☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended: | March 31, |
☐ | 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 March 31, | ||||||||||||||
Consolidated Statements of Income (Unaudited) for the Three Months Ended March 31, | ||||||||||||||
Consolidated Statements of Comprehensive Income (Unaudited) for the Three Months Ended March 31, | ||||||||||||||
Consolidated Statements of Changes in Equity (Unaudited) for the Three Months Ended March 31, | ||||||||||||||
Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, | ||||||||||||||
Consolidated Balance Sheets (Unaudited) as of March 31, | ||||||||||||||
Consolidated Statements of Income (Unaudited) for the Three Months Ended March 31, | ||||||||||||||
Consolidated Statements of Comprehensive Income (Unaudited) for the Three Months Ended March 31, | ||||||||||||||
Consolidated Statements of Changes in Equity (Unaudited) for the Three Months Ended March 31, | ||||||||||||||
Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, | ||||||||||||||
Vornado Realty Trust and Vornado Realty L.P.: | ||||||||||||||
PART II. | Other Information: | |||||||||||||
(Amounts in thousands, except unit, share, and per share amounts) | As of | ||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||
ASSETS | |||||||||||
Real estate, at cost: | |||||||||||
Land | $ | 2,540,193 | $ | 2,540,193 | |||||||
Buildings and improvements | 9,956,681 | 9,839,166 | |||||||||
Development costs and construction in progress | 751,555 | 718,694 | |||||||||
Leasehold improvements and equipment | 120,979 | 119,792 | |||||||||
Total | 13,369,408 | 13,217,845 | |||||||||
Less accumulated depreciation and amortization | (3,455,145) | (3,376,347) | |||||||||
Real estate, net | 9,914,263 | 9,841,498 | |||||||||
Right-of-use assets | 687,642 | 337,197 | |||||||||
Cash and cash equivalents | 973,858 | 1,760,225 | |||||||||
Restricted cash | 167,397 | 170,126 | |||||||||
Investments in U.S. Treasury bills | 645,360 | — | |||||||||
Tenant and other receivables | 83,126 | 79,661 | |||||||||
Investments in partially owned entities | 3,299,629 | 3,297,389 | |||||||||
Real estate fund investments | 13,402 | 7,730 | |||||||||
220 Central Park South condominium units ready for sale | 51,072 | 57,142 | |||||||||
Receivable arising from the straight-lining of rents | 677,627 | 656,318 | |||||||||
Deferred leasing costs, net of accumulated amortization of $216,880 and $211,775 | 388,724 | 391,693 | |||||||||
Identified intangible assets, net of accumulated amortization of $99,663 and $97,186 | 149,613 | 154,895 | |||||||||
Other assets | 440,648 | 512,714 | |||||||||
$ | 17,492,361 | $ | 17,266,588 | ||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||||||
Mortgages payable, net | $ | 6,050,693 | $ | 6,053,343 | |||||||
Senior unsecured notes, net | 1,190,301 | 1,189,792 | |||||||||
Unsecured term loan, net | 798,075 | 797,812 | |||||||||
Unsecured revolving credit facilities | 575,000 | 575,000 | |||||||||
Lease liabilities | 723,432 | 370,206 | |||||||||
Accounts payable and accrued expenses | 541,825 | 613,497 | |||||||||
Deferred revenue | 46,238 | 48,118 | |||||||||
Deferred compensation plan | 107,170 | 110,174 | |||||||||
Other liabilities | 274,496 | 304,725 | |||||||||
Total liabilities | 10,307,230 | 10,062,667 | |||||||||
Commitments and contingencies | 0 | 0 | |||||||||
Redeemable noncontrolling interests: | |||||||||||
Class A units - 14,259,103 and 14,033,438 units outstanding | 646,223 | 587,440 | |||||||||
Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 | |||||||||
Total redeemable noncontrolling partnership units | 649,758 | 590,975 | |||||||||
Redeemable noncontrolling interest in a consolidated subsidiary | 97,403 | 97,708 | |||||||||
Total redeemable noncontrolling interests | 747,161 | 688,683 | |||||||||
Shareholders' equity: | |||||||||||
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 191,743,490 and 191,723,608 shares | 7,649 | 7,648 | |||||||||
Additional capital | 8,097,523 | 8,143,093 | |||||||||
Earnings less than distributions | (3,154,549) | (3,079,320) | |||||||||
Accumulated other comprehensive income (loss) | 51,776 | (17,534) | |||||||||
Total shareholders' equity | 6,184,858 | 6,236,346 | |||||||||
Noncontrolling interests in consolidated subsidiaries | 253,112 | 278,892 | |||||||||
Total equity | 6,437,970 | 6,515,238 | |||||||||
$ | 17,492,361 | $ | 17,266,588 |
(Amounts in thousands, except unit, share, and per share amounts) | As of | ||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
ASSETS | |||||||||||
Real estate, at cost: | |||||||||||
Land | $ | 2,451,828 | $ | 2,451,828 | |||||||
Buildings and improvements | 9,838,757 | 9,804,204 | |||||||||
Development costs and construction in progress | 1,058,518 | 933,334 | |||||||||
Leasehold improvements and equipment | 125,982 | 125,389 | |||||||||
Total | 13,475,085 | 13,314,755 | |||||||||
Less accumulated depreciation and amortization | (3,546,942) | (3,470,991) | |||||||||
Real estate, net | 9,928,143 | 9,843,764 | |||||||||
Right-of-use assets | 685,152 | 684,380 | |||||||||
Cash and cash equivalents | 890,957 | 889,689 | |||||||||
Restricted cash | 142,882 | 131,468 | |||||||||
Investments in U.S. Treasury bills | 276,645 | 471,962 | |||||||||
Tenant and other receivables | 95,034 | 81,170 | |||||||||
Investments in partially owned entities | 2,633,558 | 2,665,073 | |||||||||
220 Central Park South condominium units ready for sale | 37,644 | 43,599 | |||||||||
Receivable arising from the straight-lining of rents | 691,271 | 694,972 | |||||||||
Deferred leasing costs, net of accumulated amortization of $239,454 and $237,395 | 366,960 | 373,555 | |||||||||
Identified intangible assets, net of accumulated amortization of $100,616 and $98,139 | 137,161 | 139,638 | |||||||||
Other assets | 387,011 | 474,105 | |||||||||
$ | 16,272,418 | $ | 16,493,375 | ||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||||||
Mortgages payable, net | $ | 5,717,338 | $ | 5,829,018 | |||||||
Senior unsecured notes, net | 1,192,342 | 1,191,832 | |||||||||
Unsecured term loan, net | 793,517 | 793,193 | |||||||||
Unsecured revolving credit facilities | 575,000 | 575,000 | |||||||||
Lease liabilities | 740,301 | 735,969 | |||||||||
Accounts payable and accrued expenses | 441,741 | 450,881 | |||||||||
Deferred revenue | 37,879 | 39,882 | |||||||||
Deferred compensation plan | 98,996 | 96,322 | |||||||||
Other liabilities | 312,107 | 268,166 | |||||||||
Total liabilities | 9,909,221 | 9,980,263 | |||||||||
Commitments and contingencies | |||||||||||
Redeemable noncontrolling interests: | |||||||||||
Class A units - 14,817,410 and 14,416,891 units outstanding | 348,208 | 345,157 | |||||||||
Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 | |||||||||
Total redeemable noncontrolling partnership units | 351,743 | 348,692 | |||||||||
Redeemable noncontrolling interest in a consolidated subsidiary | 78,796 | 88,040 | |||||||||
Total redeemable noncontrolling interests | 430,539 | 436,732 | |||||||||
Shareholders' equity: | |||||||||||
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 191,880,615 and 191,866,880 shares | 7,654 | 7,654 | |||||||||
Additional capital | 8,367,349 | 8,369,228 | |||||||||
Earnings less than distributions | (3,961,392) | (3,894,580) | |||||||||
Accumulated other comprehensive income | 95,562 | 174,967 | |||||||||
Total shareholders' equity | 5,691,632 | 5,839,728 | |||||||||
Noncontrolling interests in consolidated subsidiaries | 241,026 | 236,652 | |||||||||
Total equity | 5,932,658 | 6,076,380 | |||||||||
$ | 16,272,418 | $ | 16,493,375 |
(Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | For the Three Months Ended March 31, | (Amounts in thousands, except per share amounts) | For the Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||
REVENUES: | REVENUES: | REVENUES: | ||||||||||||||||||||||||||||||||||||||||||||
Rental revenues | Rental revenues | $ | 397,283 | $ | 339,317 | Rental revenues | $ | 396,793 | $ | 397,283 | ||||||||||||||||||||||||||||||||||||
Fee and other income | Fee and other income | 44,847 | 40,660 | Fee and other income | 49,130 | 44,847 | ||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | 442,130 | 379,977 | Total revenues | 445,923 | 442,130 | ||||||||||||||||||||||||||||||||||||||||
EXPENSES: | EXPENSES: | EXPENSES: | ||||||||||||||||||||||||||||||||||||||||||||
Operating | Operating | (216,529) | (190,979) | Operating | (228,773) | (216,529) | ||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | (117,443) | (95,354) | Depreciation and amortization | (106,565) | (117,443) | ||||||||||||||||||||||||||||||||||||||||
General and administrative | General and administrative | (41,216) | (44,186) | General and administrative | (41,595) | (41,216) | ||||||||||||||||||||||||||||||||||||||||
Benefit (expense) from deferred compensation plan liability | 1,944 | (3,245) | ||||||||||||||||||||||||||||||||||||||||||||
(Expense) benefit from deferred compensation plan liability | (Expense) benefit from deferred compensation plan liability | (3,728) | 1,944 | |||||||||||||||||||||||||||||||||||||||||||
Transaction related costs and other | Transaction related costs and other | (1,005) | (843) | Transaction related costs and other | (658) | (1,005) | ||||||||||||||||||||||||||||||||||||||||
Total expenses | Total expenses | (374,249) | (334,607) | Total expenses | (381,319) | (374,249) | ||||||||||||||||||||||||||||||||||||||||
Income from partially owned entities | Income from partially owned entities | 33,714 | 29,073 | Income from partially owned entities | 16,666 | 33,714 | ||||||||||||||||||||||||||||||||||||||||
Income (loss) from real estate fund investments | 5,674 | (169) | ||||||||||||||||||||||||||||||||||||||||||||
(Loss) income from real estate fund investments | (Loss) income from real estate fund investments | (19) | 5,674 | |||||||||||||||||||||||||||||||||||||||||||
Interest and other investment income, net | Interest and other investment income, net | 1,018 | 1,522 | Interest and other investment income, net | 9,603 | 1,018 | ||||||||||||||||||||||||||||||||||||||||
(Loss) income from deferred compensation plan assets | (1,944) | 3,245 | ||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from deferred compensation plan assets | Income (loss) from deferred compensation plan assets | 3,728 | (1,944) | |||||||||||||||||||||||||||||||||||||||||||
Interest and debt expense | Interest and debt expense | (52,109) | (50,064) | Interest and debt expense | (86,237) | (52,109) | ||||||||||||||||||||||||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | Net gains on disposition of wholly owned and partially owned assets | 6,552 | — | Net gains on disposition of wholly owned and partially owned assets | 7,520 | 6,552 | ||||||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 60,786 | 28,977 | Income before income taxes | 15,865 | 60,786 | ||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | (7,411) | (1,984) | Income tax expense | (4,667) | (7,411) | ||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 53,375 | 26,993 | Net income | 11,198 | 53,375 | ||||||||||||||||||||||||||||||||||||||||
Less net income attributable to noncontrolling interests in: | ||||||||||||||||||||||||||||||||||||||||||||||
Less net loss (income) attributable to noncontrolling interests in: | Less net loss (income) attributable to noncontrolling interests in: | |||||||||||||||||||||||||||||||||||||||||||||
Consolidated subsidiaries | Consolidated subsidiaries | (9,374) | (6,114) | Consolidated subsidiaries | 9,928 | (9,374) | ||||||||||||||||||||||||||||||||||||||||
Operating Partnership | Operating Partnership | (1,994) | (329) | Operating Partnership | (429) | (1,994) | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | Net income attributable to Vornado | 42,007 | 20,550 | Net income attributable to Vornado | 20,697 | 42,007 | ||||||||||||||||||||||||||||||||||||||||
Preferred share dividends | Preferred share dividends | (15,529) | (16,467) | Preferred share dividends | (15,529) | (15,529) | ||||||||||||||||||||||||||||||||||||||||
NET INCOME attributable to common shareholders | NET INCOME attributable to common shareholders | $ | 26,478 | $ | 4,083 | NET INCOME attributable to common shareholders | $ | 5,168 | $ | 26,478 | ||||||||||||||||||||||||||||||||||||
INCOME PER COMMON SHARE - BASIC: | INCOME PER COMMON SHARE - BASIC: | INCOME PER COMMON SHARE - BASIC: | ||||||||||||||||||||||||||||||||||||||||||||
Net income per common share | Net income per common share | $ | 0.14 | $ | 0.02 | Net income per common share | $ | 0.03 | $ | 0.14 | ||||||||||||||||||||||||||||||||||||
Weighted average shares outstanding | Weighted average shares outstanding | 191,724 | 191,418 | Weighted average shares outstanding | 191,869 | 191,724 | ||||||||||||||||||||||||||||||||||||||||
INCOME PER COMMON SHARE - DILUTED: | INCOME PER COMMON SHARE - DILUTED: | INCOME PER COMMON SHARE - DILUTED: | ||||||||||||||||||||||||||||||||||||||||||||
Net income per common share | Net income per common share | $ | 0.14 | $ | 0.02 | Net income per common share | $ | 0.03 | $ | 0.14 | ||||||||||||||||||||||||||||||||||||
Weighted average shares outstanding | Weighted average shares outstanding | 192,038 | 192,031 | Weighted average shares outstanding | 191,881 | 192,038 |
(Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Net income | $ | 53,375 | $ | 26,993 | |||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||
Change in fair value of interest rate swaps and other | 65,239 | 11,641 | |||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | 9,205 | 3,591 | |||||||||||||||||||||
Comprehensive income | 127,819 | 42,225 | |||||||||||||||||||||
Less comprehensive income attributable to noncontrolling interests | (16,502) | (7,329) | |||||||||||||||||||||
Comprehensive income attributable to Vornado | $ | 111,317 | $ | 34,896 |
(Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Net income | $ | 11,198 | $ | 53,375 | |||||||||||||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||||
Change in fair value of consolidated interest rate swaps and other | (81,536) | 65,239 | |||||||||||||||||||||
Other comprehensive (loss) income of nonconsolidated subsidiaries | (3,329) | 9,205 | |||||||||||||||||||||
Comprehensive (loss) income | (73,667) | 127,819 | |||||||||||||||||||||
Less comprehensive loss (income) attributable to noncontrolling interests | 15,838 | (16,502) | |||||||||||||||||||||
Comprehensive (loss) income attributable to Vornado | $ | (57,829) | $ | 111,317 |
(Amounts in thousands, except per share amounts) | Non-controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | 48,793 | $ | 1,182,459 | 191,724 | $ | 7,648 | $ | 8,143,093 | $ | (3,079,320) | $ | (17,534) | $ | 278,892 | $ | 6,515,238 | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | — | — | — | — | — | 42,007 | — | — | 42,007 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 9,679 | 9,679 | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.53 per share) | — | — | — | — | — | (101,616) | — | — | (101,616) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (15,529) | — | — | (15,529) | |||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | — | — | 16 | 1 | 716 | — | — | — | 717 | |||||||||||||||||||||||||||||||||||||||||||||||
Under employees' share option plan | — | — | — | — | 7 | — | — | — | 7 | |||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | — | — | 5 | — | 212 | — | — | — | 212 | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | 481 | 481 | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (35,961) | (35,961) | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | — | — | (2) | — | 146 | (85) | — | — | 61 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 9,205 | — | 9,205 | |||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps and other | — | — | — | — | — | — | 65,239 | — | 65,239 | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | — | (46,651) | — | — | — | (46,651) | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | (5,134) | — | (5,134) | |||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | (6) | — | 21 | 15 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2022 | 48,793 | $ | 1,182,459 | 191,743 | $ | 7,649 | $ | 8,097,523 | $ | (3,154,549) | $ | 51,776 | $ | 253,112 | $ | 6,437,970 |
(Amounts in thousands, except per share amounts) | Non-controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares | Common Shares | Additional Capital | Earnings Less Than Distributions | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2023: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | 48,793 | $ | 1,182,459 | 191,867 | $ | 7,654 | $ | 8,369,228 | $ | (3,894,580) | $ | 174,967 | $ | 236,652 | $ | 6,076,380 | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | — | — | — | — | — | 20,697 | — | — | 20,697 | |||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | (684) | (684) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.375 per share) | — | — | — | — | — | (71,950) | — | — | (71,950) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 11 for dividends per share amounts) | — | — | — | — | — | (15,529) | — | — | (15,529) | |||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon redemption of Class A units, at redemption value | — | — | 9 | — | 187 | — | — | — | 187 | |||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | — | — | 6 | — | 146 | — | — | — | 146 | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | — | 6,128 | 6,128 | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (811) | (811) | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | — | — | (1) | — | 84 | (30) | — | — | 54 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | — | (3,329) | — | (3,329) | |||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of consolidated interest rate swaps and other | — | — | — | — | — | — | (81,536) | — | (81,536) | |||||||||||||||||||||||||||||||||||||||||||||||
Unearned 2020 Out-Performance Plan and 2019 Performance AO LTIP awards | — | — | — | — | 20,668 | — | — | — | 20,668 | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | — | (22,964) | — | (879) | — | (23,843) | |||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of other comprehensive loss | — | — | — | — | — | — | 6,339 | (259) | 6,080 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2023 | 48,793 | $ | 1,182,459 | 191,881 | $ | 7,654 | $ | 8,367,349 | $ | (3,961,392) | $ | 95,562 | $ | 241,026 | $ | 5,932,658 |
