 | ||||||||||||||
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (76,759) | (65,084) | (11,675) | ||||||||||||||
Dividends paid on preferred shares/Distributions to preferred unitholders | (50,123) | (37,598) | (12,525) | ||||||||||||||
Proceeds received from exercise of Vornado stock options and other | 5,567 | 2,403 | 3,164 | ||||||||||||||
Debt issuance costs | (1,357) | (15,328) | 13,971 | ||||||||||||||
Repurchase of shares/Class A units related to stock compensation agreements and related tax withholdings and other | (137) | (8,692) | 8,555 | ||||||||||||||
Purchase of marketable securities in connection with defeasance of mortgage payable | — | (407,126) | 407,126 | ||||||||||||||
Prepayment penalty on redemption of senior unsecured notes due 2022 | — | (22,058) | 22,058 | ||||||||||||||
Redemption of preferred shares/units | — | (893) | 893 | ||||||||||||||
Net cash used in financing activities | $ | (431,568) | $ | (2,097,868) | $ | 1,666,300 |
(Amounts in thousands) | For the Six Months Ended June 30, | (Decrease) Increase in Cash Flow | |||||||||
2020 | 2019 | ||||||||||
Dividends paid on common shares/Distributions to Vornado | $ | (624,627 | ) | $ | (251,803 | ) | $ | (372,824 | ) | ||
Proceeds from borrowings | 554,297 | 458,955 | 95,342 | ||||||||
Moynihan Train Hall reimbursement from Empire State Development | 183,007 | 205,783 | (22,776 | ) | |||||||
Contributions from noncontrolling interests in consolidated subsidiaries | 98,268 | 8,315 | 89,953 | ||||||||
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (54,440 | ) | (49,140 | ) | (5,300 | ) | |||||
Dividends paid on preferred shares/Distributions to preferred unitholders | (37,593 | ) | (25,066 | ) | (12,527 | ) | |||||
Repayments of borrowings | (11,347 | ) | (1,943,157 | ) | 1,931,810 | ||||||
Proceeds received from exercise of Vornado stock options and other | 5,267 | 2,046 | 3,221 | ||||||||
Debt issuance costs | (143 | ) | (13,522 | ) | 13,379 | ||||||
Repurchase of shares/Class A units related to stock compensation agreements and related tax withholdings and other | (137 | ) | (8,692 | ) | 8,555 | ||||||
Purchase of marketable securities in connection with defeasance of mortgage payable | — | (407,126 | ) | 407,126 | |||||||
Prepayment penalty on redemption of senior unsecured notes due 2022 | — | (22,058 | ) | 22,058 | |||||||
Redemption of preferred shares/units | — | (893 | ) | 893 | |||||||
Net cash provided by (used in) financing activities | $ | 112,552 | $ | (2,046,358 | ) | $ | 2,158,910 |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | |||||||||||||||||||
Expenditures to maintain assets | $ | 46,771 | $ | 39,920 | $ | 5,674 | $ | 1,177 | |||||||||||||||
Tenant improvements | 45,150 | 38,900 | 4,041 | 2,209 | |||||||||||||||||||
Leasing commissions | 15,569 | 11,624 | 3,173 | 772 | |||||||||||||||||||
Recurring tenant improvements, leasing commissions and other capital expenditures | 107,490 | 90,444 | 12,888 | 4,158 | |||||||||||||||||||
Non-recurring capital expenditures | 61,171 | 60,961 | 210 | — | |||||||||||||||||||
Total capital expenditures and leasing commissions | $ | 168,661 | $ | 151,405 | $ | 13,098 | $ | 4,158 | |||||||||||||||
(Amounts in thousands) | Total | New York | theMART | 555 California Street | |||||||||||
Expenditures to maintain assets | $ | 34,335 | $ | 28,900 | $ | 4,443 | $ | 992 | |||||||
Tenant improvements | 35,756 | 30,001 | 3,624 | 2,131 | |||||||||||
Leasing commissions | 15,360 | 11,415 | 3,173 | 772 | |||||||||||
