☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended: | September 30, |
☐ | 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 L.P. | Delaware | 13-3925979 | ||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
888 Seventh Avenue, | New York, | New York | 10019 | ||||||||
(Address of principal executive offices) (Zip Code) |
(212) | 894-7000 | ||||
(Registrants’ telephone number, including area code) |
Registrant | Title of each class | Trading Symbol(s) | Name of 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 | 5.40% Series L | VNO/PL | New York Stock Exchange | |||||||||||||||||
Vornado Realty Trust | 5.25% Series M | VNO/PM | New York Stock Exchange | |||||||||||||||||
Vornado Realty Trust | 5.25% Series N | VNO/PN | New York Stock Exchange | |||||||||||||||||
Vornado Realty Trust | 4.45% Series O | VNO/PO | New York Stock Exchange |
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 |
PART I. | Financial Information: | Page Number | ||||||||||||
Consolidated Balance Sheets (Unaudited) as of September 30, | ||||||||||||||
Consolidated Statements of Income (Unaudited) for the Three and Nine Months Ended September 30, | ||||||||||||||
Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Nine Months Ended September 30, | ||||||||||||||
Consolidated Statements of Changes in Equity (Unaudited) for the Three and Nine Months Ended September 30, | ||||||||||||||
Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, | ||||||||||||||
Consolidated Balance Sheets (Unaudited) as of September 30, | ||||||||||||||
Consolidated Statements of Income (Unaudited) for the Three and Nine Months Ended September 30, | ||||||||||||||
Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Nine Months Ended September 30, | ||||||||||||||
Consolidated Statements of Changes in Equity (Unaudited) for the Three and Nine Months Ended September 30, | ||||||||||||||
Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, | ||||||||||||||
Vornado Realty Trust and Vornado Realty L.P.: | ||||||||||||||
PART II. | Other Information: | |||||||||||||
(Amounts in thousands, except unit, share, and per share amounts) | (Amounts in thousands, except unit, share, and per share amounts) | As of | (Amounts in thousands, except unit, share, and per share amounts) | As of | ||||||||||||||||||
September 30, 2021 | December 31, 2020 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||
Real estate, at cost: | Real estate, at cost: | Real estate, at cost: | ||||||||||||||||||||
Land | Land | $ | 2,528,207 | $ | 2,420,054 | Land | $ | 2,477,956 | $ | 2,540,193 | ||||||||||||
Buildings and improvements | Buildings and improvements | 8,449,768 | 7,933,030 | Buildings and improvements | 10,015,452 | 9,839,166 | ||||||||||||||||
Development costs and construction in progress | Development costs and construction in progress | 1,830,660 | 1,604,637 | Development costs and construction in progress | 802,272 | 718,694 | ||||||||||||||||
Leasehold improvements and equipment | Leasehold improvements and equipment | 111,233 | 130,222 | Leasehold improvements and equipment | 122,948 | 119,792 | ||||||||||||||||
Total | Total | 12,919,868 | 12,087,943 | Total | 13,418,628 | 13,217,845 | ||||||||||||||||
Less accumulated depreciation and amortization | Less accumulated depreciation and amortization | (3,309,273) | (3,169,446) | Less accumulated depreciation and amortization | (3,606,986) | (3,376,347) | ||||||||||||||||
Real estate, net | Real estate, net | 9,610,595 | 8,918,497 | Real estate, net | 9,811,642 | 9,841,498 | ||||||||||||||||
Right-of-use assets | Right-of-use assets | 337,130 | 367,365 | Right-of-use assets | 685,298 | 337,197 | ||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 2,128,964 | 1,624,482 | Cash and cash equivalents | 845,423 | 1,760,225 | ||||||||||||||||
Restricted cash | Restricted cash | 139,233 | 105,887 | Restricted cash | 131,625 | 170,126 | ||||||||||||||||
Investments in U.S. Treasury bills | Investments in U.S. Treasury bills | 445,165 | — | |||||||||||||||||||
Tenant and other receivables | Tenant and other receivables | 89,606 | 77,658 | Tenant and other receivables | 81,004 | 79,661 | ||||||||||||||||
Investments in partially owned entities | Investments in partially owned entities | 3,287,870 | 3,491,107 | Investments in partially owned entities | 3,250,197 | 3,297,389 | ||||||||||||||||
Real estate fund investments | Real estate fund investments | 3,739 | 3,739 | Real estate fund investments | 930 | 7,730 | ||||||||||||||||
220 Central Park South condominium units ready for sale | 220 Central Park South condominium units ready for sale | 77,658 | 128,215 | 220 Central Park South condominium units ready for sale | 78,590 | 57,142 | ||||||||||||||||
Receivable arising from the straight-lining of rents | Receivable arising from the straight-lining of rents | 656,137 | 674,075 | Receivable arising from the straight-lining of rents | 692,733 | 656,318 | ||||||||||||||||
Deferred leasing costs, net of accumulated amortization of $209,266 and $196,972 | 386,273 | 372,919 | ||||||||||||||||||||
Identified intangible assets, net of accumulated amortization of $93,643 and $93,113 | 158,438 | 23,856 | ||||||||||||||||||||
Deferred leasing costs, net of accumulated amortization of $233,001 and $211,775 | Deferred leasing costs, net of accumulated amortization of $233,001 and $211,775 | 380,221 | 391,693 | |||||||||||||||||||
Identified intangible assets, net of accumulated amortization of $95,661 and $97,186 | Identified intangible assets, net of accumulated amortization of $95,661 and $97,186 | 142,116 | 154,895 | |||||||||||||||||||
Other assets | Other assets | 613,157 | 434,022 | Other assets | 630,730 | 512,714 | ||||||||||||||||
$ | 17,488,800 | $ | 16,221,822 | $ | 17,175,674 | $ | 17,266,588 | |||||||||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||||||||||||||||||||
Mortgages payable, net | Mortgages payable, net | $ | 6,069,512 | $ | 5,580,549 | Mortgages payable, net | $ | 5,831,769 | $ | 6,053,343 | ||||||||||||
Senior unsecured notes, net | Senior unsecured notes, net | 1,189,680 | 446,685 | Senior unsecured notes, net | 1,191,322 | 1,189,792 | ||||||||||||||||
Unsecured term loan, net | Unsecured term loan, net | 797,549 | 796,762 | Unsecured term loan, net | 792,847 | 797,812 | ||||||||||||||||
Unsecured revolving credit facilities | Unsecured revolving credit facilities | 575,000 | 575,000 | Unsecured revolving credit facilities | 575,000 | 575,000 | ||||||||||||||||
Lease liabilities | Lease liabilities | 372,908 | 401,008 | Lease liabilities | 731,674 | 370,206 | ||||||||||||||||
Accounts payable and accrued expenses | Accounts payable and accrued expenses | 449,768 | 427,202 | Accounts payable and accrued expenses | 475,151 | 613,497 | ||||||||||||||||
Deferred revenue | Deferred revenue | 50,064 | 40,110 | Deferred revenue | 41,879 | 48,118 | ||||||||||||||||
Deferred compensation plan | Deferred compensation plan | 107,860 | 105,564 | Deferred compensation plan | 95,681 | 110,174 | ||||||||||||||||
Preferred shares to be redeemed on October 13, 2021 | 300,000 | — | ||||||||||||||||||||
Other liabilities | Other liabilities | 305,946 | 294,520 | Other liabilities | 265,775 | 304,725 | ||||||||||||||||
Total liabilities | Total liabilities | 10,218,287 | 8,667,400 | Total liabilities | 10,001,098 | 10,062,667 | ||||||||||||||||
Commitments and contingencies | Commitments and contingencies | 0 | 0 | Commitments and contingencies | ||||||||||||||||||
Redeemable noncontrolling interests: | Redeemable noncontrolling interests: | Redeemable noncontrolling interests: | ||||||||||||||||||||
Class A units - 14,070,794 and 13,583,607 units outstanding | 591,114 | 507,212 | ||||||||||||||||||||
Series D cumulative redeemable preferred units - 141,400 and 141,401 units outstanding | 3,535 | 4,535 | ||||||||||||||||||||
Class A units - 14,253,759 and 14,033,438 units outstanding | Class A units - 14,253,759 and 14,033,438 units outstanding | 390,539 | 587,440 | |||||||||||||||||||
Series D cumulative redeemable preferred units - 141,400 units outstanding | Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 | |||||||||||||||||||
Total redeemable noncontrolling partnership units | Total redeemable noncontrolling partnership units | 594,649 | 511,747 | Total redeemable noncontrolling partnership units | 394,074 | 590,975 | ||||||||||||||||
Redeemable noncontrolling interest in a consolidated subsidiary | Redeemable noncontrolling interest in a consolidated subsidiary | 96,039 | 94,520 | Redeemable noncontrolling interest in a consolidated subsidiary | 89,228 | 97,708 | ||||||||||||||||
Total redeemable noncontrolling interests | Total redeemable noncontrolling interests | 690,688 | 606,267 | Total redeemable noncontrolling interests | 483,302 | 688,683 | ||||||||||||||||
Shareholders' equity: | Shareholders' equity: | Shareholders' equity: | ||||||||||||||||||||
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 48,792,902 and 48,793,402 shares | 1,182,499 | 1,182,339 | ||||||||||||||||||||
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 191,680,984 and 191,354,679 shares | 7,646 | 7,633 | ||||||||||||||||||||
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 48,792,902 shares | Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 48,792,902 shares | 1,182,459 | 1,182,459 | |||||||||||||||||||
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 191,816,684 and 191,723,608 shares | Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 191,816,684 and 191,723,608 shares | 7,652 | 7,648 | |||||||||||||||||||
Additional capital | Additional capital | 8,138,337 | 8,192,507 | Additional capital | 8,362,387 | 8,143,093 | ||||||||||||||||
Earnings less than distributions | Earnings less than distributions | (2,988,999) | (2,774,182) | Earnings less than distributions | (3,299,630) | (3,079,320) | ||||||||||||||||
Accumulated other comprehensive loss | (45,179) | (75,099) | ||||||||||||||||||||
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) | 185,178 | (17,534) | |||||||||||||||||||
Total shareholders' equity | Total shareholders' equity | 6,294,304 | 6,533,198 | Total shareholders' equity | 6,438,046 | 6,236,346 | ||||||||||||||||
Noncontrolling interests in consolidated subsidiaries | Noncontrolling interests in consolidated subsidiaries | 285,521 | 414,957 | Noncontrolling interests in consolidated subsidiaries | 253,228 | 278,892 | ||||||||||||||||
Total equity | Total equity | 6,579,825 | 6,948,155 | Total equity | 6,691,274 | 6,515,238 | ||||||||||||||||
$ | 17,488,800 | $ | 16,221,822 | $ | 17,175,674 | $ | 17,266,588 |
(Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | (Amounts in thousands, except per share amounts) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
REVENUES: | REVENUES: | REVENUES: | ||||||||||||||||||||||||||||||||||||||||||||
Rental revenues | Rental revenues | $ | 369,203 | $ | 322,253 | $ | 1,048,116 | $ | 1,038,721 | Rental revenues | $ | 409,144 | $ | 369,203 | $ | 1,211,621 | $ | 1,048,116 | ||||||||||||||||||||||||||||
Fee and other income | Fee and other income | 40,009 | 41,709 | 120,014 | 112,799 | Fee and other income | 48,287 | 40,009 | 141,434 | 120,014 | ||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | 409,212 | 363,962 | 1,168,130 | 1,151,520 | Total revenues | 457,431 | 409,212 | 1,353,055 | 1,168,130 | ||||||||||||||||||||||||||||||||||||
EXPENSES: | EXPENSES: | EXPENSES: | ||||||||||||||||||||||||||||||||||||||||||||
Operating | Operating | (212,699) | (195,645) | (594,598) | (600,077) | Operating | (221,596) | (212,699) | (660,434) | (594,598) | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | (100,867) | (107,013) | (285,998) | (292,611) | Depreciation and amortization | (134,526) | (100,867) | (370,631) | (285,998) | ||||||||||||||||||||||||||||||||||||
General and administrative | General and administrative | (25,553) | (32,407) | (100,341) | (120,255) | General and administrative | (29,174) | (25,553) | (102,292) | (100,341) | ||||||||||||||||||||||||||||||||||||
(Expense) benefit from deferred compensation plan liability | (799) | (4,341) | (7,422) | 548 | ||||||||||||||||||||||||||||||||||||||||||
(Impairment losses, transaction related costs and other) lease liability extinguishment gain | (9,681) | (584) | (10,630) | 68,566 | ||||||||||||||||||||||||||||||||||||||||||
Benefit (expense) from deferred compensation plan liability | Benefit (expense) from deferred compensation plan liability | 600 | (799) | 10,138 | (7,422) | |||||||||||||||||||||||||||||||||||||||||
Transaction related costs and other | Transaction related costs and other | (996) | (9,681) | (4,961) | (10,630) | |||||||||||||||||||||||||||||||||||||||||
Total expenses | Total expenses | (349,599) | (339,990) | (998,989) | (943,829) | Total expenses | (385,692) | (349,599) | (1,128,180) | (998,989) | ||||||||||||||||||||||||||||||||||||
Income (loss) from partially owned entities | 26,269 | (80,909) | 86,768 | (353,679) | ||||||||||||||||||||||||||||||||||||||||||
Income from partially owned entities | Income from partially owned entities | 24,341 | 26,269 | 83,775 | 86,768 | |||||||||||||||||||||||||||||||||||||||||
(Loss) income from real estate fund investments | (Loss) income from real estate fund investments | (66) | (13,823) | 5,107 | (225,328) | (Loss) income from real estate fund investments | (111) | (66) | 5,421 | 5,107 | ||||||||||||||||||||||||||||||||||||
Interest and other investment income (loss), net | 633 | 1,729 | 3,694 | (7,068) | ||||||||||||||||||||||||||||||||||||||||||
Income (loss) from deferred compensation plan assets | 799 | 4,341 | 7,422 | (548) | ||||||||||||||||||||||||||||||||||||||||||
Interest and other investment income, net | Interest and other investment income, net | 5,228 | 633 | 9,282 | 3,694 | |||||||||||||||||||||||||||||||||||||||||
(Loss) income from deferred compensation plan assets | (Loss) income from deferred compensation plan assets | (600) | 799 | (10,138) | 7,422 | |||||||||||||||||||||||||||||||||||||||||
Interest and debt expense | Interest and debt expense | (50,946) | (57,371) | (152,904) | (174,618) | Interest and debt expense | (76,774) | (50,946) | (191,523) | (152,904) | ||||||||||||||||||||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | Net gains on disposition of wholly owned and partially owned assets | — | 10,087 | 35,384 | 35,811 | |||||||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 23,823 | 46,389 | 157,076 | 155,039 | |||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | Income tax (expense) benefit | (3,711) | 25,376 | (14,686) | 20,551 | |||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 20,112 | 71,765 | 142,390 | 175,590 | |||||||||||||||||||||||||||||||||||||||||
Less net loss (income) attributable to noncontrolling interests in: | Less net loss (income) attributable to noncontrolling interests in: | |||||||||||||||||||||||||||||||||||||||||||||
Consolidated subsidiaries | Consolidated subsidiaries | 3,792 | (5,425) | (4,756) | (20,323) | |||||||||||||||||||||||||||||||||||||||||
Operating Partnership | Operating Partnership | (606) | (2,818) | (6,382) | (6,683) | |||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | Net income attributable to Vornado | 23,298 | 63,522 | 131,252 | 148,584 | |||||||||||||||||||||||||||||||||||||||||
Preferred share dividends | Preferred share dividends | (15,529) | (16,800) | (46,587) | (49,734) | |||||||||||||||||||||||||||||||||||||||||
Series K preferred share issuance costs | Series K preferred share issuance costs | — | (9,033) | — | (9,033) | |||||||||||||||||||||||||||||||||||||||||
NET INCOME attributable to common shareholders | NET INCOME attributable to common shareholders | $ | 7,769 | $ | 37,689 | $ | 84,665 | $ | 89,817 | |||||||||||||||||||||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | 10,087 | 214,578 | 35,811 | 338,862 | ||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 46,389 | 92,517 | 155,039 | (214,688) | ||||||||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | 25,376 | (23,781) | 20,551 | (38,431) | ||||||||||||||||||||||||||||||||||||||||||
INCOME PER COMMON SHARE - BASIC: | INCOME PER COMMON SHARE - BASIC: | |||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 71,765 | 68,736 | 175,590 | (253,119) | ||||||||||||||||||||||||||||||||||||||||||
Less net (income) loss attributable to noncontrolling interests in: | ||||||||||||||||||||||||||||||||||||||||||||||
Consolidated subsidiaries | (5,425) | 848 | (20,323) | 141,003 | ||||||||||||||||||||||||||||||||||||||||||
Operating Partnership | (2,818) | (3,884) | (6,683) | 10,090 | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Vornado | 63,522 | 65,700 | 148,584 | (102,026) | ||||||||||||||||||||||||||||||||||||||||||
Preferred share dividends | (16,800) | (12,530) | (49,734) | (37,591) | ||||||||||||||||||||||||||||||||||||||||||
Series K preferred share issuance costs | (9,033) | — | (9,033) | — | ||||||||||||||||||||||||||||||||||||||||||
NET INCOME (LOSS) attributable to common shareholders | $ | 37,689 | $ | 53,170 | $ | 89,817 | $ | (139,617) | ||||||||||||||||||||||||||||||||||||||
Net income per common share | Net income per common share | $ | 0.04 | $ | 0.20 | $ | 0.44 | $ | 0.47 | |||||||||||||||||||||||||||||||||||||
Weighted average shares outstanding | Weighted average shares outstanding | 191,793 | 191,577 | 191,756 | 191,508 | |||||||||||||||||||||||||||||||||||||||||
INCOME (LOSS) PER COMMON SHARE - BASIC: | ||||||||||||||||||||||||||||||||||||||||||||||
INCOME PER COMMON SHARE - DILUTED: | INCOME PER COMMON SHARE - DILUTED: | |||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) per common share | $ | 0.20 | $ | 0.28 | $ | 0.47 | $ | (0.73) | ||||||||||||||||||||||||||||||||||||||
Net income per common share | Net income per common share | $ | 0.04 | $ | 0.20 | $ | 0.44 | $ | 0.47 | |||||||||||||||||||||||||||||||||||||
Weighted average shares outstanding | Weighted average shares outstanding | 191,577 | 191,162 | 191,508 | 191,102 | Weighted average shares outstanding | 192,018 | 192,041 | 192,042 | 192,151 | ||||||||||||||||||||||||||||||||||||
INCOME (LOSS) PER COMMON SHARE - DILUTED: | ||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) per common share | $ | 0.20 | $ | 0.28 | $ | 0.47 | $ | (0.73) | ||||||||||||||||||||||||||||||||||||||
Weighted average shares outstanding | 192,041 | 191,162 | 192,151 | 191,102 |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income (loss) | $ | 71,765 | $ | 68,736 | $ | 175,590 | $ | (253,119) | |||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Increase (reduction) in value of interest rate swaps and other | 5,362 | 7,926 | 25,555 | (37,473) | |||||||||||||||||||
Other comprehensive income (loss) of nonconsolidated subsidiaries | 1,322 | (15,634) | 6,381 | (15,626) | |||||||||||||||||||
Comprehensive income (loss) | 78,449 | 61,028 | 207,526 | (306,218) | |||||||||||||||||||
Less comprehensive (income) loss attributable to noncontrolling interests | (8,669) | (2,516) | (29,022) | 154,591 | |||||||||||||||||||
Comprehensive income (loss) attributable to Vornado | $ | 69,780 | $ | 58,512 | $ | 178,504 | $ | (151,627) |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income | $ | 20,112 | $ | 71,765 | $ | 142,390 | $ | 175,590 | |||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||
Change in fair value of interest rate swaps and other | 117,219 | 5,362 | 200,838 | 25,555 | |||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | 5,124 | 1,322 | 19,084 | 6,381 | |||||||||||||||||||
Comprehensive income | 142,455 | 78,449 | 362,312 | 207,526 | |||||||||||||||||||
Less comprehensive income attributable to noncontrolling interests | (7,279) | (8,669) | (28,348) | (29,022) | |||||||||||||||||||
Comprehensive income attributable to Vornado | $ | 135,176 | $ | 69,780 | $ | 333,964 | $ | 178,504 |
(Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | Non-controlling Interests in Consolidated Subsidiaries | (Amounts in thousands, except per share amounts) | Non-controlling Interests in Consolidated Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Non-controlling Interests in Consolidated Subsidiaries | Total Equity | Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Non-controlling Interests in Consolidated Subsidiaries | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | 48,793 | $ | 1,182,291 | 191,561 | $ | 7,641 | $ | 8,069,033 | $ | (2,925,161) | $ | (51,437) | $ | 285,950 | $ | 6,568,317 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2022: | For the Three Months Ended September 30, 2022: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | Balance as of June 30, 2022 | 48,793 | $ | 1,182,459 | 191,775 | $ | 7,650 | $ | 8,339,161 | $ | (3,205,751) | $ | 73,300 | $ | 253,994 | $ | 6,650,813 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | Net income attributable to Vornado | — | — | — | — | — | 63,522 | — | — | 63,522 | Net income attributable to Vornado | — | — | — | — | — | 23,298 | — | — | 23,298 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 4,299 | 4,299 | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 967 | 967 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.53 per share) | Dividends on common shares ($0.53 per share) | — | — | — | — | — | (101,527) | — | — | (101,527) | Dividends on common shares ($0.53 per share) | — | — | — | — | — | (101,656) | — | — | (101,656) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 12 for dividends per share amounts) | Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (16,800) | — | — | (16,800) | Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (15,529) | — | — | (15,529) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series O cumulative redeemable preferred shares issuance | 12,000 | 291,195 | — | — | — | — | — | — | 291,195 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | Common shares issued: | Common shares issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | Upon redemption of Class A units, at redemption value | — | — | 114 | 5 | 4,744 | — | — | — | 4,749 | Upon redemption of Class A units, at redemption value | — | — | 34 | 1 | 991 | — | — | — | 992 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | Under dividend reinvestment plan | — | — | 6 | 1 | 223 | — | — | — | 224 | Under dividend reinvestment plan | — | — | 7 | — | 221 | — | — | — | 221 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions | Contributions | — | — | — | — | — | — | — | 1,110 | 1,110 | Contributions | — | — | — | — | — | — | — | 650 | 650 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | — | — | — | — | — | — | — | (5,877) | (5,877) | Distributions | — | — | — | — | — | — | — | (4,548) | (4,548) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred shares to common shares | — | (13) | 1 | — | 13 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | Deferred compensation shares and options | — | — | (1) | — | 226 | — | — | — | 226 | Deferred compensation shares and options | — | — | — | — | 155 | — | — | — | 155 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 1,322 | — | 1,322 | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 5,124 | — | 5,124 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase in value of interest rate swaps | — | — | — | — | — | — | 5,360 | — | 5,360 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps and other | Change in fair value of interest rate swaps and other | — | — | — | — | — | — | 117,219 | — | 117,219 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | — | — | — | — | 64,100 | — | — | — | 64,100 | Redeemable Class A unit measurement adjustment | — | — | — | — | 21,857 | — | — | — | 21,857 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series K cumulative redeemable preferred shares called for redemption | (12,000) | (290,967) | — | — | — | (9,033) | — | — | (300,000) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | (426) | — | (426) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of above adjustments | Noncontrolling interests' share of above adjustments | — | — | — | — | — | — | (10,465) | 2,166 | (8,299) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | (7) | — | (1) | (2) | — | 2 | 39 | 31 | Other | — | — | 1 | 1 | 2 | 8 | — | (1) | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | 48,793 | $ | 1,182,499 | 191,681 | $ | 7,646 | $ | 8,138,337 | $ | (2,988,999) | $ | (45,179) | $ | 285,521 | $ | 6,579,825 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | Balance as of September 30, 2022 | 48,793 | $ | 1,182,459 | 191,817 | $ | 7,652 | $ | 8,362,387 | $ | (3,299,630) | $ | 185,178 | $ | 253,228 | $ | 6,691,274 |
(Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | Non-controlling Interests in Consolidated Subsidiaries | (Amounts in thousands, except per share amounts) | Accumulated Other Comprehensive Loss | Non-controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Non-controlling Interests in Consolidated Subsidiaries | Total Equity | Shares | Amount | Shares | Amount | Non-controlling Interests in Consolidated Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2021: | For the Three Months Ended September 30, 2021: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | Balance as of June 30, 2021 | 48,793 | $ | 1,182,291 | 191,561 | $ | 7,641 | $ | 8,069,033 | $ | (2,925,161) | $ | (51,437) | $ | 285,950 | $ | 6,568,317 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | Net income attributable to Vornado | — | — | — | — | — | 65,700 | — | — | 65,700 | Net income attributable to Vornado | — | — | — | — | — | 63,522 | — | — | 63,522 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | (1,019) | (1,019) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 4,299 | 4,299 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.53 per share) | Dividends on common shares ($0.53 per share) | — | — | — | — | — | (101,311) | — | — | (101,311) | Dividends on common shares ($0.53 per share) | — | — | — | — | — | (101,527) | — | — | (101,527) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 12 for dividends per share amounts) | Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (12,530) | — | — | (12,530) | Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (16,800) | — | — | (16,800) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series O cumulative redeemable preferred shares issuance | Series O cumulative redeemable preferred shares issuance | 12,000 | 291,195 | — | — | — | — | — | — | 291,195 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | Common shares issued: | Common shares issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | Upon redemption of Class A units, at redemption value | — | — | 100 | 4 | 3,582 | — | — | — | 3,586 | Upon redemption of Class A units, at redemption value | — | — | 114 | 5 | 4,744 | — | — | — | 4,749 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | Under dividend reinvestment plan | — | — | 9 | 1 | 299 | — | — | — | 300 | Under dividend reinvestment plan | — | — | 6 | 1 | 223 | — | — | — | 224 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions | Contributions | — | — | — | — | — | — | — | 358 | 358 | Contributions | — | — | — | — | — | — | — | 1,110 | 1,110 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | — | — | — | — | — | — | — | (14,987) | (14,987) | Distributions | — | — | — | — | — | — | — | (5,877) | (5,877) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred shares to common shares | Conversion of Series A preferred shares to common shares | (1) | (7) | — | — | 7 | — | — | — | — | Conversion of Series A preferred shares to common shares | — | (13) | 1 | — | 13 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | Deferred compensation shares and options | — | — | — | — | 304 | — | — | — | 304 | Deferred compensation shares and options | — | — | (1) | — | 226 | — | — | — | 226 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | — | (15,634) | — | (15,634) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase in value of interest rate swaps | — | — | — | — | — | — | 7,926 | — | 7,926 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 1,322 | — | 1,322 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps | Change in fair value of interest rate swaps | — | — | — | — | — | — | 5,360 | — | 5,360 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | — | — | — | — | 23,557 | — | — | — | 23,557 | Redeemable Class A unit measurement adjustment | — | — | — | — | 64,100 | — | — | — | 64,100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series K cumulative redeemable preferred shares called for redemption | Series K cumulative redeemable preferred shares called for redemption | (12,000) | (290,967) | — | — | — | (9,033) | — | — | (300,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | 520 | — | 520 | Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | (426) | — | (426) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | (1) | 1 | (1) | 1 | 6 | — | 1 | 6 | Other | — | (7) | — | (1) | (2) | — | 2 | 39 | 31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | Balance as of September 30, 2021 | 48,793 | $ | 1,182,499 | 191,681 | $ | 7,646 | $ | 8,138,337 | $ | (2,988,999) | $ | (45,179) | $ | 285,521 | $ | 6,579,825 |
(Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | Non-controlling Interests in Consolidated Subsidiaries | (Amounts in thousands, except per share amounts) | Non-controlling Interests in Consolidated Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Non-controlling Interests in Consolidated Subsidiaries | Total Equity | Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Non-controlling Interests in Consolidated Subsidiaries | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 48,793 | $ | 1,182,339 | 191,355 | $ | 7,633 | $ | 8,192,507 | $ | (2,774,182) | $ | (75,099) | $ | 414,957 | $ | 6,948,155 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2022: | For the Nine Months Ended September 30, 2022: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | Balance as of December 31, 2021 | 48,793 | $ | 1,182,459 | 191,724 | $ | 7,648 | $ | 8,143,093 | $ | (3,079,320) | $ | (17,534) | $ | 278,892 | $ | 6,515,238 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | Net income attributable to Vornado | — | — | — | — | — | 148,584 | — | — | 148,584 | Net income attributable to Vornado | — | — | — | — | — | 131,252 | — | — | 131,252 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 18,804 | 18,804 | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 13,236 | 13,236 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($1.59 per share) | Dividends on common shares ($1.59 per share) | — | — | — | — | — | (304,516) | — | — | (304,516) | Dividends on common shares ($1.59 per share) | — | — | — | — | — | (304,896) | — | — | (304,896) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 12 for dividends per share amounts) | Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (49,734) | — | — | (49,734) | Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (46,587) | — | — | (46,587) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series O cumulative redeemable preferred shares issuance | 12,000 | 291,195 | — | — | — | — | — | — | 291,195 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | Common shares issued: | Common shares issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | Upon redemption of Class A units, at redemption value | — | — | 313 | 13 | 13,045 | — | — | — | 13,058 | Upon redemption of Class A units, at redemption value | — | — | 76 | 3 | 2,566 | — | — | — | 2,569 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under employees' share option plan | Under employees' share option plan | — | — | — | — | 10 | — | — | — | 10 | Under employees' share option plan | — | — | — | — | 7 | — | — | — | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | Under dividend reinvestment plan | — | — | 16 | 1 | 653 | — | — | — | 654 | Under dividend reinvestment plan | — | — | 19 | — | 655 | — | — | — | 655 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions | Contributions | — | — | — | — | — | — | — | 2,657 | 2,657 | Contributions | — | — | — | — | — | — | — | 4,903 | 4,903 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | — | — | — | — | — | — | — | (150,934) | (150,934) | Distributions | — | — | — | — | — | — | — | (45,976) | (45,976) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred shares to common shares | — | (13) | 1 | — | 13 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | Deferred compensation shares and options | — | — | (4) | — | 675 | (114) | — | — | 561 | Deferred compensation shares and options | — | — | (2) | — | 447 | (85) | — | — | 362 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 6,381 | — | 6,381 | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 19,084 | — | 19,084 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase in value of interest rate swaps | — | — | — | — | — | — | 25,553 | — | 25,553 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unearned 2018 Out-Performance Plan awards acceleration | — | — | — | — | 10,283 | — | — | — | 10,283 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps and other | Change in fair value of interest rate swaps and other | — | — | — | — | — | — | 200,838 | — | 200,838 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | — | — | — | — | (78,848) | — | — | — | (78,848) | Redeemable Class A unit measurement adjustment | — | — | — | — | 215,619 | — | — | — | 215,619 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series K cumulative redeemable preferred shares called for redemption | (12,000) | (290,967) | — | — | — | (9,033) | — | — | (300,000) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | (2,016) | — | (2,016) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of above adjustments | Noncontrolling interests' share of above adjustments | — | — | — | — | — | — | (17,210) | 2,166 | (15,044) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | (55) | — | (1) | (1) | (4) | 2 | 37 | (22) | Other | — | — | — | 1 | — | 6 | — | 7 | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | 48,793 | $ | 1,182,499 | 191,681 | $ | 7,646 | $ | 8,138,337 | $ | (2,988,999) | $ | (45,179) | $ | 285,521 | $ | 6,579,825 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | Balance as of September 30, 2022 | 48,793 | $ | 1,182,459 | 191,817 | $ | 7,652 | $ | 8,362,387 | $ | (3,299,630) | $ | 185,178 | $ | 253,228 | $ | 6,691,274 |
(Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | Non-controlling Interests in Consolidated Subsidiaries | (Amounts in thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | Earnings Less Than Distributions | 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 | Preferred Shares | Common Shares | Additional Capital | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Non-controlling Interests in Consolidated Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative effect of accounting change | — | — | — | — | — | (16,064) | — | — | (16,064) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to Vornado | — | — | — | — | — | (102,026) | — | — | (102,026) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | (141,310) | (141,310) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($1.85 per share) | — | — | — | — | — | (353,558) | — | — | (353,558) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2021: | For the Nine Months Ended September 30, 2021: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | Balance as of December 31, 2020 | 48,793 | $ | 1,182,339 | 191,355 | $ | 7,633 | $ | 8,192,507 | $ | (2,774,182) | $ | (75,099) | $ | 414,957 | $ | 6,948,155 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | Net income attributable to Vornado | — | — | — | — | — | 148,584 | — | — | 148,584 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 18,804 | 18,804 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($1.59 per share) | Dividends on common shares ($1.59 per share) | — | — | — | — | — | (304,516) | — | — | (304,516) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 12 for dividends per share amounts) | Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (37,591) | — | — | (37,591) | Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (49,734) | — | — | (49,734) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series O cumulative redeemable preferred shares issuance | Series O cumulative redeemable preferred shares issuance | 12,000 | 291,195 | — | — | — | — | — | — | 291,195 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | Common shares issued: | Common shares issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | Upon redemption of Class A units, at redemption value | — | — | 149 | 6 | 6,044 | — | — | — | 6,050 | Upon redemption of Class A units, at redemption value | — | — | 313 | 13 | 13,045 | — | — | — | 13,058 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under employees' share option plan | Under employees' share option plan | — | — | 69 | 3 | 3,514 | — | — | — | 3,517 | Under employees' share option plan | — | — | — | — | 10 | — | — | — | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | Under dividend reinvestment plan | — | — | 40 | 2 | 2,048 | — | — | — | 2,050 | Under dividend reinvestment plan | — | — | 16 | 1 | 653 | — | — | — | 654 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate fund investments | — | — | — | — | — | — | — | 3,389 | 3,389 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | 2,837 | 2,837 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions | Contributions | — | — | — | — | — | — | — | 2,657 | 2,657 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | — | — | — | — | — | — | — | (25,517) | (25,517) | Distributions | — | — | — | — | — | — | — | (150,934) | (150,934) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred shares to common shares | Conversion of Series A preferred shares to common shares | (3) | (57) | 4 | — | 57 | — | — | — | — | Conversion of Series A preferred shares to common shares | — | (13) | 1 | — | 13 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | Deferred compensation shares and options | — | — | 13 | 1 | 905 | (137) | — | — | 769 | Deferred compensation shares and options | — | — | (4) | — | 675 | (114) | — | — | 561 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | — | (15,626) | — | (15,626) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reduction in value of interest rate swaps | — | — | — | — | — | — | (37,473) | — | (37,473) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unearned 2017 Out-Performance Plan awards acceleration | — | — | — | — | 10,824 | — | — | — | 10,824 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 6,381 | — | 6,381 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps | Change in fair value of interest rate swaps | — | — | — | — | — | — | 25,553 | — | 25,553 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unearned 2018 Out-Performance Plan awards acceleration | Unearned 2018 Out-Performance Plan awards acceleration | — | — | — | — | 10,283 | — | — | — | 10,283 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | — | — | — | — | 272,436 | — | — | — | 272,436 | Redeemable Class A unit measurement adjustment | — | — | — | — | (78,848) | — | — | — | (78,848) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series K cumulative redeemable preferred shares called for redemption | Series K cumulative redeemable preferred shares called for redemption | (12,000) | (290,967) | — | — | — | (9,033) | — | — | (300,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | 3,498 | — | 3,498 | Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | (2,016) | — | (2,016) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | (1) | — | (1) | (1) | 7 | — | (1,502) | (1,498) | Other | — | (55) | — | (1) | (1) | (4) | 2 | 37 | (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | Balance as of September 30, 2021 | 48,793 | $ | 1,182,499 | 191,681 | $ | 7,646 | $ | 8,138,337 | $ | (2,988,999) | $ | (45,179) | $ | 285,521 | $ | 6,579,825 |
(Amounts in thousands) | (Amounts in thousands) | For the Nine Months Ended September 30, | (Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||
Cash Flows from Operating Activities: | Cash Flows from Operating Activities: | Cash Flows from Operating Activities: | ||||||||||||||||||||
Net income (loss) | $ | 175,590 | $ | (253,119) | ||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||||||||
Net income | Net income | $ | 142,390 | $ | 175,590 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||
Depreciation and amortization (including amortization of deferred financing costs) | Depreciation and amortization (including amortization of deferred financing costs) | 299,749 | 305,905 | Depreciation and amortization (including amortization of deferred financing costs) | 386,697 | 299,749 | ||||||||||||||||
Distributions of income from partially owned entities | Distributions of income from partially owned entities | 171,367 | 132,850 | Distributions of income from partially owned entities | 137,758 | 171,367 | ||||||||||||||||
Equity in net (income) loss of partially owned entities | (86,768) | 353,679 | ||||||||||||||||||||
Equity in net income of partially owned entities | Equity in net income of partially owned entities | (83,775) | (86,768) | |||||||||||||||||||
Straight-lining of rents | Straight-lining of rents | (45,835) | 11,651 | |||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | Net gains on disposition of wholly owned and partially owned assets | (35,811) | (338,862) | Net gains on disposition of wholly owned and partially owned assets | (35,384) | (35,811) | ||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 32,889 | 39,638 | Stock-based compensation expense | 22,887 | 32,889 | ||||||||||||||||
Straight-lining of rents | 11,651 | 20,021 | ||||||||||||||||||||
Change in deferred tax liability | Change in deferred tax liability | 9,992 | 2,497 | |||||||||||||||||||
Amortization of below-market leases, net | Amortization of below-market leases, net | (7,939) | (13,054) | Amortization of below-market leases, net | (3,788) | (7,939) | ||||||||||||||||
Net realized and unrealized loss on real estate fund investments | Net realized and unrealized loss on real estate fund investments | 1,128 | 789 | |||||||||||||||||||
Write-off of lease receivables deemed uncollectible | Write-off of lease receivables deemed uncollectible | 782 | 7,219 | |||||||||||||||||||
Real estate impairment losses | Real estate impairment losses | 7,880 | — | Real estate impairment losses | — | 7,880 | ||||||||||||||||
Write-off of lease receivables deemed uncollectible | 7,219 | 60,766 | ||||||||||||||||||||
Net unrealized loss on real estate fund investments | 789 | 225,412 | ||||||||||||||||||||
Gain on extinguishment of 608 Fifth Avenue lease liability | — | (70,260) | ||||||||||||||||||||
Credit losses on loans receivable | — | 13,369 | ||||||||||||||||||||
Decrease in fair value of marketable securities | — | 4,938 | ||||||||||||||||||||
Other non-cash adjustments | Other non-cash adjustments | (2,549) | 7,544 | Other non-cash adjustments | 2,560 | (5,046) | ||||||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | ||||||||||||||||||||
Real estate fund investments | Real estate fund investments | (789) | (6,502) | Real estate fund investments | — | (789) | ||||||||||||||||
Tenant and other receivables | Tenant and other receivables | (12,092) | (27,093) | Tenant and other receivables | (2,128) | (12,092) | ||||||||||||||||
Prepaid assets | Prepaid assets | (44,731) | (215,645) | Prepaid assets | 33,995 | (44,731) | ||||||||||||||||
Other assets | Other assets | (77,508) | (41,328) | Other assets | (22,706) | (77,508) | ||||||||||||||||
Accounts payable and accrued expenses | Accounts payable and accrued expenses | 43,067 | (4,058) | Accounts payable and accrued expenses | 6,649 | 43,067 | ||||||||||||||||
Other liabilities | Other liabilities | (3,911) | (2,841) | Other liabilities | 8,605 | (3,911) | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 478,103 | 191,360 | Net cash provided by operating activities | 559,827 | 478,103 | ||||||||||||||||
Cash Flows from Investing Activities: | Cash Flows from Investing Activities: | Cash Flows from Investing Activities: | ||||||||||||||||||||
Purchase of U.S. Treasury bills | Purchase of U.S. Treasury bills | (794,793) | — | |||||||||||||||||||
Development costs and construction in progress | Development costs and construction in progress | (444,645) | (448,167) | Development costs and construction in progress | (557,884) | (444,645) | ||||||||||||||||
Acquisition of additional 45.0% ownership interest in One Park Avenue (inclusive of $5,806 of prorations and net working capital and net of $39,370 of cash and restricted cash balances consolidated upon acquisition) | (123,936) | — | ||||||||||||||||||||
Proceeds from maturities of U.S. Treasury bills | Proceeds from maturities of U.S. Treasury bills | 349,461 | — | |||||||||||||||||||
Proceeds from sales of real estate | Proceeds from sales of real estate | 253,958 | 100,024 | |||||||||||||||||||
Additions to real estate | Additions to real estate | (113,374) | (112,906) | Additions to real estate | (120,124) | (113,374) | ||||||||||||||||
Distributions of capital from partially owned entities | Distributions of capital from partially owned entities | 106,005 | 1,090 | Distributions of capital from partially owned entities | 20,566 | 106,005 | ||||||||||||||||
Proceeds from sales of real estate | 100,024 | — | ||||||||||||||||||||
Proceeds from sale of condominium units at 220 Central Park South | 97,683 | 939,292 | ||||||||||||||||||||
Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South | Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South | 16,124 | 97,683 | |||||||||||||||||||
Investments in partially owned entities | Investments in partially owned entities | (12,366) | (6,156) | Investments in partially owned entities | (15,046) | (12,366) | ||||||||||||||||
Acquisitions of real estate and other | Acquisitions of real estate and other | (3,000) | (985) | Acquisitions of real estate and other | (2,000) | (3,000) | ||||||||||||||||
Proceeds from repayments of loans receivable | 975 | — | ||||||||||||||||||||
Moynihan Train Hall expenditures | — | (277,128) | ||||||||||||||||||||
Proceeds from sales of marketable securities | — | 28,375 | ||||||||||||||||||||
Net cash (used in) provided by investing activities | (392,634) | 123,415 | ||||||||||||||||||||
Acquisition of additional 45.0% ownership interest in One Park Avenue (inclusive of $5,806 of prorations and net working capital and net of $39,370 of cash and restricted cash balances consolidated upon acquisition) | Acquisition of additional 45.0% ownership interest in One Park Avenue (inclusive of $5,806 of prorations and net working capital and net of $39,370 of cash and restricted cash balances consolidated upon acquisition) | — | (123,936) | |||||||||||||||||||
Proceeds from repayments of loan receivables | Proceeds from repayments of loan receivables | — | 975 | |||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (849,738) | (392,634) |
(Amounts in thousands) | (Amounts in thousands) | For the Nine Months Ended September 30, | (Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||
Cash Flows from Financing Activities: | Cash Flows from Financing Activities: | Cash Flows from Financing Activities: | ||||||||||||||||||||
Repayments of borrowings | Repayments of borrowings | $ | (1,245,973) | $ | (1,578,843) | |||||||||||||||||
Proceeds from borrowings | Proceeds from borrowings | $ | 2,298,007 | $ | 555,918 | Proceeds from borrowings | 1,029,773 | 2,298,007 | ||||||||||||||
Repayments of borrowings | (1,578,843) | (514,493) | ||||||||||||||||||||
Dividends paid on common shares | Dividends paid on common shares | (304,516) | (725,938) | Dividends paid on common shares | (304,896) | (304,516) | ||||||||||||||||
Proceeds from the issuance of preferred shares | 291,195 | — | ||||||||||||||||||||
Distributions to noncontrolling interests | Distributions to noncontrolling interests | (173,356) | (76,759) | Distributions to noncontrolling interests | (68,716) | (173,356) | ||||||||||||||||
Dividends paid on preferred shares | Dividends paid on preferred shares | (49,400) | (50,123) | Dividends paid on preferred shares | (46,587) | (49,400) | ||||||||||||||||
Debt issuance costs | Debt issuance costs | (33,935) | (1,357) | Debt issuance costs | (32,473) | (33,935) | ||||||||||||||||
Contributions from noncontrolling interests | Contributions from noncontrolling interests | 2,657 | 98,626 | Contributions from noncontrolling interests | 4,903 | 2,657 | ||||||||||||||||
Proceeds received from exercise of employee share options and other | Proceeds received from exercise of employee share options and other | 664 | 5,567 | Proceeds received from exercise of employee share options and other | 662 | 664 | ||||||||||||||||
Repurchase of shares related to stock compensation agreements and related tax withholdings and other | Repurchase of shares related to stock compensation agreements and related tax withholdings and other | (114) | (137) | Repurchase of shares related to stock compensation agreements and related tax withholdings and other | (85) | (114) | ||||||||||||||||
Moynihan Train Hall reimbursement from Empire State Development | — | 277,128 | ||||||||||||||||||||
Net cash provided by (used in) financing activities | 452,359 | (431,568) | ||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash | 537,828 | (116,793) | ||||||||||||||||||||
Proceeds from the issuance of preferred shares | Proceeds from the issuance of preferred shares | — | 291,195 | |||||||||||||||||||
Net cash (used in) provided by financing activities | Net cash (used in) provided by financing activities | (663,392) | 452,359 | |||||||||||||||||||
Net (decrease) increase in cash and cash equivalents and restricted cash | Net (decrease) increase in cash and cash equivalents and restricted cash | (953,303) | 537,828 | |||||||||||||||||||
Cash and cash equivalents and restricted cash at beginning of period | Cash and cash equivalents and restricted cash at beginning of period | 1,730,369 | 1,607,131 | Cash and cash equivalents and restricted cash at beginning of period | 1,930,351 | 1,730,369 | ||||||||||||||||
Cash and cash equivalents and restricted cash at end of period | Cash and cash equivalents and restricted cash at end of period | $ | 2,268,197 | $ | 1,490,338 | Cash and cash equivalents and restricted cash at end of period | $ | 977,048 | $ | 2,268,197 | ||||||||||||
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | 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 | Cash and cash equivalents at beginning of period | $ | 1,624,482 | $ | 1,515,012 | Cash and cash equivalents at beginning of period | $ | 1,760,225 | $ | 1,624,482 | ||||||||||||
Restricted cash at beginning of period | Restricted cash at beginning of period | 105,887 | 92,119 | Restricted cash at beginning of period | 170,126 | 105,887 | ||||||||||||||||
Cash and cash equivalents and restricted cash at beginning of period | Cash and cash equivalents and restricted cash at beginning of period | $ | 1,730,369 | $ | 1,607,131 | Cash and cash equivalents and restricted cash at beginning of period | $ | 1,930,351 | $ | 1,730,369 | ||||||||||||
Cash and cash equivalents at end of period | Cash and cash equivalents at end of period | $ | 2,128,964 | $ | 1,411,047 | Cash and cash equivalents at end of period | $ | 845,423 | $ | 2,128,964 | ||||||||||||
Restricted cash at end of period | Restricted cash at end of period | 139,233 | 79,291 | Restricted cash at end of period | 131,625 | 139,233 | ||||||||||||||||
Cash and cash equivalents and restricted cash at end of period | Cash and cash equivalents and restricted cash at end of period | $ | 2,268,197 | $ | 1,490,338 | Cash and cash equivalents and restricted cash at end of period | $ | 977,048 | $ | 2,268,197 | ||||||||||||
Supplemental Disclosure of Cash Flow Information: | Supplemental Disclosure of Cash Flow Information: | Supplemental Disclosure of Cash Flow Information: | ||||||||||||||||||||
Cash payments for interest, excluding capitalized interest of $31,785 and $30,649 | $ | 137,937 | $ | 164,752 | ||||||||||||||||||
Cash payments for interest, excluding capitalized interest of $12,095 and $31,785 | Cash payments for interest, excluding capitalized interest of $12,095 and $31,785 | $ | 170,839 | $ | 137,937 | |||||||||||||||||
Cash payments for income taxes | Cash payments for income taxes | $ | 8,426 | $ | 14,252 | Cash payments for income taxes | $ | 6,919 | $ | 8,426 | ||||||||||||
Non-Cash Investing and Financing Activities: | Non-Cash Investing and Financing Activities: | Non-Cash Investing and Financing Activities: | ||||||||||||||||||||
Additional estimated lease liability arising from the recognition of right-of-use asset | Additional estimated lease liability arising from the recognition of right-of-use asset | $ | 350,000 | $ | — | |||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | 215,619 | (78,848) | |||||||||||||||||||
Increase in accumulated other comprehensive income due to change in fair value of consolidated interest rate swaps and other | Increase in accumulated other comprehensive income due to change in fair value of consolidated interest rate swaps and other | 200,838 | 25,555 | |||||||||||||||||||
Accrued capital expenditures included in accounts payable and accrued expenses | Accrued capital expenditures included in accounts payable and accrued expenses | 86,844 | 120,635 | |||||||||||||||||||
Reclassification of assets held for sale (included in "other assets") | Reclassification of assets held for sale (included in "other assets") | 64,177 | 79,421 | |||||||||||||||||||
Write-off of fully depreciated assets | Write-off of fully depreciated assets | (52,475) | (78,353) | |||||||||||||||||||
Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | 30,542 | 11,767 | |||||||||||||||||||
Increase in assets and liabilities resulting from the consolidation of One Park Avenue: | Increase in assets and liabilities resulting from the consolidation of One Park Avenue: | Increase in assets and liabilities resulting from the consolidation of One Park Avenue: | ||||||||||||||||||||
Real estate | Real estate | $ | 566,013 | $ | — | Real estate | — | 566,013 | ||||||||||||||
Identified intangible assets | Identified intangible assets | 139,545 | — | Identified intangible assets | — | 139,545 | ||||||||||||||||
Mortgages payable | Mortgages payable | 525,000 | — | Mortgages payable | — | 525,000 | ||||||||||||||||
Deferred revenue | Deferred revenue | 18,884 | — | Deferred revenue | — | 18,884 | ||||||||||||||||
Reclassification of Series K cumulative redeemable preferred shares to liabilities upon call for redemption | Reclassification of Series K cumulative redeemable preferred shares to liabilities upon call for redemption | 300,000 | — | Reclassification of Series K cumulative redeemable preferred shares to liabilities upon call for redemption | — | 300,000 | ||||||||||||||||
Accrued capital expenditures included in accounts payable and accrued expenses | 120,635 | 118,672 | ||||||||||||||||||||
Reclassification of assets held for sale (included in "other assets") | 79,421 | — | ||||||||||||||||||||
Redeemable Class A unit measurement adjustment | (78,848) | 272,436 | ||||||||||||||||||||
Write-off of fully depreciated assets | (78,353) | (111,863) | ||||||||||||||||||||
Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | 11,767 | 370,850 |
(Amounts in thousands, except unit amounts) | (Amounts in thousands, except unit amounts) | As of | (Amounts in thousands, except unit amounts) | As of | ||||||||||||||||||
September 30, 2021 | December 31, 2020 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||
Real estate, at cost: | Real estate, at cost: | Real estate, at cost: | ||||||||||||||||||||
Land | Land | $ | 2,528,207 | $ | 2,420,054 | Land | $ | 2,477,956 | $ | 2,540,193 | ||||||||||||
Buildings and improvements | Buildings and improvements | 8,449,768 | 7,933,030 | Buildings and improvements | 10,015,452 | 9,839,166 | ||||||||||||||||
Development costs and construction in progress | Development costs and construction in progress | 1,830,660 | 1,604,637 | Development costs and construction in progress | 802,272 | 718,694 | ||||||||||||||||
Leasehold improvements and equipment | Leasehold improvements and equipment | 111,233 | 130,222 | Leasehold improvements and equipment | 122,948 | 119,792 | ||||||||||||||||
Total | Total | 12,919,868 | 12,087,943 | Total | 13,418,628 | 13,217,845 | ||||||||||||||||
Less accumulated depreciation and amortization | Less accumulated depreciation and amortization | (3,309,273) | (3,169,446) | Less accumulated depreciation and amortization | (3,606,986) | (3,376,347) | ||||||||||||||||
Real estate, net | Real estate, net | 9,610,595 | 8,918,497 | Real estate, net | 9,811,642 | 9,841,498 | ||||||||||||||||
Right-of-use assets | Right-of-use assets | 337,130 | 367,365 | Right-of-use assets | 685,298 | 337,197 | ||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 2,128,964 | 1,624,482 | Cash and cash equivalents | 845,423 | 1,760,225 | ||||||||||||||||
Restricted cash | Restricted cash | 139,233 | 105,887 | Restricted cash | 131,625 | 170,126 | ||||||||||||||||
Investments in U.S. Treasury bills | Investments in U.S. Treasury bills | 445,165 | — | |||||||||||||||||||
Tenant and other receivables | Tenant and other receivables | 89,606 | 77,658 | Tenant and other receivables | 81,004 | 79,661 | ||||||||||||||||
Investments in partially owned entities | Investments in partially owned entities | 3,287,870 | 3,491,107 | Investments in partially owned entities | 3,250,197 | 3,297,389 | ||||||||||||||||
Real estate fund investments | Real estate fund investments | 3,739 | 3,739 | Real estate fund investments | 930 | 7,730 | ||||||||||||||||
220 Central Park South condominium units ready for sale | 220 Central Park South condominium units ready for sale | 77,658 | 128,215 | 220 Central Park South condominium units ready for sale | 78,590 | 57,142 | ||||||||||||||||
Receivable arising from the straight-lining of rents | Receivable arising from the straight-lining of rents | 656,137 | 674,075 | Receivable arising from the straight-lining of rents | 692,733 | 656,318 | ||||||||||||||||
Deferred leasing costs, net of accumulated amortization of $209,266 and $196,972 | 386,273 | 372,919 | ||||||||||||||||||||
Identified intangible assets, net of accumulated amortization of $93,643 and $93,113 | 158,438 | 23,856 | ||||||||||||||||||||
Deferred leasing costs, net of accumulated amortization of $233,001 and $211,775 | Deferred leasing costs, net of accumulated amortization of $233,001 and $211,775 | 380,221 | 391,693 | |||||||||||||||||||
Identified intangible assets, net of accumulated amortization of $95,661 and $97,186 | Identified intangible assets, net of accumulated amortization of $95,661 and $97,186 | 142,116 | 154,895 | |||||||||||||||||||
Other assets | Other assets | 613,157 | 434,022 | Other assets | 630,730 | 512,714 | ||||||||||||||||
$ | 17,488,800 | $ | 16,221,822 | $ | 17,175,674 | $ | 17,266,588 | |||||||||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||||||||||||||||||||
Mortgages payable, net | Mortgages payable, net | $ | 6,069,512 | $ | 5,580,549 | Mortgages payable, net | $ | 5,831,769 | $ | 6,053,343 | ||||||||||||
Senior unsecured notes, net | Senior unsecured notes, net | 1,189,680 | 446,685 | Senior unsecured notes, net | 1,191,322 | 1,189,792 | ||||||||||||||||
Unsecured term loan, net | Unsecured term loan, net | 797,549 | 796,762 | Unsecured term loan, net | 792,847 | 797,812 | ||||||||||||||||
Unsecured revolving credit facilities | Unsecured revolving credit facilities | 575,000 | 575,000 | Unsecured revolving credit facilities | 575,000 | 575,000 | ||||||||||||||||
Lease liabilities | Lease liabilities | 372,908 | 401,008 | Lease liabilities | 731,674 | 370,206 | ||||||||||||||||
Accounts payable and accrued expenses | Accounts payable and accrued expenses | 449,768 | 427,202 | Accounts payable and accrued expenses | 475,151 | 613,497 | ||||||||||||||||
Deferred revenue | Deferred revenue | 50,064 | 40,110 | Deferred revenue | 41,879 | 48,118 | ||||||||||||||||
Deferred compensation plan | Deferred compensation plan | 107,860 | 105,564 | Deferred compensation plan | 95,681 | 110,174 | ||||||||||||||||
Preferred units to be redeemed on October 13, 2021 | 300,000 | — | ||||||||||||||||||||
Other liabilities | Other liabilities | 305,946 | 294,520 | Other liabilities | 265,775 | 304,725 | ||||||||||||||||