(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 | Non-controlling Interests in Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 Three Months Ended March 31, 2022: | For the Three Months Ended March 31, 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 | — | — | — | — | — | 20,550 | — | — | 20,550 | Net income attributable to Vornado | — | — | — | — | — | 42,007 | — | — | 42,007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 6,197 | 6,197 | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 9,679 | 9,679 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($0.53 per share) | Dividends on common shares ($0.53 per share) | — | — | — | — | — | (101,467) | — | — | (101,467) | Dividends on common shares ($0.53 per share) | — | — | — | — | — | (101,616) | — | — | (101,616) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 12 for dividends per share amounts) | — | — | — | — | — | (16,467) | — | — | (16,467) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (see Note 11 for dividends per share amounts) | Dividends on preferred shares (see Note 11 for dividends per share amounts) | — | — | — | — | — | (15,529) | — | — | (15,529) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | 107 | 4 | 4,099 | — | — | — | 4,103 | Upon redemption of Class A units, at redemption value | — | — | 16 | 1 | 716 | — | — | — | 717 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under employees' share option plan | Under employees' share option plan | — | — | — | — | 4 | — | — | — | 4 | Under employees' share option plan | — | — | — | — | 7 | — | — | — | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under dividend reinvestment plan | Under dividend reinvestment plan | — | — | 6 | — | 211 | — | — | — | 211 | Under dividend reinvestment plan | — | — | 5 | — | 212 | — | — | — | 212 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions | Contributions | — | — | — | — | — | — | — | 481 | 481 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | — | — | — | — | — | — | — | (5,877) | (5,877) | Distributions | — | — | — | — | — | — | — | (35,961) | (35,961) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation shares and options | Deferred compensation shares and options | — | — | (3) | — | 224 | (114) | — | — | 110 | Deferred compensation shares and options | — | — | (2) | — | 146 | (85) | — | — | 61 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 9,205 | — | 9,205 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of consolidated interest rate swaps and other | Change in fair value of consolidated interest rate swaps and other | — | — | — | — | — | — | 65,239 | — | 65,239 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | — | — | — | — | (46,651) | — | — | — | (46,651) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 3,591 | — | 3,591 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps | — | — | — | — | — | — | 11,642 | — | 11,642 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unearned 2018 Out-Performance Plan awards acceleration | — | — | — | — | 10,283 | — | — | — | 10,283 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | — | (126,936) | — | — | — | (126,936) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests' share of above adjustments | — | — | — | — | — | — | (886) | — | (886) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of other comprehensive income | Noncontrolling interests' share of other comprehensive income | — | — | — | — | — | — | (5,134) | — | (5,134) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | (28) | — | 1 | — | (1) | (1) | 1 | (28) | Other | — | — | — | — | — | (6) | — | 21 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | 48,793 | $ | 1,182,311 | 191,465 | $ | 7,638 | $ | 8,080,392 | $ | (2,871,681) | $ | (60,753) | $ | 415,278 | $ | 6,753,185 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2022 | Balance as of March 31, 2022 | 48,793 | $ | 1,182,459 | 191,743 | $ | 7,649 | $ | 8,097,523 | $ | (3,154,549) | $ | 51,776 | $ | 253,112 | $ | 6,437,970 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended March 31, | (Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||
Cash Flows from Operating Activities: | Cash Flows from Operating Activities: | Cash Flows from Operating Activities: | ||||||||||||||||||||
Net income | Net income | $ | 53,375 | $ | 26,993 | Net income | $ | 11,198 | $ | 53,375 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | 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) | 122,271 | 100,034 | Depreciation and amortization (including amortization of deferred financing costs) | 112,578 | 122,271 | ||||||||||||||||
Distributions of income from partially owned entities | Distributions of income from partially owned entities | 37,778 | 61,157 | Distributions of income from partially owned entities | 38,706 | 37,778 | ||||||||||||||||
Equity in net income of partially owned entities | Equity in net income of partially owned entities | (33,714) | (29,073) | Equity in net income of partially owned entities | (16,666) | (33,714) | ||||||||||||||||
Straight-lining of rents | (21,335) | 5,073 | ||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 13,155 | 21,225 | Stock-based compensation expense | 11,714 | 13,155 | ||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | Net gains on disposition of wholly owned and partially owned assets | (6,552) | — | Net gains on disposition of wholly owned and partially owned assets | (7,520) | (6,552) | ||||||||||||||||
Net unrealized (income) loss on real estate fund investments | (5,672) | 494 | ||||||||||||||||||||
Straight-lining of rents | Straight-lining of rents | 3,821 | (21,335) | |||||||||||||||||||
Change in deferred tax liability | Change in deferred tax liability | 2,591 | 3,173 | |||||||||||||||||||
Amortization of below-market leases, net | Amortization of below-market leases, net | (917) | (3,166) | Amortization of below-market leases, net | (1,367) | (917) | ||||||||||||||||
Write-off of lease receivables deemed uncollectible | — | 3,670 | ||||||||||||||||||||
Net realized and unrealized income on real estate fund investments | Net realized and unrealized income on real estate fund investments | — | (5,672) | |||||||||||||||||||
Other non-cash adjustments | Other non-cash adjustments | 5,208 | 1,348 | Other non-cash adjustments | 2,072 | 2,035 | ||||||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | ||||||||||||||||||||
Real estate fund investments | — | (494) | ||||||||||||||||||||
Tenant and other receivables | Tenant and other receivables | (3,499) | (1,077) | Tenant and other receivables | (13,862) | (3,499) | ||||||||||||||||
Prepaid assets | Prepaid assets | 29,451 | 48,599 | Prepaid assets | (72,347) | 29,451 | ||||||||||||||||
Other assets | Other assets | (9,807) | (20,693) | Other assets | (6,746) | (9,807) | ||||||||||||||||
Accounts payable and accrued expenses | Accounts payable and accrued expenses | (7,421) | 9,842 | Accounts payable and accrued expenses | (1,411) | (7,421) | ||||||||||||||||
Other liabilities | Other liabilities | (1,307) | 253 | Other liabilities | 29,111 | (1,307) | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 171,014 | 224,185 | Net cash provided by operating activities | 91,872 | 171,014 | ||||||||||||||||
Cash Flows from Investing Activities: | Cash Flows from Investing Activities: | Cash Flows from Investing Activities: | ||||||||||||||||||||
Proceeds from maturities of U.S. Treasury bills | Proceeds from maturities of U.S. Treasury bills | 197,294 | — | |||||||||||||||||||
Development costs and construction in progress | Development costs and construction in progress | (135,550) | (209,738) | |||||||||||||||||||
Proceeds from repayment of participation in 150 West 34th Street mortgage loan | Proceeds from repayment of participation in 150 West 34th Street mortgage loan | 105,000 | — | |||||||||||||||||||
Additions to real estate | Additions to real estate | (57,032) | (30,900) | |||||||||||||||||||
Proceeds from sale of condominium units at 220 Central Park South | Proceeds from sale of condominium units at 220 Central Park South | 14,216 | 15,095 | |||||||||||||||||||
Distributions of capital from partially owned entities | Distributions of capital from partially owned entities | 11,559 | — | |||||||||||||||||||
Investments in partially owned entities | Investments in partially owned entities | (8,833) | (4,571) | |||||||||||||||||||
Acquisitions of real estate and other | Acquisitions of real estate and other | (1,000) | — | |||||||||||||||||||
Purchase of U.S. Treasury bills | Purchase of U.S. Treasury bills | (645,920) | — | Purchase of U.S. Treasury bills | — | (645,920) | ||||||||||||||||
Development costs and construction in progress | (209,738) | (130,318) | ||||||||||||||||||||
Proceeds from sales of real estate | Proceeds from sales of real estate | 81,399 | — | Proceeds from sales of real estate | — | 81,399 | ||||||||||||||||
Additions to real estate | (30,900) | (27,410) | ||||||||||||||||||||
Proceeds from sale of a condominium unit at 220 Central Park South | 15,095 | — | ||||||||||||||||||||
Investments in partially owned entities | (4,571) | (4,816) | ||||||||||||||||||||
Distributions of capital from partially owned entities | — | 106,005 | ||||||||||||||||||||
Net cash used in investing activities | (794,635) | (56,539) | ||||||||||||||||||||
Net cash provided by (used in) investing activities | Net cash provided by (used in) investing activities | 125,654 | (794,635) |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended March 31, | (Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||
Cash Flows from Financing Activities: | Cash Flows from Financing Activities: | Cash Flows from Financing Activities: | ||||||||||||||||||||
Repayments of borrowings | Repayments of borrowings | $ | (110,400) | $ | (5,400) | |||||||||||||||||
Dividends paid on common shares | Dividends paid on common shares | $ | (101,616) | $ | (101,467) | Dividends paid on common shares | (71,950) | (101,616) | ||||||||||||||
Dividends paid on preferred shares | Dividends paid on preferred shares | (15,529) | (15,529) | |||||||||||||||||||
Distributions to noncontrolling interests | Distributions to noncontrolling interests | (43,545) | (13,338) | Distributions to noncontrolling interests | (6,412) | (43,545) | ||||||||||||||||
Dividends paid on preferred shares | (15,529) | (16,467) | ||||||||||||||||||||
Repayments of borrowings | (5,400) | (358,331) | ||||||||||||||||||||
Deferred financing costs | Deferred financing costs | (2,798) | — | |||||||||||||||||||
Contributions from noncontrolling interests | Contributions from noncontrolling interests | 481 | — | Contributions from noncontrolling interests | 2,129 | 481 | ||||||||||||||||
Proceeds received from exercise of employee share options and other | Proceeds received from exercise of employee share options and other | 219 | 215 | Proceeds received from exercise of employee share options and other | 146 | 219 | ||||||||||||||||
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 | (85) | (113) | Repurchase of shares related to stock compensation agreements and related tax withholdings and other | (30) | (85) | ||||||||||||||||
Proceeds from borrowings | — | 350,000 | ||||||||||||||||||||
Debt issuance costs | — | (2,904) | ||||||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | (165,475) | (142,405) | Net cash used in financing activities | (204,844) | (165,475) | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents and restricted cash | (789,096) | 25,241 | ||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash | Net increase (decrease) in cash and cash equivalents and restricted cash | 12,682 | (789,096) | |||||||||||||||||||
Cash and cash equivalents and restricted cash at beginning of period | 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 beginning of period | 1,021,157 | 1,930,351 | ||||||||||||||||
Cash and cash equivalents and restricted cash at end of period | Cash and cash equivalents and restricted cash at end of period | $ | 1,141,255 | $ | 1,755,610 | Cash and cash equivalents and restricted cash at end of period | $ | 1,033,839 | $ | 1,141,255 | ||||||||||||
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 | $ | 1,760,225 | $ | 1,624,482 | Cash and cash equivalents at beginning of period | $ | 889,689 | $ | 1,760,225 | ||||||||||||
Restricted cash at beginning of period | Restricted cash at beginning of period | 170,126 | 105,887 | Restricted cash at beginning of period | 131,468 | 170,126 | ||||||||||||||||
Cash and cash equivalents and restricted cash at beginning of period | 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 beginning of period | $ | 1,021,157 | $ | 1,930,351 | ||||||||||||
Cash and cash equivalents at end of period | Cash and cash equivalents at end of period | $ | 973,858 | $ | 1,636,093 | Cash and cash equivalents at end of period | $ | 890,957 | $ | 973,858 | ||||||||||||
Restricted cash at end of period | Restricted cash at end of period | 167,397 | 119,517 | Restricted cash at end of period | 142,882 | 167,397 | ||||||||||||||||
Cash and cash equivalents and restricted cash at end of period | Cash and cash equivalents and restricted cash at end of period | $ | 1,141,255 | $ | 1,755,610 | Cash and cash equivalents and restricted cash at end of period | $ | 1,033,839 | $ | 1,141,255 | ||||||||||||
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 $3,520 and $10,267 | $ | 46,868 | $ | 50,394 | ||||||||||||||||||
Cash payments for interest (excluding capitalized interest) and interest rate cap premiums | Cash payments for interest (excluding capitalized interest) and interest rate cap premiums | $ | 85,429 | $ | 46,868 | |||||||||||||||||
Cash payments for income taxes | Cash payments for income taxes | $ | 2,159 | $ | 4,002 | Cash payments for income taxes | $ | 2,175 | $ | 2,159 | ||||||||||||
Non-Cash Investing and Financing Activities: | ||||||||||||||||||||||
Additional estimated lease liability arising from the recognition of right-of-use asset | $ | 350,000 | $ | — | ||||||||||||||||||
Non-Cash Information: | Non-Cash Information: | |||||||||||||||||||||
Change in fair value of consolidated interest rate swaps and other | Change in fair value of consolidated interest rate swaps and other | $ | (81,536) | $ | 65,239 | |||||||||||||||||
Accrued capital expenditures included in accounts payable and accrued expenses | Accrued capital expenditures included in accounts payable and accrued expenses | 86,667 | 68,986 | Accrued capital expenditures included in accounts payable and accrued expenses | 70,132 | 86,667 | ||||||||||||||||
Increase in accumulated other comprehensive income due to change in fair value of consolidated interest rate swaps and other | 65,239 | 11,641 | ||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | (46,651) | (126,936) | Redeemable Class A unit measurement adjustment | (23,843) | (46,651) | ||||||||||||||||
Write-off of fully depreciated assets | Write-off of fully depreciated assets | (23,735) | (30,782) | Write-off of fully depreciated assets | (17,776) | (23,735) | ||||||||||||||||
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 | |||||||||||||||||||
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" | 3,024 | 2,739 | Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | — | 3,024 |
(Amounts in thousands, except unit amounts) | (Amounts in thousands, except unit amounts) | As of | (Amounts in thousands, except unit amounts) | As of | ||||||||||||||||||
March 31, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||
Real estate, at cost: | Real estate, at cost: | Real estate, at cost: | ||||||||||||||||||||
Land | Land | $ | 2,540,193 | $ | 2,540,193 | Land | $ | 2,451,828 | $ | 2,451,828 | ||||||||||||
Buildings and improvements | Buildings and improvements | 9,956,681 | 9,839,166 | Buildings and improvements | 9,838,757 | 9,804,204 | ||||||||||||||||
Development costs and construction in progress | Development costs and construction in progress | 751,555 | 718,694 | Development costs and construction in progress | 1,058,518 | 933,334 | ||||||||||||||||
Leasehold improvements and equipment | Leasehold improvements and equipment | 120,979 | 119,792 | Leasehold improvements and equipment | 125,982 | 125,389 | ||||||||||||||||
Total | Total | 13,369,408 | 13,217,845 | Total | 13,475,085 | 13,314,755 | ||||||||||||||||
Less accumulated depreciation and amortization | Less accumulated depreciation and amortization | (3,455,145) | (3,376,347) | Less accumulated depreciation and amortization | (3,546,942) | (3,470,991) | ||||||||||||||||
Real estate, net | Real estate, net | 9,914,263 | 9,841,498 | Real estate, net | 9,928,143 | 9,843,764 | ||||||||||||||||
Right-of-use assets | Right-of-use assets | 687,642 | 337,197 | Right-of-use assets | 685,152 | 684,380 | ||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 973,858 | 1,760,225 | Cash and cash equivalents | 890,957 | 889,689 | ||||||||||||||||
Restricted cash | Restricted cash | 167,397 | 170,126 | Restricted cash | 142,882 | 131,468 | ||||||||||||||||
Investments in U.S. Treasury bills | Investments in U.S. Treasury bills | 645,360 | — | Investments in U.S. Treasury bills | 276,645 | 471,962 | ||||||||||||||||
Tenant and other receivables | Tenant and other receivables | 83,126 | 79,661 | Tenant and other receivables | 95,034 | 81,170 | ||||||||||||||||
Investments in partially owned entities | Investments in partially owned entities | 3,299,629 | 3,297,389 | Investments in partially owned entities | 2,633,558 | 2,665,073 | ||||||||||||||||
Real estate fund investments | 13,402 | 7,730 | ||||||||||||||||||||
220 Central Park South condominium units ready for sale | 220 Central Park South condominium units ready for sale | 51,072 | 57,142 | 220 Central Park South condominium units ready for sale | 37,644 | 43,599 | ||||||||||||||||
Receivable arising from the straight-lining of rents | Receivable arising from the straight-lining of rents | 677,627 | 656,318 | Receivable arising from the straight-lining of rents | 691,271 | 694,972 | ||||||||||||||||
Deferred leasing costs, net of accumulated amortization of $216,880 and $211,775 | 388,724 | 391,693 | ||||||||||||||||||||
Identified intangible assets, net of accumulated amortization of $99,663 and $97,186 | 149,613 | 154,895 | ||||||||||||||||||||
Deferred leasing costs, net of accumulated amortization of $239,454 and $237,395 | Deferred leasing costs, net of accumulated amortization of $239,454 and $237,395 | 366,960 | 373,555 | |||||||||||||||||||
Identified intangible assets, net of accumulated amortization of $100,616 and $98,139 | Identified intangible assets, net of accumulated amortization of $100,616 and $98,139 | 137,161 | 139,638 | |||||||||||||||||||
Other assets | Other assets | 440,648 | 512,714 | Other assets | 387,011 | 474,105 | ||||||||||||||||
$ | 17,492,361 | $ | 17,266,588 | $ | 16,272,418 | $ | 16,493,375 | |||||||||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||||||||||||||||||||
Mortgages payable, net | Mortgages payable, net | $ | 6,050,693 | $ | 6,053,343 | Mortgages payable, net | $ | 5,717,338 | $ | 5,829,018 | ||||||||||||
Senior unsecured notes, net | Senior unsecured notes, net | 1,190,301 | 1,189,792 | Senior unsecured notes, net | 1,192,342 | 1,191,832 | ||||||||||||||||
Unsecured term loan, net | Unsecured term loan, net | 798,075 | 797,812 | Unsecured term loan, net | 793,517 | 793,193 | ||||||||||||||||
Unsecured revolving credit facilities | Unsecured revolving credit facilities | 575,000 | 575,000 | Unsecured revolving credit facilities | 575,000 | 575,000 | ||||||||||||||||
Lease liabilities | Lease liabilities | 723,432 | 370,206 | Lease liabilities | 740,301 | 735,969 | ||||||||||||||||
Accounts payable and accrued expenses | Accounts payable and accrued expenses | 541,825 | 613,497 | Accounts payable and accrued expenses | 441,741 | 450,881 | ||||||||||||||||
Deferred revenue | Deferred revenue | 46,238 | 48,118 | Deferred revenue | 37,879 | 39,882 | ||||||||||||||||
Deferred compensation plan | Deferred compensation plan | 107,170 | 110,174 | Deferred compensation plan | 98,996 | 96,322 | ||||||||||||||||
Other liabilities | Other liabilities | 274,496 | 304,725 | Other liabilities | 312,107 | 268,166 | ||||||||||||||||
Total liabilities | Total liabilities | 10,307,230 | 10,062,667 | Total liabilities | 9,909,221 | 9,980,263 | ||||||||||||||||
Commitments and contingencies | Commitments and contingencies | Commitments and contingencies | ||||||||||||||||||||
Redeemable noncontrolling interests: | Redeemable noncontrolling interests: | 0 | 0 | Redeemable noncontrolling interests: | ||||||||||||||||||
Class A units - 14,259,103 and 14,033,438 units outstanding | 646,223 | 587,440 | ||||||||||||||||||||
Class A units - 14,817,410 and 14,416,891 units outstanding | Class A units - 14,817,410 and 14,416,891 units outstanding | 348,208 | 345,157 | |||||||||||||||||||
Series D cumulative redeemable preferred units - 141,400 units outstanding | Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 | Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 | ||||||||||||||||
Total redeemable noncontrolling partnership units | Total redeemable noncontrolling partnership units | 649,758 | 590,975 | Total redeemable noncontrolling partnership units | 351,743 | 348,692 | ||||||||||||||||
Redeemable noncontrolling interest in a consolidated subsidiary | Redeemable noncontrolling interest in a consolidated subsidiary | 97,403 | 97,708 | Redeemable noncontrolling interest in a consolidated subsidiary | 78,796 | 88,040 | ||||||||||||||||
Total redeemable noncontrolling interests | Total redeemable noncontrolling interests | 747,161 | 688,683 | Total redeemable noncontrolling interests | 430,539 | 436,732 | ||||||||||||||||
Partners' equity: | Partners' equity: | Partners' equity: | ||||||||||||||||||||
Partners' capital | Partners' capital | 9,287,631 | 9,333,200 | Partners' capital | 9,557,462 | 9,559,341 | ||||||||||||||||
Earnings less than distributions | Earnings less than distributions | (3,154,549) | (3,079,320) | Earnings less than distributions | (3,961,392) | (3,894,580) | ||||||||||||||||