Recurring tenant improvements, leasing commissions and other capital expenditures | 85,451 | 70,316 | 11,240 | 3,895 | |||||||||||
Non-recurring capital expenditures | 11,772 | 11,767 | 5 | — | |||||||||||
Total capital expenditures and leasing commissions | $ | 97,223 | $ | 82,083 | $ | 11,245 | $ | 3,895 |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||||||||||||
Farley Office and Retail | $ | 174,159 | $ | 174,159 | $ | — | $ | — | $ | — | |||||||||||||||||||
220 CPS | 83,117 | — | — | — | 83,117 | ||||||||||||||||||||||||
PENN1 | 75,247 | 75,247 | — | — | — | ||||||||||||||||||||||||
PENN2 | 60,493 | 60,493 | — | — | — | ||||||||||||||||||||||||
345 Montgomery Street | 14,491 | — | — | 14,491 | — | ||||||||||||||||||||||||
Other | 40,660 | 36,787 | 3,836 | — | 37 | ||||||||||||||||||||||||
$ | 448,167 | $ | 346,686 | $ | 3,836 | $ | 14,491 | $ | 83,154 |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||
Farley Office and Retail | $ | 127,998 | $ | 127,998 | $ | — | $ | — | $ | — | |||||||||
220 CPS | 62,450 | — | — | — | 62,450 | ||||||||||||||
PENN1 | 48,565 | 48,565 | — | — | — | ||||||||||||||
PENN2 | 44,810 | 44,810 | — | — | — | ||||||||||||||
345 Montgomery Street | 9,775 | — | — | 9,775 | — | ||||||||||||||
Other | 25,696 | 23,877 | 1,808 | — | 11 | ||||||||||||||
$ | 319,294 | $ | 245,250 | $ | 1,808 | $ | 9,775 | $ | 62,461 |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | |||||||||||||||||||
Expenditures to maintain assets | $ | 75,190 | $ | 66,061 | $ | 6,720 | $ | 2,409 | |||||||||||||||
Tenant improvements | 78,738 | 67,503 | 8,021 | 3,214 | |||||||||||||||||||
Leasing commissions | 17,051 | 15,251 | 714 | 1,086 | |||||||||||||||||||
Recurring tenant improvements, leasing commissions and other capital expenditures | 170,979 | 148,815 | 15,455 | 6,709 | |||||||||||||||||||
Non-recurring capital expenditures | 26,393 | 24,588 | 166 | 1,639 | |||||||||||||||||||
Total capital expenditures and leasing commissions | $ | 197,372 | $ | 173,403 | $ | 15,621 | $ | 8,348 | |||||||||||||||
(Amounts in thousands) | Total | New York | theMART | 555 California Street | |||||||||||
Expenditures to maintain assets | $ | 53,457 | $ | 46,850 | $ | 4,822 | $ | 1,785 | |||||||
Tenant improvements | 36,080 | 31,068 | 1,806 | 3,206 | |||||||||||
Leasing commissions | 13,009 | 12,289 | 376 | 344 | |||||||||||
Recurring tenant improvements, leasing commissions and other capital expenditures | 102,546 | 90,207 | 7,004 | 5,335 | |||||||||||
Non-recurring capital expenditures | 21,505 | 19,780 | 86 | 1,639 | |||||||||||
Total capital expenditures and leasing commissions | $ | 124,051 | $ | 109,987 | $ | 7,090 | $ | 6,974 |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||||||||||||
Farley Office and Retail | $ | 190,991 | $ | 190,991 | $ | — | $ | — | $ | — | |||||||||||||||||||
220 CPS | 142,439 | — | — | — | 142,439 | ||||||||||||||||||||||||
PENN1 | 34,476 | 34,476 | — | — | — | ||||||||||||||||||||||||
345 Montgomery Street | 18,844 | — | — | 18,844 | — | ||||||||||||||||||||||||
PENN2 | 17,404 | 17,404 | — | — | — | ||||||||||||||||||||||||
606 Broadway | 7,181 | 7,181 | — | — | — | ||||||||||||||||||||||||
1535 Broadway | 1,031 | 1,031 | — | — | — | ||||||||||||||||||||||||
Other | 35,915 | 30,488 | 1,610 | 3,817 | — | ||||||||||||||||||||||||
$ | 448,281 | $ | 281,571 | $ | 1,610 | $ | 22,661 | $ | 142,439 |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||
Farley Office and Retail | $ | 106,980 | $ | 106,980 | $ | — | $ | — | $ | — | |||||||||
220 CPS | 102,926 | — | — | — | 102,926 | ||||||||||||||
PENN1 | 24,584 | 24,584 | — | — | — | ||||||||||||||