Total liabilities | Total liabilities | 10,218,287 | 8,667,400 | Total liabilities | 10,001,098 | 10,062,667 | ||||||||||||||||
Commitments and contingencies | Commitments and contingencies | 0 | 0 | Commitments and contingencies | ||||||||||||||||||
Redeemable noncontrolling interests: | Redeemable noncontrolling interests: | Redeemable noncontrolling interests: | ||||||||||||||||||||
Class A units - 14,070,794 and 13,583,607 units outstanding | 591,114 | 507,212 | ||||||||||||||||||||
Series D cumulative redeemable preferred units - 141,400 and 141,401 units outstanding | 3,535 | 4,535 | ||||||||||||||||||||
Class A units - 14,253,759 and 14,033,438 units outstanding | Class A units - 14,253,759 and 14,033,438 units outstanding | 390,539 | 587,440 | |||||||||||||||||||
Series D cumulative redeemable preferred units - 141,400 units outstanding | Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 | |||||||||||||||||||
Total redeemable noncontrolling partnership units | Total redeemable noncontrolling partnership units | 594,649 | 511,747 | Total redeemable noncontrolling partnership units | 394,074 | 590,975 | ||||||||||||||||
Redeemable noncontrolling interest in a consolidated subsidiary | Redeemable noncontrolling interest in a consolidated subsidiary | 96,039 | 94,520 | Redeemable noncontrolling interest in a consolidated subsidiary | 89,228 | 97,708 | ||||||||||||||||
Total redeemable noncontrolling interests | Total redeemable noncontrolling interests | 690,688 | 606,267 | Total redeemable noncontrolling interests | 483,302 | 688,683 | ||||||||||||||||
Partners' equity: | Partners' equity: | Partners' equity: | ||||||||||||||||||||
Partners' capital | Partners' capital | 9,328,482 | 9,382,479 | Partners' capital | 9,552,498 | 9,333,200 | ||||||||||||||||
Earnings less than distributions | Earnings less than distributions | (2,988,999) | (2,774,182) | Earnings less than distributions | (3,299,630) | (3,079,320) | ||||||||||||||||
Accumulated other comprehensive loss | (45,179) | (75,099) | ||||||||||||||||||||
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) | 185,178 | (17,534) | |||||||||||||||||||
Total partners' equity | Total partners' equity | 6,294,304 | 6,533,198 | Total partners' equity | 6,438,046 | 6,236,346 | ||||||||||||||||
Noncontrolling interests in consolidated subsidiaries | Noncontrolling interests in consolidated subsidiaries | 285,521 | 414,957 | Noncontrolling interests in consolidated subsidiaries | 253,228 | 278,892 | ||||||||||||||||
Total equity | Total equity | 6,579,825 | 6,948,155 | Total equity | 6,691,274 | 6,515,238 | ||||||||||||||||
$ | 17,488,800 | $ | 16,221,822 | $ | 17,175,674 | $ | 17,266,588 |
(Amounts in thousands, except per unit amounts) | (Amounts in thousands, except per unit amounts) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | (Amounts in thousands, except per unit amounts) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
REVENUES: | REVENUES: | REVENUES: | ||||||||||||||||||||||||||||||||||||||||||||
Rental revenues | Rental revenues | $ | 369,203 | $ | 322,253 | $ | 1,048,116 | $ | 1,038,721 | Rental revenues | $ | 409,144 | $ | 369,203 | $ | 1,211,621 | $ | 1,048,116 | ||||||||||||||||||||||||||||
Fee and other income | Fee and other income | 40,009 | 41,709 | 120,014 | 112,799 | Fee and other income | 48,287 | 40,009 | 141,434 | 120,014 | ||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | 409,212 | 363,962 | 1,168,130 | 1,151,520 | Total revenues | 457,431 | 409,212 | 1,353,055 | 1,168,130 | ||||||||||||||||||||||||||||||||||||
EXPENSES: | EXPENSES: | EXPENSES: | ||||||||||||||||||||||||||||||||||||||||||||
Operating | Operating | (212,699) | (195,645) | (594,598) | (600,077) | Operating | (221,596) | (212,699) | (660,434) | (594,598) | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | (100,867) | (107,013) | (285,998) | (292,611) | Depreciation and amortization | (134,526) | (100,867) | (370,631) | (285,998) | ||||||||||||||||||||||||||||||||||||
General and administrative | General and administrative | (25,553) | (32,407) | (100,341) | (120,255) | General and administrative | (29,174) | (25,553) | (102,292) | (100,341) | ||||||||||||||||||||||||||||||||||||
(Expense) benefit from deferred compensation plan liability | (799) | (4,341) | (7,422) | 548 | ||||||||||||||||||||||||||||||||||||||||||
(Impairment losses, transaction related costs and other) lease liability extinguishment gain | (9,681) | (584) | (10,630) | 68,566 | ||||||||||||||||||||||||||||||||||||||||||
Benefit (expense) from deferred compensation plan liability | Benefit (expense) from deferred compensation plan liability | 600 | (799) | 10,138 | (7,422) | |||||||||||||||||||||||||||||||||||||||||
Transaction related costs and other | Transaction related costs and other | (996) | (9,681) | (4,961) | (10,630) | |||||||||||||||||||||||||||||||||||||||||
Total expenses | Total expenses | (349,599) | (339,990) | (998,989) | (943,829) | Total expenses | (385,692) | (349,599) | (1,128,180) | (998,989) | ||||||||||||||||||||||||||||||||||||
Income (loss) from partially owned entities | 26,269 | (80,909) | 86,768 | (353,679) | ||||||||||||||||||||||||||||||||||||||||||
Income from partially owned entities | Income from partially owned entities | 24,341 | 26,269 | 83,775 | 86,768 | |||||||||||||||||||||||||||||||||||||||||
(Loss) income from real estate fund investments | (Loss) income from real estate fund investments | (66) | (13,823) | 5,107 | (225,328) | (Loss) income from real estate fund investments | (111) | (66) | 5,421 | 5,107 | ||||||||||||||||||||||||||||||||||||
Interest and other investment income (loss), net | 633 | 1,729 | 3,694 | (7,068) | ||||||||||||||||||||||||||||||||||||||||||
Income (loss) from deferred compensation plan assets | 799 | 4,341 | 7,422 | (548) | ||||||||||||||||||||||||||||||||||||||||||
Interest and other investment income, net | Interest and other investment income, net | 5,228 | 633 | 9,282 | 3,694 | |||||||||||||||||||||||||||||||||||||||||
(Loss) income from deferred compensation plan assets | (Loss) income from deferred compensation plan assets | (600) | 799 | (10,138) | 7,422 | |||||||||||||||||||||||||||||||||||||||||
Interest and debt expense | Interest and debt expense | (50,946) | (57,371) | (152,904) | (174,618) | Interest and debt expense | (76,774) | (50,946) | (191,523) | (152,904) | ||||||||||||||||||||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | Net gains on disposition of wholly owned and partially owned assets | — | 10,087 | 35,384 | 35,811 | |||||||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 23,823 | 46,389 | 157,076 | 155,039 | |||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | Income tax (expense) benefit | (3,711) | 25,376 | (14,686) | 20,551 | |||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 20,112 | 71,765 | 142,390 | 175,590 | |||||||||||||||||||||||||||||||||||||||||
Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries | Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 3,792 | (5,425) | (4,756) | (20,323) | |||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | Net income attributable to Vornado Realty L.P. | 23,904 | 66,340 | 137,634 | 155,267 | |||||||||||||||||||||||||||||||||||||||||
Preferred unit distributions | Preferred unit distributions | (15,558) | (16,842) | (46,673) | (49,858) | |||||||||||||||||||||||||||||||||||||||||
Series K preferred unit issuance costs | Series K preferred unit issuance costs | — | (9,033) | — | (9,033) | |||||||||||||||||||||||||||||||||||||||||
NET INCOME attributable to Class A unitholders | NET INCOME attributable to Class A unitholders | $ | 8,346 | $ | 40,465 | $ | 90,961 | $ | 96,376 | |||||||||||||||||||||||||||||||||||||
INCOME PER CLASS A UNIT - BASIC: | INCOME PER CLASS A UNIT - BASIC: | |||||||||||||||||||||||||||||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | 10,087 | 214,578 | 35,811 | 338,862 | ||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 46,389 | 92,517 | 155,039 | (214,688) | ||||||||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | 25,376 | (23,781) | 20,551 | (38,431) | ||||||||||||||||||||||||||||||||||||||||||
Net income per Class A unit | Net income per Class A unit | $ | 0.04 | $ | 0.19 | $ | 0.43 | $ | 0.46 | |||||||||||||||||||||||||||||||||||||
Weighted average units outstanding | Weighted average units outstanding | 205,410 | 204,864 | 205,271 | 204,663 | |||||||||||||||||||||||||||||||||||||||||
INCOME PER CLASS A UNIT - DILUTED: | INCOME PER CLASS A UNIT - DILUTED: | |||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 71,765 | 68,736 | 175,590 | (253,119) | ||||||||||||||||||||||||||||||||||||||||||
Less net (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (5,425) | 848 | (20,323) | 141,003 | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Vornado Realty L.P. | 66,340 | 69,584 | 155,267 | (112,116) | ||||||||||||||||||||||||||||||||||||||||||
Preferred unit distributions | (16,842) | (12,572) | (49,858) | (37,715) | ||||||||||||||||||||||||||||||||||||||||||
Series K preferred unit issuance costs | (9,033) | — | (9,033) | — | ||||||||||||||||||||||||||||||||||||||||||
NET INCOME (LOSS) attributable to Class A unitholders | $ | 40,465 | $ | 57,012 | $ | 96,376 | $ | (149,831) | ||||||||||||||||||||||||||||||||||||||
INCOME (LOSS) PER CLASS A UNIT - BASIC: | ||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) per Class A unit | $ | 0.19 | $ | 0.28 | $ | 0.46 | $ | (0.76) | ||||||||||||||||||||||||||||||||||||||
Net income per Class A unit | Net income per Class A unit | $ | 0.04 | $ | 0.19 | $ | 0.43 | $ | 0.46 | |||||||||||||||||||||||||||||||||||||
Weighted average units outstanding | Weighted average units outstanding | 204,864 | 203,554 | 204,663 | 203,480 | Weighted average units outstanding | 205,912 | 205,703 | 205,924 | 205,616 | ||||||||||||||||||||||||||||||||||||
INCOME (LOSS) PER CLASS A UNIT - DILUTED: | ||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) per Class A unit | $ | 0.19 | $ | 0.28 | $ | 0.46 | $ | (0.76) | ||||||||||||||||||||||||||||||||||||||
Weighted average units outstanding | 205,703 | 203,554 | 205,616 | 203,480 |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income (loss) | $ | 71,765 | $ | 68,736 | $ | 175,590 | $ | (253,119) | |||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Increase (reduction) in value of interest rate swaps and other | 5,362 | 7,926 | 25,555 | (37,473) | |||||||||||||||||||
Other comprehensive income (loss) of nonconsolidated subsidiaries | 1,322 | (15,634) | 6,381 | (15,626) | |||||||||||||||||||
Comprehensive income (loss) | 78,449 | 61,028 | 207,526 | (306,218) | |||||||||||||||||||
Less comprehensive (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (5,425) | 848 | (20,323) | 141,003 | |||||||||||||||||||
Comprehensive income (loss) attributable to Vornado Realty L.P. | $ | 73,024 | $ | 61,876 | $ | 187,203 | $ | (165,215) |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income | $ | 20,112 | $ | 71,765 | $ | 142,390 | $ | 175,590 | |||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||
Change in fair value of interest rate swaps and other | 117,219 | 5,362 | 200,838 | 25,555 | |||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | 5,124 | 1,322 | 19,084 | 6,381 | |||||||||||||||||||
Comprehensive income | 142,455 | 78,449 | 362,312 | 207,526 | |||||||||||||||||||
Less comprehensive loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 1,626 | (5,425) | (6,922) | (20,323) | |||||||||||||||||||
Comprehensive income attributable to Vornado Realty L.P. | $ | 144,081 | $ | 73,024 | $ | 355,390 | $ | 187,203 |
(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 Income | 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 | Non-controlling Interests in Consolidated Subsidiaries | Units | Amount | Units | Amount | Non-controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | 48,793 | $ | 1,182,291 | 191,561 | $ | 8,076,674 | $ | (2,925,161) | $ | (51,437) | $ | 285,950 | $ | 6,568,317 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2022: | For the Three Months Ended September 30, 2022: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | Balance as of June 30, 2022 | 48,793 | $ | 1,182,459 | 191,775 | $ | 8,346,811 | $ | (3,205,751) | $ | 73,300 | $ | 253,994 | $ | 6,650,813 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | Net income attributable to Vornado Realty L.P. | — | — | — | — | 66,340 | — | — | 66,340 | Net income attributable to Vornado Realty L.P. | — | — | — | — | 23,904 | — | — | 23,904 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | Net income attributable to redeemable partnership units | — | — | — | — | (2,818) | — | — | (2,818) | Net income attributable to redeemable partnership units | — | — | — | — | (606) | — | — | (606) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 4,299 | 4,299 | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 967 | 967 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($0.53 per unit) | Distributions to Vornado ($0.53 per unit) | — | — | — | — | (101,527) | — | — | (101,527) | Distributions to Vornado ($0.53 per unit) | — | — | — | — | (101,656) | — | — | (101,656) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (16,800) | — | — | (16,800) | Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (15,529) | — | — | (15,529) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series O cumulative redeemable preferred units issuance | 12,000 | 291,195 | — | — | — | — | — | 291,195 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A units issued to Vornado: | Class A units issued to Vornado: | Class A units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | Upon redemption of redeemable Class A units, at redemption value | — | — | 114 | 4,749 | — | — | — | 4,749 | Upon redemption of redeemable Class A units, at redemption value | — | — | 34 | 992 | — | — | — | 992 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | Under Vornado's dividend reinvestment plan | — | — | 6 | 224 | — | — | — | 224 | Under Vornado's dividend reinvestment plan | — | — | 7 | 221 | — | — | — | 221 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions | Contributions | — | — | — | — | — | — | 1,110 | 1,110 | Contributions | — | — | — | — | — | — | 650 | 650 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | — | — | — | — | — | — | (4,548) | (4,548) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | Deferred compensation units and options | — | — | — | 155 | — | — | — | 155 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 5,124 | — | 5,124 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps and other | Change in fair value of interest rate swaps and other | — | — | — | — | — | 117,219 | — | 117,219 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | — | — | — | 21,857 | — | — | — | 21,857 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (5,877) | (5,877) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred units to Class A units | — | (13) | 1 | 13 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | (1) | 226 | — | — | — | 226 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 1,322 | — | 1,322 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase in value of interest rate swaps | — | — | — | — | — | 5,360 | — | 5,360 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | 64,100 | — | — | — | 64,100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series K cumulative redeemable preferred units called for redemption | (12,000) | (290,967) | — | — | (9,033) | — | — | (300,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable partnership units' share of above adjustments | — | — | — | — | — | (426) | — | (426) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of above adjustments | Noncontrolling interests' share of above adjustments | — | — | — | — | — | (10,465) | 2,166 | (8,299) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | (7) | — | (3) | — | 2 | 39 | 31 | Other | — | — | 1 | 3 | 8 | — | (1) | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | 48,793 | $ | 1,182,499 | 191,681 | $ | 8,145,983 | $ | (2,988,999) | $ | (45,179) | $ | 285,521 | $ | 6,579,825 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | Balance as of September 30, 2022 | 48,793 | $ | 1,182,459 | 191,817 | $ | 8,370,039 | $ | (3,299,630) | $ | 185,178 | $ | 253,228 | $ | 6,691,274 |
(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 | Non-controlling Interests in Consolidated Subsidiaries | Units | Amount | Units | Amount | Non-controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2021: | For the Three Months Ended September 30, 2021: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | Balance as of June 30, 2021 | 48,793 | $ | 1,182,291 | 191,561 | $ | 8,076,674 | $ | (2,925,161) | $ | (51,437) | $ | 285,950 | $ | 6,568,317 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | Net income attributable to Vornado Realty L.P. | — | — | — | — | 69,584 | — | — | 69,584 | Net income attributable to Vornado Realty L.P. | — | — | — | — | 66,340 | — | — | 66,340 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | Net income attributable to redeemable partnership units | — | — | — | — | (3,884) | — | — | (3,884) | Net income attributable to redeemable partnership units | — | — | — | — | (2,818) | — | — | (2,818) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | (1,019) | (1,019) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 4,299 | 4,299 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($0.53 per unit) | Distributions to Vornado ($0.53 per unit) | — | — | — | — | (101,311) | — | — | (101,311) | Distributions to Vornado ($0.53 per unit) | — | — | — | — | (101,527) | — | — | (101,527) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (12,530) | — | — | (12,530) | Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (16,800) | — | — | (16,800) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series O cumulative redeemable preferred units issuance | Series O cumulative redeemable preferred units issuance | 12,000 | 291,195 | — | — | — | — | — | 291,195 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A units issued to Vornado: | Class A units issued to Vornado: | Class A units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | Upon redemption of redeemable Class A units, at redemption value | — | — | 100 | 3,586 | — | — | — | 3,586 | Upon redemption of redeemable Class A units, at redemption value | — | — | 114 | 4,749 | — | — | — | 4,749 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | Under Vornado's dividend reinvestment plan | — | — | 9 | 300 | — | — | — | 300 | Under Vornado's dividend reinvestment plan | — | — | 6 | 224 | — | — | — | 224 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions | Contributions | — | — | — | — | — | — | 358 | 358 | Contributions | — | — | — | — | — | — | 1,110 | 1,110 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | — | — | — | — | — | — | (14,987) | (14,987) | Distributions | — | — | — | — | — | — | (5,877) | (5,877) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred units to Class A units | Conversion of Series A preferred units to Class A units | (1) | (7) | — | 7 | — | — | — | — | Conversion of Series A preferred units to Class A units | — | (13) | 1 | 13 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | Deferred compensation units and options | — | — | — | 304 | — | — | — | 304 | Deferred compensation units and options | — | — | (1) | 226 | — | — | — | 226 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | (15,634) | — | (15,634) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase in value of interest rate swaps | — | — | — | — | — | 7,926 | — | 7,926 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 1,322 | — | 1,322 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps | Change in fair value of interest rate swaps | — | — | — | — | — | 5,360 | — | 5,360 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | — | — | — | 23,557 | — | — | — | 23,557 | Redeemable Class A unit measurement adjustment | — | — | — | 64,100 | — | — | — | 64,100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series K cumulative redeemable preferred units called for redemption | Series K cumulative redeemable preferred units called for redemption | (12,000) | (290,967) | — | — | (9,033) | — | — | (300,000) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable partnership units' share of above adjustments | Redeemable partnership units' share of above adjustments | — | — | — | — | — | 520 | — | 520 | Redeemable partnership units' share of above adjustments | — | — | — | — | — | (426) | — | (426) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | (1) | 1 | — | 6 | — | 1 | 6 | Other | — | (7) | — | (3) | — | 2 | 39 | 31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | Balance as of September 30, 2021 | 48,793 | $ | 1,182,499 | 191,681 | $ | 8,145,983 | $ | (2,988,999) | $ | (45,179) | $ | 285,521 | $ | 6,579,825 |
(Amounts in thousands, except per unit amounts) | (Amounts in thousands, except per unit amounts) | Earnings Less Than Distributions | Accumulated Other Comprehensive (Loss) Income | Non-controlling Interests in Consolidated Subsidiaries | (Amounts in thousands, except per unit amounts) | Accumulated Other Comprehensive (Loss) Income | Non-controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units | Class A Units Owned by Vornado | Total Equity | Preferred Units | Class A Units Owned by Vornado | Earnings Less Than Distributions | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | Earnings Less Than Distributions | Accumulated Other Comprehensive (Loss) Income | Non-controlling Interests in Consolidated Subsidiaries | Units | Amount | Units | Amount | Non-controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 48,793 | $ | 1,182,339 | 191,355 | $ | 8,200,140 | $ | (2,774,182) | $ | (75,099) | $ | 414,957 | $ | 6,948,155 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2022: | For the Nine Months Ended September 30, 2022: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | Balance as of December 31, 2021 | 48,793 | $ | 1,182,459 | 191,724 | $ | 8,150,741 | $ | (3,079,320) | $ | (17,534) | $ | 278,892 | $ | 6,515,238 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | Net income attributable to Vornado Realty L.P. | — | — | — | — | 155,267 | — | — | 155,267 | Net income attributable to Vornado Realty L.P. | — | — | — | — | 137,634 | — | — | 137,634 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | Net income attributable to redeemable partnership units | — | — | — | — | (6,683) | — | — | (6,683) | Net income attributable to redeemable partnership units | — | — | — | — | (6,382) | — | — | (6,382) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 18,804 | 18,804 | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 13,236 | 13,236 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($1.59 per unit) | Distributions to Vornado ($1.59 per unit) | — | — | — | — | (304,516) | — | — | (304,516) | Distributions to Vornado ($1.59 per unit) | — | — | — | — | (304,896) | — | — | (304,896) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (49,734) | — | — | (49,734) | Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (46,587) | — | — | (46,587) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series O cumulative redeemable preferred units issuance | 12,000 | 291,195 | — | — | — | — | — | 291,195 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A units issued to Vornado: | Class A units issued to Vornado: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | Upon redemption of redeemable Class A units, at redemption value | — | — | 313 | 13,058 | — | — | — | 13,058 | Upon redemption of redeemable Class A units, at redemption value | — | — | 76 | 2,569 | — | — | — | 2,569 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | Under Vornado's employees' share option plan | — | — | — | 10 | — | — | — | 10 | Under Vornado's employees' share option plan | — | — | — | 7 | — | — | — | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | Under Vornado's dividend reinvestment plan | — | — | 16 | 654 | — | — | — | 654 | Under Vornado's dividend reinvestment plan | — | — | 19 | 655 | — | — | — | 655 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions | Contributions | — | — | — | — | — | — | 2,657 | 2,657 | Contributions | — | — | — | — | — | — | 4,903 | 4,903 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | — | — | — | — | — | — | (45,976) | (45,976) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | Deferred compensation units and options | — | — | (2) | 447 | (85) | — | — | 362 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 19,084 | — | 19,084 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps and other | Change in fair value of interest rate swaps and other | — | — | — | — | — | 200,838 | — | 200,838 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | — | — | — | 215,619 | — | — | — | 215,619 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (150,934) | (150,934) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred units to Class A units | — | (13) | 1 | 13 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | — | — | (4) | 675 | (114) | — | — | 561 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 6,381 | — | 6,381 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase in value of interest rate swaps | — | — | — | — | — | 25,553 | — | 25,553 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unearned 2018 Out-Performance Plan awards acceleration | — | — | — | 10,283 | — | — | — | 10,283 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | (78,848) | — | — | — | (78,848) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series K cumulative redeemable preferred units called for redemption | (12,000) | (290,967) | — | — | (9,033) | — | — | (300,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable partnership units' share of above adjustments | — | — | — | — | — | (2,016) | — | (2,016) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of above adjustments | Noncontrolling interests' share of above adjustments | — | — | — | — | — | (17,210) | 2,166 | (15,044) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | (55) | — | (2) | (4) | 2 | 37 | (22) | Other | — | — | — | 1 | 6 | — | 7 | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | 48,793 | $ | 1,182,499 | 191,681 | $ | 8,145,983 | $ | (2,988,999) | $ | (45,179) | $ | 285,521 | $ | 6,579,825 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | Balance as of September 30, 2022 | 48,793 | $ | 1,182,459 | 191,817 | $ | 8,370,039 | $ | (3,299,630) | $ | 185,178 | $ | 253,228 | $ | 6,691,274 |
(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 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative effect of accounting change | — | — | — | — | (16,064) | — | — | (16,064) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to Vornado Realty L.P. | — | — | — | — | (112,116) | — | — | (112,116) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to redeemable partnership units | — | — | — | — | 10,090 | — | — | 10,090 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | (141,310) | (141,310) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($1.85 per unit) | — | — | — | — | (353,558) | — | — | (353,558) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2021: | For the Nine Months Ended September 30, 2021: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | Balance as of December 31, 2020 | 48,793 | $ | 1,182,339 | 191,355 | $ | 8,200,140 | $ | (2,774,182) | $ | (75,099) | $ | 414,957 | $ | 6,948,155 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | Net income attributable to Vornado Realty L.P. | — | — | — | — | 155,267 | — | — | 155,267 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | Net income attributable to redeemable partnership units | — | — | — | — | (6,683) | — | — | (6,683) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 18,804 | 18,804 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($1.59 per unit) | Distributions to Vornado ($1.59 per unit) | — | — | — | — | (304,516) | — | — | (304,516) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (37,591) | — | — | (37,591) | Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (49,734) | — | — | (49,734) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series O cumulative redeemable preferred units issuance | Series O cumulative redeemable preferred units issuance | 12,000 | 291,195 | — | — | — | — | — | 291,195 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Units issued to Vornado: | Class A Units issued to Vornado: | Class A Units issued to Vornado: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of redeemable Class A units, at redemption value | Upon redemption of redeemable Class A units, at redemption value | — | — | 149 | 6,050 | — | — | — | 6,050 | Upon redemption of redeemable Class A units, at redemption value | — | — | 313 | 13,058 | — | — | — | 13,058 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | Under Vornado's employees' share option plan | — | — | 69 | 3,517 | — | — | — | 3,517 | Under Vornado's employees' share option plan | — | — | — | 10 | — | — | — | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | Under Vornado's dividend reinvestment plan | — | — | 40 | 2,050 | — | — | — | 2,050 | Under Vornado's dividend reinvestment plan | — | — | 16 | 654 | — | — | — | 654 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate fund investments | — | — | — | — | — | — | 3,389 | 3,389 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | 2,837 | 2,837 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions | Contributions | — | — | — | — | — | — | 2,657 | 2,657 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | — | — | — | — | — | — | (25,517) | (25,517) | Distributions | — | — | — | — | — | — | (150,934) | (150,934) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A preferred units to Class A units | Conversion of Series A preferred units to Class A units | (3) | (57) | 4 | 57 | — | — | — | — | Conversion of Series A preferred units to Class A units | — | (13) | 1 | 13 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | Deferred compensation units and options | — | — | 13 | 906 | (137) | — | — | 769 | Deferred compensation units and options | — | — | (4) | 675 | (114) | — | — | 561 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | (15,626) | — | (15,626) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reduction in value of interest rate swaps | — | — | — | — | — | (37,473) | — | (37,473) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unearned 2017 Out-Performance Plan awards acceleration | — | — | — | 10,824 | — | — | — | 10,824 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 6,381 | — | 6,381 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps | Change in fair value of interest rate swaps | — | — | — | — | — | 25,553 | — | 25,553 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unearned 2018 Out-Performance Plan awards acceleration | Unearned 2018 Out-Performance Plan awards acceleration | — | — | — | 10,283 | — | — | — | 10,283 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | — | — | — | 272,436 | — | — | — | 272,436 | Redeemable Class A unit measurement adjustment | — | — | — | (78,848) | — | — | — | (78,848) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series K cumulative redeemable preferred units called for redemption | Series K cumulative redeemable preferred units called for redemption | (12,000) | (290,967) | — | — | (9,033) | — | — | (300,000) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable partnership units' share of above adjustments | Redeemable partnership units' share of above adjustments | — | — | — | — | — | 3,498 | — | 3,498 | Redeemable partnership units' share of above adjustments | — | — | — | — | — | (2,016) | — | (2,016) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | (1) | — | (2) | 7 | — | (1,502) | (1,498) | Other | — | (55) | — | (2) | (4) | 2 | 37 | (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | Balance as of September 30, 2021 | 48,793 | $ | 1,182,499 | 191,681 | $ | 8,145,983 | $ | (2,988,999) | $ | (45,179) | $ | 285,521 | $ | 6,579,825 |