Accumulated other comprehensive income (loss) | 51,776 | (17,534) | ||||||||||||||||||||
Accumulated other comprehensive income | Accumulated other comprehensive income | 95,562 | 174,967 | |||||||||||||||||||
Total partners' equity | Total partners' equity | 6,184,858 | 6,236,346 | Total partners' equity | 5,691,632 | 5,839,728 | ||||||||||||||||
Noncontrolling interests in consolidated subsidiaries | Noncontrolling interests in consolidated subsidiaries | 253,112 | 278,892 | Noncontrolling interests in consolidated subsidiaries | 241,026 | 236,652 | ||||||||||||||||
Total equity | Total equity | 6,437,970 | 6,515,238 | Total equity | 5,932,658 | 6,076,380 | ||||||||||||||||
$ | 17,492,361 | $ | 17,266,588 | $ | 16,272,418 | $ | 16,493,375 |
(Amounts in thousands, except per unit amounts) | (Amounts in thousands, except per unit amounts) | For the Three Months Ended March 31, | (Amounts in thousands, except per unit amounts) | For the Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||
REVENUES: | REVENUES: | REVENUES: | ||||||||||||||||||||||||||||||||||||||||||||
Rental revenues | Rental revenues | $ | 397,283 | $ | 339,317 | Rental revenues | $ | 396,793 | $ | 397,283 | ||||||||||||||||||||||||||||||||||||
Fee and other income | Fee and other income | 44,847 | 40,660 | Fee and other income | 49,130 | 44,847 | ||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | 442,130 | 379,977 | Total revenues | 445,923 | 442,130 | ||||||||||||||||||||||||||||||||||||||||
EXPENSES: | EXPENSES: | EXPENSES: | ||||||||||||||||||||||||||||||||||||||||||||
Operating | Operating | (216,529) | (190,979) | Operating | (228,773) | (216,529) | ||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | (117,443) | (95,354) | Depreciation and amortization | (106,565) | (117,443) | ||||||||||||||||||||||||||||||||||||||||
General and administrative | General and administrative | (41,216) | (44,186) | General and administrative | (41,595) | (41,216) | ||||||||||||||||||||||||||||||||||||||||
Benefit (expense) from deferred compensation plan liability | 1,944 | (3,245) | ||||||||||||||||||||||||||||||||||||||||||||
(Expense) benefit from deferred compensation plan liability | (Expense) benefit from deferred compensation plan liability | (3,728) | 1,944 | |||||||||||||||||||||||||||||||||||||||||||
Transaction related costs and other | Transaction related costs and other | (1,005) | (843) | Transaction related costs and other | (658) | (1,005) | ||||||||||||||||||||||||||||||||||||||||
Total expenses | Total expenses | (374,249) | (334,607) | Total expenses | (381,319) | (374,249) | ||||||||||||||||||||||||||||||||||||||||
Income from partially owned entities | Income from partially owned entities | 33,714 | 29,073 | Income from partially owned entities | 16,666 | 33,714 | ||||||||||||||||||||||||||||||||||||||||
Income (loss) from real estate fund investments | 5,674 | (169) | ||||||||||||||||||||||||||||||||||||||||||||
(Loss) income from real estate fund investments | (Loss) income from real estate fund investments | (19) | 5,674 | |||||||||||||||||||||||||||||||||||||||||||
Interest and other investment income, net | Interest and other investment income, net | 1,018 | 1,522 | Interest and other investment income, net | 9,603 | 1,018 | ||||||||||||||||||||||||||||||||||||||||
(Loss) income from deferred compensation plan assets | (1,944) | 3,245 | ||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from deferred compensation plan assets | Income (loss) from deferred compensation plan assets | 3,728 | (1,944) | |||||||||||||||||||||||||||||||||||||||||||
Interest and debt expense | Interest and debt expense | (52,109) | (50,064) | Interest and debt expense | (86,237) | (52,109) | ||||||||||||||||||||||||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | Net gains on disposition of wholly owned and partially owned assets | 6,552 | — | Net gains on disposition of wholly owned and partially owned assets | 7,520 | 6,552 | ||||||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 60,786 | 28,977 | Income before income taxes | 15,865 | 60,786 | ||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | (7,411) | (1,984) | Income tax expense | (4,667) | (7,411) | ||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 53,375 | 26,993 | Net income | 11,198 | 53,375 | ||||||||||||||||||||||||||||||||||||||||
Less net income attributable to noncontrolling interests in consolidated subsidiaries | (9,374) | (6,114) | ||||||||||||||||||||||||||||||||||||||||||||
Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries | Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 9,928 | (9,374) | |||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | Net income attributable to Vornado Realty L.P. | 44,001 | 20,879 | Net income attributable to Vornado Realty L.P. | 21,126 | 44,001 | ||||||||||||||||||||||||||||||||||||||||
Preferred unit distributions | Preferred unit distributions | (15,558) | (16,508) | Preferred unit distributions | (15,558) | (15,558) | ||||||||||||||||||||||||||||||||||||||||
NET INCOME attributable to Class A unitholders | NET INCOME attributable to Class A unitholders | $ | 28,443 | $ | 4,371 | NET INCOME attributable to Class A unitholders | $ | 5,568 | $ | 28,443 | ||||||||||||||||||||||||||||||||||||
INCOME PER CLASS A UNIT - BASIC: | INCOME PER CLASS A UNIT - BASIC: | INCOME PER CLASS A UNIT - BASIC: | ||||||||||||||||||||||||||||||||||||||||||||
Net income per Class A unit | Net income per Class A unit | $ | 0.14 | $ | 0.02 | Net income per Class A unit | $ | 0.03 | $ | 0.14 | ||||||||||||||||||||||||||||||||||||
Weighted average units outstanding | Weighted average units outstanding | 205,141 | 204,072 | Weighted average units outstanding | 205,802 | 205,141 | ||||||||||||||||||||||||||||||||||||||||
INCOME PER CLASS A UNIT - DILUTED: | INCOME PER CLASS A UNIT - DILUTED: | INCOME PER CLASS A UNIT - DILUTED: | ||||||||||||||||||||||||||||||||||||||||||||
Net income per Class A unit | Net income per Class A unit | $ | 0.14 | $ | 0.02 | Net income per Class A unit | $ | 0.03 | $ | 0.14 | ||||||||||||||||||||||||||||||||||||
Weighted average units outstanding | Weighted average units outstanding | 205,896 | 204,901 | Weighted average units outstanding | 205,814 | 205,896 |
(Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Net income | $ | 53,375 | $ | 26,993 | |||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||
Change in fair value of interest rate swaps and other | 65,239 | 11,641 | |||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | 9,205 | 3,591 | |||||||||||||||||||||
Comprehensive income | 127,819 | 42,225 | |||||||||||||||||||||
Less comprehensive income attributable to noncontrolling interests in consolidated subsidiaries | (9,374) | (6,114) | |||||||||||||||||||||
Comprehensive income attributable to Vornado Realty L.P. | $ | 118,445 | $ | 36,111 |
(Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Net income | $ | 11,198 | $ | 53,375 | |||||||||||||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||||
Change in fair value of consolidated interest rate swaps and other | (81,536) | 65,239 | |||||||||||||||||||||
Other comprehensive (loss) income of nonconsolidated subsidiaries | (3,329) | 9,205 | |||||||||||||||||||||
Comprehensive (loss) income | (73,667) | 127,819 | |||||||||||||||||||||
Less comprehensive loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 10,187 | (9,374) | |||||||||||||||||||||
Comprehensive (loss) income attributable to Vornado Realty L.P. | $ | (63,480) | $ | 118,445 |
(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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2023: | For the Three Months Ended March 31, 2023: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | Balance as of December 31, 2022 | 48,793 | $ | 1,182,459 | 191,867 | $ | 8,376,882 | $ | (3,894,580) | $ | 174,967 | $ | 236,652 | $ | 6,076,380 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | Net income attributable to Vornado Realty L.P. | — | — | — | — | 44,001 | — | — | 44,001 | Net income attributable to Vornado Realty L.P. | — | — | — | — | 21,126 | — | — | 21,126 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | Net income attributable to redeemable partnership units | — | — | — | — | (1,994) | — | — | (1,994) | Net income attributable to redeemable partnership units | — | — | — | — | (429) | — | — | (429) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 9,679 | 9,679 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($0.53 per unit) | — | — | — | — | (101,616) | — | — | (101,616) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (15,529) | — | — | (15,529) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | (684) | (684) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($0.375 per unit) | Distributions to Vornado ($0.375 per unit) | — | — | — | — | (71,950) | — | — | (71,950) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 11 for distributions per unit amounts) | Distributions to preferred unitholders (see Note 11 for distributions per unit amounts) | — | — | — | — | (15,529) | — | — | (15,529) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | 16 | 717 | — | — | — | 717 | Upon redemption of redeemable Class A units, at redemption value | — | — | 9 | 187 | — | — | — | 187 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | — | — | — | 7 | — | — | — | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | Under Vornado's dividend reinvestment plan | — | — | 5 | 212 | — | — | — | 212 | Under Vornado's dividend reinvestment plan | — | — | 6 | 146 | — | — | — | 146 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions | Contributions | — | — | — | — | — | — | 481 | 481 | Contributions | — | — | — | — | — | — | 6,128 | 6,128 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | — | — | — | — | — | — | (35,961) | (35,961) | Distributions | — | — | — | — | — | — | (811) | (811) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | Deferred compensation units and options | — | — | (2) | 146 | (85) | — | — | 61 | Deferred compensation units and options | — | — | (1) | 84 | (30) | — | — | 54 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 9,205 | — | 9,205 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps and other | — | — | — | — | — | 65,239 | — | 65,239 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss of nonconsolidated subsidiaries | Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | (3,329) | — | (3,329) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of consolidated interest rate swaps and other | Change in fair value of consolidated interest rate swaps and other | — | — | — | — | — | (81,536) | — | (81,536) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unearned 2020 Out-Performance Plan and 2019 Performance AO LTIP awards | Unearned 2020 Out-Performance Plan and 2019 Performance AO LTIP awards | — | — | — | 20,668 | — | — | — | 20,668 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | — | — | — | (46,651) | — | — | — | (46,651) | Redeemable Class A unit measurement adjustment | — | — | — | (22,964) | — | (879) | — | (23,843) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable partnership units' share of above adjustments | — | — | — | — | — | (5,134) | — | (5,134) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | (6) | — | 21 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2022 | 48,793 | $ | 1,182,459 | 191,743 | $ | 8,105,172 | $ | (3,154,549) | $ | 51,776 | $ | 253,112 | $ | 6,437,970 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of other comprehensive loss | Noncontrolling interests' share of other comprehensive loss | — | — | — | — | — | 6,339 | (259) | 6,080 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2023 | Balance as of March 31, 2023 | 48,793 | $ | 1,182,459 | 191,881 | $ | 8,375,003 | $ | (3,961,392) | $ | 95,562 | $ | 241,026 | $ | 5,932,658 |
(Amounts in thousands, except per unit amounts) | (Amounts in thousands, except per unit amounts) | Accumulated Other Comprehensive Loss | Non-controlling Interests in Consolidated Subsidiaries | (Amounts in thousands, except per unit amounts) | Accumulated Other Comprehensive (Loss) 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 Three Months Ended March 31, 2022: | For the Three Months Ended March 31, 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. | — | — | — | — | 20,879 | — | — | 20,879 | Net income attributable to Vornado Realty L.P. | — | — | — | — | 44,001 | — | — | 44,001 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable partnership units | Net income attributable to redeemable partnership units | — | — | — | — | (329) | — | — | (329) | Net income attributable to redeemable partnership units | — | — | — | — | (1,994) | — | — | (1,994) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 6,197 | 6,197 | Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 9,679 | 9,679 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to Vornado ($0.53 per unit) | Distributions to Vornado ($0.53 per unit) | — | — | — | — | (101,467) | — | — | (101,467) | Distributions to Vornado ($0.53 per unit) | — | — | — | — | (101,616) | — | — | (101,616) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 12 for distributions per unit amounts) | — | — | — | — | (16,467) | — | — | (16,467) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to preferred unitholders (see Note 11 for distributions per unit amounts) | Distributions to preferred unitholders (see Note 11 for distributions per unit amounts) | — | — | — | — | (15,529) | — | — | (15,529) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | 107 | 4,103 | — | — | — | 4,103 | Upon redemption of redeemable Class A units, at redemption value | — | — | 16 | 717 | — | — | — | 717 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's employees' share option plan | Under Vornado's employees' share option plan | — | — | — | 4 | — | — | — | 4 | Under Vornado's employees' share option plan | — | — | — | 7 | — | — | — | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under Vornado's dividend reinvestment plan | Under Vornado's dividend reinvestment plan | — | — | 6 | 211 | — | — | — | 211 | Under Vornado's dividend reinvestment plan | — | — | 5 | 212 | — | — | — | 212 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions | Contributions | — | — | — | — | — | — | 481 | 481 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | — | — | — | — | — | — | (5,877) | (5,877) | Distributions | — | — | — | — | — | — | (35,961) | (35,961) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation units and options | Deferred compensation units and options | — | — | (3) | 224 | (114) | — | — | 110 | Deferred compensation units and options | — | — | (2) | 146 | (85) | — | — | 61 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 9,205 | — | 9,205 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of consolidated interest rate swaps and other | Change in fair value of consolidated interest rate swaps and other | — | — | — | — | — | 65,239 | — | 65,239 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | — | — | — | (46,651) | — | — | — | (46,651) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 3,591 | — | 3,591 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps | — | — | — | — | — | 11,642 | — | 11,642 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unearned 2018 Out-Performance Plan awards acceleration | — | — | — | 10,283 | — | — | — | 10,283 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | — | — | — | (126,936) | — | — | — | (126,936) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable partnership units' share of above adjustments | — | — | — | — | — | (886) | — | (886) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of other comprehensive income | Noncontrolling interests' share of other comprehensive income | — | — | — | — | — | (5,134) | — | (5,134) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | (28) | — | 1 | (1) | (1) | 1 | (28) | Other | — | — | — | — | (6) | — | 21 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | 48,793 | $ | 1,182,311 | 191,465 | $ | 8,088,030 | $ | (2,871,681) | $ | (60,753) | $ | 415,278 | $ | 6,753,185 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2022 | Balance as of March 31, 2022 | 48,793 | $ | 1,182,459 | 191,743 | $ | 8,105,172 | $ | (3,154,549) | $ | 51,776 | $ | 253,112 | $ | 6,437,970 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended March 31, | (Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||
Cash Flows from Operating Activities: | Cash Flows from Operating Activities: | Cash Flows from Operating Activities: | ||||||||||||||||||||
Net income | Net income | $ | 53,375 | $ | 26,993 | Net income | $ | 11,198 | $ | 53,375 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | 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) | 122,271 | 100,034 | Depreciation and amortization (including amortization of deferred financing costs) | 112,578 | 122,271 | ||||||||||||||||
Distributions of income from partially owned entities | Distributions of income from partially owned entities | 37,778 | 61,157 | Distributions of income from partially owned entities | 38,706 | 37,778 | ||||||||||||||||
Equity in net income of partially owned entities | Equity in net income of partially owned entities | (33,714) | (29,073) | Equity in net income of partially owned entities | (16,666) | (33,714) | ||||||||||||||||
Straight-lining of rents | (21,335) | 5,073 | ||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 13,155 | 21,225 | Stock-based compensation expense | 11,714 | 13,155 | ||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | Net gains on disposition of wholly owned and partially owned assets | (6,552) | — | Net gains on disposition of wholly owned and partially owned assets | (7,520) | (6,552) | ||||||||||||||||
Net unrealized (income) loss on real estate fund investments | (5,672) | 494 | ||||||||||||||||||||
Straight-lining of rents | Straight-lining of rents | 3,821 | (21,335) | |||||||||||||||||||
Change in deferred tax liability | Change in deferred tax liability | 2,591 | 3,173 | |||||||||||||||||||
Amortization of below-market leases, net | Amortization of below-market leases, net | (917) | (3,166) | Amortization of below-market leases, net | (1,367) | (917) | ||||||||||||||||
Write-off of lease receivables deemed uncollectible | — | 3,670 | ||||||||||||||||||||
Net realized and unrealized income on real estate fund investments | Net realized and unrealized income on real estate fund investments | — | (5,672) | |||||||||||||||||||
Other non-cash adjustments | Other non-cash adjustments | 5,208 | 1,348 | Other non-cash adjustments | 2,072 | 2,035 | ||||||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | ||||||||||||||||||||
Real estate fund investments | — | (494) | ||||||||||||||||||||
Tenant and other receivables | Tenant and other receivables | (3,499) | (1,077) | Tenant and other receivables | (13,862) | (3,499) | ||||||||||||||||
Prepaid assets | Prepaid assets | 29,451 | 48,599 | Prepaid assets | (72,347) | 29,451 | ||||||||||||||||
Other assets | Other assets | (9,807) | (20,693) | Other assets | (6,746) | (9,807) | ||||||||||||||||
Accounts payable and accrued expenses | Accounts payable and accrued expenses | (7,421) | 9,842 | Accounts payable and accrued expenses | (1,411) | (7,421) | ||||||||||||||||
Other liabilities | Other liabilities | (1,307) | 253 | Other liabilities | 29,111 | (1,307) | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 171,014 | 224,185 | Net cash provided by operating activities | 91,872 | 171,014 | ||||||||||||||||
Cash Flows from Investing Activities: | Cash Flows from Investing Activities: | Cash Flows from Investing Activities: | ||||||||||||||||||||
Proceeds from maturities of U.S. Treasury bills | Proceeds from maturities of U.S. Treasury bills | 197,294 | — | |||||||||||||||||||
Development costs and construction in progress | Development costs and construction in progress | (135,550) | (209,738) | |||||||||||||||||||
Proceeds from repayment of participation in 150 West 34th Street mortgage loan | Proceeds from repayment of participation in 150 West 34th Street mortgage loan | 105,000 | — | |||||||||||||||||||
Additions to real estate | Additions to real estate | (57,032) | (30,900) | |||||||||||||||||||