345 Montgomery Street | 9,736 | — | — | 9,736 | — | ||||||||||||||
606 Broadway | 7,464 | 7,464 | — | — | — | ||||||||||||||
1535 Broadway | 1,031 | 1,031 | — | — | — | ||||||||||||||
Other | 36,811 | 32,387 | 1,231 | 3,193 | — | ||||||||||||||
$ | 289,532 | $ | 172,446 | $ | 1,231 | $ | 12,929 | $ | 102,926 |
(Amounts in thousands, except per share amounts) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Reconciliation of our net (loss) income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions: | |||||||||||||||
Net (loss) income attributable to common shareholders | $ | (197,750 | ) | $ | 2,400,195 | $ | (192,787 | ) | $ | 2,581,683 | |||||
Per diluted share | $ | (1.03 | ) | $ | 12.56 | $ | (1.01 | ) | $ | 13.51 | |||||
FFO adjustments: | |||||||||||||||
Depreciation and amortization of real property | $ | 85,179 | $ | 105,453 | $ | 170,315 | $ | 213,936 | |||||||
Net gain on transfer to Fifth Avenue and Times Square JV on April 18, 2019, net of $11,945 attributable to noncontrolling interests | — | (2,559,154 | ) | — | (2,559,154 | ) | |||||||||
Real estate impairment losses | — | 31,436 | — | 31,436 | |||||||||||
Net gain from sale of UE common shares (sold on March 4, 2019) | — | — | — | (62,395 | ) | ||||||||||
(Increase) decrease in fair value of marketable securities: | |||||||||||||||
PREIT (accounted for as a marketable security from March 12, 2019 and sold on January 23, 2020) | — | (1,313 | ) | 4,938 | 14,336 | ||||||||||
Lexington (sold on March 1, 2019) | — | — | — | (16,068 | ) | ||||||||||
Other | — | 1 | — | (41 | ) | ||||||||||
Proportionate share of adjustments to equity in net income of partially owned entities to arrive at FFO: | |||||||||||||||
Non-cash impairment loss on our investment in Fifth Avenue and Times Square JV, net of $467 of noncontrolling interests | 305,859 | — | 305,859 | — | |||||||||||
Depreciation and amortization of real property | 39,736 | 34,631 | 80,159 | 59,621 | |||||||||||
(Increase) decrease in fair value of marketable securities | (565 | ) | 1,709 | 3,126 | 1,697 | ||||||||||
430,209 | (2,387,237 | ) | 564,397 | (2,316,632 | ) | ||||||||||
Noncontrolling interests' share of above adjustments | (29,215 | ) | 151,357 | (38,019 | ) | 146,933 | |||||||||
FFO adjustments, net | $ | 400,994 | $ | (2,235,880 | ) | $ | 526,378 | $ | (2,169,699 | ) | |||||
FFO attributable to common shareholders | $ | 203,244 | $ | 164,315 | $ | 333,591 | $ | 411,984 | |||||||
Convertible preferred share dividends | 12 | 14 | 25 | 29 | |||||||||||
FFO attributable to common shareholders plus assumed conversions | $ | 203,256 | $ | 164,329 | $ | 333,616 | $ | 412,013 | |||||||
Per diluted share | $ | 1.06 | $ | 0.86 | $ | 1.75 | $ | 2.16 | |||||||
Reconciliation of weighted average shares outstanding: | |||||||||||||||
Weighted average common shares outstanding | 191,104 | 190,781 | 191,071 | 190,735 | |||||||||||
Effect of dilutive securities: | |||||||||||||||
Convertible preferred shares | 28 | 34 | 29 | 35 | |||||||||||
Employee stock options and restricted share awards | — | 243 | 2 | 256 | |||||||||||
AO LTIPs | — | — | 5 | — | |||||||||||
Denominator for FFO per diluted share | 191,132 | 191,058 | 191,107 | 191,026 |
(Amounts in thousands, except per share amounts) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Reconciliation of our net income (loss) attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions: | |||||||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | 53,170 | $ | 322,906 | $ | (139,617) | $ | 2,904,589 | |||||||||||||||