(Amounts in thousands) | (Amounts in thousands) | For the Nine Months Ended September 30, | (Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||
Cash Flows from Operating Activities: | Cash Flows from Operating Activities: | Cash Flows from Operating Activities: | ||||||||||||||||||||
Net income (loss) | $ | 175,590 | $ | (253,119) | ||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||||||||
Net income | Net income | $ | 142,390 | $ | 175,590 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||
Depreciation and amortization (including amortization of deferred financing costs) | Depreciation and amortization (including amortization of deferred financing costs) | 299,749 | 305,905 | Depreciation and amortization (including amortization of deferred financing costs) | 386,697 | 299,749 | ||||||||||||||||
Distributions of income from partially owned entities | Distributions of income from partially owned entities | 171,367 | 132,850 | Distributions of income from partially owned entities | 137,758 | 171,367 | ||||||||||||||||
Equity in net (income) loss of partially owned entities | (86,768) | 353,679 | ||||||||||||||||||||
Equity in net income of partially owned entities | Equity in net income of partially owned entities | (83,775) | (86,768) | |||||||||||||||||||
Straight-lining of rents | Straight-lining of rents | (45,835) | 11,651 | |||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | Net gains on disposition of wholly owned and partially owned assets | (35,811) | (338,862) | Net gains on disposition of wholly owned and partially owned assets | (35,384) | (35,811) | ||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 32,889 | 39,638 | Stock-based compensation expense | 22,887 | 32,889 | ||||||||||||||||
Straight-lining of rents | 11,651 | 20,021 | ||||||||||||||||||||
Change in deferred tax liability | Change in deferred tax liability | 9,992 | 2,497 | |||||||||||||||||||
Amortization of below-market leases, net | Amortization of below-market leases, net | (7,939) | (13,054) | Amortization of below-market leases, net | (3,788) | (7,939) | ||||||||||||||||
Net realized and unrealized loss on real estate fund investments | Net realized and unrealized loss on real estate fund investments | 1,128 | 789 | |||||||||||||||||||
Write-off of lease receivables deemed uncollectible | Write-off of lease receivables deemed uncollectible | 782 | 7,219 | |||||||||||||||||||
Real estate impairment losses | Real estate impairment losses | 7,880 | — | Real estate impairment losses | — | 7,880 | ||||||||||||||||
Write-off of lease receivables deemed uncollectible | 7,219 | 60,766 | ||||||||||||||||||||
Net unrealized loss on real estate fund investments | 789 | 225,412 | ||||||||||||||||||||
Gain on extinguishment of 608 Fifth Avenue lease liability | — | (70,260) | ||||||||||||||||||||
Credit losses on loans receivable | — | 13,369 | ||||||||||||||||||||
Decrease in fair value of marketable securities | — | 4,938 | ||||||||||||||||||||
Other non-cash adjustments | Other non-cash adjustments | (2,549) | 7,544 | Other non-cash adjustments | 2,560 | (5,046) | ||||||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | ||||||||||||||||||||
Real estate fund investments | Real estate fund investments | (789) | (6,502) | Real estate fund investments | — | (789) | ||||||||||||||||
Tenant and other receivables | Tenant and other receivables | (12,092) | (27,093) | Tenant and other receivables | (2,128) | (12,092) | ||||||||||||||||
Prepaid assets | Prepaid assets | (44,731) | (215,645) | Prepaid assets | 33,995 | (44,731) | ||||||||||||||||
Other assets | Other assets | (77,508) | (41,328) | Other assets | (22,706) | (77,508) | ||||||||||||||||
Accounts payable and accrued expenses | Accounts payable and accrued expenses | 43,067 | (4,058) | Accounts payable and accrued expenses | 6,649 | 43,067 | ||||||||||||||||
Other liabilities | Other liabilities | (3,911) | (2,841) | Other liabilities | 8,605 | (3,911) | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 478,103 | 191,360 | Net cash provided by operating activities | 559,827 | 478,103 | ||||||||||||||||
Cash Flows from Investing Activities: | Cash Flows from Investing Activities: | Cash Flows from Investing Activities: | ||||||||||||||||||||
Purchase of U.S. Treasury bills | Purchase of U.S. Treasury bills | (794,793) | — | |||||||||||||||||||
Development costs and construction in progress | Development costs and construction in progress | (444,645) | (448,167) | Development costs and construction in progress | (557,884) | (444,645) | ||||||||||||||||
Acquisition of additional 45.0% ownership interest in One Park Avenue (inclusive of $5,806 of prorations and net working capital and net of $39,370 of cash and restricted cash balances consolidated upon acquisition) | (123,936) | — | ||||||||||||||||||||
Proceeds from maturities of U.S. Treasury bills | Proceeds from maturities of U.S. Treasury bills | 349,461 | — | |||||||||||||||||||
Proceeds from sales of real estate | Proceeds from sales of real estate | 253,958 | 100,024 | |||||||||||||||||||
Additions to real estate | Additions to real estate | (113,374) | (112,906) | Additions to real estate | (120,124) | (113,374) | ||||||||||||||||
Distributions of capital from partially owned entities | Distributions of capital from partially owned entities | 106,005 | 1,090 | Distributions of capital from partially owned entities | 20,566 | 106,005 | ||||||||||||||||
Proceeds from sales of real estate | 100,024 | — | ||||||||||||||||||||
Proceeds from sale of condominium units at 220 Central Park South | 97,683 | 939,292 | ||||||||||||||||||||
Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South | Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South | 16,124 | 97,683 | |||||||||||||||||||
Investments in partially owned entities | Investments in partially owned entities | (12,366) | (6,156) | Investments in partially owned entities | (15,046) | (12,366) | ||||||||||||||||
Acquisitions of real estate and other | Acquisitions of real estate and other | (3,000) | (985) | Acquisitions of real estate and other | (2,000) | (3,000) | ||||||||||||||||
Proceeds from repayments of loans receivable | 975 | — | ||||||||||||||||||||
Moynihan Train Hall expenditures | — | (277,128) | ||||||||||||||||||||
Proceeds from sales of marketable securities | — | 28,375 | ||||||||||||||||||||
Net cash (used in) provided by investing activities | (392,634) | 123,415 | ||||||||||||||||||||
Acquisition of additional 45.0% ownership interest in One Park Avenue (inclusive of $5,806 of prorations and net working capital and net of $39,370 of cash and restricted cash balances consolidated upon acquisition) | Acquisition of additional 45.0% ownership interest in One Park Avenue (inclusive of $5,806 of prorations and net working capital and net of $39,370 of cash and restricted cash balances consolidated upon acquisition) | — | (123,936) | |||||||||||||||||||
Proceeds from repayments of loan receivables | Proceeds from repayments of loan receivables | — | 975 | |||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (849,738) | (392,634) |
(Amounts in thousands) | (Amounts in thousands) | For the Nine Months Ended September 30, | (Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||
Cash Flows from Financing Activities: | Cash Flows from Financing Activities: | Cash Flows from Financing Activities: | ||||||||||||||||||||
Repayments of borrowings | Repayments of borrowings | $ | (1,245,973) | $ | (1,578,843) | |||||||||||||||||
Proceeds from borrowings | Proceeds from borrowings | $ | 2,298,007 | $ | 555,918 | Proceeds from borrowings | 1,029,773 | 2,298,007 | ||||||||||||||
Repayments of borrowings | (1,578,843) | (514,493) | ||||||||||||||||||||
Distributions to Vornado | Distributions to Vornado | (304,516) | (725,938) | Distributions to Vornado | (304,896) | (304,516) | ||||||||||||||||
Proceeds from the issuance of preferred units | 291,195 | — | ||||||||||||||||||||
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (173,356) | (76,759) | Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (68,716) | (173,356) | ||||||||||||||||
Distributions to preferred unitholders | Distributions to preferred unitholders | (49,400) | (50,123) | Distributions to preferred unitholders | (46,587) | (49,400) | ||||||||||||||||
Debt issuance costs | Debt issuance costs | (33,935) | (1,357) | Debt issuance costs | (32,473) | (33,935) | ||||||||||||||||
Contributions from noncontrolling interests in consolidated subsidiaries | Contributions from noncontrolling interests in consolidated subsidiaries | 2,657 | 98,626 | Contributions from noncontrolling interests in consolidated subsidiaries | 4,903 | 2,657 | ||||||||||||||||
Proceeds received from exercise of Vornado stock options and other | Proceeds received from exercise of Vornado stock options and other | 664 | 5,567 | Proceeds received from exercise of Vornado stock options and other | 662 | 664 | ||||||||||||||||
Repurchase of Class A units related to stock compensation agreements and related tax withholdings and other | Repurchase of Class A units related to stock compensation agreements and related tax withholdings and other | (114) | (137) | Repurchase of Class A units related to stock compensation agreements and related tax withholdings and other | (85) | (114) | ||||||||||||||||
Moynihan Train Hall reimbursement from Empire State Development | — | 277,128 | ||||||||||||||||||||
Net cash provided by (used in) financing activities | 452,359 | (431,568) | ||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash | 537,828 | (116,793) | ||||||||||||||||||||
Proceeds from the issuance of preferred units | Proceeds from the issuance of preferred units | — | 291,195 | |||||||||||||||||||
Net cash (used in) provided by financing activities | Net cash (used in) provided by financing activities | (663,392) | 452,359 | |||||||||||||||||||
Net (decrease) increase in cash and cash equivalents and restricted cash | Net (decrease) increase in cash and cash equivalents and restricted cash | (953,303) | 537,828 | |||||||||||||||||||
Cash and cash equivalents and restricted cash at beginning of period | Cash and cash equivalents and restricted cash at beginning of period | 1,730,369 | 1,607,131 | Cash and cash equivalents and restricted cash at beginning of period | 1,930,351 | 1,730,369 | ||||||||||||||||
Cash and cash equivalents and restricted cash at end of period | Cash and cash equivalents and restricted cash at end of period | $ | 2,268,197 | $ | 1,490,338 | Cash and cash equivalents and restricted cash at end of period | $ | 977,048 | $ | 2,268,197 | ||||||||||||
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | 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 | Cash and cash equivalents at beginning of period | $ | 1,624,482 | $ | 1,515,012 | Cash and cash equivalents at beginning of period | $ | 1,760,225 | $ | 1,624,482 | ||||||||||||
Restricted cash at beginning of period | Restricted cash at beginning of period | 105,887 | 92,119 | Restricted cash at beginning of period | 170,126 | 105,887 | ||||||||||||||||
Cash and cash equivalents and restricted cash at beginning of period | Cash and cash equivalents and restricted cash at beginning of period | $ | 1,730,369 | $ | 1,607,131 | Cash and cash equivalents and restricted cash at beginning of period | $ | 1,930,351 | $ | 1,730,369 | ||||||||||||
Cash and cash equivalents at end of period | Cash and cash equivalents at end of period | $ | 2,128,964 | $ | 1,411,047 | Cash and cash equivalents at end of period | $ | 845,423 | $ | 2,128,964 | ||||||||||||
Restricted cash at end of period | Restricted cash at end of period | 139,233 | 79,291 | Restricted cash at end of period | 131,625 | 139,233 | ||||||||||||||||
Cash and cash equivalents and restricted cash at end of period | Cash and cash equivalents and restricted cash at end of period | $ | 2,268,197 | $ | 1,490,338 | Cash and cash equivalents and restricted cash at end of period | $ | 977,048 | $ | 2,268,197 | ||||||||||||
Supplemental Disclosure of Cash Flow Information: | Supplemental Disclosure of Cash Flow Information: | Supplemental Disclosure of Cash Flow Information: | ||||||||||||||||||||
Cash payments for interest, excluding capitalized interest of $31,785 and $30,649 | $ | 137,937 | $ | 164,752 | ||||||||||||||||||
Cash payments for interest, excluding capitalized interest of $12,095 and $31,785 | Cash payments for interest, excluding capitalized interest of $12,095 and $31,785 | $ | 170,839 | $ | 137,937 | |||||||||||||||||
Cash payments for income taxes | Cash payments for income taxes | $ | 8,426 | $ | 14,252 | Cash payments for income taxes | $ | 6,919 | $ | 8,426 | ||||||||||||
Non-Cash Investing and Financing Activities: | Non-Cash Investing and Financing Activities: | Non-Cash Investing and Financing Activities: | ||||||||||||||||||||
Additional estimated lease liability arising from the recognition of right-of-use asset | Additional estimated lease liability arising from the recognition of right-of-use asset | $ | 350,000 | $ | — | |||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | 215,619 | (78,848) | |||||||||||||||||||
Increase in accumulated other comprehensive income due to change in fair value of consolidated interest rate swaps and other | Increase in accumulated other comprehensive income due to change in fair value of consolidated interest rate swaps and other | 200,838 | 25,555 | |||||||||||||||||||
Accrued capital expenditures included in accounts payable and accrued expenses | Accrued capital expenditures included in accounts payable and accrued expenses | 86,844 | 120,635 | |||||||||||||||||||
Reclassification of assets held for sale (included in "other assets") | Reclassification of assets held for sale (included in "other assets") | 64,177 | 79,421 | |||||||||||||||||||
Write-off of fully depreciated assets | Write-off of fully depreciated assets | (52,475) | (78,353) | |||||||||||||||||||
Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | 30,542 | 11,767 | |||||||||||||||||||
Increase in assets and liabilities resulting from the consolidation of One Park Avenue: | Increase in assets and liabilities resulting from the consolidation of One Park Avenue: | Increase in assets and liabilities resulting from the consolidation of One Park Avenue: | ||||||||||||||||||||
Real estate | Real estate | $ | 566,013 | $ | — | Real estate | — | 566,013 | ||||||||||||||
Identified intangible assets | Identified intangible assets | 139,545 | — | Identified intangible assets | — | 139,545 | ||||||||||||||||
Mortgages payable | Mortgages payable | 525,000 | — | Mortgages payable | — | 525,000 | ||||||||||||||||
Deferred revenue | Deferred revenue | 18,884 | — | Deferred revenue | — | 18,884 | ||||||||||||||||
Reclassification of Series K cumulative redeemable preferred units to liabilities upon call for redemption | Reclassification of Series K cumulative redeemable preferred units to liabilities upon call for redemption | 300,000 | — | Reclassification of Series K cumulative redeemable preferred units to liabilities upon call for redemption | — | 300,000 | ||||||||||||||||
Accrued capital expenditures included in accounts payable and accrued expenses | 120,635 | 118,672 | ||||||||||||||||||||
Reclassification of assets held for sale (included in "other assets") | 79,421 | — | ||||||||||||||||||||
Redeemable Class A unit measurement adjustment | (78,848) | 272,436 | ||||||||||||||||||||
Write-off of fully depreciated assets | (78,353) | (111,863) | ||||||||||||||||||||
Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | 11,767 | 370,850 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, 2021 | For the Three Months Ended September 30, 2020 | (Amounts in thousands) | For the Three Months Ended September 30, 2022 | For the Three Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property rentals | Property rentals | $ | 345,235 | $ | 273,197 | $ | 72,038 | $ | 312,748 | $ | 248,328 | $ | 64,420 | Property rentals | $ | 371,754 | $ | 303,574 | $ | 68,180 | $ | 345,235 | $ | 273,197 | $ | 72,038 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Trade shows | Trade shows | 12,605 | — | 12,605 | — | — | — | Trade shows | 18,654 | — | 18,654 | 12,605 | — | 12,605 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease revenues | Lease revenues | 357,840 | 273,197 | 84,643 | 312,748 | 248,328 | 64,420 | Lease revenues | 390,408 | 303,574 | 86,834 | 357,840 | 273,197 | 84,643 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tenant services | Tenant services | 11,363 | 7,565 | 3,798 | 9,505 | 6,589 | 2,916 | Tenant services | 14,134 | 9,937 | 4,197 | 11,363 | 7,565 | 3,798 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parking revenues | Parking revenues | 4,602 | 3,820 | 782 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental revenues | Rental revenues | 369,203 | 280,762 | 88,441 | 322,253 | 254,917 | 67,336 | Rental revenues | 409,144 | 317,331 | 91,813 | 369,203 | 280,762 | 88,441 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BMS cleaning fees | BMS cleaning fees | 30,827 | 32,630 | (1,803) | (4) | 24,054 | 25,592 | (1,538) | (4) | BMS cleaning fees | 35,062 | 37,371 | (2,309) | (3) | 30,827 | 32,630 | (1,803) | (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management and leasing fees | Management and leasing fees | 2,509 | 2,680 | (171) | 11,649 | 11,732 | (83) | Management and leasing fees | 2,532 | 2,595 | (63) | 2,509 | 2,680 | (171) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 6,673 | 571 | 6,102 | 6,006 | 904 | 5,102 | Other income | 10,693 | 2,736 | 7,957 | 6,673 | 571 | 6,102 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee and other income | Fee and other income | 40,009 | 35,881 | 4,128 | 41,709 | 38,228 | 3,481 | Fee and other income | 48,287 | 42,702 | 5,585 | 40,009 | 35,881 | 4,128 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 409,212 | $ | 316,643 | $ | 92,569 | $ | 363,962 | $ | 293,145 | $ | 70,817 | Total revenues | $ | 457,431 | $ | 360,033 | $ | 97,398 | $ | 409,212 | $ | 316,643 | $ | 92,569 |
(Amounts in thousands) | (Amounts in thousands) | For the Nine Months Ended September 30, 2021 | For the Nine Months Ended September 30, 2020 | (Amounts in thousands) | For the Nine Months Ended September 30, 2022 | For the Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property rentals | Property rentals | $ | 1,008,237 | $ | 795,841 | $ | 212,396 | $ | 992,238 | $ | 788,248 | $ | 203,990 | Property rentals | $ | 1,132,690 | $ | 921,179 | $ | 211,511 | $ | 1,008,237 | $ | 795,841 | $ | 212,396 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel Pennsylvania(5) | — | — | — | 8,741 | 8,741 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade shows | Trade shows | 12,605 | — | 12,605 | 11,303 | — | 11,303 | Trade shows | 29,640 | — | 29,640 | 12,605 | — | 12,605 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease revenues | Lease revenues | 1,020,842 | 795,841 | 225,001 | 1,012,282 | 796,989 | 215,293 | Lease revenues | 1,162,330 | 921,179 | 241,151 | 1,020,842 | 795,841 | 225,001 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tenant services | Tenant services | 27,274 | 18,502 | 8,772 | 26,439 | 18,310 | 8,129 | Tenant services | 35,484 | 25,481 | 10,003 | 27,274 | 18,502 | 8,772 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parking revenues | Parking revenues | 13,807 | 11,556 | 2,251 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental revenues | Rental revenues | 1,048,116 | 814,343 | 233,773 | 1,038,721 | 815,299 | 223,422 | Rental revenues | 1,211,621 | 958,216 | 253,405 | 1,048,116 | 814,343 | 233,773 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BMS cleaning fees | BMS cleaning fees | 87,387 | 92,178 | (4,791) | (4) | 77,635 | 82,426 | (4,791) | (4) | BMS cleaning fees | 101,752 | 108,288 | (6,536) | (3) | 87,387 | 92,178 | (4,791) | (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management and leasing fees | Management and leasing fees | 10,951 | 11,290 | (339) | 16,353 | 16,307 | 46 | Management and leasing fees | 8,167 | 8,573 | (406) | 10,951 | 11,290 | (339) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 21,676 | 3,947 | 17,729 | 18,811 | 5,356 | 13,455 | Other income | 31,515 | 7,666 | 23,849 | 21,676 | 3,947 | 17,729 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee and other income | Fee and other income | 120,014 | 107,415 | 12,599 | 112,799 | 104,089 | 8,710 | Fee and other income | 141,434 | 124,527 | 16,907 | 120,014 | 107,415 | 12,599 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 1,168,130 | $ | 921,758 | $ | 246,372 | $ | 1,151,520 | $ | 919,388 | $ | 232,132 | Total revenues | $ | 1,353,055 | $ | 1,082,743 | $ | 270,312 | $ | 1,168,130 | $ | 921,758 | $ | 246,372 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Fixed billings | Fixed billings | $ | 329,499 | $ | 307,013 | $ | 945,322 | $ | 983,669 | Fixed billings | $ | 353,040 | $ | 329,499 | $ | 1,025,182 | $ | 945,322 | ||||||||||||||||||||||||||||
Variable billings | Variable billings | 29,008 | 29,574 | 90,780 | 100,057 | Variable billings | 28,919 | 29,008 | 93,118 | 90,780 | ||||||||||||||||||||||||||||||||||||
Total contractual operating lease billings | Total contractual operating lease billings | 358,507 | 336,587 | 1,036,102 | 1,083,726 | Total contractual operating lease billings | 381,959 | 358,507 | 1,118,300 | 1,036,102 | ||||||||||||||||||||||||||||||||||||
Adjustment for straight-line rents and amortization of acquired below-market leases and other, net | Adjustment for straight-line rents and amortization of acquired below-market leases and other, net | 1,313 | (1,704) | (8,041) | (10,678) | Adjustment for straight-line rents and amortization of acquired below-market leases and other, net | 8,730 | 1,313 | 44,812 | (8,041) | ||||||||||||||||||||||||||||||||||||
Less: write-off of straight-line rent and tenant receivables deemed uncollectible | Less: write-off of straight-line rent and tenant receivables deemed uncollectible | (1,980) | (22,135) | (7,219) | (60,766) | Less: write-off of straight-line rent and tenant receivables deemed uncollectible | (281) | (1,980) | (782) | (7,219) | ||||||||||||||||||||||||||||||||||||
Lease revenues | Lease revenues | $ | 357,840 | $ | 312,748 | $ | 1,020,842 | $ | 1,012,282 | Lease revenues | $ | 390,408 | $ | 357,840 | $ | 1,162,330 | $ | 1,020,842 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | (Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Net investment (loss) income | Net investment (loss) income | $ | (66) | $ | 393 | $ | 5,896 | $ | 84 | Net investment (loss) income | $ | (111) | $ | (66) | $ | 6,549 | $ | 5,896 | ||||||||||||||||||||||||||||
Previously recorded unrealized loss on exited investments | Previously recorded unrealized loss on exited investments | — | — | 59,396 | — | |||||||||||||||||||||||||||||||||||||||||
Realized loss on exited investments | Realized loss on exited investments | — | — | (53,724) | — | |||||||||||||||||||||||||||||||||||||||||
Net unrealized loss on held investments | Net unrealized loss on held investments | — | (14,216) | (789) | (225,412) | Net unrealized loss on held investments | — | — | (6,800) | (789) | ||||||||||||||||||||||||||||||||||||
(Loss) income from real estate fund investments | (Loss) income from real estate fund investments | (111) | (66) | 5,421 | 5,107 | |||||||||||||||||||||||||||||||||||||||||
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries | Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 312 | 360 | (3,287) | (2,914) | |||||||||||||||||||||||||||||||||||||||||
Income from real estate fund investments, net of noncontrolling interests in consolidated subsidiaries | Income from real estate fund investments, net of noncontrolling interests in consolidated subsidiaries | $ | 201 | $ | 294 | $ | 2,134 | $ | 2,193 | |||||||||||||||||||||||||||||||||||||
(Loss) income from real estate fund investments | (66) | (13,823) | 5,107 | (225,328) | ||||||||||||||||||||||||||||||||||||||||||
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 360 | 11,299 | (2,914) | 160,557 | ||||||||||||||||||||||||||||||||||||||||||
Income (loss) from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ | 294 | $ | (2,524) | $ | 2,193 | $ | (64,771) |
Percentage Ownership at September 30, 2022 | Balance as of | |||||||||||||||||||||||||||||||||
(Amounts in thousands) | (Amounts in thousands) | Percentage Ownership at September 30, 2021 | Balance as of | (Amounts in thousands) | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||
September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||
Investments: | Investments: | Investments: | ||||||||||||||||||||||||||||||||
Fifth Avenue and Times Square JV (see page 26 for details): | Fifth Avenue and Times Square JV (see page 26 for details): | 51.5% | $ | 2,771,904 | $ | 2,798,413 | Fifth Avenue and Times Square JV (see page 26 for details): | 51.5% | $ | 2,765,475 | $ | 2,770,633 | ||||||||||||||||||||||
Partially owned office buildings/land(1) | Partially owned office buildings/land(1) | Various | 305,059 | 473,285 | Partially owned office buildings/land(1) | Various | 271,634 | 298,415 | ||||||||||||||||||||||||||
Alexander’s | Alexander’s | 32.4% | 80,477 | 82,902 | Alexander’s | 32.4% | 91,278 | 91,405 | ||||||||||||||||||||||||||
Other investments(2) | Other investments(2) | Various | 130,430 | 136,507 | Other investments(2) | Various | 121,810 | 136,936 | ||||||||||||||||||||||||||
$ | 3,287,870 | $ | 3,491,107 | $ | 3,250,197 | $ | 3,297,389 | |||||||||||||||||||||||||||
Investments in partially owned entities included in other liabilities(3): | Investments in partially owned entities included in other liabilities(3): | Investments in partially owned entities included in other liabilities(3): | ||||||||||||||||||||||||||||||||
7 West 34th Street | 7 West 34th Street | 53.0% | $ | (58,927) | $ | (55,340) | 7 West 34th Street | 53.0% | $ | (63,124) | $ | (60,918) | ||||||||||||||||||||||
85 Tenth Avenue | 85 Tenth Avenue | 49.9% | (16,906) | (13,080) | 85 Tenth Avenue | 49.9% | (16,884) | (18,067) | ||||||||||||||||||||||||||
$ | (75,833) | $ | (68,420) | $ | (80,008) | $ | (78,985) |
(Amounts in thousands) | (Amounts in thousands) | Percentage Ownership at September 30, 2021 | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | (Amounts in thousands) | Percentage Ownership at September 30, 2022 | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Our share of net income (loss): | Our share of net income (loss): | Our share of net income (loss): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fifth Avenue and Times Square JV (see page 26 for details): | Fifth Avenue and Times Square JV (see page 26 for details): | Fifth Avenue and Times Square JV (see page 26 for details): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in net income | Equity in net income | 51.5% | $ | 12,671 | $ | 7,694 | $ | 32,314 | $ | 13,631 | Equity in net income | 51.5% | $ | 11,941 | $ | 12,671 | $ | 41,915 | $ | 32,314 | ||||||||||||||||||||||||||||||||||||||
Return on preferred equity, net of our share of the expense | Return on preferred equity, net of our share of the expense | 9,430 | 9,430 | 27,985 | 27,926 | Return on preferred equity, net of our share of the expense | 9,430 | 9,430 | 27,985 | 27,985 | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-cash impairment loss | — | (107,023) | — | (413,349) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
22,101 | (89,899) | 60,299 | (371,792) | 21,371 | 22,101 | 69,900 | 60,299 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Alexander's (see page 27 for details): | Alexander's (see page 27 for details): | Alexander's (see page 27 for details): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in net income | Equity in net income | 32.4% | 3,710 | 2,075 | 14,808 | 7,420 | Equity in net income | 32.4% | 4,740 | 3,710 | 14,235 | 17,764 | ||||||||||||||||||||||||||||||||||||||||||||||
Net gain on sale of land | — | — | 2,956 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management, leasing and development fees | Management, leasing and development fees | 1,085 | 1,296 | 3,622 | 3,778 | Management, leasing and development fees | 1,170 | 1,085 | 3,352 | 3,622 | ||||||||||||||||||||||||||||||||||||||||||||||||