Proceeds from sale of condominium units at 220 Central Park South | Proceeds from sale of condominium units at 220 Central Park South | 14,216 | 15,095 | |||||||||||||||||||
Distributions of capital from partially owned entities | Distributions of capital from partially owned entities | 11,559 | — | |||||||||||||||||||
Investments in partially owned entities | Investments in partially owned entities | (8,833) | (4,571) | |||||||||||||||||||
Acquisitions of real estate and other | Acquisitions of real estate and other | (1,000) | — | |||||||||||||||||||
Purchase of U.S. Treasury bills | Purchase of U.S. Treasury bills | (645,920) | — | Purchase of U.S. Treasury bills | — | (645,920) | ||||||||||||||||
Development costs and construction in progress | (209,738) | (130,318) | ||||||||||||||||||||
Proceeds from sales of real estate | Proceeds from sales of real estate | 81,399 | — | Proceeds from sales of real estate | — | 81,399 | ||||||||||||||||
Additions to real estate | (30,900) | (27,410) | ||||||||||||||||||||
Proceeds from sale of a condominium unit at 220 Central Park South | 15,095 | — | ||||||||||||||||||||
Investments in partially owned entities | (4,571) | (4,816) | ||||||||||||||||||||
Distributions of capital from partially owned entities | — | 106,005 | ||||||||||||||||||||
Net cash used in investing activities | (794,635) | (56,539) | ||||||||||||||||||||
Net cash provided by (used in) investing activities | Net cash provided by (used in) investing activities | 125,654 | (794,635) |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended March 31, | (Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||
Cash Flows from Financing Activities: | Cash Flows from Financing Activities: | Cash Flows from Financing Activities: | ||||||||||||||||||||
Repayments of borrowings | Repayments of borrowings | $ | (110,400) | $ | (5,400) | |||||||||||||||||
Distributions to Vornado | Distributions to Vornado | $ | (101,616) | $ | (101,467) | Distributions to Vornado | (71,950) | (101,616) | ||||||||||||||
Distributions to preferred unitholders | Distributions to preferred unitholders | (15,529) | (15,529) | |||||||||||||||||||
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (43,545) | (13,338) | Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (6,412) | (43,545) | ||||||||||||||||
Distributions to preferred unitholders | (15,529) | (16,467) | ||||||||||||||||||||
Repayments of borrowings | (5,400) | (358,331) | ||||||||||||||||||||
Deferred financing costs | Deferred financing costs | (2,798) | — | |||||||||||||||||||
Contributions from noncontrolling interests in consolidated subsidiaries | Contributions from noncontrolling interests in consolidated subsidiaries | 481 | — | Contributions from noncontrolling interests in consolidated subsidiaries | 2,129 | 481 | ||||||||||||||||
Proceeds received from exercise of Vornado stock options and other | Proceeds received from exercise of Vornado stock options and other | 219 | 215 | Proceeds received from exercise of Vornado stock options and other | 146 | 219 | ||||||||||||||||
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 | (85) | (113) | Repurchase of Class A units related to stock compensation agreements and related tax withholdings and other | (30) | (85) | ||||||||||||||||
Proceeds from borrowings | — | 350,000 | ||||||||||||||||||||
Debt issuance costs | — | (2,904) | ||||||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | (165,475) | (142,405) | Net cash used in financing activities | (204,844) | (165,475) | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents and restricted cash | (789,096) | 25,241 | ||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash | Net increase (decrease) in cash and cash equivalents and restricted cash | 12,682 | (789,096) | |||||||||||||||||||
Cash and cash equivalents and restricted cash at beginning of period | 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 beginning of period | 1,021,157 | 1,930,351 | ||||||||||||||||
Cash and cash equivalents and restricted cash at end of period | Cash and cash equivalents and restricted cash at end of period | $ | 1,141,255 | $ | 1,755,610 | Cash and cash equivalents and restricted cash at end of period | $ | 1,033,839 | $ | 1,141,255 | ||||||||||||
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 | $ | 1,760,225 | $ | 1,624,482 | Cash and cash equivalents at beginning of period | $ | 889,689 | $ | 1,760,225 | ||||||||||||
Restricted cash at beginning of period | Restricted cash at beginning of period | 170,126 | 105,887 | Restricted cash at beginning of period | 131,468 | 170,126 | ||||||||||||||||
Cash and cash equivalents and restricted cash at beginning of period | 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 beginning of period | $ | 1,021,157 | $ | 1,930,351 | ||||||||||||
Cash and cash equivalents at end of period | Cash and cash equivalents at end of period | $ | 973,858 | $ | 1,636,093 | Cash and cash equivalents at end of period | $ | 890,957 | $ | 973,858 | ||||||||||||
Restricted cash at end of period | Restricted cash at end of period | 167,397 | 119,517 | Restricted cash at end of period | 142,882 | 167,397 | ||||||||||||||||
Cash and cash equivalents and restricted cash at end of period | Cash and cash equivalents and restricted cash at end of period | $ | 1,141,255 | $ | 1,755,610 | Cash and cash equivalents and restricted cash at end of period | $ | 1,033,839 | $ | 1,141,255 | ||||||||||||
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 $3,520 and $10,267 | $ | 46,868 | $ | 50,394 | ||||||||||||||||||
Cash payments for interest (excluding capitalized interest) and interest rate cap premiums | Cash payments for interest (excluding capitalized interest) and interest rate cap premiums | $ | 85,429 | $ | 46,868 | |||||||||||||||||
Cash payments for income taxes | Cash payments for income taxes | $ | 2,159 | $ | 4,002 | Cash payments for income taxes | $ | 2,175 | $ | 2,159 | ||||||||||||
Non-Cash Investing and Financing Activities: | ||||||||||||||||||||||
Additional estimated lease liability arising from the recognition of right-of-use asset | $ | 350,000 | $ | — | ||||||||||||||||||
Non-Cash Information: | Non-Cash Information: | |||||||||||||||||||||
Change in fair value of consolidated interest rate swaps and other | Change in fair value of consolidated interest rate swaps and other | $ | (81,536) | $ | 65,239 | |||||||||||||||||
Accrued capital expenditures included in accounts payable and accrued expenses | Accrued capital expenditures included in accounts payable and accrued expenses | 86,667 | 68,986 | Accrued capital expenditures included in accounts payable and accrued expenses | 70,132 | 86,667 | ||||||||||||||||
Increase in accumulated other comprehensive income due to change in fair value of consolidated interest rate swaps and other | 65,239 | 11,641 | ||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | (46,651) | (126,936) | Redeemable Class A unit measurement adjustment | (23,843) | (46,651) | ||||||||||||||||
Write-off of fully depreciated assets | Write-off of fully depreciated assets | (23,735) | (30,782) | Write-off of fully depreciated assets | (17,776) | (23,735) | ||||||||||||||||
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 | |||||||||||||||||||
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" | 3,024 | 2,739 | Reclassification of condominium units from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale" | — | 3,024 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended March 31, 2022 | (Amounts in thousands) | For the Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property rentals | Property rentals | $ | 377,887 | $ | 307,723 | $ | 70,164 | Property rentals | $ | 376,829 | $ | 307,722 | $ | 69,107 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade shows | Trade shows | 5,144 | — | 5,144 | Trade shows | 5,048 | — | 5,048 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease revenues | Lease revenues | 383,031 | 307,723 | 75,308 | Lease revenues | 381,877 | 307,722 | 74,155 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tenant services | Tenant services | 9,889 | 7,411 | 2,478 | Tenant services | 9,769 | 7,582 | 2,187 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parking revenues | Parking revenues | 4,363 | 3,711 | 652 | Parking revenues | 5,147 | 4,212 | 935 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental revenues | Rental revenues | 397,283 | 318,845 | 78,438 | Rental revenues | 396,793 | 319,516 | 77,277 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BMS cleaning fees | BMS cleaning fees | 32,691 | 34,711 | (2,020) | (3) | BMS cleaning fees | 35,328 | 37,678 | (2,350) | (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management and leasing fees | Management and leasing fees | 2,769 | 2,967 | (198) | Management and leasing fees | 3,049 | 3,173 | (124) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 9,387 | 2,025 | 7,362 | Other income | 10,753 | 3,447 | 7,306 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee and other income | Fee and other income | 44,847 | 39,703 | 5,144 | Fee and other income | 49,130 | 44,298 | 4,832 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 442,130 | $ | 358,548 | $ | 83,582 | Total revenues | $ | 445,923 | $ | 363,814 | $ | 82,109 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended March 31, 2021 | (Amounts in thousands) | For the Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property rentals | Property rentals | $ | 332,058 | $ | 261,691 | $ | 70,367 | Property rentals | $ | 377,887 | $ | 307,723 | $ | 70,164 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade shows | Trade shows | — | — | — | Trade shows | 5,144 | — | 5,144 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease revenues | Lease revenues | 332,058 | 261,691 | 70,367 | Lease revenues | 383,031 | 307,723 | 75,308 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tenant services | Tenant services | 7,259 | 5,009 | 2,250 | Tenant services | 9,889 | 7,411 | 2,478 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parking revenues | Parking revenues | 4,363 | 3,711 | 652 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental revenues | Rental revenues | 339,317 | 266,700 | 72,617 | Rental revenues | 397,283 | 318,845 | 78,438 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BMS cleaning fees | BMS cleaning fees | 28,477 | 29,948 | (1,471) | (3) | BMS cleaning fees | 32,691 | 34,711 | (2,020) | (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management and leasing fees | Management and leasing fees | 5,369 | 5,522 | (153) | Management and leasing fees | 2,769 | 2,967 | (198) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 6,814 | 1,801 | 5,013 | Other income | 9,387 | 2,025 | 7,362 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee and other income | Fee and other income | 40,660 | 37,271 | 3,389 | Fee and other income | 44,847 | 39,703 | 5,144 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 379,977 | $ | 303,971 | $ | 76,006 | Total revenues | $ | 442,130 | $ | 358,548 | $ | 83,582 |
For the Three Months Ended March 31, | For the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||
Fixed billings | Fixed billings | $ | 329,251 | $ | 309,860 | Fixed billings | $ | 347,914 | $ | 329,251 | ||||||||||||||||||||||||||||||||||||
Variable billings | Variable billings | 32,974 | 31,649 | Variable billings | 37,939 | 32,974 | ||||||||||||||||||||||||||||||||||||||||
Total contractual operating lease billings | Total contractual operating lease billings | 362,225 | 341,509 | Total contractual operating lease billings | 385,853 | 362,225 | ||||||||||||||||||||||||||||||||||||||||
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 | 20,806 | (5,781) | Adjustment for straight-line rents and amortization of acquired below-market leases and other, net | (3,976) | 20,806 | ||||||||||||||||||||||||||||||||||||||||
Less: write-off of straight-line rent and tenant receivables deemed uncollectible | — | (3,670) | ||||||||||||||||||||||||||||||||||||||||||||
Lease revenues | Lease revenues | $ | 383,031 | $ | 332,058 | Lease revenues | $ | 381,877 | $ | 383,031 |
(Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Net unrealized income (loss) on held investments | $ | 5,672 | $ | (494) | |||||||||||||||||||
Net investment income | 2 | 325 | |||||||||||||||||||||
Income (loss) from real estate fund investments | 5,674 | (169) | |||||||||||||||||||||
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (3,964) | 429 | |||||||||||||||||||||
Income from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ | 1,710 | $ | 260 | |||||||||||||||||||
(Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Previously recorded unrealized loss on exited investments | $ | 247,575 | $ | — | |||||||||||||||||||
Realized loss on exited investments | (247,575) | — | |||||||||||||||||||||
Net investment (loss) income | (19) | 2 | |||||||||||||||||||||
Net unrealized income on held investments | — | 5,672 | |||||||||||||||||||||
(Loss) income from real estate fund investments | (19) | 5,674 | |||||||||||||||||||||
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 239 | (3,964) | |||||||||||||||||||||
Income from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ | 220 | $ | 1,710 | |||||||||||||||||||
(Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Beginning balance | $ | — | $ | 7,730 | |||||||||||||||||||
Previously recorded unrealized loss on exited investments | 247,575 | — | |||||||||||||||||||||
Realized loss on exited investments | (247,575) | — | |||||||||||||||||||||
Net unrealized income on held investments | — | 5,672 | |||||||||||||||||||||
Ending balance | $ | — | $ | 13,402 |
(Amounts in thousands) | (Amounts in thousands) | Percentage Ownership at March 31, 2022 | Balance as of | (Amounts in thousands) | Percentage Ownership at March 31, 2023 | Balance as of | ||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||
Investments: | Investments: | Investments: | ||||||||||||||||||||||||||||||||
Fifth Avenue and Times Square JV (see page 22 for details): | 51.5% | $ | 2,773,505 | $ | 2,770,633 | |||||||||||||||||||||||||||||
Fifth Avenue and Times Square JV (see page 23 for details) | Fifth Avenue and Times Square JV (see page 23 for details) | 51.5% | $ | 2,262,393 | $ | 2,272,320 | ||||||||||||||||||||||||||||
Partially owned office buildings/land(1) | Partially owned office buildings/land(1) | Various | 310,580 | 306,989 | Partially owned office buildings/land(1) | Various | 177,971 | 182,180 | ||||||||||||||||||||||||||
Alexander’s | 32.4% | 92,779 | 91,405 | |||||||||||||||||||||||||||||||
Alexander's (see page 23 and above for details) | Alexander's (see page 23 and above for details) | 32.4% | 82,724 | 87,796 | ||||||||||||||||||||||||||||||
Other investments(2) | Other investments(2) | Various | 122,765 | 128,362 | Other investments(2) | Various | 110,470 | 122,777 | ||||||||||||||||||||||||||
$ | 3,299,629 | $ | 3,297,389 | |||||||||||||||||||||||||||||||
$ | 2,633,558 | $ | 2,665,073 | |||||||||||||||||||||||||||||||
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% | $ | (61,279) | $ | (60,918) | 7 West 34th Street | 53.0% | $ | (65,513) | $ | (65,522) | ||||||||||||||||||||||
85 Tenth Avenue | 85 Tenth Avenue | 49.9% | (16,033) | (18,067) | 85 Tenth Avenue | 49.9% | (13,544) | (16,006) | ||||||||||||||||||||||||||
$ | (77,312) | $ | (78,985) | $ | (79,057) | $ | (81,528) |
(Amounts in thousands) | (Amounts in thousands) | Percentage Ownership at March 31, 2022 | For the Three Months Ended March 31, | (Amounts in thousands) | Percentage Ownership at March 31, 2023 | For the Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Percentage Ownership at March 31, 2023 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Our share of net income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fifth Avenue and Times Square JV (see page 22 for details): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Our share of net income (loss): | Our share of net income (loss): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fifth Avenue and Times Square JV (see page 23 for details): | Fifth Avenue and Times Square JV (see page 23 for details): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in net income | Equity in net income | 51.5% | $ | 16,309 | $ | 9,606 | Equity in net income | 51.5% | $ | 10,199 | $ | 16,309 | ||||||||||||||||||||||||||||||||||||||||||||||
Return on preferred equity, net of our share of the expense | Return on preferred equity, net of our share of the expense | 9,226 | 9,226 | Return on preferred equity, net of our share of the expense | 9,226 | 9,226 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
19,425 | 25,535 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
25,535 | 18,832 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alexander's (see page 23 for details): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alexander's (see page 23 and above for details): | Alexander's (see page 23 and above for details): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in net income | Equity in net income | 32.4% | 4,671 | 5,729 | Equity in net income | 32.4% | 3,571 | 4,671 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Management, leasing and development fees | Management, leasing and development fees | 1,020 | 575 | Management, leasing and development fees | 1,173 | 1,020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
5,691 | 6,304 | 4,744 | 5,691 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partially owned office buildings(1) | Partially owned office buildings(1) | Various | 2,477 | 5,972 | Partially owned office buildings(1) | Various | (8,963) | 1,292 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments(2) | Other investments(2) | Various | 11 | (2,035) | Other investments(2) | Various | 1,460 | 1,196 | ||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 33,714 | $ | 29,073 | $ | 16,666 | $ | 33,714 |
(Amounts in thousands) | Balance as of | ||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||
Identified intangible assets: | |||||||||||
Gross amount | $ | 249,276 | $ | 252,081 | |||||||
Accumulated amortization | (99,663) | (97,186) | |||||||||
Total, net | $ | 149,613 | $ | 154,895 | |||||||
Identified intangible liabilities (included in deferred revenue): | |||||||||||
Gross amount | $ | 255,303 | $ | 256,065 | |||||||
Accumulated amortization | (213,558) | (212,245) | |||||||||
Total, net | $ | 41,745 | $ | 43,820 |
(Amounts in thousands) | Acquired below (above) market leases, net | ||||
2023 | $ | 5,359 | |||
2024 | 2,264 | ||||
2025 | 844 | ||||
2026 | 649 | ||||
2027 | (119) |
(Amounts in thousands) | Other identified intangible assets | ||||
2023 | $ | 8,267 | |||
2024 | 7,431 | ||||
2025 | 6,332 | ||||
2026 | 6,193 | ||||
2027 | 5,590 |
(Amounts in thousands) | Balance as of | ||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
Identified intangible assets: | |||||||||||
Gross amount | $ | 237,777 | $ | 237,777 | |||||||
Accumulated amortization | (100,616) | (98,139) | |||||||||
Total, net | $ | 137,161 | $ | 139,638 | |||||||
Identified intangible liabilities (included in deferred revenue): | |||||||||||
Gross amount | $ | 244,396 | $ | 244,396 | |||||||
Accumulated amortization | (210,450) | (208,592) | |||||||||
Total, net | $ | 33,946 | $ | 35,804 |
(Amounts in thousands) | |||||
2024 | $ | 2,352 | |||
2025 | 941 | ||||
2026 | 299 | ||||
2027 | (148) | ||||
2028 | (43) |
(Amounts in thousands) | Weighted Average Interest Rate at March 31, 2022 | Balance as of | |||||||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||||||||
Mortgages Payable: | |||||||||||||||||
Fixed rate | 2.80% | $ | 2,190,000 | $ | 2,190,000 | ||||||||||||
Variable rate | 1.93% | 3,903,815 | 3,909,215 | ||||||||||||||
Total | 2.24% | 6,093,815 | 6,099,215 | ||||||||||||||
Deferred financing costs, net and other | (43,122) | (45,872) | |||||||||||||||
Total, net | $ | 6,050,693 | $ | 6,053,343 | |||||||||||||
Unsecured Debt: | |||||||||||||||||
Senior unsecured notes | 3.02% | $ | 1,200,000 | $ | 1,200,000 | ||||||||||||
Deferred financing costs, net and other | (9,699) | (10,208) | |||||||||||||||
Senior unsecured notes, net | 1,190,301 | 1,189,792 | |||||||||||||||
Unsecured term loan | 3.72% | 800,000 | 800,000 | ||||||||||||||