Per diluted share | $ | 0.28 | $ | 1.69 | $ | (0.73) | $ | 15.20 | |||||||||||||||
FFO adjustments: | |||||||||||||||||||||||
Depreciation and amortization of real property | $ | 99,045 | $ | 89,479 | $ | 269,360 | $ | 303,415 | |||||||||||||||
Net gains on sale of real estate | — | (178,769) | — | (178,769) | |||||||||||||||||||
Net gain on transfer to Fifth Avenue and Times Square JV on April 18, 2019, net of $11,945 attributable to noncontrolling interests | — | — | — | (2,559,154) | |||||||||||||||||||
Real estate impairment losses | — | — | — | 31,436 | |||||||||||||||||||
Net gain from sale of UE common shares (sold on March 4, 2019) | — | — | — | (62,395) | |||||||||||||||||||
Decrease (increase) in fair value of marketable securities: | |||||||||||||||||||||||
PREIT (accounted for as a marketable security from March 12, 2019 and sold on January 23, 2020) | — | 4,875 | 4,938 | 19,211 | |||||||||||||||||||
Lexington (sold on March 1, 2019) | — | — | — | (16,068) | |||||||||||||||||||
Other | — | (7) | — | (48) | |||||||||||||||||||
Proportionate share of adjustments to equity in net income of partially owned entities to arrive at FFO: | |||||||||||||||||||||||
Non-cash impairment loss on our investment in Fifth Avenue and Times Square JV, net of $3,822 and $4,289 of noncontrolling interests | 103,201 | — | 409,060 | — | |||||||||||||||||||
Depreciation and amortization of real property | 38,987 | 37,696 | 119,146 | 97,317 | |||||||||||||||||||
Decrease in fair value of marketable securities | 385 | 291 | 3,511 | 1,988 | |||||||||||||||||||
241,618 | (46,435) | 806,015 | (2,363,067) | ||||||||||||||||||||
Noncontrolling interests' share of above adjustments | (16,292) | 3,024 | (54,311) | 149,957 | |||||||||||||||||||
FFO adjustments, net | $ | 225,326 | $ | (43,411) | $ | 751,704 | $ | (2,213,110) | |||||||||||||||
FFO attributable to common shareholders | $ | 278,496 | $ | 279,495 | $ | 612,087 | $ | 691,479 | |||||||||||||||
Convertible preferred share dividends | 11 | 14 | 36 | 43 | |||||||||||||||||||
FFO attributable to common shareholders plus assumed conversions | $ | 278,507 | $ | 279,509 | $ | 612,123 | $ | 691,522 | |||||||||||||||
Per diluted share | $ | 1.46 | $ | 1.46 | $ | 3.20 | $ | 3.62 | |||||||||||||||
Reconciliation of weighted average shares outstanding: | |||||||||||||||||||||||
Weighted average common shares outstanding | 191,162 | 190,814 | 191,102 | 190,762 | |||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
Convertible preferred shares | 26 | 34 | 28 | 35 | |||||||||||||||||||
Employee stock options and restricted share awards | — | 176 | 25 | 227 | |||||||||||||||||||
Denominator for FFO per diluted share | 191,188 | 191,024 | 191,155 | 191,024 |
(Amounts in thousands, except per share and per unit amounts) | 2020 | 2019 | (Amounts in thousands, except per share and per unit amounts) | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||
June 30, Balance | Weighted Average Interest Rate | Effect of 1% Change in Base Rates | December 31, Balance | Weighted Average Interest Rate | September 30, Balance | Weighted Average Interest Rate | Effect of 1% Change in Base Rates | December 31, Balance | Weighted Average Interest Rate | |||||||||||||||||||||||||||||||||||
Consolidated debt: | Consolidated debt: | |||||||||||||||||||||||||||||||||||||||||||
Variable rate | $ | 2,197,797 | 1.42% | $ | 21,978 | $ | 1,643,500 | 3.09% | Variable rate | $ | 2,399,418 | 1.61% | $ | 23,994 | $ | 1,643,500 | 3.09% | |||||||||||||||||||||||||||
Fixed rate | 5,789,860 | 3.56% | — | 5,801,516 | 3.57% | Fixed rate | 5,086,714 | 3.70% | — | 5,801,516 | 3.57% | |||||||||||||||||||||||||||||||||