4,795 | 3,371 | 21,386 | 11,198 | 5,910 | 4,795 | 17,587 | 21,386 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Partially owned office buildings | Partially owned office buildings | Various | 1,291 | 6,418 | 11,021 | 8,550 | Partially owned office buildings | Various | (4,732) | 418 | (8,080) | 8,395 | ||||||||||||||||||||||||||||||||||||||||||||||
Other investments | Other investments | Various | (1,918) | (799) | (5,938) | (1,635) | Other investments | Various | 1,792 | (1,045) | 4,368 | (3,312) | ||||||||||||||||||||||||||||||||||||||||||||||
$ | 26,269 | $ | (80,909) | $ | 86,768 | $ | (353,679) | $ | 24,341 | $ | 26,269 | $ | 83,775 | $ | 86,768 |
(Amounts in thousands) | (Amounts in thousands) | Balance as of | (Amounts in thousands) | Balance as of | ||||||||||||||||||
September 30, 2021 | December 31, 2020 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||
Identified intangible assets: | Identified intangible assets: | Identified intangible assets: | ||||||||||||||||||||
Gross amount | Gross amount | $ | 252,081 | $ | 116,969 | Gross amount | $ | 237,777 | $ | 252,081 | ||||||||||||
Accumulated amortization | Accumulated amortization | (93,643) | (93,113) | Accumulated amortization | (95,661) | (97,186) | ||||||||||||||||
Total, net | Total, net | $ | 158,438 | $ | 23,856 | Total, net | $ | 142,116 | $ | 154,895 | ||||||||||||
Identified intangible liabilities (included in deferred revenue): | Identified intangible liabilities (included in deferred revenue): | Identified intangible liabilities (included in deferred revenue): | ||||||||||||||||||||
Gross amount | Gross amount | $ | 256,065 | $ | 273,902 | Gross amount | $ | 244,396 | $ | 256,065 | ||||||||||||
Accumulated amortization | Accumulated amortization | (210,346) | (238,541) | Accumulated amortization | (206,711) | (212,245) | ||||||||||||||||
Total, net | Total, net | $ | 45,719 | $ | 35,361 | Total, net | $ | 37,685 | $ | 43,820 |
(Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) | Acquired below (above) market leases, net | |||||||
2022 | $ | 7,821 | ||||||||
2023 | 2023 | 5,306 | 2023 | $ | 5,471 | |||||
2024 | 2024 | 1,498 | 2024 | 2,352 | ||||||
2025 | 2025 | 285 | 2025 | 941 | ||||||
2026 | 2026 | (357) | 2026 | 299 | ||||||
2027 | 2027 | (148) |
(Amounts in thousands) | Other identified intangible assets | ||||
2023 | $ | 7,948 | |||
2024 | 7,128 | ||||
2025 | 6,077 | ||||
2026 | 5,884 | ||||
2027 | 5,449 |
(Amounts in thousands) | |||||
2022 | $ | 9,805 | |||
2023 | 8,743 | ||||
2024 | 7,906 | ||||
2025 | 6,330 | ||||
2026 | 6,136 |
(Amounts in thousands) | Notional Amount | All-In Swapped Rate | Swap Expiration Date | Variable Rate Spread | ||||||||||||||||||||||
770 Broadway mortgage loan | $ | 700,000 | 4.98% | 07/27 | S+225 | |||||||||||||||||||||
Unsecured revolving credit facility | 575,000 | 3.88% | 08/27 | S+115 | ||||||||||||||||||||||
Unsecured term loan(1) | 50,000 | 4.04% | 08/27 | S+130 | ||||||||||||||||||||||
Unsecured term loan (effective 10/23) | 500,000 | 4.39% | 10/26 | S+130 | ||||||||||||||||||||||
100 West 33rd Street mortgage loan | 480,000 | 5.06% | 06/27 | S+165 | ||||||||||||||||||||||
888 Seventh Avenue mortgage loan(2) | 200,000 | 4.66% | 09/27 | L+170 |
(Amounts in thousands) | (Amounts in thousands) | Weighted Average Interest Rate at September 30, 2021 | Balance as of | (Amounts in thousands) | Weighted Average Interest Rate at September 30, 2022(1) | Balance as of | ||||||||||||||||||||||||||||
September 30, 2021 | December 31, 2020 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||
Mortgages Payable: | Mortgages Payable: | Mortgages Payable: | ||||||||||||||||||||||||||||||||
Fixed rate | Fixed rate | 3.09% | $ | 3,140,000 | $ | 3,012,643 | Fixed rate | 3.62% | $ | 3,570,000 | $ | 2,190,000 | ||||||||||||||||||||||
Variable rate | Variable rate | 1.68% | 2,964,615 | 2,595,815 | Variable rate | 4.35% | 2,313,015 | 3,909,215 | ||||||||||||||||||||||||||
Total | Total | 2.40% | 6,104,615 | 5,608,458 | Total | 3.91% | 5,883,015 | 6,099,215 | ||||||||||||||||||||||||||
Deferred financing costs, net and other | Deferred financing costs, net and other | (35,103) | (27,909) | Deferred financing costs, net and other | (51,246) | (45,872) | ||||||||||||||||||||||||||||
Total, net | Total, net | $ | 6,069,512 | $ | 5,580,549 | Total, net | $ | 5,831,769 | $ | 6,053,343 | ||||||||||||||||||||||||
Unsecured Debt: | Unsecured Debt: | Unsecured Debt: | ||||||||||||||||||||||||||||||||
Senior unsecured notes | Senior unsecured notes | 3.02% | $ | 1,200,000 | $ | 450,000 | Senior unsecured notes | 3.02% | $ | 1,200,000 | $ | 1,200,000 | ||||||||||||||||||||||
Deferred financing costs, net and other | Deferred financing costs, net and other | (10,320) | (3,315) | Deferred financing costs, net and other | (8,678) | (10,208) | ||||||||||||||||||||||||||||
Senior unsecured notes, net | Senior unsecured notes, net | 1,189,680 | 446,685 | Senior unsecured notes, net | 1,191,322 | 1,189,792 | ||||||||||||||||||||||||||||
Unsecured term loan | Unsecured term loan | 3.70% | 800,000 | 800,000 | Unsecured term loan | 4.05% | 800,000 | 800,000 | ||||||||||||||||||||||||||
Deferred financing costs, net and other | Deferred financing costs, net and other | (2,451) | (3,238) | Deferred financing costs, net and other | (7,153) | (2,188) | ||||||||||||||||||||||||||||
Unsecured term loan, net | Unsecured term loan, net | 797,549 | 796,762 | Unsecured term loan, net | 792,847 | 797,812 | ||||||||||||||||||||||||||||
Unsecured revolving credit facilities | Unsecured revolving credit facilities | 0.99% | 575,000 | 575,000 | Unsecured revolving credit facilities | 3.88% | 575,000 | 575,000 | ||||||||||||||||||||||||||
Total, net | Total, net | $ | 2,562,229 | $ | 1,818,447 | Total, net | $ | 2,559,169 | $ | 2,562,604 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | (Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 654,771 | $ | 624,804 | $ | 511,747 | $ | 888,915 | Beginning balance | $ | 412,022 | $ | 654,771 | $ | 590,975 | $ | 511,747 | ||||||||||||||||||||||||||||
Net income (loss) | 2,818 | 3,884 | 6,683 | (10,090) | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | 426 | (520) | 2,016 | (3,498) | ||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 606 | 2,818 | 6,382 | 6,683 | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | 8,299 | 426 | 15,044 | 2,016 | |||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | (7,553) | (7,332) | (22,422) | (25,330) | Distributions | (7,579) | (7,553) | (22,740) | (22,422) | ||||||||||||||||||||||||||||||||||||
Redemption of Class A units for Vornado common shares, at redemption value | Redemption of Class A units for Vornado common shares, at redemption value | (4,749) | (3,586) | (13,058) | (6,050) | Redemption of Class A units for Vornado common shares, at redemption value | (992) | (4,749) | (2,569) | (13,058) | ||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | (64,100) | (23,557) | 78,848 | (272,436) | Redeemable Class A unit measurement adjustment | (21,857) | (64,100) | (215,619) | 78,848 | ||||||||||||||||||||||||||||||||||||
Other, net | Other, net | 13,036 | 5,776 | 30,835 | 27,958 | Other, net | 3,575 | 13,036 | 22,601 | 30,835 | ||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 594,649 | $ | 599,469 | $ | 594,649 | $ | 599,469 | Ending balance | $ | 394,074 | $ | 594,649 | $ | 394,074 | $ | 594,649 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | (Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 94,913 | $ | 94,112 | $ | 94,520 | $ | — | Beginning balance | $ | 93,987 | $ | 94,913 | $ | 97,708 | $ | 94,520 | ||||||||||||||||||||||||||||
Net income | 1,126 | 171 | 1,519 | 307 | ||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | 92,400 | ||||||||||||||||||||||||||||||||||||||||||
Other, net | — | (1) | — | 1,575 | ||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | Net (loss) income | (4,759) | 1,126 | (8,480) | 1,519 | |||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 96,039 | $ | 94,282 | $ | 96,039 | $ | 94,282 | Ending balance | $ | 89,228 | $ | 96,039 | $ | 89,228 | $ | 96,039 |
(Per share/unit) | (Per share/unit) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | (Per share/unit) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Shares/Units: | Shares/Units: | Shares/Units: | ||||||||||||||||||||||||||||||||||||||||||||
Common shares/Class A units held by Vornado: authorized 250,000,000 shares/units | Common shares/Class A units held by Vornado: authorized 250,000,000 shares/units | $ | 0.53 | $ | 0.53 | $ | 1.59 | $ | 1.85 | Common shares/Class A units held by Vornado: authorized 250,000,000 shares/units | $ | 0.53 | $ | 0.53 | $ | 1.59 | $ | 1.59 | ||||||||||||||||||||||||||||
Convertible Preferred(1): | Convertible Preferred(1): | Convertible Preferred(1): | ||||||||||||||||||||||||||||||||||||||||||||
6.5% Series A: authorized 12,902 and 13,402 shares/units(2) | 0.8125 | 0.8125 | 2.4375 | 2.4375 | ||||||||||||||||||||||||||||||||||||||||||
Cumulative Redeemable Preferred(3): | ||||||||||||||||||||||||||||||||||||||||||||||
6.5% Series A: authorized 12,902 shares/units(2) | 6.5% Series A: authorized 12,902 shares/units(2) | 0.8125 | 0.8125 | 2.4375 | 2.4375 | |||||||||||||||||||||||||||||||||||||||||
Cumulative Redeemable Preferred(1)(3): | Cumulative Redeemable Preferred(1)(3): | |||||||||||||||||||||||||||||||||||||||||||||
5.70% Series K: authorized 12,000,000 shares/units | 5.70% Series K: authorized 12,000,000 shares/units | 0.3563 | 0.3563 | 1.0689 | 1.0689 | 5.70% Series K: authorized 12,000,000 shares/units | N/A | 0.3563 | N/A | 1.0689 | ||||||||||||||||||||||||||||||||||||
5.40% Series L: authorized 13,800,000 shares/units | 5.40% Series L: authorized 13,800,000 shares/units | 0.3375 | 0.3375 | 1.0125 | 1.0125 | 5.40% Series L: authorized 13,800,000 shares/units | 0.3375 | 0.3375 | 1.0125 | 1.0125 | ||||||||||||||||||||||||||||||||||||
5.25% Series M: authorized 13,800,000 shares/units | 5.25% Series M: authorized 13,800,000 shares/units | 0.3281 | 0.3281 | 0.9843 | 0.9843 | 5.25% Series M: authorized 13,800,000 shares/units | 0.3281 | 0.3281 | 0.9843 | 0.9843 | ||||||||||||||||||||||||||||||||||||
5.25% Series N: authorized 12,000,000 shares/units | 5.25% Series N: authorized 12,000,000 shares/units | 0.3281 | N/A | 0.9843 | N/A | 5.25% Series N: authorized 12,000,000 shares/units | 0.3281 | 0.3281 | 0.9843 | 0.9843 | ||||||||||||||||||||||||||||||||||||
4.45% Series O: authorized 12,000,000 shares/units | 4.45% Series O: authorized 12,000,000 shares/units | 0.0278 | N/A | 0.0278 | N/A | 4.45% Series O: authorized 12,000,000 shares/units | 0.2781 | 0.0278 | 0.8343 | 0.0278 |
(Amounts in thousands) For the three months ended September 30, 2021: | Total | Accumulated other comprehensive loss of nonconsolidated subsidiaries | Interest rate swaps | Other | |||||||||||||||||||
Balance as of June 30, 2021 | $ | (51,437) | $ | (9,279) | $ | (45,905) | $ | 3,747 | |||||||||||||||
Other comprehensive income (loss) | 6,258 | 1,322 | 5,360 | (424) | |||||||||||||||||||
Balance as of September 30, 2021 | $ | (45,179) | $ | (7,957) | $ | (40,545) | $ | 3,323 | |||||||||||||||
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 nine months ended September 30, 2021: | |||||||||||||||||||||||
Balance as of December 31, 2020 | $ | (75,099) | $ | (14,338) | $ | (66,098) | $ | 5,337 | |||||||||||||||
Other comprehensive income (loss) | 29,920 | 6,381 | 25,553 | (2,014) | |||||||||||||||||||
Balance as of September 30, 2021 | $ | (45,179) | $ | (7,957) | $ | (40,545) | $ | 3,323 | |||||||||||||||
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) | |||||||||||||||
(Amounts in thousands) | Total | Accumulated other comprehensive income (loss) of nonconsolidated subsidiaries | Change in fair value of interest rate swaps and other | Other | |||||||||||||||||||
For the three months ended September 30, 2022: | |||||||||||||||||||||||
Balance as of June 30, 2022 | $ | 73,300 | $ | 9,897 | $ | 68,858 | $ | (5,455) | |||||||||||||||
Other comprehensive income (loss) | 111,878 | 5,124 | 117,219 | (10,465) | |||||||||||||||||||
Balance as of September 30, 2022 | $ | 185,178 | $ | 15,021 | $ | 186,077 | $ | (15,920) | |||||||||||||||
For the three months ended September 30, 2021: | |||||||||||||||||||||||
Balance as of June 30, 2021 | $ | (51,437) | $ | (9,279) | $ | (45,905) | $ | 3,747 | |||||||||||||||
Other comprehensive income (loss) | 6,258 | 1,322 | 5,360 | (424) | |||||||||||||||||||
Balance as of September 30, 2021 | $ | (45,179) | $ | (7,957) | $ | (40,545) | $ | 3,323 | |||||||||||||||
For the nine months ended September 30, 2022: | |||||||||||||||||||||||
Balance as of December 31, 2021 | $ | (17,534) | $ | (4,063) | $ | (14,761) | $ | 1,290 | |||||||||||||||
Other comprehensive income (loss) | 202,712 | 19,084 | 200,838 | (17,210) | |||||||||||||||||||
Balance as of September 30, 2022 | $ | 185,178 | $ | 15,021 | $ | 186,077 | $ | (15,920) | |||||||||||||||
For the nine months ended September 30, 2021: | |||||||||||||||||||||||
Balance as of December 31, 2020 | $ | (75,099) | $ | (14,338) | $ | (66,098) | $ | 5,337 | |||||||||||||||
Other comprehensive income (loss) | 29,920 | 6,381 | 25,553 | (2,014) | |||||||||||||||||||
Balance as of September 30, 2021 | $ | (45,179) | $ | (7,957) | $ | (40,545) | $ | 3,323 |
(Amounts in thousands) | (Amounts in thousands) | As of September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||
Investments in U.S. Treasury bills (1) | Investments in U.S. Treasury bills (1) | $ | 445,165 | $ | 445,165 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
Real estate fund investments | Real estate fund investments | 930 | — | — | 930 | |||||||||||||||||||||||||||||||||||||||||
Deferred compensation plan assets ($6,434 included in restricted cash and $89,247 in other assets) | Deferred compensation plan assets ($6,434 included in restricted cash and $89,247 in other assets) | 95,681 | 50,770 | — | 44,911 | |||||||||||||||||||||||||||||||||||||||||
Loans receivable ($49,227 included in investments in partially owned entities and $4,024 in other assets) | Loans receivable ($49,227 included in investments in partially owned entities and $4,024 in other assets) | 53,251 | — | — | 53,251 | |||||||||||||||||||||||||||||||||||||||||
Interest rate swaps and caps (included in other assets) | Interest rate swaps and caps (included in other assets) | 189,891 | — | 189,891 | — | |||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 784,918 | $ | 495,935 | $ | 189,891 | $ | 99,092 | |||||||||||||||||||||||||||||||||||||
Mandatorily redeemable instruments (included in other liabilities) | Mandatorily redeemable instruments (included in other liabilities) | $ | 49,383 | $ | 49,383 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | $ | 49,383 | $ | 49,383 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | (Amounts in thousands) | As of September 30, 2021 | (Amounts in thousands) | As of December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||
Real estate fund investments | Real estate fund investments | $ | 3,739 | $ | — | $ | — | $ | 3,739 | Real estate fund investments | $ | 7,730 | $ | — | $ | — | $ | 7,730 | ||||||||||||||||||||||||||||
Deferred compensation plan assets ($4,407 included in restricted cash and $103,454 in other assets) | 107,861 | 61,292 | — | 46,569 | ||||||||||||||||||||||||||||||||||||||||||
Loans receivable ($45,610 included in investments in partially owned entities and $3,760 in other assets) | 49,370 | — | — | 49,370 | ||||||||||||||||||||||||||||||||||||||||||
Deferred compensation plan assets ($9,104 included in restricted cash and $101,070 in other assets) | Deferred compensation plan assets ($9,104 included in restricted cash and $101,070 in other assets) | 110,174 | 65,158 | — | 45,016 | |||||||||||||||||||||||||||||||||||||||||
Loans receivable ($46,444 included in investments in partially owned entities and $3,738 in other assets) | Loans receivable ($46,444 included in investments in partially owned entities and $3,738 in other assets) | 50,182 | — | — | 50,182 | |||||||||||||||||||||||||||||||||||||||||
Interest rate swaps and caps (included in other assets) | Interest rate swaps and caps (included in other assets) | 5,091 | — | 5,091 | — | Interest rate swaps and caps (included in other assets) | 18,929 | — | 18,929 | — | ||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 166,061 | $ | 61,292 | $ | 5,091 | $ | 99,678 | Total assets | $ | 187,015 | $ | 65,158 | $ | 18,929 | $ | 102,928 | ||||||||||||||||||||||||||||
Mandatorily redeemable instruments (included in other liabilities) | Mandatorily redeemable instruments (included in other liabilities) | $ | 50,149 | $ | 50,149 | $ | — | $ | — | Mandatorily redeemable instruments (included in other liabilities) | $ | 49,659 | $ | 49,659 | $ | — | $ | — | ||||||||||||||||||||||||||||
Interest rate swaps (included in other liabilities) | Interest rate swaps (included in other liabilities) | 45,392 | — | 45,392 | — | Interest rate swaps (included in other liabilities) | 32,837 | — | 32,837 | — | ||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | $ | 95,541 | $ | 50,149 | $ | 45,392 | $ | — | Total liabilities | $ | 82,496 | $ | 49,659 | $ | 32,837 | $ | — | ||||||||||||||||||||||||||||
(Amounts in thousands) | As of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||
Real estate fund investments | $ | 3,739 | $ | — | $ | — | $ | 3,739 | ||||||||||||||||||||||||||||||||||||||
Deferred compensation plan assets ($10,813 included in restricted cash and $94,751 in other assets) | 105,564 | 65,636 | — | 39,928 | ||||||||||||||||||||||||||||||||||||||||||
Loans receivable ($43,008 included in investments in partially owned entities and $4,735 in other assets) | 47,743 | — | — | 47,743 | ||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps and caps (included in other assets) | 17 | — | 17 | — | ||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 157,063 | $ | 65,636 | $ | 17 | $ | 91,410 | ||||||||||||||||||||||||||||||||||||||
Mandatorily redeemable instruments (included in other liabilities) | $ | 50,002 | $ | 50,002 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||
Interest rate swaps (included in other liabilities) | 66,033 | — | 66,033 | — | ||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 116,035 | $ | 50,002 | $ | 66,033 | $ | — |
Range | Weighted Average (based on fair value of assets) | Range | Weighted Average (based on fair value of assets) | |||||||||||||||||||||||||||||||||||||||||||
Unobservable Quantitative Input | Unobservable Quantitative Input | September 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | Unobservable Quantitative Input | September 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||
Discount rates | Discount rates | 7.2% to 15.0% | 7.6% to 15.0% | 11.9% | 12.7% | Discount rates | 12.0% to 13.0% | 12.0% to 15.0% | 12.6% | 13.2% | ||||||||||||||||||||||||||||||||||||
Terminal capitalization rates | Terminal capitalization rates | 5.3% to 10.6% | 5.5% to 10.3% | 8.1% | 7.9% | Terminal capitalization rates | 5.5% to 9.5% | 5.5% to 8.8% | 7.7% | 7.4% |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | (Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 3,739 | $ | 17,453 | $ | 3,739 | $ | 222,649 | Beginning balance | $ | 930 | $ | 3,739 | $ | 7,730 | $ | 3,739 | ||||||||||||||||||||||||||||
Previously recorded unrealized loss on exited investments | Previously recorded unrealized loss on exited investments | — | — | 59,396 | — | |||||||||||||||||||||||||||||||||||||||||
Realized loss on exited investments | Realized loss on exited investments | — | — | (53,724) | — | |||||||||||||||||||||||||||||||||||||||||
Net unrealized loss on held investments | Net unrealized loss on held investments | — | — | (6,800) | (789) | |||||||||||||||||||||||||||||||||||||||||
Dispositions | Dispositions | — | — | (5,672) | — | |||||||||||||||||||||||||||||||||||||||||
Purchases/additional fundings | Purchases/additional fundings | — | 502 | 789 | 6,502 | Purchases/additional fundings | — | — | — | 789 | ||||||||||||||||||||||||||||||||||||
Net unrealized loss on held investments | — | (14,216) | (789) | (225,412) | ||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 3,739 | $ | 3,739 | $ | 3,739 | $ | 3,739 | Ending balance | $ | 930 | $ | 3,739 | $ | 930 | $ | 3,739 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | (Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 44,855 | $ | 36,172 | $ | 39,928 | $ | 32,435 | Beginning balance | $ | 44,155 | $ | 44,855 | $ | 45,016 | $ | 39,928 | ||||||||||||||||||||||||||||
Purchases | Purchases | 2,154 | 666 | 5,167 | 7,615 | Purchases | 522 | 2,154 | 3,469 | 5,167 | ||||||||||||||||||||||||||||||||||||
Sales | Sales | (1,547) | — | (2,236) | (2,832) | Sales | (504) | (1,547) | (3,291) | (2,236) | ||||||||||||||||||||||||||||||||||||
Realized and unrealized (losses) gains | (69) | 2,116 | 2,193 | 925 | ||||||||||||||||||||||||||||||||||||||||||
Realized and unrealized gains (losses) | Realized and unrealized gains (losses) | 574 | (69) | (1,524) | 2,193 | |||||||||||||||||||||||||||||||||||||||||
Other, net | Other, net | 1,176 | (8) | 1,517 | 803 | Other, net | 164 | 1,176 | 1,241 | 1,517 | ||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 46,569 | $ | 38,946 | $ | 46,569 | $ | 38,946 | Ending balance | $ | 44,911 | $ | 46,569 | $ | 44,911 | $ | 46,569 |
Range | Weighted Average (based on fair value of investments) | Range | Weighted Average (based on fair value of investments) | |||||||||||||||||||||||||||||||||||||||||||
Unobservable Quantitative Input | Unobservable Quantitative Input | September 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | Unobservable Quantitative Input | September 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||
Discount rates | Discount rates | 6.5% | 6.5% | 6.5% | 6.5% | Discount rates | 6.5% | 6.5% | 6.5% | 6.5% | ||||||||||||||||||||||||||||||||||||
Terminal capitalization rates | Terminal capitalization rates | 5.0% | 5.0% | 5.0% | 5.0% | Terminal capitalization rates | 5.0% | 5.0% | 5.0% | 5.0% |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | (Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 48,776 | $ | 46,675 | $ | 47,743 | $ | 59,251 | Beginning balance | $ | 52,046 | $ | 48,776 | $ | 50,182 | $ | 47,743 | ||||||||||||||||||||||||||||
Credit losses | — | — | — | (13,369) | ||||||||||||||||||||||||||||||||||||||||||
Interest accrual | Interest accrual | 894 | 834 | 2,602 | 1,627 | Interest accrual | 1,205 | 894 | 3,602 | 2,602 | ||||||||||||||||||||||||||||||||||||
Paydowns | Paydowns | (300) | — | (975) | — | Paydowns | — | (300) | (533) | (975) | ||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 49,370 | $ | 47,509 | $ | 49,370 | $ | 47,509 | Ending balance | $ | 53,251 | $ | 49,370 | $ | 53,251 | $ | 49,370 |
(Amounts in thousands) | As of September 30, 2021 | |||||||||||||||||||||||||||||||||||||
Variable Rate | ||||||||||||||||||||||||||||||||||||||
Hedged Item | Fair Value | Notional Amount | Spread over LIBOR | Interest Rate | Swapped Rate | Expiration Date | ||||||||||||||||||||||||||||||||
Included in other assets: | ||||||||||||||||||||||||||||||||||||||
555 California Street mortgage loan interest rate swap(1) | $ | 3,159 | $ | 840,000 | (2) | L+193 | 2.02% | 2.26% | 5/24 | |||||||||||||||||||||||||||||
PENN 11 mortgage loan interest rate swap(3) | 1,850 | 500,000 | L+275 | 2.83% | 3.03% | 3/24 | ||||||||||||||||||||||||||||||||
Various interest rate caps | 82 | 700,000 | ||||||||||||||||||||||||||||||||||||
$ | 5,091 | $ | 2,040,000 | |||||||||||||||||||||||||||||||||||
Included in other liabilities: | ||||||||||||||||||||||||||||||||||||||
Unsecured term loan interest rate swap | $ | 39,839 | $ | 750,000 | (4) | L+100 | 1.09% | 3.87% | 10/23 | |||||||||||||||||||||||||||||
33-00 Northern Boulevard mortgage loan interest rate swap | 5,553 | 100,000 | L+180 | 1.89% | 4.14% | 1/25 | ||||||||||||||||||||||||||||||||
$ | 45,392 | $ | 850,000 |
(Amounts in thousands) | Fair Value Asset (Liability) as of | As of September 30, 2022 | ||||||||||||||||||||||||||||||
September 30, 2022 | December 31, 2021 | Notional Amount | All-In Swapped Rate | Swap Expiration Date | ||||||||||||||||||||||||||||
Interest rate swaps: | ||||||||||||||||||||||||||||||||
555 California Street mortgage loan | $ | 53,160 | $ | 11,814 | $ | 840,000 | (1) | 2.26% | 05/24 | |||||||||||||||||||||||
770 Broadway mortgage loan | 32,010 | — | 700,000 | 4.98% | 07/27 | |||||||||||||||||||||||||||
PENN 11 mortgage loan | 28,555 | 6,565 | 500,000 | 2.23% | 03/24 | |||||||||||||||||||||||||||
Unsecured revolving credit facility | 26,759 | — | 575,000 | 3.88% | 08/27 | |||||||||||||||||||||||||||
Unsecured term loan | 13,706 | (28,976) | 800,000 | 4.05% | (2) | |||||||||||||||||||||||||||
Unsecured term loan (effective October 2023) | 8,864 | — | 500,000 | 4.39% | 10/26 | |||||||||||||||||||||||||||
100 West 33rd Street mortgage loan | 8,053 | — | 480,000 | 5.06% | 06/27 | |||||||||||||||||||||||||||
888 Seventh Avenue mortgage loan | 7,231 | — | 200,000 | (3) | 4.66% | 09/27 | ||||||||||||||||||||||||||
4 Union Square South mortgage loan | 3,960 | (3,861) | 100,000 | (4) | 3.74% | 01/25 | ||||||||||||||||||||||||||
Interest rate caps: | ||||||||||||||||||||||||||||||||
1290 Avenue of the Americas mortgage loan | 6,304 | 411 | 950,000 | (5) | 11/23 | |||||||||||||||||||||||||||
Various mortgage loans | 1,289 | 139 | ||||||||||||||||||||||||||||||
Included in other assets | $ | 189,891 | $ | 18,929 | ||||||||||||||||||||||||||||
Included in other liabilities | $ | — | $ | 32,837 |
(Amounts in thousands) | As of December 31, 2020 | |||||||||||||||||||||||||||||||||||||
Variable Rate | ||||||||||||||||||||||||||||||||||||||
Hedged Item | Fair Value | Notional Amount | Spread over LIBOR | Interest Rate | Swapped Rate | Expiration Date | ||||||||||||||||||||||||||||||||
Included in other assets: | ||||||||||||||||||||||||||||||||||||||
Various interest rate caps | $ | 17 | $ | 175,000 | ||||||||||||||||||||||||||||||||||
Included in other liabilities: | ||||||||||||||||||||||||||||||||||||||
Unsecured term loan interest rate swap | $ | 57,723 | $ | 750,000 | (1) | L+100 | 1.15% | 3.87% | 10/23 | |||||||||||||||||||||||||||||
33-00 Northern Boulevard mortgage loan interest rate swap | 8,310 | 100,000 | L+180 | 1.95% | 4.14% | 1/25 | ||||||||||||||||||||||||||||||||
$ | 66,033 | $ | 850,000 |
(Amounts in thousands) | As of December 31, 2020 | ||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Real estate assets | $ | 191,116 | $ | — | $ | — | $ | 191,116 |
(Amounts in thousands) | (Amounts in thousands) | As of September 30, 2021 | As of December 31, 2020 | (Amounts in thousands) | As of September 30, 2022 | As of December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | Cash equivalents | $ | 1,730,951 | $ | 1,731,000 | $ | 1,476,427 | $ | 1,476,000 | Cash equivalents | $ | 440,151 | $ | 440,000 | $ | 1,346,684 | $ | 1,347,000 | ||||||||||||||||||||||||||||||||||
Debt: | Debt: | Debt: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages payable | $ | 6,104,615 | $ | 6,080,000 | $ | 5,608,458 | $ | 5,612,000 | Mortgages payable | $ | 5,883,015 | $ | 5,697,000 | $ | 6,099,215 | $ | 6,052,000 | |||||||||||||||||||||||||||||||||||
Senior unsecured notes | 1,200,000 | 1,246,000 | 450,000 | 476,000 | Senior unsecured notes | 1,200,000 | 1,024,000 | 1,200,000 | 1,230,000 | |||||||||||||||||||||||||||||||||||||||||||
Unsecured term loan | 800,000 | 800,000 | 800,000 | 800,000 | Unsecured term loan | 800,000 | 800,000 | 800,000 | 800,000 | |||||||||||||||||||||||||||||||||||||||||||
Unsecured revolving credit facilities | 575,000 | 575,000 | 575,000 | 575,000 | Unsecured revolving credit facilities | 575,000 | 575,000 | 575,000 | 575,000 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 8,679,615 | (1) | $ | 8,701,000 | $ | 7,433,458 | (1) | $ | 7,463,000 | Total | $ | 8,458,015 | (1) | $ | 8,096,000 | $ | 8,674,215 | (1) | $ | 8,657,000 |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Real estate impairment losses (see page 29 for details) | $ | (7,880) | $ | — | $ | (7,880) | $ | — | |||||||||||||||
Transaction related costs and other | (1,801) | (584) | (2,750) | (1,694) | |||||||||||||||||||
608 Fifth Avenue lease liability extinguishment gain | — | — | — | 70,260 | |||||||||||||||||||
$ | (9,681) | $ | (584) | $ | (10,630) | $ | 68,566 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | (Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Interest on cash and cash equivalents and restricted cash | Interest on cash and cash equivalents and restricted cash | $ | 2,286 | $ | 67 | $ | 2,660 | $ | 207 | |||||||||||||||||||||||||||||||||||||
Amortization of discount on investments in U.S. Treasury bills | Amortization of discount on investments in U.S. Treasury bills | 1,546 | — | 3,403 | — | |||||||||||||||||||||||||||||||||||||||||
Interest on loans receivable | Interest on loans receivable | 1,396 | 561 | 3,215 | 1,679 | |||||||||||||||||||||||||||||||||||||||||
Other, net | Other, net | — | 5 | 4 | 1,808 | |||||||||||||||||||||||||||||||||||||||||
$ | 5,228 | $ | 633 | $ | 9,282 | $ | 3,694 | |||||||||||||||||||||||||||||||||||||||
Interest on loans receivable | $ | 561 | $ | 574 | $ | 1,679 | $ | 2,810 | ||||||||||||||||||||||||||||||||||||||
Interest on cash and cash equivalents and restricted cash | 67 | 253 | 207 | 5,717 | ||||||||||||||||||||||||||||||||||||||||||
Credit losses on loans receivable | — | — | — | (13,369) | ||||||||||||||||||||||||||||||||||||||||||
Market-to-market decrease in the fair value of marketable security (sold on January 23, 2020) | — | — | — | (4,938) | ||||||||||||||||||||||||||||||||||||||||||
Other, net | 5 | 902 | 1,808 | 2,712 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 633 | $ | 1,729 | $ | 3,694 | $ | (7,068) |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | (Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | $ | 57,028 | $ | 61,793 | $ | 170,938 | $ | 191,973 | Interest expense | $ | 76,009 | $ | 57,028 | $ | 187,552 | $ | 170,938 | ||||||||||||||||||||||||||||
Capitalized interest and debt expense | Capitalized interest and debt expense | (10,739) | (9,328) | (31,785) | (30,829) | Capitalized interest and debt expense | (4,874) | (10,739) | (12,095) | (31,785) | ||||||||||||||||||||||||||||||||||||