Deferred financing costs, net and other | (1,925) | (2,188) | |||||||||||||||
Unsecured term loan, net | 798,075 | 797,812 | |||||||||||||||
Unsecured revolving credit facilities | 1.35% | 575,000 | 575,000 | ||||||||||||||
Total, net | $ | 2,563,376 | $ | 2,562,604 |
(Amounts in thousands) | |||||
2024 | $ | 7,128 | |||
2025 | 6,078 | ||||
2026 | 5,884 | ||||
2027 | 5,449 | ||||
2028 | 4,290 |
(Amounts in thousands) | Weighted Average Interest Rate at March 31, 2023(1) | Balance as of | |||||||||||||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
Mortgages Payable: | |||||||||||||||||||||||
Fixed rate | 3.63% | $ | 3,569,550 | $ | 3,570,000 | ||||||||||||||||||
Variable rate(2) | 5.57% | 2,197,665 | 2,307,615 | ||||||||||||||||||||
Total | 4.37% | 5,767,215 | 5,877,615 | ||||||||||||||||||||
Deferred financing costs, net and other | (49,877) | (48,597) | |||||||||||||||||||||
Total, net | $ | 5,717,338 | $ | 5,829,018 | |||||||||||||||||||
Unsecured Debt: | |||||||||||||||||||||||
Senior unsecured notes | 3.02% | $ | 1,200,000 | $ | 1,200,000 | ||||||||||||||||||
Deferred financing costs, net and other | (7,658) | (8,168) | |||||||||||||||||||||
Senior unsecured notes, net | 1,192,342 | 1,191,832 | |||||||||||||||||||||
Unsecured term loan | 4.05% | 800,000 | 800,000 | ||||||||||||||||||||
Deferred financing costs, net and other | (6,483) | (6,807) | |||||||||||||||||||||
Unsecured term loan, net | 793,517 | 793,193 | |||||||||||||||||||||
Unsecured revolving credit facilities | 3.88% | 575,000 | 575,000 | ||||||||||||||||||||
Total, net | $ | 2,560,859 | $ | 2,560,025 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended March 31, | (Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 590,975 | $ | 511,747 | Beginning balance | $ | 348,692 | $ | 590,975 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | 1,994 | 329 | Net income | 429 | 1,994 | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | 5,134 | 886 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | Other comprehensive (loss) income | (6,080) | 5,134 | |||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | (7,584) | (7,461) | Distributions | (5,601) | (7,584) | ||||||||||||||||||||||||||||||||||||||||
Redemption of Class A units for Vornado common shares, at redemption value | Redemption of Class A units for Vornado common shares, at redemption value | (717) | (4,103) | Redemption of Class A units for Vornado common shares, at redemption value | (187) | (717) | ||||||||||||||||||||||||||||||||||||||||
Redeemable Class A unit measurement adjustment | Redeemable Class A unit measurement adjustment | 46,651 | 126,936 | Redeemable Class A unit measurement adjustment | 23,843 | 46,651 | ||||||||||||||||||||||||||||||||||||||||
Other, net | Other, net | 13,305 | 11,859 | Other, net | (9,353) | 13,305 | ||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 649,758 | $ | 640,193 | Ending balance | $ | 351,743 | $ | 649,758 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended March 31, | (Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 97,708 | $ | 94,520 | Beginning balance | $ | 88,040 | $ | 97,708 | ||||||||||||||||||||||||||||||||||||
Net loss | Net loss | (305) | (83) | Net loss | (9,244) | (305) | ||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 97,403 | $ | 94,437 | Ending balance | $ | 78,796 | $ | 97,403 |
(Per share/unit) | (Per share/unit) | For the Three Months Ended March 31, | (Per share/unit) | For the Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||
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 | Common shares/Class A units held by Vornado: authorized 250,000,000 shares/units | $ | 0.375 | $ | 0.53 | ||||||||||||||||||||||||||||||||||||
Convertible Preferred(1): | ||||||||||||||||||||||||||||||||||||||||||||||
6.5% Series A: authorized 12,902 and 13,402 shares/units(2) | 0.8125 | 0.8125 | ||||||||||||||||||||||||||||||||||||||||||||
Cumulative Redeemable Preferred(3): | ||||||||||||||||||||||||||||||||||||||||||||||
5.70% Series K: authorized 12,000,000 shares/units | N/A | 0.3563 | ||||||||||||||||||||||||||||||||||||||||||||
Preferred shares/units(1) | Preferred shares/units(1) | |||||||||||||||||||||||||||||||||||||||||||||
Convertible Preferred: | Convertible Preferred: | |||||||||||||||||||||||||||||||||||||||||||||
6.5% Series A: authorized 12,902 shares/units(2) | 6.5% Series A: authorized 12,902 shares/units(2) | 0.8125 | 0.8125 | |||||||||||||||||||||||||||||||||||||||||||
Cumulative Redeemable Preferred(1)(3): | Cumulative Redeemable Preferred(1)(3): | |||||||||||||||||||||||||||||||||||||||||||||
5.40% Series L: authorized 13,800,000 shares/units | 5.40% Series L: authorized 13,800,000 shares/units | 0.3375 | 0.3375 | 5.40% Series L: authorized 13,800,000 shares/units | 0.3375 | 0.3375 | ||||||||||||||||||||||||||||||||||||||||
5.25% Series M: authorized 13,800,000 shares/units | 5.25% Series M: authorized 13,800,000 shares/units | 0.3281 | 0.3281 | 5.25% Series M: authorized 13,800,000 shares/units | 0.3281 | 0.3281 | ||||||||||||||||||||||||||||||||||||||||
5.25% Series N: authorized 12,000,000 shares/units | 5.25% Series N: authorized 12,000,000 shares/units | 0.3281 | 0.3281 | 5.25% Series N: authorized 12,000,000 shares/units | 0.3281 | 0.3281 | ||||||||||||||||||||||||||||||||||||||||
4.45% Series O: authorized 12,000,000 shares/units | 4.45% Series O: authorized 12,000,000 shares/units | 0.2781 | N/A | 4.45% Series O: authorized 12,000,000 shares/units | 0.2781 | 0.2781 |
(Amounts in thousands) | Total | Accumulated other comprehensive (loss) income of nonconsolidated subsidiaries | Change in fair value of interest rate swaps and other | Other | |||||||||||||||||||
For the three months ended March 31, 2022: | |||||||||||||||||||||||
Balance as of December 31, 2021 | $ | (17,534) | $ | (4,063) | $ | (14,761) | $ | 1,290 | |||||||||||||||
Other comprehensive income (loss) | 69,310 | 9,205 | 65,239 | (5,134) | |||||||||||||||||||
Balance as of March 31, 2022 | $ | 51,776 | $ | 5,142 | $ | 50,478 | $ | (3,844) | |||||||||||||||
For the three months ended March 31, 2021: | |||||||||||||||||||||||
Balance as of December 31, 2020 | $ | (75,099) | $ | (14,338) | $ | (66,098) | $ | 5,337 | |||||||||||||||
Other comprehensive income (loss) | 14,346 | 3,591 | 11,642 | (887) | |||||||||||||||||||
Balance as of March 31, 2021 | $ | (60,753) | $ | (10,747) | $ | (54,456) | $ | 4,450 | |||||||||||||||
(Amounts in thousands) | (Amounts in thousands) | As of March 31, 2022 | (Amounts in thousands) | As of March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||
Investments in U.S. Treasury bills (1) | Investments in U.S. Treasury bills (1) | $ | 645,360 | $ | 645,360 | $ | — | $ | — | Investments in U.S. Treasury bills (1) | $ | 276,645 | $ | 276,645 | $ | — | $ | — | ||||||||||||||||||||||||||||
Real estate fund investments | 13,402 | — | — | 13,402 | ||||||||||||||||||||||||||||||||||||||||||
Deferred compensation plan assets ($9,084 included in restricted cash and $98,086 in other assets) | 107,170 | 62,644 | — | 44,526 | ||||||||||||||||||||||||||||||||||||||||||
Loans receivable ($47,372 included in investments in partially owned entities and $3,476 in other assets) | 50,848 | — | — | 50,848 | ||||||||||||||||||||||||||||||||||||||||||
Deferred compensation plan assets ($11,209 included in restricted cash and $87,787 in other assets) | Deferred compensation plan assets ($11,209 included in restricted cash and $87,787 in other assets) | 98,996 | 58,369 | — | 40,627 | |||||||||||||||||||||||||||||||||||||||||
Loans receivable ($51,092 included in investments in partially owned entities and $4,177 in other assets) | Loans receivable ($51,092 included in investments in partially owned entities and $4,177 in other assets) | 55,269 | — | — | 55,269 | |||||||||||||||||||||||||||||||||||||||||
Interest rate swaps and caps (included in other assets) | Interest rate swaps and caps (included in other assets) | 59,739 | — | 59,739 | — | Interest rate swaps and caps (included in other assets) | 129,208 | — | 129,208 | — | ||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 876,519 | $ | 708,004 | $ | 59,739 | $ | 108,776 | Total assets | $ | 560,118 | $ | 335,014 | $ | 129,208 | $ | 95,896 | ||||||||||||||||||||||||||||
Mandatorily redeemable instruments (included in other liabilities) | Mandatorily redeemable instruments (included in other liabilities) | $ | 49,775 | $ | 49,775 | $ | — | $ | — | Mandatorily redeemable instruments (included in other liabilities) | $ | 49,383 | $ | 49,383 | $ | — | $ | — | ||||||||||||||||||||||||||||
Interest rate swaps (included in other liabilities) | Interest rate swaps (included in other liabilities) | 7,737 | — | 7,737 | — | Interest rate swaps (included in other liabilities) | 15,009 | — | 15,009 | — | ||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | $ | 57,512 | $ | 49,775 | $ | 7,737 | $ | — | Total liabilities | $ | 64,392 | $ | 49,383 | $ | 15,009 | $ | — | ||||||||||||||||||||||||||||
(Amounts in thousands) | (Amounts in thousands) | As of December 31, 2021 | (Amounts in thousands) | As of December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||
Real estate fund investments | $ | 7,730 | $ | — | $ | — | $ | 7,730 | ||||||||||||||||||||||||||||||||||||||
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) | 50,182 | — | — | 50,182 | ||||||||||||||||||||||||||||||||||||||||||
Investments in U.S. Treasury bills | Investments in U.S. Treasury bills | $ | 471,962 | $ | 471,962 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
Deferred compensation plan assets ($7,763 included in restricted cash and $88,559 in other assets) | Deferred compensation plan assets ($7,763 included in restricted cash and $88,559 in other assets) | 96,322 | 57,406 | — | 38,916 | |||||||||||||||||||||||||||||||||||||||||
Loans receivable ($50,091 included in investments in partially owned entities and $4,306 in other assets) | Loans receivable ($50,091 included in investments in partially owned entities and $4,306 in other assets) | 54,397 | — | — | 54,397 | |||||||||||||||||||||||||||||||||||||||||
Interest rate swaps and caps (included in other assets) | Interest rate swaps and caps (included in other assets) | 18,929 | — | 18,929 | — | Interest rate swaps and caps (included in other assets) | 183,804 | — | 183,804 | — | ||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 187,015 | $ | 65,158 | $ | 18,929 | $ | 102,928 | Total assets | $ | 806,485 | $ | 529,368 | $ | 183,804 | $ | 93,313 | ||||||||||||||||||||||||||||
Mandatorily redeemable instruments (included in other liabilities) | Mandatorily redeemable instruments (included in other liabilities) | $ | 49,659 | $ | 49,659 | $ | — | $ | — | Mandatorily redeemable instruments (included in other liabilities) | $ | 49,383 | $ | 49,383 | $ | — | $ | — | ||||||||||||||||||||||||||||
Interest rate swaps (included in other liabilities) | 32,837 | — | 32,837 | — | ||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 82,496 | $ | 49,659 | $ | 32,837 | $ | — |
Range | Weighted Average (based on fair value of assets) | ||||||||||||||||||||||
Unobservable Quantitative Input | March 31, 2022 | December 31, 2021 | March 31, 2022 | December 31, 2021 | |||||||||||||||||||
Discount rates | 11.8% to 13.0% | 12.0% to 15.0% | 12.5% | 13.2% | |||||||||||||||||||
Terminal capitalization rates | 5.5% to 9.1% | 5.5% to 8.8% | 7.5% | 7.4% |
(Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Beginning balance | $ | 7,730 | $ | 3,739 | |||||||||||||||||||
Purchases/additional fundings | — | 494 | |||||||||||||||||||||
Net unrealized income (loss) on held investments | 5,672 | (494) | |||||||||||||||||||||
Ending balance | $ | 13,402 | $ | 3,739 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended March 31, | (Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 45,016 | $ | 39,928 | Beginning balance | $ | 38,916 | $ | 45,016 | ||||||||||||||||||||||||||||||||||||
Purchases | Purchases | 843 | 449 | Purchases | 643 | 843 | ||||||||||||||||||||||||||||||||||||||||
Sales | Sales | (907) | (145) | Sales | (506) | (907) | ||||||||||||||||||||||||||||||||||||||||
Realized and unrealized (losses) gains | (1,240) | 1,293 | ||||||||||||||||||||||||||||||||||||||||||||
Realized and unrealized gains (losses) | Realized and unrealized gains (losses) | 1,113 | (1,240) | |||||||||||||||||||||||||||||||||||||||||||
Other, net | Other, net | 814 | 114 | Other, net | 461 | 814 | ||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 44,526 | $ | 41,639 | Ending balance | $ | 40,627 | $ | 44,526 |
Range | Weighted Average (based on fair value of investments) | |||||||||||||||||||||||||||||||||||||||||||||
Unobservable Quantitative Input | Unobservable Quantitative Input | March 31, 2022 | December 31, 2021 | March 31, 2022 | December 31, 2021 | Unobservable Quantitative Input | As of March 31, 2023 | As of December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Discount rates | Discount rates | 6.5% | 6.5% | 6.5% | 6.5% | Discount rates | 7.5% | 7.5% | ||||||||||||||||||||||||||||||||||||||
Terminal capitalization rates | Terminal capitalization rates | 5.0% | 5.0% | 5.0% | 5.0% | Terminal capitalization rates | 5.5% | 5.5% |
(Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Beginning balance | $ | 50,182 | $ | 47,743 | |||||||||||||||||||
Interest accrual | 1,199 | 841 | |||||||||||||||||||||
Paydowns | (533) | (375) | |||||||||||||||||||||
Ending balance | $ | 50,848 | $ | 48,209 |
(Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Beginning balance | $ | 54,397 | $ | 50,182 | |||||||||||||||||||
Interest accrual | 1,283 | 1,199 | |||||||||||||||||||||
Paydowns | (411) | (533) | |||||||||||||||||||||
Ending balance | $ | 55,269 | $ | 50,848 |
(Amounts in thousands) | As of March 31, 2022 | |||||||||||||||||||||||||||||||||||||
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 | $ | 36,322 | $ | 840,000 | (1) | L+193 | 2.33% | 2.26% | 5/24 | |||||||||||||||||||||||||||||
PENN 11 mortgage loan interest rate swap | 19,825 | 500,000 | L+195 | 2.24% | 2.23% | 3/24 | ||||||||||||||||||||||||||||||||
33-00 Northern Boulevard mortgage loan interest rate swap | 296 | 100,000 | L+180 | 2.11% | 4.14% | 1/25 | ||||||||||||||||||||||||||||||||
Various interest rate caps | 3,296 | 1,650,000 | ||||||||||||||||||||||||||||||||||||
$ | 59,739 | $ | 3,090,000 | |||||||||||||||||||||||||||||||||||
Included in other liabilities: | ||||||||||||||||||||||||||||||||||||||
Unsecured term loan interest rate swap | $ | 7,737 | $ | 750,000 | (2) | L+100 | 1.45% | 3.87% | 10/23 | |||||||||||||||||||||||||||||
(Amounts in thousands) | As of December 31, 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 | $ | 11,814 | $ | 840,000 | (1) | L+193 | 2.04% | 2.26% | 5/24 | |||||||||||||||||||||||||||||
PENN 11 mortgage loan interest rate swap | 6,565 | 500,000 | L+195 | 2.05% | 2.23% | 3/24 | ||||||||||||||||||||||||||||||||
Various interest rate caps | 550 | 1,650,000 | ||||||||||||||||||||||||||||||||||||
$ | 18,929 | $ | 2,990,000 | |||||||||||||||||||||||||||||||||||
Included in other liabilities: | ||||||||||||||||||||||||||||||||||||||
Unsecured term loan interest rate swap | $ | 28,976 | $ | 750,000 | (2) | L+100 | 1.10% | 3.87% | 10/23 | |||||||||||||||||||||||||||||
33-00 Northern Boulevard mortgage loan interest rate swap | 3,861 | 100,000 | L+180 | 1.91% | 4.14% | 1/25 | ||||||||||||||||||||||||||||||||
$ | 32,837 | $ | 850,000 |
(Amounts in thousands) | As of March 31, 2023 | As of December 31, 2022 | ||||||||||||||||||||||||||||||||||||
Notional Amount | All-In Swapped Rate | Swap Expiration Date | Fair Value Asset | Fair Value Liability | Fair Value Asset | |||||||||||||||||||||||||||||||||
Interest rate swaps: | ||||||||||||||||||||||||||||||||||||||
555 California Street mortgage loan: | ||||||||||||||||||||||||||||||||||||||
In-place swap | $ | 840,000 | (1) | 2.26% | 05/24 | $ | 39,859 | $ | — | $ | 49,888 | |||||||||||||||||||||||||||
Forward swap (effective 05/24) | 840,000 | (1) | 5.92% | 05/26 | — | 14,239 | — | |||||||||||||||||||||||||||||||
770 Broadway mortgage loan | 700,000 | 4.98% | 07/27 | 18,448 | — | 29,226 | ||||||||||||||||||||||||||||||||
PENN 11 mortgage loan | 500,000 | 2.22% | 03/24 | 20,640 | — | 26,587 | ||||||||||||||||||||||||||||||||
Unsecured revolving credit facility | 575,000 | 3.88% | 08/27 | 15,354 | — | 24,457 | ||||||||||||||||||||||||||||||||
Unsecured term loan(2) | 800,000 | 4.05% | (2) | 12,408 | 770 | 21,024 | ||||||||||||||||||||||||||||||||
100 West 33rd Street mortgage loan | 480,000 | 5.06% | 06/27 | 283 | — | 6,886 | ||||||||||||||||||||||||||||||||
888 Seventh Avenue mortgage loan | 200,000 | (3) | 4.76% | 09/27 | 3,458 | — | 6,544 | |||||||||||||||||||||||||||||||
4 Union Square South mortgage loan | 99,550 | (4) | 3.74% | 01/25 | 3,153 | — | 4,050 | |||||||||||||||||||||||||||||||
Interest rate caps: | ||||||||||||||||||||||||||||||||||||||
1290 Avenue of the Americas mortgage loan | 950,000 | (5) | 11/23 | 5,765 | — | 7,590 | ||||||||||||||||||||||||||||||||
One Park Avenue mortgage loan(6) | 525,000 | (6) | 03/25 | 7,718 | — | 5,472 | ||||||||||||||||||||||||||||||||
Various mortgage loans | 2,122 | — | 2,080 | |||||||||||||||||||||||||||||||||||
$ | 129,208 | $ | 15,009 | $ | 183,804 |
Swapped Balance | All-In Swapped Rate | Unswapped Balance (bears interest at S+130) | ||||||||||||||||||
Through 10/23 | $ | 800,000 | 4.05% | $ | — | |||||||||||||||
10/23 through 07/25 | 700,000 | 4.53% | 100,000 | |||||||||||||||||
07/25 through 10/26 | 550,000 | 4.36% | 250,000 | |||||||||||||||||
10/26 through 08/27 | 50,000 | 4.04% | 750,000 |
As of December 31, 2022 | |||||||||||||||||
Unobservable Quantitative Input | Range | Weighted Average (based on fair value of investments) | |||||||||||||||
Discount rates | 7.50% - 8.00% | 7.52% | |||||||||||||||
Terminal capitalization rates | 4.75% - 5.50% | 4.78% |
(Amounts in thousands) | (Amounts in thousands) | As of March 31, 2022 | As of December 31, 2021 | (Amounts in thousands) | As of March 31, 2023 | As of December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | Cash equivalents | $ | 588,242 | $ | 588,000 | $ | 1,346,684 | $ | 1,347,000 | Cash equivalents | $ | 578,088 | $ | 578,000 | $ | 402,903 | $ | 403,000 | ||||||||||||||||||||||||||||||||||
Debt: | Debt: | Debt: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages payable | $ | 6,093,815 | $ | 5,997,000 | $ | 6,099,215 | $ | 6,052,000 | Mortgages payable | $ | 5,767,215 | $ | 5,577,000 | $ | 5,877,615 | $ | 5,697,000 | |||||||||||||||||||||||||||||||||||
Senior unsecured notes | 1,200,000 | 1,152,000 | 1,200,000 | 1,230,000 | Senior unsecured notes | 1,200,000 | 972,000 | 1,200,000 | 1,021,000 | |||||||||||||||||||||||||||||||||||||||||||
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 | $ | 8,668,815 | (1) | $ | 8,524,000 | $ | 8,674,215 | (1) | $ | 8,657,000 | Total | $ | 8,342,215 | (1) | $ | 7,924,000 | $ | 8,452,615 | (1) | $ | 8,093,000 |
(Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Interest on cash and cash equivalents and restricted cash | $ | 5,674 | $ | 64 | |||||||||||||||||||
Amortization of discount on investments in U.S. Treasury bills | 3,445 | 129 | |||||||||||||||||||||
Interest on loans receivable | 484 | 825 | |||||||||||||||||||||
$ | 9,603 | $ | 1,018 |
(Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Interest expense | $ | 89,081 | $ | 50,801 | |||||||||||||||||||
Capitalized interest and debt expense | (8,857) | (3,520) | |||||||||||||||||||||
Amortization of deferred financing costs | 6,013 | 4,828 | |||||||||||||||||||||
$ | 86,237 | $ | 52,109 |
(Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Interest on loans receivable | $ | 825 | $ | 560 | |||||||||||||||||||
Amortization of discount on investments in U.S. Treasury bills | 129 | — | |||||||||||||||||||||
Interest on cash and cash equivalents and restricted cash | 64 | 62 | |||||||||||||||||||||
Other, net | — | 900 | |||||||||||||||||||||
$ | 1,018 | $ | 1,522 |
(Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Interest expense | $ | 50,801 | $ | 55,651 | |||||||||||||||||||
Capitalized interest and debt expense | (3,520) | (10,267) | |||||||||||||||||||||
Amortization of deferred financing costs | 4,828 | 4,680 | |||||||||||||||||||||
$ | 52,109 | $ | 50,064 |
(Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | For the Three Months Ended March 31, | (Amounts in thousands, except per share amounts) | For the Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||
Numerator: | Numerator: | Numerator: | ||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado | Net income attributable to Vornado | $ | 42,007 | $ | 20,550 | Net income attributable to Vornado | $ | 20,697 | $ | 42,007 | ||||||||||||||||||||||||||||||||||||
Preferred share dividends | Preferred share dividends | (15,529) | (16,467) | Preferred share dividends | (15,529) | (15,529) | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to common shareholders | Net income attributable to common shareholders | 26,478 | 4,083 | Net income attributable to common shareholders | 5,168 | 26,478 | ||||||||||||||||||||||||||||||||||||||||
Earnings allocated to unvested participating securities | Earnings allocated to unvested participating securities | (5) | (9) | Earnings allocated to unvested participating securities | (1) | (5) | ||||||||||||||||||||||||||||||||||||||||
Numerator for basic and diluted income per share | Numerator for basic and diluted income per share | $ | 26,473 | $ | 4,074 | Numerator for basic and diluted income per share | $ | 5,167 | $ | 26,473 | ||||||||||||||||||||||||||||||||||||
Denominator: | Denominator: | Denominator: | ||||||||||||||||||||||||||||||||||||||||||||
Denominator for basic income per share – weighted average shares | 191,724 | 191,418 | ||||||||||||||||||||||||||||||||||||||||||||
Denominator for basic income per share - weighted average shares | Denominator for basic income per share - weighted average shares | 191,869 | 191,724 | |||||||||||||||||||||||||||||||||||||||||||
Effect of dilutive securities(1): | Effect of dilutive securities(1): | Effect of dilutive securities(1): | ||||||||||||||||||||||||||||||||||||||||||||
Share-based payment awards | Share-based payment awards | 314 | 613 | Share-based payment awards | 12 | 314 | ||||||||||||||||||||||||||||||||||||||||
Denominator for diluted income per share – weighted average shares and assumed conversions | 192,038 | 192,031 | ||||||||||||||||||||||||||||||||||||||||||||
Denominator for diluted income per share - weighted average shares and assumed conversions | Denominator for diluted income per share - weighted average shares and assumed conversions | 191,881 | 192,038 | |||||||||||||||||||||||||||||||||||||||||||
INCOME PER COMMON SHARE - BASIC: | INCOME PER COMMON SHARE - BASIC: | INCOME PER COMMON SHARE - BASIC: | ||||||||||||||||||||||||||||||||||||||||||||
Net income per common share | Net income per common share | $ | 0.14 | $ | 0.02 | Net income per common share | $ | 0.03 | $ | 0.14 | ||||||||||||||||||||||||||||||||||||
INCOME PER COMMON SHARE - DILUTED: | INCOME PER COMMON SHARE - DILUTED: | INCOME PER COMMON SHARE - DILUTED: | ||||||||||||||||||||||||||||||||||||||||||||
Net income per common share | Net income per common share | $ | 0.14 | $ | 0.02 | Net income per common share | $ | 0.03 | $ | 0.14 |
(Amounts in thousands, except per unit amounts) | (Amounts in thousands, except per unit amounts) | For the Three Months Ended March 31, | (Amounts in thousands, except per unit amounts) | For the Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||
Numerator: | Numerator: | Numerator: | ||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Vornado Realty L.P. | Net income attributable to Vornado Realty L.P. | $ | 44,001 | $ | 20,879 | Net income attributable to Vornado Realty L.P. | $ | 21,126 | $ | 44,001 | ||||||||||||||||||||||||||||||||||||
Preferred unit distributions | Preferred unit distributions | (15,558) | (16,508) | Preferred unit distributions | (15,558) | (15,558) | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to Class A unitholders | Net income attributable to Class A unitholders | 28,443 | 4,371 | Net income attributable to Class A unitholders | 5,568 | 28,443 | ||||||||||||||||||||||||||||||||||||||||
Earnings allocated to unvested participating securities | Earnings allocated to unvested participating securities | (639) | (721) | Earnings allocated to unvested participating securities | (340) | (639) | ||||||||||||||||||||||||||||||||||||||||
Numerator for basic and diluted income per Class A unit | Numerator for basic and diluted income per Class A unit | $ | 27,804 | $ | 3,650 | Numerator for basic and diluted income per Class A unit | $ | 5,228 | $ | 27,804 | ||||||||||||||||||||||||||||||||||||
Denominator: | Denominator: | Denominator: | ||||||||||||||||||||||||||||||||||||||||||||
Denominator for basic income per Class A unit – weighted average units | Denominator for basic income per Class A unit – weighted average units | 205,141 | 204,072 | Denominator for basic income per Class A unit – weighted average units | 205,802 | 205,141 | ||||||||||||||||||||||||||||||||||||||||
Effect of dilutive securities(1): | Effect of dilutive securities(1): | Effect of dilutive securities(1): | ||||||||||||||||||||||||||||||||||||||||||||
Share-based payment awards | Share-based payment awards | 755 | 829 | Share-based payment awards | 12 | 755 | ||||||||||||||||||||||||||||||||||||||||
Denominator for diluted income per Class A unit – weighted average units and assumed conversions | Denominator for diluted income per Class A unit – weighted average units and assumed conversions | 205,896 | 204,901 | Denominator for diluted income per Class A unit – weighted average units and assumed conversions | 205,814 | 205,896 | ||||||||||||||||||||||||||||||||||||||||
INCOME PER CLASS A UNIT - BASIC: | INCOME PER CLASS A UNIT - BASIC: | INCOME PER CLASS A UNIT - BASIC: | ||||||||||||||||||||||||||||||||||||||||||||
Net income per Class A unit | Net income per Class A unit | $ | 0.14 | $ | 0.02 | Net income per Class A unit | $ | 0.03 | $ | 0.14 | ||||||||||||||||||||||||||||||||||||
INCOME PER CLASS A UNIT - DILUTED: | INCOME PER CLASS A UNIT - DILUTED: | INCOME PER CLASS A UNIT - DILUTED: | ||||||||||||||||||||||||||||||||||||||||||||
Net income per Class A unit | Net income per Class A unit | $ | 0.14 | $ | 0.02 | Net income per Class A unit | $ | 0.03 | $ | 0.14 |
(Amounts in thousands) | For the Three Months Ended March 31, 2023 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 445,923 | $ | 363,814 | $ | 82,109 | |||||||||||
Operating expenses | (228,773) | (188,321) | (40,452) | ||||||||||||||
NOI - consolidated | 217,150 | 175,493 | 41,657 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (11,764) | (4,823) | (6,941) | ||||||||||||||
Add: NOI from partially owned entities | 68,097 | 65,324 | 2,773 | ||||||||||||||
NOI at share | 273,483 | 235,994 | 37,489 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 5,052 | 5,033 | 19 | ||||||||||||||
NOI at share - cash basis | $ | 278,535 | $ | 241,027 | $ | 37,508 |
(Amounts in thousands) | For the Three Months Ended March 31, 2022 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 442,130 | $ | 358,548 | $ | 83,582 | |||||||||||
Operating expenses | (216,529) | (177,535) | (38,994) | ||||||||||||||
NOI - consolidated | 225,601 | 181,013 | 44,588 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (20,035) | (13,310) | (6,725) | ||||||||||||||
Add: NOI from partially owned entities | 78,692 | 75,964 | 2,728 | ||||||||||||||
NOI at share | 284,258 | 243,667 | 40,591 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (3,130) | (3,975) | 845 | ||||||||||||||
NOI at share - cash basis | $ | 281,128 | $ | 239,692 | $ | 41,436 |
(Amounts in thousands) | For the Three Months Ended March 31, 2021 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 379,977 | $ | 303,971 | $ | 76,006 | |||||||||||
Operating expenses | (190,979) | (160,985) | (29,994) | ||||||||||||||
NOI - consolidated | 188,998 | 142,986 | 46,012 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (17,646) | (8,621) | (9,025) | ||||||||||||||
Add: NOI from partially owned entities | 78,756 | 76,773 | 1,983 | ||||||||||||||
NOI at share | 250,108 | 211,138 | 38,970 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (1,198) | (973) | (225) | ||||||||||||||
NOI at share - cash basis | $ | 248,910 | $ | 210,165 | $ | 38,745 |
(Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Net income | $ | 53,375 | $ | 26,993 | |||||||||||||||||||
Depreciation and amortization expense | 117,443 | 95,354 | |||||||||||||||||||||
General and administrative expense | 41,216 | 44,186 | |||||||||||||||||||||
Transaction related costs and other | 1,005 | 843 | |||||||||||||||||||||
Income from partially owned entities | (33,714) | (29,073) | |||||||||||||||||||||
(Income) loss from real estate fund investments | (5,674) | 169 | |||||||||||||||||||||
Interest and other investment income, net | (1,018) | (1,522) | |||||||||||||||||||||
Interest and debt expense | 52,109 | 50,064 | |||||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | (6,552) | — | |||||||||||||||||||||
Income tax expense | 7,411 | 1,984 | |||||||||||||||||||||
NOI from partially owned entities | 78,692 | 78,756 | |||||||||||||||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (20,035) | (17,646) | |||||||||||||||||||||
NOI at share | 284,258 | 250,108 | |||||||||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (3,130) | (1,198) | |||||||||||||||||||||
NOI at share - cash basis | $ | 281,128 | $ | 248,910 |
(Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Net income | $ | 11,198 | $ | 53,375 | |||||||||||||||||||
Depreciation and amortization expense | 106,565 | 117,443 | |||||||||||||||||||||
General and administrative expense | 41,595 | 41,216 | |||||||||||||||||||||
Transaction related costs and other | 658 | 1,005 | |||||||||||||||||||||
Income from partially owned entities | (16,666) | (33,714) | |||||||||||||||||||||
Loss (income) from real estate fund investments | 19 | (5,674) | |||||||||||||||||||||
Interest and other investment income, net | (9,603) | (1,018) | |||||||||||||||||||||
Interest and debt expense | 86,237 | 52,109 | |||||||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | (7,520) | (6,552) | |||||||||||||||||||||
Income tax expense | 4,667 | 7,411 | |||||||||||||||||||||
NOI from partially owned entities | 68,097 | 78,692 | |||||||||||||||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (11,764) | (20,035) | |||||||||||||||||||||
NOI at share | 273,483 | 284,258 | |||||||||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 5,052 | (3,130) | |||||||||||||||||||||
NOI at share - cash basis | $ | 278,535 | $ | 281,128 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended March 31, | (Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||
Certain expense (income) items that impact net income attributable to common shareholders: | ||||||||||||||||||||||||||||||||||||||||||||||
Hotel Pennsylvania loss | $ | 8,929 | $ | 8,990 | ||||||||||||||||||||||||||||||||||||||||||
Certain (income) expense items that impact net income attributable to common shareholders: | Certain (income) expense items that impact net income attributable to common shareholders: | |||||||||||||||||||||||||||||||||||||||||||||
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units | After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units | (5,412) | — | After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units | $ | (6,173) | $ | (5,412) | ||||||||||||||||||||||||||||||||||||||
Deferred tax liability on our investment in Farley Office and Retail (held through a taxable REIT subsidiary) | 3,173 | — | ||||||||||||||||||||||||||||||||||||||||||||
Deferred tax liability on our investment in The Farley Building (held through a taxable REIT subsidiary) | Deferred tax liability on our investment in The Farley Building (held through a taxable REIT subsidiary) | 2,875 | 3,173 | |||||||||||||||||||||||||||||||||||||||||||
Other | Other | (1,100) | (66) | Other | 288 | 7,829 | ||||||||||||||||||||||||||||||||||||||||
5,590 | 8,924 | (3,010) | 5,590 | |||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of above adjustments | Noncontrolling interests' share of above adjustments | (386) | (561) | Noncontrolling interests' share of above adjustments | 215 | (386) | ||||||||||||||||||||||||||||||||||||||||
Total of certain expense (income) items that impact net income attributable to common shareholders | $ | 5,204 | $ | 8,363 | ||||||||||||||||||||||||||||||||||||||||||
Total of certain (income) expense items that impact net income attributable to common shareholders | Total of certain (income) expense items that impact net income attributable to common shareholders | $ | (2,795) | $ | 5,204 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended March 31, | (Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||
Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions: | Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions: | Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions: | ||||||||||||||||||||||||||||||||||||||||||||
After-tax net gain on sale of 220 CPS condominium units | After-tax net gain on sale of 220 CPS condominium units | $ | (5,412) | $ | — | After-tax net gain on sale of 220 CPS condominium units | $ | (6,173) | $ | (5,412) | ||||||||||||||||||||||||||||||||||||
Deferred tax liability on our investment in Farley Office and Retail (held through a taxable REIT subsidiary) | 3,173 | — | ||||||||||||||||||||||||||||||||||||||||||||
Deferred tax liability on our investment in The Farley Building (held through a taxable REIT subsidiary) | Deferred tax liability on our investment in The Farley Building (held through a taxable REIT subsidiary) | 2,875 | 3,173 | |||||||||||||||||||||||||||||||||||||||||||
Other | Other | (549) | 6,351 | Other | 288 | (549) | ||||||||||||||||||||||||||||||||||||||||
(2,788) | 6,351 | (3,010) | (2,788) | |||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of above adjustments | Noncontrolling interests' share of above adjustments | 193 | (399) | Noncontrolling interests' share of above adjustments | 215 | 193 | ||||||||||||||||||||||||||||||||||||||||
Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net | Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net | $ | (2,595) | $ | 5,952 | Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net | $ | (2,795) | $ | (2,595) |
Three months ended March 31, 2022 compared to March 31, 2021 | Total | New York | theMART | 555 California Street | ||||||||||||||||||||||
Same store NOI at share % increase | 3.1 | % | 2.5 | % | 10.0 | % | 3.2 | % | ||||||||||||||||||
Same store NOI at share - cash basis % increase | 5.8 | % | 5.0 | % | 14.6 | % | 5.3 | % | ||||||||||||||||||
Three months ended March 31, 2023 compared to March 31, 2022 | Total | New York | THE MART | 555 California Street | ||||||||||||||||||||||
Same store NOI at share % increase (decrease) | 0.0 | % | 1.6 | % | (22.6) | % | 4.3 | % | ||||||||||||||||||
Same store NOI at share - cash basis % increase (decrease) | 1.5 | % | 3.8 | % | (28.2) | % | 8.3 | % | ||||||||||||||||||
(Amounts in thousands) | Notional Amount | All-In Swapped Rate | Swap Expiration Date | Variable Rate Spread | ||||||||||||||||||||||
555 California Street (effective 05/24) | $ | 840,000 | 5.92% | 05/26 | L+193 | |||||||||||||||||||||
Unsecured term loan(1) (effective 10/23) | 150,000 | 5.13% | 07/25 | S+130 |
Swapped Balance | All-In Swapped Rate | Unswapped Balance (bears interest at S+130) | ||||||||||||||||||
Through 10/23 | $ | 800,000 | 4.05% | $ | — | |||||||||||||||
10/23 through 07/25 | 700,000 | 4.53% | 100,000 | |||||||||||||||||
07/25 through 10/26 | 550,000 | 4.36% | 250,000 | |||||||||||||||||
10/26 through 08/27 | 50,000 | 4.04% | 750,000 |
(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 | 32 | (1) | 19,462 | 16,767 | 92.1 | % | Office | 30 | (1) | 18,748 | 16,050 | 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) | 58 | (1) | 2,213 | 1,781 | 80.4 | % | Retail (includes retail properties that are in the base of our office properties) | 56 | (1) | 2,260 | 1,822 | 74.2 | % | ||||||||||||||||||||||||||||||||||||||
Residential - 1,983 units(2) | 7 | (1) | 1,510 | 777 | 96.4 | % | (2) | |||||||||||||||||||||||||||||||||||||||||||||
Residential - 1,976 units(2) | Residential - 1,976 units(2) | 6 | (1) | 1,499 | 766 | 96.8 | % | (2) | ||||||||||||||||||||||||||||||||||||||||||||
Alexander's | Alexander's | 6 | 2,218 | 719 | 96.2 | % | (2) | Alexander's | 6 | 2,454 | 795 | 86.9 | % | (2) | ||||||||||||||||||||||||||||||||||||||
25,403 | 20,044 | 91.2 | % | 24,961 | 19,433 | 89.9 | % | |||||||||||||||||||||||||||||||||||||||||||||
Other: | Other: | Other: | ||||||||||||||||||||||||||||||||||||||||||||||||||
theMART | 4 | 3,635 | 3,626 | 88.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||
THE MART | THE MART | 4 | 3,634 | 3,625 | 80.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
555 California Street | 555 California Street | 3 | 1,818 | 1,273 | 94.2 | % | 555 California Street | 3 | 1,819 | 1,274 | 94.9 | % | ||||||||||||||||||||||||||||||||||||||||
Other | Other | 11 | 2,489 | 1,154 | 92.9 | % | Other | 11 | 2,537 | 1,202 | 92.4 | % | ||||||||||||||||||||||||||||||||||||||||
7,942 | 6,053 | 7,990 | 6,101 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total square feet as of March 31, 2022 | 33,345 | 26,097 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total square feet as of March 31, 2023 | Total square feet as of March 31, 2023 | 32,951 | 25,534 |
(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 | 32 | (1) | 19,442 | 16,757 | 92.2 | % | Office | 30 | (1) | 18,724 | 16,028 | 91.9 | % | ||||||||||||||||||||||||||||||||||||||
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) | 60 | (1) | 2,267 | 1,825 | 80.7 | % | Retail (includes retail properties that are in the base of our office properties) | 56 | (1) | 2,289 | 1,851 | 74.4 | % | ||||||||||||||||||||||||||||||||||||||
Residential - 1,986 units(2) | 8 | (1) | 1,518 | 785 | 96.4 | % | (2) | |||||||||||||||||||||||||||||||||||||||||||||
Residential - 1,976 units(2) | Residential - 1,976 units(2) | 6 | (1) | 1,499 | 766 | 96.7 | % | (2) | ||||||||||||||||||||||||||||||||||||||||||||
Alexander's | Alexander's | 6 | 2,218 | 719 | 95.6 | % | (2) | Alexander's | 6 | 2,241 | 726 | 96.4 | % | (2) | ||||||||||||||||||||||||||||||||||||||
25,445 | 20,086 | 91.3 | % | 24,753 | 19,371 | 90.4 | % | |||||||||||||||||||||||||||||||||||||||||||||
Other: | Other: | Other: | ||||||||||||||||||||||||||||||||||||||||||||||||||
theMART | 4 | 3,692 | 3,683 | 88.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||
THE MART | THE MART | 4 | 3,635 | 3,626 | 81.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
555 California Street | 555 California Street | 3 | 1,818 | 1,273 | 93.8 | % | 555 California Street | 3 | 1,819 | 1,273 | 94.7 | % | ||||||||||||||||||||||||||||||||||||||||
Other | Other | 11 | 2,489 | 1,154 | 92.8 | % | Other | 11 | 2,532 | 1,197 | 92.6 | % | ||||||||||||||||||||||||||||||||||||||||
7,999 | 6,110 | 7,986 | 6,096 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total square feet as of December 31, 2021 | 33,444 | 26,196 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total square feet as of December 31, 2022 | Total square feet as of December 31, 2022 | 32,739 | 25,467 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended March 31, 2022 | (Amounts in thousands) | For the Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||
Total | New York | Other | Total | New York | Other | |||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 442,130 | $ | 358,548 | $ | 83,582 | Total revenues | $ | 445,923 | $ | 363,814 | $ | 82,109 | ||||||||||||||||||||
Operating expenses | Operating expenses | (216,529) | (177,535) | (38,994) | Operating expenses | (228,773) | (188,321) | (40,452) | ||||||||||||||||||||||||||
NOI - consolidated | NOI - consolidated | 225,601 | 181,013 | 44,588 | NOI - consolidated | 217,150 | 175,493 | 41,657 | ||||||||||||||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (20,035) | (13,310) | (6,725) | Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (11,764) | (4,823) | (6,941) | ||||||||||||||||||||||||||
Add: NOI from partially owned entities | Add: NOI from partially owned entities | 78,692 | 75,964 | 2,728 | Add: NOI from partially owned entities | 68,097 | 65,324 | 2,773 | ||||||||||||||||||||||||||