$ | 7,987,657 | 2.97% | 21,978 | $ | 7,445,016 | 3.46% | $ | 7,486,132 | 3.03% | 23,994 | $ | 7,445,016 | 3.46% | |||||||||||||||||||||||||||||||
Pro rata share of debt of non-consolidated entities(1): | Pro rata share of debt of non-consolidated entities(1): | |||||||||||||||||||||||||||||||||||||||||||
Variable rate | $ | 1,493,887 | 1.80% | 14,939 | $ | 1,441,690 | 3.34% | Variable rate | $ | 1,479,094 | 1.78% | 14,791 | $ | 1,441,690 | 3.34% | |||||||||||||||||||||||||||||
Fixed rate | 1,360,980 | 3.93% | — | 1,361,169 | 3.93% | Fixed rate | 1,360,915 | 3.93% | — | 1,361,169 | 3.93% | |||||||||||||||||||||||||||||||||
$ | 2,854,867 | 2.81% | 14,939 | $ | 2,802,859 | 3.62% | $ | 2,840,009 | 2.81% | 14,791 | $ | 2,802,859 | 3.62% | |||||||||||||||||||||||||||||||
Noncontrolling interests' share of consolidated subsidiaries | (361 | ) | Noncontrolling interests' share of consolidated subsidiaries | (369) | ||||||||||||||||||||||||||||||||||||||||
Total change in annual net income attributable to the Operating Partnership | 36,556 | Total change in annual net income attributable to the Operating Partnership | 38,416 | |||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests’ share of the Operating Partnership | (2,482 | ) | Noncontrolling interests’ share of the Operating Partnership | (2,620) | ||||||||||||||||||||||||||||||||||||||||
Total change in annual net income attributable to Vornado | $ | 34,074 | Total change in annual net income attributable to Vornado | $ | 35,796 | |||||||||||||||||||||||||||||||||||||||
Total change in annual net income attributable to the Operating Partnership per diluted Class A unit | $ | 0.18 | Total change in annual net income attributable to the Operating Partnership per diluted Class A unit | $ | 0.19 | |||||||||||||||||||||||||||||||||||||||
Total change in annual net income attributable to Vornado per diluted share | $ | 0.18 | Total change in annual net income attributable to Vornado per diluted share | $ | 0.19 |
(Amounts in thousands) | As of June 30, 2020 | (Amounts in thousands) | As of September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Rate | Variable Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedged Item (Interest rate swaps) | Fair Value | Notional Amount | Spread over LIBOR | Interest Rate | Swapped Rate | Expiration Date | Hedged Item (Interest rate swaps) | Fair Value | Notional Amount | Spread over LIBOR | Interest Rate | Swapped Rate | Expiration Date | |||||||||||||||||||||||||||||||||||||||||
Included in other assets: | Included in other assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | $ | 67 | $ | 175,000 | Other | $ | 17 | $ | 175,000 | |||||||||||||||||||||||||||||||||||||||||||||
Included in other liabilities: | Included in other liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured term loan | $ | 68,709 | $ | 750,000 | (1) | L+100 | 1.18% | 3.87% | 10/23 | Unsecured term loan | $ | 63,437 | $ | 750,000 | (1) | L+100 | 1.15% | 3.87% | 10/23 | |||||||||||||||||||||||||||||||||||
33-00 Northern Boulevard mortgage loan | 9,592 | 100,000 | L+180 | 1.99% | 4.14% | 1/25 | 33-00 Northern Boulevard mortgage loan | 9,065 | 100,000 | L+180 | 1.96% | 4.14% | 1/25 | |||||||||||||||||||||||||||||||||||||||||
888 Seventh Avenue mortgage loan | 2,355 | 375,000 | L+170 | 1.88% | 3.25% | 12/20 | 888 Seventh Avenue mortgage loan | 1,034 | 375,000 | L+170 | 1.84% | 3.25% | 12/20 | |||||||||||||||||||||||||||||||||||||||||