Amortization of deferred financing costs | Amortization of deferred financing costs | 4,657 | 4,906 | 13,751 | 13,474 | Amortization of deferred financing costs | 5,639 | 4,657 | 16,066 | 13,751 | ||||||||||||||||||||||||||||||||||||
$ | 50,946 | $ | 57,371 | $ | 152,904 | $ | 174,618 | $ | 76,774 | $ | 50,946 | $ | 191,523 | $ | 152,904 |
(Amounts in thousands, except per share amounts) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income (loss) attributable to Vornado | $ | 63,522 | $ | 65,700 | $ | 148,584 | $ | (102,026) | |||||||||||||||
Preferred share dividends | (16,800) | (12,530) | (49,734) | (37,591) | |||||||||||||||||||
Series K preferred share issuance costs | (9,033) | — | (9,033) | — | |||||||||||||||||||
Net income (loss) attributable to common shareholders | 37,689 | 53,170 | 89,817 | (139,617) | |||||||||||||||||||
Earnings allocated to unvested participating securities | (8) | (15) | (26) | (84) | |||||||||||||||||||
Numerator for basic and diluted income (loss) per share | $ | 37,681 | $ | 53,155 | $ | 89,791 | $ | (139,701) | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Denominator for basic income (loss) per share – weighted average shares | 191,577 | 191,162 | 191,508 | 191,102 | |||||||||||||||||||
Effect of dilutive securities(1): | |||||||||||||||||||||||
Out-Performance Plan units | 452 | — | 630 | — | |||||||||||||||||||
AO LTIP units | 8 | — | 10 | — | |||||||||||||||||||
Employee stock options and restricted stock awards | 4 | — | 3 | — | |||||||||||||||||||
Denominator for diluted income (loss) per share – weighted average shares and assumed conversions | 192,041 | 191,162 | 192,151 | 191,102 | |||||||||||||||||||
INCOME (LOSS) PER COMMON SHARE - BASIC: | |||||||||||||||||||||||
Net income (loss) per common share | $ | 0.20 | $ | 0.28 | $ | 0.47 | $ | (0.73) | |||||||||||||||
INCOME (LOSS) PER COMMON SHARE - DILUTED: | |||||||||||||||||||||||
Net income (loss) per common share | $ | 0.20 | $ | 0.28 | $ | 0.47 | $ | (0.73) |
(Amounts in thousands, except per share amounts) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income attributable to Vornado | $ | 23,298 | $ | 63,522 | $ | 131,252 | $ | 148,584 | |||||||||||||||
Preferred share dividends | (15,529) | (16,800) | (46,587) | (49,734) | |||||||||||||||||||
Series K preferred share issuance costs | — | (9,033) | — | (9,033) | |||||||||||||||||||
Net income attributable to common shareholders | 7,769 | 37,689 | 84,665 | 89,817 | |||||||||||||||||||
Earnings allocated to unvested participating securities | (4) | (8) | (14) | (26) | |||||||||||||||||||
Numerator for basic income per share | 7,765 | 37,681 | 84,651 | 89,791 | |||||||||||||||||||
Impact of assumed conversion of dilutive convertible securities | — | — | (243) | — | |||||||||||||||||||
Numerator for diluted income per share | $ | 7,765 | $ | 37,681 | $ | 84,408 | $ | 89,791 | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Denominator for basic income per share – weighted average shares | 191,793 | 191,577 | 191,756 | 191,508 | |||||||||||||||||||
Effect of dilutive securities(1): | |||||||||||||||||||||||
Share-based payment awards | 225 | 464 | 266 | 643 | |||||||||||||||||||
Convertible securities | — | — | 20 | — | |||||||||||||||||||
Denominator for diluted income per share – weighted average shares and assumed conversions | 192,018 | 192,041 | 192,042 | 192,151 | |||||||||||||||||||
INCOME PER COMMON SHARE - BASIC: | |||||||||||||||||||||||
Net income per common share | $ | 0.04 | $ | 0.20 | $ | 0.44 | $ | 0.47 | |||||||||||||||
INCOME PER COMMON SHARE - DILUTED: | |||||||||||||||||||||||
Net income per common share | $ | 0.04 | $ | 0.20 | $ | 0.44 | $ | 0.47 |
(Amounts in thousands, except per unit amounts) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income (loss) attributable to Vornado Realty L.P. | $ | 66,340 | $ | 69,584 | $ | 155,267 | $ | (112,116) | |||||||||||||||
Preferred unit distributions | (16,842) | (12,572) | (49,858) | (37,715) | |||||||||||||||||||
Series K preferred unit issuance costs | (9,033) | — | (9,033) | — | |||||||||||||||||||
Net income (loss) attributable to Class A unitholders | 40,465 | 57,012 | 96,376 | (149,831) | |||||||||||||||||||
Earnings allocated to unvested participating securities | (649) | (734) | (2,034) | (4,685) | |||||||||||||||||||
Numerator for basic and diluted income (loss) per Class A unit | $ | 39,816 | $ | 56,278 | $ | 94,342 | $ | (154,516) | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Denominator for basic income (loss) per Class A unit – weighted average units | 204,864 | 203,554 | 204,663 | 203,480 | |||||||||||||||||||
Effect of dilutive securities(1): | |||||||||||||||||||||||
Vornado stock options, Vornado restricted stock awards, OP Units, AO LTIP Units and OPPs | 839 | — | 953 | — | |||||||||||||||||||
Denominator for diluted income (loss) per Class A unit – weighted average units and assumed conversions | 205,703 | 203,554 | 205,616 | 203,480 | |||||||||||||||||||
INCOME (LOSS) PER CLASS A UNIT - BASIC: | |||||||||||||||||||||||
Net income (loss) per Class A unit | $ | 0.19 | $ | 0.28 | $ | 0.46 | $ | (0.76) | |||||||||||||||
INCOME (LOSS) PER CLASS A UNIT - DILUTED: | |||||||||||||||||||||||
Net income (loss) per Class A unit | $ | 0.19 | $ | 0.28 | $ | 0.46 | $ | (0.76) |
(Amounts in thousands, except per unit amounts) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | $ | 23,904 | $ | 66,340 | $ | 137,634 | $ | 155,267 | |||||||||||||||
Preferred unit distributions | (15,558) | (16,842) | (46,673) | (49,858) | |||||||||||||||||||
Series K preferred unit issuance costs | — | (9,033) | — | (9,033) | |||||||||||||||||||
Net income attributable to Class A unitholders | 8,346 | 40,465 | 90,961 | 96,376 | |||||||||||||||||||
Earnings allocated to unvested participating securities | (498) | (649) | (1,719) | (2,034) | |||||||||||||||||||
Numerator for basic income per Class A unit | 7,848 | 39,816 | 89,242 | 94,342 | |||||||||||||||||||
Impact of assumed conversion of dilutive convertible securities | — | — | (243) | — | |||||||||||||||||||
Numerator for diluted income per Class A unit | $ | 7,848 | $ | 39,816 | $ | 88,999 | $ | 94,342 | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Denominator for basic income per Class A unit – weighted average units | 205,410 | 204,864 | 205,271 | 204,663 | |||||||||||||||||||
Effect of dilutive securities(1): | |||||||||||||||||||||||
Share-based payment awards | 502 | 839 | 633 | 953 | |||||||||||||||||||
Convertible securities | — | — | 20 | — | |||||||||||||||||||
Denominator for diluted income per Class A unit – weighted average units and assumed conversions | 205,912 | 205,703 | 205,924 | 205,616 | |||||||||||||||||||
INCOME PER CLASS A UNIT - BASIC: | |||||||||||||||||||||||
Net income per Class A unit | $ | 0.04 | $ | 0.19 | $ | 0.43 | $ | 0.46 | |||||||||||||||
INCOME PER CLASS A UNIT - DILUTED: | |||||||||||||||||||||||
Net income per Class A unit | $ | 0.04 | $ | 0.19 | $ | 0.43 | $ | 0.46 |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income (loss) | $ | 71,765 | $ | 68,736 | $ | 175,590 | $ | (253,119) | |||||||||||||||
Depreciation and amortization expense | 100,867 | 107,013 | 285,998 | 292,611 | |||||||||||||||||||
General and administrative expense | 25,553 | 32,407 | 100,341 | 120,255 | |||||||||||||||||||
Impairment losses, transaction related costs and other (lease liability extinguishment gain) | 9,681 | 584 | 10,630 | (68,566) | |||||||||||||||||||
(Income) loss from partially owned entities | (26,269) | 80,909 | (86,768) | 353,679 | |||||||||||||||||||
Loss (income) from real estate fund investments | 66 | 13,823 | (5,107) | 225,328 | |||||||||||||||||||
Interest and other investment (income) loss, net | (633) | (1,729) | (3,694) | 7,068 | |||||||||||||||||||
Interest and debt expense | 50,946 | 57,371 | 152,904 | 174,618 | |||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | (10,087) | (214,578) | (35,811) | (338,862) | |||||||||||||||||||
Income tax (benefit) expense | (25,376) | 23,781 | (20,551) | 38,431 | |||||||||||||||||||
NOI from partially owned entities | 75,644 | 78,175 | 231,635 | 229,543 | |||||||||||||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (16,886) | (25,959) | (50,221) | (56,900) | |||||||||||||||||||
NOI at share | 255,271 | 220,533 | 754,946 | 724,086 | |||||||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 1,922 | 10,981 | 1,570 | 48,247 | |||||||||||||||||||
NOI at share - cash basis | $ | 257,193 | $ | 231,514 | $ | 756,516 | $ | 772,333 |
(Amounts in thousands) | For the Three Months Ended September 30, 2022 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 457,431 | $ | 360,033 | $ | 97,398 | |||||||||||
Operating expenses | (221,596) | (182,131) | (39,465) | ||||||||||||||
NOI - consolidated | 235,835 | 177,902 | 57,933 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (14,766) | (8,691) | (6,075) | ||||||||||||||
Add: NOI from partially owned entities | 76,020 | 71,943 | 4,077 | ||||||||||||||
NOI at share | 297,089 | 241,154 | 55,935 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (1,419) | (3,462) | 2,043 | ||||||||||||||
NOI at share - cash basis | $ | 295,670 | $ | 237,692 | $ | 57,978 |
(Amounts in thousands) | For the Three Months Ended September 30, 2021 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 409,212 | $ | 316,643 | $ | 92,569 | |||||||||||
Operating expenses | (212,699) | (151,276) | (61,423) | ||||||||||||||
NOI - consolidated | 196,513 | 165,367 | 31,146 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (16,886) | (9,747) | (7,139) | ||||||||||||||
Add: NOI from partially owned entities | 75,644 | 73,219 | 2,425 | ||||||||||||||
NOI at share | 255,271 | 228,839 | 26,432 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 1,922 | 783 | 1,139 | ||||||||||||||
NOI at share - cash basis | $ | 257,193 | $ | 229,622 | $ | 27,571 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, 2020 | (Amounts in thousands) | For the Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 363,962 | $ | 293,145 | $ | 70,817 | Total revenues | $ | 1,353,055 | $ | 1,082,743 | $ | 270,312 | ||||||||||||||||||||
Operating expenses | Operating expenses | (195,645) | (161,386) | (34,259) | Operating expenses | (660,434) | (536,238) | (124,196) | ||||||||||||||||||||||||||
NOI - consolidated | NOI - consolidated | 168,317 | 131,759 | 36,558 | NOI - consolidated | 692,621 | 546,505 | 146,116 | ||||||||||||||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (25,959) | (17,776) | (8,183) | Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (51,100) | (32,708) | (18,392) | ||||||||||||||||||||||||||
Add: NOI from partially owned entities | Add: NOI from partially owned entities | 78,175 | 75,837 | 2,338 | Add: NOI from partially owned entities | 228,772 | 219,116 | 9,656 | ||||||||||||||||||||||||||
NOI at share | NOI at share | 220,533 | 189,820 | 30,713 | NOI at share | 870,293 | 732,913 | 137,380 | ||||||||||||||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 10,981 | 6,261 | 4,720 | |||||||||||||||||||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (8,824) | (13,626) | 4,802 | ||||||||||||||||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 231,514 | $ | 196,081 | $ | 35,433 | NOI at share - cash basis | $ | 861,469 | $ | 719,287 | $ | 142,182 |
(Amounts in thousands) | For the Nine Months Ended September 30, 2021 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 1,168,130 | $ | 921,758 | $ | 246,372 | |||||||||||
Operating expenses | (594,598) | (468,294) | (126,304) | ||||||||||||||
NOI - consolidated | 573,532 | 453,464 | 120,068 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (50,221) | (26,841) | (23,380) | ||||||||||||||
Add: NOI from partially owned entities | 231,635 | 224,392 | 7,243 | ||||||||||||||
NOI at share | 754,946 | 651,015 | 103,931 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 1,570 | 351 | 1,219 | ||||||||||||||
NOI at share - cash basis | $ | 756,516 | $ | 651,366 | $ | 105,150 |
(Amounts in thousands) | For the Nine Months Ended September 30, 2021 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 1,168,130 | $ | 921,758 | $ | 246,372 | |||||||||||
Operating expenses | (594,598) | (468,294) | (126,304) | ||||||||||||||
NOI - consolidated | 573,532 | 453,464 | 120,068 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (50,221) | (26,841) | (23,380) | ||||||||||||||
Add: NOI from partially owned entities | 231,635 | 224,392 | 7,243 | ||||||||||||||
NOI at share | 754,946 | 651,015 | 103,931 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 1,570 | 351 | 1,219 | ||||||||||||||
NOI at share - cash basis | $ | 756,516 | $ | 651,366 | $ | 105,150 |
(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 Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income | $ | 20,112 | $ | 71,765 | $ | 142,390 | $ | 175,590 | |||||||||||||||
Depreciation and amortization expense | 134,526 | 100,867 | 370,631 | 285,998 | |||||||||||||||||||
General and administrative expense | 29,174 | 25,553 | 102,292 | 100,341 | |||||||||||||||||||
Transaction related costs and other | 996 | 9,681 | 4,961 | 10,630 | |||||||||||||||||||
Income from partially owned entities | (24,341) | (26,269) | (83,775) | (86,768) | |||||||||||||||||||
Loss (income) from real estate fund investments | 111 | 66 | (5,421) | (5,107) | |||||||||||||||||||
Interest and other investment income, net | (5,228) | (633) | (9,282) | (3,694) | |||||||||||||||||||
Interest and debt expense | 76,774 | 50,946 | 191,523 | 152,904 | |||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | — | (10,087) | (35,384) | (35,811) | |||||||||||||||||||
Income tax expense (benefit) | 3,711 | (25,376) | 14,686 | (20,551) | |||||||||||||||||||
NOI from partially owned entities | 76,020 | 75,644 | 228,772 | 231,635 | |||||||||||||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (14,766) | (16,886) | (51,100) | (50,221) | |||||||||||||||||||
NOI at share | 297,089 | 255,271 | 870,293 | 754,946 | |||||||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (1,419) | 1,922 | (8,824) | 1,570 | |||||||||||||||||||
NOI at share - cash basis | $ | 295,670 | $ | 257,193 | $ | 861,469 | $ | 756,516 |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Certain (income) expense items that impact net income (loss) attributable to common shareholders: | |||||||||||||||||||||||
Tax benefit recognized by our taxable REIT subsidiaries | $ | (27,910) | $ | — | $ | (27,910) | $ | — | |||||||||||||||
Previously capitalized Series K preferred share issuance costs | 9,033 | — | 9,033 | — | |||||||||||||||||||
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium unit(s) | (8,815) | (186,909) | (31,023) | (295,825) | |||||||||||||||||||
Real estate impairment losses in connection with the sales of Madison Avenue retail properties | 7,880 | — | 7,880 | — | |||||||||||||||||||
Hotel Pennsylvania loss (permanently closed on April 5, 2021) | 6,492 | 7,706 | 20,474 | 25,232 | |||||||||||||||||||
Our share of (income) loss from real estate fund investments | (294) | 2,524 | (2,193) | 64,771 | |||||||||||||||||||
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 | |||||||||||||||||||
608 Fifth Avenue non-cash lease liability extinguishment gain | — | — | — | (70,260) | |||||||||||||||||||
Credit losses on loans receivable resulting from a new GAAP accounting standard effective January 1, 2020 | — | — | — | 13,369 | |||||||||||||||||||
Mark-to-market decrease in Pennsylvania Real Estate Investment Trust common shares (sold on January 23, 2020) | — | — | — | 4,938 | |||||||||||||||||||
Other | 733 | 766 | (2,942) | 10,681 | |||||||||||||||||||
(12,881) | (66,611) | (26,681) | 168,067 | ||||||||||||||||||||
Noncontrolling interests' share of above adjustments | 1,118 | 4,055 | 2,040 | (10,252) | |||||||||||||||||||
Total of certain (income) expense items that impact net income (loss) attributable to common shareholders | $ | (11,763) | $ | (62,556) | $ | (24,641) | $ | 157,815 |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Certain expense (income) items that impact net income attributable to common shareholders: | |||||||||||||||||||||||
Hotel Pennsylvania loss | $ | 26,613 | $ | 6,492 | $ | 44,473 | $ | 20,474 | |||||||||||||||
Deferred tax liability on our investment in Farley Office and Retail (held through a taxable REIT subsidiary) | 3,776 | 1,688 | 10,183 | 1,688 | |||||||||||||||||||
Tax benefit recognized by our taxable REIT subsidiaries | — | (27,910) | — | (27,910) | |||||||||||||||||||
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium unit(s) and ancillary amenities | — | (8,815) | (6,085) | (31,023) | |||||||||||||||||||
Net gain on sale of the Center Building (33-00 Northern Boulevard, Long Island City, NY) | — | — | (15,213) | — | |||||||||||||||||||
Refund of New York City transfer taxes related to the April 2019 transfer to Fifth Avenue and Times Square JV | — | — | (13,613) | — | |||||||||||||||||||
Other | 1,477 | 15,664 | 4,137 | 10,090 | |||||||||||||||||||
31,866 | (12,881) | 23,882 | (26,681) | ||||||||||||||||||||
Noncontrolling interests' share of above adjustments | (2,206) | 1,118 | (1,895) | 2,040 | |||||||||||||||||||
Total of certain expense (income) items that impact net income attributable to common shareholders | $ | 29,660 | $ | (11,763) | $ | 21,987 | $ | (24,641) |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions: | |||||||||||||||||||||||
Tax benefit recognized by our taxable REIT subsidiaries | $ | (27,910) | $ | — | $ | (27,910) | $ | — | |||||||||||||||
Previously capitalized Series K preferred share issuance costs | 9,033 | — | 9,033 | — | |||||||||||||||||||
After-tax net gain on sale of 220 CPS condominium unit(s) | (8,815) | (186,909) | (31,023) | (295,825) | |||||||||||||||||||
Hotel Pennsylvania loss (permanently closed on April 5, 2021) | 3,892 | 5,127 | 12,331 | 17,431 | |||||||||||||||||||
Our share of (income) loss from real estate fund investments | (294) | 2,524 | (2,193) | 64,771 | |||||||||||||||||||
Severance accrual related to Hotel Pennsylvania closure, net of $3,145 of income tax benefit | — | 6,101 | — | 6,101 | |||||||||||||||||||
608 Fifth Avenue non-cash lease liability extinguishment gain | — | — | — | (70,260) | |||||||||||||||||||
Credit losses on loans receivable resulting from a new GAAP accounting standard effective January 1, 2020 | — | — | — | 13,369 | |||||||||||||||||||
Other | 451 | 381 | 1,215 | 7,045 | |||||||||||||||||||
(23,643) | (172,776) | (38,547) | (257,368) | ||||||||||||||||||||
Noncontrolling interests' share of above adjustments | 1,570 | 10,967 | 2,223 | 16,163 | |||||||||||||||||||
Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net | $ | (22,073) | $ | (161,809) | $ | (36,324) | $ | (241,205) |
(Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions: | |||||||||||||||||||||||
Deferred tax liability on our investment in Farley Office and Retail (held through a taxable REIT subsidiary) | $ | 3,776 | $ | 1,688 | $ | 10,183 | $ | 1,688 | |||||||||||||||
Tax benefit recognized by our taxable REIT subsidiaries | — | (27,910) | — | (27,910) | |||||||||||||||||||
After-tax net gain on sale of 220 CPS condominium unit(s) and ancillary amenities | — | (8,815) | (6,085) | (31,023) | |||||||||||||||||||
Other | 1,477 | 11,394 | 3,840 | 18,698 | |||||||||||||||||||
5,253 | (23,643) | 7,938 | (38,547) | ||||||||||||||||||||
Noncontrolling interests' share of above adjustments | (364) | 1,570 | (550) | 2,223 | |||||||||||||||||||
Total of certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions, net | $ | 4,889 | $ | (22,073) | $ | 7,388 | $ | (36,324) |
Total | New York | theMART(1) | 555 California Street | ||||||||||||||||||||
Same store NOI at share % increase (decrease): | |||||||||||||||||||||||
Three months ended September 30, 2021 compared to September 30, 2020 | 4.1 | % | 7.8 | % | (50.8) | % | 3.0 | % | |||||||||||||||
Nine months ended September 30, 2021 compared to September 30, 2020 | 1.9 | % | 3.2 | % | (16.9) | % | 5.4 | % | |||||||||||||||
Same store NOI at share - cash basis % increase (decrease): | |||||||||||||||||||||||
Three months ended September 30, 2021 compared to September 30, 2020 | 2.8 | % | 8.1 | % | (50.9) | % | (5.0) | % | |||||||||||||||
Nine months ended September 30, 2021 compared to September 30, 2020 | (1.1) | % | 0.6 | % | (20.4) | % | (0.7) | % |
Total | New York | theMART(1) | 555 California Street | |||||||||||||||||||||||
Same store NOI at share % increase (decrease) | ||||||||||||||||||||||||||
Three months ended September 30, 2022 compared to September 30, 2021 | 11.7 | % | (0.8) | % | 456.2 | % | 1.3 | % | ||||||||||||||||||
Nine months ended September 30, 2022 compared to September 30, 2021 | 7.4 | % | 3.0 | % | 76.1 | % | 3.5 | % | ||||||||||||||||||
Same store NOI at share - cash basis % increase | ||||||||||||||||||||||||||
Three months ended September 30, 2022 compared to September 30, 2021 | 13.8 | % | 1.1 | % | 325.8 | % | 16.7 | % | ||||||||||||||||||
Nine months ended September 30, 2022 compared to September 30, 2021 | 9.4 | % | 4.6 | % | 71.3 | % | 12.2 | % |
(Amounts in thousands) | Notional Amount | All-In Swapped Rate | Swap Expiration Date | Variable Rate Spread | ||||||||||||||||||||||
770 Broadway mortgage loan | $ | 700,000 | 4.98% | 07/27 | S+225 | |||||||||||||||||||||
Unsecured revolving credit facility | 575,000 | 3.88% | 08/27 | S+115 | ||||||||||||||||||||||
Unsecured term loan(1) | 50,000 | 4.04% | 08/27 | S+130 | ||||||||||||||||||||||
Unsecured term loan (effective 10/23) | 500,000 | 4.39% | 10/26 | S+130 | ||||||||||||||||||||||
100 West 33rd Street mortgage loan | 480,000 | 5.06% | 06/27 | S+165 | ||||||||||||||||||||||
888 Seventh Avenue mortgage loan(2) | 200,000 | 4.66% | 09/27 | L+170 |
(Square feet in thousands) | (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: | New York: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Office | 33 | 18,550 | 15,903 | 91.6 | % | Office | 31 | (1) | 18,970 | 16,275 | 91.8 | % | |||||||||||||||||||||||||||||||||||||||
Retail (includes retail properties that are in the base of our office properties) | Retail (includes retail properties that are in the base of our office properties) | 62 | 2,212 | 1,770 | 77.2 | % | Retail (includes retail properties that are in the base of our office properties) | 58 | (1) | 2,307 | 1,867 | 74.4 | % | |||||||||||||||||||||||||||||||||||||||
Residential - 1,986 units(1) | 8 | 1,518 | 786 | 95.9 | % | (1) | ||||||||||||||||||||||||||||||||||||||||||||||
Residential - 1,983 units(2) | Residential - 1,983 units(2) | 7 | (1) | 1,511 | 778 | 96.8 | % | (2) | ||||||||||||||||||||||||||||||||||||||||||||
Alexander's | Alexander's | 7 | 2,218 | 719 | 95.6 | % | (1) | Alexander's | 6 | 2,241 | 726 | 96.3 | % | (2) | ||||||||||||||||||||||||||||||||||||||
24,498 | 19,178 | 90.4 | % | 25,029 | 19,646 | 90.3 | % | |||||||||||||||||||||||||||||||||||||||||||||
Other: | Other: | Other: | ||||||||||||||||||||||||||||||||||||||||||||||||||
theMART | theMART | 4 | 3,692 | 3,683 | 89.6 | % | theMART | 4 | 3,637 | 3,628 | 87.3 | % | ||||||||||||||||||||||||||||||||||||||||
555 California Street | 555 California Street | 3 | 1,740 | 1,219 | 98.1 | % | 555 California Street | 3 | 1,819 | 1,273 | 94.7 | % | ||||||||||||||||||||||||||||||||||||||||
Other | Other | 11 | 2,489 | 1,154 | 92.6 | % | Other | 11 | 2,532 | 1,197 | 92.7 | % | ||||||||||||||||||||||||||||||||||||||||
7,921 | 6,056 | 7,988 | 6,098 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total square feet as of September 30, 2021 | 32,419 | 25,234 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total square feet as of September 30, 2022 | Total square feet as of September 30, 2022 | 33,017 | 25,744 |
(Square feet in thousands) | (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: | New York: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Office | 33 | 18,361 | 15,413 | 93.4 | % | Office | 32 | (1) | 19,442 | 16,757 | 92.2 | % | |||||||||||||||||||||||||||||||||||||||
Retail (includes retail properties that are in the base of our office properties) | Retail (includes retail properties that are in the base of our office properties) | 65 | 2,275 | 1,805 | 78.8 | % | Retail (includes retail properties that are in the base of our office properties) | 60 | (1) | 2,267 | 1,825 | 80.7 | % | |||||||||||||||||||||||||||||||||||||||
Residential - 1,995 units(1) | 9 | 1,526 | 793 | 84.9 | % | (1) | ||||||||||||||||||||||||||||||||||||||||||||||
Residential - 1,986 units(2) | Residential - 1,986 units(2) | 8 | (1) | 1,518 | 785 | 97.0 | % | (2) | ||||||||||||||||||||||||||||||||||||||||||||
Alexander's | Alexander's | 7 | 2,366 | 766 | 98.5 | % | (1) | Alexander's | 6 | 2,218 | 719 | 95.6 | % | (2) | ||||||||||||||||||||||||||||||||||||||
24,528 | 18,777 | 92.2 | % | 25,445 | 20,086 | 91.3 | % | |||||||||||||||||||||||||||||||||||||||||||||
Other: | Other: | Other: | ||||||||||||||||||||||||||||||||||||||||||||||||||
theMART | theMART | 4 | 3,692 | 3,683 | 89.5 | % | theMART | 4 | 3,692 | 3,683 | 88.9 | % | ||||||||||||||||||||||||||||||||||||||||
555 California Street | 555 California Street | 3 | 1,741 | 1,218 | 98.4 | % | 555 California Street | 3 | 1,818 | 1,273 | 93.8 | % | ||||||||||||||||||||||||||||||||||||||||
Other | Other | 11 | 2,489 | 1,154 | 92.8 | % | Other | 11 | 2,489 | 1,154 | 92.8 | % | ||||||||||||||||||||||||||||||||||||||||
7,922 | 6,055 | 7,999 | 6,110 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total square feet as of December 31, 2020 | 32,450 | 24,832 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total square feet as of December 31, 2021 | Total square feet as of December 31, 2021 | 33,444 | 26,196 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, 2021 | (Amounts in thousands) | For the Three Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 409,212 | $ | 316,643 | $ | 92,569 | Total revenues | $ | 457,431 | $ | 360,033 | $ | 97,398 | ||||||||||||||||||||
Operating expenses | Operating expenses | (212,699) | (151,276) | (61,423) | Operating expenses | (221,596) | (182,131) | (39,465) | ||||||||||||||||||||||||||
NOI - consolidated | NOI - consolidated | 196,513 | 165,367 | 31,146 | NOI - consolidated | 235,835 | 177,902 | 57,933 | ||||||||||||||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (16,886) | (9,747) | (7,139) | Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (14,766) | (8,691) | (6,075) | ||||||||||||||||||||||||||
Add: NOI from partially owned entities | Add: NOI from partially owned entities | 75,644 | 73,219 | 2,425 | Add: NOI from partially owned entities | 76,020 | 71,943 | 4,077 | ||||||||||||||||||||||||||
NOI at share | NOI at share | 255,271 | 228,839 | 26,432 | NOI at share | 297,089 | 241,154 | 55,935 | ||||||||||||||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 1,922 | 783 | 1,139 | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (1,419) | (3,462) | 2,043 | ||||||||||||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 257,193 | $ | 229,622 | $ | 27,571 | NOI at share - cash basis | $ | 295,670 | $ | 237,692 | $ | 57,978 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, 2020 | (Amounts in thousands) | For the Three Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 363,962 | $ | 293,145 | $ | 70,817 | Total revenues | $ | 409,212 | $ | 316,643 | $ | 92,569 | ||||||||||||||||||||
Operating expenses | Operating expenses | (195,645) | (161,386) | (34,259) | Operating expenses | (212,699) | (151,276) | (61,423) | ||||||||||||||||||||||||||
NOI - consolidated | NOI - consolidated | 168,317 | 131,759 | 36,558 | NOI - consolidated | 196,513 | 165,367 | 31,146 | ||||||||||||||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (25,959) | (17,776) | (8,183) | Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (16,886) | (9,747) | (7,139) | ||||||||||||||||||||||||||
Add: NOI from partially owned entities | Add: NOI from partially owned entities | 78,175 | 75,837 | 2,338 | Add: NOI from partially owned entities | 75,644 | 73,219 | 2,425 | ||||||||||||||||||||||||||
NOI at share | NOI at share | 220,533 | 189,820 | 30,713 | NOI at share | 255,271 | 228,839 | 26,432 | ||||||||||||||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 10,981 | 6,261 | 4,720 | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 1,922 | 783 | 1,139 | ||||||||||||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 231,514 | $ | 196,081 | $ | 35,433 | NOI at share - cash basis | $ | 257,193 | $ | 229,622 | $ | 27,571 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, | (Amounts in thousands) | For the Three Months Ended September 30, | ||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||
New York: | New York: | New York: | ||||||||||||||||||||
Office | Office | $ | 166,553 | $ | 159,981 | Office | $ | 174,790 | $ | 166,553 | ||||||||||||
Retail | Retail | 49,083 | 35,294 | Retail | 52,127 | 49,083 | ||||||||||||||||
Residential | Residential | 4,194 | 4,536 | Residential | 4,598 | 4,194 | ||||||||||||||||
Alexander's | Alexander's | 9,009 | 6,830 | Alexander's | 9,639 | 9,009 | ||||||||||||||||
Hotel Pennsylvania(3) | — | (16,821) | ||||||||||||||||||||
Total New York | Total New York | 228,839 | 189,820 | Total New York | 241,154 | 228,839 | ||||||||||||||||
Other: | Other: | Other: | ||||||||||||||||||||
theMART | theMART | 6,431 | 13,171 | theMART | 35,769 | 6,431 | ||||||||||||||||
555 California Street | 555 California Street | 16,128 | 15,618 | 555 California Street | 16,092 | 16,128 | ||||||||||||||||
Other investments | Other investments | 3,873 | 1,924 | Other investments | 4,074 | 3,873 | ||||||||||||||||
Total Other | Total Other | 26,432 | 30,713 | Total Other | 55,935 | 26,432 | ||||||||||||||||
NOI at share | NOI at share | $ | 255,271 | $ | 220,533 | NOI at share | $ | 297,089 | $ | 255,271 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, | (Amounts in thousands) | For the Three Months Ended September 30, | ||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||
New York: | New York: | New York: | ||||||||||||||||||||
Office | Office | $ | 170,521 | $ | 162,357 | Office | $ | 174,606 | $ | 170,521 | ||||||||||||
Retail | Retail | 45,175 | 36,476 | Retail | 48,096 | 45,175 | ||||||||||||||||
Residential | Residential | 4,136 | 4,178 | Residential | 4,556 | 4,136 | ||||||||||||||||
Alexander's | Alexander's | 9,790 | 9,899 | Alexander's | 10,434 | 9,790 | ||||||||||||||||