NOI at share | NOI at share | 284,258 | 243,667 | 40,591 | NOI at share | 273,483 | 235,994 | 37,489 | ||||||||||||||||||||||||||
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 | (3,130) | (3,975) | 845 | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 5,052 | 5,033 | 19 | ||||||||||||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 281,128 | $ | 239,692 | $ | 41,436 | NOI at share - cash basis | $ | 278,535 | $ | 241,027 | $ | 37,508 |
(Amounts in thousands) | For the Three Months Ended March 31, 2021 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 379,977 | $ | 303,971 | $ | 76,006 | |||||||||||
Operating expenses | (190,979) | (160,985) | (29,994) | ||||||||||||||
NOI - consolidated | 188,998 | 142,986 | 46,012 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (17,646) | (8,621) | (9,025) | ||||||||||||||
Add: NOI from partially owned entities | 78,756 | 76,773 | 1,983 | ||||||||||||||
NOI at share | 250,108 | 211,138 | 38,970 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (1,198) | (973) | (225) | ||||||||||||||
NOI at share - cash basis | $ | 248,910 | $ | 210,165 | $ | 38,745 |
(Amounts in thousands) | For the Three Months Ended March 31, 2022 | ||||||||||||||||
Total | New York | Other | |||||||||||||||
Total revenues | $ | 442,130 | $ | 358,548 | $ | 83,582 | |||||||||||
Operating expenses | (216,529) | (177,535) | (38,994) | ||||||||||||||
NOI - consolidated | 225,601 | 181,013 | 44,588 | ||||||||||||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (20,035) | (13,310) | (6,725) | ||||||||||||||
Add: NOI from partially owned entities | 78,692 | 75,964 | 2,728 | ||||||||||||||
NOI at share | 284,258 | 243,667 | 40,591 | ||||||||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (3,130) | (3,975) | 845 | ||||||||||||||
NOI at share - cash basis | $ | 281,128 | $ | 239,692 | $ | 41,436 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended March 31, | (Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||
New York: | New York: | New York: | ||||||||||||||||||||
Office | Office | $ | 177,809 | $ | 166,635 | Office | $ | 174,270 | $ | 177,809 | ||||||||||||
Retail | Retail | 52,105 | 36,702 | Retail | 47,196 | 52,105 | ||||||||||||||||
Residential | Residential | 4,774 | 4,456 | Residential | 5,458 | 4,774 | ||||||||||||||||
Alexander's | Alexander's | 8,979 | 10,489 | Alexander's | 9,070 | 8,979 | ||||||||||||||||
Hotel Pennsylvania(1) | — | (7,144) | ||||||||||||||||||||
Total New York | Total New York | 243,667 | 211,138 | Total New York | 235,994 | 243,667 | ||||||||||||||||
Other: | Other: | Other: | ||||||||||||||||||||
theMART | 19,914 | 18,107 | ||||||||||||||||||||
THE MART | THE MART | 15,409 | 19,914 | |||||||||||||||||||
555 California Street | 555 California Street | 16,235 | 16,064 | 555 California Street | 16,929 | 16,235 | ||||||||||||||||
Other investments | Other investments | 4,442 | 4,799 | Other investments | 5,151 | 4,442 | ||||||||||||||||
Total Other | Total Other | 40,591 | 38,970 | Total Other | 37,489 | 40,591 | ||||||||||||||||
NOI at share | NOI at share | $ | 284,258 | $ | 250,108 | NOI at share | $ | 273,483 | $ | 284,258 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended March 31, | (Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||
New York: | New York: | New York: | ||||||||||||||||||||
Office | Office | $ | 177,827 | $ | 167,096 | Office | $ | 182,081 | $ | 177,827 | ||||||||||||
Retail | Retail | 47,393 | 34,876 | Retail | 44,034 | 47,393 | ||||||||||||||||
Residential | Residential | 4,689 | 4,011 | Residential | 5,051 | 4,689 | ||||||||||||||||
Alexander's | Alexander's | 9,783 | 11,349 | Alexander's | 9,861 | 9,783 | ||||||||||||||||
Hotel Pennsylvania(1) | — | (7,167) | ||||||||||||||||||||
Total New York | Total New York | 239,692 | 210,165 | Total New York | 241,027 | 239,692 | ||||||||||||||||
Other: | Other: | Other: | ||||||||||||||||||||
theMART | 20,436 | 17,840 | ||||||||||||||||||||
THE MART | THE MART | 14,675 | 20,436 | |||||||||||||||||||
555 California Street | 555 California Street | 16,360 | 15,855 | 555 California Street | 17,718 | 16,360 | ||||||||||||||||
Other investments | Other investments | 4,640 | 5,050 | Other investments | 5,115 | 4,640 | ||||||||||||||||
Total Other | Total Other | 41,436 | 38,745 | Total Other | 37,508 | 41,436 | ||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 281,128 | $ | 248,910 | NOI at share - cash basis | $ | 278,535 | $ | 281,128 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended March 31, | (Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||
Net income | Net income | $ | 53,375 | $ | 26,993 | Net income | $ | 11,198 | $ | 53,375 | ||||||||||||
Depreciation and amortization expense | Depreciation and amortization expense | 117,443 | 95,354 | Depreciation and amortization expense | 106,565 | 117,443 | ||||||||||||||||
General and administrative expense | General and administrative expense | 41,216 | 44,186 | General and administrative expense | 41,595 | 41,216 | ||||||||||||||||
Transaction related costs and other | Transaction related costs and other | 1,005 | 843 | Transaction related costs and other | 658 | 1,005 | ||||||||||||||||
Income from partially owned entities | Income from partially owned entities | (33,714) | (29,073) | Income from partially owned entities | (16,666) | (33,714) | ||||||||||||||||
(Income) loss from real estate fund investments | (5,674) | 169 | ||||||||||||||||||||
Loss (income) from real estate fund investments | Loss (income) from real estate fund investments | 19 | (5,674) | |||||||||||||||||||
Interest and other investment income, net | Interest and other investment income, net | (1,018) | (1,522) | Interest and other investment income, net | (9,603) | (1,018) | ||||||||||||||||
Interest and debt expense | Interest and debt expense | 52,109 | 50,064 | Interest and debt expense | 86,237 | 52,109 | ||||||||||||||||
Net gains on disposition of wholly owned and partially owned assets | Net gains on disposition of wholly owned and partially owned assets | (6,552) | — | Net gains on disposition of wholly owned and partially owned assets | (7,520) | (6,552) | ||||||||||||||||
Income tax expense | Income tax expense | 7,411 | 1,984 | Income tax expense | 4,667 | 7,411 | ||||||||||||||||
NOI from partially owned entities | NOI from partially owned entities | 78,692 | 78,756 | NOI from partially owned entities | 68,097 | 78,692 | ||||||||||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | NOI attributable to noncontrolling interests in consolidated subsidiaries | (20,035) | (17,646) | NOI attributable to noncontrolling interests in consolidated subsidiaries | (11,764) | (20,035) | ||||||||||||||||
NOI at share | NOI at share | 284,258 | 250,108 | NOI at share | 273,483 | 284,258 | ||||||||||||||||
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 | (3,130) | (1,198) | Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 5,052 | (3,130) | ||||||||||||||||
NOI at share - cash basis | NOI at share - cash basis | $ | 281,128 | $ | 248,910 | NOI at share - cash basis | $ | 278,535 | $ | 281,128 |
For the Three Months Ended March 31, | For the Three Months Ended March 31, | |||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||
Region: | Region: | Region: | ||||||||||||||||||||
New York City metropolitan area | New York City metropolitan area | 87 | % | 86 | % | New York City metropolitan area | 88 | % | 87 | % | ||||||||||||
Chicago, IL | Chicago, IL | 7 | % | 7 | % | Chicago, IL | 6 | % | 7 | % | ||||||||||||
San Francisco, CA | San Francisco, CA | 6 | % | 7 | % | San Francisco, CA | 6 | % | 6 | % | ||||||||||||
100 | % | 100 | % | 100 | % | 100 | % |
(Amounts in thousands) | Total | New York | Other | ||||||||||||||
(Decrease) increase due to: | |||||||||||||||||
Rental revenues: | |||||||||||||||||
Acquisitions, dispositions and other | $ | (11,983) | $ | (11,983) | $ | — | |||||||||||
Development and redevelopment | 314 | 314 | — | ||||||||||||||
Trade shows | (96) | — | (96) | ||||||||||||||
Same store operations | 11,275 | 12,340 | (1,065) | ||||||||||||||
(490) | 671 | (1,161) | |||||||||||||||
Fee and other income: | |||||||||||||||||
BMS cleaning fees | 2,637 | 2,967 | (330) | ||||||||||||||
Management and leasing fees | 280 | 206 | 74 | ||||||||||||||
Other income | 1,366 | 1,422 | (56) | ||||||||||||||
4,283 | 4,595 | (312) | |||||||||||||||
Total increase (decrease) in revenues | $ | 3,793 | $ | 5,266 | $ | (1,473) |
(Amounts in thousands) | Total | New York | Other | ||||||||||||||
Increase (decrease) due to: | |||||||||||||||||
Rental revenues: | |||||||||||||||||
Acquisitions, dispositions and other | $ | 9,419 | $ | 9,419 | $ | — | |||||||||||
Development and redevelopment | 22,710 | 22,710 | — | ||||||||||||||
Trade shows(1) | 5,144 | — | 5,144 | ||||||||||||||
Same store operations | 20,693 | 20,016 | 677 | ||||||||||||||
57,966 | 52,145 | 5,821 | |||||||||||||||
Fee and other income: | |||||||||||||||||
BMS cleaning fees | 4,214 | 4,763 | (549) | ||||||||||||||
Management and leasing fees | (2,600) | (2,555) | (45) | ||||||||||||||
Other income | 2,573 | 224 | 2,349 | ||||||||||||||
4,187 | 2,432 | 1,755 | |||||||||||||||
Total increase in revenues | $ | 62,153 | $ | 54,577 | $ | 7,576 |
(Amounts in thousands) | Total | New York | Other | ||||||||||||||
Increase (decrease) due to: | |||||||||||||||||
Operating: | |||||||||||||||||
Acquisitions, dispositions and other | $ | 2,430 | $ | 2,430 | $ | — | |||||||||||
Development and redevelopment | 5,661 | 5,336 | 325 | ||||||||||||||
Non-reimbursable expenses | 5,724 | 5,460 | 264 | ||||||||||||||
Trade shows(1) | 1,996 | — | 1,996 | ||||||||||||||
Hotel Pennsylvania(2) | (7,367) | (7,367) | — | ||||||||||||||
BMS expenses | 4,720 | 5,270 | (550) | ||||||||||||||
Same store operations | 12,386 | 5,421 | 6,965 | ||||||||||||||
25,550 | 16,550 | 9,000 | |||||||||||||||
Depreciation and amortization: | |||||||||||||||||
Acquisitions, dispositions and other | 11,481 | 11,481 | — | ||||||||||||||
Development and redevelopment | 12,299 | 12,299 | — | ||||||||||||||
Same store operations | (1,691) | (2,298) | 607 | ||||||||||||||
22,089 | 21,482 | 607 | |||||||||||||||
General and administrative | (2,970) | (2,078) | (892) | ||||||||||||||
Benefit from deferred compensation plan liability | (5,189) | — | (5,189) | ||||||||||||||
Transaction related costs and other | 162 | 575 | (413) | ||||||||||||||
Total increase in expenses | $ | 39,642 | $ | 36,529 | $ | 3,113 |
(Amounts in thousands) | Total | New York | Other | ||||||||||||||
(Decrease) increase due to: | |||||||||||||||||
Operating: | |||||||||||||||||
Acquisitions, dispositions and other | $ | (4,253) | $ | (4,253) | $ | — | |||||||||||
Development and redevelopment | 3,197 | 3,197 | — | ||||||||||||||
Non-reimbursable expenses | 4,176 | 3,282 | 894 | ||||||||||||||
Trade shows | 411 | — | 411 | ||||||||||||||
BMS expenses | 2,395 | 2,725 | (330) | ||||||||||||||
Same store operations | 6,318 | 5,835 | 483 | ||||||||||||||
12,244 | 10,786 | 1,458 | |||||||||||||||
Depreciation and amortization: | |||||||||||||||||
Acquisitions, dispositions and other | (11,328) | (11,328) | — | ||||||||||||||
Development and redevelopment | 36 | 36 | — | ||||||||||||||
Same store operations | 414 | 1,036 | (622) | ||||||||||||||
(10,878) | (10,256) | (622) | |||||||||||||||
General and administrative | 379 | 964 | (585) | ||||||||||||||
Expense from deferred compensation plan liability | 5,672 | — | 5,672 | ||||||||||||||
Transaction related costs and other | (347) | (565) | 218 | ||||||||||||||
Total increase in expenses | $ | 7,070 | $ | 929 | $ | 6,141 |
(Amounts in thousands) | (Amounts in thousands) | Percentage Ownership at March 31, 2022 | For the Three Months Ended March 31, | (Amounts in thousands) | Percentage Ownership at March 31, 2023 | For the Three Months Ended March 31, | ||||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||
Our share of net income: | ||||||||||||||||||||||||||||||||||
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% | $ | 16,309 | $ | 9,606 | Equity in net income | 51.5% | $ | 10,199 | $ | 16,309 | ||||||||||||||||||||||
Return on preferred equity, net of our share of the expense | Return on preferred equity, net of our share of the expense | 9,226 | 9,226 | Return on preferred equity, net of our share of the expense | 9,226 | 9,226 | ||||||||||||||||||||||||||||
25,535 | 18,832 | 19,425 | 25,535 | |||||||||||||||||||||||||||||||
Alexander's | 32.4% | 5,691 | 6,304 | |||||||||||||||||||||||||||||||
Partially owned office buildings(1) | Partially owned office buildings(1) | Various | 2,477 | 5,972 | Partially owned office buildings(1) | Various | (8,963) | 1,292 | ||||||||||||||||||||||||||
Alexander's Inc. | Alexander's Inc. | 32.4% | 4,744 | 5,691 | ||||||||||||||||||||||||||||||
Other investments(2) | Other investments(2) | 11 | (2,035) | Other investments(2) | Various | 1,460 | 1,196 | |||||||||||||||||||||||||||
$ | 33,714 | $ | 29,073 | $ | 16,666 | $ | 33,714 |
(Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||
2022 | 2021 | ||||||||||
Net unrealized income (loss) on held investments | $ | 5,672 | $ | (494) | |||||||
Net investment income | 2 | 325 | |||||||||
Income (loss) from real estate fund investments | 5,674 | (169) | |||||||||
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (3,964) | 429 | |||||||||
Income from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ | 1,710 | $ | 260 | |||||||
(Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||
2023 | 2022 | ||||||||||
Previously recorded unrealized loss on exited investments | $ | 247,575 | $ | — | |||||||
Realized loss on exited investments | (247,575) | — | |||||||||
Net investment (loss) income | (19) | 2 | |||||||||
Net unrealized income on held investments | — | 5,672 | |||||||||
(Loss) income from real estate fund investments | (19) | 5,674 | |||||||||
Less loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 239 | (3,964) | |||||||||
Income from real estate fund investments net of noncontrolling interests in consolidated subsidiaries | $ | 220 | $ | 1,710 | |||||||
(Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||
2022 | 2021 | ||||||||||
Interest on loans receivable | $ | 825 | $ | 560 | |||||||
Amortization of discount on investments in U.S. Treasury bills | 129 | — | |||||||||
Interest on cash and cash equivalents and restricted cash | 64 | 62 | |||||||||
Other, net | — | 900 | |||||||||
$ | 1,018 | $ | 1,522 |
(Amounts in thousands) | For the Three Months Ended March 31, | ||||||||||
2023 | 2022 | ||||||||||
Interest on cash and cash equivalents and restricted cash | $ | 5,674 | $ | 64 | |||||||
Amortization of discount on investments in U.S. Treasury bills | 3,445 | 129 | |||||||||
Interest on loans receivable | 484 | 825 | |||||||||
$ | 9,603 | $ | 1,018 |
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share for the three months ended March 31, 2022 | $ | 284,258 | $ | 243,667 | $ | 19,914 | $ | 16,235 | $ | 4,442 | |||||||||||||||||||
Less NOI at share from: | |||||||||||||||||||||||||||||
Change in ownership interest in One Park Avenue | (5,956) | (5,956) | — | — | — | ||||||||||||||||||||||||
Dispositions | 78 | 78 | — | — | — | ||||||||||||||||||||||||
Development properties | (20,860) | (20,860) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (6,454) | (2,012) | — | — | (4,442) | ||||||||||||||||||||||||
Same store NOI at share for the three months ended March 31, 2022 | $ | 251,066 | $ | 214,917 | $ | 19,914 | $ | 16,235 | $ | — | |||||||||||||||||||
NOI at share for the three months ended March 31, 2021 | $ | 250,108 | $ | 211,138 | $ | 18,107 | $ | 16,064 | $ | 4,799 | |||||||||||||||||||
Less NOI at share from: | |||||||||||||||||||||||||||||
Dispositions | 741 | 741 | — | — | — | ||||||||||||||||||||||||
Development properties | (7,839) | (7,514) | — | (325) | — | ||||||||||||||||||||||||
Hotel Pennsylvania | 7,144 | 7,144 | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (6,694) | (1,895) | — | — | (4,799) | ||||||||||||||||||||||||
Same store NOI at share for the three months ended March 31, 2021 | $ | 243,460 | $ | 209,614 | $ | 18,107 | $ | 15,739 | $ | — | |||||||||||||||||||
Increase in same store NOI at share | $ | 7,606 | $ | 5,303 | $ | 1,807 | $ | 496 | $ | — | |||||||||||||||||||
% increase in same store NOI at share | 3.1 | % | 2.5 | % | 10.0 | % | 3.2 | % | 0.0 | % |
(Amounts in thousands) | Total | New York | THE MART | 555 California Street | Other | ||||||||||||||||||||||||
NOI at share for the three months ended March 31, 2023 | $ | 273,483 | $ | 235,994 | $ | 15,409 | $ | 16,929 | $ | 5,151 | |||||||||||||||||||
Less NOI at share from: | |||||||||||||||||||||||||||||
Dispositions | 134 | 134 | — | — | — | ||||||||||||||||||||||||
Development properties | (7,545) | (7,545) | — | — | — | ||||||||||||||||||||||||
Other non-same store (income) expense, net | (1,487) | 3,664 | — | — | (5,151) | ||||||||||||||||||||||||
Same store NOI at share for the three months ended March 31, 2023 | $ | 264,585 | $ | 232,247 | $ | 15,409 | $ | 16,929 | $ | — | |||||||||||||||||||
NOI at share for the three months ended March 31, 2022 | $ | 284,258 | $ | 243,667 | $ | 19,914 | $ | 16,235 | $ | 4,442 | |||||||||||||||||||
Less NOI at share from: | |||||||||||||||||||||||||||||
Dispositions | (3,232) | (3,232) | — | — | — | ||||||||||||||||||||||||
Development properties | (7,440) | (7,440) | — | — | — | ||||||||||||||||||||||||
Other non-same store income, net | (8,918) | (4,476) | — | — | (4,442) | ||||||||||||||||||||||||
Same store NOI at share for the three months ended March 31, 2022 | $ | 264,668 | $ | 228,519 | $ | 19,914 | $ | 16,235 | $ | — | |||||||||||||||||||
(Decrease) increase in same store NOI at share | $ | (83) | $ | 3,728 | $ | (4,505) | $ | 694 | $ | — | |||||||||||||||||||
% (decrease) increase in same store NOI at share | 0.0 | % | 1.6 | % | (22.6) | % | 4.3 | % | 0.0 | % |
(Amounts in thousands) | (Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | (Amounts in thousands) | Total | New York | THE MART | 555 California Street | Other | ||||||||||||||||||||||||||||||||||||||||||||||
NOI at share - cash basis for the three months ended March 31, 2023 | NOI at share - cash basis for the three months ended March 31, 2023 | $ | 278,535 | $ | 241,027 | $ | 14,675 | $ | 17,718 | $ | 5,115 | |||||||||||||||||||||||||||||||||||||||||||||||
Less NOI at share - cash basis from: | Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | Dispositions | 134 | 134 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Development properties | Development properties | (6,770) | (6,770) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-same store income, net | Other non-same store income, net | (6,070) | (955) | — | — | (5,115) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Same store NOI at share - cash basis for the three months ended March 31, 2023 | Same store NOI at share - cash basis for the three months ended March 31, 2023 | $ | 265,829 | $ | 233,436 | $ | 14,675 | $ | 17,718 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||
NOI at share - cash basis for the three months ended March 31, 2022 | NOI at share - cash basis for the three months ended March 31, 2022 | $ | 281,128 | $ | 239,692 | $ | 20,436 | $ | 16,360 | $ | 4,640 | NOI at share - cash basis for the three months ended March 31, 2022 | $ | 281,128 | $ | 239,692 | $ | 20,436 | $ | 16,360 | $ | 4,640 | ||||||||||||||||||||||||||||||||||||
Less NOI at share - cash basis from: | Less NOI at share - cash basis from: | Less NOI at share - cash basis from: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in ownership interest in One Park Avenue | (4,779) | (4,779) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | Dispositions | 75 | 75 | — | — | — | Dispositions | (3,252) | (3,252) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Development properties | Development properties | (13,929) | (13,929) | — | — | — | Development properties | (6,756) | (6,756) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Other non-same store income, net | Other non-same store income, net | (7,094) | (2,454) | — | — | (4,640) | Other non-same store income, net | (9,332) | (4,692) | — | — | (4,640) | ||||||||||||||||||||||||||||||||||||||||||||||