770 Broadway mortgage loan | 846 | 700,000 | L+175 | 1.93% | 2.56% | 9/20 | ||||||||||||||||||||||||||||||||||||||||||||||||
$ | 81,502 | $ | 1,925,000 | $ | 73,536 | $ | 1,225,000 |
(1) | 86 |
(Amounts in thousands) | As of December 31, 2019 | |||||||||||||||||||||||||||||||||||||
Variable Rate | ||||||||||||||||||||||||||||||||||||||
Hedged Item (Interest rate swaps) | Fair Value | Notional Amount | Spread over LIBOR | Interest Rate | Swapped Rate | Expiration Date | ||||||||||||||||||||||||||||||||
Included in other assets: | ||||||||||||||||||||||||||||||||||||||
770 Broadway mortgage loan | $ | 4,045 | $ | 700,000 | L+175 | 3.46% | 2.56% | 9/20 | ||||||||||||||||||||||||||||||
888 Seventh Avenue mortgage loan | 218 | 375,000 | L+170 | 3.44% | 3.25% | 12/20 | ||||||||||||||||||||||||||||||||
Other | 64 | 175,000 | ||||||||||||||||||||||||||||||||||||
$ | 4,327 | $ | 1,250,000 | |||||||||||||||||||||||||||||||||||
Included in other liabilities: | ||||||||||||||||||||||||||||||||||||||
Unsecured term loan | $ | 36,809 | $ | 750,000 | L+100 | 2.80% | 3.87% | 10/23 | ||||||||||||||||||||||||||||||
33-00 Northern Boulevard mortgage loan | 3,545 | 100,000 | L+180 | 3.52% | 4.14% | 1/25 | ||||||||||||||||||||||||||||||||
$ | 40,354 | $ | 850,000 |
(Amounts in thousands) | As of December 31, 2019 | |||||||||||||||
Variable Rate | ||||||||||||||||
Hedged Item (Interest rate swaps) | Fair Value | Notional Amount | Spread over LIBOR | Interest Rate | Swapped Rate | Expiration Date | ||||||||||
Included in other assets: | ||||||||||||||||
770 Broadway mortgage loan | $ | 4,045 | $ | 700,000 | L+175 | 3.46% | 2.56% | 9/20 | ||||||||
888 Seventh Avenue mortgage loan | 218 | 375,000 | L+170 | 3.44% | 3.25% | 12/20 | ||||||||||
Other | 64 | 175,000 | ||||||||||||||
$ | 4,327 | $ | 1,250,000 | |||||||||||||
Included in other liabilities: | ||||||||||||||||
Unsecured term loan | $ | 36,809 | $ | 750,000 | L+100 | 2.80% | 3.87% | 10/23 | ||||||||
33-00 Northern Boulevard mortgage loan | 3,545 | 100,000 | L+180 | 3.52% | 4.14% | 1/25 | ||||||||||
$ | 40,354 | $ | 850,000 |
EXHIBIT INDEX | ||||||||||||||
Exhibit No. | ||||||||||||||
— | ||||||||||||||
Letter regarding Unaudited Interim Financial Information of Vornado Realty Trust | ||||||||||||||
— | Letter regarding Unaudited Interim Financial Information of 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. | |||||||||||||
101 | — | The following financial information from Vornado Realty Trust and Vornado Realty L.P. Quarterly Report | ||||||||||||
on Form 10-Q for the quarter ended | ||||||||||||||
Language (iXBRL) includes: (i) consolidated balance sheets, (ii) consolidated statements of income, | ||||||||||||||
(iii) consolidated statements of comprehensive income, (iv) consolidated statements of changes in equity, | ||||||||||||||
(v) consolidated statements of cash flows, and (vi) the notes to consolidated financial statements. | ||||||||||||||
104 | — | The cover page from the Vornado Realty Trust and Vornado Realty L.P. Quarterly Report on Form 10-Q for | ||||||||||||
the quarter ended | ||||||||||||||
VORNADO REALTY TRUST | ||||||||
(Registrant) | ||||||||
Date: November 2, 2020 | By: | |||||||
/s/ Matthew Iocco | ||||||||
Matthew Iocco, Chief Accounting Officer (duly authorized officer and principal accounting officer) |
VORNADO REALTY L.P. | ||||||||
(Registrant) | ||||||||
Date: November 2, 2020 | By: | |||||||
/s/ Matthew Iocco | ||||||||
Matthew Iocco, Chief Accounting Officer of Vornado Realty Trust, sole General Partner of Vornado Realty L.P. (duly authorized officer and principal accounting officer) |