Hotel Pennsylvania(3) | — | (16,829) | ||||||||||||||||||||
Total New York | Total New York | 229,622 | 196,081 | Total New York | 237,692 | 229,622 | ||||||||||||||||
Other: | Other: | Other: | ||||||||||||||||||||
theMART | theMART | 8,635 | 17,706 | theMART | 36,772 | 8,635 | ||||||||||||||||
555 California Street | 555 California Street | 14,745 | 15,530 | 555 California Street | 16,926 | 14,745 | ||||||||||||||||
Other investments | Other investments | 4,191 | 2,197 | Other investments | 4,280 | 4,191 | ||||||||||||||||
Total Other | Total Other | 27,571 | 35,433 | Total Other | 57,978 | 27,571 | ||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 257,193 | $ | 231,514 | NOI at share - cash basis | $ | 295,670 | $ | 257,193 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, | (Amounts in thousands) | For the Three Months Ended September 30, | ||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||
Net income | Net income | $ | 71,765 | $ | 68,736 | Net income | $ | 20,112 | $ | 71,765 | ||||||||||||
Depreciation and amortization expense | Depreciation and amortization expense | 100,867 | 107,013 | Depreciation and amortization expense | 134,526 | 100,867 | ||||||||||||||||
General and administrative expense | General and administrative expense | 25,553 | 32,407 | General and administrative expense | 29,174 | 25,553 | ||||||||||||||||
Impairment losses, transaction related costs and other | 9,681 | 584 | ||||||||||||||||||||
(Income) loss from partially owned entities | (26,269) | 80,909 | ||||||||||||||||||||
Transaction related costs and other | Transaction related costs and other | 996 | 9,681 | |||||||||||||||||||
Income from partially owned entities | Income from partially owned entities | (24,341) | (26,269) | |||||||||||||||||||
Loss from real estate fund investments | Loss from real estate fund investments | 66 | 13,823 | Loss from real estate fund investments | 111 | 66 | ||||||||||||||||
Interest and other investment income, net | Interest and other investment income, net | (633) | (1,729) | Interest and other investment income, net | (5,228) | (633) | ||||||||||||||||
Interest and debt expense | Interest and debt expense | 50,946 | 57,371 | Interest and debt expense | 76,774 | 50,946 | ||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | Net gains on disposition of wholly owned and partially owned assets | (10,087) | (214,578) | Net gains on disposition of wholly owned and partially owned assets | — | (10,087) | ||||||||||||||||
Income tax (benefit) expense | (25,376) | 23,781 | ||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | 3,711 | (25,376) | |||||||||||||||||||
NOI from partially owned entities | NOI from partially owned entities | 75,644 | 78,175 | NOI from partially owned entities | 76,020 | 75,644 | ||||||||||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | NOI attributable to noncontrolling interests in consolidated subsidiaries | (16,886) | (25,959) | NOI attributable to noncontrolling interests in consolidated subsidiaries | (14,766) | (16,886) | ||||||||||||||||
NOI at share | NOI at share | 255,271 | 220,533 | NOI at share | 297,089 | 255,271 | ||||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 1,922 | 10,981 | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (1,419) | 1,922 | ||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 257,193 | $ | 231,514 | NOI at share - cash basis | $ | 295,670 | $ | 257,193 |
For the Three Months Ended September 30, | For the Three Months Ended September 30, | |||||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||
Region: | Region: | Region: | ||||||||||||||||||||
New York City metropolitan area | New York City metropolitan area | 91 | % | 87 | % | New York City metropolitan area | 82 | % | 91 | % | ||||||||||||
Chicago, IL | Chicago, IL | 3 | % | 6 | % | Chicago, IL | 13 | % | 3 | % | ||||||||||||
San Francisco, CA | San Francisco, CA | 6 | % | 7 | % | San Francisco, CA | 5 | % | 6 | % | ||||||||||||
100 | % | 100 | % | 100 | % | 100 | % |
(Amounts in thousands) | (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: | Rental revenues: | |||||||||||||||||||||||||||||||||||
Acquisitions, dispositions and other | Acquisitions, dispositions and other | $ | 13,746 | $ | 11,214 | $ | 2,532 | Acquisitions, dispositions and other | $ | (2,539) | $ | (2,539) | $ | — | |||||||||||||||||||||||
Development and redevelopment | Development and redevelopment | (891) | (891) | — | Development and redevelopment | 23,192 | 23,192 | — | |||||||||||||||||||||||||||||
Hotel Pennsylvania | 76 | 76 | — | ||||||||||||||||||||||||||||||||||
Trade shows | Trade shows | 12,605 | (1) | — | 12,605 | Trade shows | 6,049 | — | 6,049 | ||||||||||||||||||||||||||||
Same store operations | Same store operations | 21,414 | 15,446 | 5,968 | Same store operations | 13,239 | 15,916 | (2,677) | |||||||||||||||||||||||||||||
46,950 | 25,845 | 21,105 | 39,941 | 36,569 | 3,372 | ||||||||||||||||||||||||||||||||
Fee and other income: | Fee and other income: | Fee and other income: | |||||||||||||||||||||||||||||||||||
BMS cleaning fees | BMS cleaning fees | 6,773 | 7,038 | (265) | BMS cleaning fees | 4,235 | 4,741 | (506) | |||||||||||||||||||||||||||||
Management and leasing fees | Management and leasing fees | (9,140) | (9,052) | (2) | (88) | Management and leasing fees | 23 | (85) | 108 | ||||||||||||||||||||||||||||
Other income | Other income | 667 | (333) | 1,000 | Other income | 4,020 | 2,165 | 1,855 | |||||||||||||||||||||||||||||
(1,700) | (2,347) | 647 | 8,278 | 6,821 | 1,457 | ||||||||||||||||||||||||||||||||
Total increase in revenues | Total increase in revenues | $ | 45,250 | $ | 23,498 | $ | 21,752 | Total increase in revenues | $ | 48,219 | $ | 43,390 | $ | 4,829 |
(Amounts in thousands) | (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: | |||||||||||||||||||||||||||||||||||||||
Operating: | Operating: | Operating: | ||||||||||||||||||||||||||||||||||||||
Acquisitions, dispositions and other | Acquisitions, dispositions and other | $ | (618) | $ | (618) | $ | — | |||||||||||||||||||||||||||||||||
Development and redevelopment | Development and redevelopment | 9,735 | 9,488 | 247 | ||||||||||||||||||||||||||||||||||||
Non-reimbursable expenses | Non-reimbursable expenses | 7,560 | 7,794 | (234) | ||||||||||||||||||||||||||||||||||||
Trade shows | Trade shows | (291) | — | (291) | ||||||||||||||||||||||||||||||||||||
Acquisitions, dispositions and other | $ | 4,445 | $ | 4,445 | $ | — | ||||||||||||||||||||||||||||||||||
BMS expenses | BMS expenses | 3,739 | 4,246 | (507) | ||||||||||||||||||||||||||||||||||||
Development and redevelopment | (2,253) | (2,253) | — | |||||||||||||||||||||||||||||||||||||
Non-reimbursable expenses | 2,262 | 2,326 | (64) | |||||||||||||||||||||||||||||||||||||
Hotel Pennsylvania | (16,745) | (3) | (16,745) | — | ||||||||||||||||||||||||||||||||||||
Trade shows | 11,600 | (1) | — | 11,600 | ||||||||||||||||||||||||||||||||||||
BMS expenses | 4,429 | 4,694 | (265) | |||||||||||||||||||||||||||||||||||||
Same store operations | 13,316 | (2,577) | 15,893 | |||||||||||||||||||||||||||||||||||||
Same store operations | Same store operations | (11,228) | 9,945 | (21,173) | ||||||||||||||||||||||||||||||||||||
17,054 | (10,110) | 27,164 | 8,897 | 30,855 | (21,958) | |||||||||||||||||||||||||||||||||||
Depreciation and amortization: | Depreciation and amortization: | Depreciation and amortization: | ||||||||||||||||||||||||||||||||||||||
Acquisitions, dispositions and other | Acquisitions, dispositions and other | 20,868 | 20,868 | — | ||||||||||||||||||||||||||||||||||||
Development and redevelopment | Development and redevelopment | 13,654 | 13,654 | — | ||||||||||||||||||||||||||||||||||||
Acquisitions, dispositions and other | 8,489 | 8,489 | — | |||||||||||||||||||||||||||||||||||||
Development and redevelopment | (1,639) | (1,639) | — | |||||||||||||||||||||||||||||||||||||
Same store operations | (12,996) | (13,172) | 176 | |||||||||||||||||||||||||||||||||||||
Same store operations | Same store operations | (863) | (1,061) | 198 | ||||||||||||||||||||||||||||||||||||
(6,146) | (6,322) | 176 | 33,659 | 33,461 | 198 | |||||||||||||||||||||||||||||||||||
General and administrative | General and administrative | (6,854) | (4) | (1,170) | (5,684) | General and administrative | 3,621 | 463 | 3,158 | |||||||||||||||||||||||||||||||
Benefit from deferred compensation plan liability | Benefit from deferred compensation plan liability | (3,542) | — | (3,542) | Benefit from deferred compensation plan liability | (1,399) | — | (1,399) | ||||||||||||||||||||||||||||||||
(Impairment losses, transaction related costs and other) lease liability extinguishment gain | 9,097 | 7,880 | (5) | 1,217 | ||||||||||||||||||||||||||||||||||||
Transaction related costs and other | Transaction related costs and other | (8,685) | (7,769) | (1) | (916) | |||||||||||||||||||||||||||||||||||
Total increase (decrease) in expenses | Total increase (decrease) in expenses | $ | 9,609 | $ | (9,722) | $ | 19,331 | Total increase (decrease) in expenses | $ | 36,093 | $ | 57,010 | $ | (20,917) |
(Amounts in thousands) | (Amounts in thousands) | Percentage Ownership at September 30, 2021 | For the Three Months Ended September 30, | (Amounts in thousands) | Percentage Ownership at September 30, 2022 | For the Three Months Ended September 30, | ||||||||||||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||
Our share of net income (loss): | Our share of net income (loss): | Our share of net income (loss): | ||||||||||||||||||||||||||||||||
Fifth Avenue and Times Square JV: | Fifth Avenue and Times Square JV: | Fifth Avenue and Times Square JV: | ||||||||||||||||||||||||||||||||
Equity in net income | Equity in net income | 51.5% | $ | 12,671 | $ | 7,694 | Equity in net income | 51.5% | $ | 11,941 | $ | 12,671 | ||||||||||||||||||||||
Return on preferred equity, net of our share of the expense | Return on preferred equity, net of our share of the expense | 9,430 | 9,430 | Return on preferred equity, net of our share of the expense | 9,430 | 9,430 | ||||||||||||||||||||||||||||
Non-cash impairment loss | — | (107,023) | ||||||||||||||||||||||||||||||||
22,101 | (89,899) | 21,371 | 22,101 | |||||||||||||||||||||||||||||||
Alexander's | Alexander's | 32.4% | 4,795 | 3,371 | Alexander's | 32.4% | 5,910 | 4,795 | ||||||||||||||||||||||||||
Partially owned office buildings | Partially owned office buildings | Various | 1,291 | 6,418 | Partially owned office buildings | Various | (4,732) | 418 | ||||||||||||||||||||||||||
Other investments | Other investments | (1,918) | (799) | Other investments | Various | 1,792 | (1,045) | |||||||||||||||||||||||||||
$ | 26,269 | $ | (80,909) | $ | 24,341 | $ | 26,269 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, | (Amounts in thousands) | For the Three Months Ended September 30, | ||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||
Net investment (loss) income | $ | (66) | $ | 393 | ||||||||||||||||||
Net unrealized loss on held investments | — | (14,216) | ||||||||||||||||||||
Net investment loss | Net investment loss | $ | (111) | $ | (66) | |||||||||||||||||
Loss from real estate fund investments | Loss from real estate fund investments | (66) | (13,823) | Loss from real estate fund investments | (111) | (66) | ||||||||||||||||
Less loss attributable to noncontrolling interests in consolidated subsidiaries | Less loss attributable to noncontrolling interests in consolidated subsidiaries | 360 | 11,299 | Less loss attributable to noncontrolling interests in consolidated subsidiaries | 312 | 360 | ||||||||||||||||
Income (loss) from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ | 294 | $ | (2,524) | ||||||||||||||||||
Income from real estate fund investments, net of noncontrolling interests in consolidated subsidiaries | Income from real estate fund investments, net of noncontrolling interests in consolidated subsidiaries | $ | 201 | $ | 294 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended September 30, | (Amounts in thousands) | For the Three Months Ended September 30, | ||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||
Interest on cash and cash equivalents and restricted cash | Interest on cash and cash equivalents and restricted cash | $ | 2,286 | $ | 67 | |||||||||||||||||
Amortization of discount on investments in U.S. Treasury bills | Amortization of discount on investments in U.S. Treasury bills | 1,546 | — | |||||||||||||||||||
Interest on loans receivable | Interest on loans receivable | $ | 561 | $ | 574 | Interest on loans receivable | 1,396 | 561 | ||||||||||||||
Interest on cash and cash equivalents and restricted cash | 67 | 253 | ||||||||||||||||||||
Other, net | Other, net | — | 5 | |||||||||||||||||||
$ | 5,228 | $ | 633 | |||||||||||||||||||
Other, net | 5 | 902 | ||||||||||||||||||||
Total | $ | 633 | $ | 1,729 |
(Amounts in thousands) | Total | New York | theMART(1) | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share for the three months ended September 30, 2021 | $ | 255,271 | $ | 228,839 | $ | 6,431 | $ | 16,128 | $ | 3,873 | |||||||||||||||||||
Less NOI at share from: | |||||||||||||||||||||||||||||
Change in ownership interest in One Park Avenue | (3,780) | (3,780) | — | — | — | ||||||||||||||||||||||||
Dispositions | (224) | (224) | — | — | — | ||||||||||||||||||||||||
Development properties | (5,076) | (5,076) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (6,884) | (3,011) | — | — | (3,873) | ||||||||||||||||||||||||
Same store NOI at share for the three months ended September 30, 2021 | $ | 239,307 | $ | 216,748 | $ | 6,431 | $ | 16,128 | $ | — | |||||||||||||||||||
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: | |||||||||||||||||||||||||||||
Dispositions | 1,797 | 1,797 | — | — | — | ||||||||||||||||||||||||
Development properties | (5,509) | (5,509) | — | — | — | ||||||||||||||||||||||||
Hotel Pennsylvania (permanently closed on April 5, 2021) | 16,821 | 16,821 | — | — | — | ||||||||||||||||||||||||
Other non-same store (income) expense, net | (3,797) | (1,811) | (102) | 40 | (1,924) | ||||||||||||||||||||||||
Same store NOI at share for the three months ended September 30, 2020 | $ | 229,845 | $ | 201,118 | $ | 13,069 | $ | 15,658 | $ | — | |||||||||||||||||||
Increase (decrease) in same store NOI at share | $ | 9,462 | $ | 15,630 | $ | (6,638) | $ | 470 | $ | — | |||||||||||||||||||
% increase (decrease) in same store NOI at share | 4.1 | % | 7.8 | % | (50.8) | % | 3.0 | % | — | % |
(Amounts in thousands) | Total | New York | theMART(1) | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share - cash basis for the three months ended September 30, 2021 | $ | 257,193 | $ | 229,622 | $ | 8,635 | $ | 14,745 | $ | 4,191 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Change in ownership interest in One Park Avenue | (2,695) | (2,695) | — | — | — | ||||||||||||||||||||||||
Dispositions | (678) | (678) | — | — | — | ||||||||||||||||||||||||
Development properties | (5,600) | (5,600) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (6,749) | (2,558) | — | — | (4,191) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the three months ended September 30, 2021 | $ | 241,471 | $ | 218,091 | $ | 8,635 | $ | 14,745 | $ | — | |||||||||||||||||||
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: | |||||||||||||||||||||||||||||
Dispositions | 774 | 774 | — | — | — | ||||||||||||||||||||||||
Development properties | (8,580) | (8,580) | — | — | — | ||||||||||||||||||||||||
Hotel Pennsylvania (permanently closed on April 5, 2021) | 16,829 | 16,829 | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (5,603) | (3,271) | (131) | (4) | (2,197) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the three months ended September 30, 2020 | $ | 234,934 | $ | 201,833 | $ | 17,575 | $ | 15,526 | $ | — | |||||||||||||||||||
Increase (decrease) in same store NOI at share - cash basis | $ | 6,537 | $ | 16,258 | $ | (8,940) | $ | (781) | $ | — | |||||||||||||||||||
% increase (decrease) in same store NOI at share - cash basis | 2.8 | % | 8.1 | % | (50.9) | % | (5.0) | % | — | % |
(Amounts in thousands) | For the Nine Months Ended September 30, 2021 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 1,168,130 | $ | 921,758 | $ | 246,372 | |||||||||||
Operating expenses | (594,598) | (468,294) | (126,304) | ||||||||||||||
NOI - consolidated | 573,532 | 453,464 | 120,068 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (50,221) | (26,841) | (23,380) | ||||||||||||||
Add: NOI from partially owned entities | 231,635 | 224,392 | 7,243 | ||||||||||||||
NOI at share | 754,946 | 651,015 | 103,931 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 1,570 | 351 | 1,219 | ||||||||||||||
NOI at share - cash basis | $ | 756,516 | $ | 651,366 | $ | 105,150 |
(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, | ||||||||||
2021 | 2020 | ||||||||||
New York: | |||||||||||
Office(1) | $ | 497,238 | $ | 504,630 | |||||||
Retail(2) | 124,998 | 109,153 | |||||||||
Residential | 12,889 | 16,604 | |||||||||
Alexander's | 28,567 | 25,653 | |||||||||
Hotel Pennsylvania(3) | (12,677) | (34,693) | |||||||||
Total New York | 651,015 | 621,347 | |||||||||
Other: | |||||||||||
theMART(4) | 42,950 | 52,087 | |||||||||
555 California Street | 48,230 | 45,686 | |||||||||
Other investments | 12,751 | 4,966 | |||||||||
Total Other | 103,931 | 102,739 | |||||||||
NOI at share | $ | 754,946 | $ | 724,086 |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||
2021 | 2020 | ||||||||||
New York: | |||||||||||
Office(1) | $ | 504,939 | $ | 524,830 | |||||||
Retail(2) | 116,265 | 124,430 | |||||||||
Residential | 11,898 | 15,541 | |||||||||
Alexander's | 30,987 | 31,574 | |||||||||
Hotel Pennsylvania(3) | (12,723) | (34,718) | |||||||||
Total New York | 651,366 | 661,657 | |||||||||
Other: | |||||||||||
theMART(4) | 45,976 | 58,176 | |||||||||
555 California Street | 45,552 | 45,970 | |||||||||
Other investments | 13,622 | 6,530 | |||||||||
Total Other | 105,150 | 110,676 | |||||||||
NOI at share - cash basis | $ | 756,516 | $ | 772,333 |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||
2021 | 2020 | ||||||||||
Net income (loss) | $ | 175,590 | $ | (253,119) | |||||||
Depreciation and amortization expense | 285,998 | 292,611 | |||||||||
General and administrative expense | 100,341 | 120,255 | |||||||||
Impairment losses, transaction related costs and other (lease liability extinguishment gain) | 10,630 | (68,566) | |||||||||
(Income) loss from partially owned entities | (86,768) | 353,679 | |||||||||
(Income) loss from real estate fund investments | (5,107) | 225,328 | |||||||||
Interest and other investment (income) loss, net | (3,694) | 7,068 | |||||||||
Interest and debt expense | 152,904 | 174,618 | |||||||||
Net gains on disposition of wholly owned and partially owned assets | (35,811) | (338,862) | |||||||||
Income tax (benefit) expense | (20,551) | 38,431 | |||||||||
NOI from partially owned entities | 231,635 | 229,543 | |||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (50,221) | (56,900) | |||||||||
NOI at share | 754,946 | 724,086 | |||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 1,570 | 48,247 | |||||||||
NOI at share - cash basis | $ | 756,516 | $ | 772,333 |
For the Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Region: | |||||||||||
New York City metropolitan area | 88 | % | 87 | % | |||||||
Chicago, IL | 6 | % | 7 | % | |||||||
San Francisco, CA | 6 | % | 6 | % | |||||||
100 | % | 100 | % |
(Amounts in thousands) | Total | New York | Other | |||||||||||||||||
Increase (decrease) due to: | ||||||||||||||||||||
Rental revenues: | ||||||||||||||||||||
Acquisitions, dispositions and other | $ | 2,642 | $ | 127 | $ | 2,515 | ||||||||||||||
Development and redevelopment | (15,652) | (15,652) | — | |||||||||||||||||
Hotel Pennsylvania | (9,368) | (1) | (9,368) | — | ||||||||||||||||
Trade shows | 1,302 | — | 1,302 | |||||||||||||||||
Same store operations | 30,471 | 23,937 | 6,534 | |||||||||||||||||
9,395 | (956) | 10,351 | ||||||||||||||||||
Fee and other income: | ||||||||||||||||||||
BMS cleaning fees | 9,752 | 9,752 | — | |||||||||||||||||
Management and leasing fees | (5,402) | (5,017) | (385) | |||||||||||||||||
Other income | 2,865 | (1,409) | 4,274 | |||||||||||||||||
7,215 | 3,326 | 3,889 | ||||||||||||||||||
Total increase in revenues | $ | 16,610 | $ | 2,370 | $ | 14,240 |
(Amounts in thousands) | Total | New York | Other | |||||||||||||||||
Increase (decrease) due to: | ||||||||||||||||||||
Operating: | ||||||||||||||||||||
Acquisitions, dispositions and other | $ | 5,012 | $ | 5,012 | $ | — | ||||||||||||||
Development and redevelopment | (10,287) | (10,287) | — | |||||||||||||||||
Non-reimbursable expenses | 5,758 | 5,949 | (191) | |||||||||||||||||
Hotel Pennsylvania | (30,829) | (1) | (30,829) | — | ||||||||||||||||
Trade shows | (1,174) | — | (1,174) | |||||||||||||||||
BMS expenses | (150) | (150) | — | |||||||||||||||||
Same store operations | 26,191 | 13,975 | 12,216 | |||||||||||||||||
(5,479) | (16,330) | 10,851 | ||||||||||||||||||
Depreciation and amortization: | ||||||||||||||||||||
Acquisitions, dispositions and other | 7,870 | 7,870 | — | |||||||||||||||||
Development and redevelopment | (7,234) | (7,234) | — | |||||||||||||||||
Same store operations | (7,249) | (5,769) | (1,480) | |||||||||||||||||
(6,613) | (5,133) | (1,480) | ||||||||||||||||||
General and administrative | (19,914) | (2) | (5,195) | (14,719) | ||||||||||||||||
Expense from deferred compensation plan liability | 7,970 | — | 7,970 | |||||||||||||||||
(Impairment losses, transaction related costs and other) lease liability extinguishment gain | 79,196 | 77,759 | (3) | 1,437 | ||||||||||||||||
Total increase in expenses | $ | 55,160 | $ | 51,101 | $ | 4,059 |
(Amounts in thousands) | Percentage Ownership at September 30, 2021 | For the Nine Months Ended September 30, | |||||||||||||||
2021 | 2020 | ||||||||||||||||
Our share of net income (loss): | |||||||||||||||||
Fifth Avenue and Times Square JV: | |||||||||||||||||
Equity in net income(1) | 51.5% | $ | 32,314 | $ | 13,631 | ||||||||||||
Return on preferred equity, net of our share of the expense | 27,985 | 27,926 | |||||||||||||||
Non-cash impairment loss | — | (413,349) | |||||||||||||||
60,299 | (371,792) | ||||||||||||||||
Alexander's(2) | 32.4% | 21,386 | 11,198 | ||||||||||||||
Partially owned office buildings(3) | Various | 11,021 | 8,550 | ||||||||||||||
Other investments(4) | (5,938) | (1,635) | |||||||||||||||
$ | 86,768 | $ | (353,679) |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||
2021 | 2020 | ||||||||||
Net investment income | $ | 5,896 | $ | 84 | |||||||
Net unrealized loss on held investments | (789) | (225,412) | |||||||||
Income (loss) from real estate fund investments | 5,107 | (225,328) | |||||||||
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (2,914) | 160,557 | |||||||||
Income (loss) from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ | 2,193 | $ | (64,771) |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||
2021 | 2020 | ||||||||||
Interest on loans receivable | $ | 1,679 | $ | 2,810 | |||||||
Interest on cash and cash equivalents and restricted cash | 207 | 5,717 | |||||||||
Credit losses on loans receivable | — | (13,369) | |||||||||
Market-to-market decrease in the fair value of marketable security (sold on January 23, 2020) | — | (4,938) | |||||||||
Other, net | 1,808 | 2,712 | |||||||||
$ | 3,694 | $ | (7,068) |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share for the three months ended September 30, 2022 | $ | 297,089 | $ | 241,154 | $ | 35,769 | $ | 16,092 | $ | 4,074 | |||||||||||||||||||
Less NOI at share from: | |||||||||||||||||||||||||||||
Change in ownership interest in One Park Avenue | (2,106) | (2,106) | — | — | — | ||||||||||||||||||||||||
Dispositions | (88) | (88) | — | — | — | ||||||||||||||||||||||||
Development properties | (22,914) | (22,914) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (6,149) | (2,075) | — | — | (4,074) | ||||||||||||||||||||||||
Same store NOI at share for the three months ended September 30, 2022 | $ | 265,832 | $ | 213,971 | $ | 35,769 | $ | 16,092 | $ | — | |||||||||||||||||||
NOI at share for the three months ended September 30, 2021 | $ | 255,271 | $ | 228,839 | $ | 6,431 | $ | 16,128 | $ | 3,873 | |||||||||||||||||||
Less NOI at share from: | |||||||||||||||||||||||||||||
Dispositions | (2,754) | (2,754) | — | — | — | ||||||||||||||||||||||||
Development properties | (6,302) | (6,055) | — | (247) | — | ||||||||||||||||||||||||
Other non-same store income, net | (8,198) | (4,325) | — | — | (3,873) | ||||||||||||||||||||||||
Same store NOI at share for the three months ended September 30, 2021 | $ | 238,017 | $ | 215,705 | $ | 6,431 | $ | 15,881 | $ | — | |||||||||||||||||||
Increase (decrease) in same store NOI at share | $ | 27,815 | $ | (1,734) | $ | 29,338 | $ | 211 | $ | — | |||||||||||||||||||
% increase (decrease) in same store NOI at share | 11.7 | % | (0.8) | % | 456.2 | % | 1.3 | % | 0.0 | % |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share - cash basis for the three months ended September 30, 2022 | $ | 295,670 | $ | 237,692 | $ | 36,772 | $ | 16,926 | $ | 4,280 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Change in ownership interest in One Park Avenue | (1,502) | (1,502) | — | — | — | ||||||||||||||||||||||||
Dispositions | (88) | (88) | — | — | — | ||||||||||||||||||||||||
Development properties | (15,796) | (15,796) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (6,573) | (2,293) | — | — | (4,280) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the three months ended September 30, 2022 | $ | 271,711 | $ | 218,013 | $ | 36,772 | $ | 16,926 | $ | — | |||||||||||||||||||
NOI at share - cash basis for the three months ended September 30, 2021 | $ | 257,193 | $ | 229,622 | $ | 8,635 | $ | 14,745 | $ | 4,191 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Dispositions | (3,436) | (3,436) | — | — | — | ||||||||||||||||||||||||
Development properties | (6,852) | (6,605) | — | (247) | — | ||||||||||||||||||||||||
Other non-same store income, net | (8,064) | (3,873) | — | — | (4,191) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the three months ended September 30, 2021 | $ | 238,841 | $ | 215,708 | $ | 8,635 | $ | 14,498 | $ | — | |||||||||||||||||||
Increase in same store NOI at share - cash basis | $ | 32,870 | $ | 2,305 | $ | 28,137 | $ | 2,428 | $ | — | |||||||||||||||||||
% increase in same store NOI at share - cash basis | 13.8 | % | 1.1 | % | 325.8 | % | 16.7 | % | 0.0 | % |
(Amounts in thousands) | For the Nine Months Ended September 30, 2022 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 1,353,055 | $ | 1,082,743 | $ | 270,312 | |||||||||||
Operating expenses | (660,434) | (536,238) | (124,196) | ||||||||||||||
NOI - consolidated | 692,621 | 546,505 | 146,116 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (51,100) | (32,708) | (18,392) | ||||||||||||||
Add: NOI from partially owned entities | 228,772 | 219,116 | 9,656 | ||||||||||||||
NOI at share | 870,293 | 732,913 | 137,380 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (8,824) | (13,626) | 4,802 | ||||||||||||||
NOI at share - cash basis | $ | 861,469 | $ | 719,287 | $ | 142,182 |
(Amounts in thousands) | For the Nine Months Ended September 30, 2021 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 1,168,130 | $ | 921,758 | $ | 246,372 | |||||||||||
Operating expenses | (594,598) | (468,294) | (126,304) | ||||||||||||||
NOI - consolidated | 573,532 | 453,464 | 120,068 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (50,221) | (26,841) | (23,380) | ||||||||||||||
Add: NOI from partially owned entities | 231,635 | 224,392 | 7,243 | ||||||||||||||
NOI at share | 754,946 | 651,015 | 103,931 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 1,570 | 351 | 1,219 | ||||||||||||||
NOI at share - cash basis | $ | 756,516 | $ | 651,366 | $ | 105,150 |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||
2022 | 2021 | ||||||||||
New York: | |||||||||||
Office | $ | 534,641 | $ | 497,238 | |||||||
Retail | 155,670 | 124,998 | |||||||||
Residential | 14,622 | 12,889 | |||||||||
Alexander's | 27,980 | 28,567 | |||||||||
Hotel Pennsylvania(1) | — | (12,677) | |||||||||
Total New York | 732,913 | 651,015 | |||||||||
Other: | |||||||||||
theMART(2) | 75,630 | 42,950 | |||||||||
555 California Street | 49,051 | 48,230 | |||||||||
Other investments | 12,699 | 12,751 | |||||||||
Total Other | 137,380 | 103,931 | |||||||||
NOI at share | $ | 870,293 | $ | 754,946 |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||
2022 | 2021 | ||||||||||
New York: | |||||||||||
Office | $ | 532,759 | $ | 504,939 | |||||||
Retail | 142,678 | 116,265 | |||||||||
Residential | 13,554 | 11,898 | |||||||||
Alexander's | 30,296 | 30,987 | |||||||||
Hotel Pennsylvania(1) | — | (12,723) | |||||||||
Total New York | 719,287 | 651,366 | |||||||||
Other: | |||||||||||
theMART(2) | 78,749 | 45,976 | |||||||||
555 California Street | 50,141 | 45,552 | |||||||||
Other investments | 13,292 | 13,622 | |||||||||
Total Other | 142,182 | 105,150 | |||||||||
NOI at share - cash basis | $ | 861,469 | $ | 756,516 |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||
2022 | 2021 | ||||||||||
Net income | $ | 142,390 | $ | 175,590 | |||||||
Depreciation and amortization expense | 370,631 | 285,998 | |||||||||
General and administrative expense | 102,292 | 100,341 | |||||||||
Transaction related costs and other | 4,961 | 10,630 | |||||||||
Income from partially owned entities | (83,775) | (86,768) | |||||||||
Income from real estate fund investments | (5,421) | (5,107) | |||||||||
Interest and other investment income, net | (9,282) | (3,694) | |||||||||
Interest and debt expense | 191,523 | 152,904 | |||||||||
Net gains on disposition of wholly owned and partially owned assets | (35,384) | (35,811) | |||||||||
Income tax expense (benefit) | 14,686 | (20,551) | |||||||||
NOI from partially owned entities | 228,772 | 231,635 | |||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (51,100) | (50,221) | |||||||||
NOI at share | 870,293 | 754,946 | |||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (8,824) | 1,570 | |||||||||
NOI at share - cash basis | $ | 861,469 | $ | 756,516 |