Same store NOI at share - cash basis for the three months ended March 31, 2022 | Same store NOI at share - cash basis for the three months ended March 31, 2022 | $ | 255,401 | $ | 218,605 | $ | 20,436 | $ | 16,360 | $ | — | Same store NOI at share - cash basis for the three months ended March 31, 2022 | $ | 261,788 | $ | 224,992 | $ | 20,436 | $ | 16,360 | $ | — | ||||||||||||||||||||||||||||||||||||
NOI at share - cash basis for the three months ended March 31, 2021 | $ | 248,910 | $ | 210,165 | $ | 17,840 | $ | 15,855 | $ | 5,050 | ||||||||||||||||||||||||||||||||||||||||||||||||
Less NOI at share - cash basis from: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | 1,353 | 1,353 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Development properties | (8,794) | (8,469) | — | (325) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel Pennsylvania | 7,167 | 7,167 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-same store income, net | (7,167) | (2,117) | — | — | (5,050) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Same store NOI at share - cash basis for the three months ended March 31, 2021 | $ | 241,469 | $ | 208,099 | $ | 17,840 | $ | 15,530 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Increase (decrease) in same store NOI at share - cash basis | Increase (decrease) in same store NOI at share - cash basis | $ | 4,041 | $ | 8,444 | $ | (5,761) | $ | 1,358 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||
Increase in same store NOI at share - cash basis | $ | 13,932 | $ | 10,506 | $ | 2,596 | $ | 830 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||
% increase in same store NOI at share - cash basis | 5.8 | % | 5.0 | % | 14.6 | % | 5.3 | % | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
% increase (decrease) in same store NOI at share - cash basis | % increase (decrease) in same store NOI at share - cash basis | 1.5 | % | 3.8 | % | (28.2) | % | 8.3 | % | 0.0 | % |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended March 31, | Decrease in Cash Flow | (Amounts in thousands) | For the Three Months Ended March 31, | (Decrease) Increase in Cash Flow | ||||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | $ | 171,014 | $ | 224,185 | $ | (53,171) | Net cash provided by operating activities | $ | 91,872 | $ | 171,014 | $ | (79,142) | ||||||||||||||||||||
Net cash used in investing activities | (794,635) | (56,539) | (738,096) | |||||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | Net cash provided by (used in) investing activities | 125,654 | (794,635) | 920,289 | ||||||||||||||||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | (165,475) | (142,405) | (23,070) | Net cash used in financing activities | (204,844) | (165,475) | (39,369) |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended March 31, | Increase (Decrease) in Cash Flow | (Amounts in thousands) | For the Three Months Ended March 31, | Increase (Decrease) in Cash Flow | ||||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||
Proceeds from maturities of U.S. Treasury bills | Proceeds from maturities of U.S. Treasury bills | $ | 197,294 | $ | — | $ | 197,294 | |||||||||||||||||||||||||||
Development costs and construction in progress | Development costs and construction in progress | (135,550) | (209,738) | 74,188 | ||||||||||||||||||||||||||||||
Proceeds from repayment of participation in 150 West 34th Street mortgage loan | Proceeds from repayment of participation in 150 West 34th Street mortgage loan | 105,000 | — | 105,000 | ||||||||||||||||||||||||||||||
Additions to real estate | Additions to real estate | (57,032) | (30,900) | (26,132) | ||||||||||||||||||||||||||||||
Proceeds from sale of condominium units at 220 Central Park South | Proceeds from sale of condominium units at 220 Central Park South | 14,216 | 15,095 | (879) | ||||||||||||||||||||||||||||||
Distributions of capital from partially owned entities | Distributions of capital from partially owned entities | 11,559 | — | 11,559 | ||||||||||||||||||||||||||||||
Investments in partially owned entities | Investments in partially owned entities | (8,833) | (4,571) | (4,262) | ||||||||||||||||||||||||||||||
Acquisitions of real estate and other | Acquisitions of real estate and other | (1,000) | — | (1,000) | ||||||||||||||||||||||||||||||
Purchase of U.S. Treasury bills | Purchase of U.S. Treasury bills | $ | (645,920) | $ | — | $ | (645,920) | Purchase of U.S. Treasury bills | — | (645,920) | 645,920 | |||||||||||||||||||||||
Development costs and construction in progress | (209,738) | (130,318) | (79,420) | |||||||||||||||||||||||||||||||
Proceeds from sales of real estate | Proceeds from sales of real estate | 81,399 | — | 81,399 | Proceeds from sales of real estate | — | 81,399 | (81,399) | ||||||||||||||||||||||||||
Additions to real estate | (30,900) | (27,410) | (3,490) | |||||||||||||||||||||||||||||||
Proceeds from sale of a condominium unit at 220 Central Park South | 15,095 | — | 15,095 | |||||||||||||||||||||||||||||||
Investments in partially owned entities | (4,571) | (4,816) | 245 | |||||||||||||||||||||||||||||||
Distributions of capital from partially owned entities | — | 106,005 | (106,005) | |||||||||||||||||||||||||||||||
Net cash used in investing activities | $ | (794,635) | $ | (56,539) | $ | (738,096) | ||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | Net cash provided by (used in) investing activities | $ | 125,654 | $ | (794,635) | $ | 920,289 |
(Amounts in thousands) | (Amounts in thousands) | For the Three Months Ended March 31, | Increase (Decrease) in Cash Flow | (Amounts in thousands) | For the Three Months Ended March 31, | (Decrease) Increase in Cash Flow | ||||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||
Repayments of borrowings | Repayments of borrowings | $ | (110,400) | $ | (5,400) | $ | (105,000) | |||||||||||||||||||||||||||
Dividends paid on common shares/Distributions to Vornado | Dividends paid on common shares/Distributions to Vornado | $ | (101,616) | $ | (101,467) | $ | (149) | Dividends paid on common shares/Distributions to Vornado | (71,950) | (101,616) | 29,666 | |||||||||||||||||||||||
Dividends paid on preferred shares/Distributions to preferred unitholders | Dividends paid on preferred shares/Distributions to preferred unitholders | (15,529) | (15,529) | — | ||||||||||||||||||||||||||||||
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (43,545) | (13,338) | (30,207) | Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (6,412) | (43,545) | 37,133 | ||||||||||||||||||||||||||
Dividends paid on preferred shares/Distributions to preferred unitholders | (15,529) | (16,467) | 938 | |||||||||||||||||||||||||||||||
Repayments of borrowings | (5,400) | (358,331) | 352,931 | |||||||||||||||||||||||||||||||
Deferred financing costs | Deferred financing costs | (2,798) | — | (2,798) | ||||||||||||||||||||||||||||||
Contributions from noncontrolling interests in consolidated subsidiaries | Contributions from noncontrolling interests in consolidated subsidiaries | 481 | — | 481 | Contributions from noncontrolling interests in consolidated subsidiaries | 2,129 | 481 | 1,648 | ||||||||||||||||||||||||||
Proceeds received from exercise of Vornado stock options and other | Proceeds received from exercise of Vornado stock options and other | 219 | 215 | 4 | Proceeds received from exercise of Vornado stock options and other | 146 | 219 | (73) | ||||||||||||||||||||||||||
Repurchase of shares/Class A units related to stock compensation agreements and related tax withholdings and other | Repurchase of shares/Class A units related to stock compensation agreements and related tax withholdings and other | (85) | (113) | 28 | Repurchase of shares/Class A units related to stock compensation agreements and related tax withholdings and other | (30) | (85) | 55 | ||||||||||||||||||||||||||
Proceeds from borrowings | — | 350,000 | (350,000) | |||||||||||||||||||||||||||||||
Debt issuance costs | — | (2,904) | 2,904 | |||||||||||||||||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | $ | (165,475) | $ | (142,405) | $ | (23,070) | Net cash used in financing activities | $ | (204,844) | $ | (165,475) | $ | (39,369) |
(Amounts in thousands, except per share amounts) | For the Three Months Ended March 31, | ||||||||||||||||||||||
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 | $ | 26,478 | $ | 4,083 | |||||||||||||||||||
Per diluted share | $ | 0.14 | $ | 0.02 | |||||||||||||||||||
FFO adjustments: | |||||||||||||||||||||||
Depreciation and amortization of real property | $ | 105,962 | $ | 87,719 | |||||||||||||||||||
Net gain on sale of real estate | (551) | — | |||||||||||||||||||||
Proportionate share of adjustments to equity in net income of partially owned entities to arrive at FFO: | |||||||||||||||||||||||
Depreciation and amortization of real property | 32,139 | 34,858 | |||||||||||||||||||||
Increase in fair value of marketable securities | — | (189) | |||||||||||||||||||||
137,550 | 122,388 | ||||||||||||||||||||||
Noncontrolling interests' share of above adjustments | (9,506) | (8,075) | |||||||||||||||||||||
FFO adjustments, net | $ | 128,044 | $ | 114,313 | |||||||||||||||||||
FFO attributable to common shareholders | $ | 154,522 | $ | 118,396 | |||||||||||||||||||
Impact of assumed conversion of dilutive convertible securities | 386 | 11 | |||||||||||||||||||||
FFO attributable to common shareholders plus assumed conversions | $ | 154,908 | $ | 118,407 | |||||||||||||||||||
Per diluted share | $ | 0.80 | $ | 0.62 | |||||||||||||||||||
Reconciliation of weighted average shares outstanding: | |||||||||||||||||||||||
Weighted average common shares outstanding | 191,724 | 191,418 | |||||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
Convertible securities | 1,136 | (1) | 26 | ||||||||||||||||||||
Share-based payment awards | 314 | 613 | |||||||||||||||||||||
Denominator for FFO per diluted share | 193,174 | 192,057 |
(Amounts in thousands, except per share amounts) | For the Three Months Ended March 31, | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Reconciliation of net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions: | |||||||||||||||||||||||
Net income attributable to common shareholders | $ | 5,168 | $ | 26,478 | |||||||||||||||||||
Per diluted share | $ | 0.03 | $ | 0.14 | |||||||||||||||||||
FFO adjustments: | |||||||||||||||||||||||
Depreciation and amortization of real property | $ | 94,792 | $ | 105,962 | |||||||||||||||||||
Net gain on sale of real estate | — | (551) | |||||||||||||||||||||
Proportionate share of adjustments to equity in net income of partially owned entities to arrive at FFO: | |||||||||||||||||||||||
Depreciation and amortization of real property | 27,469 | 32,139 | |||||||||||||||||||||
122,261 | 137,550 | ||||||||||||||||||||||
Noncontrolling interests' share of above adjustments | (8,746) | (9,506) | |||||||||||||||||||||
FFO adjustments, net | $ | 113,515 | $ | 128,044 | |||||||||||||||||||
FFO attributable to common shareholders | $ | 118,683 | $ | 154,522 | |||||||||||||||||||
Impact of assumed conversion of dilutive convertible securities | 400 | 386 | |||||||||||||||||||||
FFO attributable to common shareholders plus assumed conversions | $ | 119,083 | $ | 154,908 | |||||||||||||||||||
Per diluted share | $ | 0.61 | $ | 0.80 | |||||||||||||||||||
Reconciliation of weighted average shares outstanding: | |||||||||||||||||||||||
Weighted average common shares outstanding | 191,869 | 191,724 | |||||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
Convertible securities | 2,470 | 1,136 | |||||||||||||||||||||
Share-based payment awards | 70 | 314 | |||||||||||||||||||||
Denominator for FFO per diluted share | 194,409 | 193,174 |
(Amounts in thousands, except per share and per unit amounts) | (Amounts in thousands, except per share and per unit amounts) | 2022 | 2021 | (Amounts in thousands, except per share and per unit amounts) | 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, Balance | Weighted Average Interest Rate | Effect of 1% Change in Base Rates | December 31, Balance | Weighted Average Interest Rate | March 31, Balance | Weighted Average Interest Rate(1) | Effect of 1% Change in Base Rates | |||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated debt: | Consolidated debt: | Consolidated debt: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable rate | $ | 4,528,815 | 1.85% | $ | 45,288 | $ | 4,534,215 | 1.59% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate | 4,140,000 | 3.06% | — | 4,140,000 | 3.06% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate(2) | Fixed rate(2) | $ | 6,144,550 | 3.59% | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable rate(3) | Variable rate(3) | 2,197,665 | 5.57% | 21,977 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 8,668,815 | 2.43% | 45,288 | $ | 8,674,215 | 2.29% | $ | 8,342,215 | 4.11% | $ | 21,977 | |||||||||||||||||||||||||||||||||||||||||||||||
Pro rata share of debt of non-consolidated entities: | Pro rata share of debt of non-consolidated entities: | Pro rata share of debt of non-consolidated entities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable rate | $ | 1,268,884 | 1.99% | 12,689 | $ | 1,267,224 | 1.78% | |||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate | 1,432,075 | 3.72% | — | 1,432,181 | 3.72% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate(2) | Fixed rate(2) | $ | 1,447,457 | 3.72% | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable rate(4) | Variable rate(4) | 1,247,201 | 6.33% | 12,472 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 2,700,959 | 2.91% | 12,689 | $ | 2,699,405 | 2.81% | $ | 2,694,658 | 4.93% | $ | 12,472 | |||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of consolidated subsidiaries | Noncontrolling interests' share of consolidated subsidiaries | (6,821) | Noncontrolling interests' share of consolidated subsidiaries | (6,821) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total change in annual net income attributable to the Operating Partnership | Total change in annual net income attributable to the Operating Partnership | 51,156 | Total change in annual net income attributable to the Operating Partnership | 27,628 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests’ share of the Operating Partnership | Noncontrolling interests’ share of the Operating Partnership | (3,535) | Noncontrolling interests’ share of the Operating Partnership | (1,986) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total change in annual net income attributable to Vornado | Total change in annual net income attributable to Vornado | $ | 47,621 | Total change in annual net income attributable to Vornado | $ | 25,642 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total change in annual net income attributable to the Operating Partnership per Class A unit | $ | 0.25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total change in annual net income attributable to Vornado per common share | $ | 0.25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total change in annual net income attributable to the Operating Partnership per diluted Class A unit | Total change in annual net income attributable to the Operating Partnership per diluted Class A unit | $ | 0.13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total change in annual net income attributable to Vornado per diluted share | Total change in annual net income attributable to Vornado per diluted share | $ | 0.13 |
(Amounts in thousands) | As of March 31, 2022 | |||||||||||||||||||||||||||||||||||||
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 | $ | 36,322 | $ | 840,000 | (1) | L+193 | 2.33% | 2.26% | 5/24 | |||||||||||||||||||||||||||||
PENN 11 mortgage loan interest rate swap | 19,825 | 500,000 | L+195 | 2.24% | 2.23% | 3/24 | ||||||||||||||||||||||||||||||||
33-00 Northern Boulevard mortgage loan interest rate swap | 296 | 100,000 | L+180 | 2.11% | 4.14% | 1/25 | ||||||||||||||||||||||||||||||||
Various interest rate caps | 3,296 | 1,650,000 | ||||||||||||||||||||||||||||||||||||
$ | 59,739 | $ | 3,090,000 | |||||||||||||||||||||||||||||||||||
Included in other liabilities: | ||||||||||||||||||||||||||||||||||||||
Unsecured term loan interest rate swap | $ | 7,737 | $ | 750,000 | (2) | L+100 | 1.45% | 3.87% | 10/23 | |||||||||||||||||||||||||||||
(Amounts in thousands) | As of March 31, 2023 | As of December 31, 2022 | ||||||||||||||||||||||||||||||||||||
Notional Amount | All-In Swapped Rate | Swap Expiration Date | Fair Value Asset | Fair Value Liability | Fair Value Asset | |||||||||||||||||||||||||||||||||
Interest rate swaps: | ||||||||||||||||||||||||||||||||||||||
555 California Street mortgage loan: | ||||||||||||||||||||||||||||||||||||||
In-place swap | $ | 840,000 | (1) | 2.26% | 05/24 | $ | 39,859 | $ | — | $ | 49,888 | |||||||||||||||||||||||||||
Forward swap (effective 05/24) | 840,000 | (1) | 5.92% | 05/26 | — | 14,239 | — | |||||||||||||||||||||||||||||||
770 Broadway mortgage loan | 700,000 | 4.98% | 07/27 | 18,448 | — | 29,226 | ||||||||||||||||||||||||||||||||
PENN 11 mortgage loan | 500,000 | 2.22% | 03/24 | 20,640 | — | 26,587 | ||||||||||||||||||||||||||||||||
Unsecured revolving credit facility | 575,000 | 3.88% | 08/27 | 15,354 | — | 24,457 | ||||||||||||||||||||||||||||||||
Unsecured term loan(2) | 800,000 | 4.05% | (2) | 12,408 | 770 | 21,024 | ||||||||||||||||||||||||||||||||
100 West 33rd Street mortgage loan | 480,000 | 5.06% | 06/27 | 283 | — | 6,886 | ||||||||||||||||||||||||||||||||
888 Seventh Avenue mortgage loan | 200,000 | (3) | 4.76% | 09/27 | 3,458 | — | 6,544 | |||||||||||||||||||||||||||||||
4 Union Square South mortgage loan | 99,550 | (4) | 3.74% | 01/25 | 3,153 | — | 4,050 | |||||||||||||||||||||||||||||||
Interest rate caps: | ||||||||||||||||||||||||||||||||||||||
1290 Avenue of the Americas mortgage loan | 950,000 | (5) | 11/23 | 5,765 | — | 7,590 | ||||||||||||||||||||||||||||||||
One Park Avenue mortgage loan(6) | 525,000 | (6) | 03/25 | 7,718 | — | 5,472 | ||||||||||||||||||||||||||||||||
Various mortgage loans | 2,122 | — | 2,080 | |||||||||||||||||||||||||||||||||||
$ | 129,208 | $ | 15,009 | $ | 183,804 |
Swapped Balance | All-In Swapped Rate | Unswapped Balance (bears interest at S+130) | ||||||||||||||||||
Through 10/23 | $ | 800,000 | 4.05% | $ | — | |||||||||||||||
10/23 through 07/25 | 700,000 | 4.53% | 100,000 | |||||||||||||||||
07/25 through 10/26 | 550,000 | 4.36% | 250,000 | |||||||||||||||||
10/26 through 08/27 | 50,000 | 4.04% | 750,000 |
EXHIBIT INDEX | ||||||||||||||
Exhibit No. | ||||||||||||||
— | Letter regarding Unaudited Interim Financial Information of Vornado Realty Trust | |||||||||||||
— | Letter regarding Unaudited Interim Financial Information of Vornado Realty L.P. | |||||||||||||
— | Rule 13a-14 (a) Certification of the Chief Executive Officer of Vornado Realty Trust | |||||||||||||
— | Rule 13a-14 (a) Certification of the Chief Financial Officer of Vornado Realty Trust | |||||||||||||
— | Rule 13a-14 (a) Certification of the Chief Executive Officer of Vornado Realty L.P. | |||||||||||||
— | Rule 13a-14 (a) Certification of the Chief Financial Officer of Vornado Realty L.P. | |||||||||||||
— | Section 1350 Certification of the Chief Executive Officer of Vornado Realty Trust | |||||||||||||
— | Section 1350 Certification of the Chief Financial Officer of Vornado Realty Trust | |||||||||||||
— | Section 1350 Certification of the Chief Executive Officer of Vornado Realty L.P. | |||||||||||||
— | Section 1350 Certification of the Chief Financial Officer of Vornado Realty L.P. | |||||||||||||
101 | — | The following financial information from Vornado Realty Trust and Vornado Realty L.P. Quarterly Report on Form 10-Q for the quarter ended March 31, | ||||||||||||
104 | — | The cover page from the Vornado Realty Trust and Vornado Realty L.P. Quarterly Report on Form 10-Q for the quarter ended March 31, | ||||||||||||
VORNADO REALTY TRUST | ||||||||
(Registrant) | ||||||||
Date: May | By: | /s/ Deirdre Maddock | ||||||
Deirdre Maddock, Chief Accounting Officer (duly authorized officer and principal accounting officer) |
VORNADO REALTY L.P. | ||||||||
(Registrant) | ||||||||
Date: May | By: | /s/ Deirdre Maddock | ||||||
Deirdre Maddock, Chief Accounting Officer of Vornado Realty Trust, sole General Partner of Vornado Realty L.P. (duly authorized officer and principal accounting officer) |