For the Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Region: | |||||||||||
New York City metropolitan area | 85 | % | 88 | % | |||||||
Chicago, IL | 9 | % | 6 | % | |||||||
San Francisco, CA | 6 | % | 6 | % | |||||||
100 | % | 100 | % |
(Amounts in thousands) | Total | New York | Other | |||||||||||||||||
Increase (decrease) due to: | ||||||||||||||||||||
Rental revenues: | ||||||||||||||||||||
Acquisitions, dispositions and other | $ | 12,286 | $ | 12,286 | $ | — | ||||||||||||||
Development and redevelopment | 68,281 | 68,281 | — | |||||||||||||||||
Trade shows(1) | 17,035 | — | 17,035 | |||||||||||||||||
Same store operations | 65,903 | 63,306 | 2,597 | |||||||||||||||||
163,505 | 143,873 | 19,632 | ||||||||||||||||||
Fee and other income: | ||||||||||||||||||||
BMS cleaning fees | 14,365 | 16,110 | (1,745) | |||||||||||||||||
Management and leasing fees | (2,784) | (2,717) | (67) | |||||||||||||||||
Other income | 9,839 | 3,719 | 6,120 | |||||||||||||||||
21,420 | 17,112 | 4,308 | ||||||||||||||||||
Total increase in revenues | $ | 184,925 | $ | 160,985 | $ | 23,940 |
(Amounts in thousands) | Total | New York | Other | |||||||||||||||||
Increase (decrease) due to: | ||||||||||||||||||||
Operating: | ||||||||||||||||||||
Acquisitions, dispositions and other | $ | 3,495 | $ | 3,495 | $ | — | ||||||||||||||
Development and redevelopment | 24,046 | 23,198 | 848 | |||||||||||||||||
Non-reimbursable expenses | 21,254 | 23,140 | (1,886) | |||||||||||||||||
Trade shows(1) | 5,359 | — | 5,359 | |||||||||||||||||
Hotel Pennsylvania(2) | (13,702) | (13,702) | — | |||||||||||||||||
BMS expenses | 14,085 | 15,830 | (1,745) | |||||||||||||||||
Same store operations | 11,299 | 15,983 | (4,684) | |||||||||||||||||
65,836 | 67,944 | (2,108) | ||||||||||||||||||
Depreciation and amortization: | ||||||||||||||||||||
Acquisitions, dispositions and other | 45,159 | 45,159 | — | |||||||||||||||||
Development and redevelopment | 38,622 | 38,622 | — | |||||||||||||||||
Same store operations | 852 | (1,052) | 1,904 | |||||||||||||||||
84,633 | 82,729 | 1,904 | ||||||||||||||||||
General and administrative | 1,951 | (1,337) | 3,288 | |||||||||||||||||
Benefit from deferred compensation plan liability | (17,560) | — | (17,560) | |||||||||||||||||
Transaction related costs and other | (5,669) | (6,390) | (3) | 721 | ||||||||||||||||
Total increase (decrease) in expenses | $ | 129,191 | $ | 142,946 | $ | (13,755) |
(Amounts in thousands) | Percentage Ownership at September 30, 2022 | For the Nine Months Ended September 30, | |||||||||||||||
2022 | 2021 | ||||||||||||||||
Our share of net income (loss): | |||||||||||||||||
Fifth Avenue and Times Square JV: | |||||||||||||||||
Equity in net income | 51.5% | $ | 41,915 | $ | 32,314 | ||||||||||||
Return on preferred equity, net of our share of the expense | 27,985 | 27,985 | |||||||||||||||
69,900 | 60,299 | ||||||||||||||||
Alexander's(1) | 32.4% | 17,587 | 21,386 | ||||||||||||||
Partially owned office buildings(2) | Various | (8,080) | 8,395 | ||||||||||||||
Other investments(3) | Various | 4,368 | (3,312) | ||||||||||||||
$ | 83,775 | $ | 86,768 |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||
2022 | 2021 | ||||||||||
Previously recorded unrealized loss on exited investments | $ | 59,396 | $ | — | |||||||
Realized loss on exited investments | (53,724) | — | |||||||||
Net unrealized loss on held investments | (6,800) | (789) | |||||||||
Net investment income | 6,549 | 5,896 | |||||||||
Income from real estate fund investments | 5,421 | 5,107 | |||||||||
Less income attributable to noncontrolling interests in consolidated subsidiaries | (3,287) | (2,914) | |||||||||
Income from real estate fund investments, net of noncontrolling interests in consolidated subsidiaries | $ | 2,134 | $ | 2,193 |
(Amounts in thousands) | For the Nine Months Ended September 30, | ||||||||||
2022 | 2021 | ||||||||||
Amortization of discount on investments in U.S. Treasury bills | $ | 3,403 | $ | — | |||||||
Interest on loans receivable | 3,215 | 1,679 | |||||||||
Interest on cash and cash equivalents and restricted cash | 2,660 | 207 | |||||||||
Other, net | 4 | 1,808 | |||||||||
$ | 9,282 | $ | 3,694 |
(Amounts in thousands) | Total | New York | theMART(1) | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share for the nine months ended September 30, 2021 | $ | 754,946 | $ | 651,015 | $ | 42,950 | $ | 48,230 | $ | 12,751 | |||||||||||||||||||
Less NOI at share from: | |||||||||||||||||||||||||||||
Change in ownership interest in One Park Avenue | (3,780) | (3,780) | — | — | — | ||||||||||||||||||||||||
Dispositions | 1,246 | 1,246 | — | — | — | ||||||||||||||||||||||||
Development properties | (19,136) | (19,136) | — | — | — | ||||||||||||||||||||||||
Hotel Pennsylvania (permanently closed on April 5, 2021) | 12,677 | 12,677 | — | — | — | ||||||||||||||||||||||||
Other non-same store (income) expense, net | (17,104) | (4,354) | — | 1 | (12,751) | ||||||||||||||||||||||||
Same store NOI at share for the nine months ended September 30, 2021 | $ | 728,849 | $ | 637,668 | $ | 42,950 | $ | 48,231 | $ | — | |||||||||||||||||||
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: | |||||||||||||||||||||||||||||
Dispositions | 5,109 | 5,109 | — | — | — | ||||||||||||||||||||||||
Development properties | (26,259) | (26,259) | — | — | — | ||||||||||||||||||||||||
Hotel Pennsylvania (permanently closed on April 5, 2021) | 34,692 | 34,692 | — | — | — | ||||||||||||||||||||||||
Other non-same store (income) expense, net | (22,389) | (17,054) | (422) | 53 | (4,966) | ||||||||||||||||||||||||
Same store NOI at share for the nine months ended September 30, 2020 | $ | 715,239 | $ | 617,835 | $ | 51,665 | $ | 45,739 | $ | — | |||||||||||||||||||
Increase (decrease) in same store NOI at share | $ | 13,610 | $ | 19,833 | $ | (8,715) | $ | 2,492 | $ | — | |||||||||||||||||||
% increase (decrease) in same store NOI at share | 1.9 | % | 3.2 | % | (16.9) | % | 5.4 | % | — | % |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share for the nine months ended September 30, 2022 | $ | 870,293 | $ | 732,913 | $ | 75,630 | $ | 49,051 | $ | 12,699 | |||||||||||||||||||
Less NOI at share from: | |||||||||||||||||||||||||||||
Change in ownership interest in One Park Avenue | (13,370) | (13,370) | — | — | — | ||||||||||||||||||||||||
Dispositions | (3,523) | (3,523) | — | — | — | ||||||||||||||||||||||||
Development properties | (65,440) | (65,440) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (17,910) | (5,211) | — | — | (12,699) | ||||||||||||||||||||||||
Same store NOI at share for the nine months ended September 30, 2022 | $ | 770,050 | $ | 645,369 | $ | 75,630 | $ | 49,051 | $ | — | |||||||||||||||||||
NOI at share for the nine months ended September 30, 2021 | $ | 754,946 | $ | 651,015 | $ | 42,950 | $ | 48,230 | $ | 12,751 | |||||||||||||||||||
Less NOI at share from: | |||||||||||||||||||||||||||||
Dispositions | (6,667) | (6,667) | — | — | — | ||||||||||||||||||||||||
Development properties | (23,207) | (22,359) | — | (848) | — | ||||||||||||||||||||||||
Hotel Pennsylvania (permanently closed on April 5, 2021) | 12,677 | 12,677 | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (20,991) | (8,240) | — | — | (12,751) | ||||||||||||||||||||||||
Same store NOI at share for the nine months ended September 30, 2021 | $ | 716,758 | $ | 626,426 | $ | 42,950 | $ | 47,382 | $ | — | |||||||||||||||||||
Increase in same store NOI at share | $ | 53,292 | $ | 18,943 | $ | 32,680 | $ | 1,669 | $ | — | |||||||||||||||||||
% increase in same store NOI at share | 7.4 | % | 3.0 | % | 76.1 | % | 3.5 | % | 0.0 | % |
(Amounts in thousands) | Total | New York | theMART(1) | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share - cash basis for the nine months ended September 30, 2021 | $ | 756,516 | $ | 651,366 | $ | 45,976 | $ | 45,552 | $ | 13,622 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Change in ownership interest in One Park Avenue | (2,695) | (2,695) | — | — | — | ||||||||||||||||||||||||
Dispositions | 1,545 | 1,545 | — | — | — | ||||||||||||||||||||||||
Development properties | (20,332) | (20,332) | — | — | — | ||||||||||||||||||||||||
Hotel Pennsylvania (permanently closed on April 5, 2021) | 12,724 | 12,724 | — | — | — | ||||||||||||||||||||||||
Other non-same store (income) expense, net | (17,859) | (4,238) | — | 1 | (13,622) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the nine months ended September 30, 2021 | $ | 729,899 | $ | 638,370 | $ | 45,976 | $ | 45,553 | $ | — | |||||||||||||||||||
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: | |||||||||||||||||||||||||||||
Dispositions | (718) | (718) | — | — | — | ||||||||||||||||||||||||
Development properties | (35,372) | (35,372) | — | — | — | ||||||||||||||||||||||||
Hotel Pennsylvania (permanently closed on April 5, 2021) | 34,718 | 34,718 | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (32,745) | (25,690) | (422) | (103) | (6,530) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the nine months ended September 30, 2020 | $ | 738,216 | $ | 634,595 | $ | 57,754 | $ | 45,867 | $ | — | |||||||||||||||||||
(Decrease) increase in same store NOI at share - cash basis | $ | (8,317) | $ | 3,775 | $ | (11,778) | $ | (314) | $ | — | |||||||||||||||||||
% (decrease) increase in same store NOI at share - cash basis | (1.1) | % | 0.6 | % | (20.4) | % | (0.7) | % | — | % |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share - cash basis for the nine months ended September 30, 2022 | $ | 861,469 | $ | 719,287 | $ | 78,749 | $ | 50,141 | $ | 13,292 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Change in ownership interest in One Park Avenue | (10,111) | (10,111) | — | — | — | ||||||||||||||||||||||||
Dispositions | (3,732) | (3,732) | — | — | — | ||||||||||||||||||||||||
Development properties | (44,381) | (44,381) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (19,478) | (6,186) | — | — | (13,292) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the nine months ended September 30, 2022 | $ | 783,767 | $ | 654,877 | $ | 78,749 | $ | 50,141 | $ | — | |||||||||||||||||||
NOI at share - cash basis for the nine months ended September 30, 2021 | $ | 756,516 | $ | 651,366 | $ | 45,976 | $ | 45,552 | $ | 13,622 | |||||||||||||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
Dispositions | (6,796) | (6,796) | — | — | — | ||||||||||||||||||||||||
Development properties | (24,430) | (23,582) | — | (848) | — | ||||||||||||||||||||||||
Hotel Pennsylvania (permanently closed on April 5, 2021) | 12,723 | 12,723 | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (21,310) | (7,688) | — | — | (13,622) | ||||||||||||||||||||||||
Same store NOI at share - cash basis for the nine months ended September 30, 2021 | $ | 716,703 | $ | 626,023 | $ | 45,976 | $ | 44,704 | $ | — | |||||||||||||||||||
Increase in same store NOI at share - cash basis | $ | 67,064 | $ | 28,854 | $ | 32,773 | $ | 5,437 | $ | — | |||||||||||||||||||
% increase in same store NOI at share - cash basis | 9.4 | % | 4.6 | % | 71.3 | % | 12.2 | % | 0.0 | % |
(Amounts in thousands) | (Amounts in thousands) | For the Nine Months Ended September 30, | Increase (Decrease) in Cash Flow | (Amounts in thousands) | For the Nine Months Ended September 30, | Increase (Decrease) in Cash Flow | ||||||||||||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | $ | 478,103 | $ | 191,360 | $ | 286,743 | Net cash provided by operating activities | $ | 559,827 | $ | 478,103 | $ | 81,724 | ||||||||||||||||||||
Net cash (used in) provided by investing activities | (392,634) | 123,415 | (516,049) | |||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | 452,359 | (431,568) | 883,927 | |||||||||||||||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (849,738) | (392,634) | (457,104) | ||||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | Net cash (used in) provided by financing activities | (663,392) | 452,359 | (1,115,751) |
(Amounts in thousands) | For the Nine Months Ended September 30, | Increase (Decrease) in Cash Flow | |||||||||||||||
2021 | 2020 | ||||||||||||||||
Development costs and construction in progress | $ | (444,645) | $ | (448,167) | $ | 3,522 | |||||||||||
Acquisition of additional 45.0% ownership interest in One Park Avenue (inclusive of $5,806 of prorations and net working capital and net of $39,370 of cash and restricted cash balances consolidated upon acquisition) | (123,936) | — | (123,936) | ||||||||||||||
Additions to real estate | (113,374) | (112,906) | (468) | ||||||||||||||
Distributions of capital from partially owned entities | 106,005 | 1,090 | 104,915 | ||||||||||||||
Proceeds from sales of real estate | 100,024 | — | 100,024 | ||||||||||||||
Proceeds from sale of condominium units at 220 Central Park South | 97,683 | 939,292 | (841,609) | ||||||||||||||
Investments in partially owned entities | (12,366) | (6,156) | (6,210) | ||||||||||||||
Acquisitions of real estate and other | (3,000) | (985) | (2,015) | ||||||||||||||
Proceeds from repayments of loans receivable | 975 | — | 975 | ||||||||||||||
Moynihan Train Hall expenditures | — | (277,128) | 277,128 | ||||||||||||||
Proceeds from sales of marketable securities | — | 28,375 | (28,375) | ||||||||||||||
Net cash (used in) provided by investing activities | $ | (392,634) | $ | 123,415 | $ | (516,049) |
(Amounts in thousands) | For the Nine Months Ended September 30, | Increase (Decrease) in Cash Flow | |||||||||||||||
2021 | 2020 | ||||||||||||||||
Proceeds from borrowings | $ | 2,298,007 | $ | 555,918 | $ | 1,742,089 | |||||||||||
Repayments of borrowings | (1,578,843) | (514,493) | (1,064,350) | ||||||||||||||
Dividends paid on common shares/Distributions to Vornado | (304,516) | (725,938) | 421,422 | ||||||||||||||
Proceeds from the issuance of preferred shares/units | 291,195 | — | 291,195 | ||||||||||||||
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (173,356) | (76,759) | (96,597) | ||||||||||||||
Dividends paid on preferred shares/Distributions to preferred unitholders | (49,400) | (50,123) | 723 | ||||||||||||||
Debt issuance costs | (33,935) | (1,357) | (32,578) | ||||||||||||||
Contributions from noncontrolling interests in consolidated subsidiaries | 2,657 | 98,626 | (95,969) | ||||||||||||||
Proceeds received from exercise of Vornado stock options and other | 664 | 5,567 | (4,903) | ||||||||||||||
Repurchase of shares/Class A units related to stock compensation agreements and related tax withholdings and other | (114) | (137) | 23 | ||||||||||||||
Moynihan Train Hall reimbursement from Empire State Development | — | 277,128 | (277,128) | ||||||||||||||
Net cash provided by (used in) financing activities | $ | 452,359 | $ | (431,568) | $ | 883,927 |
(Amounts in thousands) | For the Nine Months Ended September 30, | (Decrease) Increase in Cash Flow | |||||||||||||||
2022 | 2021 | ||||||||||||||||
Purchase of U.S. Treasury bills | $ | (794,793) | $ | — | $ | (794,793) | |||||||||||
Development costs and construction in progress | (557,884) | (444,645) | (113,239) | ||||||||||||||
Proceeds from maturities of U.S. Treasury bills | 349,461 | — | 349,461 | ||||||||||||||
Proceeds from sales of real estate | 253,958 | 100,024 | 153,934 | ||||||||||||||
Additions to real estate | (120,124) | (113,374) | (6,750) | ||||||||||||||
Distributions of capital from partially owned entities | 20,566 | 106,005 | (85,439) | ||||||||||||||
Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South | 16,124 | 97,683 | (81,559) | ||||||||||||||
Investments in partially owned entities | (15,046) | (12,366) | (2,680) | ||||||||||||||
Acquisitions of real estate and other | (2,000) | (3,000) | 1,000 | ||||||||||||||
Acquisition of additional 45.0% ownership interest in One Park Avenue (inclusive of $5,806 of prorations and net working capital and net of $39,370 of cash and restricted cash balances consolidated upon acquisition) | — | (123,936) | 123,936 | ||||||||||||||
Proceeds from repayments of loan receivables | — | 975 | (975) | ||||||||||||||
Net cash used in investing activities | $ | (849,738) | $ | (392,634) | $ | (457,104) |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | |||||||||||||||||||
Expenditures to maintain assets | $ | 51,370 | $ | 42,718 | $ | 3,595 | $ | 5,057 | |||||||||||||||
Tenant improvements | 51,615 | 46,182 | 4,302 | 1,131 | |||||||||||||||||||
Leasing commissions | 19,126 | 10,309 | 1,997 | 6,820 | |||||||||||||||||||
Recurring tenant improvements, leasing commissions and other capital expenditures | 122,111 | 99,209 | 9,894 | 13,008 | |||||||||||||||||||
Non-recurring capital expenditures | 9,915 | 9,857 | 58 | — | |||||||||||||||||||
Total capital expenditures and leasing commissions | $ | 132,026 | $ | 109,066 | $ | 9,952 | $ | 13,008 | |||||||||||||||
(Amounts in thousands) | For the Nine Months Ended September 30, | Increase (Decrease) in Cash Flow | |||||||||||||||
2022 | 2021 | ||||||||||||||||
Repayments of borrowings | $ | (1,245,973) | $ | (1,578,843) | $ | 332,870 | |||||||||||
Proceeds from borrowings | 1,029,773 | 2,298,007 | (1,268,234) | ||||||||||||||
Dividends paid on common shares/Distributions to Vornado | (304,896) | (304,516) | (380) | ||||||||||||||
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (68,716) | (173,356) | 104,640 | ||||||||||||||
Dividends paid on preferred shares/Distributions to preferred unitholders | (46,587) | (49,400) | 2,813 | ||||||||||||||
Debt issuance costs | (32,473) | (33,935) | 1,462 | ||||||||||||||
Contributions from noncontrolling interests in consolidated subsidiaries | 4,903 | 2,657 | 2,246 | ||||||||||||||
Proceeds received from exercise of Vornado stock options and other | 662 | 664 | (2) | ||||||||||||||
Repurchase of shares/Class A units related to stock compensation agreements and related tax withholdings and other | (85) | (114) | 29 | ||||||||||||||
Proceeds from the issuance of preferred shares/units | — | 291,195 | (291,195) | ||||||||||||||
Net cash (used in) provided by financing activities | $ | (663,392) | $ | 452,359 | $ | (1,115,751) |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||||||||||||
Farley Office and Retail | $ | 171,036 | $ | 171,036 | $ | — | $ | — | $ | — | |||||||||||||||||||
PENN 1 | 129,521 | 129,521 | — | — | — | ||||||||||||||||||||||||
PENN 2 | 63,121 | 63,121 | — | — | — | ||||||||||||||||||||||||
PENN 15 (Hotel Pennsylvania site) | 30,828 | 30,828 | — | — | — | ||||||||||||||||||||||||
220 CPS | 16,958 | — | — | — | 16,958 | ||||||||||||||||||||||||
345 Montgomery Street | 4,263 | — | — | 4,263 | — | ||||||||||||||||||||||||
Other | 28,918 | 26,847 | 2,071 | — | — | ||||||||||||||||||||||||
$ | 444,645 | $ | 421,353 | $ | 2,071 | $ | 4,263 | $ | 16,958 |
(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 | Other | ||||||||||||||||||||||||
Farley Office and Retail | $ | 174,159 | $ | 174,159 | $ | — | $ | — | $ | — | |||||||||||||||||||
220 CPS | 83,117 | — | — | — | 83,117 | ||||||||||||||||||||||||
PENN 1 | 75,247 | 75,247 | — | — | — | ||||||||||||||||||||||||
PENN 2 | 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, except per share amounts) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Reconciliation of net income (loss) attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions: | |||||||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | 37,689 | $ | 53,170 | $ | 89,817 | $ | (139,617) | |||||||||||||||
Per diluted share | $ | 0.20 | $ | 0.28 | $ | 0.47 | $ | (0.73) | |||||||||||||||
FFO adjustments: | |||||||||||||||||||||||
Depreciation and amortization of real property | $ | 86,180 | $ | 99,045 | $ | 256,295 | $ | 269,360 | |||||||||||||||
Real estate impairment losses in connection with the sales of Madison Avenue retail properties | 7,880 | — | 7,880 | — | |||||||||||||||||||
Decrease in fair value of marketable securities | — | — | — | 4,938 | |||||||||||||||||||
Proportionate share of adjustments to equity in net income (loss) of partially owned entities to arrive at FFO: | |||||||||||||||||||||||
Depreciation and amortization of real property | 35,125 | 38,987 | 104,829 | 119,146 | |||||||||||||||||||
Decrease (increase) in fair value of marketable securities | 287 | 385 | (1,118) | 3,511 | |||||||||||||||||||
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 | |||||||||||||||||||
Net gain on sale of real estate | — | — | (3,052) | — | |||||||||||||||||||
129,472 | 241,618 | 364,834 | 806,015 | ||||||||||||||||||||
Noncontrolling interests' share of above adjustments | (8,886) | (16,292) | (24,627) | (54,311) | |||||||||||||||||||
FFO adjustments, net | $ | 120,586 | $ | 225,326 | $ | 340,207 | $ | 751,704 | |||||||||||||||
FFO attributable to common shareholders | $ | 158,275 | $ | 278,496 | $ | 430,024 | $ | 612,087 | |||||||||||||||
Convertible preferred share dividends | 11 | 11 | 33 | 36 | |||||||||||||||||||
FFO attributable to common shareholders plus assumed conversions | $ | 158,286 | $ | 278,507 | $ | 430,057 | $ | 612,123 | |||||||||||||||
Per diluted share | $ | 0.82 | $ | 1.46 | $ | 2.24 | $ | 3.20 | |||||||||||||||
Reconciliation of weighted average shares outstanding: | |||||||||||||||||||||||
Weighted average common shares outstanding | 191,577 | 191,162 | 191,508 | 191,102 | |||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
Out-Performance Plan units | 452 | — | 630 | — | |||||||||||||||||||
Convertible preferred shares | 26 | 26 | 26 | 28 | |||||||||||||||||||
AO LTIP units | 8 | — | 10 | — | |||||||||||||||||||
Employee stock options and restricted stock awards | 4 | — | 3 | 25 | |||||||||||||||||||
Denominator for FFO per diluted share | 192,067 | 191,188 | 192,177 | 191,155 |
(Amounts in thousands, except per share amounts) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Reconciliation of net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions: | |||||||||||||||||||||||
Net income attributable to common shareholders | $ | 7,769 | $ | 37,689 | $ | 84,665 | $ | 89,817 | |||||||||||||||
Per diluted share | $ | 0.04 | $ | 0.20 | $ | 0.44 | $ | 0.47 | |||||||||||||||
FFO adjustments: | |||||||||||||||||||||||
Depreciation and amortization of real property | $ | 122,438 | $ | 86,180 | $ | 335,020 | $ | 256,295 | |||||||||||||||
Real estate impairment losses | — | 7,880 | — | 7,880 | |||||||||||||||||||
Net gain on sale of real estate | — | — | (28,354) | — | |||||||||||||||||||
Proportionate share of adjustments to equity in net income of partially owned entities to arrive at FFO: | |||||||||||||||||||||||
Depreciation and amortization of real property | 32,584 | 35,125 | 98,404 | 104,829 | |||||||||||||||||||
Net loss (gain) on sale of real estate | 6 | — | (169) | (3,052) | |||||||||||||||||||
Decrease (increase) in fair value of marketable securities | — | 287 | — | (1,118) | |||||||||||||||||||
155,028 | 129,472 | 404,901 | 364,834 | ||||||||||||||||||||
Noncontrolling interests' share of above adjustments | (10,731) | (8,886) | (28,018) | (24,627) | |||||||||||||||||||
FFO adjustments, net | $ | 144,297 | $ | 120,586 | $ | 376,883 | $ | 340,207 | |||||||||||||||
FFO attributable to common shareholders | $ | 152,066 | $ | 158,275 | $ | 461,548 | $ | 430,024 | |||||||||||||||
Impact of assumed conversion of dilutive convertible securities | 395 | 11 | 915 | 33 | |||||||||||||||||||
FFO attributable to common shareholders plus assumed conversions | $ | 152,461 | $ | 158,286 | $ | 462,463 | $ | 430,057 | |||||||||||||||
Per diluted share | $ | 0.79 | $ | 0.82 | $ | 2.39 | $ | 2.24 | |||||||||||||||
Reconciliation of weighted average shares outstanding: | |||||||||||||||||||||||
Weighted average common shares outstanding | 191,793 | 191,577 | 191,756 | 191,508 | |||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
Convertible securities | 1,790 | (1) | 26 | 1,407 | (1) | 26 | |||||||||||||||||
Share-based payment awards | 225 | 464 | 266 | 643 | |||||||||||||||||||
Denominator for FFO per diluted share | 193,808 | 192,067 | 193,429 | 192,177 |
(Amounts in thousands, except per share and per unit amounts) | 2021 | 2020 | |||||||||||||||||||||||||||
September 30, Balance | Weighted Average Interest Rate | Effect of 1% Change in Base Rates | December 31, Balance | Weighted Average Interest Rate | |||||||||||||||||||||||||
Consolidated debt: | |||||||||||||||||||||||||||||
Variable rate | $ | 3,589,615 | 1.56% | $ | 35,896 | $ | 3,220,815 | 1.83% | |||||||||||||||||||||
Fixed rate | 5,090,000 | 3.19% | — | 4,212,643 | 3.70% | ||||||||||||||||||||||||
$ | 8,679,615 | 2.51% | 35,896 | $ | 7,433,458 | 2.89% | |||||||||||||||||||||||
Pro rata share of debt of non-consolidated entities: | |||||||||||||||||||||||||||||
Variable rate | $ | 1,262,121 | 1.76% | 12,621 | $ | 1,384,710 | (1) | 1.80% | |||||||||||||||||||||
Fixed rate | 1,454,323 | 3.73% | — | 1,488,464 | 3.76% | ||||||||||||||||||||||||
$ | 2,716,444 | 2.82% | 12,621 | $ | 2,873,174 | 2.81% | |||||||||||||||||||||||
Noncontrolling interests' share of consolidated subsidiaries | (3,971) | ||||||||||||||||||||||||||||
Total change in annual net income attributable to the Operating Partnership | 44,546 | ||||||||||||||||||||||||||||
Noncontrolling interests’ share of the Operating Partnership | (3,056) | ||||||||||||||||||||||||||||
Total change in annual net income attributable to Vornado | $ | 41,490 | |||||||||||||||||||||||||||
Total change in annual net income attributable to the Operating Partnership per diluted Class A unit | $ | 0.22 | |||||||||||||||||||||||||||
Total change in annual net income attributable to Vornado per diluted share | $ | 0.22 |
(Amounts in thousands, except per share and per unit amounts) | 2022 | 2021 | |||||||||||||||||||||||||||
September 30, Balance | Weighted Average Interest Rate | Effect of 1% Change in Base Rates | December 31, Balance | Weighted Average Interest Rate | |||||||||||||||||||||||||
Consolidated debt: | |||||||||||||||||||||||||||||
Variable rate | $ | 2,313,015 | 4.35% | $ | 23,130 | $ | 4,534,215 | 1.59% | |||||||||||||||||||||
Fixed rate | 6,145,000 | 3.58% | — | 4,140,000 | 3.06% | ||||||||||||||||||||||||
$ | 8,458,015 | 3.79% | 23,130 | $ | 8,674,215 | 2.29% | |||||||||||||||||||||||
Pro rata share of debt of non-consolidated entities: | |||||||||||||||||||||||||||||
Variable rate | $ | 1,271,535 | 4.42% | 12,715 | $ | 1,267,224 | 1.78% | ||||||||||||||||||||||
Fixed rate | 1,447,457 | 3.72% | — | 1,432,181 | 3.72% | ||||||||||||||||||||||||
$ | 2,718,992 | 4.05% | 12,715 | $ | 2,699,405 | 2.81% | |||||||||||||||||||||||
Noncontrolling interests' share of consolidated subsidiaries | (6,821) | ||||||||||||||||||||||||||||
Total change in annual net income attributable to the Operating Partnership | 29,024 | ||||||||||||||||||||||||||||
Noncontrolling interests’ share of the Operating Partnership | (2,008) | ||||||||||||||||||||||||||||
Total change in annual net income attributable to Vornado | $ | 27,016 | |||||||||||||||||||||||||||
Total change in annual net income attributable to the Operating Partnership per Class A unit | $ | 0.14 | |||||||||||||||||||||||||||
Total change in annual net income attributable to Vornado per common share | $ | 0.14 |
(Amounts in thousands) | As of September 30, 2021 | |||||||||||||||||||||||||||||||||||||
Variable Rate | ||||||||||||||||||||||||||||||||||||||
Hedged Item | Fair Value | Notional Amount | Spread over LIBOR | Interest Rate | Swapped Rate | Expiration Date | ||||||||||||||||||||||||||||||||
Included in other assets: | ||||||||||||||||||||||||||||||||||||||
555 California Street mortgage loan interest rate swap(1) | $ | 3,159 | $ | 840,000 | (2) | L+193 | 2.02% | 2.26% | 5/24 | |||||||||||||||||||||||||||||
PENN 11 mortgage loan interest rate swap(3) | 1,850 | 500,000 | L+275 | 2.83% | 3.03% | 3/24 | ||||||||||||||||||||||||||||||||
Various interest rate caps | 82 | 700,000 | ||||||||||||||||||||||||||||||||||||
$ | 5,091 | $ | 2,040,000 | |||||||||||||||||||||||||||||||||||
Included in other liabilities: | ||||||||||||||||||||||||||||||||||||||
Unsecured term loan interest rate swap | $ | 39,839 | $ | 750,000 | (4) | L+100 | 1.09% | 3.87% | 10/23 | |||||||||||||||||||||||||||||
33-00 Northern Boulevard mortgage loan interest rate swap | 5,553 | 100,000 | L+180 | 1.89% | 4.14% | 1/25 | ||||||||||||||||||||||||||||||||
$ | 45,392 | $ | 850,000 |
(Amounts in thousands) | Fair Value Asset (Liability) as of | As of September 30, 2022 | ||||||||||||||||||||||||||||||
September 30, 2022 | December 31, 2021 | Notional Amount | All-In Swapped Rate | Swap Expiration Date | ||||||||||||||||||||||||||||
Interest rate swaps: | ||||||||||||||||||||||||||||||||
555 California Street mortgage loan | $ | 53,160 | $ | 11,814 | $ | 840,000 | (1) | 2.26% | 05/24 | |||||||||||||||||||||||
770 Broadway mortgage loan | 32,010 | — | 700,000 | 4.98% | 07/27 | |||||||||||||||||||||||||||
PENN 11 mortgage loan | 28,555 | 6,565 | 500,000 | 2.23% | 03/24 | |||||||||||||||||||||||||||
Unsecured revolving credit facility | 26,759 | — | 575,000 | 3.88% | 08/27 | |||||||||||||||||||||||||||
Unsecured term loan | 13,706 | (28,976) | 800,000 | 4.05% | (2) | |||||||||||||||||||||||||||
Unsecured term loan (effective October 2023) | 8,864 | — | 500,000 | 4.39% | 10/26 | |||||||||||||||||||||||||||
100 West 33rd Street mortgage loan | 8,053 | — | 480,000 | 5.06% | 06/27 | |||||||||||||||||||||||||||
888 Seventh Avenue mortgage loan | 7,231 | — | 200,000 | (3) | 4.66% | 09/27 | ||||||||||||||||||||||||||
4 Union Square South mortgage loan | 3,960 | (3,861) | 100,000 | (4) | 3.74% | 01/25 | ||||||||||||||||||||||||||
Interest rate caps: | ||||||||||||||||||||||||||||||||
1290 Avenue of the Americas mortgage loan | 6,304 | 411 | 950,000 | (5) | 11/23 | |||||||||||||||||||||||||||
Various mortgage loans | 1,289 | 139 | ||||||||||||||||||||||||||||||
Included in other assets | $ | 189,891 | $ | 18,929 | ||||||||||||||||||||||||||||
Included in other liabilities | $ | — | $ | 32,837 |
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 September 30, | ||||||||||||
104 | — | The cover page from the Vornado Realty Trust and Vornado Realty L.P. Quarterly Report on Form 10-Q for the quarter ended September 30, | ||||||||||||
VORNADO REALTY TRUST | ||||||||
(Registrant) | ||||||||
Date: | By: | /s/ | ||||||
(duly authorized officer and principal accounting officer) |
VORNADO REALTY L.P. | ||||||||
(Registrant) | ||||||||
Date: | By: | /s/ | ||||||